If you want to know who really controls New Hope Corporation Limited (ASX:NHC), then you'll have to look at the makeup of its share registry. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. Companies that have been privatized tend to have low insider ownership.

New Hope isn't enormous, but it's not particularly small either. It has a market capitalization of AU$1.1b, which means it would generally expect to see some institutions on the share registry. Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. We can zoom in on the different ownership groups, to learn more about New Hope.

View our latest analysis for New Hope

What Does The Institutional Ownership Tell Us About New Hope?

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.

As you can see, institutional investors have a fair amount of stake in New Hope. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. 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 New Hope, (below). Of course, keep in mind that there are other factors to consider, too.

Hedge funds don't have many shares in New Hope. The company's largest shareholder is Washington H. Soul Pattinson and Company Limited, with ownership of 44%. Meanwhile, the second and third largest shareholders, hold 5.2% and 4.8%, of the shares outstanding, respectively.

A more detailed study of the shareholder registry showed us that 3 of the top shareholders have a considerable amount of ownership in the company, via their 54% stake.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of New Hope

The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. 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.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Shareholders would probably be interested to learn that insiders own shares in New Hope Corporation Limited. It has a market capitalization of just AU$1.1b, and insiders have AU$20m worth of shares, in their own names. This shows at least some alignment. You can click here to see if those insiders have been buying or selling.

General Public Ownership

The general public, with a 28% stake in the company, will not easily be ignored. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Public Company Ownership

It appears to us that public companies own 44% of New Hope. This may be a strategic interest and the two companies may have related business interests. It could be that they have de-merged. This holding is probably worth investigating further.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand New Hope better, we need to consider many other factors. For example, we've discovered 1 warning sign for New Hope that you should be aware of before investing here.

But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.

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.

TORONTO, March 19, 2021 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") announced initial drilling results for work completed in late 2020 at the Oakes Gold Project, near Matachewan, Ontario.

Program

Six core holes comprising a total of approximately 800 metres were diamond drilled at the sites of historical holes numbered DDH 2A, DDH 3 and DDH 5. (Please see Sparton news release dated October 19^th, 2020). All holes, except number 6, were drilled to the end of visible mineralization or alteration and ended in fresh rock material. The historical holes were only drilled to approximately 30 to 40 metre depths at minus 45 degree angles. The completed drilling was designed to essentially duplicate the historical holes by drilling a minus 50 degree hole and a steeper hole (minus 65 degrees) underneath from the same setup.

Assay results have been slow in coming due to COVID-19 delays and extremely high laboratory work loads. Over 450 samples have been submitted for precious metal and multi element analyses. To date, results for only about 70 percent of these have been received.

Holes DDH 20-1 and 20-2 were drilled east of the old shaft at the site of historical hole DDH 2A, which reported a zone of 5.5 grams per tonne over 5.53 metres. Holes DDH 20-3 and 20-4 were drilled at the site of historical hole DDH 3, which reported intersections of 8.23 grams per tonne over 1.5 metres, and 14.4 grams per tonne over 0.9 metres. Current holes DDH 20-5 and 20-6 were located at the site of historical hole DDH 5 which reported which 6.85 grams per tonne over 1.85 metres, 3.77 grams per tonne over 1.49 metres, and 3.43 grams per tonne over 0.61 metres. Please see Sparton news release dated September 16, 2020, and historical maps on the Sparton website at www.spartonresources.com.

Results

All holes intersected significant sulfide mineralization (up to 40% pyrite with lesser chalcopyrite) and ubiquitous red hematite and grey magnetite alteration plus intense silicification. The host sedimentary rocks are strongly brecciated and contain multiple quartz stringers and veining up to 1 metre in core length often associated with zones of red to grey syenite and locally containing up to 20% chalcopyrite. Zones of multiple stage quartz veining and mineralization occur in the completed drill holes at roughly the same intervals as reported in the shallow historical holes but significantly more mineralization is present deeper in the current holes, indicating a much larger mineralised structural zone over 50 metres in width. Several small fault zones were encountered in all holes and overall core recovery exceeded 95%.

All core was systematically logged with a susceptibility meter to attempt to correlate mineralized sections with magnetic or non–magnetic zones. As well, all the core was logged systematically with a scintillometer to check for anomalous radioactivity associated with potassium alteration, which is characteristic of gold deposits in the area, including the nearby Young Davidson Mine.

Assay results to date are not consistent with the historical data. The best results received from the current drilling are set out below:

Approximately 100 assay results are still awaited from holes 4 and 5.

Quality Control and Quality Assurance

Mineralized intervals were systematically sampled using a core saw and one half of the intervals submitted for assay to Swastika Laboratories Ltd. or Agat Laboratories, both recognized organizations and ISO certified. Normal industry standard practices for Chain of Custody, Quality Assurance, Blank Assays, Standard Assays and Quality Control were followed and the results for blanks and standards were all accurate within normal variability ranges.

Ongoing Work Program

The work planned for later in 2021 will involve prospecting of the entire claim area surrounding the Oakes Leases and clearing and sampling of various trenches on the property where gold values were reported by previous operators. This is expected to begin in late spring or summer when field conditions are optimal. The 41-claim property package has several target areas highlighted for groundwork, and the geologic potential of the area is excellent given the proximity to Alamos Golds highly successful Young Davidson Mine.

CAUTIONARY NOTE

It should be noted that historical results reported here and earlier, by the Company are included with the recent drilling data results and were available to Sparton. Knowing the laboratories where the historical analyses were done, the Company believed the historical data to be reliable and has reviewed them in detail to attempt to determine the discrepancies with the current results. More work needs to be done however, to verify these historical results and information and provide an explanation the reason for the differences with the current results.

Further, a qualified person under NI 43-101 has not done sufficient work to verify the historical results with new sampling and analyses because the original samples and drill core are not available for re-analysis.

ABOUT THE COMPANY

Sparton is a mineral exploration company currently focused on exploring gold projects near producing mines on or near the major gold producing trends in eastern Ontario and western Quebec where it holds interests in two exploration prospects. The Bruell Property in Quebec, which hosts a new gold discovery, has been optioned to Eldorado Gold, which owns the nearby producing Lamaque Mine. Eldorado is planning an extensive work program during 2021 with possible drilling late in the year. The Oakes Gold Property in Ontario is the current focus of the Company’s exploration drilling program and is in close proximity to Alamos Gold’s producing Young Davidson Mine.

Sparton also holds an interest in VRB Energy Inc., a leading vanadium battery company that is currently private and has recently announced a contract for a 1 gigawatt storage system linked to a major new solar installation in Hubei Province China.

A. Lee. Barker M.A.Sc., P. Eng., is the Qualified Person under NI 43-101 for the technical information in this news release, has reviewed all available data for the project discussed here, and approved the contents of this news release.

For more information contact:
A. Lee Barker, M.A Sc., P. Eng., President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website: www.spartonres.ca

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.

Forward-Looking Statements

Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

We Seek Safe Harbour

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Tasman Resources Ltd (ASX:TAS) does have debt on its balance sheet. But is this debt a concern to shareholders?

What Risk Does Debt Bring?

Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.

View our latest analysis for Tasman Resources

How Much Debt Does Tasman Resources Carry?

You can click the graphic below for the historical numbers, but it shows that as of December 2020 Tasman Resources had AU$5.10m of debt, an increase on AU$836.4k, over one year. But on the other hand it also has AU$6.92m in cash, leading to a AU$1.82m net cash position.

How Healthy Is Tasman Resources' Balance Sheet?

Zooming in on the latest balance sheet data, we can see that Tasman Resources had liabilities of AU$5.78m due within 12 months and liabilities of AU$532.6k due beyond that. Offsetting this, it had AU$6.92m in cash and AU$394.6k in receivables that were due within 12 months. So it can boast AU$997.4k more liquid assets than total liabilities.

This surplus suggests that Tasman Resources has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Tasman Resources boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But you can't view debt in total isolation; since Tasman Resources will need earnings to service that debt. So when considering debt, it's definitely worth looking at the earnings trend. Click here for an interactive snapshot.

Over 12 months, Tasman Resources reported revenue of AU$2.8m, which is a gain of 35%, although it did not report any earnings before interest and tax. Shareholders probably have their fingers crossed that it can grow its way to profits.

So How Risky Is Tasman Resources?

By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months Tasman Resources lost money at the earnings before interest and tax (EBIT) line. Indeed, in that time it burnt through AU$2.8m of cash and made a loss of AU$1.9m. Given it only has net cash of AU$1.82m, the company may need to raise more capital if it doesn't reach break-even soon. Tasman Resources's revenue growth shone bright over the last year, so it may well be in a position to turn a profit in due course. Pre-profit companies are often risky, but they can also offer great rewards. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet – far from it. Be aware that Tasman Resources is showing 6 warning signs in our investment analysis , and 2 of those are a bit concerning…

When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.

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.

Fortune and Aurora Geosciences recommending 13 holes for summer drill program

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to report that Aurora Geosciences Ltd. ("Aurora") has completed three-dimensional ("3-D") modelling and interpretation of the data from last fall’s induced polarization ("I.P.") and ground magnetometer surveys carried out east of the NICO Cobalt-Gold-Bismuth-Copper Deposit ("NICO Deposit") in Canada’s Northwest Territories. The geophysical interpretations were reconciled with the geology and previous drill-hole information, identifying five high priority targets for follow-up drilling this summer. The NICO Deposit and Fortune’s nearby Sue-Dianne Copper-Silver-Gold satellite deposit are Iron-Oxide-Copper-Gold-type ("IOCG") deposits that have world class global analogues, including Olympic Dam in South Australia, the Carajas District deposits in Brazil and Candelaria deposits in Chile. Both, the NICO Deposit and the Sue-Dianne Deposit are open for potential expansion, and like other IOCG deposits globally, are associated with coincident strong magnetic, gravity, magnetotelluric, I.P. and radiometric geophysical anomalies.

Like our news? Click-to-Tweet.

Fortune retained Aurora last fall to extend ground magnetometer and I.P. geophysical surveys east of the current terminus of the NICO Deposit and over the Peanut Lake area where large coincident magnetotelluric, gravity and magnetic anomalies had previously been identified in earlier airborne and ground geophysical surveys. A field report was delivered at the end of October identifying several magnetic, chargeability and resistivity targets indicative of dense, magnetic and conductive geological sources. Aurora was subsequently retained to conduct 3-D modelling and an interpretation of the results to identify targets for drill testing. Fortune and Aurora are recommending a 13-hole, 3200 metre drill program to test the five best targets:

Five High Priority Targets:

1) East Extension of NICO Deposit
The east end of the NICO Deposit is currently defined by a fence of holes drilled in 1997 before the ore controls were well understood. Most of these holes were terminated short of the rock-type that hosts the known NICO Deposit. A fault has also been identified in this area that has likely displaced the east continuation of the deposit. The Aurora surveys have identified coincident magnetic, chargeability and resistivity anomalies extending several hundred metres east of the presently defined terminus of the deposit, indicating it may still be open for potential expansion. Four holes are planned to test the east strike extension of the NICO Deposit beneath volcanic cover rocks and to intersect the favorable NICO Deposit host rock.

2) Ralph Zone
A narrow zone of cobalt-gold-bismuth mineralization similar to the NICO Deposit is exposed at the surface approximately 600-700 metres east of the NICO Deposit. This zone was previously tested by four holes drilled in 1997, two of which identified significant alteration, including a 3 metre interval grading 1.1 grams per tonne ("g/t") gold. No further drilling was completed while efforts were focused on delineating the NICO Deposit. The Ralph Zone is associated with a strong magnetic feature that extends westward to the east end of the known NICO Deposit. There is also a partly coincident chargeability high identified by Aurora that extends to the east of the known showing and has not been tested. Two holes are planned to test the east and west strike extensions of the Ralph Zone, including the peak chargeability high.

3) Peanut Lake Zone
The Peanut Lake Zone is associated with a strong magnetic anomaly more than 500 metres in diameter with coincident gravity and partly coincident chargeability high anomalies. Five holes were previously drilled to test the north rim of the magnetic feature in 1997, three of which intersected significant grades. They include 3 metres, grading 1.76 g/t gold and 0.113% cobalt, 3 metres, grading 1.82 g/t gold, 3 metres, grading 1.105 g/t gold and 0.355% cobalt, and 3 metres grading 1.16 g/t gold and 0.06% cobalt. The peak chargeability high was not tested. Three additional holes are planned to test the strike continuation of these cobalt-gold intersections, including the chargeability high.

4) Road Cut Mineralization
Road construction in 2019 unearthed altered bedrock and boulders with sulphide mineralization similar to the NICO Deposit, located approximately 800 metres southwest of the previous Peanut Lake drill holes. Representative grab samples returned highly anomalous cobalt and gold values and up to 1.6% copper. The area is otherwise covered by overburden and wetlands. Despite the presence of significant sulphide mineralization, there was little geophysical response identified in the 2020 Aurora survey, except a moderate chargeability high feature located 300 metres north of where the sulphides are encountered. Three holes are planned to test the extent of the sulphides and identify the chargeability anomaly.

5) Magnetic Anomaly A Target
Strong, partly coincident magnetic and chargeability anomalies were identified approximately 800 metres northeast of the known NICO Deposit where there is a surface copper showing associated with a unique cordierite alteration that is sometimes associated with base metal deposits. Two holes were previously drilled to test the peak of the magnetic anomaly in 1997, one of which intersected low grade copper, plus 2 metres, grading 1.8 g/t gold and 0.115% cobalt. Neither of these holes tested the chargeability peak and one hole is planned to test this feature and the strike extension of the cobalt-gold-copper mineralization.

Fortune is preparing a work plan and budget to conduct a 3,200 metre drill program this summer for approval by the company’s Board of Directors. The Company will advise the public and requisite officials when it expects to conduct this drilling in compliance with local Covid-19 protocols and the applicable permitting requirements.

Critical Minerals:

Natural Resources Canada ("NRCan") released the Canadian Critical Minerals List on March 12, 2021 with 31 minerals identified to capitalize on the rising global demand needed in the transition to a low-carbon and digitized economy and position the country as a key leading mining nation. Fortune is pleased to report that cobalt, bismuth and copper are identified by the government of Canada as Critical Minerals. Cobalt and bismuth are also identified as Critical Minerals on similar lists prepared by the United States ("U.S.") and European Union. Canada and the U.S. have signed a Joint Action Plan on Critical Mineral Supply designed to enable more Canadian production of the metals with supply chain risks and considered essential for use in new technologies and North American manufacturing and defense industries.

Project Summary:

The NICO project is an advanced Canadian Critical Minerals project and one of the few near-term development stage cobalt assets in the world outside of the Democratic Republic of the Congo. NICO is comprised of planned open pit and underground mine and mill, located approximately 160 km northwest of Yellowknife, Northwest Territories, and a related hydrometallurgical refinery in southern Canada to treat concentrates from the mine and produce cobalt sulphate, gold doré, bismuth ingot and oxide, and copper precipitate. The NICO Project has been assessed in a positive Feasibility Study in 2014 and the facilities in the Northwest Territories have received environmental assessment approval and secured the major mine permits. The NICO Deposit contains Proven and Probable Open Pit and Underground Mineral Reserves totaling 33 million tonnes containing 1.1 million ounces of gold, 82.3 million pounds of cobalt, 102.1 million pounds of bismuth, and 27.2 million pounds of copper. The NICO Deposit stands out among other Critical Mineral and cobalt development projects globally with more than one million ounce in-situ gold as a highly liquid and countercyclical co-product.

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com. The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune who is a "Qualified Person" under National Instrument 43-101.

About Fortune Minerals:

Fortune is a Canadian mining company focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories. The Company has an option to purchase lands in Saskatchewan where it may build the hydrometallurgical plant to process NICO metal concentrates. Fortune also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life of the NICO Project mill.

Follow Fortune Minerals:

Click here to subscribe to Fortune’s email list.

Click here to follow Fortune on LinkedIn.

@FortuneMineral on Twitter.

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the potential for expansion of the NICO Deposit, the Company’s plans to conduct a drill program during 2021, the Company’s plans to develop the NICO Project and the potential for the Sue-Dianne property to provide incremental mill feed to the NICO Project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company’s ability to conduct and complete the planned drill program; the Company’s ability to secure a site in southern Canada for the construction of a NICO Project refinery; the Company’s ability to arrange the necessary financing to continue operations and develop the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that further exploration of the areas identified in this press release may not result in a meaningful expansion of the NICO Deposit, the Company will require additional financing to complete the planned drill program and such financing may not be available, the COVID-19 pandemic may interfere with the Company’s ability to conduct the drill program, the NICO Project may not receive the benefit of any financing under the published initiatives of the United States and European Union with respect to critical minerals or any other benefits therefrom, the Company may not be able to secure a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company’s production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005439/en/

Contacts

For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
www.fortuneminerals.com

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We note that Aurelia Metals Limited (ASX:AMI) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

Why Does Debt Bring Risk?

Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well – and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

View our latest analysis for Aurelia Metals

What Is Aurelia Metals's Net Debt?

The image below, which you can click on for greater detail, shows that at December 2020 Aurelia Metals had debt of AU$41.8m, up from none in one year. However, its balance sheet shows it holds AU$105.8m in cash, so it actually has AU$63.9m net cash.

How Strong Is Aurelia Metals' Balance Sheet?

According to the last reported balance sheet, Aurelia Metals had liabilities of AU$112.9m due within 12 months, and liabilities of AU$137.4m due beyond 12 months. On the other hand, it had cash of AU$105.8m and AU$18.5m worth of receivables due within a year. So its liabilities total AU$126.0m more than the combination of its cash and short-term receivables.

Aurelia Metals has a market capitalization of AU$469.0m, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Aurelia Metals also has more cash than debt, so we're pretty confident it can manage its debt safely.

Even more impressive was the fact that Aurelia Metals grew its EBIT by 125% over twelve months. That boost will make it even easier to pay down debt going forward. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Aurelia Metals's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. While Aurelia Metals has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Aurelia Metals recorded free cash flow worth a fulsome 83% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

Summing up

While Aurelia Metals does have more liabilities than liquid assets, it also has net cash of AU$63.9m. And it impressed us with free cash flow of AU$70m, being 83% of its EBIT. So is Aurelia Metals's debt a risk? It doesn't seem so to us. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. These risks can be hard to spot. Every company has them, and we've spotted 3 warning signs for Aurelia Metals you should know about.

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

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.

We can readily understand why investors are attracted to unprofitable companies. By way of example, Argent Minerals (ASX:ARD) has seen its share price rise 455% over the last year, delighting many shareholders. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

So notwithstanding the buoyant share price, we think it's well worth asking whether Argent Minerals' cash burn is too risky. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.

Check out our latest analysis for Argent Minerals

Does Argent Minerals Have A Long Cash Runway?

A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at December 2020, Argent Minerals had cash of AU$5.2m and such minimal debt that we can ignore it for the purposes of this analysis. Looking at the last year, the company burnt through AU$2.0m. So it had a cash runway of about 2.6 years from December 2020. That's decent, giving the company a couple years to develop its business. You can see how its cash balance has changed over time in the image below.

How Is Argent Minerals' Cash Burn Changing Over Time?

In our view, Argent Minerals doesn't yet produce significant amounts of operating revenue, since it reported just AU$632k in the last twelve months. Therefore, for the purposes of this analysis we'll focus on how the cash burn is tracking. With cash burn dropping by 5.4% it seems management feel the company is spending enough to advance its business plans at an appropriate pace. Admittedly, we're a bit cautious of Argent Minerals due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

How Easily Can Argent Minerals Raise Cash?

Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for Argent Minerals to raise more cash in the future. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Argent Minerals' cash burn of AU$2.0m is about 3.6% of its AU$55m market capitalisation. 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 Argent Minerals' Cash Burn A Worry?

As you can probably tell by now, we're not too worried about Argent Minerals' cash burn. In particular, we think its cash burn relative to its market cap stands out as evidence that the company is well on top of its spending. On this analysis its cash burn reduction was its weakest feature, but we are not concerned about it. After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. On another note, Argent Minerals has 5 warning signs (and 2 which are a bit concerning) we think you should know about.

Of course Argent Minerals 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.

Kirkland Lake, Ontario–(Newsfile Corp. – March 17, 2021) – RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ('RJK' or 'the Company') is pleased to report positive Kimberlite Indicator Minerals (KIMs) analysis from the Company's Paradis and Kon Kimberlite discoveries, near Cobalt, Ontario. The KIMs were recovered from its 2019/2020 diamond drill programs, were originally picked and analyzed by Dr. Chares Fipke's lab, CF Minerals, and completed by the Company's independent consultant, Dr. Jim Renaud, to industry standard formats.

A preliminary comparison of the RJK garnet dataset to the global dataset of garnet compositions indicates that several RJK garnets plot within the G10 diamond stability field compared to other diamond inclusion garnets around the globe. The standard industry plots illustrate that the garnets show a strong G9 and G10 component (Figure 1). The clinopyroxene plot (Figure 4), shows derivation from a mantle source. Additional charts for olivine, ilmenite and chromite KIMs will be posted to RJK's website, also indicating a mantle source.

Figure 1 shows all diamond drill cores tested in one graph, and illustrates a portion of the Paradis Pond, KON, and one garnet from PP-20-09 plots in the G10 diamond stability field. These garnets are significant because they represent over 85% of the world's diamond inclusions.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_001full.jpg

.

Figure 2 is the plot for the Paradis kimberlite, also showing the grains from the G10 diamond zone. The three G12 plots on the right of the graph are rare, with high calcium weights, and indicate a mantle source. The single high chromium G9 is also indicative of diamond bearing kimberlites. The eclogitic garnets plotting along the bottom of the chart are sodium rich, and are often indicative of kimberlites from subducted oceanic crust and upper mantle locations.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_002full.jpg

Figure 3 is the plot for the KON kimberlite. The KON kimberlite again shows the G10 diamond inclusion garnets to the left of the Dia/Gra Gruter line.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_003full.jpg

Figure 4 illustrates the clinopyroxene data, including a number of grains with elevated Na and Cr. Higher Na:Cr ratios can be a function of pressure and elemental substitution in the deep mantle, greater than 200 km at depth.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_004full.jpg

Figure 5 was taken from SRC in 2011 to illustrate that 86% of all garnets found as diamond inclusions are categorized as G10s, although it should be noted that some diamond-bearing kimberlites in Canada are poor in their G10D content. Nevertheless, high G10 counts are considered diamond prospective by industry standards.
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/1526/77602_809ad527a4297a5e_005full.jpg

Dr. Renaud explains in detail, the significance of the KIM's found by RJK on the Paradis and Kon Kimberlites in a new video that can be viewed on RJK's home page [here] under the title, Consultant Jim Renaud Explains KIM Plots.

Glenn Kasner, RJK Explorations' CEO, stated, "These charts give a valuable overview of the mineralogy of the Cobalt kimberlites found by RJK. We've been told that specifically the Paradis Kimberlite is unique in its chemistry, and based on KIM comparisons worldwide, is derived from the optimum mantle region to produce diamonds. The kimberlites surrounding Paradis appear similar, but they must also be analyzed for composition to determine bulk sample locations. RJK is currently using two labs to process the kimberlite samples and also doing check samples to fully understand the diamond potential of the Cobalt kimberlites. We will be remobilizing the reverse circulation drill this week to do additional sampling on the Paradis kimberlite in the area where most of the G10 Dia garnets were discovered. The diamond drill is currently testing geological structures to help identify other potential mineralized targets."

Mr. Peter Hubacheck, P. Geo., Project Manager for RJK and the Qualified Person as defined by National Instrument 43-101 has approved the technical disclosure in this release.

Contact Information

Glenn Kasner, President
Mobile: (705) 568-7567
info@rjkexplorations.com

Web Site: https://www.rjkexplorations.com/
Company Information: Tel: (705) 568-7445

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.

Forward Looking Information

This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77602

Target Structure Present for at Least 2.5 km Along Strike

Figure 1

Property map showing the location of Tarabala and Samagouela.

Figure 2

Drilling locations and significant results at Tarabala for the latest drilling.

Figure 3

Massala West cross section (Fence 1) showing grade across the mineralized structure and simplified geological interpretation.

Figure 4

Cross section at Tarabala illustrating the correlation between SARC003 and the previously drilled holes.

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Compass Gold Corp. (TSX-V: CVB) (Compass or the Company) is happy to provide an update on the recently completed drilling at the Massala East, Massala West and Tarabala prospects, located on the Company’s Sikasso Property in Southern Mali (Figure 1).

Highlights:

• The first drilling at the Massala West prospect within our Sankarani property area identifies a wide zone of shallow gold mineralization associated with the Tarabala shear zone

  • Best intercept: 24 m @ 2.35 g/t Au (from 18 m), incl. 1 m @ 26.8 g/t Au (from 35 m).

• The Massala West mineralized structure remains open along strike and down dip

• Massala West mineralization is on a 2.5 km structure with a geophysical signature matching Tarabala’s

• Additional drilling is required to determine controls of mineralization and degree of continuity

• RC drilling results from Tarabala confirm the down-dip extension of previously identified shallow mineralization

  • Widest interval: 25 m @ 0.58 g/t Au (from 67 m), incl. 15 m @ 0.83 g/t Au (from 75 m)

• Air core drilling has been completed at two other prospects and is underway on a third prospect

Compass CEO, Larry Phillips, said, “Our discovery team has identified yet another large, promising target, the latest being a wide zone of shallow mineralization with strong gold grades on the Massala West prospect north of Tarabala. Notably, this promising new target, which included an interval of 24 m @ 2.35 g/t Au, was not marked by any outcropping or surficial structure, but was concealed beneath a thick soil cover. As Massala West lays approximately 2 km along the same structure that hosts our Tarabala prospect, we plan additional drilling to determine whether the structure continues between the two prospects. This structure also remains open 2 km to the north.”

He added, “Deeper RC drilling from the Tarabala prospect has also confirmed the continuation of wide zones of previously identified mineralization at depth. Additional deeper drilling is also planned at Tarabala, looking for higher-grade intercepts at depth along the full 1 km strike length of the structure.”

Dr. Sandy Archibald, PGeo, Technical Director, added, “I am delighted with our success at Massala West, a target area identified primarily through ground geophysics. The width of the mineralized zone is similar to Tarabala, 2 km to the south, but the mineralization includes high-grade intercepts such as 1 m at 26.8 g/t Au, which is highly encouraging. Additional drilling at Massala West will determine how much of the new 2.5 km target zone contains the sort of mineralized widths and grades we’re after. This drilling will begin immediately upon the completion of the 900-m program we’ve just initiated at Dialéké.”

Massala Air Core Drilling Results

Sixteen shallow air core (AC) holes (900 m) were drilled in two fences at Massala West and an eight-hole fence (498 m) was drilled at Massala East (Figure 2) in mid-February. These holes were drilled to test strong to moderate gold anomalism found in shallow soil samples, as well as clearly defined targets interpreted from ground Gradient Induced Polarization (IP) geophysics. All three fences were drilled to test the potential for gold mineralization associated four discrete north-south oriented faults within the Tarabala shear zone.

A seven-AC-hole fence (Fence 1), containing holes SAAC121-127, was drilled on a geological similar target to the mineralization at Tarabala, located 2 km to the south (Figure 2). The predicted mineralized structure was encountered in drill hole SAAC123, with 24 m @ 2.35 g/t Au (from a depth of 18 m), which included a high-grade interval of 3 m @ 13.23 g/t Au (from 34 m), and a sub-interval of 1 m @ 26.80 g/t Au (from 35 m). Drill hole SAAC124 contained abundant graphite and is interpreted to be within the shear zone. The contact between the shear zone and the metasedimentary rocks was mineralized and contained 5 m @ 0.43 g/t Au (from 45 m). Based on the poor correlation between the two holes in the cross section (Figure 3), it is likely that the mineralization has a near vertical dip, and therefore remains open at depth.

Two hundred metres to the southeast of the previous fence, a nine-AC-hole fence (Fence 2, SAAC128-136) was drilled. These holes targeted two north-south trending faults, but, unlike the northern fence, without the presence of a graphite-bearing shear zone. Only one hole, SAAC130, contained gold (1 m @ 0.28 g/t Au, from 11 m), with the rest of the hole barren.

A third east-west trending fence was drilled 800 m to the northeast of Fence 2 at Massala East (Figure 2). Drilling occurred on a coincident geochemical high (0.38 g/t Au soil sample) and a Gradient IP target (contact of a resistive high). Only SAAC141 was mineralized and contained 3 m @ 1.90 g/t Au (from 17 m), including 1 m @ 5.03 g/t Au (from 17 m). The mineralization appears to correlate with a fault that is traceable 1.5 km to the north and is associated with the Massala artisanal workings, where grab samples contained up to 16.5 g/t Au.

Tarabala RC Drilling Results

As previously reported (see Compass news release dated March 1, 2021), three RC holes (SARC003-005 – Table 1) were drilled at Tarabala on sections where earlier AC drilling had identified near surface mineralization. The holes were drilled to test the depth of mineralization from 70 to 83 m from the surface. Hole SARC003 intercepted the widest mineralized interval, 25 m @ 0.58 g/t Au (from 67 m), with a higher-grade interval of 15 m @ 0.83 g/t Au (from 75 m). Mineralization in SARC003 correlated with the mineralization reported in SAAC75-77 and SARC001, and remains open at depth (Figure 4).

SARC004 was drilled 200 m to the north of SARC003, and was designed to undercut shallow mineralization present in SAAC072-74. The best interval in SARCOO4 was 3 m @ 1.06 g/t Au (from 94 m), within a 28-m (true thickness) zone of weak mineralization that correlates with the near surface mineralization identified in SAAC073.

SARC005 was drilled 170 m to the south of SARC003, and was also designed to undercut previously identified shallow gold mineralization (present in SAAC078-80). A wide zone (38 m true thickness) of low-grade mineralization was identified that contained several narrow, higher-grade discrete zones of mineralization. The best interval was 13 m @ 0.79 g/t Au (from 84 m), including 2 m @ 2.88 g/t Au (from 94 m).

All three of these deeper RC holes indicate that the mineralized zones appear to extend at depth with similar grades and widths noted by shallow drilling, with the exception of SARC004. Additional RC drilling is warranted and a downhole camera survey is planned to determine the precise orientation of the veins.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/867e74da-11d8-4cab-8be3-910b5186da78

Figure 1: Property map showing the location of Tarabala and Samagouela.

Table 1. Mineralized intervals greater than 3 m identified during recent drilling at Tarabala, Massala East and Massala West

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e4f03151-d089-4ff5-908b-407ebfadd492

Figure 2: Drilling locations and significant results at Tarabala for the latest drilling.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c879a41-1d0c-4588-990f-37a16cac84d5

Figure 3: Massala West cross section (Fence 1) showing grade across the mineralized structure and simplified geological interpretation

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00f9bc42-068a-4f25-9cde-737567530193

Figure 4: Cross section at Tarabala illustrating the correlation between SARC003 and the previously drilled holes.

Technical Details

All AC and RC holes from Massala and Tarabala reported here were drilled on an azimuth of 270° (towards the west), at dips of 55°, with lengths varying from 50 to 60 m for AC, and 110 to 120 m for RC. These fences of holes were to test structures interpreted from the Gradient IP survey, and potential mineralized trends identified by earlier drilling by Compass. Drilling was performed by Etasi and Co. Drilling (Mali). All samples were prepared by Compass staff and an appropriate number of standards, duplicates and blanks were submitted and analysed for gold at SGS (Bamako, Mali) by fire assay.

Next Steps

Drilling has concluded at Assama and Sodala, and assay results are pending. A 900-m drilling program has started at Dialéké (Figure 1).

Based on the results reported in this press release, AC drilling pads are currently being prepared at Massala West over a strike length of 800 m, and additional RC pads at Tarabala are also being readied.

Ongoing in-fill shallow soil sampling is continuing on other parts of the Sikasso Property, and the recently completed Gradient IP survey carried out between Tarabala and Massala is being interpreted to identify additional drilling targets.

About Compass Gold Corp.

Compass, a public company having been incorporated into Ontario, is a Tier 2 issuer on the TSX- V. Through the 2017 acquisition of MGE and Malian subsidiaries, Compass holds gold exploration permits located in Mali that comprise the Sikasso Property. The exploration permits are located in three sites in southern Mali with a combined land holding of 867 km2. The Sikasso Property is located in the same region as several multi-million-ounce gold projects, including Morila, Syama, Kalana and Komana. The Company’s Mali-based technical team, led in the field by Dr. Madani Diallo and under the supervision of Dr. Sandy Archibald, P.Geo, is conducting the current exploration program. They are examining numerous anomalies first noted in Dr. Archibald’s August 2017 “National Instrument 43-101 Technical Report on the Sikasso Property, Southern Mali.”

QAQC

All AC samples were collected following industry best practices, and an appropriate number and type of certified reference materials (standards), blanks and duplicates were inserted to ensure an effective QAQC program was carried out. The 1 m interval samples were prepared and analyzed at SGS SARL (Bamako, Mali) by fire assay technique FAE505. All standard and blank results were reviewed to ensure no failures were detected.

Qualified Person

This news release has been reviewed and approved by EurGeol. Dr. Sandy Archibald, P.Geo, Compass’s Technical Director, who is the Qualified Person for the technical information in this news release under National Instrument 43-101 standards.

Forward‐Looking Information
This news release contains "forward‐looking information" within the meaning of applicable securities laws, including statements regarding the Company’s planned exploration work and management appointments. Readers are cautioned not to place undue reliance on forward‐looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward‐looking information except as required by applicable law.

For further information please contact:

Website: www.compassgoldcorp.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.

TORONTO, March 16, 2021 (GLOBE NEWSWIRE) — Sparton Resources Inc. (TSXV: SRI) ("Sparton" or the "Company") is pleased to announce that VRB Energy Inc. (“VRB”) reported, on March 15, 2021 an agreement signed on March 4th, 2021, to build China’s largest photo voltaic (“PV”) solar integrated battery system. Sparton owns a minority interest in VRB and was instrumental in organizing the acquisition and reactivation of VRB by the current majority shareholder, High Power Exploration (“HPX”).

VRB’s Chairman, Robert Friedland and CEO Mianyan Huang reported on the four-party agreement to build in phases, a 500 MWh PV and energy storage power station integrating VRB’s vanadium flow battery energy storage system (“VRB-ESS”). The project will be located in Xiangyang, Hubei Province at a new industrial park complex that will include a VRB-ESS manufacturing “Gigafactory”, and a vanadium flow battery energy research and development institute. It will eventually generate 1000 megawatts (1 GW) of power annually.

Construction is scheduled to begin in May of 2021 with a 40 MW, 200 MWh system and 50 MW of annual battery manufacturing. This project builds on the success of the 3MW, 12 MWh solar plus storage system installed by VRB at Xiangyang in 2019.

There is a growing number of 100MW renewable energy and flow battery projects under development in many provinces in China. Many of these provinces are mandating minimums of 5-20% storage capacity to be integrated with new solar and wind power projects. Vanadium flow batteries have been recommended by the China Central Government as the technology of choice for large scale integrated battery installations.

VRB Energy is now the leading contender for multiple 100 MW-class projects scheduled under China’s infrastructure investment program, which is being accelerated as part of post-COVID economic stimulus. On the international front VRB is in discussions with a number of developers and utilities in the U.S., Australia, and South Africa for large 100 MW-class systems. The energy storage industry and VRB are clearly supporting the ongoing worldwide green energy revolution.

Details of the new contract and the full VRB News Release disseminated on March 15, 2021, can be seen at the following websites:

www.vrbenergy.com, www.hpxploration.com, and www.ipulse-group.com and on VRB’s Twitter site “@Think VRB”.

VRB is majority owned by High Power Exploration (“HPX”) which is a subsidiary of I-Pulse, a private innovative technology development company.

DISCUSSION

“This announcement is another milestone in the evolution of VRB’s energy storage business,” stated Lee Barker, Company CEO. “The choice to use VRB to build China’s biggest PV integrated energy storage system is a major breakthrough for the Company and should create significant new business and value for all VRB stakeholders in the future. Sparton once again commends the VRB staff and management for this achievement.”

Information regarding the Company’s interest held in VRB is as follows:

Sparton’s 89.8% owned subsidiary, VanSpar Mining Inc., registered in the British Virgin Islands, owns 9.8% of VRB which is registered in the Cayman Islands, which in turn owns 100% of VRB Energy Systems, registered in China, and is the vanadium flow battery manufacturer. Full information regarding the history of the VRB investment interest held by Sparton is in its various news releases and available at www.sedar.com in its corporate filings.

For more information contact:

A. Lee Barker, M.A Sc., P. Eng.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Email: info@spartonres.ca Website: www.spartonres.ca

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.

Forward-Looking Statements

Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

We Seek Safe Harbour

Vancouver, British Columbia–(Newsfile Corp. – March 16, 2021) – INCA ONE GOLD CORP. (TSXV: IO) (OTC: INCAF) (FSE: SU92) ("Inca One" or the "Company") a gold producer operating two, fully permitted, mineral processing facilities in Peru, is pleased to announce it has arranged a US$2.5 million gold pre-payment facility (the "Facility") from OCIM Precious Metals SA ("OCIM"). OCIM is a Geneva-based global precious metals trader and financier.

Net proceeds of the Facility are expected to be approximately US$2.45 million and will be distributed by OCIM to Inca One and its Peruvian subsidiary, immediately following TSX Venture Exchange approval. The Facility will be payable in gold bullion and will be paid in full within 135 days after receipt of the funds. The Facility is secured by a Canadian general security agreement and in the event of default, OCIM has the right to convert any amounts outstanding into shares of Inca One at $0.43 per share. During the term of the Facility, the Company and OCIM intend to advance discussions for a potential second facility for a minimum of US$6.0 million repayable over a longer period.

"I am extremely pleased to work with OCIM on this non-dilutive Facility," stated Edward Kelly, President and CEO of Inca One Gold Corp. "After completing the prerequisite vetting and independent evaluations by a 3^rd party engineering firm, including full legal and technical due diligence, our facilities passed with high marks. The proceeds of the Facility could help us increase ore buying capacity by up to 40% above our calendar Q4 numbers and further drive production growth."

About OCIM

The OCIM group of privately held companies has a long and successful history as a trader and financier of strategic assets. Established in Paris in 1961, OCIM is headed by a third-generation member of the founding family. Besides its core historical business in real estate, OCIM has diversified into other strategic tangible assets such as coinage Precious Metals via its Geneva-based subsidiary. As a Merchant, OCIM trades physical metals across the full value chain, from producers to end users. As a Financier, OCIM invests in a wide variety of instruments and provides financing to the value chain with equity, debt, and alternative investments.

About Inca One

Inca One Gold Corp is a TSXV listed, gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company has produced in excess of 92,000 ounces of gold, generating over US$125 million in revenue from its first 6 years of operations. Inca One, is led by an experienced and capable management team that has established the Company as a trusted leader in servicing government permitted, small-scale miners in Peru. Peru is the world's seventh-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One. To learn more visit www.incaone.com.

Figure 1. Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2645/77403_a7d78f4444a7d890_001full.jpg

On behalf of the Board,

Edward Kelly
President and CEO
Inca One Gold Corp.

For More Information Contact:

Konstantine Tsakumis
Inca One Gold Corp.
ktsakumis@incaone.com
604-568-4877

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 NEWS RELEASE.

Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.

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 in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77403

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. By way of example, Vimy Resources (ASX:VMY) has seen its share price rise 442% over the last year, delighting many shareholders. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

In light of its strong share price run, we think now is a good time to investigate how risky Vimy Resources' cash burn is. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.

View our latest analysis for Vimy Resources

How Long Is Vimy Resources' 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. Vimy Resources has such a small amount of debt that we'll set it aside, and focus on the AU$4.3m in cash it held at December 2020. Looking at the last year, the company burnt through AU$5.2m. Therefore, from December 2020 it had roughly 10 months of cash runway. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.

How Is Vimy Resources' Cash Burn Changing Over Time?

Because Vimy Resources isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. It's possible that the 5.4% reduction in cash burn over the last year is evidence of management tightening their belts as cash reserves deplete. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.

Can Vimy Resources Raise More Cash Easily?

While Vimy Resources is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. Many companies end up issuing new shares to fund future growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

Vimy Resources' cash burn of AU$5.2m is about 6.1% of its AU$86m market capitalisation. 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.

How Risky Is Vimy Resources' Cash Burn Situation?

On this analysis of Vimy Resources' cash burn, we think its cash burn relative to its market cap was reassuring, while its cash runway has us a bit worried. We don't think its cash burn is particularly problematic, but after considering the range of factors in this article, we do think shareholders should be monitoring how it changes over time. On another note, we conducted an in-depth investigation of the company, and identified 7 warning signs for Vimy Resources (3 make us uncomfortable!) that you should be aware of before investing here.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)

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.

It is not uncommon to see companies perform well in the years after insiders buy shares. On the other hand, we'd be remiss not to mention that insider sales have been known to precede tough periods for a business. So before you buy or sell Oklo Resources Limited (ASX:OKU), you may well want to know whether insiders have been buying or selling.

What Is Insider Buying?

It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, such insiders must disclose their trading activities, and not trade on inside information.

Insider transactions are not the most important thing when it comes to long-term investing. But it is perfectly logical to keep tabs on what insiders are doing. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise'.

View our latest analysis for Oklo Resources

The Last 12 Months Of Insider Transactions At Oklo Resources

The MD, CEO & Director Simon Taylor made the biggest insider purchase in the last 12 months. That single transaction was for AU$103k worth of shares at a price of AU$0.26 each. So it's clear an insider wanted to buy, even at a higher price than the current share price (being AU$0.17). Their view may have changed since then, but at least it shows they felt optimistic at the time. To us, it's very important to consider the price insiders pay for shares. It is encouraging to see an insider paid above the current price for shares, as it suggests they saw value, even at higher levels. Simon Taylor was the only individual insider to buy during the last year.

Simon Taylor bought a total of 800.00k shares over the year at an average price of AU$0.23. The chart below shows insider transactions (by companies and individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

There are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at this free list of companies. (Hint: insiders have been buying them).

Does Oklo Resources Boast High Insider Ownership?

Many investors like to check how much of a company is owned by insiders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. From our data, it seems that Oklo Resources insiders own 10% of the company, worth about AU$8.9m. However, it's possible that insiders might have an indirect interest through a more complex structure. Overall, this level of ownership isn't that impressive, but it's certainly better than nothing!

So What Does This Data Suggest About Oklo Resources Insiders?

It is good to see the recent insider purchase. And the longer term insider transactions also give us confidence. However, we note that the company didn't make a profit over the last twelve months, which makes us cautious. While the overall levels of insider ownership are below what we'd like to see, the history of transactions imply that Oklo Resources insiders are reasonably well aligned, and optimistic for the future. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Oklo Resources. Every company has risks, and we've spotted 5 warning signs for Oklo Resources (of which 2 are a bit unpleasant!) you should know about.

If you would prefer to check out another company — one with potentially superior financials — then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.

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.

Natural Resource Partners L.P. (NYSE: NRP) announced today that the 2020 tax packages for unitholders, including the individual K-1 tax information, are available on its website www.taxpackagesupport.com/naturalresource. The K-1 tax information will also be mailed commencing today, Monday, March 15, 2021. For additional K-1 tax information and unitholder support, unitholders may call toll free (888) 334-7102.

Company Profile

Natural Resource Partners L.P., a master limited partnership headquartered in Houston, TX, is a natural resource company that owns, manages and leases a diversified portfolio of mineral properties in the United States, including interests in coal, industrial minerals and other natural resources, and owns an equity investment in Ciner Wyoming, a trona/soda ash operation.

Further information regarding Natural Resource Partners may be found on the website at www.nrplp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210315005797/en/

Contacts

Tiffany Sammis
713-751-7515
tsammis@nrplp.com

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?

Given this risk, we thought we'd take a look at whether Energy Metals (ASX:EME) shareholders should be worried about its cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. Let's start with an examination of the business' cash, relative to its cash burn.

View our latest analysis for Energy Metals

How Long Is Energy Metals' 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. In December 2020, Energy Metals had AU$16m in cash, and was debt-free. Looking at the last year, the company burnt through AU$908k. So it had a very long cash runway of many years from December 2020. Even though this is but one measure of the company's cash burn, the thought of such a long cash runway warms our bellies in a comforting way. The image below shows how its cash balance has been changing over the last few years.

How Is Energy Metals' Cash Burn Changing Over Time?

While Energy Metals did record statutory revenue of AU$7.3k over the last year, it didn't have any revenue from operations. That means we consider it a pre-revenue business, and we will focus our growth analysis on cash burn, for now. With the cash burn rate up 9.7% in the last year, it seems that the company is ratcheting up investment in the business over time. However, the company's true cash runway will therefore be shorter than suggested above, if spending continues to increase. Energy Metals makes us a little nervous due to its lack of substantial operating revenue. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

How Hard Would It Be For Energy Metals To Raise More Cash For Growth?

Since its cash burn is increasing (albeit only slightly), Energy Metals shareholders should still be mindful of the possibility it will require more cash in the future. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Energy Metals' cash burn of AU$908k is about 3.3% of its AU$27m market capitalisation. That's a low proportion, so we figure the company would be able to raise more cash to fund growth, with a little dilution, or even to simply borrow some money.

So, Should We Worry About Energy Metals' Cash Burn?

It may already be apparent to you that we're relatively comfortable with the way Energy Metals 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. While its increasing cash burn wasn't great, the other factors mentioned in this article more than make up for weakness on that measure. After taking into account the various metrics mentioned in this report, we're pretty comfortable with how the company is spending its cash, as it seems on track to meet its needs over the medium term. On another note, we conducted an in-depth investigation of the company, and identified 3 warning signs for Energy Metals (1 makes us a bit uncomfortable!) that you should be aware of before investing here.

Of course Energy Metals 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.

GATINEAU, QC, March 15, 2021 /CNW/ – Today, the Competition Bureau warned businesses to watch out for four pervasive scams. Fraudsters see the current global health crisis as an opportunity to target businesses with creative and convincing frauds.

The annual Fraud Prevention Month campaign, which launched on March 1^st, 2021, raises awareness about scams and deceptive practices.

Members of the media are invited to contact the Competition Bureau to speak with the Commissioner of Competition, Matthew Boswell, and other Bureau spokespersons about scams targeting businesses and the 2021 Fraud Prevention Month campaign.

Associated Links

• Taking care of business

• Preventing Fraud

• Mass marketing fraud

• Misleading advertising and labelling

• Stay connected:
  Twitter | Facebook | LinkedIn | YouTube | RSS Feed | Email Distribution List

The Competition Bureau, as an independent law enforcement agency, ensures that Canadian businesses and consumers prosper in a competitive and innovative marketplace.

SOURCE Competition Bureau

View original content: http://www.newswire.ca/en/releases/archive/March2021/15/c4786.html

KELOWNA, BC, March 15, 2021 /CNW/ – Metalex Ventures Ltd. (TSXV: MTX) (the "Company") is pleased to announce that it has identified ilmenite to be the source of the highly anomalous scandium on its 100% owned claims 100km southeast of Chibougmau, Quebec, which are close to highway 167.

Metalex collected 8,698 heavy mineral samples covering an area of over 250,000km². As was recently announced (December 3, 2020) the heavy, non-magnetic concentrate with the highest scandium as measured in both micrograms and ppm was detected on a wholly owned Metalex claim block along with strongly anomalous gold.

A split of the weakly magnetic concentrates from the same sample was subsequently analyzed by neutron activation analysis at Actlabs in Ancaster, Ontario and was found to contain seven to eight times higher amounts of scandium than the original non-magnetic concentrates.

The balance of the weakly magnetic concentrate was separated at CF Mineral Research Ltd. ("CFM") into a conductive concentrate. A total of 784 ilmenite grains were selected from the conductive concentrate using a binocular microscope. 91 of these selected grains were then analyzed using a Cameca SXFive Field Emission microprobe and were found to contain between 2.7 and 372ppm scandium with an average of 26.3ppm. The complete microprobe analyses of ilmenites with the six highest scandium results are presented in Table 1.

Table 1. Scandium-rich ilmenite compositions.

Adding scandium to aluminum produces alloys that are far stronger and 30 to 40% lighter than steel. Consequently, scandium-aluminum alloys are very valuable and in demand in the aerospace, automotive, military and 3D printing industries.

Most of the world's scandium is produced in China. However, Rio Tinto has announced that they are building the first scandium-oxide plant in North America with an initial capacity to supply approximately 20% of the global market. The plant will be situated near Montreal, Quebec at the Rio Tinto Fer et Titane metallurgical complex. The plant will be recovering scandium oxide from ilmenite tailings after high quality titanium dioxide feed stock, pig iron, steel and metal powders are extracted. The ilmenite ore is sourced from Rio Tinto's mine at Lac Tio, near Allard Lake, Quebec where it is railed 42km to a port and then shipped almost 900km along the Gulf of St. Lawrence to the plant.

According to Alexandsandrovsky et al., Ores and Metals Publishers, Moscow, 2004, about 2 million tons per year of ilmenite containing 10 to 20ppm scandium yields about 20 to 40 tons of scandium oxide. The Metalex directors are most encouraged that scandium-rich ilmenites have been found in samples within our claims. These ilmenites, on average, contain greater than the 10-20ppm scandium in ilmenite that are commonly used to recover scandium oxide. The 91 ilmenites analyzed from the conductive concentrate had an average of 26.3ppm scandium with values of up to 372ppm scandium.

The same conductive concentrates have been produced at CFM from 23 additional heavy mineral samples collected from the claims and have been sent to Actlabs to be analyzed for gold, scandium and 32 other elements. These results will be reported when received.

Metalex has contracted Geotech Ltd. to fly a combined airborne magnetic and electromagnetic survey over the claims with the intent to identify drill targets for massive ilmenite horizons similar to the Lac Tio deposits being mined by Rio Tinto.

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

Signed,

Charles Fipke

Charles Fipke
Chairman

Forward Looking Statements

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration and financing results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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.

SOURCE Metalex Ventures Ltd.

View original content: http://www.newswire.ca/en/releases/archive/March2021/15/c2419.html

VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — HUDSON RESOURCES INC. (“Hudson” or the “Company”) (TSX Venture Exchange “HUD”; OTC “HUDRF”) is pleased to announce that metallurgical testwork has commenced on samples from the Nukittooq niobium – tantalum project (“Nukittooq project”) in Greenland. The testwork is being undertaken at SGS Lakefield, Canada, on high-grade niobium tantalum grab samples collected in 2020, under the supervision of Hudson’s consulting Metallurgist, John Goode.

The Nukittooq project occurs within the 100% owned exploration license that covers the Sarfartoq Carbonatite Complex in southeast Greenland. This exploration license also hosts the Company’s ST1 rare earth element (REE) project where Hudson has completed a NI 43-101 Technical Report which outlined a resource of 24 million kg of neodymium oxide and 8 million kg of praseodymium oxide, the two key components in permanent magnets which are driving the green economy. Neodymium oxide is currently trading at over US$100/kg. The carbonatite complex remains largely unexplored.

Hudson assayed 35 grab samples from the Nukittooq project (announced December 14, 2020) with an average grade of 19.35% Nb₂O₅, 0.27% Ta₂O₅, 0.38% U₃O₈ over 112 meters, including 12 grab samples over a 30-meter section with an average grade of 32.35% Nb₂O₅. Hudson has to date identified several high-grade niobium occurrences within a one-kilometer square zone. This zone will be further evaluated during the Company’s 2021 field program with the objective of outlining drilling targets.

Mineralogical work, which included ore microscopy and QEMSCAN, was recently completed by SGS on grab samples from the Nukittooq project. This work provided very encouraging results with respect to liberation characteristics of the niobium – tantalum minerals and the potential for coarser grinding versus fine grinding for optimum mineral separation which may benefit project economics.

Metallurgical testwork currently underway at SGS includes:

• Stage-grinding and de-sliming

• Low-intensity magnetic separation (to reject iron minerals)

• Gravity separation

• Magnetic separation

• Batch flotation testing

Previous license holders of the Nukittooq project completed a significant amount of metallurgical testwork which resulted in a feasibility study completed at Curtin University, Australia. Hudson will be building on this extensive work utilizing the most recent technologies with the objective of producing a high-grade niobium – tantalum concentrate in Greenland for export.

Jim Cambon, President commented: “I am pleased to have commenced the metallurgical program on this high-grade niobium – tantalum target at our 100% owned Nukittooq project. The results of this work will allow us to start to define how we can make a cost-effective niobium – tantalum concentrate in Greenland. The mineralogical work and further geological work will help us understand the origins of the high-grade niobium – tantalum mineralization which will be important in targeting a significant resource at Nukittooq.”

Niobium and tantalum are vital to a wide range of products in the energy, infrastructure, transportation, medical and defense sectors. The United States and European Union have designated niobium and tantalum as critical to their security and wellbeing. The niobium price has averaged US$42/kg over the past five years with expected demand growth of 8%/annum. Tantalum currently trades at US$150/kg.

The Company is also advancing its 100% owned Sarfartoq REE project and is currently selecting a laboratory to undertake additional metallurgical flow sheet testwork. The testwork objectives are to further improve rare earth concentrate grades and recoveries and will take advantage of recent advances in metallurgy and hydrometallurgy as well as new developments in reagents and technology. Previous metallurgical testwork utilizing acid baking and leach tests confirmed 94% recovery of rare earths and the ability to make a 45% REO carbonate product.

Hudson also holds a 31.1% interest in Hudson Greenland A/S which owns the White Mountain Anorthosite mine in Greenland, where the Company provides operational, marketing and sales support.

The White Mountain mine has recommenced operations with the commissioning of the rotary drum dryer completed. This allows for year-round operations and is expected to improve production parameters. The mine is currently operating on a 12-hour shift with a crew of 15 people. Covid-19 restrictions are still in place with only minor impacts on the operations to date.

J.R. Goode, P. Eng., is a Qualified Person, as defined by National Instrument 43-101, and reviewed the preparation of the metallurgical and technical information in this press release.

ON BEHALF OF THE BOARD OF DIRECTORS

“Jim Cambon”

President and Director

For further information:
Ph: 604-628-5002

Forward-Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to complete the Offering on the terms or on the timeline as announced or at all, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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 RLEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

VANCOUVER, British Columbia, March 15, 2021 (GLOBE NEWSWIRE) — Planet Ventures Inc. (TSX-V: PXI; FSE: P6U) (“Planet” or the “Company”) is pleased to announce that it is reviewing and planning a spin-out transaction (the “Spin-Out Transaction”) whereby the shares of its wholly owned subsidiary 1261489 B.C. Ltd., to be renamed 1^st Eleven Esports Limited (“1^st Eleven”), will be distributed pro-rata to the shareholders of Planet, by way of a dividend-in-kind. The Spin-Out Transaction is expected to complete during the second quarter of 2021 and will be subject to approval of the listing of the 1^st Eleven common shares on the Canadian Securities Exchange.

The Spin-Out Transaction will create 1^st Eleven as an independent public company. 1^st Eleven will initially be focused on Esports and eGaming.

About 1^st11

1^st11’s focus is to maximise on the exciting opportunities and capitalise on the increasing demand for live content in Esports, by offering live events with a unique athlete experience and gamer programming.

1^st11’s unique business model combines the passion for football (soccer) and Esports with innovative gamer technology and provides exclusive access to international athletes and football stars. 1^st11 will be the first sports media company to produce and manage Esports teams made up entirely of professional athletes and football players, who will play against, participate and engage with football fans and gamers as part of a unique and exciting gaming experience.

1^st11’s proprietary online platform will ultimately provide subscribers with a gamer hub, dedicated to gamers and sports fans who want a new, live, and competitive Esports experience. 1^st11 will provide professional events, news, gamer programs, and live media partner information. 1^st11’s game platform offers players multiple game options, via syndicated and collective peer-to-peer group play.

Brazil alone boasts a significant and substantial gamer base, having in excess of 75.7 million gamers, the third largest Esports fan base in the world and 7.6 million Brazilians watching professional content more than once per month (source: Newzoo). It is estimated that the Esports market could reach $1.8 billion to as high as $3.2 billion in revenue by 2022 (source: Newzoo).

“This is a monumental step towards giving Planet shareholders the value they deserve,” says Zula Kropivnitski, CFO of Planet Ventures Inc. “With both the Esports and eGaming industries raising billions of dollars over the last year, we felt that the best way to unlock the true value of 1^st11 is to have it as a stand-alone company. Since our acquisition of 1^st11, Peter Glancy, Flavio Maria and their team have consistently exceeded our expectations and have paved the way for 1^st11 to become one of the top eGaming platforms in the world. Through several accretive acquisitions and investments, 1^st11 is quickly becoming a well-known Esports platform and brand in the UK and South America and we are extremely excited to continue to support their efforts as we work to unlock its true value.”

The Spin-Out Transaction distribution of 1^st Eleven shares to Planet shareholders will be qualified by a prospectus to be filed by 1^st Eleven with Canadian securities regulators.

The number of shares of 1^st Eleven to be distributed to the shareholders of Planet in the Spin-Out Transaction will be dependent upon the ratio of: (i) the aggregate number of shares of 1^st Eleven that Planet ultimately determines to spin-out to shareholders, divided by (ii) the aggregate number of issued and outstanding common shares of Planet. The aggregate number of shares of 1^st Eleven to be spun-out by Planet will be determined in part by reference to the initial listing requirements, including the requirement that 1^st Eleven have adequate public distribution upon completion of the Spin-out Transaction. The Company will provide further details with respect to the Spin-Out Transaction in a subsequent news release.

Private Placement

The company also announces that it will offer up to four million units by way of non-brokered private placement at a price of 22.5 cents per unit for gross proceeds of up to $900,000. Each unit will consist of one common share of the company and one share purchase warrant exercisable at a price of 30 cents for a period of 36 months.

In connection with the placement, the company may pay finders' fees to eligible parties who have introduced subscribers. All securities issued in connection with the private placement will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.

Completion of the placement remains subject applicable regulatory approvals.

About Planet

Planet Ventures Inc. is an investment issuer listed on the TSX Venture Exchange, that is focused on investing in disruptive companies and industries that have high growth potential. Planet’s unique portfolio driven investment policies provide investors with access to emerging and high-growth opportunities while shielding them from any formidable downside.

For more information, please visit: https://planetventuresinc.com/

ON BEHALF OF THE BOARD

“Zula Kropivnitski”
Zula Kropivnitski

Chief Financial Officer and Director

INVESTOR RELATIONS CONTACT

PLANET VENTURES INC.
Tel: (604) 681-0084
Fax: (604) 681-0094
Email: info@planetventuresinc.com

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. These statements include, but are not limited to, the expectation that Spin-Out Transaction may be effected. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions, or other factors, should change.

Neither TSX Venture Exchange nor its Regulations 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.

Vancouver, British Columbia–(Newsfile Corp. – March 15, 2021) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to announce the Board of Directors of the Company approved and the Company executed updated Retreatment Project Agreements. The Company, its subsidiary Barplats Mines (Pty) Limited ("Barplats") and Union Goal Offshore Solution Limited ("Union Goal") signed the original agreements in 2018 (See press releases of March 5, 2018 and September 4, 2018).

Operations at the Crocodile River Mine include re-mining and processing its tailings resource, with an offtake of the chrome concentrate to Union Goal from the Barplats Zandfontein UG2 tailings facility (the "Retreatment Project") and the processing and extraction of platinum group metals ("PGM").

The Company recently reported a review of the Retreatment Project operations for 2019 and 2020 (See the press release of March 3, 2021). This review highlighted the excellent operating results achieved. The updated Retreatment Project Agreements capitalize on two years of operating knowledge and Eastplats continued commitment to the long-term benefits of the Retreatant Project.

The benefits are summarized as follows:

• Formalized the 2019 agreed rate per ton of R40.26/ ton (29% increase in the recovery rate);

• Update of the rate charged on each ton re-mined and linking that to annual South African CPI increases, the rate for 2020 was R41.87/ ton and based on the SA CPI adjustment for 2021 is R43.17/ ton;

• Recognition of the total capital recovery of the project required by Barplats, which includes the original capital estimated and provides for a future determination on how this recovery can be achieved;

• Incorporation of the optimization program requirements (See press release of February 18, 2020);

• Extension of the due date of the construction loan and the equipment payment to 210 days following the commissioning of the optimized equipment and circuits, which are currently delayed due to COVID-19, (allowing additional time for assessment and determining best corporate option);

• Incorporation of the optimization equipment purchase on the same updated deferred terms as the original equipment;

• Provided additional loan capacity to recognize the original loan amount and the optimization loan amount required and updated with the deferred repayment terms;

• Removal of all the interest on the outstanding amounts due to COVID-19 delays (additional savings);

• Updated warranties on all the optimized equipment;

• Clearer language regarding the future use of all the Retreatment Project technology and equipment in other South African projects;

• Improved notice requirements regarding the potential reprocessing of tailings at the end of the project; and

• Cancelation of the 2018 escrow agreement based on the two-year operational history.

The Company and Barplats maintain the put option and Union Goal retains the call option for the re-purchase of the Retreatment Project equipment and loan in the event that both parties cannot agree on the pricing for the entire circuit once assessment is complete.

Diana Hu, President and Chief Executive Officer of Eastplats commented, "The Retreatment Project and the magnetic separation technology utilized have transformed Eastplats, from a company with potential but no operations or cashflows, into a resource company generating revenue and mining operation income from chrome concentrate, PGM operations and revenue, and multiple project opportunities for 2021 and beyond."

The updated Retreatment Project Agreements include:

The 2021 Revised and Restated Framework Agreement;The 2021 Revised and Restated Off-take Agreement;The 2021 Revised and Restated Eastplats Loan Agreement; andThe 2021 Revised and Restated Barplats Equipment and Chrome Plant Agreement.

The Company will arrange for the posting of these updated agreements on SEDAR.

About Eastern Platinum Limited

Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western and eastern limbs of the Bushveld Complex, the geological environment that hosts approximately 80% of the world's PGM-bearing ore.

Operations at the Crocodile River Mine included the Retreatment Project discussed above and the processing and extraction of PGMs.

COVID-19

The alert level in respect of COVID-19 in South Africa was adjusted down to level 1 on March 1, 2021. The Company continues to follow the health guidelines of the Government of South Africa. The Retreatment Project remains in full operation and continues to produce and transport chrome and PGM end products. The effects of COVID-19 are evolving and changing and the consequences of a further increase in the alert level in South Africa, temporary shutdown of any operations or other related issues cannot be reasonably estimated at this time, but could potentially have material adverse effects on the Company's business, operations, liquidity and cashflows.

For further information, please contact:

EASTERN PLATINUM LIMITEDRowland Wallenius, Chief Financial Officerrwallenius@eastplats.com (email)(604) 800-8200 (phone)

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will", "plan", "intends", "may", "could", "expects", "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking statements are discussed in the Company's most recent Annual Information Form available under the Company's profile on www.sedar.com.

In particular, this press release contains, without limitation, forward-looking statements pertaining to: benefits of the Retreatment Project Agreements, benefits of the Retreatment Project operations and production, potential effects of COVID-19 such as a new lockdown imposed by the Government of South Africa; and any future measures taken by the Government of South Africa and their impact on the Company, and its business, operations, liquidity and cashflows. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in our production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's most recent Management's Discussion and Analysis available under the Company's profile on www.sedar.com. The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/77121

Vancouver, British Columbia–(Newsfile Corp. – March 12, 2021) – Comstock Metals Ltd. (TSXV: CSL) ("Comstock" or the "Company") is pleased to announce that it is undertaking a non-brokered private placement for an aggregate of up to $1,500,000 comprising up to 5,750,000 units ("Units") and up to 11,500,000 flow-through units ("FT Units").

Each Unit will be priced at $0.09 and will consist of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company (a " Share") at an exercise price of $0.15 per Share for a period of 24 months from the Closing Date. Each FT Unit will be priced at $0.11 and consist of one flow-through common share in the capital of the Company (a "FT Share") and one common share purchase warrant (a "FT Warrant"). Each FT Warrant will entitle the holder thereof to purchase one additional non flow-through common share of the Company (a " Share") at an exercise price of $0.15 per Share for a period of 24 months from the Closing Date. It is anticipated that the closing of the offerings will occur later this month.

Comstock intends to use the majority proceeds of the private placement to complete additional diamond drilling up to a planned 2,500 meters at the high-grade Preview North gold zone.

At Preview North multiple shallow zones of quartz-carbonate vein gold mineralization, including multiple drill intercepts containing visible gold, have been defined by diamond drilling along a strike length of 200 m, 60 m width, and vertical depth of 170 m (Map 1). Significant potential remains to expand the Preview North zone with additional drilling. Selected drill intercepts from the Preview North zone include^[1]:

• 4.20 m averaging 9.66 g/t gold in PR17-175 starting at 20.50 m down hole and 3.25 m averaging 87.16 g/t gold starting at 41.15 m down hole^[2]

• 16.70 m averaging 5.08 g/t gold in PR17-176 starting at 23.3 m down hole and including 4.20 m averaging 17.40 g/t gold starting at 28.00 m down hole; and 5.00 m averaging 16.19 g/t gold starting at 51.00 m down hole

• 5.20 m averaging 5.30 g/t gold in PR18-183 starting at 113.80 m down hole and including 3.30 m averaging 8.04 g/t gold starting at 115.70 m down hole^[3]

• 21.50 m averaging 2.87 g/t gold in PR18-185 starting at 23.00 m down hole and including 3.25 m averaging 10.35 g/t gold starting at 36.75 m down hole

• 8.00 m averaging 7.47 g/t gold in PR18-187 starting at 31.00 m down hole and 23.6 m averaging 3.60 g/t gold in PR18-187 starting at 50.40 m down hole and including 2.10 m averaging 13.85 g/t gold starting at 64.40 m down hole

Map 1. North Zone Drill Plan

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7078/76990_7deaa56c34bceb78_001full.jpg

Private Placement Details

The Company will use the gross proceeds of the offering of FT Units for eligible exploration expenditures, which will constitute "Canadian Exploration Expenses" ("CEE") that are "Flow-Through mining expenditures", as defined in the Income Tax Act (Canada) which can be renounced to purchasers of the FT Units for the 2021 taxation year in the aggregate amount of not less than the total amount of the gross proceeds raised from the flow-through offering. The CEE shall be incurred no later than December 31, 2022.

The proceeds from the offering of Units will be used to fund exploration on the Company's Preview SW gold deposit (with a focus on Comstock's Preview North zone) located in Saskatchewan, Canada and for general working capital.

The offerings are being offered on a non-brokered private placement basis in the Provinces of Alberta, British Columbia, Ontario and such other jurisdictions as the Company may determine in its sole discretion and will be subject to a statutory hold period of four (4) months and a day from the Closing Date of the offerings. The Company may pay finder's fees in accordance with the rules and policies of the TSX Venture Exchange. The offerings remains subject to the approval of the TSX Venture Exchange. The securities to be issued under the offerings have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

Pursuant to the proposed offering, insiders within the Company (including the Company's CEO Steven Goldman as well as the Company's Chairman Arnold Tenney, or parties related to the CEO and Chairman) will be participating. As such, the Company will be issuing securities to purchasers that are considered "related parties" (within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101")), making the applicable offering a "related party transaction" (within the meaning of MI 61-101) (the "Related Party Subscriptions"). If such sales are completed the Company will be exempt from obtaining a formal valuation for, and minority approval of, the Related Party Subscriptions pursuant to Section 5.5(b) and 5.7(1)(a) of MI 61-101, respectively.

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 the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements of the 1933 Act any application state securities laws.

About Comstock Metals Ltd.

Comstock Metals advancing the Preview SW Gold Project, a resource-stage gold project in the La Ronge district of Saskatchewan. The Preview SW deposit hosts indicated mineral resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and inferred mineral resources containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade^[4]. During 2017 and 2018, Comstock completed diamond drilling campaigns targeting the Preview North zone and the Preview SW deposit comprising 24 holes totaling 4,700 metres. Several additional, relatively untested targets remain on the Property, including the A, B, C, and Clearwater zones (Map 2).

Map 2. Preview SW Property Map Showing Drilled Gold Zones

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/7078/76990_7deaa56c34bceb78_002full.jpg

For further details, see the Company's website at www.comstock-metals.com

Qualified Persons

Kristopher Raffle P.Geo., Principal and Consultant of APEX Geoscience Ltd., and Christopher Livingstone, P.Geo., Project Geologist of APEX Geoscience Ltd., Qualified Persons as defined by National Instrument 43-101, supervised the exploration work and diamond drilling program at the Preview SW project and reviewed, verified (including sampling, analytical and test data) and compiled the data reported herein. Mr. Raffle has reviewed and approved the scientific and technical disclosure in this news release as it relates to the Preview SW Gold Project.

Forward Looking Statements

This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the anticipated closing of the proposed financing and the use of proceeds resulting therefrom. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. The assumptions on which the forward looking statements contained herein rely include the ability to complete the proposed financing and receipt of regulatory approval. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

For more information about Comstock Metals Ltd., please refer to Comstock Metals' website at www.comstock-metals.com or contact:

Steven H. Goldman

President, CEO and Director

COMSTOCK METALS LTD.
Cell Phone: (416) 917-1533
Email: s.goldman@goldmanhine.com

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.

^[1] True thickness is interpreted to be approximately 60-80% of drilled width

^[2] See Comstock Metals News Release dated September 28, 2017

^[3] See Comstock Metals News Release dated January 31, 2019

^[4] The Company has filed on SEDAR the 43-101 Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan, prepared for Comstock Metals Ltd. by Ronald G. Simpson, P.Geo., Geosim Services Inc. Effective date September 27, 2016.

NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76990

VANCOUVER, British Columbia, March 12, 2021 (GLOBE NEWSWIRE) — Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) announces that it has granted 3,398,384 incentive stock options (the "Options") to its directors, officers, employees and consultants. The Options are exercisable at $0.065 per share for a period of two years from the date of grant. The Options have been granted under and are governed by the terms of the Company's incentive stock option plan.

About Aben Resources:

Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company.

Forrest Kerr Gold Project, Golden Triangle, BC claims map:
https://abenresources.com/site/assets/files/4087/abn_forrest_kerr_project_map.pdf

For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.

ABEN RESOURCES LTD.

“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO

For further information contact:
Aben Resources Ltd.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com

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.

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.

Just because a business does not make any money, does not mean that the stock will go down. For example, Greatland Gold (LON:GGP) shareholders have done very well over the last year, with the share price soaring by 411%. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

In light of its strong share price run, we think now is a good time to investigate how risky Greatland Gold's cash burn is. 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. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

Check out our latest analysis for Greatland Gold

Does Greatland Gold Have A Long 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. Greatland Gold has such a small amount of debt that we'll set it aside, and focus on the UK£5.9m in cash it held at December 2020. Importantly, its cash burn was UK£3.7m over the trailing twelve months. Therefore, from December 2020 it had roughly 19 months of cash runway. That's not too bad, but it's fair to say the end of the cash runway is in sight, unless cash burn reduces drastically. You can see how its cash balance has changed over time in the image below.

How Is Greatland Gold's Cash Burn Changing Over Time?

Because Greatland Gold isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. As it happens, the company's cash burn reduced by 16% over the last year, which suggests that management are maintaining a fairly steady rate of business development, albeit with a slight decrease in spending. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.

Can Greatland Gold Raise More Cash Easily?

Even though it has reduced its cash burn recently, shareholders should still consider how easy it would be for Greatland Gold to raise more cash in the future. Companies can raise capital through either debt or equity. 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).

Greatland Gold has a market capitalisation of UK£862m and burnt through UK£3.7m last year, which is 0.4% of the company's market value. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.

So, Should We Worry About Greatland Gold's Cash Burn?

It may already be apparent to you that we're relatively comfortable with the way Greatland Gold is burning through its cash. For example, we think its cash burn relative to its market cap suggests that the company is on a good path. Its weak point is its cash burn reduction, but even that wasn't too bad! Considering all the factors discussed in this article, we're not overly concerned about the company's cash burn, although we do think shareholders should keep an eye on how it develops. On another note, Greatland Gold has 4 warning signs (and 1 which is significant) we think you should know about.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies insiders are buying, and this list of stocks growth stocks (according to analyst forecasts)

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. – March 11, 2021) – Decade Resources Ltd. (TSXV: DEC) ("Decade" or the Company) announces that it has received most of the assays and check assays for a further 20 drill holes from the 2020 program on the Del Norte property, located 34 km east of Stewart in BC's "Golden Triangle". It was optioned from Teuton Resource Corp. in January of 2020 with terms allowing the Company to earn up to a 55% interest in the property by spending $4 million over a five year period. The Company can an earn an additional 20% interest by carrying the property to commercial production.

This portion of the 2020 drill program was designed to test a number of targets generated by a comprehensive review of past work on the property and augmented by prospecting discoveries made early in the field season (such as the Eagle's Nest). The greatest success came in the realization that the Argo zone is a separate mineral system carrying appreciable gold-silver values with robust widths up to 30-50m. It does not appear to outcrop within the project area. The deformation corridor, is composed of argillites and lapilli tuffs, brecciated and sheared with quartz-carbonate-sulphide cemented breccias, replacement zones and veins. Breccia fragments, composed mostly of argillite are very angular ranging in size from less than 1 cm to 10 cm across. Mineralized zones host sulphides including pyrite, sphalerite, galena and tetrahedrite mineralization along with sections mineralized by fine acicular arsenopyrite. It is near the volcanic – sediment contact in rocks analogous to those hosting the Eskay Creek mineralization.

Ed Kruchkowski, President of the Company comments; "The Company was very successful in outlining numerous silver rich areas for further exploration. Our drilling was restricted to available rock islands but with the recession of glacial ice, these will have become bigger for this year's program. The newly identified Argo zone will be the focus of exploration in 2021. At the start of the past season's 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 the 2020 field season exploration, new interpretations had indicated a possible wide zone of mineralization, that was named the Argo zone. It does not outcrop and is at depth just to the west of the LG vein. The shallow 2020 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 with much closer spaced holes as well as testing new zones. Recommendations from the Company consultants include a program costing 2 million dollars"

Highlights of drilling into the Argo zone include:

• 1049.64 g/t Ag eq over 6.03 m in DDH DN20-18, included within an interval grading 119.95 g/t Ag Eq over 58.37m

• 2128.48 g/t Ag eq over 2.46m in DDH DN20-20, included within an interval grading 221.03 g/t Ag eq over 34.09m

Both DDH DN20-18 and 20 were the deepest intersections on the Argo zone and as they were collared 500m from each other indicate excellent potential for establishing tonnage with continued drilling in 2021. Further drilling on close spaced intervals will expand on the new zone.

The 2020 drilling was also designed to establish the relationship of the LG vein to the Kosciuszko zone and to test any new mineralization such as the Eagle's Nest that was found during the program. Drilling in 2020 took place from 5 different rock islands (nunataks) located in the South Nelson glacier area. Drilling was west of the LG vein area which received testing in 2003-2006 drill programs. DDH DN20-3 to 9 was from Pad #2 and DDH DN20-10 to 15 was from Pad #3. The area tested was roughly 600m N-S and 400m E-W.

Because of the reconnaissance nature of the drilling testing multiple targets and also partially because of the limited opportunities to site a drill pad, not every hole intersected mineralization. The holes with significant assay results are shown below:

Analytical values have been rounded. True widths are unknown at this time.

*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.

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."

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76827

VANCOUVER, BC / ACCESSWIRE / March 11, 2021 / Infinite Ore Corp. (the "Company") (TSXV:ILI)(OTCQB:ARXRF) is pleased to announce that further to its news release of February 17^th, it has begun its 2,500 meter drill program on the Confederation North property within its Eastern Vision Project. The project is located south-east of Red Lake Ontario and east of the high-grade gold discovery of Great Bear Resources Ltd. The program will test gold, copper, and silver anomalies from its recent Spaciotemporal Geochemical Hydrocarbon ("SGH") survey conducted on portions of the Confederation North property (see Figure 1).

J.C. St-Amour, President of Infinite Ore commented, "We are excited to see the drills turning on the Confederation North property and are anxious to see the results. Access to the property and logistics are very good and so I anticipate an efficient drilling program."

Figure 1: Map of SGH anomalies and planned drill holes of the Confederation North property, Eastern Vision Project.

The Company is earning into the Eastern Vision Project which consists of the Fredart, Garnet Lake, Confederation North, and Confederation South properties. Past exploration has focused on VMS targets within the Confederation Lake assemblage near Red Lake, Ontario. The Garnet Lake properties hold 43-101-compliant inferred mineral resources of 2.1 million tonnes grading 5.78% Zn, 0.72% Cu, 19.5 g/t Ag, and 0.6 g/t Au. The Fredart property contains an historical resource of 386,200 tonnes grading 1.56% Cu and 33.6 g/t Ag*.

Qualified Person

The technical content of this news release was approved by Michel Boily, PhD, P.Geo, an Independent Qualified Person as defined by the National Instrument 43-101.

* The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.

About Infinite Ore Corp.

Infinite Ore is a junior mining exploration company focused on seeking and acquiring world-class mineral projects. The company is earning into a large land package with the potential for VMS and gold mineralization in the Confederation Lake assemblage belt near Red Lake, Ont. The company also holds the Jackpot lithium property located near Nipigon, Ont.

ON BEHALF OF THE BOARD

"J.C. St-Amour"
J.C. St-Amour, President

FOR FURTHER INFORMATION, PLEASE CONTACT:

Telephone: 1-604-683-3995
Toll Free: 1-888-945-4770

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.

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

SOURCE: Infinite Ore Corp.

View source version on accesswire.com:
https://www.accesswire.com/634877/Infinite-Ore-Begins-Drilling-on-Eastern-Vision-Project

WHITE ROCK, BC / ACCESSWIRE / March 11, 2021 / AZARGA URANIUM CORP. (TSX:AZZ)(OTCQB:AZZUF)(FRA:P8AA) ("Azarga Uranium" or the "Company") is pleased to announce that AK Jensen Investment Management Ltd through its Tees River Uranium Fund and Tees River Critical Resources Fund has increased its ownership of the Company to 10.94% of the issued and outstanding common shares on a non-diluted basis and 12.58% on a fully diluted basis.

Blake Steele, Azarga Uranium President and CEO stated: "we are very pleased that a strategic, institutional investor continues to see solid value in our shares and has increased their ownership interest in Azarga Uranium as we advance our portfolio of high quality uranium assets in the United States. Our flagship asset, the low-cost Dewey Burdock Project, is one of the preeminent undeveloped in-situ recovery uranium projects in the USA, boasting robust project economics, and we are aggressively moving towards construction."

Sean Benson, Chief Investment Officer of the Tees River Uranium and Critical Resources Funds, stated: "as the sentiments towards nuclear power improve among policy makers and investors, we continue to see substantial upside in the uranium sector. Companies such as Azarga Uranium, with low-cost, advanced stage projects are well positioned to significantly benefit from the structural uranium deficit and we are happy to be a long-term supportive shareholder."

About Azarga Uranium Corp.

Azarga Uranium is an integrated uranium exploration and development company that controls ten uranium projects and prospects in the United States of America ("USA") (South Dakota, Wyoming, Utah and Colorado), with a primary focus of developing in-situ recovery uranium projects. The Dewey Burdock in-situ recovery uranium project in South Dakota, USA (the "Dewey Burdock Project"), which is the Company's initial development priority, has been issued its Nuclear Regulatory Commission License and final Class III and Class V Underground Injection Control ("UIC") permits from the Environmental Protection Agency (the "EPA") and the Company is in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project.

For more information please visit www.azargauranium.com.

Follow us on Twitter at @AzargaUranium.

For further information, please contact:

Blake Steele, President and CEO
+1 303 790-7528
E-mail: info@azargauranium.com

Disclaimer for Forward-Looking Information

Certain information and statements in this news release may be considered forward-looking information or forward-looking statements for purposes of applicable securities laws (collectively, "forward-looking statements"), which reflect the expectations of management regarding its disclosure and amendments thereto. Forward-looking statements consist of information or statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to the Company aggressively moving towards construction, seeing substantial upside in the uranium sector, companies such as Azarga Uranium being well positioned to significantly benefit from the structural uranium deficit and the Company being in the process of completing regulatory permit approvals necessary for the construction of the Dewey Burdock Project. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Azarga Uranium will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including without limitation: the risk that the Company does not aggressively move towards construction or at all, the risk that substantial upside in the uranium sector does not exist, the risk that companies such as Azarga Uranium are not well positioned to significantly benefit from the structural uranium deficit, and the Company does not complete regulatory permit approvals necessary for the construction of the Dewey Burdock Project, the risk that such statements may prove to be inaccurate and other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, Azarga Uranium assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the most recent AIF filed with Canadian security regulators.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

SOURCE: Azarga Uranium Corp.

View source version on accesswire.com:
https://www.accesswire.com/634881/Tees-River-Uranium-Fund-Tees-River-Critical-Resources-Fund-Increases-Stake-In-Azarga-Uranium-to-109

If you want to know who really controls APN Convenience Retail REIT (ASX:AQR), then you'll have to look at the makeup of its share registry. Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. We also tend to see lower insider ownership in companies that were previously publicly owned.

APN Convenience Retail REIT is not a large company by global standards. It has a market capitalization of AU$431m, which means it wouldn't have the attention of many institutional investors. In the chart below, we can see that institutions own shares in the company. Let's delve deeper into each type of owner, to discover more about APN Convenience Retail REIT.

View our latest analysis for APN Convenience Retail REIT

What Does The Institutional Ownership Tell Us About APN Convenience Retail REIT?

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.

We can see that APN Convenience Retail REIT does have institutional investors; and they hold a good portion of the company's stock. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at APN Convenience Retail REIT's earnings history below. Of course, the future is what really matters.

We note that hedge funds don't have a meaningful investment in APN Convenience Retail REIT. Our data shows that APN Property Group Limited is the largest shareholder with 8.3% of shares outstanding. With 7.7% and 6.8% of the shares outstanding respectively, APN Funds Management Ltd. and Moelis Australia Asset Management Ltd are the second and third largest shareholders.

Our studies suggest that the top 25 shareholders collectively control less than half of the company's shares, meaning that the company's shares are widely disseminated and there is no dominant shareholder.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. There are a reasonable number of analysts covering the stock, so it might be useful to find out their aggregate view on the future.

Insider Ownership Of APN Convenience Retail REIT

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Our most recent data indicates that insiders own some shares in APN Convenience Retail REIT. It has a market capitalization of just AU$431m, and insiders have AU$18m worth of shares, in their own names. It is good to see some investment by insiders, but it might be worth checking if those insiders have been buying.

General Public Ownership

The general public, who are mostly retail investors, collectively hold 53% of APN Convenience Retail REIT shares. This level of ownership gives retail investors the power to sway key policy decisions such as board composition, executive compensation, and the dividend payout ratio.

Private Company Ownership

We can see that Private Companies own 7.2%, of the shares on issue. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

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 3 warning signs for APN Convenience Retail REIT 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.

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. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

So, the natural question for Sandfire Resources America (CVE:SFR) shareholders is whether they should be concerned by its rate of cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

See our latest analysis for Sandfire Resources America

How Long Is Sandfire Resources America's 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, Sandfire Resources America had cash of CA$12m and no debt. Importantly, its cash burn was CA$16m over the trailing twelve months. That means it had a cash runway of around 9 months as of December 2020. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.

How Is Sandfire Resources America's Cash Burn Changing Over Time?

Sandfire Resources America didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. It seems likely that the business is content with its current spending, as the cash burn rate stayed steady over the last twelve months. Admittedly, we're a bit cautious of Sandfire Resources America due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

Can Sandfire Resources America Raise More Cash Easily?

While its cash burn is only increasing slightly, Sandfire Resources America shareholders should still consider the potential need for further cash, down the track. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Many companies end up issuing new shares to fund future 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 CA$251m, Sandfire Resources America's CA$16m in cash burn equates to about 6.4% of its 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.

How Risky Is Sandfire Resources America's Cash Burn Situation?

Even though its cash runway makes us a little nervous, we are compelled to mention that we thought Sandfire Resources America's cash burn relative to its market cap was relatively promising. We don't think its cash burn is particularly problematic, but after considering the range of factors in this article, we do think shareholders should be monitoring how it changes over time. Taking a deeper dive, we've spotted 3 warning signs for Sandfire Resources America you should be aware of, and 2 of them are a bit unpleasant.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)

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, March 9, 2021 /CNW/ – Trading resumes in:

Company: Teuton Resources Corp.

TSX-Venture Symbol: TUO

All Issues: Yes

Resumption (ET): 12:30 PM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/March2021/09/c6301.html

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although Amazon.com made losses for many years after listing, if you had bought and held the shares since 1999, you would have made a fortune. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?

So, the natural question for Marmota (ASX:MEU) shareholders is whether they should be concerned by its rate of cash burn. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

See our latest analysis for Marmota

How Long Is Marmota's 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. In December 2020, Marmota had AU$7.2m in cash, and was debt-free. Importantly, its cash burn was AU$2.0m over the trailing twelve months. That means it had a cash runway of about 3.7 years as of December 2020. A runway of this length affords the company the time and space it needs to develop the business. The image below shows how its cash balance has been changing over the last few years.

How Is Marmota's Cash Burn Changing Over Time?

Although Marmota reported revenue of AU$50k last year, it didn't actually have any revenue from operations. To us, that makes it a pre-revenue company, so we'll look to its cash burn trajectory as an assessment of its cash burn situation. With the cash burn rate up 49% in the last year, it seems that the company is ratcheting up investment in the business over time. That's not necessarily a bad thing, but investors should be mindful of the fact that will shorten the cash runway. Marmota makes us a little nervous due to its lack of substantial operating revenue. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

Can Marmota Raise More Cash Easily?

While Marmota does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

Since it has a market capitalisation of AU$43m, Marmota's AU$2.0m in cash burn equates to about 4.6% of its 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 Marmota's Cash Burn A Worry?

It may already be apparent to you that we're relatively comfortable with the way Marmota 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. While its increasing cash burn wasn't great, the other factors mentioned in this article more than make up for weakness on that measure. Looking at all the measures in this article, together, we're not worried about its rate of cash burn; the company seems well on top of its medium-term spending needs. On another note, Marmota has 4 warning signs (and 2 which are significant) we think you should know about.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)

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, March 09, 2021 (GLOBE NEWSWIRE) — Medallion Resources Ltd. (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) – (“Medallion” or the “Company”), reports that since January 1, 2021 the Company has received funds for the exercise of 4,249,014 warrants and options for gross proceeds of approximately $792,000. The warrants and options were priced between $0.09 and $0.40 with an average exercise price of $0.19 per share. Medallion is in a strong position with over $2,000,000 of working capital, with research and engineering programs underway on both the extraction and separation of rare-earth elements (REE).

“We are very pleased and thankful to receive the continuing support of shareholders with the exercise of almost $800,000 in warrants and options,” said Mark Saxon, CEO and President. “With a strong cash position, we can now make commitments to longer term research and corporate development.”

Rare-Earth Element Separation Technology Acquisition – Update

In addition to Medallion’s long-term investment in a proprietary process for the sustainable extraction of REEs from mineral sand monazite, the Company recently acquired an exclusive license to a portfolio of technology, patents, and knowhow for ligand-assisted displacement (LAD) chromatography from Purdue University. The license enables Medallion to deploy the LAD technology in the separation and purification of rare-earth elements for all minerals, mineral processing by-products and mining waste feedstock, excluding coal-sourced materials. Medallion has begun discussions with third parties to sub-license the LAD technology and provide much sought-after and low-environmental impact REE separation.

The LAD system, developed by Linda Wang, PhD, the Purdue Maxine Spencer Nichols Professor of Chemical Engineering, was selected for investment by Medallion following extensive review of the REE separation industry. The green engineering and design principles applied by Dr Wang were recognized through the publication of her research in the Journal Green Chemistry in 2020. LAD chromatography is an aqueous (water based) process that does not depend upon petrochemical industry solvents to function. The technology is built upon a platform that is widely used in the pharmaceuticals industry and provides an environmentally sound method for REE separation with low technology risk and holds tremendous promise.

About Medallion Resources

Medallion Resources has developed a proprietary process and related business model to achieve low-cost, near-term, rare-earth element (REE) production by exploiting monazite. Monazite is a rare-earth phosphate mineral that is widely available as a by-product from mineral sand mining operations. REEs are critical inputs to electric and hybrid vehicles, electronics, imaging systems, wind turbines and strategic defense systems. Medallion is committed to following best practices and accepted international standards in all aspects of mineral transportation, processing and the safe management of waste materials. More about Medallion (TSX-V: MDL; OTCQB: MLLOF; Frankfurt: MRDN) can be found at medallionresources.com.

Contact(s):

Mark Saxon, President & CEO
Donald Lay, Director & VP, Corporate Development
+1.604.681.9558 or info@medallionresources.com

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.

Medallion management takes full responsibility for content and has prepared this news release. Some of the statements contained in this release are forward-looking statements, such as statements that describe Medallion’s plans with respect to the completion of additional tranche(s) of the Offering and the intended use of the proceeds. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties, including the risks related to market conditions and regulatory approval and other risks outlined in the Company’s management discussions and analysis of financial results. Actual results in each case could differ materially from those currently anticipated in these statements. Also, in order to proceed with Medallion’s plans, additional funding will be necessary and, depending on market conditions, this funding may not be forthcoming on a schedule or on terms that facilitate Medallion’s plans. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, Medallion disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise.