There's no doubt that money can be made by owning shares of unprofitable businesses. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. But while history lauds those rare successes, those that fail are often forgotten; who remembers Pets.com?

So should Native Mineral Resources Holdings (ASX:NMR) shareholders be worried about its cash burn? In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

Check out our latest analysis for Native Mineral Resources Holdings

Does Native Mineral Resources Holdings Have A Long Cash Runway?

A company's cash runway is calculated by dividing its cash hoard by its cash burn. As at December 2020, Native Mineral Resources Holdings had cash of AU$3.3m and no debt. Importantly, its cash burn was AU$1.9m over the trailing twelve months. Therefore, from December 2020 it had roughly 22 months of cash runway. While that cash runway isn't too concerning, sensible holders would be peering into the distance, and considering what happens if the company runs out of cash. Depicted below, you can see how its cash holdings have changed over time.

How Is Native Mineral Resources Holdings' Cash Burn Changing Over Time?

Because Native Mineral Resources Holdings 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. Remarkably, it actually increased its cash burn by 289% in the last year. Given that sharp increase in spending, the company's cash runway will shrink rapidly as it depletes its cash reserves. Native Mineral Resources Holdings 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 Native Mineral Resources Holdings To Raise More Cash For Growth?

While Native Mineral Resources Holdings 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. 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.

Since it has a market capitalisation of AU$27m, Native Mineral Resources Holdings' AU$1.9m in cash burn equates to about 6.8% of its market value. 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.

Is Native Mineral Resources Holdings' Cash Burn A Worry?

On this analysis of Native Mineral Resources Holdings' cash burn, we think its cash burn relative to its market cap was reassuring, while its increasing cash burn has us a bit worried. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. Its important for readers to be cognizant of the risks that can affect the company's operations, and we've picked out 2 warning signs for Native Mineral Resources Holdings that investors should know when investing in the stock.

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.

If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. And in light of that, the trends we're seeing at Zimplats Holdings' (ASX:ZIM) look very promising so lets take a look.

Return On Capital Employed (ROCE): What is it?

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

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

0.35 = US$619m ÷ (US$2.0b – US$199m) (Based on the trailing twelve months to December 2020).

Thus, Zimplats Holdings has an ROCE of 35%. In absolute terms that's a great return and it's even better than the Metals and Mining industry average of 11%.

View our latest analysis for Zimplats Holdings

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you want to delve into the historical earnings, revenue and cash flow of Zimplats Holdings, check out these free graphs here.

How Are Returns Trending?

Zimplats Holdings has recently broken into profitability so their prior investments seem to be paying off. About five years ago the company was generating losses but things have turned around because it's now earning 35% on its capital. Not only that, but the company is utilizing 50% more capital than before, but that's to be expected from a company trying to break into profitability. This can tell us that the company has plenty of reinvestment opportunities that are able to generate higher returns.

What We Can Learn From Zimplats Holdings' ROCE

In summary, it's great to see that Zimplats Holdings has managed to break into profitability and is continuing to reinvest in its business. Since the stock has returned a staggering 590% to shareholders over the last five years, it looks like investors are recognizing these changes. Therefore, we think it would be worth your time to check if these trends are going to continue.

Zimplats Holdings does have some risks though, and we've spotted 2 warning signs for Zimplats Holdings that you might be interested in.

If you'd like to see other companies earning high returns, check out our free list of companies earning high returns with solid balance sheets here.

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

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

Toronto, Ontario–(Newsfile Corp. – March 8, 2021) – ATEX Resources Inc. (TSXV: ATX) ("ATEX") is pleased to announce the metallurgical test results from 13 bottle roll leach tests from the Valeriano Oxide Gold Deposit. Table 1 provides details from the metallurgical program.

Highlights from the metallurgical testing include:

• average gold recoveries of 70.8%;

• significant amounts of exposed gold at coarse sizes were visible; and

• average NaCN consumption of 0.29 kg/t and average lime consumption of 7.0 kg/t (see "Discussion").

"The positive results from the preliminary metallurgical program represent a significant step forward towards the potential development of the Valeranio Oxide Gold Deposit by demonstrating that the oxide gold mineralization at Valeriano is amenable to heap leach processing", said Raymond Jannas, CEO of ATEX. "While the main goal of the ongoing 3,000 metre drill program is to expand the existing near surface oxide gold resource and convert a portion of inferred gold resource to the measured and indicated categories, the drill program will also provide addition samples for further detailed metallurgical test work with results available during the second half of 2021."

Table 1 – Metallurgical Test Results, Valeriano Oxide Gold Deposit

Discussion

Ca(OH)₂, (lime) consumption average 7.0 kilograms per tonne, however, this figure was impacted by elevated consumption associated with samples collected from drill hole VALDD012-010 which occurs adjacent to but outside the 0.275 g/t Au resource envelope. Removing the results from VALDD012-010 from the study decreases lime consumption to 1.45 kg/t while gold recoveries increase to 75.3%. Core from VALDD012-010 will be examined to determine the cause of the elevated lime consumption.

NaCN consumption averaged 0.29 kilograms per tonne. While bottle roll tests are not particularly useful in predicting actual NaCN consumption, the results are indicative of potential issues. No issues were noted during the test work.

While the samples were being prepared, Advanced Mineral Technology Laboratory Ltd. ("AMTEL") noted that significant amounts of exposed gold at coarse sizes were visible. Studies are being undertaken to characterize the nature of gold mineralization.

Summary of Metallurgical Test Protocols

Thirteen metallurgical test samples, varying from 4 to 6 kilograms, were collected from diamond drill core sample rejects from Hochschild Mining's 2012-2013 drill program. The availability of diamond drill holes which cut the Valeriano Gold Oxide deposit was limited. The samples were shipped to the AMTEL laboratory located in London, Canada. AMTEL was responsible for all aspects of the metallurgical test work.

Samples were crushed to a target size of P80 2 mm and split to 1,000 gram charges for testing. The bottle roll leach tests were performed at 60% solids : 40% liquids, under intensive leach conditions of 5 g/L NaCN for a period of 24 hours. The samples were split into representative aliquots for study and assay. Duplicate fire assays were performed on head samples, and single assays were performed on 'coarse', CIL and pulverized CN residues. Fire assay were checked by internal AMTEL QA-QC samples.

Valeriano Oxide Gold Resource Estimate

The Valeriano epithermal oxide gold deposit contains 0.585 million ounces of gold and 2.65 million ounces of silver for 0.623 million gold equivalent ounces in the inferred category hosted in 34.4 million tonnes at a grade of 0.528 grams per tonne ('g/t") gold and 2.4 g/t silver for a gold equivalent grade of 0.561 g/t at a 0.275 g/t gold cut-off grade.

The mineral resource is not confined by economic or mining parameters. Equivalent grades are calculated based upon a gold price of $1,800 per ounce and a silver price of $25.00 per ounce. The formula for the equivalent grade calculations are as follows: Au_{eq g/t} =Au_gt + (Ag _g/t*Ag_price / Au_price). All prices are in US$.For further details on the Valeriano resource estimates, see ATEX's "NI 43-101 Technical Report Valeriano Project Inferred Resources Estimates" dated November 13, 2020 filed at www.sedar.com.

NI 43-101 Disclosure

David Hopper, a geological consultant and resident of El Arrayán, Santiago, Chile, is the qualified person ("QP"), as defined by National Instrument 43-101 Standards for Disclosure for Mineral Projects, for the Valeriano Project. Mr. Hopper is a Chartered Geologist of the Geological Society of London, Fellow No. 1030584. The Valeriano Project resource estimates were undertaken by SRK Consulting (Chile) SpA. Joled Nur, Civil Mining Engineer, SRK Consulting (Chile) SpA, a member of the Public Register of Competent Persons in Mining Resources and Reserves of Chile, No. 181, was the independent QP who prepared the resource estimates.

About ATEX Resources Inc.

ATEX is a mineral exploration company focused on the acquisition, development and monetization of projects throughout the Americas. ATEX's flagship Valeriano Project is located in Chile's prolific El Indio Mineral Belt.

On behalf of ATEX Resources Inc.

Dr. Raymond Jannas, CEO

For additional information, please email rjannas@atexresources.com or call 1-647-287-3778

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

This news release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to: plans for the evaluation of the Valeriano property; the success of evaluation plans; the success of exploration activities; mine development prospects; and, potential for future metals production. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, changes in economic parameters and assumptions, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; the conversion of inferred resources to the measured and indicated category; the timing of metallurgical test results; the results of regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of economic and technical studies, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in ATEX's publicly filed documents.

Although ATEX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on 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 press release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/76470

VANCOUVER, BC, March 8, 2021 /CNW/ – The following issues have been halted by IIROC:

Company: Sonora Gold & Silver Corp.

TSX-Venture Symbol: SOC

All Issues: No

Reason: At the Request of the Company Pending News

Halt Time (ET): 10:53 AM

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/March2021/08/c3093.html

Venturex Resources Limited (ASX:VXR) is possibly approaching a major achievement in its business, so we would like to shine some light on the company. Venturex Resources Limited, together with its subsidiaries, engages in the exploration and development of mineral resources in Australia. The AU$141m market-cap company announced a latest loss of AU$3.9m on 30 June 2020 for its most recent financial year result. As path to profitability is the topic on Venturex Resources' investors mind, we've decided to gauge market sentiment. In this article, we will touch on the expectations for the company's growth and when analysts expect it to become profitable.

Check out our latest analysis for Venturex Resources

Expectations from some of the Australian Metals and Mining analysts is that Venturex Resources is on the verge of breakeven. They anticipate the company to incur a final loss in 2022, before generating positive profits of AU$19m in 2023. The company is therefore projected to breakeven around 2 years from today. What rate will the company have to grow year-on-year in order to breakeven on this date? Using a line of best fit, we calculated an average annual growth rate of 110%, which is rather optimistic! Should the business grow at a slower rate, it will become profitable at a later date than expected.

Underlying developments driving Venturex Resources' growth isn’t the focus of this broad overview, though, keep in mind that generally metals and mining companies, depending on the stage of operation and metals mined, have irregular periods of cash flow. This means, large upcoming growth rates are not abnormal as the company is beginning to reap the benefits of earlier investments.

One thing we’d like to point out is that The company has managed its capital judiciously, with debt making up 9.2% of equity. This means that it has predominantly funded its operations from equity capital, and its low debt obligation reduces the risk around investing in the loss-making company.

Next Steps:

This article is not intended to be a comprehensive analysis on Venturex Resources, so if you are interested in understanding the company at a deeper level, take a look at Venturex Resources' company page on Simply Wall St. We've also put together a list of important aspects you should further research:

1. Historical Track Record: What has Venturex Resources' performance been like over the past? Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.

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

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

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

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

With its stock down 16% over the past three months, it is easy to disregard Red River Resources (ASX:RVR). However, a closer look at its sound financials might cause you to think again. Given that fundamentals usually drive long-term market outcomes, the company is worth looking at. Specifically, we decided to study Red River Resources' ROE in this article.

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. Simply put, it is used to assess the profitability of a company in relation to its equity capital.

Check out our latest analysis for Red River Resources

How To Calculate Return On Equity?

The formula for ROE is:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Red River Resources is:

14% = AU$9.4m ÷ AU$65m (Based on the trailing twelve months to December 2020).

The 'return' is the profit over the last twelve months. That means that for every A$1 worth of shareholders' equity, the company generated A$0.14 in profit.

What Has ROE Got To Do With Earnings Growth?

So far, we've learned that ROE is a measure of a company's profitability. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Generally speaking, other things being equal, firms with a high return on equity and profit retention, have a higher growth rate than firms that don’t share these attributes.

Red River Resources' Earnings Growth And 14% ROE

To start with, Red River Resources' ROE looks acceptable. Further, the company's ROE is similar to the industry average of 13%. This probably goes some way in explaining Red River Resources' moderate 19% growth over the past five years amongst other factors.

As a next step, we compared Red River Resources' net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 33% in the same period.

Earnings growth is an important metric to consider when valuing a stock. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Red River Resources is trading on a high P/E or a low P/E, relative to its industry.

Is Red River Resources Efficiently Re-investing Its Profits?

Summary

On the whole, we feel that Red River Resources' performance has been quite good. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a respectable growth in its earnings. That being so, the latest analyst forecasts show that the company will continue to see an expansion in its earnings. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.

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

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

Vancouver, British Columbia–(Newsfile Corp. – March 3, 2021) – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to provide the Retreatment Project operations technical summary for 2019 and 2020. The Retreatment Project is operated by the Company's subsidiary, Barplats Mines (Pty) Ltd. ("Barplats") at its Crocodile River Mine property in South Africa.

The Retreatment Project is a proprietary operation in South Africa producing chrome concentrates. It includes a combined hydro and mechanical re-mining method, magnetic separation applied to produce chrome concentrates, thus obtaining superior yield result compared to traditional gravity technology. The Retreatment Project is the only large-scale magnetic separation application in South Africa. Since 2017 Barplats has grown from 100 employees to over 350 contractors and employees engaged in supporting the Retreatment Project. The current Retreatment Project is expected to continue operating into 2024.

The key highlights of the Retreatment Project are as follows:

Total tons of tailings re-mined to December 31, 2020 = 4,107,257, with annual production levels as follows:

2019 = 1,778,525

2020 = 2,328,732

Total tons of chrome concentrate produced to December 31, 2020 = 1,575,009, with annual production levels as follows:

2019 = 588,006

2020 = 987,003

Recoveries of chrome – Yields (wet)

2019 – 32.63%

2020 – 37.47%

Availability of the Retreatment Project as a 24-hour continuous operation (including chrome recovery plant, deposition and remining on the tailings dam) including planned maintenance has improved significantly from 76.43% in 2019 to 85.71% in 2020.

PGM Update

The two years of successfully operating the Retreatment Project has laid the ground work to acquire the technical knowledge, confirm the upgrade required in the feed as well as establish the financial resources required to restart the PGM operations. Eastplats is currently reconfiguring and optimizing the small-scale PGM circuit (previously the scavenger plant circuit) ("PGM Circuit D") which also includes funding for some of the initial work required to restart the main PGM plant circuit ("PGM Main Circuit") (See press release of February 2, 2021) and the Company estimates the work to be completed before March 12. The extraction of PGMs will generate additional revenue sources and create new employment opportunities.

Barplats has entered into an agreement (See news release July 22, 2020) with Advanced Beneficiation Technologies Proprietary Limited of South Africa to complete an independent feasibility study (the "Feasibility Study") for the development and construction of a new modular plant with a capacity to process the PGMs from the tailings redeposited from the Retreatment Project at a designated area of the Zandfontein Tailings Dam at an expected rate of 50,000 tons per month (the "Circuit H Project"). The Circuit H Project is being pursued to provide the opportunity to remine the tailings already deposited from the beginning of the Retreatment Project and extract additional value from PGMs. The Feasibility Study is in its final stages and the results are expected by the end of March 2021. The process was delayed by COVID-19 related impacts, particularly as it relates to the assay labs.

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 currently include the re-mining and processing of its tailings resource, with an offtake of the chrome concentrate from the Barplats Zandfontein UG2 tailings facility operating at the Crocodile River Mine (the "Retreatment Project") and the processing and extraction of PGMs.

COVID-19

No changes in South Africa alert regarding COVID-19. 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: estimated operations and production of PGM Circuit D, PGM Main Circuit and Circuit H Project; timing and results of a Feasibility Study regarding the Circuit H Project; 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 the Company's 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/75889

Toronto, Ontario–(Newsfile Corp. – February 26, 2021) – Xtierra Inc. (TSXV: XAG) ("Xtierra" or the "Company") is pleased to announce further positive and consistent drill results on another two drill holes of a five-hole program totaling 1800 meters into a previously identified structure (Victor vein) with high-grade silver mineralization located adjacent to and west of the main Bilbao Silver-Lead-Zinc deposit.

The objective of the third hole, X6B, was to test the continuity between the two best drill hole results from the 2010-2013 exploration work in which X26 intersected 6.0 meters of 847 Ag/t at 381 meters depth and X40-1 with 2.45 meters of 1623 Ag/t at 424 meters depth. Drill hole X6B was 459.05 meters in length with 97% core recovery and intersected six different levels of silver/base metal mineralization but exhibiting weaker mineralization southwest of X26, as follows:

The objective of the fourth hole, X7B was to test the continuity between X5B at the northern end of the Victor vein structure and X6B. Drill hole X7B with a total depth of 308.7 meters a core recovery of 93% also intersected Silver and Lead, Zinc, Copper mineralization at two levels of elevation, as follows:

It is important to compare these drill results to the average grades of the resource estimate used in the preliminary economic assessment (PEA) of the main Bilbao deposit by Runge Pincock Minarco (Canada) Limited ("RPM") dated April 28, 2014. This independent Technical Report in accordance with NI 43-101 reported a resource estimate on the Bilbao Project with average grades of 2.1% zinc, 1.4% lead and 63.96 g/t silver, based on 3 year trailing average metal prices of: Zinc US$0.94/lb, Lead US$1.01/lb and Silver US$30.24/ounce. The mine plan incorporated in the PEA targeted the extraction of only the lower, unoxidized, sulphide zone based on a production rate of 2,000 tonnes per day, or 720,000 tonnes per year for a total of 5.2 million tonnes with over a mine life of approximately 8 years. Compared with the main Bilbao deposit, the current targeted mineralization is associated with a relatively narrow vein structure, possibly with skarn overtones.

Commenting on the results, Tim Gallagher, Company President said, "The drill results on the first four holes are consistent with our expectations and demonstrating the continuity of the mineralization within the Victor vein which should improve the economics of the Bilbao deposit, especially with the much-improved outlook for silver prices, approaching the US$30 per ounce level. We are waiting on analytical results on the fifth and final drill hole, X8B, which was drilled just north of the southernmost previous drill hole X100 which intersected 1 meter of 810 g/t Ag to test the extension of the Victor vein where it intersects a manto stockwork area, before determining next steps."

Drill core samples were sent to an SGS laboratory in Durango using the GE_ICP14B analytical method. Historically, samples from half-core were prepared at the Stewart Group laboratory in Zacatecas and analyzed for multi-element content using ICP-MS by Stewart Group in Kamloops, British Columbia. Standards and blanks were used regularly for quality control. Significant mineralized intervals are reported in the table as core lengths and estimated true thickness (70 to 95 per cent of core length).

Qualified Person

Scientific and technical information disclosed in this press release was prepared by or under the supervision of and approved by Gerry J. Gauthier, P. Eng., a Director and former President of the Company and a 'Qualified Person' within the meaning of NI 43-101.

* * * * * *

About Xtierra Inc.

Xtierra is a natural resource company with precious and base metal mineral properties in the Central Silver Belt of Mexico in the State of Zacatecas and is pursuing new opportunities including identifying and evaluating new potential royalty acquisitions.

Xtierra holds a 100% interest, subject to a 1.5% net smelter royalty repurchased in July 2019, on the Bilbao project silver-lead-zinc-copper project located in the southeastern part of the State of Zacatecas.

Xtierra owns 88% of the outstanding shares of Minera Portree de Zacatecas, S.A. de C.V ("Minera Portree") which holds various legal or royalty interests in certain mineral properties in Mexico, including the Company's Bilbao property, and an asserted claim to a 2% net smelter royalty on six mining concessions located adjacent to the Cozamin Mine operated by Capstone Mining Corp., which claim is challenged by Capstone.

For further information contact Xtierra Inc. at info@xtierra.ca

John F. Kearney
Chairman
(416) 362-6686

Tim Gallagher
President & Director
(416) 925‐0090

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75583

BAODING, China, Feb. 24, 2021 /PRNewswire/ — IT Tech Packaging, Inc. (NYSE MKT: ITP) ("IT Tech Packaging" or "the Company"), a leading manufacturer and distributor of diversified paper products in North China, announced today the pricing of an underwritten offering of 26,666,666 shares of its common stock and warrants to purchase up to an aggregate of 13,333,333 shares of its common stock. Each share of common stock is being sold together with a warrant to purchase one half share of common stock at a combined price to the public of $0.75. Gross proceeds before underwriting discounts and commissions and estimated offering expenses, are expected to be $20.0 million.

The warrants will be immediately exercisable at a price of $0.75 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying warrants can only be purchased together in the offering but will be issued separately and will be immediately separable upon issuance. The offering is expected to close on or about March 1, 2021, subject to customary closing conditions.

Maxim Group LLC is acting as the sole book-running manager for the offering.

The Company also has granted to the underwriter a 45-day option to purchase up to an additional 2,611,200 shares of common stock and/or warrants to purchase up to 1,305,600 shares of common stock, at the public offering price less discounts and commissions.

The securities described above are being offered by IT Tech Packaging pursuant to a registration statement (File No. 333-223160) that was filed with the U.S. Securities and Exchange Commission (SEC) on February 22, 2018 and declared effective on June 19, 2018 and a registration statement (File No. 333-.253476) that was filed on February 24, 2021 and became effective upon filing with the SEC. The securities are being offered by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745. Electronic copies of the preliminary prospectus supplement and accompanying prospectus are also available on the website of the SEC at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

About IT Tech Packaging, Inc.

Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE MKT since December 2009.

Safe Harbor Statement

This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements.

For further information, please contact:

At the Company
Email: ir@itpackaging.cn
Tel: +86-312-8698215

Investor Relations:

Janice Wang
+86-138-1176-8559
EverGreen Consulting Inc.
Email: ir@changqingconsulting.com

View original content:http://www.prnewswire.com/news-releases/it-tech-packaging-inc-announces-pricing-of-approximately-20-0-million-offering-of-common-stock-and-warrants-301235209.html

SOURCE IT Tech Packaging, Inc.

PHILADELPHIA, PA, Feb. 25, 2021 (GLOBE NEWSWIRE) — FTAC Athena Acquisition Corp. (NASDAQ:FTAAU) (the “Company”), a blank-check company formed for the purpose of acquiring or merging with one or more technology and financial services technology companies, today announced the completion of its initial public offering of 25,000,000 units at a price of $10.00 per unit, which includes 3,000,000 units issued pursuant to the exercise of the underwriters’ over-allotment option, for gross proceeds to the Company of $250,000,000. The Company's units began trading on the Nasdaq Capital Market under the symbol "FTAAU" on February 23, 2021. Each unit issued in the offering consists of one Class A ordinary share of the Company and one-fourth of one warrant, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on NASDAQ under the symbols “FTAA” and “FTAAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.

Cantor Fitzgerald & Co. served as the sole book-running manager for the offering.

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

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

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

Contact Information:

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

We often see insiders buying up shares in companies that perform well over the long term. The flip side of that is that there are more than a few examples of insiders dumping stock prior to a period of weak performance. So we'll take a look at whether insiders have been buying or selling shares in Rockhaven Resources Ltd. (CVE:RK).

What Is Insider Selling?

Most investors know that it is quite permissible for company leaders, such as directors of the board, to buy and sell stock in the company. 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 logic dictates you should pay some attention to whether insiders are buying or selling shares. For example, a Columbia University study found that 'insiders are more likely to engage in open market purchases of their own company’s stock when the firm is about to reveal new agreements with customers and suppliers'.

View our latest analysis for Rockhaven Resources

Rockhaven Resources Insider Transactions Over The Last Year

In the last twelve months, the biggest single purchase by an insider was when Chief Financial Officer Larry Donaldson bought CA$100k worth of shares at a price of CA$0.28 per share. That means that an insider was happy to buy shares at above the current price of CA$0.15. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. We always take careful note of the price insiders pay when purchasing shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price.

Rockhaven Resources insiders may have bought shares in the last year, but they didn't sell any. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

Rockhaven Resources is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.

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 Rockhaven Resources insiders own 8.6% of the company, worth about CA$3.1m. Overall, this level of ownership isn't that impressive, but it's certainly better than nothing!

So What Does This Data Suggest About Rockhaven Resources Insiders?

The fact that there have been no Rockhaven Resources insider transactions recently certainly doesn't bother us. On a brighter note, the transactions over the last year are encouraging. While we have no worries about the insider transactions, we'd be more comfortable if they owned more Rockhaven Resources stock. So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. At Simply Wall St, we found 2 warning signs for Rockhaven Resources that deserve your attention before buying any shares.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.

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.

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

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

Check out our latest analysis for Hillgrove Resources

The method

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

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

= AU$0.01 / (9.0% – 2.0%)

= AU$0.06

Important assumptions

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

Looking Ahead:

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

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

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

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

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

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

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

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

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

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

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

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

ON BEHALF OF MARIFIL MINES LIMITED

"Rob Abenante"
Robert Abenante, President & CEO

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

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

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

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

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

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

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

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

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

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

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

ABOUT TNR GOLD CORP.

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

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

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

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

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

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

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

On behalf of the Board of Directors,

Kirill Klip
Executive Chairman

www.tnrgoldcorp.com

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

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

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

Total airport management market to reach $1.20 billion by 2030

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

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

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

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

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

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

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

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

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

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

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

About Frost & Sullivan

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

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

K52A-22

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

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

SOURCE Frost & Sullivan

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

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

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

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

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

Participating Companies:

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

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

SOURCE VirtualInvestorConferences.com

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

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

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

See our latest analysis for Mincor Resources

Does Mincor Resources Have A Long Cash Runway?

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

How Is Mincor Resources' Cash Burn Changing Over Time?

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

Can Mincor Resources Raise More Cash Easily?

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

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

Is Mincor Resources' Cash Burn A Worry?

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

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

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

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

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

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

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

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

Tailings

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

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

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

About Gold Point

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

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

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

About GGL Resources Corp.

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

ON BEHALF OF THE BOARD

"David Kelsch"
David Kelsch

President, COO and Director

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

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

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

SOURCE: GGL Resources Corp.

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

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

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

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

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

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

Contact Information:

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

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

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

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

About Novo Integrated Sciences, Inc.

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

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

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

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

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

Forward-Looking Statements

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

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

Contacts

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

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

What is Return On Capital Employed (ROCE)?

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

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

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

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

View our latest analysis for Archon Minerals

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

What Does the ROCE Trend For Archon Minerals Tell Us?

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

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

The Bottom Line On Archon Minerals' ROCE

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

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

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

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

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

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

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

See our latest analysis for AuMake

How Long Is AuMake's Cash Runway?

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

Is AuMake's Revenue Growing?

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

How Easily Can AuMake Raise Cash?

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

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

How Risky Is AuMake's Cash Burn Situation?

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

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

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

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

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

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

View our latest analysis for Hargreaves Services

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

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

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

Have Earnings And Dividends Been Growing?

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

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

Final Takeaway

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

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

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

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

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

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

View our latest analysis for Petra Diamonds

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

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

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

The Bottom Line

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

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

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

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

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

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

Analytical values have been rounded.

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

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

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

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

Analysis were performed by Activation Laboratories Ltd in Kamloops BC.

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

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

ON BEHALF OF THE BOARD OF DECADE RESOURCES LTD.

"Ed Kruchkowski"
Ed Kruchkowski, President

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

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

Del Norte Project

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

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

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

View our latest analysis for Petra Diamonds

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

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

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

Next Steps:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Ranchero Gold Corp.

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

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

Qualified Person

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

On behalf of the board of directors of the Company:

Martyn Buttenshaw
Chief Executive Officer

For further information, please contact:

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

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

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

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

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

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

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

Cautionary Note Regarding Forward Looking Statements

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

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

Technical report

Technical report

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

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

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

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

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

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

Highlights from the technical report include:

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

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

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

• Guadalupe vein is typically 15 to 30 metres wide.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

See our latest analysis for Peninsula Energy

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

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

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

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

What about the Total Shareholder Return (TSR)?

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

A Different Perspective

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

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

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

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

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

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

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

View our latest analysis for Metals X

What Does The Institutional Ownership Tell Us About Metals X?

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

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

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

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

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

Insider Ownership Of Metals X

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

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

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

General Public Ownership

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

Private Company Ownership

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

Public Company Ownership

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

Next Steps:

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

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

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

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

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