PRE-OPEN
Canadian futures are ticking higher , supported by higher oil prices, with gains limited by a risk-off sentiment after Federal Reserve’s minutes from the last meeting signaled interest rates would stay higher for longer. U.S. stock futures rallied after a four-day losing streak and European shares rose, as U.S. semiconductor designer Nvidia’s positive sales forecast sparked a rally in chip stocks. Gold prices were a little changed while the U.S. dollar was flat.
CMC Metals Ltd. (TSXV:CMB) (Frankfurt:ZM5P) (CMCXF:OTCQB) announce that it has identified high grade silver-lead-zinc samples from trenches and a historic adit dump on its Amy Property in north-central British Columbia.
Samples were collected from two trenches namely the Wild Turkey Zone – Trench 1 and the Whistle Pig Zone Trench 3 and the 4200 level adit dump. Samples were collected from outcrops and provided some spectacular results with up to 946 g/t silver, 18.76% lead, 8.3% zinc, and 9.7% manganese (see Figure 1). The trenches were located in close proximity to the Amy Prospect where previous explorationists noted the presence of high-grade silver-lead-zinc in carbonate replacement (“CRD”) style mineralization.
The Amy Property is located within the emerging Rancheria Silver District which is known to host numerous silver-lead-zinc occurrences and also includes the Silvertip mine (one of the world highest grade underground silver-lead-zinc mines) owned by Coeur Mining. Amy is located only 8 kilometers west of the Silvertip mine. It was actively explored in the early 1960’s and 1970’s but since that time has never been explored using modern exploration techniques.
In 2021 CMC Metals contracted SRK Consulting to compile all of the historic data from these early exploration efforts and sampled one site.
In 2022, exploration crews visited all of the former historic trenches most of which had capsized, so sampling was limited. Trenching is required to properly determine the extent of the identified mineralization and to re-establish possible exposures in over 20 historic trenches. Samples at the 4200- level adit dump were not high graded but selected if mineralization was visually evident. Mineralization was noted to occur within limestone and skarnified rocks.
Mr. John Bossio, Chairman noted that “This new evidence of high grade CRD mineralization at Amy supports our concept that the area around the Silvertip mine has significant potential to host other significant carbonate replacement style deposits. CMC is very well positioned in this area with both the Amy and Silverknife properties demonstrating considerable exploration potential.”
Mr. Kevin Brewer, President and CEO noted “Amy is an excellent future prospect for our Company. We now plan to advance field investigations to ground truth a new access route to the property and discuss options with local First Nations, other stakeholders and permitting authorities in preparation for an exploration application in the fall of 2023. This will help facilitate advanced exploration efforts and possibly drilling at Amy in 2024.”
Tocvan Ventures Corp. (CSE: TOC; OTCQB: TCVNF; FSE: TV3), announces the results from surface channel sampling across areas being prepared for the excavation of material for a Bulk Sample at its Pilar Gold-Silver Project in Sonora, Mexico. Channel sampling was completed every 5-meters perpendicular to exposed mineralization and alteration at surface along the Main Zone and 4-T trends. Eight locations were sampled to test varying levels of exposed mineralization, all eight trench locations returned anomalous gold and silver values.
Highlights
Gold values averaging 1.4 g/t, reported up to 8.3 g/t Au
Silver values averaging 11 g/t, reported up to 65 g/t Ag
Results will guide Bulk Sampling to produce a representative blend of material from surface at Pilar
At the Main Zone, trench TR-2023-01, seven samples over a 35-meter trend returned an average grade of 2.2 g/t Au and 14.2 g/t Ag, ranging from 8.3 g/t to 0.1 g/t Au . Along trench TR-2023-02, five samples over a 20-meter trend returned an average grade of 2.8 g/t Au and 9.5 g/t Ag, ranging from 7.1 to 0.7 g/t Au. Trench TR-2023-07 consisted of five samples along a 25-meter trend which returned an average grade of 2.2 g/t Au and 30.5 g/t Ag, ranging from 7.3 g/t to 0.1 g/t Au. Along the Main Zone south trend anomalous values of gold and silver were returned at surface where mineralization is known to be more pronounced at depth confirmed by drill hole JES-22-62, which returned 108.6m of 0.8 g/t Au. In total, 37 channel samples were collected across the property; 22 samples returned values above 0.15 g/t Au, including 12 samples above 1.0 g/t Au.
“The results from channel sampling at Pilar are extremely encouraging, exceeding our expectations and showcasing the potential for consistent high-grade gold with silver values for our bulk sampling” stated Brodie Sutherland, CEO. “As we get set for our first bulk sample at Pilar this provides us with confidence in extracting significant grade over the already exposed portions of the mineralization not only at our established Main Zone but also along the 4-T trend.”
Up to 1,000 tonnes of oxide-gold material will be extracted from select areas exposed at surface across the project area, focusing on the Main Zone and 4-T Trends where preliminary column leach studies have returned promising head-grade and recovery results. Bulk Sample material will be extracted and prepared for processing by heap-leach method at a private mining operation less than 25 kilometers to the west of Pilar. Information from the sample will aim to provide a more detailed account of expected head-grade and recovery percentage of gold along with providing key information to optimize future production facilities. In coordination with the Bulk Sample, additional metallurgical sampling will be completed to identify gold characteristics to further improve gold extraction techniques. The process will be managed by an independent qualified professional specializing in the metallurgy of oxide-gold deposits. Total duration of the processing and analysis of the bulk sample is expected to span three to four months depending on the rate of precious metals actively recovered through the heap-leach process. The information provided from the sample will be used for planning in coordination for permitting of full-scale mine and process facilities on-site at Pilar.
Apollo Silver Corp. (TSXV: APGO, OTCQB: APGOF, Frankfurt:6ZF0) reports preliminary results for silver recovery via bottle roll testing from its 2022 Metallurgical Test Program (the “2022 Test Program”) for the Waterloo deposit. The 2022 Test Program, which is one component of the 2022 Calico Technical Program, is an initial investigation in the overall metallurgical program for the Calico Silver Project (“Calico” or the “Project”), located in San Bernardino County, California.
Up to 61% silver recovery using conventional cyanide leaching (bottle roll testing) for ball mill fine grind material (P80 -45 μm). Recovery of up to 72% achieved using a fluoride- assisted leach.
Up to 80% silver recovery from ultra-fine grinding (P100 -25 μm) of the material.
High Pressure Grinding Roll (“HPGR”) product (P80 -1.7 mm) showed a 50 to 100% percent
increased silver recovery over conventional crushed material (P80 -6.3mm).
Silver recoveries are favorable and in line with those of an active operation for a similar style deposit.
These results will be incorporated into the ongoing work to update the Waterloo Property 2022 Mineral Resource Estimate (“MRE”), which forms part of the Calico Project MRE. The resource update is expected to be completed as scheduled in early March.
“These initial metallurgical test program results from the Waterloo property are positive,” commented Apollo’s President and CEO Tom Peregoodoff. “The results show that mineralization at Waterloo responds well to typical processing and recovery technologies, and they are consistent with recoveries at a currently operating silver mine. These results are being incorporated into the ongoing resource estimation work program which we anticipate will be complete in early March. Final results and reporting for the remaining test work for the program are pending, however we expect these to be available in March.”
Chesapeake Gold Corp. (TSXV:CKG, OTCQX:CHPGF) provides an updated Mineral Resource Estimate (“MRE”) for its world class, Metates gold-silver project located in Durango State, Mexico.
The updated MRE is described below and includes:
16.77 million ounces of gold at 0.57 grams per tonne (“g/t”) and 423.2 million ounces of silver at 14.3 g/t within 921.2 million tonnes in the Measured and Indicated Mineral Resource category.
2.13 million ounces of gold at 0.47 g/t and 59.0 million ounces of silver at 13.2 g/t within 139.5 million tonnes in the Inferred Mineral Resource category.
Analytical results from 23 recently drilled PQ (85mm diameter) holes completed since March 2021
4.81 million ounces of gold at 0.76 g/t and 83.8 million ounces of silver at 13.3 g/t within 195.7 million tonnes in the Measured and Indicated Mineral resource category for intrusive-hosted material.
Completed umpire duplicate check assaying on historic assay results increasing confidence in the accuracy of the analytical results.
Alan Pangbourne, CEO, commented “We are very pleased to announce our updated MRE for Metates following the addition of assay results for 5 metallurgical and 18 infill drill holes to the existing drill hole database. Particularly encouraging is the confirmation of an increase of 15.8% higher gold grade for the intrusive and intrusive breccia portions of the measured and indicated category of the MRE. The grade increase together with the previously released metallurgical results of our proof of concept further support the PEA development case.”
i-80 GOLD CORP. (TSX: IAU) (NYSE: IAUX) reports continued high-grade poly-metallic results from drilling completed in 2022 and the discovery new CRD mineralization at the recently discovered Hilltop Zones within the Company’s 100%-owned Ruby Hill Property (“Ruby Hill” or “the Property”) located in Eureka County, Nevada.
The Upper, Lower and East Hilltop Zones are three newly discovered Carbonate Replacement Deposit-type mineralization (CRD) zones closely associated with the newly identified Hilltop fault structure located on the south side of the Archimedes pit (see Images 1 & 2). Previously released results from drilling in the Upper Hilltop Zone returned high-grade intercepts including 515.3 g/t Ag, 28.9 % Pb, 10.5 % Zn & 0.9 g/t Au over 28.3 m, 1.9 g/t Au, 631.3 g/t Ag, 7.4 % Zn & 33.0 % Pb over 18.3 m and 60.2 g/t Au, 908.7 g/t Ag, 1.1 % Zn & 15.7 % Pb over 10.0 m (see press releases dated August 30th, 2022 and November 14, 2022), 238.8 g/t Ag, 11.0 % Zn & 9.0 % Pb over 9.4 m in the Lower Hilltop Zone (see press release dated August 30, 2022) and the discovery of the East Hilltop Zone announced just prior to year-end where the first hole testing this target intersected an impressive 12.3 % Zn over 39.6 m (see press release dated Dec. 19, 2022). Results contained in this release are from drilling completed in 2022.“Ongoing drilling in the new Hilltop discoveries continue to display grades that rank amongst the highest in any new discovery worldwide”, stated Ewan Downie, CEO of i-80. “Three target areas along the Hilltop fault structure were tested by drilling in 2022, all of which intersected polymetallic CRD and/or skarn base metal mineralization. These deposits are located in close proximity to the underground infrastructure being planned in 2023”.
“The 2023 drill program will also test several targets identified in geophysical surveys that are believed to be prospective for CRD, skarn, or porphyry mineralization as we seek to build on our highly successful 2022 exploration campaign at Ruby Hill”, stated Tyler Hill, Senior Geologist of i-80. “In addition to these exciting results, we have yet to test the Hilltop Corridor further south toward our property boundary.”
The Hilltop Corridor is a 1.5 km long, alluvial covered trend immediately south of the Archimedes pit. It is believed to be host to multiple feeder fault structures and is largely untested by previous drilling owing to the alluvial cover. The identification of what appears to be a major northwest striking fault structure that is closely associated with the discovery of the Hilltop Zones confirm the Company’s geological teams’ model that the Ruby Hill Property could be host to multiple types of mineralization and several large-scale deposits. The Upper and East Hilltop Zones appear to be associated with anomalies identified in the Magnetotelluric (MT) geophysical survey along the Hilltop fault structure.
Nicola Mining Inc. ((TSXV: NIM) (FSE: HLI) announces soil geochemistry results collected from the WP area at the New Craigmont Property. The WP Zone (MINFILE 092ISE068) consists of sheared, brecciated, and mineralized Nicola Group volcanic rocks with associated chalcopyrite, pyrite, and specularite. Previous chip channel sampling (2016) by Nicola Mining returned values of 0.37% Cu over 10 metres and 0.71% Cu over 4.0 metres in historic trenches and shafts, with values up to 0.54% and 1.68% Cu respectively (https://nicolamining.com/nicola-mining-provides-update-on-thule-project-exploration-activities/). The soil survey was partially completed with an area defined through the Multi-Year Area Based (MYAB) Permit (Diagram 1).
Soil Geochemistry Highlights:
The WP Zone, which has never had diamond drilling exploration, has returned the highest concentration of Cu in soils collected thus far at the Craigmont Property. Highlights include:
Highest individual soil assays: 930 ppm Cu, 0.7 ppm Ag, 288 ppm Zn, and 20.4 ppm Pb.
14% of soil samples collected at the WP area returned anomalous (>90thpercentile, Cu > 63 ppm) to very anomalous (>97th percentile), copper-in-soil assay results.
Anomalous values (>50 ppm Cu) correspond with historic trenches and shafts.
Cu mineralization is open in all directions (north/south/east/west).
Anomalous Cu values are on trend with samples collected from the 2000 soil survey.
Fall 2022 Soil Geochemistry Program
In October 2022, 241 B-horizon soil samples were collected and analyzed within the WP area at New Craigmont. Samples were collected at 50-metre sample intervals along 11 east-west soil lines spaced 100 metres apart. The defined, soil anomalies coincide with 2022 ZTEM survey and 2012 airborne magnetic survey anomalies2.
New Craigmont Property
New Craigmont is the site of the historic Craigmont Copper Mine, which produced approximately 34 million tonnes of copper at 1.3%, one of the highest-grade major copper mines in North America’s history. Despite the significant historic production, the 10,913-hectare site remains highly unexplored due to the original mine’s sole focus on iron-copper skarn deposits and depressed copper prices ($0.60 in 1982) at the time of closing. Technological advances in mining, as well as Nicola’s success in consolidating fragmentated shareholder ownership1 of the mineral claims and mining leases, have significantly augmented the Property’s potential.
Noble Mineral Exploration Inc. (TSXV: NOB) (FRANKFURT:NB7), (OTC:NLPXF) reports on progress for a number of its active projects.
Drill program commenced on Cere Villebon Property in Quebec;
IP Survey near completion on Kidd/Carnegie project in advance of proposed drill program
Cere Villebon Property, Quebec
A 2,500 meter drill program has commenced on the Company’s Cere Villebon property which consists of 15 claims (483 hectares). The property is road and power accessible, located only 4 kilometers east of Highway 117, the highway that connects Montreal to Val d’Or.
The Cere Villebon property consists of pyrrhotite and chalcopyrite mineralization in fracture fillings hosted by ultramafic rocks in the metamorphic halo of the Freville Batholith. The copper, nickel and platinum group mineralization is located in two zones, the North and the South Zone.
Drilling and resource estimates done by the Groupe La Fosse Platinum Inc., in 1987, evaluated a historical resource of 421,840 tonnes grading 0.52% copper, 0.72 % nickel and 1.08 g/t combined platinum-palladium (Groupe La Fosse Platinum Inc., 1987 Annual Report). This estimate is historical in nature, non-compliant with the standards under NI 43-101- Standards of Disclosure for Mineral Projects, and therefore should not be relied upon. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources, and the Company is not treating this historical estimate as current mineral resources. These estimates should only be considered as an indication of the mineral potential of this property.
Diamond Drill Hole FV-87-1 drilled by LaFosse Platinum in 1987 into the North Zone intersected 27.38* meters of 0.70% nickel, 0.68% copper, 0.23 g/t platinum, 0.64 g/t palladium and 0.08 g/t gold including 7.65* meters of 0.94% nickel, 1.02% copper. (* Exact width not known at this time). As reported in the December 10, 2009 NI 43-101 Report prepared for St-Georges Minerals Inc and Lightwave Corp by Jean Sebastien Lavallee B.Sc., P.Geo. and Marc-Andre Cloutier, M. Sc. A., Geol. Eng.
Theralase® Technologies Inc. (TSXV: TLT) (OTCQB: TLTFF), a clinical stage pharmaceutical company focused on the research and development of light activated Photo Dynamic Compounds (“PDCs”) and their associated drug formulations, used to safely and effectively destroy various cancers, bacteria and viruses, announced today that its Phase II clinical study (“Study II”) interim data was recently presented at the American Society of Clinical Oncology (“ASCO”) Genito Urinary (“GU”) Cancer Symposium via a moderated poster presentation.
Study II has been designed to treat patients diagnosed with Bacillus Calmette-Guérin (“BCG”)-Unresponsive, Non-Muscle Invasive Bladder Cancer (“NMIBC”) Carcinoma In-Situ (“CIS”) (with or without resected papillary Ta/T1 disease) with a patented investigational study drug (TLD-1433) (Trade Name: Ruvidar™), a ruthenium based PDC intravesically instilled into a patient’s bladder, then subsequently activated by a proprietary investigational study device (TLC-3200), a green (520 nm) laser system equipped with fiber-optic light emitters and detectors.
Girish Kulkarni M.D., Ph.D., FRCSC, Divisions of Urology and Surgical Oncology, Department of Surgery, Princess Margaret Cancer Centre, University Health Network, Professor, University of Toronto, (Toronto, Ontario, Canada), lead principal investigator of Study II stated, “Patients with BCG-Unresponsive CIS NMIBC have historically had limited treatment options other than bladder removal surgery to deal with this disease. I am encouraged by the positive interim results of the light-activated, intravesical study drug TLD-1433 (Trade Name: Ruvidar) currently under investigation by Theralase® in Study II. The interim analysis of the clinical data collected from Study II to date supports that early results show complete response rates in 53% of patients evaluated at 90 days and 28% of patients evaluated at 450 days. Based on the clinical data presented to date, Rudivar could represent a viable treatment option with an acceptable safety profile. I look forward to enrolling and treating additional patients, alongside the other clinical study sites involved in Study II, to complete this study’s enrollment.”
By InvestorIntel on Feb 22, 2023
Frederick Kozak of Auxico Discusses New Cash Flow from Tin Trading and Updates Rare Earths Projects
In this InvestorIntel interview, Tracy Weslosky talks to Auxico Resources Canada Inc.’s (CSE: AUAG) CEO and President and CEO Frederick Kozak about Auxico’s JV agreement for high-grade tin trading operations in Colombia. As Auxico is set to begin the export of its first tin shipment from Colombia, Frederick discusses how the agreement represents a potential […]
The post Frederick Kozak of Auxico Discusses New Cash Flow from Tin Trading and Updates Rare Earths Projects appeared first on InvestorIntel.
First Quantum Minerals Ltd: Canadian miner said its unit had suspended ore processing operations at the Cobre Panama mine. The company and Panama’s government have been locked in a prolonged contract dispute with tax and royalties at the heart of the stalemate. First Quantum’s unit, Minera Panama, will begin a partial demobilization of its workforce of over 8,000 employees and contractors and expects the impact to increase significantly in the coming weeks if concentrate shipments do not resume. Panama’s maritime authority last month ordered Minera Panama to suspend loading operations at a major port, blocking exports from the copper mine.
Loblaw Companies Ltd: Canadian retailer forecast annual earnings above analysts’ expectations, helped by strength in its pharmacy business and as demand holds up for groceries. Loblaw expects full-year 2023 adjusted earnings per common share to grow in low double-digits compared with the average analyst estimate of 9.64%. The company’s fourth-quarter revenue rose about 10% to C$14.01 billion, topping the average estimate of C$13.75 billion. On an adjusted basis, Loblaw earned C$1.76 per share, beating analysts’ expectations of C$1.71 per share.
ECONOMIC DATA (EST)
0830 Average weekly earnings yy for Dec: Prior 4.20%
COMPANIES REPORTING
Advantage Energy Ltd: Expected Q4 earnings of 38 Canadian cents per share
Altus Group Ltd: Expected Q4 earnings of 50 Canadian cents per share
Argonaut Gold Inc: Expected Q1 loss of 1 cent per share
Bausch Health Companies Inc: Expected Q4 earnings of 91 cents per share
Baytex Energy Corp: Expected Q4 earnings of 14 Canadian cents per share
Cascades Inc: Expected Q4 earnings of 17 Canadian cents per share
Centerra Gold Inc: Expected Q4 loss of 6 cents per share
Eldorado Gold Corp: Expected Q4 earnings of 6 cents per share
Emera Inc: Expected Q4 earnings of 70 Canadian cents per share
Enerplus Corp: Expected Q4 earnings of 92 Canadian cents per share
Hudbay Minerals Inc: Expected Q4 earnings of 2 cents per share
Jamieson Wellness Inc: Expected Q4 earnings of 63 Canadian cents per share
Loblaw Companies Ltd: Expected Q4 earnings of C$1.71 per share
Lundin Gold Inc: Expected Q4 earnings of 14 cents per share
Mandalay Resources Corp: Expected Q4 earnings of 4 cents per share
Northland Power Inc: Expected Q4 earnings of 44 Canadian cents per share
Obsidian Energy Ltd: Expected Q4 earnings of 60 Canadian cents per share
Osisko Gold Royalties Ltd: Expected Q4 earnings of 13 Canadian cents per share
Pembina Pipeline Corp: Expected Q4 earnings of 76 Canadian cents per share
Polaris Renewable Energy Inc: Expected Q4 earnings of 5 cents per share
Primo Water Corp: Expected Q4 earnings of 18 cents per share
Quebecor Inc: Expected Q4 earnings of 69 Canadian cents per share
Supremex Inc: Expected Q4 earnings of 37 Canadian cents per share
Thinkific Labs Inc: Expected Q4 loss of 8 cents per share
Timbercreek Financial Corp: Expected Q4 earnings of 20 Canadian cents per share
TransAlta Corp: Expected Q4 earnings of 46 Canadian cents per share
TransAlta Renewables Inc: Expected Q4 earnings of 25 Canadian cents per share
CORPORATE DATA (EST)
0730 CCL Industries Inc: Q4 earnings conference call
0800 Bausch Health Companies Inc: Q4 earnings conference call
0800 Lundin Mining Corp: Q4 earnings conference call
0830 Emera Inc: Q4 earnings conference call
0830 Exchange Income Corp: Q4 earnings conference call
0900 Cascades Inc: Q4 earnings conference call
0900 Innergex Renewable Energy Inc: Q4 earnings conference call
0900 Stantec Inc: Q4 earnings conference call
0900 Stelco Holdings Inc: Q4 earnings conference call
0900 Torex Gold Resources Inc: Q4 earnings conference call
0900 Victoria Gold Corp: Q4 earnings conference call
1000 Avalon Advanced Materials Inc: Annual Shareholders Meeting
1000 Calibre Mining Corp: Q4 earnings conference call
1000 Chemtrade Logistics Income Fund: Q4 earnings conference call
1000 DIRTT Environmental Solutions Ltd: Q4 earnings conference call
1000 High Liner Foods Inc: Q4 earnings conference call
1000 Loblaw Companies Ltd: Q4 earnings conference call
1000 Polaris Renewable Energy Inc: Q4 earnings conference call
1000 Primo Water Corp: Q4 earnings conference call
1000 Supremex Inc: Q4 earnings conference call
1000 Waterloo Brewing Ltd: Shareholders Meeting
1000 Wesdome Gold Mines Ltd: Q4 earnings conference call
1100 Alamos Gold Inc: Q4 earnings conference call
1100 Pan American Silver Corp: Q4 earnings conference call
1100 Quebecor Inc: Q4 earnings conference call
1100 TransAlta Corp: Q4 earnings conference call
1100 TransAlta Renewables Inc: Q4 earnings conference call
1100 Whitecap Resources Inc: Q4 earnings conference call
1200 Trican Well Service Ltd: Q4 earnings conference call
1300 B2Gold Corp: Q4 earnings conference call
1300 Timbercreek Financial Corp: Q4 earnings conference call
1330 Madison Pacific Properties Inc: Annual Shareholders Meeting
1400 Amerigo Resources Ltd: Q4 earnings conference call
1700 Altus Group Ltd: Q4 earnings conference call
1700 Jamieson Wellness Inc: Q4 earnings conference call
1730 Thinkific Labs Inc: Q4 earnings conference call
EX-DIVIDENDS
Canaccord Genuity Group Inc: Amount C$0.08
Endeavour Mining PLC: Amount $0.41
iA Financial Corporation Inc: Amount C$0.67
Magna International Inc: Amount $0.46
TMX Group Ltd: Amount C$0.87
Vecima Networks Inc: Amount C$0.05
Western Forest Products Inc: Amount C$0.01
Yellow Pages Ltd: Amount C$0.15
WORLD MARKETS
(07:27 EST)
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S&P 500 Index Mini Futures: 4,016.00; up 0.43%; 17 points
DJIA Mini Futures: 33,164.00; up 0.26%; 85 points
Nikkei: 27,104.32; down 1.34%; 368.78 points
MSCI Asia, Ex-JP: 524.31; up 0.45%; 2.36 points
EUR/USD: $1.0619; up 0.15%; 0.0016 point
GBP/USD: $1.2058; up 0.10%; 0.0011 point
USD/JPY: 134.83 yen; down 0.07%; 0.09 point
Spot Gold: $1,828.90; up 0.21%; $3.86
U.S. Crude: $74.28; up 0.45%; $0.33
Brent Crude: $80.91; up 0.38%; $0.31
10-Yr U.S. Treasury Yield: 3.9176%; down 0.003 point
10-Yr Bund Yield: 2.5185%; up 0.009 point
Euro STOXX 50 futures were up 17 points at 4,263, FTSE futures added 15.5 points to 7,906, and German DAXfutures gained 75 points at 15,485, by 0530 GMT.
Asian stock markets eked gains after better-than-expected revenue at chip giant Nvidia helped the sector in Taiwan and South Korea and offset worries that strong economic data so far this year is a harbinger of even more rate hikes.
Oil prices rose slightly in thin Asian trade, with WTI pausing from a six-day losing streak fed by mounting concerns that more aggressive interest rate increases by central banks could pressure economic growth and fuel demand.
US
PRE-OPEN
Futures move higher after a four-day losing streak as U.S. semiconductor designer Nvidia’s positive sales forecast sparked a rally in chip stocks.
The S&P 500 has posted four straight losing days, as investors try to get a grip on the state of the consumer – and consumer-driven companies – with the retail-led portion of earnings season under way. Market players are also chewing over the minutes, released Wednesday, from the Federal Reserve policy-setting meeting that concluded at the beginning of this month. The release showed that several Fed members are prepapred to stay firm in their fight against inflation as the job market and wages feed more price increases. Updated GDP figures and weekly jobless claims data are due at 8:30 a.m. ET
Albemarle Corp: The lithium producer said on Wednesday it has signed agreements with Mineral Resources to restructure their MARBL lithium joint venture in Australia and for MinRes to invest in Albemarle’s conversion assets in China. Spodumene, the most widely exploited mineral source of lithium, has to be converted to lithium for industrial usage, which is then used to manufacture lithium-ion batteries widely utilized in portable electronic devices, electric vehicles and renewable energy storage systems. Albemarle will increase its interest in two spodumene conversion trains of the Kemerton processing plant in Western Australia to 85% from 60%, and will also operate them.
Alphabet Inc, Apple Inc, Meta Platforms Inc, Netflix Inc & Orange SA: The European Commission launched a consultation on the future of Europe’s telecoms sector, starting a process that could lead to requiring Alphabet’s Google, Apple, Meta Platform and Netflix to pay some network costs. For more than two decades Deutsche Telekom, Orange, Telefonica, Telecom Italia and other operators have lobbied for leading technology companies to contribute to 5G and broadband roll-out. The tech firms in response call it an internet tax that will undermine EU network neutrality rules to treat all users equally. The 12-week consultation will end on May 19. EU industry chief Thierry Breton cited the heavy investments required to roll out 5G and broadband, saying he was not targeting any company.
Apollo Global Management Inc: Shares of John Wood surged after the company said it received three preliminary buyout proposals from private equity firm Apollo Global Management. The British oilfield services and engineering firm said late on Wednesday its board rejected all the proposals, saying they “significantly undervalued” the company’s prospects. Wood Group said Apollo’s latest proposal, made on Jan. 26, proposed a cash offer of 230 pence per share. The offer values the company at about 1.59 billion pounds and is at a 48% premium to the group’s last closing price of 154.7 pence per share. Apollo must announce a firm intention under the takeover code to make an offer for the company by March 22 or walk away, Wood Group said in a statement.
Apple Inc: The tech company’s Chinese contract manufacturer Luxshare Precision will help develop the iPhone maker’s long-awaited augmented reality device, Nikkei Asia reported. Luxshare has taken over the AR development team in Shanghai, previously owned by Taiwan’s Pegatron that first helped Apple develop the device, the report said, citing people familiar with the matter. The company hopes to reduce the price for the second generation of the device, Nikkei said. The device will compete with the likes of Meta Platforms’ Quest Pro virtual and mixed-reality headset launched late last year at $1,500.
Archer-Daniels-Midland Co: U.S. grain trader and processor will permanently close its flour mill in New Braunfels, Texas, at the end of March following a review of its milling business, the company told Reuters on Wednesday. The nearly 140-year-old mill outside of San Antonio has the capacity to produce around 600,000 pounds of flour per day near the southern edge of the U.S. hard red winter wheat belt, according to industry data. That represents about 2.2% of the total production capacity at 20 U.S. wheat mills operated by ADM Milling. The closure is the latest of several aging mills shuttered by ADM in recent years, including facilities in Iowa, Illinois, Minnesota and Kansas.
Bank of America Corp: The bank amassed $1.2 billion in expenses for litigation and regulatory investigations last year including fines and settlements, according to a company filing on Wednesday. The cost is a major jump from $164 million recorded by the second-largest U.S. lender in 2021 and $823 million in 2020, and excludes payments for internal and external lawyers. The company dealt with several major issues in 2022, setting aside $354 million as part of a settlement to pay bond insurer Ambac Financial Group for a major lawsuit that stemmed from the 2008 mortgage crisis. While those cases led to just over $800 million in combined expenses last year, BofA did not specify what accounted for the remaining $400 million. A company spokesperson declined to comment.
Blackstone Inc: The world’s largest private equity firm, is set to raise as much as $10 billion for its tactical opportunities strategy, which gives it versatility to invest in a range of assets, people familiar with the matter told Reuters. Blackstone markets its tactical opportunities funds as products that provide “opportunistic capital”, which is not limited to any industry, geography, or specific group of assets, enabling it to make investments from data centers and ports to dating apps and women’s wear. Blackstone’s tactical opportunities division has about $34 billion in assets under management.
Cheniere Energy Inc: The largest U.S. liquefied natural gas exporter, said its full-year revenue more than doubled and also topped analysts’ estimate on surging demand for the commodity since Russia’s invasion of Ukraine. Company’s net attributable profit to stockholders for 2022 stood at $1.43 billion or $5.64 per share, versus a loss of $2.34 billion or $9.25 per share in the year-ago period. The Texas-based company posted a total revenue of $33.43 billion for the year ended Dec. 31, compared with $15.86 billion a year earlier. Analysts were expecting an annual revenue of $32.7 billion.
Coterra Energy Inc: U.S. shale oil producer on Wednesday posted better-than-expected profits for the fourth quarter, as crude prices hovered near multi-year highs following OPEC+ production cuts and sanctions on major oil exporter Russia. Coterra’s average realized price rose 8.8% to $82.26 per barrel of oil from last year. Coterra said its proved reserves were down 17% from a year ago, in line with a warning issued last quarter. Its reserves are roughly 78% natural gas, 10% oil and 12% NGLs, the company said in a release on Wednesday. On an adjusted basis, Coterra earned $1.16 per share, beating Wall Street consensus of $1.10 per share.
EBay Inc: Ecommerce company on Wednesday warned that demand was set to decline in the first half of 2023, after reporting a fall in holiday-quarter earnings due to strained consumer spending in its largest markets of United States and Europe. While EBay’s first-quarter revenue forecast was above Wall Street’s expectations betting on demand for its luxury and refurbished product category, analysts said it was not enough to cheer investors. San Jose, California- based EBay forecast current-quarter revenue between $2.46 billion and $2.50 billion, compared with Wall Street’s estimates of $2.37 billion. Revenue for the quarter ended Dec. 31 fell 4% to $2.51 billion. Excluding items, it earned $1.07 per share, also above estimate of $1.06 per shares.
Etsy Inc: The company on Wednesday beat estimates for quarterly revenue on steady demand for bags, party products and personalized gifts on its online marketplace, sending the company’s shares up more than in extended trading. The company, a platform for sellers of handmade or vintage items, has remained popular with cost-conscious consumers after a pandemic-led spurt in growth when people shopped for cloth masks and craft supplies. Net revenue in the quarter ended Dec. 31 jumped 12.6% to $807.2 million for Etsy, compared with analysts’ expectation of $751.8 million. GMS, a key industry metric, fell 4% to $4 billion in the reported quarter from a year earlier as spending on non-essential items slowed under the threat of a recession. For the current quarter ending March, Etsy expects GMS to be in the range of $2.95 billion to $3.15 billion. The company forecast revenue between $600 million and $640 million for the January-March period, compared with analysts’ expectation of $621.6 million.
Exxon Mobil Corp: The company on Wednesday warned in a securities filing of potential risks to its Kazakhstan oil operations, which provided $2.5 billion in earnings last year. Threats to Kazakhstan oil exports have been in the spotlight since Moscow invaded Ukraine a year ago this week. Exxon and Chevron are major holders in the Central Asia country’s oil production and related export pipeline. Any closure of the CPC pipeline or terminal would shut in more than 1% of global oil supply and cost its producers billions of dollars in lost income. Adding on, Exxon’s filing showed its global workforce fell by 1,000 last year to 62,000 employees as it continued to cut costs and boost shareholder returns. It was the third year in a row Exxon reduced its workforce.
JPMorgan Chase & Co: The bank on Wednesday said it should not be held liable for a former top executive’s relationship with Jeffrey Epstein in a lawsuit accusing the largest U.S. bank of facilitating its former client’s sex trafficking enterprise. In a filing in Manhattan federal court, JPMorgan said emails between former executive Jes Staley and Epstein provided no basis for the U.S. Virgin Islands, which filed the lawsuit, to suggest Staley could “detect Epstein’s sex trafficking.” In seeking the dismissal of the “misdirected and deficient” lawsuit, JPMorgan said there was no explanation for how it might have known about and benefited from Epstein’s misconduct by having him as a client from 2000 to 2013.
Lucid Group Inc: The company on Wednesday forecast 2023 production well short of analysts’ expectations and reported a major drop in orders during the fourth quarter amid weakening demand, sending the electric carmaker’s shares down after hours. The Newark, California-based company, which was already battling supply chain and logistics issues and struggling to deliver cars, was hit by aggressive price cuts sparked by Tesla that lured consumers away from its luxury cars amid rising interest rates and soaring inflation. Revenue rose to $257.7 million in the quarter ended Dec. 31 from $26.4 million a year earlier. Analysts on average had expected sales of $302.6 million. The company’s net loss narrowed to $472.6 million, or 28 cents per share, from a loss of $1.05 billion, or 64 cents per share, a year earlier. This year, the company will focus on improving production and deliveries, and will take a “vigorous and comprehensive” look at driving down operating and manufacturing costs.
Merck & Co Inc & Moderna Inc: Moderna said on Wednesday its experimental personalised mRNA skin cancer vaccine in combination with Merck & Co’s drug Keytruda has received breakthrough therapy designation from U.S. regulators as an additional treatment for high risk patients. The breakthrough tag is granted by the U.S. Food and Drug Administration based on data from a mid-stage study of the drug that showed the therapy reduced risk of skin cancer’s recurrence or death by 44% compared with Keytruda alone. The companies said they plans to initiate a late-stage study in adjuvant treatment of melanoma in 2023.
Mosaic Co: The company on Wednesday became the latest fertilizer maker to miss fourth-quarter profit estimates amid lower demand for potash and other crop fertilisers, pushing shares down in extended trading. Mosaic, the world’s largest producer of finished phosphate products, saw a 11% fall in sales volume for the fertilizer due to unplanned operational outages. The company forecast 2023 total capital expenditures in the range of $1.3 billion to $1.4 billion. Excluding items, the Tampa, Florida-based company reported earnings of $1.74 per share for the three months ended Dec. 31, compared with the average analyst estimate of $2.26 per share.
NVIDIA Corp: The chip designer forecast first-quarter revenue above Wall Street estimates on Wednesday as its CEO said use of its chips to power artificial intelligence services like chatbots had “gone through the roof in the last 60 days.” The world’s largest supplier of chips used in data centers for training AI has become a key hardware supplier for large tech companies such as Microsoft that are building services like chat-powered search engines. The company forecast current-quarter revenue of $6.50 billion, plus or minus 2%. Analysts on average expect $6.33 billion in revenue. Revenue in the quarter ended Jan. 29 was $6.05 billion, compared with analysts’ average estimate of $6.01 billion. Nvidia’s revenue from the data center business was $3.62 billion for the fourth quarter, slightly below analyst estimates of $3.84 billion. Gaming chip sales were $1.83 billion, beating analyst estimates of $1.52 billion. Adjusted profit was 88 cents per share for the fourth quarter, beating analyst estimates of 81 cents.
Pioneer Natural Resources Co: U.S. shale oil producer on Wednesday posted better-than-expected profit for the fourth quarter, as crude prices hovered near multi-year highs following OPEC+ production cuts and sanctions on major oil exporter Russia. Pioneer’s average realized prices of oil in the reported quarter rose to $83.53 per barrel, up 9.4% from a year earlier. Pioneer anticipates 2023 oil production of 349,000 to 364,000 barrels per day and total oil and gas production of between 659,000 and 687,000 barrels per day. Excluding items, Pioneer earned $5.91 per share, above analysts’ estimates of $5.77 per share.
Wells Fargo & Co: The bank laid off hundreds of mortgage bankers this week as part of its recent strategic shift, CNBC reported on Wednesday, citing people with knowledge of the matter. The layoffs affected top producers, including bankers who exceeded $100 million in loan volumes last year and some who attended an internal sales conference for high achievers, the report added. The affected workers this week include mortgage bankers and home loan consultants, who work across the United States and are compensated mostly on sales volume, the report said. In an emailed statement to Reuters, Wells Fargo said there were “displacements” across its home lending business in alignment with previously announced strategic plans and a decrease in mortgage volumes.
ECONOMIC DATA (EST)
0830 Corporate profits preliminary for Q4: Prior 0.8%
0830 GDP 2nd estimate for Q4: Expected 2.9%; Prior 2.9%
0830 GDP sales preliminary for Q4: Prior 1.4%
0830 GDP consumer spending preliminary for Q4: Prior 2.1%
0830 GDP deflator preliminary for Q4: Expected 3.5%; Prior 3.5%
0830 Core PCE prices preliminary for Q4: Expected 3.9%; Prior 3.9%
0830 PCE prices preliminary for Q4: Prior 3.2%
0830 Initial jobless claims: Expected 200,000; Prior 194,000
0830 Jobless claims 4-week average: Prior 189,500
0830 Continued jobless claims: Expected 1.700 mln; Prior 1.696 mln
0830 National Activity Index for Jan: Prior -0.49
1100 KC Federal Manufacturing Index for Feb: Prior -4
1100 KC Federal Composite Index for Feb: Prior -1
EUROPE, ASIA, INDIA
Nearly all Federal Reserve policymakers rallied behind a decision to further slow the pace of interest rate hikes at the U.S. central bank’s last policy meeting, but also indicated that curbing unacceptably high inflation would be the “key factor” in how much further rates need to rise.
President Vladimir Putin said Russia will maintain increased attention on boosting its nuclear forces in an address to mark Thursday’s Defender of the Fatherland public holiday and a day before the first anniversary of his invasion of Ukraine.
Chip designer Nvidia forecast first-quarter revenue above Wall Street estimates on Wednesday as its CEO said use of its chips to power artificial intelligence services like chatbots had “gone through the roof in the last 60 days.”
Three climate-minded organizations are set to sue BNP Paribas, the eurozone’s biggest bank, on grounds its loans to oil and gas majors breach a legally binding duty to ensure its activities do not harm the environment.
SAP software company on Wednesday named former Deloitte CEO Punit Renjen as designated supervisory board chairman to succeed co-founder Hasso Plattner, whose term will expire in May 2024 after two decades.
Mercedes-Benz said on Wednesdasy it has teamed up with Google on navigation and will offer “super computer-like performance” in every car with automated driving sensors as it seeks to compete with Tesla and Chinese newcomers.
Price pressures in India remain high and it would be premature to lower the guard on inflation, majority of the members of the Reserve Bank of India’s (RBI) monetary policy committee (MPC) wrote, according to minutes published on Wednesday.
India does not want G20 nations to discuss additional sanctions on Russia for its invasion of Ukraine, government sources said on Wednesday, as it hosts a meeting of the bloc’s finance chiefs at which the United States and allies were set to push for tougher action.
Sri Lanka’s Board of Investment on Wednesday approved two wind power plants by India’s Adani Green Energy with a total investment of $442 million, a statement issued by the board said.
The Reserve Bank of India (RBI) is likely intervening in both the offshore and onshore markets to shield the rupee from the fallout of investors lifting their expectations on the U.S. Federal Reserve’s terminal rate, traders said on Wednesday.
Kotak Mahindra Group asset management arm said on Wednesday it will invest $129 million in Biocon to help it fund its acquisition of Viatris’s biosimilars business.
Charger Metals NL.(ASX: CHR) advises that assay results from the maiden drill programme, targeting spodumene-pegmatites at the Medcalf Spodumene Discovery within the Company’s Lake Johnston Lithium Prospect in the Yilgarn province of Western Australia, have returned high-grade lithium intersections in 14 of the 17 holes drilled in 2022.
Charger’s Managing Director, David Crook, commented:
“The first very encouraging drilling results are now to hand and drilling is continuing to intersect similar multiple-sheet pegmatites within a plunging, 100m-wide, structural zone. The drill holes reported here confirm high grade lithium from surface down to a vertical depth of 210m, and the ongoing drill programme is expanding the extent of the spodumene-pegmatites along the strike direction and at progressively greater depths.”
Summary of the drilling programme and first assay results
The Medcalf Spodumene Discovery represents a swarm of anastomosing to tabular pegmatites hosted in sheared mafic amphibolite.
Medcalf spodumene-pegmatites are members of the lithium-caesium-tantalum (LCT) pegmatite family (albite-spodumene type).
Spodumene, which is clearly observed in many outcrops and supported by laboratory analyses, is the preferred mineral for the commercial production of lithium, a component of modern lithium batteries.
The current drilling programme saw 17 RC holes drilled during late 2022, and up to a further 23 holes to be drilled during January and February 20235.
The Medcalf Prospect is also being prepared for a programme of core drilling later this year, which can test for mineralisation at a depth greater than the current RC drilling rig’s capability.
Eni SpA: The Italian energy group said its adjusted net profit rose to 13.3 billion euros in 2022, the largest in over a decade, but its shares fell as markets focused on a weaker exploration and production performance in Q4. The state-controlled group’s 2022 performance was boosted by a heightened focus on energy security and a spike in energy prices caused by the conflict in Ukraine. In the fourth quarter the adjusted net profit came in at 2.5 billion euros, just above an analyst consensus of 2.49 billion euros provided by the company but down from the third quarter. Thanks to its strong results the group was able to return 5.4 billion euros to its shareholders and cut net debt to 7 billion euros.
Grab Holdings Ltd: Southeast Asia’s biggest ride-hailing and food delivery firm, forecast its annual revenue above estimates on bets that consumers will continue to rely on its services following a pandemic-driven demand boom. Decade-old Grab, a household name in eight Southeast Asian countries, forecast its 2023 revenue between $2.20 billion and $2.30 billion. Analysts have forecast annual sales to scale $1.97 billion. The company has advanced its forecast for group break-even on an adjusted core earnings basis to the fourth quarter of 2023, from its prior expectations of the second half of 2024. Grab also delivered an about four-fold revenue surge in the fourth quarter to $502 million, helped by higher demand and a reduction in incentives.
Jounce Therapeutics Inc: British biotech firm Redx Pharma and the U.S.-based Jounce Therapeutics will merge to create a $425 million entity specialised in treating cancer and fibrotic disease. Redx shareholders will receive 0.2105 Jounce share in exchange for each Redx share, the companies said, adding that the combined company would be called Redx Inc and will be listed on Nasdaq. Redx shareholders will own about 63%, while Jounce shareholders will own 37% of the combined group, the statement added.Jounce said it intends to conduct a reverse stock split of its shares in line with the combination, with a ratio of one new share for every five outstanding stocks of Jounce.
Orange SA: Telefonica supports the merger of its two smaller Spanish rivals MasMovil and the local unit of France’s Orange, its CEO Jose Maria Alvarez-Pallete said. “In the case of Spain we are in favour of the Orange-MasMovil transaction and we think it should be approved without remedies,” Alvarez-Pallete told analysts during a call to discuss the company’s fourth-quarter financial results. Anti-trust regulators have still to rule on the 18.6 billion euro planned deal to create Spain’s largest operator in terms of clients, surpassing Telefonica, which was agreed last year. Telefonica and other operators in Spain have argued for telecom industry consolidation as they consider cut-throat competition hampered their ability to carry out investment such as the roll out of 5G networks by keeping prices too low.
UBS Group AG: Switzerland’s biggest bank is looking to apply for a mutual fund license in China, the Wall Street Journal reported, citing people familiar with the matter. The Swiss bank is in informal talks with the China Securities Regulatory Commission about its intention to apply, the report said. UBS plans to submit the application as soon as possible, the report said without mentioning a timeline.
WPP Plc: The British ad group forecast better-than-expected organic growth for 2023 after clients signalled they would spend on marketing through any downturn to prop up sales and justify price rises. The world’s largest advertising holding company has seen its shares rise more than 30% in the last six months as investors came around to the idea that corporate spending may hold up even as the global economy slides. The British company reported a 6.9% rise in its key metric for 2022 – like-for-like revenue less pass-through costs – compared with a forecast range of between 6.5% and 7.0%. For 2023 it forecast growth of 3%-5%, more positive than many analysts had expected before the results, with Citi forecasting flat growth and flat margins.
ECONOMIC DATA (GMT)
0800 Spain Overnight Stays for Jan: Prior 16,600,547
0800 Austria HICP Final mm for Jan: Prior 0.8%
0800 Austria HICP Final yy for Jan: Prior 11.5%
0800 Austria CPI yy NSA for Jan: Prior 10.15%
0800 Austria CPI mm NSA for Jan: Prior 0.17%
0800 Austria CPI NSA for Jan: Prior 116.1
1000 Euro Zone HICP Final mm for Jan: Expected -0.2%; Prior -0.4%
1000 Euro Zone HICP Final yy for Jan: Expected 8.6%; Prior 8.5%
1000 Euro Zone HICP-X Food & Energy mm for Jan: Prior 0.7%
1000 Euro Zone HICP-X Food & Energy Final yy for Jan: Prior 7.0%
1000 Euro Zone HICP-X Tobacco mm for Jan: Prior -0.4%
1000 Euro Zone HICP-X tobacco yy for Jan: Prior 9.3%
1000 Euro Zone HICP-X Food, Energy, Alocohol, Tobacco Final mm for Jan: Expected -0.8%; Prior -0.8%
1000 Euro Zone HICP-X Food, Energy, Alcohol & Tobacco Final yy for Jan: Expected 5.2%; Prior 5.2%
1000 Euro Zone HICP Excluding-Tobacco Revised for Jan: Prior 120.24
1000 Euro Zone HICP Excluding Tobacco Unrevised for Jan: Prior 120.24
1100 United Kingdom CBI Distributive Trades for Feb: Expected -13; Prior -23
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Source (but not limited too) Reuters, CNBC, Financial Post, Financial Times, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv
