Posted by AGORACOM
at 9:32 AM on Thursday, November 19th, 2020
Durango Resources Inc.(TSXV:DGO) (Frankfurt-86A1) (OTC:ATOXF), (the “Company” or “Durango“) is pleased to provide an update on the exploration program on its wholly owned Trove Property and East Barry Property at Windfall Lake, Quebec.
Trove Property
To date, 1,047m have been drilled in six holes on the Trove Property at an average depth of 174m. The objective of the drill campaign is to test IP anomalies derived from previous exploration work on the Trove Property. The Company is satisfied that the induced polarization (“IP“) target zones have been intersected as planned on the first six holes. Further, approximately 1,000 samples are pending assays at the labs. The samples were submitted to the labs in batches as they were collected, and are expected to be completed soon.
Unseasonably wet and warm weather in the Windfall area has proved challenging for moving the drill between holes at Trove. The weather provided the exploration team an opportunity to take a short break which also helped to reduce the back log with the labs (currently up to 45 day turn around) before the scheduled resumption of drilling expected on Monday, November 23, 2020. Another six high priority holes are planned on the Trove Property to test coincident geophysical and geochemical anomalies beginning on Monday.
East Barry Property
Durango has recently submitted drill permit applications for the East Barry claim block to test a high priority target coincident with high till anomalies of up to 2.19 g/t gold and pristine gold grains in till trend. As soon as the weather conditions are favourable for access, a drill will be commissioned to East Barry to test a geophysical anomaly which aligns with an artificial intelligence (“AI“) target.
Marcy Kiesman, CEO of Durango, stated, “While the warm weather was helpful for Durango’s exploration crew expanding the ground exploration program onto the East Barry Property this past month, it has created challenges for drilling on the Trove Property. Our team has been successful working on three of the four IP grids and drilling six of the high priority holes as planned on the Trove Property thus far. Our team was also effective in completing surface work on the East Barry Property which provided a compelling case for test drilling in an area with a known AI target. We look forward to continued drilling into the winter months and releasing the assay results as they become available.”
The technical contents of this press release were approved by George Yordanov, professional geologist, an Independent Qualified Person as defined by National Instrument 43-101. The Trove Property has not yet been subject to an NI-43-101 report.
Trove Property, Quebec
Durango owns 100% interest in the Trove claims, which are surrounded by Osisko Mining Inc. (TSX-OSK), in the Windfall Lake area between Val d’Or and Chibougamau, Quebec. The 1,185 hectare property is compelling due to the coincidence of gold found in tills coinciding with magnetic highs, several Induced Polarization anomalies and two faults crosscutting the property. The fault systems north and south of the Trove, control gold mineralization elsewhere, indicating the Trove has excellent exploration potential. Durango received all the final drill permits for the Trove property in September 2019 and is currently undertaking its inaugural drill program.
East Barry Property, Quebec
Durango owns 100% interest in the East Barry claims which run parallel to Trove claims. The East Barry block is over 7,740 hectares in size and borders the eastern perimeter of Osisko’s holdings and the southern perimeter of Bonterra’s holdings and is less than 4km south of the Gladiator deposit. The East Barry claims host a gold trend which covers approximately 10km in length and is subparallel to the main Barry Fault held by Osisko Mining. In 2018, a till sampling program was conducted by Durango and one of the till samples returned forty-two (42) pristine gold grains with reported gold values of 2.184 g/t Au. A high count of pristine gold grains indicates that the gold has travelled a very short distance from its source. The East Barry block underwent an Induced Polarization (“IP“) survey in 2018 which identified a high priority target coincident with the high count of pristine gold grains.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company is positioned for discovery with a 100% interest in a strategically located group of properties in the Windfall Lake gold camp in the Abitibi region of Quebec, Canada.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Posted by AGORACOM
at 8:50 AM on Thursday, November 19th, 2020
Vancouver, British Columbia–(Newsfile Corp. – November 19, 2020) – Affinity Metals Corp. (TSXV: AFF) (FSE: 34IA) (“the Corporation”) (“Affinity”) is pleased to announce that it has started its first drill program on the recently acquired Carscallen Extension property. The Carscallen Extension immediately adjoins the Melkior/Kirkland Lake Gold JV Carscallen Project located approximately 6 km west of Pan American Silver’s West Timmins Mine and approximately 25 KM West of Timmins, Ontario.
Affinity’s planned drilling is on trend with the projected extension of the Shenkman-ZamZam gold system which has been the focus of the Melkior/Kirkland Lake Gold JV. Melkior has reported that the Shenkman-ZamZam zone extends for 800 meters and is open to both the northwest and southeast, as well as at depth. High grade intercepts reported by Melkior on the Carscallen include 23.5 g/t Au over 8.0 meters (Melkior news release 28/11/2019) and 25.7 g/t Au over 6.0 meters (Melkior news release 7/5/2020).
Rob Edwards, CEO of Affinity Metals, remarks, “We are very excited to commence our initial drill program on our Carscallen Extension property as we are located on trend and within a kilometer of work being conducted by Kirkland Lake. We have some very promising targets that have been identified by our geophysics. It will be an eventful winter season here at Affinity, as we await assays from our Regal Property and focus on the initial drill program on the Carscallen Extension. We are very optimistic about the value that will be created by our work on these properties this year.”
About Affinity Metals
Affinity is focused on the acquisition, exploration and development of strategic metal deposits within North America. Affinity is following a hybrid approach of combining the advancement of strategic assets along with following a Project Generator model.
Affinity recently completed a drill program on the Regal Project located near Revelstoke, British Columbia and is now awaiting assay results from that work.
The Corporation recently acquired the Carscallen Extension property located immediately adjacent to the Melkior-Kirkland Lake Carscallen project in Ontario as well as the Windfall North property, located adjacent to Osisko’s Windfall project in Quebec. Affinity also holds four additional properties located in Ontario and one additional property located in British Columbia.
On behalf of the Board of Directors
Robert Edwards, CEO and Director of Affinity Metals Corp.
Posted by AGORACOM
at 8:18 AM on Wednesday, November 18th, 2020
Generates 21.2% Sequential Revenue Growth, with Record Gross Revenues of $19.6 Million and Continued Positive Adjusted EBITDA (1) of $4.5 million
Reports Strong Combined Gross Margin of 54.7% (1) Driven by Improved Harvest Yields and Higher Wholesale Volumes
Expects Full Year Gross Revenues of Approximately $61 Million – $63 Million with Adjusted EBITDA of 8-10% (1)(2)
OAKLAND, CA and TORONTO, Nov. 18, 2020 /CNW/ – Harborside Inc. (“Harborside” or the “Company”) (CSE: HBOR) (OCTQX: HBORF), a California-focused, vertically integrated cannabis enterprise, today reported its financial results for the period ending September 30, 2020 (“Q3 2020”). The Q3 2020 financial report and corresponding management’s discussion and analysis (collectively the “Q3 Filings”) are available for download from the Company’s investor website,investharborside.com, and on the Company’sSEDAR profile. Unless otherwise indicated, all dollar amounts in this press release are in U.S. dollars.
Management Commentary
“We’ve implemented strong operational improvements that have continued our progress towards long term profitability and sustained growth. Harborside continues to be one of the leaders in the Northern California market,” said Peter Bilodeau, Chairman, and interim Chief Executive Officer. “As our production capacity is expected to ramp up in early 2021, following the completion of the planned upgrades at our Salinas greenhouse facility, we expect to be well-positioned to accelerate our growth and continue to gain wholesale market share. I’m thrilled with how far Harborside has come this year and look forward to further growth in 2021.”(2)
Q3 2020 Financial Results and Highlights (2)(3)
Q3 2020
Q2 2020
Q1 2020
Q4 2019
Retail Revenues
$10,681,897
$10,940,143
$10,181,471
$9,511,221
Wholesale Revenues(a)
$8,890,723
$5,208,439
$4,456,775
$2,185,701
Total Gross Revenues(a)
$19,572,620
$16,148,582
$14,638,246
$11,696,922
Retail Gross Profit(e)
$5,353,429
$5,601,565
$5,219,890
$4,903,947
Wholesale Gross Profit(a)(e)
$5,360,764
$2,435,952
$787,964
-$1,373,186
Total Gross Profit(a)(e)
$10,714,193
$8,037,517
$6,007,854
$3,530,761
Retail Gross Margin(b)(e)
50.10%
51.20%
51.30%
51.60%
Wholesale Gross Margin(a)(e)
60.30%
46.80%
17.70%
-62.80%
Total Gross Margin(e)
54.70%
49.80%
41.00%
30.20%
G&A/Professional Fees(c)(d)
$6,783,987
$6,764,781
$5,786,573
$7,621,971
Adjusted EBITDA(e)
$4,473,046
$642,025
$431,562
-$2,796,178
NOTES:
a. Not including excise taxes or biological asset adjustments.
b. Retail gross margin in Q1 2020 and Q2 2020 are slightly affected by additional expenditures on personal protective equipment and other safety measures due to the COVID-19 pandemic. Retail gross margin in Q2 2020 and Q3 2020 include additional pay for the Company’s front line workers and expenses relating to the impacts of the civil unrest in the Bay Area to certain of the Company’s retail stores.
c. Professional Fees for the fourth quarter of 2019 include approximately $953,000 in one-time fees and accruals for legal matters
d. Professional Fees for Q2 2020 and Q3 2020 include approximately $977,000 and $1,115,000, respectively, in one-time costs relating to the audits and restatements of certain of the Company’s previous financial statements.
e. This is a non-IFRS reporting measure. For a reconciliation of this to the nearest IFRS measure, see “Use of Non-IFRS Measures” and “Non-IFRS Measures” in the Company’s management discussion and analysis for September 30, 2020.
Q3 2020 Financial Summary
During Q3 2020, Harborside generated total gross revenues of approximately $19.6 million. This represented 21.2% sequential growth over the second quarter of 2020 (“Q2 2020”) and a 42.9% year-over-year increase when compared to the approximately $13.7 million of gross revenues reported in the period ending September 30, 2019 (“Q3 2019”). Combined gross profit before excise taxes and adjustments for biological assets was approximately $10.7 million, an 85.8% year-over-year increase as compared to the $5.8 million reported in Q3 2019. On a year over year basis, combined gross margins increased from 42.1% in Q3 2019 to 54.7% in Q3 2020(1).
Harborside’s wholesale operations reported gross wholesale revenues of approximately $8.9 million, representing 70.7% sequential growth compared to Q2 2020 and a year-over-year increase of 169.4% as compared to the approximately $3.3 million in gross revenues reported for Q3 2019. The year-over-year increase in gross wholesale revenues was primarily due to improved harvest yields and production of premium flower, higher sales volumes, and higher average prices per pound at the Company’s 47-acre integrated production campus in Salinas, California (the “Salinas Facility”). As compared to gross wholesale revenues, wholesale gross margins increased from -22.1% in Q3 2019 to 60.3% in Q3 2020(1).
The Company’s retail operations generated revenues of approximately $10.7 million, a 2.8% increase as compared to the approximately $10.4 million realized in Q3 2019, with gross margins improving from 48.5% to 50.1% on a year-over-year basis, despite increased costs for safety and staffing related to COVID-19 and inventory losses experienced during the civil unrest that occurred in the Bay Area.(1) The year-over-year increase in retail revenue was driven primarily by the Company’s enhanced merchandising and pricing initiatives which resulted in, amongst other things, improved product mix, selected pricing changes and higher sell-through of internally produced products. Across Harborside’s retail stores in California, the Company’s branded products represented from 9 to 14 of the 25 top-selling SKUs in Q3 2020.
Total operating expenses for Q3 2020 were approximately $7.8 million, including $1.15 million in one-time costs related to the audit and restatement of prior year financials. This was a 7.5% year-over-year decrease when compared to approximately $8.5 million of costs incurred in Q3 2019. The year-over-year decrease in operating expenses is primarily related to a decrease in general and administrative expenses of $1.1 million to $4.1 million as compared to $5.2 million in Q3 2019, a decrease in allowance for credit losses of $0.3 million, and a decrease in write-downs of receivables, investments and advances of $1.3 million, as no impairments were recorded on any of the Company’s investments in Q3 2020.
During Q3 2020, the Company also recorded an income tax provision of $1.8 million, compared to $1.3 million in Q3 2019, based on estimated federal income taxes payable at period-end.
Operating Income for Q3 2020 was approximately $0.8 million, compared to an operating loss of approximately $3.6 million for Q3 2019. Net loss and comprehensive loss was $2.4 million, compared to a net loss and comprehensive loss of $1.9 million in Q3 2019, a 24.2% decrease on a year-over-year basis. The year over year decrease was due primarily to additional income tax provisions and related interest expense booked during Q3 2020.
Adjusted EBITDA(1) for Q3 2020 was approximately $4.5 million, compared to a negative EBITDA(1) of approximately $0.9 million for Q3 2019, with the year over year increase being driven largely by improved operating efficiencies and headcount reductions across the Company. See “Non-IFRS Financial Measures, Reconciliation, and Discussion.”
Q4 2020 and Full Year Expectations (2)(4)
The Company expects Q4 2020 gross revenues to follow a more historically typical seasonal pattern, with lower flower production and wholesale revenues, resulting in total combined gross revenues of $11 million to $12.5 million for the fourth quarter, with EBITDA(1) for the quarter close to breakeven. For the full year ended December 31, 2020, the Company expects gross revenues in the range of approximately $61 – $63 million, with Adjusted EBITDA(1) for the year in the range of 8 – 10% of revenues.
Liquidity and Cash Balance (2)(3)
As of September 30, 2020, Harborside had approximately $13.3 million in cash. The increase in cash balance since the second quarter of 2020 included a delay in payment of approximately $1.6 million of sales taxes that were due to the state of California. Payment of these taxes was postponed by the state as part of their COVID-19 business relief program and, in accordance with state guidelines, the funds were ultimately remitted at the end of October 2020.
Recent Operational Highlights
Wholesale Operations: Harborside recently announced planned cultivation facility upgrades at the Salinas Facility. The planned upgrades include, among other things, the installation of blackout curtains and supplemental LED grow lights at the Salinas Facility. Following the successful completion of these upgrades, the Company expects an approximately 50% increase in production, an expected approximately 10% increase in bulk wholesale revenue capacity, and an approximately 7% increase in the total productive capacity, on an annualized basis(2)(4). The upgrades are expected to be completed within the first quarter of 2021(2).
In furtherance of its brand strategies, Harborside announced that two of its award-winning in-house brands, Harborside Farms and Key, introduced new product offerings for the market. Key has added ‘Key Mini Pre-Rolls’, a pack of seven 0.5g strain specific pre-rolls, to its product suite. These mini pre-rolls use flower that is sustainably grown in Harborside’s state of the art greenhouses using proprietary techniques. Key also recently offered a new seasonal SKU, ‘Limited Edition Skeleton Key Mini Pre-Rolls’, a nighttime blend of G4 OG and Gelato 33 packed in seven 0.5g mini pre-rolls. Harborside Farms has also added ‘Harborside Farms Quarter Ounces’, which offers strain-specific and single-origin flower from Harborside Farms. The Company also recently commenced sales of clones grown at its Salinas Facility at all Harborside branded retail locations, including Desert Hot Springs.
Capital Markets: During Q3 2020, the Company commenced trading on the OTCQX under the ticker symbol of “HBORF” and, subsequent to the quarter end, Harborside received depository trade clearance (DTC) eligibility.
Acquisitions: Subsequent to Q3 2020, Harborside announced it had executed a definitive agreement with FGW Haight, Inc. (“FGW”) to acquire majority ownership FGW, which holds a dispensary license in the historic Haight-Ashbury District of San Francisco, where the Company expects to start operations in the second quarter of 2021(2).
Secured Indemnity
On November 17, 2020, the Company and its subsidiaries entered into a guaranty and security agreement to guarantee and secure the obligations of the Company to defend and to indemnify its directors and officers (collectively, the “Secured Indemnity“). The Secured Indemnity is intended to supplement coverage available under existing directors and officers insurance maintained by the Company in order to mitigate concerns about claims and potential claims against directors and officers and whether the available insurance applies to and will satisfy in full such claims and potential claims. The scale and complexity of the Company’s operations in a highly regulated sector requires that the directors and officers managing those operations be committed to the performance of their duties without undue or inappropriate distractions. In management’s view, concerns about claims and potential claims and adequacy of insurance may detract from the performance of the directors and officers involved in the Company’s operations or lead to their resignations, which would disrupt the Company’s business. The Board has therefore determined that it is in the best interests of the Company and its subsidiaries to enter into the Secured Indemnity in order to induce the directors and officers to perform their duties to the Company, provide comfort to the directors and officers involved in the Company’s operations and to encourage their ongoing services.
The Secured Indemnity constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions (“MI 61-101“). The Company is relying on the exemptions from the valuation and the minority approval requirements of MI 61-101 provided for in subsections 5.5(a) and 5.5 (b) and subsection 5.7(a) of MI 61-101, respectively, as the Company’s shares are not listed on specified markets and neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Secured Indemnity, in relation to the interested parties, will represent more than 25% of the Company’s market capitalization, as determined in accordance with MI 61-101.
Harborside Inc., a vertically integrated enterprise with cannabis licenses covering retail, distribution, cultivation, nursery, and manufacturing, is one of the oldest and most respected cannabis companies in the world. Founded in California in 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States. Today, the company operates three major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California’s only cannabis drive-thru window, a dispensary in Oregon and an integrated cultivation/production facility in Salinas, California. Harborside continues to play an instrumental role in making cannabis safe and accessible to a broad and diverse community of California and Oregon consumers. Harborside is currently a publicly listed company, trading on the CSE under the ticker symbol “HBOR” and the OTCQX under the ticker symbol “HBORF”. Additional information regarding Harborside is available under Harborside’s SEDAR profile atwww.sedar.com.
Posted by AGORACOM
at 9:09 AM on Tuesday, November 17th, 2020
RadixMotion will design and develop a digital care program for people exploring microdosing
The core of the digital care program is a privacy first iMicrodose Journal,
A web app where people can anonymously document their microdosing and receive data driven analytics that will help them make informed choices around their usage
Toronto, Ontario–(Newsfile Corp. – November 17, 2020) – Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (“Red Light Holland” or the “Company“) is pleased to announce that via its Scarlette Lillie Science and Innovation division, it has engaged RadixMotion Inc. (“RadixMotion“), an immersive technology company based in the State of Delaware, to design and develop a digital care program for people exploring microdosing. The program will accompany customers from the first time they encounter iMicrodose products in Smartshops via the iMicrodose Media Information Centre (“iMIC“) with an educational interactive augmented reality app. The core of the digital care program is a privacy first iMicrodose Journal, a web app where people can anonymously document their microdosing and receive data driven analytics that will help them make informed choices around their usage. The app will use Radix Motion’s expertise in biometric human pose data to give people feedback on whether microdosing has measurable effects on reducing their physiological tension or influences other features of their body posture. People using the digital care program will be able to opt in to share their anonymous data with the wider community allowing for substantial advancements in research.
“As access to psychedelics grows we want to provide people with the support they need to make the most out of microdosing via digital health mechanisms, which now includes our iMicrodose digital care program,” said Todd Shapiro, the Chief Executive Officer and Director of the Company. “While other companies in the sector are focused on clinical trials which take years to prove out, this approach of Scarlette Lillie, our science and innovation division, can have immediate benefits. We want to be a part of understanding psilocybin usage now as the mental health crisis is rampant. Gatekeepers can be limiting. We believe in working with informed consumers who are willingly sharing their data.”
‘Digital Health’ is defined as the convergence of digital technologies with health, healthcare, living, and society to enhance the efficiency of healthcare delivery and make it more personalized and precise. Scarlette Lillie is pleased to continue their partnership with Sarah Hashkes, CEO of RadixMotion – who published the first academic paper using the Predictive Coding frameworks to explain what psychedelics do to brains – to create a personalized iMicrodose Journal, a web-based app where people will be able to document their psilocybin use and they will be able to opt in to share their anonymous important data with the community which can then potentially be shared with scientific and medical experts. Microdosing research is at its infancy and this data has huge potential to increase Scarlette Lillie’s understanding rapidly.
“We are excited that our expertise in neuroscience and immersive technology is giving people tools to understand themselves and promoting responsible use of psychedelics. Red Light Holland’s and Scarlette Lillie’s care for their customers is a beacon of hope in the emerging psychedelic market. The consent based approach this program is taking around customers’ data and communicating with customers, we believe, is revolutionary and we hope many companies will follow this example. We are also excited about the AR aspect where customers can receive inspirational messages based on the latest research on wellness when they aim the app at iMicrodose products,” said Sarah Hashkes, CEO of RadixMotion and Scarlette Lillie’s Scientific Advisor. “But where it gets really exciting, as a scientific researcher in psychedelics, is if people do trust us and opt in to share their anonymous data with the community we will have a data set that can take microdosing research to a whole new level. The journal will immediately provide people with analytics about their microdosing so they can find what works best for them, but in the long run, Scarlette Lillie can hopefully use this data, including the unique biometric human pose data, to potentially find out what works best for people all over the world.”
Scarlette Lillie Science and Innovation estimates the total cost for the iMicrodose Digital Care Program, including Augmented Reality for the in-store iMic centres and the iMicrodose web-app Journal to be approximately USD$85,000. The completion of the Augmented Reality for the in-store iMIC remains on pace, expected to be launched before the end of 2020 and the iMicrodose web-app Journal is expected to be completed by RadixMotion and available by the end of Q1 2021.
About Red Light Holland Corp.
The Company is an Ontario-based corporation positioning itself to engage in the production, growth and sale (through existing Smart Shops operators and an advanced e-commerce platform) of a premium brand of magic truffles to the legal market within the Netherlands, in accordance with the highest standards, in compliance with all applicable laws.
Posted by AGORACOM
at 9:04 AM on Tuesday, November 17th, 2020
Vancouver, B.C., Nov. 17, 2020 (GLOBE NEWSWIRE) — Lomiko Metals Inc. (“Lomiko”) (TSX-V: LMR, OTC: LMRMF, FSE: DH8C) is focused on the exploration and development of flake graphite in Quebec for the new green economy. Lomiko is pleased to announce the Board of Directors has formed a Technical, Safety, and Sustainability Committee (“LTSSC”), reporting to the Board of Directors. At the time of formation, the LTSCC is comprised of A. Paul Gill, CEO, and two Independent Directors, Gabriel Erdelyi and Julius Galik.
LTSSC Committee Responsibilities
The LTSSC will oversee the assessment of the La Loutre Flake Graphite Property, and liaise with service providers, technical staff and stakeholders to put forward a series of crucial technical documents including, but not limited to, a Scope of Work (SOW), Graphite Characterization and Metallurgy, Response for Proposal (RFP) on a Preliminary Economic Assessment, and, if required, pre-feasibility, bulk samples, pilot plant, feasibility and construction plans. The Committee will govern the hiring of technical staff, liaise with extra-company agencies and representatives, and provide a conduit to the Board of Directors to make crucial decisions on the project.
Further additions to the Committee and the Lomiko team are anticipated and will be announced when confirmed.
Lomiko’s Near Term Goals
Graphite demand is expected to increase exponentially for the mined natural graphite material, as more is used in the production of spherical graphite for graphite in the anode portion of Electric Vehicle Lithium-ion batteries.
Lomiko completed a $ 750,000 financing October 23, 2020 and plans to work on its near-term goals:
1) Complete 100% Acquisition of the Property, currently 80% owned by Lomiko Metals.
2) Complete metallurgy and graphite characterization to confirm li-ion anode grade material.
3) Complete a Technical Report to confirm that the extent of the mineralization equals or surpasses the nearby Imerys Mine, owned by an international mining conglomerate.
A “technical report” means a report prepared and filed in accordance with this Instrument and Form 43-101F1 Technical Report, and includes, in summary form, all material scientific and technical information in respect of the subject property as of the effective date of the technical report;
4) Complete Preliminary Economic Assessment (PEA)
A PEA means a study, other than a pre-feasibility or feasibility study, that includes an economic analysis of the potential viability of mineral resources.
Posted by AGORACOM
at 11:49 AM on Monday, November 16th, 2020
SPONSOR: Arctic Star Exploration is currently exploiting the Diagras Diamond Property, NWT. Adjoined by both Diavik and Ekati Mines, Arctic has combined known data on Diagras with modern Gravity and EM geophysical survey techniques to delineate viable Kimberlite targets. Arctic Star is currently preparing a drill program. CLICK HERE FOR MORE INFO
Another week, another huge diamond discovered in Botswana. But “huge” might do this stone a disservice, as it’s actually one of the five largest ever unearthed.
Canadian miner Lucara Diamond Corp has just announced the recovery of a 998-carat high white diamond at its Karowe mine in the southern African nation. The diamond is clivage, meaning it will have to be broken down before it can be processed into polished stones.
Lucara found the massive stone—which measures 2.6 inches x 1.9 inches x 1.8 inches—from direct milling of ore sourced from the south lobe of the mine, according to a press release. It’s just the latest noteworthy diamond discovery at the mine this year. Just in 2020 alone, Karowe has produced 31 diamonds greater than 100 carats, of which 10 are greater than 200 carats and two are greater than 500 carats. The other 500-plus carat stone is a 549-carat diamond named Sethynya that Lucara recently sold to Louis Vuitton.
Even before these recent discoveries, Karowe already had a reputation of producing giant stones. In 2015, the company found a 1,109-carat Lesedi La Rona which sold for $53 million, and shortly after that a 813-carat Constellation stone that went for $63 million, according to Bloomberg. And last year, the Lucara found a 1,758-carat—the second biggest on the planet—which it also sold to Louis Vuitton in February of this year.
“Lucara is extremely pleased with the continued recovery of large high-quality diamonds from the South Lobe of the Karowe mine,” CEO Eira Thomas said in a statement. “To recover two 500-plus carat diamonds in 10 months along with the many other high-quality diamonds across all the size ranges is a testament to the unique aspect of the resource at Karowe and the mine’s ability to recover these large and rare diamonds.”
It remains to be seen what will happen to the diamond now. Lucara did not immediately respond to a request for comment from Robb Report, but did say in the press release that it is evaluating potential steps forward with its cutting and polishing partner, HB Antwerp.
Posted by AGORACOM
at 12:56 PM on Friday, November 13th, 2020
The 4 Reasons Goldman Sachs Believes Candente Copper is a World Class Company
Candente Copper (TSX: DNT, BVL: DNT) owns 100% of a copper deposit in Peru and has big plans to become a miner.
Candente owns a large, economic, copper ore body in Peru waiting to be mined. Cañariaco Norte is a 100% owned feasibility-stage porphyry copper deposit.
Simply put, it is a mountainous rock body that holds 7.5 billion pounds of copper and has had multiple scientific studies propelling it along the way toward production. Strengthened by Goldman Sachs belief it is one of the top 80 copper deposits yet to be exploited and strategically guided by Australian Iron Ore giant Fortescue’s 19% inside ownership, Candente has the lowest quartile production costs that make it an intriguing project today and a must have for tomorrow.
Reasons Why Candente Copper is A Top Small Cap Copper Company
1. Goldman Sachs has Canariacao Norte listed as one of the top 80 projects waiting to be developed worldwide and is top 42 in South America. Mining projects take a long time to be developed due to the strict standards required to prove metal content in the ground, which Candente has proven it has tremendous amounts of.
A single, contiguous, open-pit mineable deposit of 7.5B pounds Measured and Indicated and can be mined for 22 years once in production speaks to the stability of the project
2. Supported Strategically by Fortesque’s 19.9% Ownership
Fortesque is recognized as a global leader in the mining industry. Fortesque holds 19% Candente and became involved to advance Canariaco further into development. Fortesque committed 1$Million in January 2020 with an eye toward production and is considered a strategic investor, which means they have a long-term timeline for joint exploitation of the asset.
Fortescue is one of the largest global iron ore producers, recognized for its culture, innovation and industry-leading development of world class infrastructure and mining assets in Western Australia. This is truly a partnership which seeks to equally progress Canariaco into development and Candente into production status. The accepted odds for a discovery to find its way into production is about 1 in 1000, and speaks to the sheer difficulty of the exercise.
Candente is close to the finish line and Fortesque is there for the final push.
3. Canariaco is in the lowest quartile of production costs
Once in production Canariaco is in the lowest quartile of production costs for projects waiting to be developed Operating costs of US$0.988 per pound of copper
Canariaco has 7.5Billion pounds of copper measured and indicated capable of generating annual production of 262,000,000lbs of copper, 39,000 oz gold & 911,000 oz silver over initial mine life of 22 yrs(@ 95,000 tpd). A long stable mine life is what attracts quality investors like Fortesque.
Canariaco is a stable, long term investment once it is producing because its output is consistent every year. The risk has been removed from the project.
4. Canariaco is the 1st of 3 projects all in the same area waiting to be discovered.
Candente has the opportunity to make further discoveries through Canariaco South and Quebrada Verde, both within a 5km trend that shares infrastructure. Management believes Canariaco Sur is a mineable deposit and will add tremendous support to shareholders in the future. Quebrada Verde demonstrates the same minerology and potential as both Norte and Sur which and requires future exploitation
Each of these projects will benefit greatly from Canariaco’s development as it will make development even cheaper than Canariaco Norte due to the infrastructure that will be in place, possible pushing Canariaco’s future overall costs even lower.
Posted by AGORACOM
at 10:27 AM on Friday, November 13th, 2020
Arctic Star Exploration is currently exploiting the Diagras Diamond Property, NWT. Adjoined by both Diavik and Ekati Mines, Arctic has combined known data on Diagras with modern Gravity and EM geophysical survey techniques to delineate viable Kimberlite targets. Arctic Star is currently preparing a drill program for 2020. CLICK HERE FOR MORE INFO
One bidder really got into the spirit at Sotheby’s latest auction. A 14.83-carat fancy vivid type IIA purple-pink diamond, nicknamed “The Spirit of the Rose,” sold for a staggering $26.6 million and set a new auction record in the process.
The coveted rock hit the block at Sotheby’s “Magnificent Jewels and Noble Jewels” sale in Geneva on Wednesday and was snapped up by an anonymous buyer, who placed the winning bid over the phone. The gem, which was the largest of its kind to come to auction, failed to reach its high estimate of $38 million yet still set a record auction price for a purple-pink gem, according to Sotheby’s.
Of course, this is no ordinary ice. The sheer size and flawless internal structure of “The Spirit of the Rose” renders her quite unique. In fact, 99 percent of pink diamonds are under 10 carats. The stone was cut from the largest pink rough ever mined in Russia. “Nijinsky,” which was named after a ballet featuring dancer Vaslav Nijinsky, was unearthed by the Alrosa mine from the Ebelyakh deposit in the Republic of Sakha (Yakutia) in the northeast of the country back in 2017. It weighed an incredible 27.85 carats before it was cut.
“The Spirit of the Rose” auction. Sotheby’s/The Image Gate
The painstaking cutting process took a full year to complete before the diamond could even be polished. The work was carried out at Alrosa’s factory in Moscow. The finished product sold in Geneva represented Russia’s most expensive diamond, according to Alrosa.
“The Spirit of the Rose caught the imagination of everyone who had the chance to see it,” Benoit Repellin, Head of Sotheby’s Geneva ‘Magnificent Jewels’ auction, said in a press release. “It fully deserves the price achieved tonight, which is also a testament to the growing appreciation, and awareness of the great scarcity of pink diamonds around the world.”
Sotheby’s “The Spirit of the Rose” Purple-Pink Diamond. Courtesy of Sotheby’s
Indeed, once the Argyle Mine, the largest supplier of high-quality pink diamonds, closes for good this year, these stones will become even more limited and even more prized. In fact, they’re already skyrocketing in value and being eyed by collectors for their ROI potential.
So far, Sotheby’s “Magnificent Jewels and Noble Jewels” sale has realized roughly $52.2 million and continues today with online auctions.
Posted by AGORACOM
at 9:21 AM on Friday, November 13th, 2020
The acquisition of American CBD immediately creates a vertically integrated model, controlling each aspect of its supply chain, including production, logistics and value chain.
Thoughtful Brands, Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands“), a global natural health products and eCommerce technology company, is pleased to announce that it has acquired all of the outstanding share capital of American CBD Extraction Corp. (“American CBD“).
Through its Kentucky-based subsidiary, American CBD has the ability to process over 1,200 lbs. of hemp per day to produce winterized crude. With the acquisition of American CBD, Thoughtful Brands will immediately adopt a vertically integrated model, controlling each aspect of its supply chain, including production, logistics and value chain.
“The acquisition of American CBD marks a promising new phase for the Thoughtful Brands,” said CEO Ryan Dean Hoggan. “With vertical integration taking effect immediately, we look forward to the entire business benefitting through reduced costs, additional expansion opportunities and product innovation.”
Through the acquisition of American CBD, the Company has acquired an abundance of hemp biomass along with a fully equipped and licensed 41,000 square foot facility that can process more than 1,200 pounds of hemp per day. This enables new focuses for Thoughtful Brands across multiple means of production, including the launch of new superior quality, proprietary CBD brands with products made from hemp they extract and produce themselves. In addition, Thoughtful Brands plans to develop products for future brand clients and will also become a wholesale supplier of hemp biomass. Thoughtful Brands will also utilize American CBD’s technological and scientific expertise to enhance the formulations of the direct-to-consumer CBD brands currently under the Company’s umbrella.
“We look forward to closing 2020 on a high note and an array of new initiatives in 2021,” added Hoggan.
The acquisition of American CBD proceeded pursuant to an amalgamation agreement among the Company, a wholly owned subsidiary of the Company (“Subco“) and American CBD (the “Definitive Agreement“). Pursuant to the Definitive Agreement, American CBD amalgamated with Subco, and the resulting amalgamated entity is now a wholly-owned subsidiary of the Company (the “Transaction“). In consideration for the completion of the Transaction, the Company has issued 110,000,000 common shares (“Consideration Shares“) to the shareholders of American CBD in exchange for every share of American CBD they held.
The Consideration Shares are subject to a voluntary pooling arrangement, from which 25% of the Consideration Shares were released on the closing date of the Transaction, with a release of an additional 25% after each subsequent 90-day period.
In connection with the closing of the Transaction, the Company has also entered into an operating agreement (the “Operating Agreement“) with 9112-7258 Quebec Inc. (the “Operator“) for the operation of the American CBD assets in Jenkins, Kentucky. Pursuant to the Operating Agreement, the Company has paid the Operator a bonus of Cdn$1,300,000, which has been settled through the issuance of 13,000,000 common shares of the Company (the “Bonus Shares“). In addition to the Bonus Shares, the Operator will be entitled to receive a Cdn$2,000,000 payment (“Milestone Payment“) from the Company upon (i) the achievement of cumulative sales of over USD$1,000,000 produced from the Kentucky facility acquired as part of the Transaction; or (ii) the entering into of a supply agreement with a third-party to deliver finished product on a wholesale basis at a price less than the manufacturing cost of similar product by the Company. The Milestone Payment will be settled through the issuance of common shares of the Company (“Milestone Shares“), which shall be valued based on the five-day volume weighted average closing price of the Company’s shares on the Canadian Securities Exchange immediately prior to the milestone payments becoming payable.
The Company is at arms-length from American CBD and its shareholders. The Transaction neither constitutes a fundamental change nor a change of business for the Company, nor has it resulted in a change of control of the Company within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. In connection with the completion of the Transaction, the Company has issued 1,100,000 common shares to an arms-length third-party who assisted with facilitating the Transaction.
About Thoughtful Brands Inc.
Thoughtful Brands Inc. is an eCommerce technology company that researches, develops, markets, and distributes natural health products through various brands in North America and Europe. Through continuous strategic acquisitions, the Company has a strong footprint in the CBD market. Thoughtful Brands currently owns and operates multiple direct to consumer CBD brands and is positioning itself to become vertically integrated through the acquisition of American CBD Extraction Corp.
ON BEHALF OF THE BOARD OF DIRECTORS THOUGHTFUL BRANDS INC.
