Mining Discovery

World Market Morning Chatter


Canadian Futures are flat, as investor focus turned towards earnings reports from domestic banks against the backdrop of worries about a faster tightening in monetary policy and a potential recession. European equities fell, after data showed euro zone business activity contracted for a second consecutive month. Safe-haven flows kept the U.S. dollar firm, while the euro dropped to a fresh two-decade low on concerns that energy crisis will keep inflation elevated. Gold prices were slightly higher in a choppy trade. Oil prices climbed after Saudi Arabia warned that OPEC+ has options including output cuts to support prices.
Phenom Resources Corp. (TSXV: PHNM), based in Nevada and focused on vanadium, today announced that Paul Cowley, President, will present live at Virtual Investor Conferences. This battery metals focused event is on August 23rd, 2022, 3 PM ET.
Goldshore Resources Inc. (TSXV: GSHR), is pleased to announce assay results from previously unsampled historic drill core at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project”).
Goldshore’s team has retrieved historical core that remains on the Moss Lake Gold Project where the drill collars have been recovered and accurately surveyed. Prior operators selectively sampled core that fit with the model used at the time. This core is now being relogged and sampled by Goldshore. This presents an excellent, cost-effective opportunity for Goldshore to generate significant results without new drilling, particularly in those holes that coincide with Goldshore’s identified targets. This news release presents results from six such historical holes where sampling by prior operators was incomplete.
Sampling of unsampled sections of two historic drill holes at the QES Zone have increased the width and grade of gold mineralization over that previously reported. The expanded intercepts include:
104.2m @ 1.04 g/t Au from 422.0m in NS247, including
19.40m @ 2.66 g/t Au from 458.6m
This section includes the visible gold reported on April 19, 2022
The hole ended in mineralization
56.1m @ 0.42 g/t Au from 493.5m in NS248
Sampling has also identified a new southern parallel zone that was previously unrecognized, including:
9.30m @ 1.28 g/t Au from 244.6m depth, including
0.9m @ 10.95 g/t from 253.0m
0.9m @ 35.7 g/t Au from 271.65m and
78.45m @ 0.35 g/t Au from 331.55m in NS247
69.10m @ 0.49 g/t Au from 413.0m in NS248
Additional sampling of four drillholes assessing regional prospects confirmed initial results.
Lomiko Metals Inc. (TSXV: LMR), Wednesday, August 24th from 9-920 AM EST with Belinda Labatte from Lomiko Metals Inc
Namibia Critical Metals Inc. (TSXV: NMI), provided an update on the development of the Lofdal Heavy Rare Earth project. The deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements. The Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation (“JOGMEC”) targeting a long term, sustainable supply of heavy rare earths to Japan. SGS Minerals Services Canada (SGS) completed acid bake and leach test work on a bulk flotation concentrate which was produced by direct flotation of run-of-mine material from the Lofdal starter pit. The test results are very similar to the successful hydrometallurgical test work conducted on a flotation concentrate produced on sorter products. SGS used the proven hydrometallurgical flowsheet which was developed in 2021 (press release of 7 October 2021) with an acid bake to crack the main rare earth mineral xenotime, purify the pregnant leach solution and to precipitate a rare earth oxalate, which is subsequently calcined to form a product containing >98% total rare earth oxides (TREO). The acid bake process and concurrent removal of impurities is highly efficient and resulted in a >94% recovery of Dysprosium and Terbium in the leaching operation of the processing flow sheet. 
Darrin Campbell, President of Namibia Critical Metals stated:
“Another big milestone for the Lofdal project is completed. The test work by SGS confirmed the positive results achieved last year on the new fresh bulk sample from the Lofdal starter pit. This result will allow us to advance an assessment of large-scale production of a high purity Heavy Rare Earth Oxide product in Namibia.”
Bank of Nova Scotia (TSX: BNS), reported third-quarter profit a touch below estimates, but earnings rose from a year earlier as strong loan growth, particularly in its international business helped offset challenges in its wealth and capital markets units. The lender said net income excluding one-off items was C$2.61 billion, or C$2.10, in the three months ended July 31, compared with C$2.56 billion, or C$2.01, a year earlier. Analysts had expected C$2.11 a share. Provisions for credit losses (PCL) rose, to C$412 million from C$380 million, although they were lower than the C$535.6 million that analysts had expected. Scotiabank reported overall net profit of C$2.59 billion, or C$2.09 a share, up from C$2.54 billion or C$1.99, a year ago. 
Black Tusk Resources Inc. (CSE: TUSK), announced that the company is in the process of obtaining permits to drill on their PG Highway and MoGold projects located north of Val d’Or, Quebec. On the PG Highway property TMC Geophysique recently completed deep-penetrating Pulse-EM -Time Domain Electromagnetic (TDEM) surveying to cover zones targeted through geologic assessment and rock sampling. The TMC Geophysical report concludes that the newly acquired surface TDEM data identified of a group of strong conductive anomalies in places coincident with areas of rock exposures that contained significant percentages of pyrite and pyrrhotite. The geology along the trend is interpreted to have potential for Volcanogenic Massive Sulphide (VMS) mineralization (see News Release dated 2022-08-07). The zone of interest also displays magnetic features derived from Black Tusk 2021 surveys. The geophysical survey results combined with the geology and rock sampling provide compelling targets for further exploration.
Hamilton Thorne Ltd. (TSX-V:HTL), a leading provider of precision instruments, consumables, software and services to the Assisted Reproductive Technologies (ART), research, and cell biology markets, today reported financial and operational results for the quarter and six months ended June 30, 2022. Highlights
Sales increased 14% year over year to $14.2 million for the quarter; sales for the six-month period increased 18% to $28.3 million; sales increased 22% for the quarter and 23% for the six-month period on a constant currency basi
Gross profit increased 11% to $7.1 million for the quarter; increase of 14% to $13.9 million for the six-month period
Net income, $275 thousand for the quarter & $831 thousand for the six-month period, versus net income of $482 thousand and $1.348 million in prior year periods
Adjusted EBITDA decreased 1% to $2.43 million for the quarter and increased 4% to $4.95 million for the six-month period
Organic growth was 8% for the quarter and for the six-month period
Cash used in operations was $438 thousand for the six-month period; total cash on hand at June 30, 2022 was $15.3 million

None on tap.


August 23:
Bank of Nova Scotia: Expected Q3 earnings of C$2.11 per share

August 24:
National Bank of Canada: Expected Q3 earnings of C$2.34 per share
Royal Bank of Canada: Expected Q3 earnings of C$2.66 per share

0800 Bank of Nova Scotia: Q3 earnings conference call

Lundin Gold Inc: Amount $0.20
Primo Water Corp: Amount $0.07
Ritchie Bros Auctioneers Inc: Amount $0.27
Sun Life Financial Inc: Amount C$0.69

(07:29 EST)
U.S. futures were in the green, while Japanese shares ended lower, as investors awaited a Federal Reserve gathering later this week in Jackson Hole for cues on interest rate hikes. European equities fell, after data showed euro zone business activity contracted for a second consecutive month. Safe-haven flows kept the dollar firm, while the euro dropped to a fresh two-decade low on concerns that energy crisis will keep inflation elevated. Gold prices were slightly higher in a choppy trade. Oil prices climbed after Saudi Arabia warned that OPEC+ has options including output cuts to support prices.

U.S. Department of Labor on Monday accused a Korean-owned auto parts maker and supplier of Hyundai Motor of violating federal child labor laws at an Alabama factory, federal court filings reviewed by Reuters show. 

A U.S. court upheld a tribunal’s $8.75 billion award to U.S. oil producer ConocoPhillips over the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday. 

Alphabet Inc Meta Platforms Inc: A bipartisan group of U.S. lawmakers on Monday released a revised version of a bill aimed at making it easier for news organizations to negotiate collectively with platforms like Google and Facebook. The Journalism Competition and Preservation Act “removes legal obstacles to news organizations’ ability to negotiate collectively and secure fair terms from gatekeeper platforms that regularly access news content without paying for its value,” according to a news release from the lawmakers. The updated bill would cover news publishers with fewer than 1,500 full-time employees and non-network news broadcasters. It would allow them to work together to win better deals from Facebook, Google and other large platforms, according to the news release. 

Apple Inc: The company plans to start making the iPhone 14 in India about two months after its release out of China, in a move that will narrow the gap from the typical six to nine months for previous launches, Bloomberg News reported. The company has been working with suppliers to ramp up manufacturing in India and the first iPhone 14s from the country are likely to be finished in late October or November, following the initial September release, Bloomberg reported, citing people familiar with the matter. Apple’s Taiwan-based supplier Foxconn has studied the process of shipping items from China and assembling the iPhone 14 at its plant outside southern Indian city of Chennai, it reported. Separately, a former Apple engineer on Monday pleaded guilty to trade secret theft – one of two people accused of stealing trade secrets from the iPhone maker’s nascent self-driving car program.  

BlackRock Inc: South African insurer Discovery said it was partnering with the global asset manager to launch a fund management entity, to tap in to the fast-growing multibillion-rand local discretionary fund management industry. The Discovery’s DFM entity, Cogence, will combine asset allocation strategies from BlackRock and use client data from Discovery-owned behavioral change platform Vitality to create a raft of custom products for customers, the insurer said. 

ConocoPhillips: A U.S. court upheld a tribunal’s $8.75 billion award to the U.S. oil producer over the expropriation of its Venezuelan oil assets, granting a default judgment in the case on Friday. The decision gives the U.S. company new authority to collect on a 2019 award by a World Bank tribunal. The award includes interest that adds at least $1 billion to the amount owed to Conoco. Venezuela’s government rejected the court’s decision in a statement issued by the president’s office on Monday evening, saying the country would continue to take legal action to “preserve its patrimony.” “This unfair decision has been forged by violating… Venezuela’s right to defense,” the statement said. 

General Electric Co: Workers at a company plant in Alabama said on Monday they have launched a campaign to form a union for better pay and job security. The plant in Auburn, Alabama, employs 179 workers. In a statement, the workers said they have submitted cards seeking to organize as part of IUE-CWA to the U.S. National Labor Relations Board (NLRB). A spokesperson for the NLRB confirmed that the board has received the union petition. The workers said their wages are not able to keep up with rising inflation, making it harder for them to support their families. Meanwhile, the Boston-based industrial conglomerate’s planned spinoffs are creating more uncertainty for them, they said. 

Goldman Sachs Group Inc: A U.S. federal judge on Monday rejected the company’s bid to dismiss most of a 12-year-old class action alleging widespread bias against women in pay and promotions, and said the case will finally go to trial next June. U.S. District Judge Analisa Torres in Manhattan disagreed with Goldman’s argument that the class of about 1,800 plaintiffs should be decertified because there was no proof that each member had lost pay and thus had standing to seek damages. The judge narrowed the damages class to include female vice presidents and associates employed at various times since 2002 in Goldman’s investment banking, investment management and securities divisions, and exclude those not employed long enough or who did not suffer reduced compensation. Torres also refused to let Goldman appeal her March ruling allowing the plaintiffs to sue as a group because the Wall Street bank had subjected them to the same employment policies. She set a June 5, 2023 trial date.

Pfizer Inc: The company’s COVID-19 vaccine was 73.2% effective in children aged between 6 months and 4 years, the company’s data showed, two months after the U.S. rollout of the shots began for that age group. The updated data releasedshowed 13 children had COVID-19, at least seven days after receiving a third dose of the Pfizer-BioNTech COVID-19 vaccine, compared with 21 cases in those who received a placebo. Most cases were caused by the Omicron BA.2 variant that was dominant in March and April, when the study was conducted. The companies also said they were preparing an application seeking U.S. authorization for an Omicron-targeting vaccine booster in children aged 6 months through 11 years of age.  


Zoom Video Communications Inc: The company on Monday cut its annual profit and revenue forecasts as demand for the video-conferencing platform cools off from pandemic highs amid stiff competition from Microsoft Teams and Cisco WebEx. Zoom reported its slowest quarterly revenue growth on record at 8%, as people switched to in-person meetings from virtual conversations. Finance chief Kelly Steckelberg told analysts the firm’s online business was likely to decline by 7% to 8% in fiscal 2023. The company forecast annual revenue between $4.39 billion and $4.40 billion, compared with its earlier outlook of $4.53 billion to $4.55 billion. It now expects annual adjusted profit per share between $3.66 and $3.69, compared with $3.70 to $3.77 forecast earlier.

0800 Building permits number for July: Prior 1.674 mln
0800 Building permits R change mm for July: Prior -1.3%
0945 S&P Global Manufacturing PMI Flash for Aug: Expected 52.0; Prior 52.2
0945 S&P Global Services PMI Flash for Aug: Expected 49.2; Prior 47.3
0945 S&P Global Composite PMI Flash for Aug: Prior 47.7
1000 New home sales-units for July: Expected 0.575 mln; Prior 0.590 mln
1000 New home sales change mm for July: Prior -8.1%
1000 Rich Fed Composite Index for Aug: Prior 0
1000 Rich Fed Services Index for Aug: Prior -13
1000 Rich Fed Manufacturing Shipments for Aug: Prior 7

0800 Macy’s Inc: Q2 earnings conference call
0800 Xpeng Inc: Q2 earnings conference call
0800 Kanzhun Ltd: Q2 earnings conference call
0830 Nordson Corp: Q3 earnings conference call
0900 J M Smucker Co: Q1 earnings conference call
0900 Dlocal Ltd: Q2 earnings conference call
1000 Dick’s Sporting Goods Inc: Q2 earnings conference call
1200 Microchip Technology Inc: Annual Shareholders Meeting
1630 Intuit Inc: Q4 earnings conference call
1700 Paycor HCM Inc: Q4 earnings conference call

Aflac Inc: Amount $0.40
Brunswick Corp: Amount $0.36
Viatris Inc: Amount $0.12
Warner Music Group Corp: Amount $0.16


S&P 500 Index Mini Futures: 4,146.00; up 0.11%; 4.75 points
DJIA Mini Futures: 33,098.00; up 0.13%; 42 points
Nikkei: 28,457.71; down 1.17%; 336.79 points
MSCI Asia, Ex-JP: 515.18; down 0.64%; 3.31 points
EUR/USD: $0.9943; flat
GBP/USD: $1.1773; up 0.05%; 0.0006 point
USD/JPY: 137.23 yen; down 0.19%; 0.26 point
Spot Gold: $1,737.81; up 0.12%; $2.11
U.S. Crude: $91.17; up 0.90%; $0.81
Brent Crude: $97.23; up 0.78%; $0.75
10-Yr U.S. Treasury Yield: 3.0137%; down 0.02 point
10-Yr Bund Yield: 1.3015%; up 0.01 point
Euro STOXX 50 futures were up 1 points at 3,652.0, FTSE futures lost 9 points to 7,517.5, and German DAX futures were higher 10 points at 13,230.0, by 0430 GMT.
Asian shares were down for a sixth straight session after a renewed spike in European energy prices stoked fears of recession.
Oil rose as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline.

Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies.

U.K. inflation is on course to exceed 18% in January as the country’s energy price cap enters the stratosphere, Citi economists are projecting.

The euro fell to a two-decade low of 0.9903 against the U.S. dollar and strategists predict further euro depreciation in the coming months.

Russia’s invasion of Ukraine is bringing Canada and Germany closer together, with Canada seeking to boost energy and critical mineral exports to Germany as both countries wean themselves off fossil fuels, Canadian and German leaders said on Monday.

Alcon AG said it would acquire Aerie Pharmaceuticals in a deal valued at about $753 million, as the Swiss eye-care company looks to bolster its pipeline of opthalmic treatments.

A U.S. judge on Monday rejected Ben & Jerry’s attempt to stop its parent Unilever from allowing its ice cream to be sold in the Israeli-occupied West Bank, which Ben & Jerry’s said undermined its values.

British Airways would make further cancellations up to the end of October and tweak its winter schedule, the airline said on Monday, following Heathrow airport’s decision to cap capacity to tackle widespread disruption. Inc, beat Wall Street estimates for quarterly revenue as lockdowns in China to control the spread of the coronavirus boosted online shopping and the company’s “618” shopping event. The company reported second-quarter revenue of 267.6 billion yuan, topping analysts’ average estimate of 262.31 billion yuan. said net income attributable to ordinary shareholders rose to 4.38 billion yuan, or 1.37 yuan per American Depository Share (ADS) for the three months ended June 30, from 794 million yuan, or 0.25 yuan per ADS, a year earlier.

0715 France S&P Global Manufacturing PMI flash for August: Expected 49.0; Prior 49.5
0715 France S&P Global Services PMI flash for August: Expected 53.0; Prior 53.2
0715 France S&P Global Composite PMI flash for August: Expected 50.8; Prior 51.7
0730 Germany S&P Global Manufacturing PMI flash for August: Expected 48.2; Prior 49.3
0730 Germany S&P Global Services PMI flash for August: Expected 49.0; Prior 49.7
0730 Germany S&P Global Composite PMI flash for August: Expected 47.4; Prior 48.1
0800 Euro Zone S&P Global Manufacturing PMI flash for August: Expected 49.0; Prior 49.8
0800 Euro Zone S&P Global Services PMI flash for August: Expected 50.5; Prior 51.2
0800 Euro Zone S&P Global Composite PMI flash for August: Expected 49.0; Prior 49.9
0830 United Kingdom Composite PMI flash for August: Expected 51.1; Prior 52.1
0830 United Kingdom Manufacturing PMI flash for August: Expected 51.1; Prior 52.1
0830 United Kingdom Services PMI flash for August: Expected 52.0; Prior 52.6
1000 United Kingdom CBI Trends – Orders for August: Expected 3; Prior 8
1400 Euro Zone Consumer Confidence flash for August: Expected -28.0; Prior -27.0

Sources (but not limited too) Reuters, CNBC, Globe & Mail, InvestorIntel Corp, Kitco, Refinitiv.
World Market 
7.02 Am

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