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Elements’ tin and copper exploration advances
Paul Sanger: I’m Paul Sanger from the Finance News Network and today we’re talking to Elementos. Elementos, trading under the ASX ticker ELT with a market capitalisation of approximately £35m, is committed to the safe and environmentally conscious exploration, development and production of its high-quality tin projects. Elementos has two world-class tin projects with large mineral resource bases and significant exploration potential in mining-friendly jurisdictions. Today, we’re delighted to have with us the MD of Elementos, Joe David. Joe, welcome back to the network.
Joe David: Good morning, Paul. It’s always good to be back with you.
Paul Sanger: Let’s get straight to the point, Joe. The company has previously released an announcement detailing more high-grade tin and copper intersex from its Tasmanian Cleveland project. Can you tell us about these new results?
Joe David: Yeah, hey, well, the published results speak for themselves. We have five feet of 1% tin and interestingly, almost 4%, 3.8% copper at about 350 meters. It contains a high-grade intercept within that, which is 1.9% tin and just under 8% copper. So some pretty high grades of tin and copper there, which is pretty exciting for us.
Again, I’ll just emphasize to everybody, this is an opportunistic mineralization that we’re intercepting. The target that the drill holes that are planned for us still remains below. We’re drilling our tungsten resource and our tungsten expiration target has been previously defined by the company, but what we really want to understand a little bit more. So where the drill holes are currently at about 650 meters, which is where we expect to intercept this tungsten mineralization and I think we’re starting to see the side of the signals that we expect to see as we move forward on this.
So again, these results are great, they’re opportunistic. They certainly show that there’s more tin and copper than is currently available at the project, and from what geologists are seeing right now, it certainly looks like this tin and copper is representing a new lens or suite of mineralization that we haven’t previously known about. So again, there’s a lot of potential here for us.
Paul Sanger: So what I’m hearing here, Joe, is that these results point to a new zone of mineralization, right?
Joe David: Yes, exactly. So we’re drilling on the other side of the hill from most of the historical drilling and this was specifically designed to get the right angle as we go down into this tungsten below the defined tin and copper resource. So as we drill from that location, we’re drilling through a lot of rock and a lot of soil that has not been explored previously. And on the way down, this is our second intercept of material that we’ve now reported to the market, the first being 9.7% copper with some pretty high grades of gold and silver as well. This was about 111 meters from surface.
So we come to this copper-tin intersection at 350 meters. This is much more similar to the mineralization that we have within the rest of the defined copper-tin resource, but again, it’s a new zone and it’s a new piece of mineralization that we didn’t know about previously. And while I say it’s at 350 meters, critically for us, it’s only 150 meters laterally from the old underground workings that exist in Cleveland. So theoretically, accessing this new area of mineralization is not as expensive as it would seem from surface.
Paul Sanger: Sounds very encouraging. And what do these results mean for the continued development of the Cleveland project?
Joe David: Yes, so we’re sticking to the original plan for the drill hop, which is to go down into that tungsten and better define that ore body. But I think what’s very clear is what we’ve always known, but now we can say that the market is, there’s a lot of upside exploration for Cleveland both in the tungsten that we’re going for, and in the copper tin near surface.
So the next thing we’ll do on completion of this hole is to do some downhole geophysics, downhole EM. This is a very proven technique in these types of mineralizations to define some additional targets. So this will give us a sort of 360-degree reading around the hole and wherever we have some significant sulfide material, we should get a very good signature. Obviously, that signature basically tells us where any follow-up drilling, the direction it should be pointing.
Paul Sanger: I’ll take this opportunity to talk a little bit about tin. The price of tin continues to reach multi-month highs, I think it’s currently trading at $34,500 per ton. What’s your take on the current price of tin and how it affects the viability and economics of your projects?
Joe David: Well, to be clear, it’s a good price. It’s a good price for both of our projects. If both of our projects were producing right now, we believe we would be highly profitable.
The economics of our Oropesa project in Spain, which as you know is our main deposit, all the technical work was done at about $30,000. So to get almost $5,000 above that if we were producing, is significant. The economics of that project already look good at around $30,000. So $35,000, that’s fantastic. Same thing here in Cleveland.
Now, we haven’t published any formal studies, so I can’t necessarily reference them, but this was a project that was operating when tin prices were below $10,000. So now having tin prices around $35,000 is certainly a good boost for a feasibility study or a scoping study when we get around to doing this in Cleveland as well, so it really lends support.
Now, the drivers for this, I think the drivers are very clear. The world is struggling to supply enough tin to the market and finally all the data points are starting to align. We had some mixed messages between China and the London Metals Exchange, but now, everything is aligning. Both inventories are reducing, both on the London Metals Exchange and the Shanghai Futures Exchange, as well as there are multiple reports of supply challenges coming from the major producers, the major producers being China itself, which is the leading producer of refined tin.
So you have Myanmar, which is the second largest miner, and then you have Indonesia, which is the largest exporter. Combine that with some reported conflicts on the eastern side of the DRC, where a good amount of tin comes out of Central Africa, you have an almost perfect storm to drive up the price of tin and I think we are seeing the beginning of what could be a pretty substantial run on tin.
Paul Sanger: So, in short, what you’re telling me is that the way forward for the price of tin is for it to be stronger for longer?
Joe David: Certainly, from the data that we’re seeing, but I’m not an expert on commodity forecasts, but I’m certainly happy with the trend that we’re seeing right now.
Paul Sanger: Obviously, there’s a lot going on with both projects. Can you give investors a little insight into what to expect in the coming months?
Joe David: Yes, so at Oropesa, where we are fully focused on resubmitting our primary licenses, still on track to do so by the end of Q3. We are also progressing towards delivering DFS by the end of calendar year 2024.
So Spain, as discussed earlier, we have taken all the data off the ground, which is at that stage of approval and completing the DFS. So we are very eager to do that.
In Cleveland, it’s kind of a wait and see. We’re going to get to that tungsten. We’re really hoping for some very large tungsten intercepts down there. And basically when we get out, as I said, we’ll do some geophysics and then we’ll make a decision on the next step whether we’re going to go into more in-depth exploration in Cleveland to better define those targets or whether we’re going to start pushing this through the study phases. Both exciting on both projects.
Paul Sanger: Joe David, thank you very much for your time. It was a pleasure, as always.
Joe David: Thank you, Paul, I appreciate it.
Paul Sanger: Have a great day.
Ends
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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Director |
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Volta Finance Limited |
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2138004N6QDNAZ2V3W80 |
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Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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€5.2 per share |
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Total: 3380 |
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August 1, 2024 |
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At the Market – London |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
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Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
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Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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