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We are heading into the Memorial Day long weekend in the U.S.; Markets will be closed on May 27th. Memorial Day weekend is considered the start of driving season. Markets normally tend to rise into long weekends.
Canada’s annual inflation rate slowed to 2.7 percent in April, according to Statistics Canada’s data Tuesday morning. The Bank of Canada’s two core measures of inflation slowed for the fourth month in a row to an annual average of 2.75 percent. This is considered an optimistic sign for anyone hoping for a rate cut any time soon. The central bank meets in two weeks (June 5, 2024) to decide on its next interest rate policy.
Two economic reports Thursday in the U.S. came in stronger than expected and pushed expectations for a start to interest rate cuts from the U.S. Federal Reserve back once again in 2024. A preliminary report suggested growth in U.S. business activity is at its fastest rate in more than two years, while another showed the job market remains solid, as fewer workers applied for unemployment benefits last week than expected. Yet cumulative inflation and higher interest rates for too long are beginning to cause damage to the economy, layoffs, bankruptcies, declining retail sales, and price cuts in retail and restaurants, which still suggest a July rate cut is in order. The presidential election in the U.S. is just over 5 months away, and it appears to be injecting a lot of volatility into the markets.
Canada's main stock index lost almost 150 points Thursday, led by weakness in utilities and base metals. The S&P/TSX Composite Index closed down 145.97 points at 22,200.79, while U.S. stock markets also fell. In New York, the Dow Jones industrial average was down 605.78 points at 39,065.26. The S&P 500 index was down 39.17 points at 5,267.84, while the Nasdaq composite was down 65.51 points at 16,736.03. The indices came off new all-time highs of later last week and earlier this week, but some rebound is underway this morning.
The U.S. dollar (DXY) shot up by almost 1% upon release of those reports and is up 3.5% this year.
Gold touched a new record of $2,450 an ounce on Monday but had lost $100 (4%) by the end of Thursday. Silver lost over 6% from the Monday high and is at $30.50/oz this morning. Some analysts are suggesting this is only the start of a Gold Bull Market. We note that CHF Client Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF), a gold-focused discovery company, has been attracting a lot of interest over the past few days.
Copper surged to its highest-ever level, extending a month-long rally driven by financial investors who’ve piled into the market in anticipation of deepening supply shortages. Falcon Gold Corp. (FG: TSXV), (3FA: GR), (FGLDF: OTCQB) owns copper projects in highly prospective areas in Canada and Chile and are preparing to drill their Great Burnt Copper Project in Newfoundland in June. Last week was hot for commodities: Silver was up 13%, Nickel almost 13%, Platinum 8%, Copper 7%, and Aluminum 3%. Half of those gains were lost this week.
Battery materials continued flat this week as China’s dominance in critical metals/materials processing and manufacturing space continued.
It has been a very active and productive week for our clients, and we are pleased to present to you our round-up of their news released between May 20-24, 2024.
Mining
May 23, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) reported metallic pulp gold assay results from winter drilling at the 552 Zone, as well as assays from a section of the Footwall Splay. These last drill holes targeted a possible bulk sample location, linked to a recently signed Memorandum of Understanding (MOU) with Novamera Inc. (“Novamera”). The MOU includes modelling the near-surface portion of the Footwall Splay Zone for a possible bulk sample using Novamera’s proprietary drilling and bulk sampling technology.
Thank you for the recognition MinerDeck! Sokoman Minerals Corp.’s geologists, including CEO Tim Froude, have worked very hard on the 100%-owned Moosehead Gold property, discovering 7 near-surface high-grade gold zones open in all directions.
See the original post here.
On May 23, 2024, Nuinsco Resources Limited (CSE: NWI ) (FRA: NJX) announced that results from the re-logging of drill core and a review of historic data indicate the presence of higher-grade domains of phosphate/apatite mineralization at the Prairie Lake Critical Minerals and phosphate project than reported in the Company’s mineral resource estimate (MRE) dated May 31, 2022 which could have a positive impact on the Prairie Lake resource.
The Study identified the presence of substantial domains of phoscorite rock containing higher-grade phosphate mineralization associated with elevated content of the mineral apatite. This indicates the potential for larger domains of high-grade phosphate and REEs occurring within the already very large Critical Minerals MRE. In places, abundant phoscorite rock with apatite mineralization is observed over tens of metres in drill core resulting in sizeable, measured intersections with phosphate and REE grades substantially higher than the average grade of the MRE. The presence of phoscorite and domains containing abundant apatite mineralization is of significant interest to the Project.
Technology
May 21, 2024, Visionstate Corp. (TSXV: VIS) announced collaboration with the Alberta Machine Intelligence Institute (Amii), a global leader in machine intelligence who brings unparalleled expertise to the table. The Amii working relationship will involve a project validation and product development process which will solidify Visionstate’s leadership in providing software to the facility management sector. Visionstate has identified key areas of its software platform to leverage artificial intelligence to significantly improve operational efficiencies such as schedule and resource optimization. Visionstate will utilize the expertise of Amii to execute on the it’s AI strategy. As part of the Pan-Canadian AI Strategy, Amii’s threefold mission aligns with Visionstate’s vision:
Advancing Research: Amii pushes the frontiers of machine-intelligence research, exploring novel algorithms, techniques, and applications.
Applied Solutions: Their ability to translate scientific breakthroughs into practical business solutions is unmatched.
Talent Incubation: Amii accelerates the development of skilled professionals, bridging the gap between academia and industry.
The validation process is expected to take approximately six weeks and will be followed by development of the Machine Learning (ML) model to be integrated with Visionstate’s facility management software.
Fintech
On May 21, 2024, CHF’s clients Tenet Fintech Group Inc. (CSE: PKK) (OTC Pink: PKKFF) operator of the Cubeler® Business Hub, and Able View Global Inc. (NASDAQ: ABLV), China's second-largest international beauty and personal care brand manager, announced that they have signed an agreement in principle for the distribution of Canadian brands in China.
The parties will develop a program that will help identify brands owned by members of the Cubeler® Business Hub that could successfully be distributed in China through Able View's services under a negotiated revenue-sharing structure between Able View and Tenet. A definitive agreement with the terms of the revenue-sharing structure is expected by no later than July 31, 2024.
Able View Global Inc. is a brand management and distribution company. Able View partners with beauty and personal care brands in China and around the world for sales and distribution in China. Its brand management services, used by both well-established international brands and emerging brands.
Tenet Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) and artificial intelligence (AI) companies. Tenet's subsidiaries offer various analytics and AI-based products and services to businesses, capital markets professionals, government agencies and financial institutions either through or leveraging data gathered by the Cubeler® Business Hub, a global ecosystem where analytics and AI are used to create opportunities and facilitate B2B transactions among its members.
Cannabis
May 21, 2024, StickIt Technologies Inc. (CSE: STKT), an Israeli technology and cannabinoid company, today announced an unsecured convertible debenture placement. The $10,000 unsecured convertible debenture from StickIt, maturing on April 18, 2025, carries a 5% interest rate per annum and is payable at the end of the term. The convertible debenture can be converted into Common Shares at a conversion price of $0.35 per Common Share at the election of the debenture holder.
The funds will be invested in Ripco Processing Inc., a cannabis processing and research and development facility located in Calgary, Alberta. Ripco, which has a team of experienced cannabis pioneers, focuses on creating unique, desirable cannabinoid-based products for recreational and medical use. Ripco, known for its innovative cannabis products, brings popular brands like Stickit and StirIt to the Canadian market.
"Ripco is pleased to be working with Stickit in Canada. This relationship gets the amazing Stickit products into the Canadian market quickly, feeding directly into our existing distributions channels for immediate sales.", says Ripco.
"Stickit, as an innovator in cannabis technologies, knows that its success in Canada is directly tied to the success of Ripco's Stickit launch. We are happy to help our licensees achieve success with our products, and we know Ripco does great work.", said Eli Ben Haroosh, CEO of Stickit Technologies.
SAVE THE DATE
On May 29, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) will present at the Emerging Growth Conference from 12:00 – 12:30 Eastern time. This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company’s President and CEO, Tim Froude, in real-time.
From 11:00 AM May 29 to 1:30 PM NDT Fri, May 31, 2024, Sokoman Minerals Corp. (TSXV: SIC) (OTCQB: SICNF) will be attending the 35th Annual Baie Verte Peninsula Chamber of Commerce, Mining Conference. Please Visit us at our booth!
319-Highway 410 Baie Verte, NL A0K 1B0
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