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Heliostar Builds on Optionality and Ounces in Two Premier Mining Jurisdictions

Source: Streetwise Reports   10/13/2021

Funds from a new $4 million private placement will advance exploration in Mexico and Alaska for a “proven”…

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Source: Streetwise Reports   10/13/2021

Funds from a new $4 million private placement will advance exploration in Mexico and Alaska for a “proven” management team building a high-grade portfolio.

The scene of a desperate Charlie Chaplin eating his shoe is far from today’s reality for gold prospectors and explorers in Alaska. For example, at Heliostar Metals Ltd. (HSTR:TSX.V; HSTXF:OTC; RGG1:FRA) Unga property in the Aleutian Islands, Charlie could have had groceries delivered by Amazon, thanks to daily flights into the nearby Sand Point airstrip.

The Unga property is the flagship project in Heliostar’s plan to build a portfolio of projects with high-grade ounces in North America’s premier mining jurisdictions, according to CEO Charles Funk. At 250 square kilometers — twice the size of Manhattan Island — Unga has a resource of 394,000 ounces at 13.8 grams/tonne gold (g/t). The company is equally excited about its three early-stage projects in Sonora, Mexico.

 

“All of these properties are under-explored, and all have great potential,” Funk told Streetwise. “What’s more, unlike many exploration companies, we have proven discoverers and team members who have made money for companies like Newmont Corp. (NEM:NYSE) and Newcrest Mining Ltd. (NCM:ASX).”

 

Management’s experience include Funk’s lead role in the discovery of Panuco for Vizsla Resources Corp. (VZLA:TSX), and he remains a director of that company. He also was involved with Evrim Resources (now Orogen Royalties Inc. (OGN:TSX.V)) on its Ermintano West gold/silver discovery, now in production in Sonora.

 

Sam Anderson, Heliostar’s VP of exploration has led discoveries in Suriname for Newmont. Rob Grey, Investor Relations Manager, was involved with Extorre Gold Mines Ltd. (XG:TSX; EXGMF:OTCQX) (bought by Yamana Gold Inc. (YRI:TSX; AUY:NYSE; YAU:LSE) and Exeter Resources Corp (bought by Goldcorp, now part of Newmont).

 

In 2019, Funk launched Heliodor, a private company that “built its portfolio in Mexico, focusing on cheap opportunities with huge upside,” he said. “But we were looking for a high-grade flagship that was more advanced to bring us closer to the mining option. We identified Unga in 2020 when it was owned by Red Star. We consolidated the capital structure, brought in a new management team, and renamed the company Heliostar.”

Alaska

Heliostar’s flagship Unga project currently has two reverse circulation drill rigs and one diamond rig turning. The primary focus is on the SH-1 target, with activity also underway at Aquila, Apollo, and Zachary Bay. Work will start at Centennial in November or December 2021.

Apollo was the site of the first underground gold mine in Alaska. It hosts a 2,000-meter-long vein with historically reported production of approximately 130,000 oz at 10g/t gold, according to Heliostar. Recent results from Unga include:

  • SH-1: Resource of 384,000 oz. at 13.8 g/t gold over a drilled strike extent of 1.75 km and remains open at depth. The central portion of the vein has returned several intersections in excess of 10 g/t gold, and a few in excess of 100 g/t gold.
  • Aquila: Intercepts over 475 m showing 1.77 g/t gold over 18.28 m from 4.57 m, including 3.44 g/t gold over 7.62 m from 10.67m; and .55 g/t gold over 41.15 m from 1.52m, including 5.95 g/t gold over 1.52 m from 4.57m
  • Zachary Bay: Two reverse circulation holes targeted porphyry gold-copper mineralization of 0.44 g/t gold equivalent (AuEq) over 71.63 m from 30.48 m downhole, including 0.58 g/t AuEq over 16.76 m from 30.48 m and 0.69 g/t AuEq over 6.10 m from 30.48 m.

While Heliostar’s priority is high-grade gold, Funk said that “the proximity of the different deposit styles highlights the potential value creation of exploring both styles of mineralization.”

Analyst Michael Gray of Agentis recently visited the Unga project and noted five takeaways: 

  1. Consolidated epithermal vein field, ripe for systematic exploration
  2. One-to three Moz. gold potential
  3. Plethora of targets means an array of opportunity (and opportunity cost)
  4. Positive ESG (environment, social, and governance) related to Alaska Native corporations and tribes 
  5. Reasonable access (not as remote as we thought) 

Regarding Unga as a whole Funk, said, “This year we built out a framework to show that this could be much bigger, and our mid -term goal is lifting the resource to rather more than a million ounces,” said Funk. “We are excited to unlock the larger district to reveal the full resource potential of a large property that has seen very little systematic exploration.

Mexico

Heliostar’s most recent results are from its 100%-owned, five-square km Cumaro project, adjacent to SilverCrest Metals’ El Picacho district (360,000 tonnes at 8.5 g/t gold and 40 g/t silver). Those veins extend from Picacho onto Cumaro, where drilling was done by Yamana, the previous operator.

Its 2021 drilling program in the Western Block of Cumaro hit multiple channels of up to 12.6 g/t gold equivalent over 5.0 meters. Funk called these results “a significant step forward. Returning so many high-grade hits on surface over a broad area is very positive.” Drilling continues in the Eastern Block of the claim.

Heliostar owns 100% of two other projects in Sonora:

  • Oso Negro 40km northeast of the SilverCrest Metals Inc. (SIL:TSX.V; SILV:NYSE.American) Las Chispas deposit with similar grades and vein styles outcropping at surface. The veins include Prospector (360m long, with an average width of 1.3m and a weighted average grade of 420 g/t silver equivalent) and Tere (730m long, with an average width of 1.0m and a weighted average grade of 172 g/t silver equivalent). Heliostar also has identified new vein zones with dump samples up to 1,500g/t silver equivalent.
  • La Lola a large, preserved system 20km to the west of the Silver Tiger Metals Inc. (SLVR:TSX.V; SLVTF:OTCMKTS) El Tigre project, features a 6 by 5 km zone of veining and alteration, including the 5km long La Barra vein which swells to 40m wide. Rock chips return up to 57 g/t gold and another with 424 g/t silver. In 2021, drilling encountered high grade silver: 92.0 g/t over 2.5 m.

“Having two strong strings to our bow in Alaska and Mexico gives us a lot of optionality that most small companies don’t have,” he concluded.

Financials

On October 6, 2021, Heliostar announced a $4 million non-brokered private placement of up to 5,714,285 units at a price of $0.70 per unit.

Each unit will consist of one common share and one half of one common share purchase warrant in the company. Each warrant shall be exercisable for one common share at an exercise price of $1.20 for the 24-month period following the closing date.

Heliostar’s market cap is in the CA$25 to $30 million range. More than half of its shareholders are in the retail category, while management and institutions each hold approximately 14%. The Phoenix Gold Fund, K2 and US Global Investors are among the institutions that hold shares. 

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Disclosure:
1) Diane Fraser compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee. He/she or members of his/her household own securities of the following companies mentioned in the article: None. He/she or members of his/her household are paid by the following companies mentioned in this article: None. His/her company has a financial relationship with the following companies referred to in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Heliostar Metals Ltd. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Heliostar Metals Ltd., a company mentioned in this article.

( Companies Mentioned: XG:TSX; EXGMF:OTCQX,
HSTR:TSX.V; HSTXF:OTC; RGG1:FRA,
NCM:ASX,
NEM:NYSE,
OGN:TSX.V,
SLVR:TSX.V; SLVTF:OTCMKTS,
SIL:TSX.V; SILV:NYSE.American,
VZLA:TSX,
YRI:TSX; AUY:NYSE; YAU:LSE,
)










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Energy & Critical Metals

Explorers and Developers Targeting Cobalt Projects

By Ellsworth Dickson Historically, the metal cobalt was a by-product of mines that were mainly…

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By Ellsworth Dickson

Historically, the metal cobalt was a by-product of mines that were mainly concerned with other metals, for example, silver. That was the case for the1903 silver rush around the Town of Cobalt in northeastern Ontario. The hundreds of veins in the camp featured high-grade silver values accompanied by several cobalt minerals.

The silver rush was slow to get started but by 1906 there were 263 mining companies in the Cobalt district. Many famous mines were built such as the Coniagas, Nipissing 407, Agaunico, Silverfields, O’Brien, Glen Lake Mines, Deer Horn Mines, Agnico, Temiskaming, Trethaway, Hi-Ho, Cart Lake and more.

Silver mining continued into the 1980s with cobalt still of secondary interest. The Cobalt area mines lay dormant until about 2017 when the rising price of cobalt resulted in a staking rush with both cobalt and silver of interest. Since 2017, there have been a number of activities in the Cobalt camp – exploration and drill programs, staking, new discoveries, consolidations, changes of plans, and so on. The initial fever has naturally given way to people in it for the long haul. (more later on)

Cobalt is used to make superalloys, high-temperature alloys, cutting tools, magnetic materials, petrochemical catalysts, pharmaceuticals, steels and glaze materials. Back in the 1990s, only 1% of cobalt demand was from its use in rechargeable batteries.

Today, the cobalt market is largely being driven by “new economy” drivers, including lithium-ion batteries, consumer electronics, Electric Vehicles (EVs) and Energy Storage Systems (ESS) that are the dominant uses for lithium-ion batteries, representing 64% of cobalt demand in 2020.

Various world governments have actually mandated the manufacture of EVs and the tapering off of internal combustion engines, resulting in an EV sales growth forecast of 30%. Consequences of the COVID virus have sometimes affected the cobalt marker but that will eventually end. Cobalt is currently trading at US$24.03 per pound, up about 57% from a year ago. Consequently, cobalt explorers and developers have targeted projects in various locales around the world.

Cobalt, being a fairly rare metal, means that there are not that many cobalt projects or mines – either as a primary commodity or as a secondary product, usually with copper, nickel or silver Cobalt is not like, say, the gold or copper sector that generates many projects and mines.

Commodity trader and miner Glencore Plc [GLEN-LSE] recently said it will restart operations at the world’s largest cobalt mine, Mutanda in southeast Democratic Republic of Congo (DRC), towards the end of this year and return to production in 2022.

The DRC (Kinshasa) continues to be the world’s leading source of mined cobalt, supplying approximately 70% of global mine production. The use of child labour at artisanal mines is a big problem.

According to the United States Geological Survey, 2020 mine production was DRC: 95,000 tonnes; Russia: 6,300 tonnes; Philippines: 4,700 tonnes; Canada: 3,200 tonnes; China: 2,300 tonnes; U.S.: 600 tonnes; and Australia: 5,700 tonnes. In 2020, total global production in 2020 was 140,000 tonnes with world reserves pegged at 7.1 million tonnes.

The 2021 diamond drilling program at the Fortune Minerals NICO Project, NWT.

Thanks to the burgeoning EV industry, cobalt demand is expected to steadily increase as manufacturing ramps up which bodes well for the cobalt sector.

Besides northeastern Ontario, there are not a great number of other cobalt projects in North America. One company that stands out is Fortune Minerals Limited [FT-TSX] that has attracted investor interest because its flagship NICO project in Canada’s Northwest Territories that is one of the most advanced cobalt development assets outside the Democratic Republic of Congo (DRC).

Fortune is one of only a handful of global companies that could emerge as a possible supplier of “ethical cobalt” to consumers seeking an alternative to the DRC, currently the source of over 60% of the world’s production.

Amnesty International has warned electric car companies to seek out alternatives to the DRC, which is well known for its mineral wealth, but also civil wars and corruption.

However, Fortune is more than just a play on cobalt. The unique metal assemblage of the NICO deposit includes open pit and underground proven and probable reserves of 33 million tonnes, containing 1.1 million ounces of gold, 82 million pounds of cobalt, 102 million pounds of bismuth, and 27 million pounds of copper.

According to a 2014 feasibility study and recent optimizations, that material could support average annual production for the first 14 years of a 20-year mine life (2020 mine plan), including 1,800 tonnes per year of cobalt in battery grade cobalt sulphate, 47,000 ounces per year of gold in doré bars, 1,700 tonnes per year of bismuth in ingots and oxide and 300 tonnes per year of copper in cement precipitate.

The study suggest that ore can be extracted from a proposed open pit and underground mine and mill that will produce a bulk concentrate for shipment to a refinery that the company plans to construct in southern Canada.

The products that would be produced at the proposed refinery include cobalt chemicals used to make high performance rechargeable batteries, bismuth metals and chemicals, as well as gold.

It is worth noting that the company has received environmental assessment approval and key permits to construct and operate the NICO mine and concentrator in the Northwest Territories.

Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit, located 25 kilometres north of the NICO mine site and other exploration projects in the Northwest Territories, and maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia that were previously bought by a British Columbia Crown corporation.

A helicopter prepares a diamond drill pad at the Fortune Minerals NICO Project, NWT.

Fortune sees Sue-Dianne as a potential future source of incremental mill feed that could extend the life of a NICO mill and concentrator

Sue-Dianne hosts an indicated resource of 8.4 million tonnes grading 0.80% copper, 3.2 g/t silver and 0.07 g/t gold. On top of that is an inferred resource of 1.62 million tonnes of grade 0.79% coper, 2.4 g/t silver and 0.07 g/t gold.

“Cobalt has a critical role in the accelerating transition to e-mobility, and advanced assets like our NICO Project are needed to help satisfy the growing demand and diversify the supply chain,” said Fortune President and CEO Robin Goad.

The NICO project is located 160 kilometres northwest of Yellowknife and 50 kilometres north of Whati, a First Nations community in the North Slave region

Due to the remote location, the Tlicho Highway, under construction for the NWT government, is a key enabler for the NICO development and is nearing completion and expected to open to the public later this year. The $213 million, 97-kilometre all-season road to the community of Whati, together with the spur road that Fortune plans to construct, will allow metal concentrates to be trucked from the mine to the rail head at Hay River or Enterprise, NWT for railway delivery to the company’s planned hydrometallurgical refinery.

Fortune has talked about a total project cost of around $775 million. But the focus now is on various optimizations and refinery sites aimed at delivering a more financially robust project compared to the one envisaged in the 2014 feasibility study.

In keeping with that effort, Fortune recently launched a 3,000-metre drill program to test for a potential expansion of the NICO deposit at the east end of the deposit. It said exploration crews will also test up to four additional targets defined by previous geology and geophysics programs.

Fortune recently raised almost $542,000 from a private placement offering of 3.9 million issued that were issued at 14 cents per unit. It also received a grant of $144,000 from the Government of the NWT.

On October 22, 2021, Fortune shares were trading at $0.13 in a 52-week range of 27 cents and $0.06, leaving the company with a market cap of $47.58 million based on 366 million shares outstanding.

Other companies within the cobalt mining space worth mentioning include:

Canada Silver Cobalt Works Inc. [CCW-TSXV; CCWOF-OTC] recently reported high-grade cobalt assays from its Castle East discovery located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the silver-cobalt district northeast of the Town of Cobalt where the company has completed 42,000 metres of a 60,000-metre drill program aimed at significantly increasing its 43-101 resource estimate. Canada Silver Cobalt Works recently discovered a major high-grade silver vein system at Castle East. The company also has a pilot plant and processing facility.

Kuya Silver Corp. [KUYA-CSE] has given notice of intention to exercise an option to earn a 70% interest in all of First Cobalt Corp.’s [FCC-TSXV; FTSSF-OTCQX] remaining mineral rights in the Cobalt camp. Kuya previously acquired a 100% interest in a property package surrounding the Kerr Lake area for $4-million.

First Cobalt owns a hydrometallurgical cobalt refinery in the Town of Cobalt. The refinery has the potential to produce either a cobalt sulfate for the lithium-ion battery market or cobalt metal for the North American aerospace industry or other industrial and military applications.

With permits and building infrastructure already in place, the First Cobalt Refinery will be operational as early as 2022. Once operational, the Refinery will produce 25,000 tonnes of battery-grade cobalt sulfate per annum, representing more than 5 per cent of all cobalt produced around the world.

Cruz Battery Metals Corp. [CRUZ-CSE; BKTPF-OTC; A2DMG8], formerly Cruz Cobalt Corp., completed a three-hole, 837-metre diamond drill campaign at the Hector Silver-Cobalt property. The company is a large mineral land holder in the Cobalt area and also includes the Bucke, Coleman, Johnson and Lorraine prospects.

Fuse Cobalt Inc. [FUSE-TSXV; FUSEF-OTC; 43W3-FSE], formerly Lico Energy Metals, recently reported that the government of Ontario announced a joint $10-million investment in the First Cobalt refinery in Cobalt Ontario. Significantly, this refinery is located approximately 1,500 metres west of the company’s cobalt exploration property. Fuse holds the Teledyne Cobalt property in Bucke and Lorrain Townships as well as the Glencore Bucke property located on the west boundary of the Teledyne property.

Brixton Metals Corp. [BBB-TSXV; BBBXF-OTCQB] has 100% interests in the Langis-Hudbay silver-cobalt project near the Town of Cobalt. The Langis Mine produced 10.4 Moz silver at 25 oz/ton and 358,340 lbs of cobalt between 1908 and 1989. Between 1903 and 1953 the Hudson Mine produced 4 million ounces of silver and 185,570 lbs cobalt.

iMetal Resources Inc. [IMR-TSXV; ADTFF-OTC] reported grab sample values of 67.9, 29.6 and 11.3 g/t gold from its flagship Gowganda West property.

The Eagle mine of Lundin Mining Corp. [LUN-TSX; LUNMF-OTC; LUMI-Sweden] in Michigan produces a cobalt-bearing nickel concentrate.

Jervois Global Ltd. [JRV-TSXV, ASX; JRVMF-OTC] is constructing the Idaho cobalt project (ICP) about 40 km from Salmon, east-central Idaho. It is a primary cobalt deposit with production estimates of 1,200 tons per day of super-alloy grade high-purity cobalt metal over a 7-year mine life.

The company has committed more than US$30-million toward equipment, materials and labour costs, both on-site and for detailed engineering. Construction, procurement and engineering schedule is on time with plan and commissioning of the mine expected from mid-2022. Currently, underground construction has commenced.

The company said that this historic step marks the first time in decades that the United States will have a primary cobalt mine within its borders.

Bryce Croker, CEO of Jervois, said, “Cobalt is a crucially important material for both defense and civilian applications. The electrification of the United States and global transportation sectors are currently and expected to continue driving exceptional cobalt demand growth.”

Some analysts are predicting a 17% increase in cobalt demand this year over 2020 and even more demand in the future due to the electrification of the world’s vehicle fleet. For example, the Ford Motor Company [F-NYSE] recently announced a US$11 billion investment to build electric vehicles in Tennessee and Kentucky, creating 11,000 new jobs. News doesn’t get much better than that.

 

fortune minerals limited

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Energy & Critical Metals

ALX Resources Stock Up 8% Today – Announces Ground Prospecting Program At Javelin And McKenzie Lake Uranium Projects

ALX Resources Corp. (TSXV: AL) reported today that it has mobilized a helicopter-supported ground prospecting program at the Javelin…

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[nxtlink id="268766"]ALX Resources Corp.[/nxtlink] ([nxtlink id="268766"]TSXV: AL[/nxtlink]) reported today that it has mobilized a helicopter-supported ground prospecting program at the Javelin and McKenzie Lake uranium projects in northern Saskatchewan, Canada. The program aims to target radioactive anomalies identified in the firm’s concluded airborne radiometric and magnetic survey.

 

The two properties are located near the eastern margin of the Athabasca Basin within 65 kilometres southeast of the McArthur River uranium mine. The company’s claims on the properties were acquired during a staking rush that began in mid-September 2021.

In September and October 2021, the company tapped Special Projects Inc. to survey the properties with a radiometric system. The survey covered a total of approximately 306 square kilometres.

The program will prospect the areas identified by the survey as having elevated radioactivity. Prominent structural features with historical mineral showings will also be examined.

ALX Resources last traded at $0.125 on the TSX Venture.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post ALX Resources Announces Ground Prospecting Program At Javelin And McKenzie Lake Uranium Projects appeared first on the deep dive.

Author: ER Velasco

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Base Metals

Where Sustainability Meets Steel: Teck Resources Is Set to Outperform in 2022

Source: Streetwise Reports   10/25/2021

Citing the company’s “long-term potential for significant share price improvement,” BMO Capital…

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Source: Streetwise Reports   10/25/2021

Citing the company’s “long-term potential for significant share price improvement,” BMO Capital Markets has upgraded [nxtlink id="268709"]Teck Resources[/nxtlink] to Outperform.

In a world that increasingly prioritizes decarbonization and sustainability,
you would think it would be tough times for a mining company. But,
noting “strong coal prices” combined with “solid strategy” revealed
in a virtual investor day, BMO Capital Markets has upgraded [nxtlink id="268709"]Teck Resources[/nxtlink] Ltd. (TECK:TSX; TECK:NYSE) to Outperform and raised their one-year target to CA$44.00/share (from CA$40.00/share). 

In other words, by meeting the world’s conflicting needs for both steel and sustainability, [nxtlink id="268709"]Teck Resources[/nxtlink] is poised for success.

 

Teck’s investments in technology and use of cost-effective, low-carbon blast furnace and BOF steelmaking are showing significant benefits. 

 

 

 

 

According to a BMO report, “Yesterday’s virtual investor day update provided helpful color company’s operations, its corporate strategy, and sustainability initiatives. The important QB2 project is progressing on schedule, investments in technology are showing significant benefits, and cash flows are strong (especially in the case of sustained spot copper and coal commodity prices).”

After a year of COVID-19-related drops in demand, steel supply has become more limited than need. China, which accounts for more than half of the global steel output, has cut production an effort to reduce carbon emissions. However, Teck’s investments in technology and use of cost-effective, low-carbon blast furnace and BOF steelmaking are showing significant benefits. Despite the world’s increasing focus on decarbonization and sustainability,

Teck expects that blast furnace-based processes will still be important steelmaking processes in the foreseeable future.

As factors contributing to the decision to upgrade Teck to Outperform, BMO cited strong cash flows as prices remain elevated in Teck’s key commodities and a clear and well-articulated strategy for integrating sustainability into production to meet global demand.

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Disclosures:
1) Wendy Hubbert compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor/employee. He/she or members of his/her household own securities of the following companies mentioned in the article: None. He/she or members of his/her household are paid by the following companies mentioned in this article: None. His/her company has a financial relationship with the following companies referred to in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of [nxtlink id="268709"]Teck Resources[/nxtlink] Ltd., a company mentioned in this article.

Disclosures from BMO Capital Markets, [nxtlink id="268709"]Teck Resources[/nxtlink], Sept. 21, 2021

Analyst’s Certification: As to each company covered on this website, the analyst hereby certifies that the views expressed accurately reflect the analyst’s personal views about the subject securities or issuers. Each analyst also certifies that no part of the analyst’s compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

Analysts who prepared this report are compensated based upon (among other factors) the overall profitability of BMO Capital Markets and their affiliates, which includes the overall profitability of investment banking services. Compensation for research is based on effectiveness in generating new ideas and in communication of ideas to clients, performance of recommendations, accuracy of earnings estimates, and service to clients.

Analysts employed by BMO Nesbitt Burns Inc. and/or BMO Capital Markets Limited are not registered as research analysts with FINRA. These analysts may not be associated persons of BMO Capital Markets Corp. and therefore may not be subject to the FINRA Rule 2241 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

Company Specific Disclosure Key (Last Updated March 9, 2020)

1 – BMO Capital Markets has undertaken an underwriting liability with respect to this issuer within the past 12 months.

2 – BMO Capital Markets has provided investment banking services with respect to this issuer within the past 12 months.

3 – BMO Capital Markets has managed or co-managed a public offering of securities with respect to this issuer within the past 12 months.

4 – BMO Capital Markets or an affiliate has received compensation for investment banking services from this issuer within the past 12 months.

5 – BMO Capital Markets or an affiliate received compensation for products or services other than investment banking services within the past 12 months.

6 – This issuer is a client (or was a client) of BMO Nesbitt Burns Inc., BMO Capital Markets Corp., BMO Capital Markets Limited. or an affiliate within the past 12 months: A) Investment Banking Services; B) Non-Investment Banking Securities Related Services; or C) Non-Securities Related Services.

7 – BMO Capital Markets or its affiliates expects to receive or intends to seek compensation for investment banking services from the company in the next 3 months.

8A – BMO Capital Markets or an affiliate has a financial interest in 1% or more of any class of the equity securities of this issuer.

8B – This issuer beneficially owns 5% or more of any class of common equity securities of Bank of Montreal.

8C – BMO Capital Markets or an affiliate has a financial interest in 0.5% or more in the issued share capital of this issuer.

8D – BMO Capital Markets or an affiliate has a short financial interest in 0.5% or more in the issued share capital of this issuer.

8E – BMO Capital Markets trades or may trade as principal in the debt securities.

9A – BMO Capital Markets makes a market in this security in Canada.

9B – BMO Capital Markets makes a market in this security in United States.

9C – BMO Capital Markets makes a market in this security in Europe.

9D – BMO Capital Markets makes a market in this security in Asia.

10 – A research analyst, associate, or any person (or their household members) directly involved in the preparation of this research report has a financial interest in securities of this issuer.

11 – A research analyst and/or associate who prepared this report and/or a household member is a member of the Board of Directors of this company or an advisor or officer of this company.

12 – A research analyst who prepared this report received compensation from the company in the past 12 months.

13 – A partner, director, officer, employee or agent of BMO Capital Markets is an officer, director, employee of, or serves in an advisory capacity to, this issuer:

14 – A partner, director or officer of BMO Capital Markets or the analyst involved in the preparation of this report has provided paid services to this issuer in the preceding 12 months, other than normal course investment advisory or trade execution services.

15 – A member of the Board of Directors of Bank of Montreal is also a member of the Board of Directors or is an officer of this issuer:

16 – A research analyst has extensively viewed the material operations of this issuer.

17 – The issuer has provided at its expense some or all of the itinerant travel for the research analyst related to facilitating a material site visit.

18 – A redacted draft of this report was previously shown to the issuer (for fact checking purposes) and changes were made to the report before publication.

19 – Custom Company Specific Disclosures.

20 – The issuer has a security with non-voting shares.

21 – The issuer has a security with variable voting shares.

22 – The issuer has a security with subordinate voting shares.

23 – The issuer has a security with restricted voting shares.

24 – BMO Capital Markets Limited acts as corporate broker to this issuer.

Other Important Disclosures: For Important Disclosures on the stocks discussed in this report, please go to https://researchglobal0.bmocapitalmarkets.com/public-disclosure/ or write to Editorial Department, BMO Capital Markets, 3 Times Square, New York, NY 10036 or Editorial Department, BMO Capital Markets, 1 First Canadian Place, Toronto, Ontario, M5X 1H3.

( Companies Mentioned: TECK:TSX; TECK:NYSE, )

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