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Cub Energy Announces Sale of CNG Interest
http://www.cubenergyinc.com/_resources/news/nr_2021-04-30.pdf
Houston, Texas – April 30, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), announces it has entered into a share purchase agreement (“SPA”) to sell its 50% interest in CNG Holdings Netherlands B.V. (“CNG”), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine.
Cub is to receive consideration of €800,000 (US $970,000) for its 50% interest in CNG. The consideration consists of €600,000 (US $728,000) in cash on closing and €200,000 (US $242,000) is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval.
The Company expects the closing in approximately one to two months’ time and will use the cash for general working capital. Patrick McGrath, Cub’s Interim Chief Executive Officer, said “Cub decided to divest its interest in CNG as we view it as a non-core asset that will likely be capital intensive in the near future as it is at the exploration stage.”
About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is a power and upstream oil and gas company. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing power and oil and gas assets within a high pricing environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Interim Chief Executive Officer (713) 577-1948 patrick.mcgrath@cubenergyinc.com
SSA Company Performance Chart From 2006 To 2020
Year--- Revenue--- Profit/(-Loss)--- Assets/Liabilities--- Asset/Debt Ratio
2006--- $807,000--- (-$485,000)--- $464,000--- $2,505,000--- 0.19
2007--- $794,000--- (-$1,010,000)--- $678,000--- $2,104,000--- 0.32
2008--- $844,000--- (-$758,000)--- $593,000--- $2,630,000--- 0.23
2009--- $774,000--- (-$648,000)--- $353,000--- $3,040,000--- 0.12
2010--- $1,160,000--- (-$340,000)--- $388,000--- $3,400,000---0.11
2011--- $1,230,000--- $177,000--- $399,000--- $2,146,000--- 0.19
2012--- $1,170,000--- (-$315,000)--- $274,000--- $2,260,000--- 0.12
2013--- $1,280,000--- (-$74,000)--- $292,000--- $2,280,000--- 0.13
2014--- $1,440,000--- $45,000--- $343,000--- $2,207,000--- 0.16
2015--- $1,820,000--- $189,000--- $445,000--- $1,840,000--- 0.24
2016--- $1,550,000--- $152,000--- $417,000--- $1,490,000--- 0.28
2017--- $1,780,609--- $222,810--- $479,631--- $1,325,665--- 0.36
2018--- $2,045,806--- $495,372--- $747,183--- $1,097,845--- 0.68
2019--- $2,036,047--- $872,875--- $1,432,222--- $370,683--- 3.86
2020--- $1,594,026--- $603,462--- $1,948,485--- $283,484--- 6.87
Spectra Products Inc. Reports Fourth Quarter 2020 Results
For Immediate Release – April 27, 2021
Toronto, Ontario – Spectra Products Inc. (SSA: TSX VENTURE) reports the release of its financial results for the twelve-month ended December 31, 2020. Revenues for the twelve-month period ending December 31, 2020 were $1,594,026 compared to $2,036,047 for the same period in 2019. Revenues for the fourth quarter ending December 31, 2020 were $408,867 compared to $380,944 in 2019.
In the twelve-month period ended December 31, 2020, income before income taxes of $486,528 was earned and other comprehensive income before income taxes of $285,041 was earned, resulting in total comprehensive income before income taxes for the twelve-month period ended December 31, 2020 of $771,569. For the twelve-month period ended December 31, 2020 total comprehensive income, after income taxes, was $603,462.
“In spite of the severe downturn in the economy due to Covid-19, the Company’s Gross Profit decreased much less than the general decline in the economy. Also, management was able to produce substantial reductions in expenses. Together these factors allowed the company to report its second highest level of Income Before Taxes in the Company’s history.” stated Andrew Malion, the Company’s President.
Comparatively, in the twelve-month period ended December 31, 2019, income before income taxes of $364,468 was earned and other comprehensive income before income taxes of $0 was earned, resulting in total comprehensive income before income taxes for the twelve-month period ended December 31, 2019 of $364,468. As a result of the improved financial position of the Company, in the fourth quarter of 2019, a deferred tax asset of $508,407 was recognized. Accordingly, for the twelve-month period ended December 31, 2019 total comprehensive income, after income taxes, was $872,875.
In the fourth quarter ended December 31, 2020, income before income taxes of $113,243 was earned and other comprehensive income before income taxes of $285,041 was earned, resulting in total comprehensive income before income taxes for the fourth quarter ended December 31, 2020 of $389,284. For the fourth quarter ended December 31, 2020 total comprehensive income, after income taxes, was $329,097.
Spectra Products Inc. is the Toronto-based North American designer, manufacturer and distributor of wheel end safety products to the transportation industry. These products include Brake SafeÒ, Brake InspectorÒ, Zafety Lug LockÒ, Hub Alert™ and the Anti-Seize Cotter Pin™ as well as the Termin-8RÒ line of anti-corrosion and extreme pressure lubricants.
Except for the historical information contained herein, this news release contains forward looking statements that involve risks and uncertainties, including the impact of competitive products and pricing and general economic conditions as they affect the Corporation’s customers. Actual results and developments may therefore differ materially from those described in this release.
On behalf of the Board of Directors,
Andrew Malion, President, Spectra Products Inc.
Investor Relations: 1-800-308-5255
E-Mail: info@spectrainc.ca
Website: www.spectrainc.ca
Northern Vertex announced their first quarter results this week. 9,912 ounces of gold mined, so at say $1750 average, that's $17.346 million USD. At a 3% royalty to PGOL, we get $520k USD for the quarter. Patriot's next quarter should be out at the end of May.
https://www.stockwatch.com/News/Item/Z-C!NEE-3064909/C/NEE
Patriot Gold Corp Audited Year End Results
Link: https://www.otcmarkets.com/filing/html?id=14870454&guid=x9jpUKCL2qz9Mth
Ticker Symbols: PGOL for both exchanges (OTC & CSE)
Price: $0.13USD and $0.20CDN
Common shares: 74,380,354
Insider/Institutional Holdings: 49.5%
Website: www.patriotgoldcorp.com
Financial Breakdown below. All numbers are in $USD
Note: Northern Vertex Mining owns the Moss mine and pays Patriot Gold royalties on a ongoing basis. This mine has several years of production left, based on the last 43-101 resource report. This report will be updated shortly and will extend the life on the Moss mine, giving PGOL additional years of royalty revenue. As well, the company will be releasing drill results on it's own properties, Rainbow & Windy Peake, shortly. Bruner, the other royalty held by Patriot Gold also had an update recently via Canamex Gold.
Financials
ASSETS In $USD
Cash: $1,123,132
Marketable Securities: $221,580
Royalty Receivables: $1,076,130
Prepaid Expenses: $105,000
Deferred Tax Asset Allowance: $1,165,000
Total Assets: $3,691,842
LIABILITIES in $USD
Accounts Payable: $50,763
Accounts Payable(Related parties): $182,618
Total Liabilities: $233,381
2020 Performance In $USD
Revenue: $2,468,078
Total Expenses: $1,369,210
Net Income Before Taxes: $862,293
Income Tax Benefit: $1,165,000 - See Note 10 (Additional $8.7 million in tax benefits)
Net Income: $2,027,293 or $0.03c USD
After a couple years of doing nothing with Burner, CSQ is finally selling this fantastic gold project off to another company which should be capable of putting it into production. PGOL owns a 2% NSR on this asset. For more information, see Canamex's website.
https://www.canamexgold.com/bruner/
Canamex signs exclusivity deal for Bruner project
2021-04-06 11:32 MT - News Release
Mr. David Vincent reports
BRUNER GOLD PROJECT EXCLUSIVITY AGREEMENT, CONVERTIBLE DEBENTURES, FORBEARANCE AGREEMENT
Canamex Gold Corp. has provides an update regarding an exclusivity agreement on the Bruner gold project executed on March 31, 2021, and an update on the status of its secured convertible debentures issued by the company on Oct. 25, 2016, and Dec. 23, 2016, and which matured on Oct. 25, 2019, and Dec. 23, 2019, respectively.
Exclusivity Agreement
On March 31st, 2021 the Company executed an Exclusivity Agreement with a third party, for the potential sale and purchase of the Company's 100% controlling beneficial interest in the Bruner Gold Project (the "Transaction").
Under the Exclusivity Agreement, the terms of the Transaction are non-binding and indicative, until after completion of positive due diligence and completion of other customary closing conditions, including approval by the Board and the shareholders of the Company, and the execution of a definitive binding agreement.
The Company will keep all stakeholders updated, on the progress of the Transaction as milestones are completed.
If a definitive binding agreement is executed with regards to the Transaction, then the Gold Forward sale Agreement with MetalStream (refer below) will be terminated by the Company, being a condition precedent.
Forebearance Agreement
The Company is pleased to announce that a Forbearance Agreement dated April 1st, 2021 has been executed by the Company and Concept Capital Management Ltd. ("Debenture Holders Agent").
The Debenture Holders Agent has agreed to further forbear from exercising their rights and remedies under the Debentures and related security documents (collectively, the "Loan Documents") arising from the delays by the Company in paying interest and repaying the principal of the Debentures, provided that the Outstanding Obligations under the Debentures are repaid on or before August 31st, 2021.
If the Company fails to make full payment, including any agreed penalties, on or before August 31st, 2021, then the Debenture Holders Agent shall be entitled, at their sole discretion, to enforce their rights under the Loan Documents.
Gold Forward Sale - Update
On July 15th, 2020 the Company provided an update regarding the status of its Gold Forward Sale Agreement (the "Agreement") with MetalStream Ltd ("MetalStream"), originally announced January 27, 2020 and an extension announced April 23, 2020.
The Company advised that the initial first tranche payment was increased to US$5,500,000; and was delayed due to Covid-19 related banking and logistic delays, experienced by MetalStream. Despite these Covid-19 related delays, the Company and MetalStream remain fully committed to the Agreement; and the first tranche payment is expected to be completed before August 31st, 2021.
The subsequent second and third tranches payable under the Agreement were also amended as follows:
a) Second tranche payment of US$5,000,000 was increased to US$5,500,000.
b) Third tranche payment of US$25,000,000 was reduced to US$24,000,000.
The Company proposes to use the above proceeds from its Agreement with MetalStream, to settle the interest and any penalties, and repaying the principal of the Debentures, on or before August 31st, 2021.
If a definitive binding agreement is executed with regards to the Bruner Gold Project Transaction announced above, then the Gold Forward sale Agreement with MetalStream will be terminated by the Company, being a condition precedent.
The Company will keep all stakeholders updated, on the progress of the Gold Forward Sale transaction with MetalStream.
About Canamex
Canamex is a public listed company registered in British Columbia, Canada, trading on the Canadian Securities Exchange (CSE: CSQ) and is engaged in pre-development of the Bruner gold and silver project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner project in 2016. Based on additional drilling conducted on the property, the company completed an updated PEA in 2018, which increased the resources and improved the economics of the project.
The PEA is based primarily on indicated resources, but also included about 10% inferred resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.
Canamex is planning to move the Bruner project forward into permitting and development using the proceeds from a gold stream forward sale to MetalStream Limited.
We seek Safe Harbor.
SSA Technical Charts - 100% Buy Rating
https://www.barchart.com/stocks/quotes/SSA.VN/opinion
Overall Average:
100% BUY
Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal.
Barchart Opinion
INDICATOR
Opinion Strength & Direction
Composite Indicator
TrendSpotter
BUY
Short Term Indicators
20 Day Moving Average
BUY
20 - 50 Day MACD Oscillator
BUY
20 - 100 Day MACD Oscillator
BUY
20 - 200 Day MACD Oscillator
BUY
20 - Day Average Volume: 210,365 Average: 100% BUY
Medium Term Indicators
50 Day Moving Average
BUY
50 - 100 Day MACD Oscillator
BUY
50 - 150 Day MACD Oscillator
BUY
50 - 200 Day MACD Oscillator
BUY
50 - Day Average Volume: 177,835 Average: 100% BUY
Long Term Indicators
100 Day Moving Average
BUY
150 Day Moving Average
BUY
200 Day Moving Average
BUY
100 - 200 Day MACD Oscillator
BUY
100 - Day Average Volume: 142,160 Average: 100% BUY
Cub Energy Inc. April 2021 Company Presentation & Natural Gas Pricing In Ukraine
http://www.cubenergyinc.com/_resources/corporate-presentation.pdf
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/#
Based on the natural gas pricing in Ukraine, which was substantially lower in 2020 compared to 2021, Cub Energy should have much larger profitable quarters going forward, especially when the RK field begins producing.
Cub Energy Inc. Reports Year-End Reserves for 2020
http://www.cubenergyinc.com/_resources/news/nr_2021-03-31b.pdf
Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB)
announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The evaluation was performed on the Company’s 35% working interest in KUB-Gas LLC (“KUB-Gas”) and was conducted by Ryder Scott Petroleum Consultants (“Ryder Scott”), an independent qualified reserves evaluators and auditor (“Reserves Report”).
The 100% owned RK field, held by the Company’s wholly-owned subsidiary Tysagaz LLC, was not subject to a Reserve Report in 2020 given the Company is awaiting the commencement of commercial production at the power generation project which will utilize the gas at the RK field. The Company expects to re-evaluate the reserve category of the RK field in 2021.
Patrick McGrath, Interim CEO of Cub said: “The natural gas price assumptions in the 2020 reserve report were approximately 15%-20% lower than the World Bank forecasts for the same period which had a negative impact on the value of the 2020 reserve results. However, to date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range. In addition, the Company hopes to have its RK field re-evaluated to a reserve category in 2021 upon the material re-start of the RK field.”
All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation
Handbook ("COGE Handbook") and are in accordance with Canadian Securities Administrators
National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Cub’sNI 51-101 disclosure for the year ended December 31, 2020 is in its Form 51-101 F1 filed on SEDAR www.sedar.com and posted on the Company’s website at www.cubenergyinc.com
$165,000 USD profit for Q4. This is with lower natural gas pricing compared to 2021 and without the RK producing, which is currently awaiting government approval.
Cub Energy Announces 2020 Results
http://www.cubenergyinc.com/_resources/news/nr_2021-03-31.pdf
Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused upstream oil and gas company, announced today its audited financial and operating results for the year ended December 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC (“Kub-Gas”), which Cub has a 35% equity ownership interest, Tysagaz LLC (“Tysagaz”), Cub’s 100% owned subsidiary and CNG LLC (“CNG”), which Cub has a 50% equity ownership interest. Patrick McGrath, Interim CEO of Cub said: “We are pleased to report the two Jenbacher power units arrived on site on the RK field in Q4 2020 and were successfully installed and tested during Q1 2021 and just awaiting final regulatory approval to start selling into the local power grid. While the commercialization has taken longer than expected, we look forward to the commencement of power production. Due to stronger gas trading margins in the fourth quarter of 2020, the Company reported net income of $165,000 during the three months ended December 31, 2020.” Operational Highlights
• Achieved average natural gas price of $3.79/Mcf and condensate price of $41.07/bbl during the year December 31, 2020 as compared to $5.36/Mcf and $49.51/bbl for 2019. The decrease in gas price is in large part due to the impact of COVID-19. To date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range.
• Production averaged 619 boe/d (97% weighted to natural gas and the remaining to condensate) for the year December 31, 2020 as compared to 784 boe/d for 2019.
• In 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. The two units were manufactured and delivered to the RK Field in the fourth quarter of 2020 to begin installation and commissioning. Each power generation unit will have the capacity to produce as much as 1.5 megawatts (“MW”) of power or 3 MW in total.
Financial Highlights
• The gross profit on the Company’s gas trading business increased to $1,523,000 during the year ended December 31, 2020 as compared to $825,000 in gross profit in 2019.
• The Company reported net income of $165,000 or $0.00 per share during the three months ended December 31, 2020 as compared to a net loss of $11,320,000 or $0.04 per share during 2019. The Company reported a net loss of $2,109,000 or $0.01 per share during the year December 31, 2020 as compared to a net loss of $11,060,000 or $0.04 per share during 2019. Excluding the one-time impairment and provision charges in 2019, the Company would have had net income of $262,000.
• Netbacks of $8.55/boe or $1.43/Mcfe were achieved for the year December 31, 2020 as compared to netback of $15.88/Boe or $2.65/Mcfe for 2019.
• The Company has implemented certain cost-cutting initiatives during 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants.
East West Petroleum Retains Technical Advisors for New Zealand Operations
Vancouver, British Columbia--(Newsfile Corp. - March 29, 2021) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to report that it has retained a technical advisory team in New Zealand to assist in oversight over operations at Cheal.
The Cheal productions assets are held by the Company's wholly owned New Zealand subsidiary and the subsidiary has concluded an agreement with 3TCF Limited ("3TCF"), a private New Zealand corporation, with a team of seasoned oil and gas professionals in order to have oversight and guidance on operating matters. Since the start of the COVID-19 pandemic travel has been difficult for both the Company and the permit operator. As a result, the Company now has a New Zealand based technical team, which can provide oversight over ongoing operations.
Headed by Mr. Bill Treuren, a successful New Zealand businessman and entrepreneur, with a 30-year background in oil & gas pipelining, facilities, drilling and completion engineering, 3TCF can provide the necessary foundation to have New Zealand operator capability allowing us to manage existing and new exploration and production operations. Other key members of the 3TCF management team include Dave Bennett, Duncan Hardie and Allister Richardson. Dave has 40 years' experience in petroleum exploration holding senior roles in numerous economically viable oil & gas discoveries. Most recently Dave was Technical Director of Tag Oil, which held acreage adjacent to the Company's New Zealand properties. Duncan has 40 years' experience as a successful entrepreneur in minerals and petroleum exploration & other business areas. Duncan is Principal of Hardie Pacific & Munuku Pty. Ltd., which holds and has under application a total of seven EPM permits north of Cairns, Australia. Allister is a consulting geologist with 17 years oil industry experience, was previously Tunisia exploration manager for Oil Search & later Chairman of Rawson Resources Ltd.
Said interim CEO Mr. Nick Demare: "We are pleased to have concluded this agreement with 3TCF and look forward to working with the 3TCF team."
Said 3TCF President Mr. Bill Treuren: "We look forward to working with East West in order to assist them in managing their New Zealand assets."
About East West Petroleum Corp.
East West Petroleum Corp. (www.eastwestpetroleum.ca) is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS"). The Company does not own the acres but has exploration rights.
Cub Energy Announces Appointment of Board Member and Power Generation Update
Houston, Texas – March 23, 2021 – Cub Energy Inc. (“Cub” or the “Company”) a Ukraine-focused power and upstream oil and gas company, announces the appointment of Eugene Chaban as a member of the board of directors effective immediately. Mr. Chaban has been working with the Company in a management position since 2014 and was appointed Chief Financial Officer on February 2, 2021. Mr. Chaban has worked in the energy sector in Ukraine for over 10 years including oil and gas, power generation and energy trading.
The Company’s two Jenbacher gas power generation engines were successfully tested and installed to the local power grid in February 2021. To commence commercial production, the Company requires government regulatory approval which is still pending and the Company believes will be granted in due course. This should result in the restart of the RK field in western Ukraine.
About Cub Energy Inc.
Cub Energy Inc. is a power and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high pricing environment.
For further information please contact us or visit our website: www.cubenergyinc.com
Patrick McGrath
Interim Chief Executive Officer
(713) 577-1948
patrick.mcgrath@cubenergyinc.com
EU To Label Gas to Electricity Plants As "Green"
https://www.euractiv.com/section/energy-environment/news/eu-to-offer-gas-plants-a-green-finance-label-under-certain-conditions/
EU to offer gas plants a green finance label, under certain conditions
The European Union plans to label some gas power plants as sustainable investments, after an initial proposal to deny them a green label faced a backlash from a group of 10 EU member states.
The European Commission’s new proposal, shared with EU countries on Saturday, would class gas-fuelled plants that generate power plus heating or cooling as a green investment if strict conditions on emissions are met and they are operating by 2025.
The EU’s updated proposal for gas plants is part of its Sustainable Finance Taxonomy, which defines what economic activities can be marketed in Europe as sustainable investments from next year. The full text of the proposal was published online by specialised news site Contexte.
The Commission declined to comment on the draft proposal. It plans to finalise the sustainable finance rules by April 21.
The EU’s aim is to steer more capital into environmentally friendly projects to help it deliver on its plan to rapidly slash the greenhouse gas emissions causing climate change.
But the taxonomy has become mired in disputes between EU countries over how to treat investments in natural gas, forcing the Commission to rewrite its original proposal from November.
Natural gas, a fossil fuel, produces roughly half the carbon dioxide (CO2) emissions of coal when burned in a power plant and countries such as Poland and Germany plan to use gas to wean themselves off the more polluting fuel.
However, gas is not emissions-free and there are growing concerns that leaks of potent planet-warming methane from gas infrastructure could cancel out the benefits of switching to gas from coal.
Strict conditions
Under the draft plan, gas plants that generate power and also provide heating or cooling can be classed as a green investment if they replace a high-emitting fossil fuel-based facility and result in a cut in greenhouse gas emissions of at least 50% per kilowatt hour (kWh) of energy produced.
The gas plant must be operating by 2025, have the potential to use low-carbon fuels in future, and emit no more than 270 grams of CO2 equivalent per kWh of energy.
For plants only producing power, or those that also provide heating or cooling but do not replace a more polluting plant, the Commission stuck to its plan to restrict the green label to plants with life-cycle emissions below 100g of CO2 equivalent per kWh, according to the draft document.
That means gas power plants operating now would need to add technology to capture their emissions to qualify.
Sean Kidney, chief executive of the Climate Bonds Initiative, said it was a major win for climate action that the Commission had not weakened this 100g emissions limit.
“That is a key marker for electricity generation that we need to spread globally,” said Kidney, a member of the EU’s advisory group on the sustainable finance taxonomy.
James Watson, secretary general of gas industry group Eurogas, declined to comment on the draft proposal but said the 100g limit was a barrier to switching to gas from coal.
“The taxonomy must leverage all viable technology, including highly efficient gas-fired solutions and renewable and low-carbon gas-ready units,” Watson said.
The new proposal aims to placate countries split over the finance rules, as it would take a majority of the bloc’s 27 members to veto them.
A group of 10 EU countries, including Bulgaria and Poland, had urged the Commission to label gas power as green by giving plants a feasible threshold they could meet.
States including Denmark and Spain, however, have warned Brussels not to weaken its initial plan to deny gas a green label.
Northern Vertex finally released a new company presentation today. I checked last week and it wasn't there. Good information and some timelines on it. PGOL has a 3% NSR on Moss, so getting more drill results this year and an updated 43-101 will add significant value to the royalty on this property.
https://www.northernvertex.com/site/assets/files/2310/03_22_2021_vertex_corp_pres_final-v2.pdf
Just a quick history lesson here. In 2015, Leo Berezan (WCE's largest shareholder) sold the current producing property to WesCan for shares. Over the past 6 years, Leo has continued to increase his position in WCE, the largest increase just happened now. It's very likely that Leo knows the full potential of the property since he was the prior owner. Seeing him buying stock before the workovers and potentially a drill program is as good as it gets in terms of where things are headed. Company production costs range from $29-36 a barrel, as per the last 6 quarters. So to double the production and get $60+ for your oil, it's obvious to see that the company is making good money right now.
Wescan Energy four-million-share private placement
2021-03-16 18:23 MT - Private Placement
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced March 1, 2021.
Number of shares: four million common shares
Purchase price: five cents per common share
Number of placees: eight placees
Insiders: Greg Busby, 500,000; John Cassels, 500,000; Perry Miller, 500,000; Leo Berezan, two million
Wescan Energy closes $200,000 private placement
2021-03-15 12:10 MT - News Release
Mr. Greg Busby reports
WESCAN ENERGY ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Wescan Energy Corp. has closed it previously announced non-brokered private placement of 4,000,000 common shares of the Corporation ("Common Shares") at a subscription price of $0.05 per Common Share for gross proceeds of $200,000 (the "Offering"). The Common Shares are subject to a four month hold from the date of issuance, expiring July 16, 2021. No commissions or finders fees were paid pursuant to the Offering.
Proceeds from the Offering will be used for the further development and workovers of certain wells located at the Company's core area in Provost, Alberta and general working capital purposes. The Company will also be reviewing well optimization projects including pipeline integrity schemes to provide additional production from certain wells that require workovers. The Offering is considered to be a "related party transaction" pursuant to Multilateral Instrument 61-101 as several insiders will be subscribing for shares pursuant to the Offering, but the Company is availing itself of the exemptions from obtaining a formal valuation and obtaining "majority of the minority" approval due to the exemptions available in Sections 5.5(a) and 5.7(1)(a) of said instrument. In addition, one of the subscribers will hold over 20% of the issued and outstanding Common Shares following the closing of the Offering but will not be a "control person" as such term is defined in the policies of the TSX Venture Exchange as there are several other large block shareholders of the Company and this shareholder is not part of management and has no special or superior rights over other shareholders.
We seek Safe Harbor.
Wescan will be picking up momentum pretty quick here as the company is starting to grow again. WTI hit $66 today and their production costs over the last several quarters range from $29-36 per barrel. So almost doubling at the moment.
WCE oil and gas reserves are nearly half a million barrels as well, mostly light oil. With workovers being done, a $200K placement at 5 cents ready to close and positive cash flow building, stock is looking good. Tight float of only 31.4 million shares and because it's coming off a multi year low, investors realize that most older shareholders in Wescan have higher costs. There's also some drilling locations which could be a game changer for the company.
Well report with production costs from the 51-101: https://cdn-ceo-ca.s3.amazonaws.com/1g3vtib-WCE%20Producing%20Wells.jpg
51-101 Reserve report: https://cdn-ceo-ca.s3.amazonaws.com/1g3vthi-WCE%20Reserves%20%26%20Cost%20Of%20Production.jpg
PGOL put out another monthly report yesterday on the CSE. Looks like we are waiting on both Rainbow and Windy Peak assay results now. The fact that the company mentions additional work is being done on both properties tells me that drill results must of looked good from a mineralization standpoint? Otherwise why continue working on the two projects right away. But also past results have indicated that Windy Peak has some good gold potential. Rainbow we aren't sure just yet because drilling hasn't happened on that lease. Because Nevada is the hottest spot in the world for mining at the moment, it's a doubled edged sword. Patriot's assets are more sought after, but getting simple things done like hiring a drill crew or getting assays completed will take much longer. Then we have year end results out at the end of March, which we already know will be good because is a royalty is pretty simple to calculate. Then Q1 results will be out in May, again we know it's good because all you have to do is take 3% of whatever Nothern Vertex's revenue is for their quater and voila.
March CSE Update Link: https://webfiles.thecse.com/0321_CSE_Form_7_-_Monthly_Progress_Report.docx?bAqDg2RQ_ZvuuCdUq2CZoQyBb7Z14S73
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
Patriot is awaiting assay results from drilling programs on its Windy Peak and Rainbow Mountain projects.
2. Provide a general overview and discussion of the activities of management.
We are continuing to conduct exploration on our Rainbow Mountain and Windy Peak projects, and are vetting potential projects.
PGOL does not mine Moss in Arizona, that is done by Northern Vertex, another public company. PGOL gets 3% of their revenue until the mine is exhausted, which is a minimum 8-9 years right now. But Nothern Vertex is increasing it's resource, so PGOL could potentially get 15-20 years of payouts from just one royalty. Then they own another royalty on a proven gold deposit in Nevada, along with three gold projects they are currently drilling up.
Symbol: EW.V (Canada) & EWPMF(USA)
Current Price: $0.06CAD & $0.048USD
Shares Outstanding: 89,585,665
Most Recent Financials (Ending December 31st 2020)
Financials
ASSETS
Cash: $5,877,142 – 6.6 cents a share
GST receivable: $7,303
Amounts Receivable: $86,347
Prepaid Expenses: $27,800
Investments: $36,100
Exploration & Evaluation Assets: $1,715,200
Property, Plant & Equipment: $318,147
Total Assets: $8,068,039
LIABILITIES
Accounts Payable: $482,967
Decommissioning: $1,368,938
Total Liabilities: $1,851,905
Quarterly Performance
Revenue: $469,380
Net Income: $89,569 – New Zealand production was down due to workovers. Profit came from one time asset sale of investments.
MD&A Highlights
New Zealand
The Company had previously agreed to sell its interest in PEP 54877 and PMP 60291 which comprise the majority of its New Zealand assets. The agreement was terminated by the Company on August 1, 2020. The Company is currently assessing its go-forward plans, which includes the possible sale of its New Zealand concessions to other buyers and ongoing discussions on the Teremia North Field in Romania, and whether its focus should remain on the oil and gas sector. At this time no decisions have been made but the Company will be assessing alternatives.
PMP 60291 is the location of the Cheal E-Site and the Cheal E-site production facility as well as the Cheal-E wells. A waterflood program is ongoing however the efficacy of the program and its impact on production is an ongoing item of debate. The Company’s technical advisors have stated that there is no unequivocal evidence that water injection through the Cheal-E7 well has had a significant impact on production from PNP 60291 but that there is evidence to the contrary. The Company’s advisors attribute the production performance to other factors than injection through the Cheal-E7 well. The determination whether the waterflood utilizing Cheal-E7 as the injector well is creating the positive response in production impacts the Company’s obligation to fund its 30% share of the costs of acquiring the Cheal-E7 well, being 30% of NZ $3,200,000. No funding will be advances until the issue is resolved.
The Company produces its oil and gas production from five wells on the Cheal-E site. On October 24, 2020 the ChealE1 pump stopped functioning due to downhole blockage and, as a result, production ceased from the Cheal-E1 well. As the major producing well, the stoppage of the Cheal-E1 well has had a major impact on the Company’s share of production for the three months ended December 31. 2020 (“Q3”) on which 5.3 Mbbl oil and 9.4 Mmcf gas was produced, compared to 13.8 Mbbl oil and 21.2 Mmcf gas produced during the three months ended September 30, 2020 (“Q2”), a decrease of 61.5%.
The Operator has managed to pull the rods out of the Cheal-E1 well with a crane, cleaned the well and replaced the pump. However, only limited production resumed in mid-January 2021 without annular flow. A workover of the Cheal-E1 well is planned for mid-May 2021 to restore the well to full production.
Romania
NIS will be funding 100% of the costs and fully carrying the Company through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence. There have been several meetings of both the technical and operating committees to discuss work program results and determine whether the Teremia North field is a commercial discovery. Declaration of a commercial discovery will result in the Company being responsible for 15% of the development costs. At the operating committee meeting held February 8, 2021 NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company’s assessment, marginal and did not merit the significant capital contributions required. NIS, being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.
Given the project economics, the return on investment and the net present value the Company cannot justify contributing its 15% share of the estimated US $50,000,000 development costs. In the event NIS proceeds on an exclusive basis the Company will have no interest in the development lands that make up the Teremia North field. The Company will retain its carried interest in the balance of the exploration blocks.
Investments
On April 17, 2020 Orocobre Limited (“Orocobre”) completed the acquisition of 100% of the issued and outstanding common shares of Advantage Lithium Corp. (“Advantage Lithium”) in exchange for 0.142 ordinary shares of Orocobre per Advantage Lithium share. Accordingly, the Company received 244,098 shares of Orocobre for the 1,719,000 Advantage Lithium shares held by the Company for a fair value of $463,786, resulting in an initial loss on the disposition of $603,800. The Company subsequently sold all its common shares of Orocobre for proceeds of $885,356 resulting in a subsequent gain on sale of $421,569. In May 2020 Seaway Energy Services Inc. (“Seaway”) completed a consolidation of its share capital on a basis of, one new for every 2.5 old common shares and, on May 22, 2020, completed a reverse takeover transaction to form Sweet Earth Holdings Inc (“Sweet Earth”) resulting in the Company holding 204,960 Sweet Earth shares. The Company has subsequently sold 14,960 common shares of Sweet Earth for proceeds of $3,335 resulting in a loss on the sale of $30,191. As at December 31, 2020 the Company held 190,000 common shares of Sweet Earth with a total quoted value of $36,100.
Outstanding Share Data
The Company’s authorized share capital is unlimited common shares with no par value. As at February 26, 2021 there were 89,585,665 outstanding common shares and 5,455,000 share options outstanding with exercise prices ranging from $0.06 to $0.135 per share.
East West talks Romania operations
2021-02-26 07:52 MT - News Release
An anonymous director reports
EAST WEST PETROLEUM PROVIDES OPERATIONAL UPDATE FOR ROMANIA
East West Petroleum Corp. has provided the following operational update for Romania.
As previously reported, the Company's joint venture partner and operator, NIS Petrol ("NIS"), subsidiary of NIS a.d., suspended all operational activities on March 25th 2020 when a national lockdown was declared in Romania. All exploration operations have been on hold since that time.
In the latter part of 2020, NIS evaluated development options for the Teremia North oil discovery.
An Operating Committee Meeting was held on February 8th, 2021 where NIS voted that there was a commercial discovery at Teremia North whereas the Company voted that there was not a commercial discovery. The field economics were, in the Company's assessment, marginal and did not merit the significant capital contributions required. NIS a.d., being a vertically integrated oil and gas producer, could support the development costs given the internal economies available. NIS has since advised that it will be proceeding with the development plans for Teremia North oil accumulation on an exclusive basis. There is some uncertainty as to whether the proposed development can be conducted as an exclusive operation and the Company is assessing what options are available and is in discussions with NIS in regard to such matters.
With respect to future exploration in the four Romanian blocks, NIS has to date drilled five out of a total farmin commitment of twelve exploration wells. Although operations have been suspended due to the Covid-19 situation, NIS Petrol is committed to fulfilling the commitment work programs in all blocks, considering certain legislative changes and being granted appropriate licence extensions.
NIS will be funding 100% of the costs and fully carrying East West through the commitment work programs in each of the blocks in return for earning an 85% interest in each licence.
About East West Petroleum Corp.
East West Petroleum Corp. is a TSX Venture Exchange listed company established in 2010 to invest in international oil & gas opportunities. The Company has its primary focus on two key areas: New Zealand, where it has established production and cash flow and Romania where it is carried to production on an exploration program. In Romania the Company has exploration rights in four exploration concessions covering 1,000,000 acres in the prolific Pannonian Basin of western Romania with Naftna Industrija Srbije ("NIS").
KFG enters definitive deal for sale to Cadillac
2021-02-09 19:53 MT - News Release
Mr. Robert Kadane reports
CADILLAC VENTURES INC. AND KFG RESOURCES LTD. ENTER INTO ARRANGEMENT AGREEMENT
In connection with their previously announced letter of intent, Cadillac Ventures Inc. and KFG Resources Ltd. have entered into a definitive arrangement agreement dated Feb. 9, 2021, pursuant to which, among other things, Cadillac will acquire all of the issued and outstanding common shares of KFG. Under the arrangement agreement, KFG shareholders will be entitled to receive one common share of Cadillac in exchange for each KFG common share held. The arrangement agreement will be filed on KFG's SEDAR profile on the SEDAR website.
The transaction will be effected by way of a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and will require approval by at least 66-2/3rds per cent of votes cast by KFG shareholders present in person or represented by proxy at a special meeting of KFG shareholders to be called in connection with the transaction in addition to any minority approval required under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). In addition to KFG shareholder approval, closing of the transaction is subject to the receipt of certain regulatory, court and stock exchange approvals, and the satisfaction of other closing conditions customary in transactions of this nature.
Further information regarding the transaction will be contained in a management information circular that KFG will prepare, file and mail to KFG shareholders in connection with the meeting. All KFG shareholders are urged to read the information circular once available as it will contain additional important information concerning the transaction.
The transaction has been unanimously approved by the board of directors of both KFG and Cadillac. The board of directors of KFG unanimously recommends that KFG shareholders vote in favour of the transaction at the meeting.
Following completion of the transaction, it is anticipated one KFG director will be appointed to the Cadillac board of directors and a second KFG nominee will be appointed at Cadillac's next annual shareholders meeting. KFG common shares will be delisted from the TSX Venture Exchange.
We seek Safe Harbor.
The merger between NEE and EGLD is now complete. This is great news for PGOL because the new company will be better funded and allow for increase production, plus prove up more gold/silver ore at Moss.
Eclipse Gold receives court OK for Northern Vertex deal
2021-02-09 21:01 MT - News Release
See News Release (C-EGLD) Eclipse Gold Mining Corp
Mr. Kenneth Berry of Northern Vertex reports
ECLIPSE GOLD RECEIVES FINAL COURT ORDER APPROVING PLAN OF ARRANGEMENT WITH NORTHERN VERTEX AND ANNOUNCES SECURITY HOLDER VOTING RESULTS
Eclipse Gold Mining Corp. has received a final order from the Supreme Court of British Columbia, approving the previously announced plan of arrangement between Eclipse and Northern Vertex Mining Corp. pursuant to which Northern Vertex will acquire all of the issued and outstanding common shares of Eclipse. Pursuant to the transaction, Eclipse shareholders will be entitled to receive 1.09 common shares of Northern Vertex in exchange for each common share of Eclipse held. Please see the joint news releases of Northern Vertex and Eclipse dated Dec. 7, 2020, Dec. 21, 2020, and Jan. 14, 2021, for further details regarding the transaction, as well as Eclipse's management information circular dated Dec. 30, 2020, available under Eclipse's corporate profile on SEDAR.
Receipt of the final order follows Eclipse's special meeting of securityholders, held on Feb. 4, 2021, where the transaction was overwhelmingly approved by 99.82 per cent of the votes cast by the shareholders of Eclipse and 99.83 per cent of the votes cast by the shareholders and the optionholders of Eclipse voting as a single class. Closing of the transaction remains subject to customary closing conditions, including final approval of the TSX Venture Exchange.
The transaction is currently anticipated to close on Feb. 12, 2021. Eclipse has applied to the exchange to delist its common shares from trading on the exchange following the closing of the transaction. Eclipse will request that trading in the Eclipse shares will be halted after market close on Feb. 11, 2021. Assuming the transaction closes on Feb. 12, 2021, the common shares of Eclipse are expected to be delisted after market close on or about Feb. 16, 2021.
About Northern Vertex Mining Corp.
Northern Vertex owns and operates the Moss mine, currently the largest pure gold and silver mine in Arizona. Focused on low-cost gold and silver production, the company has experience across all areas of operations, mine development, exploration, acquisitions and financing of mining projects. With operations at the flagship Moss, the company intends to consolidate additional producing and exploration gold assets within the western United States. Through mergers and acquisitions, Northern Vertex has a corporate goal to become a mid-tier gold producer.
About Eclipse Gold Mining Corp.
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada's Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation, epithermal, gold system. The company brings together a team with a record of extensive mergers and acquisitions and nine successful buyouts totalling $4.6-billion.
We seek Safe Harbor.
Cadillac enters definitive deal to buy KFG
2021-02-09 17:45 MT - News Release
Mr. Norman Brewster reports
CADILLAC VENTURES INC. AND KFG RESOURCES LTD. ENTER INTO ARRANGEMENT AGREEMENT
In connection with their previously announced letter of intent, Cadillac Ventures Inc. and KFG Resources Ltd. have entered into a definitive arrangement agreement dated Feb. 8, 2021, pursuant to which, among other things, Cadillac will acquire all of the issued and outstanding common shares of KFG. Under the arrangement agreement, KFG shareholders will be entitled to receive one common share of Cadillac in exchange for each KFG common share held. The arrangement agreement will be filed on Cadillac's SEDAR profile on the SEDAR website.
KFG, through its wholly-owned subsidiary KFG Petroleum Corporation ("KFG Petroleum"), owns primary producing oil reserves in the United States. Following completion of the Transaction KFG will become a wholly-owned subsidiary of Cadillac, and Cadillac will thus have an interest in these oil reserves. In particular, KFG Petroleum owns primary producing oil reserves located on the Spring Hill lease, Fayette Field, and Jefferson County, Mississippi. Additionally, KFG Petroleum owns two shut-in gas wells in Jefferson County, Mississippi. Furthermore, KFG owns an interest in twelve additional oil wells in Adams, Franklin, and Jefferson counties, Mississippi, all of which have future value. Based on information as of April 30, 2020, contained in KFG's most recent Form 51-101F1, three of the five Spring Hill reserves comprise approximately 91.8% of KFG's proved oil reserves and 60.8% of KFG's proved plus probable oil reserves. KFG does not have any future gas reserves, while future oil reserves account for 100% of KFG's future net revenue attributable to its proved plus probable reserves. Detailed information regarding the oil and natural gas reserve data for KFG Petroleum Corporation can be found in its most recent Form 51-101F1 dated April 30, 2020, which is available under KFG's SEDAR profile.
The Transaction will be effected by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia) and will require approval by at least 66 2/3% of votes cast by KFG shareholders present in person or represented by proxy at a special meeting of KFG shareholders to be called in connection with the Transaction (the "Meeting") in addition to any minority approval required under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. In addition to KFG shareholder approval, closing of the Transaction is subject to the receipt of certain regulatory, court and stock exchange approvals and the satisfaction of other closing conditions customary in transactions of this nature.
The Transaction has been unanimously approved by the board of directors of both KFG and Cadillac.
Following completion of the Transaction, it is anticipated one KFG director will be appointed to the Cadillac board of directors and a second KFG nominee will be appointed at Cadillac's next annual shareholders meeting. KFG common shares will be delisted from the TSXV.
CSE update came out. Looks like Windy Peak and Rainbow have both been drilled, pending results:
https://www.thecse.com/en/listings/mining/patriot-gold-corp
Jan 1 2021 Update:
Patriot has completed a drilling program on its Rainbow Mountain project and is awaiting assay results.
Patriot has completed a drilling program on its Rainbow Mountain project and is awaiting assay results.
Feb 1 2021 Update:
Patriot has completed a drilling program on its Windy Peak project and is awaiting assay results.
We are conducting exploration on the Rainbow Mountain and Windy Peak projects. We are also vetting potential projects.
IRI.V – Iemr Resources Inc. Due Diligence Report
Financials & MD&A information below as per the most current filing on Sedar. Year End results to be announced shortly.
Price: $0.03
Common Shares: 94,807,141
Insider Holdings: 72,190,857 or 76%
Website: http://iemrresources.com/
Financials
Assets
Cash: $1,025,813
Prepaid Expenses: $4,257
Tax Receivable: $6,852
Non Current Assets: $2,242,706
Total Assets: $3,279,628
Liabilities
Current Liabilities: 21,566
Total Liabilities: $21,566
Quarterly Cash Burn Rate: $20k to $30K – Directors do no take any salary despite owning so much stock.
MD&A Highlights
The Company is a mineral exploration company and its principal business activities include the acquisition, exploration and development of mineral properties. The Company owns a 100% interest in mineral lode claims known as the Pine Tree copper-molybdenum property (the “Pine Tree Property”) located in the Pilot Mountains in Mina, Nevada.
At present, the Company continues to seek opportunities to acquire exploration and/or development projects
Pine Tree Property The Company, through its wholly owned Nevada subsidiary, owns a 100% interest in the Pine Tree property containing porphyry molybdenum-copper-silver deposit, with the principally targeted resource being copper. The property is comprised of 61 mineral lode claims covering an area of approximately 1320 acres located in the Pilot Mountains Mining District in west-central Nevada. Situated five miles east of the town of Mina, Nevada, half way between the cities of Reno and Las Vegas, the Pine Tree property lies in an area that is host to several active small-scale mines and operations, as well as significant historical past producers. As of July 31, 2020, IEMR has incurred aggregate exploration expenditures of approximately $2.19 million on the Pine Tree property. The Company's last exploration work on the Pine Tree Property was a drilling program conducted in 2011. In 2012, a resource estimate for the Pine Tree property was completed by Giroux Consulting ("Giroux"), an independent mineral industry consultant. The resource estimate is contained in a National Instrument 43-101 ("NI 43-101") compliant technical report dated July 6, 2012 (the "Technical Report"), which is available under the Company's profile on SEDAR www.sedar.com. The resource estimate was based on a total of 30 diamond drill holes totaling 43,797.5 feet (14,069.7 meters). Of these 9 diamond drill holes were completed by IEMR in 2011. The resource calculation estimated that, as at October 20, 2011, the Pine Tree deposit contained, at a $5.00 cutoff:
Indicated: 435 million lbs of Copper, 174 million lbs of Molybdenum, 11.2 million ounces of Silver
Inferred: 591 million lbs of Copper, 112 million lbs of Molybdenum, 17.4 million ounces of Silver
The Company intends to engage an independent Qualified Person to recommend an initial sub stage program and budget for further metallurgical testing and drilling of the Pine Tree Property to be completed in 2020. The details and budget of the sub stage program will be disclosed in a future news release. If required by NI 43-101 or the TSX Venture Exchange (the "Exchange"), the Company will obtain and file an updated technical report related to future exploration of the Pine Tree property. IEMR will likely require additional funding to complete the next phase of a drill plan and there can be no assurance that such funding will be available in the amount needed or at all. The Company's 2020 plan for further exploration and development of the Pine Tree property is intended to meet the Activity criteria of the Continued Listing Requirements of the Exchange in accordance with Exchange Policy 2.5, section 2.1.
Outlook
No exploration program was carried out on the Pine Tree Property during the nine months ended July 31, 2020. The Company intends to consult a Qualified Person in order to compile a future work program and budget as funds become available for continuation of exploration and development of the Pine Tree Property.
Two important articles out yesterday and today.
PGOL will earn $700K USD In Q4. New Update From CSQ Regarding Bruner:
1) Northern Vertex reported revenue of $23.4 million USD. That means $700,000 USD is owed to PGOL for Q4 2020
https://www.newswire.ca/news-releases/northern-vertex-reports-revenue-of-us-23-4-million-and-production-of-12-401-gold-equivalent-ounces-for-quarter-ending-december-31-2020-815331581.html
2) Canamex Gold Corp has updated the markets after several months and their Bruner project should be moving forward this year, once some debt issues are resolved. PGOL has a 2% royalty on this property and there is around 500,000 ounces of gold proven.
https://www.stockwatch.com/News/Item?bid=Z-C:CSQ-3018883&symbol=CSQ®ion=C
https://www.barchart.com/stocks/quotes/PGOL/opinion
Patriot Gold Corp (PGOL)
0.1605 +0.0001 (+0.06%) 01/15/21 [OTC US]
BARCHART OPINION for Fri, Jan 15th, 2021Tutorial Alerts Watch Help
Overall Average:
100% BUY
Overall Average Signal calculated from all 13 indicators. Signal Strength is a long-term measurement of the historical strength of the Signal, while Signal Direction is a short-term (3-Day) measurement of the movement of the Signal.
Composite Indicator
TrendSpotter
BUY
Short Term Indicators
20 Day Moving Average
BUY
20 - 50 Day MACD Oscillator
BUY
20 - 100 Day MACD Oscillator
BUY
20 - 200 Day MACD Oscillator
BUY
20 - Day Average Volume: 141,730 Average: 100% BUY
Medium Term Indicators
50 Day Moving Average
BUY
50 - 100 Day MACD Oscillator
BUY
50 - 150 Day MACD Oscillator
BUY
50 - 200 Day MACD Oscillator
BUY
50 - Day Average Volume: 115,360 Average: 100% BUY
Long Term Indicators
100 Day Moving Average
BUY
150 Day Moving Average
BUY
200 Day Moving Average
BUY
100 - 200 Day MACD Oscillator
BUY
100 - Day Average Volume: 122,912
PGOL Insider/Institutional Holdings at 50%. Information can be found on Patriot Gold Corp’s most recent annual information sheet on Sedar and Royalty Streams most recent financials. See links below. Royalty Stream also verifies in their presentation that the Moss mine has a very long production life, with upside.
Robert D. Coale Common Stock 731,250 (1) 1%
Trevor Newton Common 19,921,500 (2) 26.8%
Series A Preferred Stock 290,000 100%
Zachary Black Common Stock 500,000 (3) 0.7%
Directors and Officers as a Group Common Stock (3 individuals) Common Stock 21,152,750 28.5%
Directors and Officers as a Group Series A Preferred Stock (3 individuals)
Series A Preferred Stock 290,000 100%
KF Business Ventures, LP Common Stock 6,000,000 8.1%
Ron Daems Common Stock 9,600,000 12.9%
Royalty Stream Corp. 3,000,000 0.4%
https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00036491
https://www.royaltystreams.com/investors/
Drilling Commencing at Patriot Gold's Windy Peak Gold Project in Nevada
2021-01-06 07:04 MT - News Release
LAS VEGAS, NV / ACCESSWIRE / January 6, 2021 / Patriot Gold Corp. (CSE:PGOL)(OTCQB:PGOL) - Patriot Gold Corp. ("Patriot") today announced that a drill rig and crew are on-site at Patriot's Windy Peak gold project near Fallon, Nevada. A drilling program is planned to test several gold targets. This reverse-circulation drilling program follows a core drilling program executed by Patriot at Windy Peak in the autumn of 2018, and a reverse circulation drilling program executed by Patriot in the winter of 2019. Patriot's 100%-owned Windy Peak gold project is situated in a gold-producing region which hosts such deposits as the Paradise Peak and Rawhide.
About Patriot Gold Corp
Patriot is exploring its 100%-owned gold projects in Nevada, which include the Windy Peak gold project, Rainbow Mountain gold project, and Vernal gold project. Patriot owns a 3% royalty in the Moss Mine in Arizona, now in commercial production. Patriot also owns a 2% royalty in the Bruner gold project in Nevada.
On Behalf of the Board of Patriot
Trevor Newton
President, Director
www.PatriotGoldCorp.com
December 21, 2020 Kitco Interview With Northern Vertex CEO (Company That Pays PGOL's 3% Royalty At The Moss Mine)
Some extra information here. PGOL is required to update shareholders via TheCSE website on a monthly basis. Link below, along with a couple updates for January (See Form 7)
https://www.thecse.com/en/listings/mining/patriot-gold-corp
Report on Business
1. Provide a general overview and discussion of the development of the Issuer’s business and operations over the previous month. Where the Issuer was inactive disclose this fact.
Patriot has completed a drilling program on its Rainbow Mountain project and is awaiting assay results.
2. Provide a general overview and discussion of the activities of management.
We are moving forward on certain field operations on the Rainbow Mountain and Windy Peak projects. We are also vetting potential projects.
Moderator needs to change which section we are in. Shows PGOL under oil and gas and we are clearly a gold royalty/exploration company.
News: Drilling to Commence at Patriot Gold's Rainbow Mountain Gold Project in Nevada
http://www.patriotgoldcorp.com/news/?id=118&title=Drilling-to-Commence-at-Patriot-Golds-Rainbow-Mountain-Gold-Project-in-Nevada
Drilling to Commence at Patriot Gold's Rainbow Mountain Gold Project in Nevada
December 10, 2020
Patriot Gold Corp ("Patriot") provided the following update today to shareholders.
Patriot Gold today announced that a drill rig and crew are on-site at Patriot's Rainbow Mountain gold project near Fallon, Nevada. A drilling program is planned to test several gold targets. This reverse-circulation drilling program follows sampling and other field work conducted by Patriot. Patriot's 100%-owned Rainbow Mountain gold project is situated on the margins of the Walker Lane belt and the Basin and Range province.
The CSE has neither approved nor disapproved the information contained herein.
Patriot Gold Corp Due Diligence Report (Gold Royalty & Exploration Company)
All information below can be found at www.Sedar.com
Stock Ticker: PGOL - Same ticker for Canadian & US Exchanges
Price: $0.20 CDN & $0.14 USD
Common Shares: 74,319,957
Insider Holdings: 36,752,750 or 49.5% - See Annual Information
Company Website: www.patriotgoldcorp.com
Basic description: PGOL owns 3 royalties (1 producing) and 3 exploration properties. The producing Moss Mine has a 10 year life (started in 2018), which is currently being increased by Northern Vortex(NEE.V). The company clearly states in their most recent presentation that they want to ramp up production by 10 fold, which would mean multi million dollar royalties for Patriot Gold every quarter. NEE.V is also increasing it’s resource as we speak, so royalty payments will for sure exceed the 10 years - https://www.northernvertex.com/investors/presentations/
PGOL only started trading on the CSE at the end of summer 2020, so volume has been low, compared to the US side which trades daily and in large volume. But the Canadian side will catch up as time goes on and more profitable quarters are announced. To get an accurate market depth, you want to compare what’s shown on the US side and it translates to the Canadian side at roughly 1.30 exchange rate. The CSE might not show all those bids/asks because of the alternate trading systems.
Financials (Ending September 30th 2020) - All numbers are in US Dollars
ASSETS
Cash: $583,866
Marketable Securities: $224,554
Royalty Receivables: $1,159,856
Prepaid Expenses: $109,339
Long Term Assets: $300,000
Total Assets: $2,377,615
LIABILITIES
Accounts Payable: $171,852
Total Liabilities: $171,852
9 Month Revenue Performance
Royalty payments: $1,734,325
Net Income: $1,107,495
Earnings Per Share: $0.015 USD or $0.0193 CAD
Note: Patriot Gold has set a budget of $1,000,000 for it's G&A + exploration expenses in 2020. This will continue on a yearly basis, so investors know what the company intends to spend in the fiscal year.
Royalty Interests
Pursuant to the Purchase and Sale Agreement with Golden Vertex, the Company has a 3% net smelter return royalty on the Moss Mine in Arizona. For the nine months ended September 30, 2020 and 2019, the Company earned royalties of $1,734,325 and $973,271, respectively. As of September 30, 2020 and December 31, 2019, the Company had Royalties Receivables of $1,159,856 and $487,060, respectively.
Pursuant to the Bruner Purchase and Sale Agreement with Canamex Resources, the Company has a 2% net smelter return royalty on the Bruner Gold/Silver mine in Nevada. As of September 30, 2020, no royalties have yet been earned. (This asset has a high grade proven gold/silver resource)
In March 2019, the Company purchased a Vanadium Oxide royalty interest from a related party. In exchange for a non-refundable payment of $300,000, the Company will receive royalties based on the gross production of Vanadium Oxide (“Vanadium”) from a bitumen deposit covering several oil sands leases in Alberta. For each barrel of bitumen produced from the specified oil sands until March 21, 2039, or upon termination of mining, whichever is earlier, the Company will be paid a royalty equal to 25 grams of Vanadium per barrel of bitumen produced, multiplied by the price of Vanadium Pentoxide 98% min in-warehouse Rotterdam published on the last business day of the month in which the gross production of bitumen occurred. As of September 30, 2019, $240,000 has been paid, and the remaining $60,000 was paid in installments through December 31, 2019. As of September 30, 2020, no royalties have yet been earned.
Mineral Properties
Windy Peak Property
The Windy Peak Property, (“Windy Peak”) consists of 114 unpatented mineral claims covering approximately 2,337 acres, 3 miles NNE of the Bell Mountain and 7 miles east of the Fairview mining district in southwest Nevada. As of September 30, 2020, the company has incurred approximately $801,025 of exploration expenses on the Windy Peak Property, and$113,816 and $124,056 were spent for the nine months ended September 30, 2020 and 2019, respectively.
Rainbow Mountain Property
In the fall of 2018, after conducting initial reconnaissance of the Rainbow Mountain, the Company acquired the Rainbow Mountain Property (“Rainbow Mountain”). This early-stage exploration project was secured through staking and filing the associated paperwork and fees with the BLM and County.
The Rainbow Mountain gold project consists of 81 unpatented lode claims totaling approximately 1,620 contiguous acres, located approximately 23 km southeast of Fallon, in the state of Nevada. Access to the project area is by paved highway, followed by a short stretch of gravel road.
Annual maintenance fees paid to the BLM and recording fees must be paid to the respective county on or before September 1 of each year to keep the claims in good standing, provided the filings are kept current these claims can be kept in perpetuity. As of September 30, 2020, the company has incurred approximately $101,208 of fees and exploration expenses on the Rainbow Mountain Property, and $13,194 and $2,160 were spent for the nine months ended September 30, 2020 and 2019, respectively.
Bruner and Vernal Properties
On May 28, 2010 the Company entered into an exclusive right and option agreement with Canamex Resources Corp. (“Canamex”) whereby Canamex could earn a 70% (or up to 75% if a bankable feasibility study is performed) undivided interest in the Bruner, and Bruner Expansion properties, herein after collectively referred to as the “Bruner Properties”. Upon the completion of the terms of the Agreement by Canamex, and upon earning its initial interest, the parties agreed to negotiate a definitive joint venture agreement in good faith to supersede the agreement. During the first half of 2016, it was determined by the Company that Canamex had successfully earned a 70% interest in the Bruner Property according to the terms of the Bruner Option Agreement.
On April 25, 2017, the Company and Canamex Resources Corp. entered into a purchase and sale agreement (“Bruner Purchase and Sale Agreement”) whereby Canamex Resources purchased Patriot Gold's 30% working interest in the Bruner gold/silver mine for US$1,000,000 cash. The Company retains a two percent net smelter return (“NSR”) royalty on the Bruner properties including any claims acquired within a two-mile area of interest around the existing claims. Additionally, Canamex has the option to buy-down half of the NSR royalty retained by Patriot for US$5 million any time during a five-year period following closing of the purchase and sale agreement.
As of September 30, 2020, the Company has incurred approximately $89,616 of accumulated option and exploration expenses on the Vernal property. During the nine months ended September 30, 2020 and 2019, the Company incurred no exploration expenses on the Vernal property, respectively.
You can get free Level 2(Market Depth) for each exchange at the following websites:
Canada: https://www.thecse.com/en/listings/mining/patriot-gold-corp
USA: https://www.otcmarkets.com/stock/PGOL/quote#level-2
No cheap gas in 2021: Why Ukraine cannot increase blue fuel production?
https://112.international/finance/no-cheap-gas-in-2021-why-ukraine-cannot-increase-blue-fuel-production-57745.html
Ukraine natural gas prices are back to $7.50 an MCF as per the link below.
https://www.ueex.com.ua/eng/exchange-quotations/natural-gas/medium-and-long-term-market/
If you look at past prices and profitability, Cub Energy was making good money when pricing was over $7 an MCF. Add in the cost cut measures put in place this year and the RK field about to go into production, there is some good upside coming.
January 2021 7 540,06 7 443,85 7 573,23
December 2020 6 329,75 5 943,76 6 344,48
November 2020 6 101,31 6 186,71 6 039,92
October 2020 5 983,81 6 051,61 5 555,96
September 2020 4 702,90 4 521,84 4 853,50
CMIL hit a 52 week high this week and insiders/institutions are continuing to add. RBC has purchased over 15 million shares from one group over the last few months and there's only 47 million retail available right now. On top of that, the CEO Eric Roth has also been adding to his position. See below:
https://ceo.ca/api/sedi?insider=&symbol=CMIL&date=&transaction=&amount=&undefined[company_symbol]=CMIL
Filed 2020-12-22 14:34
Tx date 2020-12-22 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Direct Ownership
Common Shares
10 - Acquisition or disposition in the public market $3,905
+35,500 vol
$0.11 each 6,899,702
Older filings
Filed 2020-12-09 04:32
Tx date 2020-12-08 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $4,500
+50,000 vol
$0.09 each 294,813
Filed 2020-12-09 04:28
Tx date 2020-12-04 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $5,011
+62,647 vol
$0.08 each 244,813
Filed 2020-12-04 06:35
Tx date 2020-12-03 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $1,799
+22,210 vol
$0.081 each 182,166
Filed 2020-12-03 06:38
Tx date 2020-12-02 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $2,535
+31,300 vol
$0.081 each 159,956
Filed 2020-12-03 05:35
Tx date 2020-12-01 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $7,299
+100,000 vol
$0.073 each 128,656
Filed 2020-11-26 06:00
Tx date 2020-11-23 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $1,228
+14,287 vol
$0.086 each 28,656
Filed 2020-11-26 05:59
Tx date 2020-11-18 $CMIL
Capella Minerals Limited Roth, Eric
4 - Director of Issuer, 5 - Senior Officer of Issuer
Holder: RL360 (Indirect Ownership)
Common Shares
10 - Acquisition or disposition in the public market $1,293
+14,369 vol
$0.09 each 14,369
Capella Minerals December 2020 Company Presentation: https://capellaminerals.com/site/assets/files/5553/2020-12-capella-cp.pdf
Lots of new information including timelines, pictures, data on each property, and also mentions that EMX will own 10% of cmil, so institutional/insider ownership is increasing. The only thing it does not talk about yet is Cerrado Gold stock and more information on our 20% Sierra Blanca property where AGLD.C has to spend $800,000 to earn 80%.