Chicken Store – Fryer Tuck Chicken http://fryertuckchicken.com/ Sat, 23 Oct 2021 09:03:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://fryertuckchicken.com/wp-content/uploads/2021/07/icon-1.png Chicken Store – Fryer Tuck Chicken http://fryertuckchicken.com/ 32 32 How To Sell Your House: A Complete Guide https://fryertuckchicken.com/how-to-sell-your-house-a-complete-guide/ https://fryertuckchicken.com/how-to-sell-your-house-a-complete-guide/#respond Fri, 13 Aug 2021 09:15:08 +0000 https://fryertuckchicken.com/?p=1666 Most home sellers dream of a stress-free sale where they simply list their house, quickly find a qualified buyer, collect the cash and hand over the keys. The reality is that selling a home includes many moving parts — some which you can control and some that are out of your hands. For example, geography […]]]>

Most home sellers dream of a stress-free sale where they simply list their house, quickly find a qualified buyer, collect the cash and hand over the keys. The reality is that selling a home includes many moving parts — some which you can control and some that are out of your hands.

For example, geography might influence how long your house lingers on the market and how much mark-up you can get away with. Where inventory is low, odds are you’ll sell faster and command a higher price. Conversely, in places where home sales have cooled, homeowners will likely have to work harder to attract the right buyer.

Then there are the factors within your control that have a big impact on the bottom line — things like hiring a really good real estate agent and maximizing your home’s online appeal can convert effort into dollars, and a more seamless closing.

Here are 12 steps to take to sell your home in 2021:

  1. Hire an agent who knows the market.
  2. Set a timeline for selling your home.
  3. Get a pre-sale home inspection.
  4. Don’t waste money on needless upgrades.
  5. Get professional photos.
  6. Put your house on the market.
  7. Set a realistic price.
  8. Review and negotiate offers.
  9. Anticipate seller closing costs.
  10. Weigh the tax implications.
  11. Gather necessary paperwork to close.
  12. Consider hiring a real estate attorney.

1. Hire an agent who knows the market

The internet makes it simple to delve into real estate agents’ sales history and professional designations, so you can choose the right person to work with. Look up real estate agents’ online profiles to learn how long they’ve been in the industry, how many sales they’ve done and what designations they may have earned. Pay attention to how and where they market their listings, and if they use professional photos or not.

“Any designation they’ve earned is a huge plus, because it’s a sign they’ve taken the time to learn about that particular niche,” says Jorge Guerra, an independent real estate broker and 2020 chairman of the Miami Association of Realtors in Florida.

Homeowners might be tempted to avoid hiring a real estate agent to save on paying the real estate commission and instead sell their home themselves. This is known as “for sale by owner,” or FSBO. The amount they stand to save on those fees can be thousands of dollars, usually 5 percent or 6 percent of the total sale price.

An experienced agent earns the fee, however, by exposing your house to the broadest audience to garner the best offers possible, and negotiating on your behalf. If you go it alone, you’ll have to personally manage prepping your home, marketing it, reviewing buyers’ offers and handling all of the negotiations and closing details. When working with an agent and negotiating a commission, keep this in mind: Real estate fees have fallen to all-time lows.

2. Set a timeline for selling your home

Selling a house is a major undertaking that can take two to four months from start to finish — or much longer depending on local market conditions.

As soon as you decide to sell your house, jump right into researching real estate agents to find someone with the right experience for your situation. At least two or three months before you plan to list, consider getting a pre-sale home inspection (more on that below) and identifying any problem areas, especially structural or mechanical issues that might need addressing to facilitate a sale. Leave enough time to schedule necessary repairs.

About a month before listing your house, start working on staging and deep cleaning in preparation for taking photos.

Here’s a checklist of things to do before listing your home:

  • Interview real estate agents and check their sales history.
  • Declutter, perhaps moving excess furniture to a storage unit.
  • Get an optional home inspection to identify any issues.
  • Schedule repairs if needed.
  • Deep clean.
  • Stage the house.
  • Take professional photos.

3. Get a pre-sale home inspection

A pre-sale home inspection can be a wise upfront investment, but it’s optional. A detailed inspection report can identify any structural or mechanical problems before you list your home for sale. It may cost a few hundred dollars, but an inspection will alert you in advance of issues that buyers will likely flag when they do their own inspection later in the process.

By being a few steps ahead of the buyer, sellers might be able to speed up the selling process by doing repairs in tandem with other home prep work. This means by the time the house hits the market, it should be ready to sell, drama-free and quickly.

4. Don’t waste money on needless upgrades

If you’re going to invest money into costly upgrades, make sure that the additions or updates you make have a high return on investment. It doesn’t make sense to install new granite countertops if you stand to break even or even lose money on the sale.

Here’s where a good real estate agent can help guide you. They often know what people expect in your neighborhood and can help you plan upgrades accordingly. If local shoppers aren’t looking for super skylights or a steam shower, then it doesn’t make sense to add them. A fresh coat of neutral paint, new carpet and a spruced-up landscape are typically low-cost ways to make a great first impression.

In general, updates to the kitchen and bathrooms provide the highest return on investment. If you have old cabinetry, you might be able to simply replace the doors and hardware for an updated look. For example, you can swap out those standard-issue kitchen cabinet doors for modern, Shaker-style doors in a weekend without breaking the bank.

5. Get professional photos

Work with your real estate agent to schedule a photo shoot to capture marketing photos of your home. High-quality photos are critical, since maximizing your home’s online appeal can make all the difference between a quick sale or a listing that languishes.

Some real estate agents build professional photography and virtual online tours into their suite of services. If they don’t, though, you might want to seek a photographer out on your own. The fee for professional photography will vary based on the size of your home, its location and how long it takes to shoot.

A professional photographer, with a strong portfolio, knows how to make rooms appear bigger, brighter and more attractive. The same goes for your lawn and outdoor areas. Dimly lit online photos can turn off homebuyers before they even have a chance to read about the lovely bike path nearby or the new roof you just installed, so well-taken photos can really pay off.

6. Put your house on the market

If a speedy sale is your goal, here are tips to get it market-ready and attract buyers:

Focus on the home’s online appeal

You’ve heard of curb appeal, but professionals say online appeal is now even more important.

“Your home’s first showing is online,” Guerra says. “The quality of your web presentation will determine whether someone calls and makes an appointment, or clicks on the next listing.”

Stage it and keep it clean for showings

Real estate agents will often suggest that sellers stage their homes. That simply means you remove excess furniture, personal belongings and unsightly items from the home while it’s on the market, and arrange rooms for optimal flow and purpose. If you’re in a slower market or you’re selling a luxury home, investing in a professional stager could help you stand out. Nationally, professional home staging costs around an average of $1,200, according to HomeAdvisor, but the range can be between about $520 on the low end and on up to $2,000.

Let someone else show the house

Make yourself scarce when potential buyers come to view your home. Let them imagine themselves in the space, free from the distraction of meeting and talking to you. Generally, buyers are accompanied by their own real estate agent to view your home, or you can ask your own agent to be present at showings.

“Seeing the current homeowner lurking can cause buyers to be hesitant to express their opinions and keep them from really considering your home as an option,” says Grant Lopez, former chairman of the San Antonio Board of Realtors in Texas.

7. Set a realistic price

Even in competitive markets, buyers don’t want to pay more than what the comparables, or “comps” show, so it’s crucial to get it right the first time. Pricing too high can backfire, while underestimating the home’s value might cause you to leave money on the table.

To price your home right from the start, rely on your neighborhood’s comps. These are data sheets about recently sold properties in a specific area. At a glance, you can get an idea of what homes around you are going for.

“A frequent mistake sellers make is pricing a home too high and then lowering it periodically,” Lopez says. “Some sellers might think this practice will yield the highest return but, in reality, the opposite is often true. Homes that are priced too high will turn off potential buyers who may not even consider looking at the property.”

If you’re not using an agent, check online listing websites to see how similar homes in the area are priced. Tracking actual sales prices may give you a better picture than asking prices. Homes with multiple price reductions may give buyers the impression there’s something wrong with your home’s condition or that it’s undesirable, so it’s best to eliminate the need for multiple reductions by pricing your home to attract the widest pool of buyers from the start.

8. Review and negotiate offers

After your home officially hits the market and buyers have seen it, ideally the offers will start rolling in. This is where your real estate agent (or attorney) is your best advocate and go-to source for advice. If you’re in a competitive market that favors sellers, buyers will likely offer at or above asking price, and you might even get multiple bids. On the other hand, if sales are slow in your area and you don’t get many offers, you may have to be amenable to negotiate.

When you receive an offer, you have a few choices: accept the offer as it is, make a counteroffer or reject the offer.

A counteroffer is a response to an offer, where you negotiate on terms and price. Counteroffers should always be made in writing and have a short timeframe (48 hours or less) for the buyer to respond. You can offer a credit for paint and carpet, but insist on keeping your original asking price in place, for example, or offer to leave behind certain appliances to sweeten the deal.

While your real estate agent may recommend you take the highest offer, look closely at other aspects of the offer, such as:

  • How the buyer is paying (cash versus financing)
  • Type of financing
  • Down payment amount
  • Contingencies
  • Requests for credits or personal property
  • Proposed closing date

If you’re lucky enough to get multiple offers, you might be tempted to go with the highest one, but be mindful that if a buyer is relying on lender financing, the property has to be appraised. Any shortfall between the purchase price and appraised value will have to be made up somewhere, or the deal could fall apart.

9. Anticipate seller closing costs

Both the homebuyer and seller have closing costs. The home seller typically pays the real estate agent’s commission, usually around 5 percent to 6 percent of the home’s sale price.

Some other costs commonly paid by the seller include:

Additionally, if the buyer has negotiated any credits to be paid at closing for repairs or closing costs, the seller will pay those too. Your real estate agent or the closing agent should provide you with a complete list of costs you’ll be responsible for at the closing table. While the buyer typically pays a bulk of closing costs, anywhere from 2 percent to 4 percent of the sales price, know that you might have to pay some fees, too.

10. Weigh the tax implications

The good news is many home sellers won’t owe taxes on profits from the sale of their primary home. If you’ve owned and lived in your home for at least two out of the previous five years before selling it, then you would not have to pay taxes on any profit up to $250,000. For married couples, the amount you can exclude from taxes increases to $500,000.

However, if your profit from the home sale is greater than $250,000 ($500,000 for married couples), then you need to report it to the IRS on your tax return as a capital gain.

11. Gather necessary paperwork to close

There’s lots of paperwork needed to properly document a home sale. Organize your papers all in one place to help things go more quickly. Some of the main documents you’ll need to gather include:

12. Consider hiring a real estate attorney

Not all states require sellers to bring a real estate attorney to the closing, but it might be worth it to have a legal professional on your side, especially if you’re selling your home solo. You can hire one to help fill out paperwork, review contracts and documents, identify potential issues and ensure the sale goes as smoothly as possible. Unless your state requires it, this is completely optional.

An attorney would be able to spot title issues that could hold up your sale for weeks or months — or even torpedo the deal — such as:

  • Outstanding liens or judgments
  • Trust issues
  • Mortgage balances
  • Tax issues
  • Encroachments

A real estate attorney could cost a couple thousand dollars, but the expense might be worth it to protect such a large financial transaction.

What’s next: Tangible takeaways

  • Hire an experienced real estate agent.
  • Maximize your home’s online appeal as well as curb appeal.
  • Consider investing in a pre-sale home inspection.
  • Declutter and stage your home.
  • Use comparables to price your house correctly from the start.

Learn more:

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Nouveau Monde Announces Phase 2 of What Is Planned to https://fryertuckchicken.com/nouveau-monde-announces-phase-2-of-what-is-planned-to/ https://fryertuckchicken.com/nouveau-monde-announces-phase-2-of-what-is-planned-to/#respond Fri, 13 Aug 2021 07:36:53 +0000 https://fryertuckchicken.com/?p=1596 Nouveau Monde’s mission and strategy is to become the Western World’s largest producer of high-quality anode materials to be used mainly in batteries for electrical vehicles and renewable energy storage Its large-scale lithium-ion active anode material facility in Bécancour, Québec (Canada) (“Bécancour VAP project”) is an integral part of its strategy Nouveau Monde has acquired […]]]>
  • Nouveau Monde’s mission and strategy is to become the Western World’s largest producer of high-quality anode materials to be used mainly in batteries for electrical vehicles and renewable energy storage
  • Its large-scale lithium-ion active anode material facility in Bécancour, Québec (Canada) (“Bécancour VAP project”) is an integral part of its strategy
  • Nouveau Monde has acquired a 200,000 m2 parcel in the industrial park of Bécancour, adjacent to its Phase 1 plant located within the facilities of Olin Corporation
  • The Phase 1 plant of the Bécancour VAP project is currently under construction, with a planned nameplate capacity of 2 kilotonnes per annum (“ktpa”) of anode material and scheduled to make its first production within 12 months
  • The Front-End Loading engineering analysis (“FEL-1”) for Phase 2 has now been completed and supports a strong business case to build a large-scale lithium-ion active anode material facility in Bécancour
  • The Phase 2 of the Bécancour VAP project is designed to receive approximately 60 ktpa of flake graphite from Nouveau Monde’s own Matawinie mineral project, or from alternative third-party sources of supply deemed suitable, to be transformed into approximately 42 ktpa of anode material, 3 ktpa of purified flakes and 14 ktpa of micronised graphite representing a valuable process by-product
  • At current market prices, and projected costs, the incremental annual operating profit potential of the Phase 2 of the Bécancour VAP project, when at full capacity, is forecasted to be up to US$200 million – depending on the retained raw material supply scenario, which will be in addition to the operating profit potential generated by the direct sales to third-party customers of flake graphite produced by the Matawinie mineral project
  • Front-End Loading pre-feasibility engineering analysis (“FEL-2”) is underway with the goal to be completed within 12 months
  • The current plan provides for the Phase 2 plant to commence commissioning of its first capacity in Q1 2025
  • Nouveau Monde continues to progress qualification activities and commercial discussions with potential customers using material produced at its demonstration facility
  • Nouveau Monde remains committed to “Best in Class Standards”, by reducing the supply chain carbon footprint and targeting carbon neutrality for its entire production value chain

MONTREAL, March 11, 2021 (GLOBE NEWSWIRE) — Nouveau Monde Graphite Inc. (“Nouveau Monde” or the “Company”) (TSXV: NOU; OTCQX: NMGRF; Frankfurt: NM9) is pleased to announce the completion of a Front-End Loading engineering analysis (“FEL-1”) for Phase 2 of its large-scale commercial lithium-ion anode material project in Bécancour, Québec, Canada as it continues to execute its strategy of becoming the Western World’s largest producer of high-quality anode materials to be used mainly in batteries for electrical vehicles and renewable energy storage. As it expands, Nouveau Monde preserves its firm commitment to carbon neutrality.

Arne H Frandsen, Chairman of Nouveau Monde, commented:Nouveau Monde is firmly on its way to become one of the world’s most important anode materials producers, delivering high quality anode materials from our sophisticated processing and beneficiation plants in Bécancour. Our successful upstream integration with our Matawinie mineral project is designed to ensure that we have access to the right quality feedstock for decades to come. Thanks to Nouveau Monde’s team of local and internationally acclaimed experts and professionals, we are continuing to move forward at speed!” 

Eric Desaulniers, President and CEO of Nouveau Monde, added: “We founded Nouveau Monde in 2011 with the vision of developing the largest and best-in-class graphite-based anode material supplier in North America. For the past five years, we have specifically focused on developing the processing know-how and skills internally. We have hired highly qualified professionals from around the world, creating a multifaceted team of anode materials experts. This team has in turn engaged with multiple other local and international experts to establish our technologies to produce high-quality lithium-ion anode material on a large scale.

Today, we are proud to announce Phase 2 of our effort, with a projected low operating cost profile. This next phase will continue to comply with Nouveau Monde’s high ESG standards and will benefit from Québec’s green and inexpensive hydroelectricity as our exclusive energy source. Our significant forecasted incremental annual operating profit potential is a testimony that it is possible to embrace sustainable development and profitability to the benefit of all stakeholders.

It is essential for North America to develop a fully integrated supply chain of high-quality battery materials that are produced at meaningful scale, with the lowest carbon footprint, with strict traceability compliance while maintaining cost competitiveness at all times.”

Figure 1: 3D rendering of Nouveau Monde’s Bécancour VAP project
https://www.globenewswire.com/NewsRoom/AttachmentNg/1dc39b48-7fc6-4501-b867-8875b397a849

Projected Capital and Operating Costs for Phase 2

The FEL-1 concludes that a production of 42,000 tpa of anode material and 3,000 tpa of purified flakes can be achieved with the construction of a brand-new state-of-the-art facility on Nouveau Monde’s industrial site of 200,000 m2 and supported by its existing Phase 1 plant infrastructure. The FEL-1 includes a review of all environmental regulations and permits, the project schedule, product specifications definition, stakeholders’ analysis, the capital expenditure budget and projected operating costs. Nouveau Monde’s site in Bécancour is strategically situated for large-scale anode material production, with proximity to potential customers, access to key utilities (e.g., water, hydropower, gas), adjacent to a chlor-alkali producer which provides access to key consumables, a skilled workforce and an adjacent deep-water international port on the St. Lawrence River.

ANNUAL OPERATING METRICS 45 ktpa FACILITY
  ktpa
Processed natural graphite 60
Anode material (CSPG) production 42
Purified jumbo flakes production 3
Micronised graphite by-product 14
Chloride by-product 1

Table 1: Annual operating metrics

CAPEX FINANCIAL METRICS 45 ktpa FACILITY
  In M US$ IN US$ / tonne
Direct cost 359 7,988
Indirect cost 103 2,280
Contingency 83 1,848
Total CAPEX 545 12,116

Table 2: Initial capital expenditure estimate (excluding Owner’s cost, provision for escalation and taxes & duties)

OPEX FINANCIAL METRICS  45 ktpa FACILITY
  In M US$ IN US$ / tonnes
Anode Revenue 300 7,152
Material All-in cost excluding 91 2,167
(CSPG) raw material
42 kt production Raw material 23(1) 77(2) 544(1) 1,841(2)
  Operating Margin 186 132 4,440 3,144
Purified Revenue 18 6,000
Jumbo All-in cost excluding  3 1,069
Flakes raw material
3 kt production Raw material 1(1) 8(2) 414(1) 2,631(2)
  Operating Margin 14 7 4,517 2,300
Total Operating Margin – 45 ktpa facility 200 139 4,445 3,088

Table 3 :Projected operational expenditures

(1)  Assumes a transfer pricing at Matawinie mineral project FS 43-101 operating cost plus transportation cost to Bécancour
(2)  Assumes a transfer pricing at Matawinie mineral project FS 43-101 sales price plus transportation cost to Bécancour

The Capex and Opex prepared for this FEL-1 are based on a Class 4 type estimate as per the American Association of Cost Engineers (“AACE”) International Practice 18R-97 with a target accuracy of ±15%. Although some individual elements of the Capex may not achieve the target level of accuracy, the overall estimate falls within the parameters of the intended accuracy. The Capex is estimated at US$545 million including the material, equipment, labour and freight required for the plant, as well as all infrastructure and services necessary to support the operation. The estimate excludes the owner’s cost, provision for escalation and all duties and taxes.

Bécancour VAP Project Financing Strategy

The Company’s strategy is to finance the Bécancour VAP project with a structure involving approximately two thirds comprised of non-dilutive financial instruments and the remaining one third of equity financing. The non-dilutive financial instruments that are contemplated by the Company are a combination of bank loans, structured debt, forward payments on production and royalty streams. The Company’s largest shareholder, The Pallinghurst Group, is fully supportive of the Bécancour VAP project. No assurance can be given that any such additional financing will be available or that, if available, it can be obtained on terms favourable to the Company. The failure to obtain additional financing on favourable terms, or at all, could have a material adverse effect on the ability of the Company to complete the construction of the Bécancour VAP project.

Project Timeline

Given the strong economics revealed in the FEL-1, Nouveau Monde has commenced a FEL-2 pre-feasibility study, based on the results from the demonstration modules, which is expected to be completed in the first half of 2022. The FEL-1 evaluated various strategies to optimise the deployment of the project, including advancing directly to an enhanced FEL-2 program that includes detailed engineering of certain portions of the project and a modular construction and commissioning sequence enabling an initial production capacity to be available earlier, while construction activities are being completed. The project development pathway beyond detailed design and initiation of the construction phase will be determined by financial partnerships and end-customer commitments. It is currently anticipated by management that the first production lines of the Phase 2 Bécancour VAP project will commence their commissioning in Q1 2025.

Figure 2: Bécancour VAP Project prospective timetable
https://www.globenewswire.com/NewsRoom/AttachmentNg/0bcd81c4-ffa4-48dc-bdaa-7933b1e614a7

De-Risking by Building Significant Phase 1 Plant and Strategic R&D

The production of purified, coated spherical graphite used as anode material in lithium-ion battery involves three major process steps, namely: shaping, purification and coating. Since 2016, the Company has committed approximately US$27 million in process development and de-risking by running large-scale bench test and building demonstration units. Since early 2020, Nouveau Monde has been operating two commercial scale shaping units in which it processed nearly 1,000 batches to confirm the optimised process parameters and equipment performance profile to be implemented to produce systematically within customers’ specifications. Significant equipment improvements and modifications were implemented on-site to achieve an optimum operating throughput and overall yield while maintaining constant in-specs quality material. Ongoing internal R&D programs on the shaping process are targeting manufacturing excellence by the enhancement of fundamental understanding of fluid dynamics and air flows by using as-built scan, numerical modelling and adoption of advanced automation and artificial intelligence technologies.

As for the Phase 1 purification sector of the facility, Nouveau Monde developed its proprietary thermochemical process that is currently being deployed at a 1,500 tpa nameplate capacity in Olin’s facility adjacent to the Company’s industrial site, with a commissioning scheduled to start in the first half of 2021 (Construction Commenced of Phase 1 Purification Facility for Lithium-Ion Battery Material in Bécancour and the Land for Phase 2 Expansion Is Now Successfully Acquired).

The final process step to produce anode material consists of coating the purified spherical graphite with a carbon-based material to minimise the surface area and enhance the stability of the solid electrolyte interface. Nouveau Monde is currently in the detailed engineering phase and has initiated the procurement to build the first module of the Phase 1 2,000 tpa capacity plant that is scheduled to be commissioned early in 2022 (Nouveau Monde Advances its 2,000-Tonne Coated Spherical Graphite Production Facility – Commissioning Set for Q1 Next Year). Nouveau Monde is of the view that its strategy of de-risking the process by investing in a rapid deployment of a first scalable-complete module will allow a faster product qualification with lithium-ion battery cell makers and more efficient and reliable engineering development.

Product Offering and Marketing

The anode material flowsheet developed by Nouveau Monde is designed to produce anode material of various particle sizes varying between 8 and 20 µm with flexibility to serve various lithium-ion battery applications. Roskill’s Fall 2020 issue reported 2019 average Chinese sales prices of US$ 7,157/tonne for CSPG with specifications similar to the anode material that is expected to be produced by Nouveau Monde. The Company is of the view that this is a fair and prudent estimate of the projected sales price for the Bécancour VAP project. Moreover, the Company and its experienced graphite marketing team is actively developing value-added opportunities for the 1 and 8 µm micronised graphite representing a valuable anode material process by-product potentially serving multiple niche applications.

In their latest February 2021 Lithium-ion Battery Megafactory assessment report, Benchmark Mineral Intelligence forecasts 562 GWh in 2025 and 937 GWh in 2030 of battery capacity in North America and Europe combined with associated graphite anode demand of 674,000 tpa and 1,124,000 tpa, respectively.

Best in Class in Reducing Supply Chain Carbon Footprint; Fully Committed to Carbon Neutrality

Nouveau Monde seeks to contribute to the decarbonisation of the economy by producing graphite materials, a required input for the production of low-carbon products, with the smallest greenhouse gas (“GHG”) footprint possible. In addition to pushing the science and technology development in order to mine and transform graphite in a sustainable and low GHG-emitting manner, the Company has pledged to offset all GHG emissions from sources it either has direct control over or may significantly influence (i.e., the Company’s Scope 1, Scope 2 and portion of Scope 3 emissions). Based on the FEL-1, the Bécancour VAP projected GHG emissions are detailed in table 4.

EMISSIONS IN METRIC TONNES CO2 EQUIVALENT (T CO2 EQ)
  Source Total GHG
Scope 1 Stationary combustion N/A
Mobile combustion N/A
Fugitive emissions N/A
Process emissions partial oxidation of carbon from the furnace packing material (calcined petroleum coke) 5,760
partial oxidation of carbon from petroleum pitch in the coating process 1,975
Total Scope 1   7,735
Scope 2 Stationary combustion electricity production 300
Total Scope 2   300
 

Scope 3

Stationary combustion combustion of pitch-derived residual (condensed) material 4,608
Mobile combustion transport of calcined petroleum coke 260
transport of petroleum pitch 255
Process emissions production of calcined petroleum coke 3,842
Total Scope 3   8,965  
 GRAND TOTAL   17,000  

Table 4: Projected carbon footprint of the Bécancour VAP project

The offsetting costs are estimated at US$ 11.86/ t CO2 eq per tonne of CSPG produced and represent approximately US$ 202,000 annually. On a per product basis, this represents approximately US$ 3.83 per tonne of CSPG product and US$ 2.01 per tonne of by-product.

The forecasted GHG footprint for the Bécancour VAP project is derived from the FEL-1, its associated energy and mass balances, and the most likely procurement scenario for process inputs such as calcined petroleum coke and petroleum pitch. Nouveau Monde envisions developing and producing the cleanest anode-grade graphite material possible and is continuously striving for excellence in minimising GHG emissions and climate impact.

Nouveau Monde has ongoing R&D programs in place with professor Philippe Ouzilleau, PhD, from McGill University in Montréal to find alternate carbon sources to the petroleum-based product currently being used in the coating process with the objective of significantly reducing its carbon emissions.

Nouveau Monde also remains fully committed to achieving carbon neutrality at the Company’s level, including the Matawinie mine and concentrator in Saint-Michel-des-Saints and the Bécancour VAP project.

Co-Existence of the Matawinie Mineral Project and the Bécancour VAP Project

The FEL-1 does not impact nor alter the National Instrument 43-101 (“NI 43-101”) feasibility study filed on December 10, 2018 with regards to the Matawinie mineral project. While Nouveau Monde is of the view that there are obvious operational and financial benefits to developing a fully controlled and integrated business model, both the Matawinie mineral project and Bécancour VAP project should be considered independently from each other with regards to their economic viability. To this end, it is the intention of the Company to sell opportunistically the high-purity jumbo and large flakes produced at the Matawinie mineral project directly into third party traditional and speciality graphite markets, while the Bécancour VAP project intends to source its products, comprised of intermediate and fine flakes, from multiple sources. As a reference, the FEL-1 is based on a graphite concentrate feedstock pricing identical to a weighted average between the intermediate and fine flakes expected sales price shown at table 19.3 of the Matawinie NI 43-101 feasibility study. It is Nouveau Monde’s intention to prioritise the use of the feedstock produced at the Matawinie mineral project; however, the Company intends to source raw material from other graphite suppliers from time to time should market, or operational, conditions so justify.

Due to its modular structure, upon Phase 2 of the Bécancour VAP project successfully reaching name plate capacity, we believe it will likely be possible for Nouveau Monde to expand its capacity further. Such Phase 3 expansion is currently being analysed by management, but its implementation has not been agreed to and is entirely speculative at this point in time.

The Company will inform its stakeholders of material developments with regards to the Bécancour VAP project as required by its continuous disclosure obligations set out in Regulation 51-102.

About Nouveau Monde
Nouveau Monde is striving to become a key element in the sustainable energy revolution. The Company is working towards developing a fully-integrated source of green battery anode material in Québec, Canada. Targeting full-scale commercial operations by 2023, the Company is developing advanced carbon-neutral graphite-based material solutions for the growing lithium-ion and fuel cell markets. With low-cost operations and high ESG standards, Nouveau Monde aspires to become a strategic supplier to the world’s leading battery and auto manufacturers, ensuring robust and reliable advanced material, while guaranteeing supply chain traceability.

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Cautionary Note Regarding Forward-Looking Information
All statements, other than statements of historical fact, contained in this press release including, but not limited to (i) the timetable and the operating metrics of the Bécancour VAP project, (ii) the financial metrics of the Bécancour VAP project, including capital and operating costs, (iii) the financing strategy of the Bécancour VAP project, (iv) the benefits of the Company’s de-risking strategy, (v) the results of the carbon neutrality initiatives, (vi) the positive impact of the foregoing on project economics, (vii) the intended results of the initiatives described above, (viii) the intended project output capacity, (ix) future market supply and demand, (x) future mineral prices and (xi) Nouveau Monde’s mission and strategy and the “About Nouveau Monde” paragraph which essentially describe the Company’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” within the meaning of certain securities laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect. Moreover, these forward-looking statements were based upon various underlying factors and assumptions, including the timely delivery and installation of the equipment supporting the production, the Company’s business prospects and opportunities and estimates of the operational performance of the equipment, and are not guarantees of future performance.

Forward-looking information and statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking information and statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, delays in the scheduled delivery times of the equipment, the ability of the Company to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favourable terms for the Company, the dependence on commodity prices, the impact of inflation on costs, the risks of obtaining the necessary permits, the operating performance of the Company’s assets and businesses, competitive factors in the graphite mining and production industry, changes in laws and regulations affecting the Company’s businesses, political and social acceptability risk, environmental regulation risk, currency and exchange rate risk, technological developments, the impacts of the global COVID-19 pandemic and the governments’ responses thereto, and general economic conditions, as well as earnings, capital expenditure, cash flow and capital structure risks and general business risks. Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information regarding Company is available in the SEDAR database (www.sedar.com) and on the Company’s website at: www.NouveauMonde.group

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https://fryertuckchicken.com/nouveau-monde-announces-phase-2-of-what-is-planned-to/feed/ 0
2021 Outlook and 2020 Year End and Q4 https://fryertuckchicken.com/2021-outlook-and-2020-year-end-and-q4/ https://fryertuckchicken.com/2021-outlook-and-2020-year-end-and-q4/#respond Fri, 13 Aug 2021 07:34:26 +0000 https://fryertuckchicken.com/?p=1590 TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period ended December 31, 2020, along with the outlook for 2021. “2020 was a brutal year but we more than survived and have come out stronger from it. The ‘Going Concern […]]]>

TORONTO, March 11, 2021 (GLOBE NEWSWIRE) — McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) today reported fourth quarter and full year results for the period ended December 31, 2020, along with the outlook for 2021.

“2020 was a brutal year but we more than survived and have come out stronger from it. The ‘Going Concern Note’ has been removed from our financial statements; we released two feasibility studies that shows the potential to extend the life of our Mexican operations by 9.5 years, and outlines a 6-year life for our Gold Bar mine, which recovered from what was tantamount to a near-death experience for the operation in early 2020. The future of our Fox Complex is becoming more visible. Access to the Froome deposit is nearly complete and commercial production is planned to start in Q4. This will extend the life of the Black Fox mine by 2.5 years, providing a bridge to our second phase of growth at Fox, which we will unveil in Q2. Given our large gold resource base in the Timmins area, we expect it to support a potential ten-year mine life with annual production of 100-150,000 ounces of gold.

Our recent financings in late 2020 and early 2021 were met with huge market demand and more importantly have supplied us with adequate funds for our key development projects and exploration programs in 2021. We currently have liquid assets of $49 million! Finally, we extended the maturity date of our debt from August 2021 to August 2023, with a supportive lending partner.

Beneficial developments that we welcomed, but were beyond our control, were the massive increases in the prices of silver and copper and the resultant increase in the values of our silver and copper assets. For example, using the current price of copper in the financial model from our 2017 Preliminary Economic Assessment of Los Azules, we arrive at a Net Present Value, discounted at 8%, of approximately $5 billion. In respect of the potential value of our silver assets, if we combine the San José mine and the Fenix Project, it could potentially represent a medium-sized silver producer. One investment banker we spoke to suggested the value of such a company could be a minimum of $140 million. We believe that there is significant value to be realized by spinning these assets out in two separate vehicles. In this manner we could raise the necessary capital to advance these properties, while maintaining a large shareholding. I believe that the shares of these new companies will grow in value along with the growth in demand for these metals, on the back of the green technology movement. Specifically, the electrification of transportation, renewable energy technologies and the continuing urbanization of Asia and Africa.

While I am deeply pained by our awful financial performance in 2019 and 2020, I recognize that those years are behind us and the past cannot be changed, but we can and are shaping a better future. This year will not be stellar as we continue to fix operating issues and continue to invest in exploration and business systems – the foundations for a strong mining company. Looking beyond this year, myself and our entire senior management team, many of which are new hires, feel very optimistic about the company’s growth and are committed to delivering it to you!

Let me leave you with one last thought. As you know our stock symbol is MUX and here is what we are striving to make it mean – Motivated, United, Xceptional” commented Rob McEwen, Chairman & Chief Owner.

If you would like to be immediately contacted with our progress, please provide me with your contact details via my personal assistant Tara Saratsiotis. Her email is tsaratsiotis@mcewenmining.com

  • For the full year 2020, production was 114,800 gold equivalent ounces(1) (GEOs)(see Table 1), compared to 174,400 GEOs in 2019.

    Our consolidated net loss in 2020 of $152.3 million, or $0.38 per share (see Table 2) relates primarily to the impairment for the Gold Bar Mine of $83.8 million; investment of $27.5 million on advanced projects and exploration; a gross loss of $27 million from our operations; and general and administrative costs of $9 million.

  • Our three 100%-owned mines generated a cash gross loss of $4.0 million(2) in 2020, and a gross loss of $27 million. Cash gross profit (loss) is calculated by adding back depletion and depreciation to gross profit (loss).
  • We are forecasting our 2021 gold equivalent production to be in the range of 141,000 to 160,400 GEOs(1) a 23% to 40% increase over 2020.
  • At Black Fox, development of the vent drive that will provide initial access to the Froome underground deposit has advanced 95% by the end of February 2021. We are on track to reach the main deposit before the end of March, and complete the necessary development work to allow for commercial production to be achieved by the fourth quarter of 2021.
  • Gold Bar Feasibility Study Update was filed in February 2021. Using a $1,500/oz gold price the NPV(8%) is $55.2 million, over a 6-year mine life. Probable gold reserves estimated at December 31, 2020 were 300,000 oz (Table 3.2). Exploration programs are ongoing with the objective of extending the mine life beyond 6 years.
  • Fenix Feasibility Study was filed in February 2021. Using a $1,500/oz gold price and $17/oz silver price the NPV(8%) is $32 million, over a 9.5-year mine life. Fenix has the key permits towards construction.
  • The Grey Fox project’s Indicated resource estimate was updated in April 2020, increasing 43% to 888,000 oz Au at 7.1 g/t (see Table 2.4). An independent preliminary economic study on expanding production at the Fox Complex is expected to be completed by the end of Q2.
  • In 2020, we completed 43,000 feet (13,000 meters) of drilling at Black Fox, and 111,000 feet (34,000 meters) of drilling at Gold Bar.
  • Cash and liquid assets(2) at March 10th, 2021 was $49 million.
  • Our year-end conference call will take place today, Thursday, March 11th at 11am EST. Details are provided below.

Operations Update

Black Fox Mine, Canada (100% Interest)

Production from Black Fox in 2020 was 24,400 GEOs. Total cash costs and AISC were $1,397 and $1,650 per GEO, respectively.

We incurred $6.5 million in 2020 for exploration initiatives, compared to $25.8 million in 2019. We remain focused on our principal exploration goal of cost-effectively discovering and extending gold deposits adjacent to our existing operations to contribute to near-term gold production.

The Froome deposit, which is part of the Fox Complex, is accessed from two declines starting at the Black Fox pit and is situated approximately one-half mile west of the Black Fox mine. The mineralized material from Froome will be hauled approximately 20 miles (32 km) to the Stock Mine mill, where it will be processed. Development of the vent drive that will provide initial access to the Froome underground deposit has advanced 95% by the end of February 2021. We are on track to reach the main deposit before the end of Q1 and to complete the necessary development work required to achieve commercial production by the fourth quarter of 2021.

The Stock exploration area sits adjacent to our Stock mill, which currently processes ore from our Black Fox mine. The Stock West mineralized zone was discovered in mid-2019; in 2020 five drill rigs completed 53,600 feet (16,350 meters) of follow-up drilling. Initial results suggest the potential to define a significant new zone of mineralization 800m (1/2 mile) from our Stock processing facility. The majority of our 2020 drilling was designed to infill the gaps between our encouraging 2019 intercepts. This will increase the density of the data needed to develop a 3D model and the Company expects to generate an initial resource estimate while drilling continues. Four contracted drill rigs completed a total of 58,600 feet (17,900 meters) by year-end. Drilling resumed in early January 2021. Assuming this drilling is successful in identifying sufficient gold to support a decision to re-open the historic Stock Mine, we are well positioned to act quickly and begin dewatering the mine in the second half of 2021. Previously the mine was dewatered in just 4 months.

In April 2020, the Indicated resource estimate for Grey Fox project increased 43% to 888,000 oz Au at 7.1 g/t. We have engaged an independent engineering group to complete a Preliminary Economic Assessment (PEA) on the Grey Fox – Black Fox, Stock and Timmins resources utilizing our existing central milling capacity. We plan to grow annual production at the Fox Complex to 100-150,000 ounces of gold, at a targeted cash cost of $800/oz and an all-in sustaining cost (AISC) of $1,100/oz, over a +10-year life, with production envisioned to start ramping up from 2022. The PEA’s completion is expected in Q2, and will support the optimal business case on which to further complete a feasibility study. Mining from the Froome deposit, as described above, is expected to bridge gold production, providing cash flow while we continue to drill and assess additional potential resources at the Black Fox, Grey Fox, Stock and Timmins projects for future development towards expanded production.

Gold Bar Mine, USA (100% Interest)

Gold Bar produced 28,000 GEOs in 2020. Total cash costs and AISC were $2,106 and $2,459 per GEO, respectively.

The outbreak of the COVID-19 pandemic had a significant impact on 2020 production, as the Gold Bar operation shut down in Q2 and isolation quarantine protocols reduced operating shifts in Q4 after site personnel tested positive for COVID-19. The slower ramp up to full mining rates following the shutdown was primarily due to delays related to mining contractor rehiring of operators.

In 2020, we spent $5.1 million on exploration activities in and around the Gold Bar mine, which included 110,500 feet (33,700 m) of drilling and metallurgical testing to support the updated reserve estimates. Drilling at Gold Bar South has successfully advanced the project and is expected to contribute to Gold Bar mine’s future production. Subject to the receipt of permit approvals as planned, the mining of Gold Bar South could begin as early as Q1 2022.

In January 2021, updated resource model and resource and reserve estimates were completed, providing us with a more accurate model to plan from moving forward. Remodeling of these deposits has been completed in-house and reviewed by an independent third-party mining consultant. Optimization of the reserve will continue into 2021, to improve ore deliveries to the pad.

San José Mine, Argentina (49% Interest)

Our attributable production from San José in 2020 was 31,800 gold ounces and 2,013,000 silver ounces, for a total of 54,500 GEOs. Total cash costs(2) and all-in sustaining costs (AISC)(2) were $1,233 and $1,514 per GEO, respectively.

Gold and silver production decreased significantly in 2020 as a result of suspensions of mining activities due to COVID-19 combined with operating below capacity during ongoing countrywide travel restrictions.

In 2021, our partner Hochschild Mining is planning a significant exploration program at San José. Towards the end of 2020 drilling started to return encouraging results in the Saavedra area close to where mining takes place. During Q1 2021, 6,500 ft (2,000 m) of resource drilling is planned at the Betania and Isabel veins, with campaigns also continuing at the Telken zone close to Newmont’s Cerro Negro mine and at Aguas Vivas, north-west of San José.

El Gallo Project, Mexico (100% Interest)

Production from El Gallo in 2020 was 8,000 GEOs from residual leaching of the heap leach pad. During 2020, residual leaching costs were $11.4 million, or $1,409 per GEO sold.

For 2021, we expect to recover 4,500-5,900 GEOs from residual leaching of the heap leach pad.

COVID-19 Update

McEwen Mining continues to maintain wide-ranging prevention measures for its workforce and neighboring communities, including screening, physical distancing, travel restrictions, contact tracing and avoiding exposure for at-risk individuals.

Table 1 below provides production and cost results for Q4 and the full year 2020, with comparative results from 2019.

  Q4 Full Year 2021
Guidance
2019 2020 2019 2020
Consolidated Production          
Gold (oz) 36,100 24,100 134,300 92,100 110,500-127,900
Silver (oz) 865,000 532,400 3,365,800 2,020,000 2,300,000-2,450,000
GEOs(1) 46,300 30,100 174,400 114,800 141,000-160,400
Gold Bar Mine, Nevada(3)          
GEOs(1) 9,713 6,000 30,712 28,000 37,000-45,000
Cash Costs ($/GEO)(1) 1,281 3,439 1,101 2,106  
AISC ($/GEO)(1) 1,452 3,726 1,282 2,459  
Black Fox Mine, Canada          
GEOs(1) 9,921 8,000 35,721 24,400 27,500-32,500
Cash Costs ($/GEO)(1) 729 1,307 825 1,397  
AISC ($/GEO)(1) 934 1,439 1,225 1,650  
El Gallo Mine, Mexico          
GEOs(1) 2,490 1,500 16,333 8,000 4,500-5,900
    (5)   (5)  
San José Mine, Argentina (49%)          
Gold production (oz)(4) 14,000 8,700 51,700 31,800 41,500-44,500
Silver production (oz)(4) 861,800 531,500 3,354,500 2,013,000 2,300,000-2,450,000
GEOs(1)(4) 24,200 14,600 91,700 54,500 72,000-77,000
Cash Costs ($/GEO)(1) 826 1,234 867 1,233  
AISC ($/GEO)(1) 1,034 1,455 1,140 1,514  


Table 2
below provides financial highlights for Q4 and full year 2020, with comparative results from 2019.

  Q4 2019 Q4 2020 Full Year
2019
Full Year
2020
Treasury        
Liquid Assets ($ millions)(2)     49.7   25.9  
Cash ($ millions)     46.5   20.8  
Working Capital ($ millions)     43.2   7.9  
Debt (Term loan) ($ millions)     50.0   50.0  
Gross Profit (Loss)        
Black Fox Mine ($ millions) 4.1   0.2   5.7   (4.1 )
San José Mine (49%) ($ millions) 6.9   9.1   16.6   25.0  
El Gallo Project ($ millions) (0.5 ) (1.8 ) 4.0   (1.5 )
Gold Bar Mine ($ millions) (2.3 ) (12.1 ) (0.7 ) (21.4 )
Cash Gross Profit (Loss)        
Black Fox Mine ($ millions) 6.8   3.8   18.9   6.8  
San José Mine (49%) ($ millions) 16.7   12.9   50.9   39.6  
El Gallo Project ($ millions) (0.4 ) (1.8 ) 4.6   (1.3 )
Gold Bar Mine ($ millions) 2.1   (8.8 ) 10.2   (9.6 )
Consolidated Operating Results        
Net (Loss) ($ millions) (25.1 ) (23.5 ) (59.7 ) (152.3 )
Net (Loss) per Share ($) (0.07 ) (0.06 ) (0.17 ) (0.38 )
Cash Flow        
Cash Provided By (Used In) Operating Activities ($ millions) (17.6 ) (2.6 ) (39.5 ) (27.9 )

Notes:

  1. ‘Gold Equivalent Ounces’ are calculated based on a gold to silver price ratio of 85:1 for Q4 2019, 77:1 for Q4 2020, 84:1 for 2019, and 89:1 for 2020. 2021 production and cost guidance is calculated based on 75:1 gold to silver price ratio.
  2. Cash gross profit, cash costs per ounce, all-in sustaining costs (AISC) per ounce, and liquid assets are non-GAAP financial performance measures with no standardized definition under U.S. GAAP. For definition of the non-GAAP measures see “Non-GAAP Financial Measures” section in this press release; for the reconciliation of the non-GAAP measures to the closest U.S. GAAP measures, see the Management Discussion and Analysis for the year ended December 31, 2020 filed on Edgar and SEDAR.
  3. Gold Bar started commercial production on May 23, 2019.
  4. Represents the portion attributable to us from our 49% interest in the San José Mine.
  5. Both cash costs and AISC per GEO no longer represent key metrics used by management to evaluate residual leaching at the El Gallo Project. For this reason, the Company has ceased relying on, and disclosing, cash costs and all-in-sustaining costs per ounce as a key metric.

For the SEC Form 10-Q Financial Statements and MD&A refer to: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000314203

Conference Call and Webcast

We invite you to join our conference call, where management will discuss our Q4 and year-end 2020 financial results and project developments and follow with a question-and-answer session. Questions can be asked directly by participants over the phone during the webcast.

The webcast will be archived on McEwen Mining’s website at https://www.mcewenmining.com/media following the call.

Resource and Reserve Updates

The following statements apply to information contained in the resource and reserve tables below:

  • Mineral Resources are inclusive of Mineral Reserves;
  • Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that any part of the Mineral Resources estimated will be converted into a Mineral Reserves estimate;
  • Numbers in the tables have been rounded to reflect the accuracy of the estimates and may not sum due to rounding;
  • The Inferred Mineral Resource in these estimates has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration;
  • Quantity and grade of reported Inferred resources are uncertain in nature and there has been insufficient exploration to classify these Inferred resources as Measured or Indicated;
  • Mineral Resources and Reserves were estimated using the guidelines set out in the CIM Definition Standards for Mineral Resources and Reserves prepared by the CIM Standing Committee on Reserve Definitions, reserves estimates are also compliant with SEC Industry Guide 7;

San José Mine

Hochschild Mining Plc (“Hochschild”), our joint venture partner, prepared the mineral resource and mineral reserve estimates for the San José mine as at December 31, 2020.

These figures, reported on a 100% basis, were prepared by Hochschild and audited by P&E Mining Consultants Inc. whose audit letter dated February 8, 2021, concluded that the estimates for the San José mine prepared by Hochschild at December 31, 2020 provide a reliable estimation of reserves and resources. The reserves as presented are in-situ and include mining dilution and mining losses, however they do not include allowances for mill or smelter recoveries.

Table 1.1: San José Mine – Mineral Reserve Estimate, December 31, 2020 – 100% basis

Classification Quantity
(‘000 t)
Gold Grade
(g/t)
Silver Grade
(g/t)
Contained Gold
(‘000 oz)
Contained Silver
(M oz)
Proven 815 6.73 409 176 10.7
Probable 187 5.46 354 33 2.1
Total Proven & Probable 1,002 6.49 399 209 12.8

Table 1.1 Notes:

• Reserves are stated on a 100% basis. McEwen Mining Inc. has a 49% attributable interest in the San José mine.
• Mineral reserves were estimated by Hochschild Mining Plc; P&E Mining Consultants Inc. have audited the resource and reserve estimates and found that they meet the requirements for disclosure under Canadian National Instrument 43-101 (NI 43-101) and the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy (“JORC”) as well as the US Securities and Exchange Commission Industry Guide 7 for reserves.
• Metal prices used for reserve estimation US$1,800/oz for gold and US$20.00/oz for silver.
• For reserves average internal dilution was 7%, average mining and geotechnical dilution was 43% and mine extraction was 30%.
• Reserve cut-off grades: Cut and fill = 285 gpt AgEq., Long hole = 228 gpt AgEq. [AgEq = (Au x 86) + Ag].

Table 1.2: San José Mine – Mineral Resource Estimate, December 31, 2020 – 100% basis

Classification Quantity
(‘000 t)
Gold Grade
(g/t)
Silver Grade
(g/t)
Contained Gold
(‘000 oz)
Contained Silver
(M oz)
Measured 1,752 7.89 484 444 27.3
Indicated 1,000 5.68 335 183 10.8
Total Measured & Indicated 2,752 7.09 429 627 38.0
Total Inferred 1,861 5.58 345 334 20.6

Table 1.2 Notes:

• Resources are stated on a 100% basis. McEwen Mining Inc. has a 49% attributable interest in the San José mine.
• Mineral resources were estimated by Hochschild Mining Plc; P&E Mining Consultants Inc. have audited the resource and reserve estimates and found that they meet the requirements for disclosure under Canadian National Instrument 43-101 (NI 43-101) and the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy (“JORC”) as well as the US Securities and Exchange Commission Industry Guide 7 for reserves.
• Resource estimations utilized inverse distance and ordinary kriging methods depending upon data density.
• Metal prices used for resource estimation US$1,800/oz for gold and US$20.00/oz for silver.
• Resources for 2020 were defined at a cut-off grade of 285 gpt silver equivalent [AgEq = (Au x 86) + Ag].

Fox Complex

The mineral resource estimate for the Black Fox Mine and Grey Fox area was carried out by McEwen Mining; the mineral reserve for the Black Fox Mine was developed by the site engineering team. All resource and reserve statements are as at December 31, 2020.

Table 2.1: Black Fox Mine – Mineral Resource Estimate, December 31, 2020

Classification Quantity
(‘000 tonnes)
Grade Gold
(g/t)
Contained Gold
(‘000 oz)
Measured 374 5.35 64
Indicated 118 5.06 19
Total Measured & Indicated 492 5.28 84
Inferred 242 5.32 41

Table 2.1 Notes:
• Resources are reported at a cut-off grade of 3.0 g/t Au, assuming an underground extraction scenario, a gold price of US$1,500/oz and a metallurgical recovery of 96 percent.

Table 2.2: Black Fox Mine – Mineral Reserve Estimate, December 31, 2020

Classification Quantity
(‘000 tonnes)
Grade Gold
(g/t)
Contained Gold
(‘000 oz)
Proven 33 3.96 4
Probable 72 4.10 10
Total Probable 105 4.05 14

Table 2.2 Notes:
• Reserves are based on a cut-off value of 3.64 g/t Au assuming a gold price of US$1,650/oz.
• Reserves are stated at a mill feed reference point and include for diluting materials and mining losses.

Table 2.3: Grey Fox Property – Mineral Resource Estimate, December 31, 2020

Classification   Quantity
(‘000 t)
Grade Gold
(g/t)
Contained Gold
(‘000 oz)
 
Indicated Mineral Resource      
Underground Contact Zone 1,212 6.76 263  
  147 Zone 1,028 7.65 253  
  147 NE Zone 467 7.79 117  
  South Zone 708 7.16 163  
  Gibson Zone 502 5.70 92  
Total Indicated   3,917 7.05 888  
Inferred Mineral Resource      
Underground Contact Zone 173 7.02 39  
  147 Zone 144 7.05 33  
  147 NE Zone 47 8.34 13  
  South Zone 98 6.64 21  
  Gibson Zone 356 5.92 68  
Total Inferred   818 6.58 173  
Table 2.4 Notes:

  • All figures rounded to reflect the relative accuracy of the estimates. Composites were capped where appropriate. Mineral resources reported at a cut-off grade of 3.6 g/t Au

Gold Bar Mine

The mineral resource estimate for the Gold Bar Mine was carried out by McEwen Mining.

Table 3.1: Gold Bar – Mineral Resource Estimate, December 31, 2020

Classification Quantity
(‘000 t)
Grade Gold
(oz/ton)
Grade Gold
(Metric g/t)
Contained Gold
(‘000 oz)
Indicated 16,698 0.027 0.91 491
Inferred 1,982 0.024 0.82 52

Table 3.1 Notes:

  • Mineral resources are based on the following economic input parameters: $3.19/ore ton mining cost, $1.99/waste tone mining cost, $4.91/ore ton crushed process cost, $3.77/ore ton ROM process cost, $3.16/ore ton G&A cost, $0.475/toz gold refining charge, $1.538/toz transport & sales cost, 99.95% payable gold, 1% royalty at GBS only, 78% crushed oxide recovery at Pick & Ridge, 50% mid-carbon recovery at Pick & Ridge, 72% ROM oxide recovery at Pick & Ridge, 61% ROM oxide recovery at GBS, 0% ROM mid-carbon recovery;
  • Resources are reported using gold variable cutoff grades depending on rock type, mining area, carbon content, clay content and process response.
  • Resources stated in the table above are contained within a $1,725/oz Gold sales price Lerchs-Grossmann (LG) pits.

The reserve estimate for the Gold Bar mine as at December 31, 2020 was prepared by Joseph McNaughton, P.E., Senior Mining Engineers, Partner, Independent Mining Consultants and reviewed by Jeff Choquette and Todd Wakefield of Mine Technical Services Ltd.

Table 3.2: Gold Bar – Mineral Reserve Estimate, February 12, 2021

Classification Quantity
(‘000 t)
Grade Gold
(oz/ton)
Grade Gold
(Metric g/t)
Contained Gold
(‘000 oz)
Recoverable
(‘000 oz)
Probable 15,570 0.024 0.84 420 300

Table 3.2 Notes:

  • Resources stated as contained within a potentially economically minable open pit using the following optimization parameters: US$1,500/oz Au, $3.19 per ore ton mining cost, $1.99 per waste ton mining cost, $4.91 per ton crushed process cost, $3.77 per ore ton run-of-mine (ROM) process cost, $3.16 per ore ton G&A cost, $0.475 per ton gold refining charge, $1.538 per ounce transport and sales cost, 99.95% payable gold, 1% royalty on Gold Bar South, 78% crushed oxide recovery at Pick and Ridge, 50% mid-carbon recovery at Pick and Ridge, 72% run-of-mine oxide recovery at Pick and Ridge, 61% ROM oxide recovery at Gold Bar South, 0% ROM mid-carbon recovery.
  • Reserves are based on variable cutoff grades depending on rock type, mining area, carbon content, clay content and process response.
  • Reserves are contained within an engineered pit design between the $1,250/oz and $1,400 gold sales price Lerchs-Grossmann pit shells.
  • Based on end of December 2020 topography.

Technical Information
The technical contents of this news release has been reviewed and approved by Peter Mah, P.Eng., COO of McEwen Mining and a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

The technical information in this news release related to resource and reserve estimates has been reviewed and approved by Luke Willis, P.Geo., McEwen Mining’s Director of Resource Modelling and Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects.”

Reliability of Information Regarding San José
Minera Santa Cruz S.A., the owner of the San José Mine, is responsible for and has supplied to the Company all reported results from the San José Mine. McEwen Mining’s joint venture partner, a subsidiary of Hochschild Mining plc, and its affiliates other than MSC do not accept responsibility for the use of project data or the adequacy or accuracy of this release.

CAUTIONARY NOTE TO US INVESTORS REGARDING RESOURCE ESTIMATION

McEwen Mining presently prepares its resource estimates in accordance with standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in Canadian National Instrument 43-101 (NI 43-101). These standards are different from the standards permitted in reports filed with the SEC under Industry Guide 7 (“Guide 7”). Under NI 43-101, McEwen Mining reports measured, indicated and inferred resources, measurements which are generally not permitted in filings made with the SEC under Guide 7. The estimation of measured and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that any part of measured or indicated resources will ever be converted into economically mineable reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Therefore, U.S. investors are also cautioned not to assume that all or any part of inferred resources exist, or that they can be legally or economically mined.

Canadian regulations permit the disclosure of resources in terms of “contained ounces” provided that the tonnes and grade for each resource are also disclosed; however, under Guide 7, the SEC only permits issuers to report “mineralized material” in tonnage and average grade without reference to contained ounces. Under Guide 7, the tonnage and average grade described herein would be characterized as mineralized material. We provide such disclosure about our properties to allow a means of comparing our projects to those of other companies in the mining industry, many of which are Canadian and report pursuant to NI 43-101, and to comply with applicable disclosure requirements.

CAUTIONARY NOTE REGARDING NON-GAAP MEASURES
In this release, we have provided information prepared or calculated according to United States Generally Accepted Accounting Principles (“U.S. GAAP”), as well as provided some non-U.S. GAAP (“non-GAAP”) performance measures. Because the non-GAAP performance measures do not have any standardized meaning prescribed by U.S. GAAP, they may not be comparable to similar measures presented by other companies.

Cash Costs and All-in Sustaining Costs
Cash costs consist of mining, processing, on-site general and administrative costs, community and permitting costs related to current operations, royalty costs, refining and treatment charges (for both doré and concentrate products), sales costs, export taxes and operational stripping costs, and exclude depreciation and amortization. All-in sustaining costs consist of cash costs (as described above), plus accretion of retirement obligations and amortization of the asset retirement costs related to operating sites, sustaining exploration and development costs, sustaining capital expenditures, and sustaining lease payments. Both cash costs and all-in sustaining costs are divided by the gold equivalent ounces sold to determine cash costs and all-in sustaining costs on a per ounce basis. We use and report these measures to provide additional information regarding operational efficiencies on an individual mine basis, and believe that these measures provide investors and analysts with useful information about our underlying costs of operations. A reconciliation to production costs applicable to sales, the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

Cash Gross Profit
Cash gross profit is a non-GAAP financial measure and does not have any standardized meaning. We use cash gross profit to evaluate our operating performance and ability to generate cash flow; we disclose cash gross profit as we believe this measure provides valuable assistance to investors and analysts in evaluating our ability to finance our ongoing business and capital activities. The most directly comparable measure prepared in accordance with GAAP is gross profit. Cash gross profit is calculated by adding depletion and depreciation to gross profit. A reconciliation to gross profit, the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

Liquid assets
The term liquid assets used in this report is a non-GAAP financial measure. We report this measure to better understand our liquidity in each reporting period. Liquid assets is calculated as the sum of the Balance Sheet line items of cash and cash equivalents, restricted cash and investments, plus ounces of doré held in precious metals inventories valued at the London PM Fix spot price at the corresponding period. A reconciliation to the nearest U.S. GAAP measure is provided in McEwen Mining’s Annual Report on Form 10-K for the year ended December 31, 2019.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements and information, including “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements and information expressed, as at the date of this news release, McEwen Mining Inc.’s (the “Company”) estimates, forecasts, projections, expectations or beliefs as to future events and results. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, risks and contingencies, and there can be no assurance that such statements and information will prove to be accurate. Therefore, actual results and future events could differ materially from those anticipated in such statements and information. Risks and uncertainties that could cause results or future events to differ materially from current expectations expressed or implied by the forward-looking statements and information include, but are not limited to, effects of the COVID-19 pandemic, fluctuations in the market price of precious metals, mining industry risks, political, economic, social and security risks associated with foreign operations, the ability of the corporation to receive or receive in a timely manner permits or other approvals required in connection with operations, risks associated with the construction of mining operations and commencement of production and the projected costs thereof, risks related to litigation, the state of the capital markets, environmental risks and hazards, uncertainty as to calculation of mineral resources and reserves, and other risks. Readers should not place undue reliance on forward-looking statements or information included herein, which speak only as of the date hereof. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. See McEwen Mining’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and other filings with the Securities and Exchange Commission, under the caption “Risk Factors”, for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information regarding the Company. All forward-looking statements and information made in this news release are qualified by this cautionary statement.

The NYSE and TSX have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management of McEwen Mining Inc.

ABOUT MCEWEN MINING

McEwen Mining is a diversified gold and silver producer and explorer focused in the Americas with operating mines in Nevada, Canada, Mexico and Argentina. It also owns a large copper deposit in Argentina.

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Valneva Reports H1 Results Marked by Major Corporate https://fryertuckchicken.com/valneva-reports-h1-results-marked-by-major-corporate/ https://fryertuckchicken.com/valneva-reports-h1-results-marked-by-major-corporate/#respond Fri, 13 Aug 2021 07:34:12 +0000 https://fryertuckchicken.com/?p=1587 Unprecedented partnering deal signed with Pfizer for Lyme disease vaccine Binding preliminary agreement now in place with UK government to provide initial funding for manufacturing expansion of SARS-CoV-2 vaccine; agreement in principle to supply up to 100 million doses to UK government Positive initial results for Phase 2 study of Lyme disease vaccine VLA15 Positive […]]]>
  • Unprecedented partnering deal signed with Pfizer for Lyme disease vaccine
  • Binding preliminary agreement now in place with UK government to provide initial funding for manufacturing expansion of SARS-CoV-2 vaccine; agreement in principle to supply up to 100 million doses to UK government
  • Positive initial results for Phase 2 study of Lyme disease vaccine VLA15
  • Positive End-of-Phase 2 chikungunya meeting with the U.S. FDA
  • Marketing and distribution partnership with Bavarian Nordic
  • Product sales revenue adversely impacted by COVID-19 pandemic
  • $85 million financing arrangement with leading US healthcare funds 

Strong cash position of €200 million at end of June 2020; H1 product sales revenue affected by COVID-19 pandemic

  • Strong cash position of €200 million at the end of June 2020
    • Driven by $130 million upfront payment from Lyme vaccine collaboration with Pfizer1
    • Augmented by $85 million debt financing arrangement with leading U.S. funds in February 20202. $60 million drawn down as at June 30, 2020
  • Total revenues of €47.9 million in H1 2020 compared to €54.5 million in H1 2019
    • Product sales revenue of €40.9 million in H1 2020 adversely affected by the COVID-19 pandemic (€61.6 million in H1 2019)
  • EBITDA3 loss of €17.2 million in H1 2020 compared to an EBITDA profit of €2.4 million in H1 2019
    • Reflects increased R&D investment of €33 million in H1 2020 compared to €14.1 million in H1 2019 

Valneva FY 2020 total revenue guidance confirmed with major EBITDA improvement compared to original guidance

  • Subject to continuing uncertainty regarding the ongoing COVID-19 pandemic, Valneva forecasts total 2020 revenues of €120 million to €140 million, broadly in line with its original guidance
    • Guidance includes approximately €70 million to €80 million of product sales revenues
    • €40 million to €50 million revenue to be recognized resulting from the Lyme vaccine partnership with Pfizer
    • Approximately €10 million of Service and Technology revenues.
  • Valneva expects R&D investments of up to €80 million including:
    • Lyme program related costs, noting the recent Lyme collaboration
    • Phase 3 initiation of the chikungunya vaccine candidate in Q4 2020
    • Initial investments in the Company´s SARS-CoV-2 vaccine candidate (VLA2001)
  • Valneva now estimates  EBITDA of  between zero and negative €10 million in 2020 (compared to its original guidance of up to  €35 million negative EBITDA)

Significant milestones reported for R&D programs since the beginning of the year

  • Signing of an unprecedented collaboration with Pfizer for Phase 2 Lyme disease vaccine VLA154
    • $130 million upfront and $35 million development milestones
    • Up to a further $143 million in early commercialization milestone payments
    • Tiered royalties on sales starting at 19%
    • Valneva to fund 30% of all development costs through completion of development program
  • Positive initial results for first Phase 2 study of Lyme disease vaccine candidate reported5. Initial results for second Phase 2 study expected within a few months.
  • Positive End of Phase 2 meeting with the FDA for chikungunya vaccine candidate VLA15536. Chikungunya Phase 3 study expected to commence in the fourth quarter of 2020
  • Initiation of VLA2001 – a SARS-CoV-2 vaccine development program for COVID-197
    • Binding preliminary agreement with UK government to provide initial funding of over £10 million to support expansion of Valneva’s UK based manufacturing facilities; final supply agreement including further investments in manufacturing and clinical trials to be negotiated within the coming weeks
    • Agreement in principle with the UK government to provide up to 100 million doses of Valneva’s SARS-CoV-2 vaccine candidate8
    • Valneva’s SARS-CoV-2 vaccine to be manufactured at Valneva’s FDA approved plant in Livingston, Scotland, with investment also at Solna, Sweden 

David Lawrence, Valneva’s Chief Financial Officer, commented, “The excellent progress across our business in all areas outweighs the adverse impact of the COVID-19 pandemic on the travel industry and our product sales revenues. The debt financing combined with the Pfizer partnership and the excellent progress with the UK Government collaboration puts the Company in a very strong position.”

H1 2020 Financial Information
(unaudited, consolidated under IFRS)

€million 6 months ending June 30
  2020 2019
Total revenues   47.9  54.5
Product sales   40.9  61.6
Net profit / (loss)   (25.6)    (2.4)
EBITDA   (17.2)  2.4
Cash  200.0  69.9

Saint Herblain (France), August 4, 2020Valneva SE (“Valneva” or “the Company”), a specialty vaccine company focused on prevention against diseases with major unmet needs, reported today its consolidated financial results for the first half of the year, ended June 30, 2020. The half year financial report, including the condensed consolidated interim financial report and the half year management report, is available on the Company’s website www.valneva.com.

Valneva will provide a live webcast of its first-half 2020 results conference call beginning at 3 p.m. CEST today. This webcast will also be available on the Company’s website. Please refer to this link: https://edge.media-server.com/mmc/p/usuqkrat
  
Commercial Vaccines

JAPANESE ENCEPHALITIS VACCINE (IXIARO®/JESPECT®)
In the first half of 2020, revenues from IXIARO®/JESPECT® product sales reached €28.4 million compared to €45.1 million in the first half of 2019. Sales were affected by the impact of the COVID-19 pandemic on the travel market primarily in the second quarter of the year.

During the first half of 2020, the US Government’s Department of Defense (DoD) issued a Request For Proposal (RFP) for the supply of Japanese encephalitis vaccines to the U.S. military. As sole supplier of the only U.S. FDA approved Japanese encephalitis vaccine, Valneva has responded to this RFP and expects to enter into a new contract with the DoD imminently. Based on the RFP, Valneva expects the contract to span a total of three years (one base year and two further years via options) providing, for the first time, greater demand visibility which is especially important at a time when the travel market is hit by the COVID-19 outbreak.

CHOLERA / ETEC9-DIARRHEA VACCINE (DUKORAL®)

In the first half of 2020, revenues from DUKORAL® sales reached €12.1 million compared to
€15.2 million in the first half of 2019. DUKORAL® sales were also adversely impacted by the COVID-19 pandemic effect on travel in the second quarter of the year.

OVERALL SALES OUTLOOK
Taking into account the ongoing COVID-19 situation, Valneva expects that its sales could return to 2019 levels in 2022 with the expected sales recovery of its 2 commercial products and the marketing and distribution partnership with Bavarian Nordic announced in June 202010. The successful development of a SARS-CoV-2 vaccine could accelerate that timeline.

MODIFICATION TO MINIMUM REVENUE COVENANT UNDER CREDIT AGREEMENT
Owing to (a) deferred recognition of revenues from the Pfizer deal under IFRS rules and (b) the forecasted product sales in the context of the COVID-19 pandemic, the Company was at risk of not meeting the minimum revenue covenant (€115 million on a 12-month rolling basis assessed monthly) under its Credit Agreement with its lenders, OrbiMed and Deerfield. Following discussions, an agreement was reached at the end of July whereby this minimum revenue covenant will not apply until December 31, 2020, inclusive, in exchange for a minimum cash requirement of €75 million (instead of €35 million) during that period.

Clinical Stage Vaccine Candidates

LYME DISEASE VACCINE CANDIDATE – VLA15
Partnering deal with Pfizer; Positive initial Phase 2 results reported

Valneva has developed a multivalent vaccine candidate, VLA15, which is currently the only active vaccine program in clinical development against Lyme disease. The program was granted Fast Track designation by the U.S. Food and Drug Administration (FDA) in July 201711 and, in April 2020, the Company signed an exclusive, worldwide partnering deal with Pfizer Inc. for the late stage development and future commercialization of VLA1512.

Valneva and Pfizer will work closely together throughout the development of VLA15. Valneva is eligible to receive a total of $308 million including a $130 million upfront payment received in May 2020. Under the terms of the agreement, Valneva will fund 30% of all development costs through completion of the development program and, in return, Pfizer will pay Valneva tiered royalties starting at 19%. Pfizer will lead late-stage development and have sole control over commercialization.

In July 2020, Valneva reported positive initial results for the first Phase 2 study (VLA15-201) of Lyme disease vaccine candidate VLA1513. The study met its endpoints. Compared to Phase 1, the higher doses used in this trial elicited higher antibody responses across all serotypes with Seroconversion Rates (SCR) in the highest dose ranging from 81.5% (ST1) to 95.8% (ST2). In the age group comparable to the age group investigated in Phase 1 (18-49 years), SCRs ranged from 85.6% to 97%. The immunological response in older adults, one of the main target groups for a Lyme vaccine, is particularly encouraging. Results did not indicate that prior exposure to Lyme (sero-positivity) has an impact on immunogenicity or safety. As part of further Phase 2 data to be released in a few months, an analysis of the functionality of the antibodies generated with VLA15 will be conducted. In close collaboration with regulatory authorities, Valneva has developed a Serum Bactericidal Antibody assay (“SBA”) for that purpose.

VLA15 was generally safe across all dose and age groups tested. No related Serious Adverse Events (SAEs) were observed with VLA15 in this study in any treatment group. Reactogenicity decreased with subsequent vaccinations. Overall, the tolerability profile, including rates of fever, appeared to be comparable to other lipidated recombinant vaccines or lipid-containing formulations.

This first Phase 2 study, conducted in the EU and US, included 572 healthy adults aged 18 to 65 years. In the main study phase, 452 subjects received one of two dose levels (either 135µg or 180µg) of VLA15 (approximately 180 subjects each) in three injections (Days 1, 29 and 57) or placebo (approximately 90 subjects). Immunogenicity was measured by determining IgG antibodies against each of the six most prevalent Outer Surface Protein A serotypes of Lyme borreliosis in the US and Europe covered by the vaccine. The endpoint readout was immunogenicity at Day 85 (one month after finalization of primary immunization).

Valneva expects to report initial results for the second Phase 2 study, VLA15-202, within a few months. In the VLA15-202 study, identical doses to the VLA15-201 study were tested using a longer vaccination schedule (Days 1, 57 and 180). 

According to the U.S. Centers for Disease Control and Prevention (CDC), approximately 300,000 Americans4 are infected with Lyme disease annually with at least an additional further 200,000 cases in Europe14.

VLA15 is a multivalent, protein subunit vaccine that targets the outer surface protein A (OspA) of Borrelia and is intended to protect against the majority of human pathogenic Borrelia species. VLA15 is designed to confer protection by raising antibodies that prevent Borrelia from migrating from ticks to humans after a bite.

Peak revenue potential for a Lyme disease vaccine in the U.S. and EU is estimated at more than
$1 billion15 annually.

CHIKUNGUNYA VACCINE CANDIDATE – VLA1553
Phase 3 initiation expected in the fourth quarter

Valneva has developed a unique vaccine candidate, VLA1553, which is the only single-shot target product profile vaccine in clinical development today. The program was granted Fast Track designation by the FDA in December 201816. Valneva plans to take VLA1553 to market with the prospect of leveraging major manufacturing and commercial synergies primarily focusing on the traveler vaccine market.

To make VLA1553 also accessible to Low and Middle Income Countries (LMIC), Valneva and the Butantan Institute in Brazil signed a binding term sheet in May 2020 for the development, manufacturing and marketing of VLA155317. The collaboration will be effective upon the signing of definitive agreements and will fall within the framework of the $23.4 million funding which Valneva received from the Coalition for Epidemic Preparedness Innovations (CEPI) in July 201918.

During the first half of 2020, VLA1553’s complete Phase 1 data were published in the peer-reviewed medical journal The Lancet Infectious Diseases19. The Lancet paper provides a detailed analysis of the unique Phase 1 results, which served as a basis for the Company´s End of Phase 2 meeting with the U.S. FDA20 and will enable direct progression into Phase 3 as soon as the COVID-19 situation permits. Valneva is currently advancing all necessary activities, including with its Contract Research Organization (CRO), and intends to initiate the pivotal Phase 3 study in the fourth quarter as planned.

Chikungunya is considered a major public health threat with no preventive vaccines or effective treatments available. Chikungunya is a mosquito-borne viral disease caused by the chikungunya virus (CHIKV), a Togaviridae virus, transmitted by Aedes mosquitoes. As of 2017, there have been more than one million reported cases in the Americas21 and the economic impact is considered significant (e.g. Colombia outbreak 2014: $73.6 million)22. The medical burden is expected to grow as the distribution of the CHIKV primary mosquito vectors continues to spread further geographically.

The global annual market potential for chikungunya vaccines is estimated at up to $500 million and the traveler market at around $250 million23. The sponsor of the first chikungunya vaccine approved in the U.S. will be eligible to receive a Priority Review Voucher (PRV).

SARS-CoV-2 VACCINE CANDIDATE – VLA2001

Agreement in principle with UK government to provide up to 100 million doses
Preliminary binding agreement to provide initial funding for manufacturing expansion

In April 2020, Valneva initiated a program aiming to rapidly develop a vaccine against SARS-COV-2, the pathogen that causes COVID-1924.

In July 2020, Valneva reached an agreement in principle with the UK government to provide up to 100 million doses of its SARS-CoV-2 vaccine, to be manufactured at its facilities in Livingston, Scotland25. Valneva and the UK government have now entered into a binding preliminary agreement by which the Government will provide initial funding of over £10 million to support expansion of Valneva’s UK-based manufacturing facilities. Valneva and the UK government will seek to finalize a full supply agreement in the next few weeks, including further investments in manufacturing and clinical trials. As part of its broader COVID-19 response, Valneva plans to further invest in its manufacturing facility in Livingston, Scotland and also in Solna, Sweden. Valneva is also in discussions with further potential customers for the vaccine.

Valneva is leveraging its technical and platform capabilities derived from IXIARO®, the Company’s commercial vaccine product indicated for active immunization for the prevention of Japanese encephalitis, to develop an inactivated, whole virus vaccine candidate. The Company is collaborating with Dynavax to evaluate the adjuvant CpG 1018, which is a component of the U.S. FDA-approved HEPLISAV-B® vaccine.

Valneva has ramped up its Biosafety Level 3 laboratory capabilities at its sites in Nantes, Vienna and Livingston. Assuming that preclinical activities are successful and the requisite financing is in place, Valneva plans to commence clinical studies by the end of 2020 with the objective to achieve first regulatory approval in the second half of 2021, subject to the appropriate regulatory authority requirements.

SARS-CoV-2 is a new coronavirus identified in late 2019 and belongs to a family of enveloped RNA viruses that include MERS and SARS, both of which caused serious human infections of respiratory system. The virus, which causes a disease named COVID-19, has never before been found in humans. Since this outbreak was first reported in late-2019, the virus has infected over 18 million people and has caused over 690,000 reported deaths (as of August 3, 2020). It has been declared a pandemic by the World Health Organization (WHO). Currently, there is no vaccine available for COVID-19.

First Half 2020 Financial Review
(Unaudited, consolidated under IFRS)

Revenues
Valneva’s total revenues in the first half of 2020 were €47.9 million compared to €54.5 million in the first half of 2019. Revenues in the first half of 2019 included negative revenue effects related to the termination of the Strategic Alliance Agreement (SAA) with GSK amounting to €10.7 million. Excluding the termination effect, total revenues would have amounted to €65.2 million in the first half of 2019.  

Product sales revenues in the first half of 2020 declined to €40.9 million compared to €61.6 million in the same period of 2019. On a CER basis26, product sales declined by 35% compared to the first half of 2019 with both commercial vaccines impacted by COVID-19 related consequences on the travel market. The sales decline was primarily driven by a 38% decrease at CER in IXIARO®/JESPECT® sales while DUKORAL® sales declined by 20.8% at CER compared to the first half of 2019.

Other Revenues, including revenues from collaborations, licensing and services, amounted to
€7 million in the first half of 2020 and included for the first time revenues related to the Lyme R&D collaboration agreement with Pfizer. In the comparator period of 2019, negative Other Revenues amounting to €7.1 million were reported, including the effect of the termination of the SAA with GSK. Excluding the termination effect, other revenues would have amounted to
€3.6 million in the first half of 2019.

Operating result and EBITDA
Costs of goods and services sold (COGS) were €21.1 million in the first half of 2020. Gross margin on product sales was 59.1% compared to 66.1% in the first half of 2019, with the decline mainly related to provisions taken for excess stock driven by reduced demand (due to the COVID-19 pandemic). COGS of €10.4 million were related to IXIARO®/JESPECT® sales, yielding a product gross margin of 63.3%. €6 million of COGS were related to DUKORAL® sales, yielding a product gross margin of 50.5%. Of the remaining COGS in the first half of 2020, €0.3 million were related to the Third Party Product distribution business and €4.4 million were related to cost of services. In the first half of 2019, overall COGS were €23.1 million, of which €20.9 million related to cost of goods and €2.2 million related to cost of services.

Research and development investments in the first half of 2020 continued to increase as planned, more than doubling to €33 million compared to €14.1 million in the first quarter of 2019. This was driven by investments into Valneva’s clinical stage vaccine candidates, notably Lyme and chikungunya. Marketing and distribution expenses in the first half of 2020 amounted to €10 million compared to €11.8 million in the first half of 2019. The decrease was the result of lower marketing and distribution spend across all Valneva’s direct markets due to reduced sales activity further to the COVID-19 pandemic. In the first half of 2020, general and administrative expenses increased to €10.6 million from €8.8 million in the first half of 2019, mainly driven by increased costs to support corporate transactions and projects as well as costs related to Valneva’s employee share option program. Amortization and impairment charges of fixed assets/intangibles in the first half of 2020 remained unchanged compared to the same period of 2019 and amounted to €1.4 million.

Other income, net of other expenses in the first half of 2020 increased to €6.5 million from
€3 million in the first half of 2019. This increase was mainly driven by increased R&D tax credit directly resulting from increased R&D spend along with income from the CEPI funding for Valneva’s chikungunya R&D program.

Valneva recorded an operating loss of €21.9 million in the first half of 2020 compared to €1.7 million in the first half of 2019. EBITDA loss in the first half of 2020 was €17.2 million compared to an EBITDA profit of €2.4 million in the first half of 2019.

Net result
In the first half of 2020, Valneva generated a net loss amounting to €25.6 million compared to a net loss of €2.4 million in the first half of 2019.

Finance costs and currency effects in the first half of 2020 resulted in a net finance expense of €5.6 million, compared to a net finance expense of €0.5 million in the first half of 2019. The increase of expenses was the result of increased interest charges related to the newly entered financing arrangement with the US Healthcare Funds Deerfield and OrbiMed as well as foreign currency losses.

Cash flow and liquidity
Net cash generated by operating activities in the first half of 2020 amounted to €113.2 million compared to €13.3 million in the first half of 2019 mainly driven by the $130 million upfront payment received from Pfizer related to the Lyme R&D collaboration agreement.

Cash outflows from investing activities in the first half of 2020 amounted to €1.8 million, compared to €3.8 million in the first half of 2019 mainly as a result of purchases of equipment.

Cash inflows from financing activities amounted to €24.5 million in the first half of 2020 and consisted mainly of €48.8 million net proceeds from the financing arrangement with the US Healthcare Funds Deerfield and OrbiMed, offset by €20 million repayments of borrowings to the European Investment Bank (EIB). Cash outflows from financing activities amounted to €16.6 million in the first half of 2019, which included the repayment of the Biopharma (Pharmakon) loan of
€11.3 million in early 2019.

Liquid funds on June 30, 2020 strongly increased and stood at €200.0 million compared to
€64.4 million on December 31, 2019. The main change was driven by the $130.0 million upfront payment related to the Lyme collaboration agreement with Pfizer and proceeds from the new debt line net of loan repayment to the EIB in March 2020.

About Valneva SE
Valneva is a specialty vaccine company focused on prevention against diseases with major unmet needs. Valneva’s portfolio includes two commercial vaccines for travelers: IXIARO®/JESPECT® indicated for the prevention of Japanese encephalitis and DUKORAL® indicated for the prevention of cholera and, in some countries, prevention of diarrhea caused by ETEC. The Company has various vaccines in development including unique vaccines against Lyme disease and chikungunya. Valneva has operations in Austria, Sweden, the United Kingdom, France, Canada and the US with over 500 employees.  For more information, visit www.valneva.com and follow the Company on LinkedIn.

 

Valneva Investor and Media Contacts
Laetitia Bachelot-Fontaine
Director of Investor Relations &
Corporate Communications
M +33 (0)6 4516 7099
investors@valneva.com 

 

 

Teresa Pinzolits
Corporate Communications Specialist
T +43 (0)1 20620 1116
communications@valneva.com

Forward-Looking Statements

This press release contains certain forward-looking statements relating to the business of Valneva, including with respect to the progress, timing and completion of research, development and clinical trials for product candidates, the ability to manufacture, market, commercialize and achieve market acceptance for product candidates, the ability to protect intellectual property and operate the business without infringing on the intellectual property rights of others, estimates for future performance and estimates regarding anticipated operating losses, future revenues, capital requirements and needs for additional financing. In addition, even if the actual results or development of Valneva are consistent with the forward-looking statements contained in this press release, those results or developments of Valneva may not be indicative of future performance. In some cases, you can identify forward-looking statements by words such as “could,” “should,” “may,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “aims,” “targets,” or similar words. These forward-looking statements are based largely on the current expectations of Valneva as of the date of this press release and are subject to a number of known and unknown risks and uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by these forward-looking statements. In particular, the expectations of Valneva could be affected by, among other things, uncertainties involved in the development and manufacture of vaccines, unexpected clinical trial results, unexpected regulatory actions or delays, competition in general, currency fluctuations, the impact of the global and European credit crisis, and the ability to obtain or maintain patent or other proprietary intellectual property protection. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements made during this presentation will in fact be realized. Valneva is providing the information in these materials as of this press release, and disclaim any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


1 Valneva and Pfizer Announce Collaboration to Co-Develop and Commercialize Lyme Disease Vaccine, VLA15

2 Valneva Announces New $85 Million Financing Arrangement with Leading US Healthcare Funds Deerfield and OrbiMed

3  H1 2020 EBITDA was calculated by excluding €4.7 million of depreciation and amortization from the €21.9 million operating loss as recorded in the consolidated income statement under IFRS

4 Valneva and Pfizer Announce Collaboration to Co-Develop and Commercialize Lyme Disease Vaccine, VLA15

5 Valneva Announces Positive Initial Results for Phase 2 Study of Lyme Disease Vaccine Candidate

6 Valneva Reports Positive End-of-Phase 2 Chikungunya Meeting with the U.S. FDA; Sets Stage for Phase 3 Study

7 Valneva and Dynavax Announce Collaboration to Advance Vaccine Development for COVID-19

8 Valneva Confirms Participation in UK Government COVID-19 Vaccine Response Program

9 Indications differ by country -Please refer to Product / Prescribing Information (PI) / Medication Guide approved in your respective countries for complete information, incl. dosing, safety and age groups in which this vaccine is licensed, ETEC = Enterotoxigenic Escherichia coli (E. Coli) bacterium.

10 Valneva and Bavarian Nordic Announce Marketing and Distribution Partnership

11 Valneva Receives FDA Fast Track Designation for its Lyme Disease Vaccine Candidate VLA15

12 Valneva and Pfizer Announce Collaboration to Co-Develop and Commercialize Lyme Disease Vaccine, VLA15

13 Valneva Announces Positive Initial Results for Phase 2 Study of Lyme Disease Vaccine Candidate

14 As estimated from available national data. Case reporting is highly inconsistent in Europe and many LB infections still go undiagnosed.

15 Lyme Disease. L.E.K. interviews, research and analysis

16 Valneva PR: Valneva Awarded FDA Fast Track Designation for Chikungunya vaccine candidate

[17] Valneva to Partner with Instituto Butantan on Single-Shot Chikungunya Vaccine for Low- and Middle- Income Countries

18 CEPI awards up to $23.4 million to Valneva for late-stage development of a single-dose Chikungunya vaccine

19 Valneva Announces Publication in The Lancet of Complete Phase 1 Data for its Single-Shot Chikungunya Vaccine Candidate

20 Valneva Reports Positive End-of-Phase 2 Chikungunya Meeting with the U.S. FDA; Sets Stage for Phase 3 Study

21 PAHO/WHO data: Number of reported cases of Chikungunya Fever in the Americas – EW 51 (December 22, 2017)

22 Cardona-Ospina et al., Trans R Soc Trip Med Hyg 2015

23 Chikungunya. L.E.K. interviews, research and analysis for traveler vaccine market

24 Valneva and Dynavax Announce Collaboration to Advance Vaccine Development for COVID-19

25 Valneva Confirms Participation in UK Government COVID-19 Vaccine Response Program

26 CER: Constant Exchange Rate; H1 2019 actuals restated to H1 2020 average exchange rates

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Best retirement plans designed for self-employed https://fryertuckchicken.com/best-retirement-plans-designed-for-self-employed/ https://fryertuckchicken.com/best-retirement-plans-designed-for-self-employed/#respond Thu, 12 Aug 2021 05:17:36 +0000 https://fryertuckchicken.com/best-retirement-plans-for-the-self-employed/ Self-employed retirement plans can be very beneficial. They can help you save a lot of money than traditional employers. An excellent retirement plan can help entrepreneurs and the self employed to save a lot of money. The options available to self-employed individuals include defined contribution plans such the solo 401k, SEP IRA, SIMPLE IRA and SEP […]]]>

Self-employed retirement plans can be very beneficial. They can help you save a lot of money than traditional employers. An excellent retirement plan can help entrepreneurs and the self employed to save a lot of money.

The options available to self-employed individuals include defined contribution plans such the solo 401k, SEP IRA, SIMPLE IRA and SEP IRA. However, they also have defined benefits.

These are the details you need to know about some of the most popular retirement plans. You can also see how much you could save and which plan is best for you.

Three popular plans to help you become self-employed

Self-employment has its downsides. You won’t get the same benefits as many employers. For example, a 401k plan with matching contributions from your company. In some cases, however, self-employed retirement plans can offer additional benefits beyond those offered by regular employers.

These are three popular defined contribution plans that might be of use to you.

Solo 401 (k)

Solo 401k gives you all the benefits and more than a 401k business plan. You can choose between traditional and Roth 401k options. This allows you to make contributions before or after tax. You can also choose to invest in almost any asset type. A broker who offers a free solo 401 (k), including Schwab and loyalty, will be your best choice. You won’t pay any additional fees.

Solo 401 (k): You can make an employer contribution up to $ 19,500 per year in 2021, as well as an employer contribution up to 25% of the company’s profits. This will allow you to deposit a total of $ 58,000 between them. As a catch up contribution, people 50 years and older can add $ 6,500.

You can quickly exceed a company’s normal 401 (k), plan limit.

Who could it be most beneficial for:Companies that are single-member, one-person-and-one-spouse. It may be a good idea for someone who has a gig nearby (see below), or those who make a lot of income.

SEP IRA

SEP IRAs are for self-employed workers who want to establish a pension plan. This type of plan can help you save tax. It follows the same rules as a Traditional IRA, but it supercharges your contribution limit to $ 58,000 per year in 2021. A SEP IRA will not prevent you from using a Roth or traditional IRA, as you should.

SEP IRA allows a company to make employer contribution to employees. This includes self-employed workers. The company may contribute 25% or more of its annual profit. Many brokers have access to this plan. The Roth option is not available and all employees must contribute the same amount.

Who could it be most beneficial for?This is the best option for those with high incomes, particularly those who are comfortable wearing individual outfits.

SIMPLE IRA

SIMPLE IRA offers small employers (including self-employed) an easy way to offer a retirement plan for their employees. SIMPLE IRAs are easier to set-up than 401 (k), which can be complicated. Employers that have 100 or fewer employees, and earn over $ 5,000, can set up a SIMPLE IRA.

SIMPLE IRA is tax-deferred. It also has the same retirement withdrawal requirements. Employees have the option to have their salary taken from their paychecks. They can also defer up $ 13,500 per annum, and those over 50 are entitled to a catchup contribution of $ 3.

Employers are required to add to the account. There are two options. One, they can contribute upto 3 percent of wages. Two, they can contribute as much as 2 percent of worker’s wages. This is up to the annual salary limit of $ 290,000. In 2021. Any contribution made by employees becomes fully theirs as soon as they get the money.

Who could it be most beneficial for:This plan is better for small businesses that have at least one employee. It may also allow businesses to offer lower benefits.

You have other options for self-employed

These three plans are most popular. However, self-employed workers should be aware of the possibility of setting up a defined advantage plan. A defined benefit plan will save you more money by allowing for tax deferrals, but is best for people who have consistently higher incomes.

“It is worth considering if your income from self-employment is substantial,” Dan Sudit of Crewe Advisors in Salt Lake City says. “The annual benefit limit for the contribution is determined by many factors such as age, income, years of service and other factors. But it can be more than $ 200,000 each year.”

However, maintaining defined benefit plans is more complicated and costly. If you make enough contributions, the cost savings can be worth it.

Sudit says that a large lump-sum contribution, depending on whether or not you make regular contributions, can be an effective tool for contributing more to your retirement savings than other qualified pension plans.

A defined benefit plan may not be an appealing option for most people. But it does depend on your personal financial situation and income.

Which self-employed retirement plan works best?

Your personal circumstances will determine the best self-employed plan. However, for single employees (including spouses), the solo (401) (k) is a good choice. This allows you to enjoy all the benefits offered by a company-sponsored plan 401 (k), but with a few extras.

Sudit is aware of the importance of tailoring the plan to your individual situation. But, she said, “I prefer solo 401 (k), because it offers all the best, making the most all the other options for delaying retirement. With the freedom to choose what is most beneficial for you, these plans are listed.

He says: “This allows employees to contribute the maximum, combined employer/employee contribution, the Roth option, and in general, tremendous flexibility. This gives self-employed individuals the opportunity to maximize their contribution to the company. Retirement.

Let’s take a look at these advantages:

  • You can make both an employer and employee contribution to your 401(k), solo to increase the retirement fund.
  • You can take advantage of Roth 401 (k), which offers attractive tax-free growth.
  • Depending on the broker you use, you can invest in multiple asset classes. This will give you maximum flexibility.
  • A spouse can participate in the program. This is the only exception to “one employee” rules for solo 401k.

A 401k solo might be more advantageous than a SEPP IRA

For those with lower incomes, or who are only using their business as a side hustle, the 401 (k), solo offers a subtle advantage that may make it a better investment than the SEP IRA.

Solo 401 (k), which allows you to contribute up 100 percent of your salary up to the employee’s annual maximum, is called Solo 401. The 401 (k), solo, allows you to stash away the first $ 19,500 that you earn in 2021. This will save you taxes. The SEP IRA however allows you to contribute at a 25% rate. This means that you will need to earn a lot more in order to reach the same level of contributions.

The solo 401(k), in addition to providing this benefit, allows you maximize employer contributions. You can contribute 25% to the remainder of your business profits even if you have reached the maximum number employees. Unlike the SEP IRA, your contribution to your retirement plan can be increased at a lower income level.

These are the main differences between SEP and Solo 401 (k), but it’s helpful to know the full range between the two programs.

The annual maximum of 401 (k), however, is not capped

Be aware that you cannot make a maximum annual contribution to any 401 (k), plans. You can’t put the annual maximum into your main job, and then save another one for yourself. You will get $ 19,500 in 2021 on all your other 401 (k).

You can still make an employer contribution of 25% if your primary job is to maximize the contribution of your employees to your 401 (k). A 401 (k), solo is a legal way to save even further.

This calculator is independent and can help you choose the right plan for you.

Self-employed still have the option of IRAs

You still have the option to participate in a Traditional IRA/Roth IRA even if you are self-employed.

This allows you to maximize your contributions to any one of these retirement plans, while still making the most of your own personal IRA. This means that you can contribute up $ 6,000 annually for 2021. If you are over 50, you will get a $ 1000 bonus.

You will enjoy all the advantages of an IRA including tax-deferred growing and the opportunity to benefit from what many experts consider to the best retirement account – a Roth IRA.

End of the line

The best pension plan for you will depend on your circumstances. Although the 401 (k), solo is a good option, it’s not the right choice if your family includes more people than you. You will need to consider your goals and how your business is moving before you can choose the right plan.

Sudit says that choosing the right strategy requires careful planning. If you rush to make a decision or are influenced by a strategy, instead of carefully considering your circumstances and needs, you might feel frustrated and unprepared for retirement.

Learn more

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The largest defense companies on the stock market https://fryertuckchicken.com/the-largest-defense-companies-on-the-stock-market/ https://fryertuckchicken.com/the-largest-defense-companies-on-the-stock-market/#respond Thu, 12 Aug 2021 05:17:36 +0000 https://fryertuckchicken.com/the-largest-defense-companies-on-the-stock-market/ The US defense industry consists of a group of companies fighting over contracts with a single customer – the US government – with a seemingly insatiable appetite for its products. The US government spends over $ 700 billion a year on defense, as well as billions more on intelligence and space. A good chunk of […]]]>

The US defense industry consists of a group of companies fighting over contracts with a single customer – the US government – with a seemingly insatiable appetite for its products.

The US government spends over $ 700 billion a year on defense, as well as billions more on intelligence and space. A good chunk of the total goes to soldiers’ salaries and benefits and other purposes unrelated to supply, but the U.S. military also spends a big chunk on tanks, ships, and planes built by the sub. – defense contractors.

Image source: Getty Images.

Why invest in defense stocks?

Large clients rightly attract most of the attention of investors. The so-called bonuses which mostly deal directly with the government instead of serving as subcontractors to other companies have rationalized to become highly skilled specialists competing for the award of multi-billion dollar contracts. Taken into account dividends, five of the six largest defense contractors outperformed the S&P 500 Index over the past 10 years.

CNP Total Return Price Table

Defense takes precedence over 10-year total return over the S&P 500 given by YCharts.

Defense actions tend not to be high profile like technological actions, but they offer predictable and stable returns. They tend to move based on what’s going on in Washington, DC, rather than on the cyclic movement economy.

They can offer a mixture of slow but steady growth and income to a portfolio. Thanks to the extended duration of government contracts, they can provide predictability of revenues in the future.

Defense investment 101

It is important to understand some basics about the defense industry. Generally speaking, any company that derives the bulk of its income from government clients, be it the Pentagon, civilian agencies or intelligence services, is considered a defense subcontractor.

There are a few specialists, but after a period of intense consolidation in the 1990s, most large entrepreneurs have many different businesses. Most have at least two areas of focus, such as warplanes and missiles or ships and tanks, so they don’t depend too much on a single contract. But none are jack-of-all-trades capable of competing for anything the Pentagon desires.

The key to investing in the industry is to choose carefully between subcontractors based on the Pentagon’s areas of interest and the relative valuation gaps between companies that can be explained or are expected to narrow over time.

The biggest defense companies

Here are some of the biggest names in defense:

Defense Company

Market capitalization

Compall The description

Boeing (NYSE: BA)

$ 136.3 billion

Better known as a manufacturer of commercial aircraft, Boeing also has a significant defense business focused on aircraft and drones and one of the leading space franchises.

Raytheon Technologies (NYSE: RTX)

$ 131.5 billion

The result of a 2020 merger between Raytheon and United Technologies, RTX manufactures a number of missile systems and electronic defense systems, in addition to a wide range of commercial aircraft components.

Lockheed Martin (NYSE: LMT)

$ 100.0 billion The world’s largest pure defense contractor, Lockheed Martin specializes in warplanes, helicopters, missiles, electronics and space.

Northrop Grumman (NYSE: NOC)

$ 57.7 billion

Northrop Grumman manufactures most of the US bomber fleet, and it also plays a key role in a number of space programs and manufactures components for warplanes made by others.

General Dynamic (NYSE: GD)

$ 55.1 billion

General Dynamics’ defense focuses on warships, tanks and information technology. It is also the parent company of Gulfstream, one of the world’s largest manufacturers of business aircraft.

Date source: Yahoo! Finance. Data current as of August 9, 2021.

1. Boeing

Boeing is best known for its commercial aircraft empire, and defense accounts for less than a third of total sales. But it is still sufficient to place the company among the largest defense subcontractors.

As you might expect, much of Boeing’s defense portfolio is aviation-based. Boeing has an extensive portfolio of aircraft and helicopters in service, including the F / A-18 Super Hornet, F-15 fighter, Apache helicopter, and a number of surveillance and support aircraft.

Boeing also manufactures several missiles and has significant space activity. In addition, it has established itself as a leader in drones and other autonomous systems.

2. Raytheon Technologies

Raytheon doesn’t have a massive signature program like a bomber or warship, but it does make the high-tech electronics and sensors that go into many of these systems. Its missile systems, including the Patriot defense batteries, are among the best in the world, and it provides sensors and other equipment to the intelligence community.

A Raytheon Patriot missile battery is launched into the desert.

Image source: Raytheon.

Thanks to its merger in 2020 with United Technologies, Raytheon has a broad portfolio of aerospace businesses, including Pratt & Whitney and Collins Aerospace engines. Mix of Defense and Commercial Income Means Raytheon Is Not Overly Dependent on the Pentagon or Commerce Airlines companies, although it also means that when airlines were hampered during the COVID-19 pandemic, Raytheon’s shares fell more than pure defense premiums.

Raytheon also has more international exposure than its peers, thanks to both its business activities and the global appetite for missiles.

3. Lockheed Martin

Lockheed Martin is the largest subcontractor in terms of defense revenue – Boeing and Raytheon both do the majority of sales of non-defense companies – and the major subcontractor for some of the Pentagon’s largest projects . Its flagship program is the F-35 Joint Strike Fighter, which is expected to generate over $ 1,000 billion in lifecycle sales to the United States and its allies.

An F-35 in flight.

Image source: Lockheed Martin.

However, Lockheed Martin is more than just a marvel. It is a major producer of missiles and missile defense systems, and has a dominant helicopter franchise and rapidly growing space business.

Lockheed Martin is the director of the famous Skunk Works research center in California which has produced some of the most iconic military aircraft models. Much of that R&D muscle these days goes hypersonic, meaning that missiles and planes travel at more than five times the speed of sound that the Pentagon considers a priority.

4. Northrop Grumman

Northrop Grumman is an entrepreneur focused on the skies above. The company’s flagship programs are its bombers, including the original stealth bomber and the future B-21. It also manufactures important subsystems for the F-35 and other aircraft.

The B-21 is an $ 80 billion lifespan program, and Northrop Grumman is also the prime contractor for the planned nine-figure overhaul of the country’s aging intercontinental ballistic missile arsenal.

Northrop Grumman was almost sold to Lockheed Martin in the late 1990s, but the deal was ultimately blocked by regulators as anti-competitive. The company seemed adrift for a while after that, unsure of how to navigate on its own. In recent years, however, Northrop Grumman has found a clear mission and is evolving into an air and space defense powerhouse.

5. General dynamics

General Dynamics has an impressive portfolio of defense products. It is the primary supplier of tanks and heavy land vehicles to the US government, and also owns a number of shipyards where nuclear-powered destroyers and submarines are manufactured. But the company has been underperforming in recent years for reasons unrelated to defense.

General Dynamics also owns Gulfstream, one of the world’s largest manufacturers of business aircraft. This part of his activity never recovered from the 2008-2009 recession, undermining results and making General Dynamics underperform its more defense-oriented peers.

Additionally, the company is one of the government’s major IT vendors, operating networks and doing top secret work for the Pentagon, spy agencies, and civilian bureaucracies.

Large defense companies are growing

Bigger doesn’t always mean best, and just buying the biggest names in the defense industry is no way to invest. But in an industry that requires massive specialist manufacturing skills, access to security clearances, and strong relationships with government buyers, size matters.

The world is not getting any safer, and the government’s appetite for the products these companies are selling is not expected to abate anytime soon. The order of rankings can change over time, but there is good reason to expect the current list of top defense companies to look quite similar to that established in a few years.

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13 new chicken pan-fried recipes to try https://fryertuckchicken.com/13-new-chicken-pan-fried-recipes-to-try/ https://fryertuckchicken.com/13-new-chicken-pan-fried-recipes-to-try/#respond Mon, 05 Jul 2021 09:00:00 +0000 https://fryertuckchicken.com/13-new-chicken-pan-fried-recipes-to-try/ Aware 5 refreshing lemonade recipes perfect for summer sipping If you love lemonade, but are up for an upgrade, look no further than TikTok. Here are 5 creative lemonade recipes you should try. 1. Creamy lemonade. The trendy drink is made by filling a pitcher half full with ice and adding lemon slices, lemon juice, […]]]>

Aware

5 refreshing lemonade recipes perfect for summer sipping

If you love lemonade, but are up for an upgrade, look no further than TikTok. Here are 5 creative lemonade recipes you should try. 1. Creamy lemonade. The trendy drink is made by filling a pitcher half full with ice and adding lemon slices, lemon juice, sugar, water and condensed milk. The trendy drink is made by filling a pitcher half-full with ice and adding lemon slices, lemon juice, sugar, water, and condensed milk. 2. Lemonade that changes color. A quarter of a teaspoon of butterfly pea flower powder, water and store-bought lemonade are combined to cause a chemical reaction that turns the drink from blue to purple !. A quarter of a teaspoon of butterfly pea flower powder, water and store-bought lemonade are combined to cause a chemical reaction that turns the drink from blue to purple !. 3. 19th century lemonade. To make it, the filmmaker combines sugar, citric acid and lemon essence. Then they add the mixture to a pitcher of water to make lemonade. 4. Sparkling rose lemonade. It is made with lemon juice, rose syrup and sparkling water, and garnished with flower petals. 5. Maple mint lemonade. Lemon slices and crushed mint are combined with maple syrup and lemon juice and poured into a jug with water and ice

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Do I need aggressive payment to my debt? https://fryertuckchicken.com/fast-online-payday-loans-quick-payday-cash-loan-will-help-you/ https://fryertuckchicken.com/fast-online-payday-loans-quick-payday-cash-loan-will-help-you/#respond Thu, 11 Mar 2021 08:25:50 +0000 https://fryertuckchicken.com/should-i-aggressively-pay-off-my-debt-now/ These tips can help you save a lot more money Trying these strategies could help you grow your savings. Buzz60 Now is the time to make smart decisions about how you use these stimulus controls. Many people have little choice, especially for the 26 million or more who have applied for unemployment benefit in the past […]]]>
to play

Now is the time to make smart decisions about how you use these stimulus controls. Many people have little choice, especially for the 26 million or more who have applied for unemployment benefit in the past five days. Most of the money will likely be spent on necessities.

However, those who are still working may be able find other options. In most cases, financial advisers encourage clients, under normal circumstances to invest large sums such as a refundable tax, to go into debt.

Normal times are not our reality.

The unemployed claims are high and it is difficult to predict when the majority of Americans can resume their normal activities. Even if we do know, it is impossible to predict when people will be able back to their jobs and lives before the coronavirus. So which do you choose, build an emergency plan or pay off all your debts?

Who Should Pay Credit Card Debt

In spite of the millions of people who are in financial difficulty right right now, aggressive repayment of debt may be the right choice. It could be sensible depending on your personal situation.

Jessica moorhouse is a money expert who also serves as a financial adviser. She says “If your job is stable or important, you are one lucky person.” “You have financial stability and the luxury of being able to aggressively pay down your debts to help you reach your goal to reduce your debts sooner.

Kriselle Gabriel is a marketing professional who podcasts. Her husband decided to spend $ 2200 from their stimulus fund on Kriselle’s credit cards debt, rather than adding to the couple’s existing emergency savings.

“Although it wasn’t possible to meet our current savings goals we don’t have a lot of spending money. We decided to make use of our time and not spend any money to repay a lot. Gabriel, who has a stable job, but her husband has been placed on leave, admits that part is of our debt. The remaining $200 was spent on small household goods that the couple had been interested in, including a cheese grater, knife, and garlic press.

Experts advise you to be realistic in your cash reserves, before you make a payment on debt.

How to get debt free:5 reasons why the snowball method to pay off credit cards actually works

Another way to remain apart, together is:Facebook Explodes Zoom with Launch of Messenger Rooms For Coronavirus Group video Chats With up To 50 Participants

Kassandra Diesent, CEO of BridgeTech Enterprises (financial welfare engineer) says that “No one gets a reimbursement on a loan payment.” “I advise people to assess their financial and personal situations before making major financial decisions.

There are still options to make a lump amount payment to clear your debts later on if your personal situation is stabilized and no longer fraught with uncertainty. ConsolidationNow is the one of the most convenient lenders who offers debt consolidation loans.

Establishment of an Emergency Fund

Although paying off debt can seem rewarding, it is not the best thing for many people. The uncertainty surrounding the future employment market means that millions more people will need to protect their cash flow.

Amanda Holden (financial educator, founder of Invested Development & the Dumpster Dog Blog) encourages people not to lose focus on savings. It’s more likely that you will end in high interest debt if there isn’t enough money to pay for bills after a loss. .

Holden says that, in general, people should think about financial planning during economic shocks with the expectation of losing their jobs next week. “The worst thing that can happen is that they are not better prepared.

De’Ja Radil, a senior accountant, used this process to save her money.

Ramil asserts that if Ramil pays off the debt using the money, my situation deteriorates, and I have exhausted all my resources to pay it off, then I’ll end up using my debt resources once again. “By keeping the cash in my hand, I can continue to pay my minimum monthly payments and have funds for an emergency if necessary.

Ramil plans to transfer money to a savings to pay down a mortgage if she doesn’t need it during the COVID-19 emergency.

You can have it all or not at all

Douglas Boneparth CFP and President Bone Fide Wealth explains that it doesn’t always have to be “all or nothing”. “The more secure your feelings, the easier you can pay off your high interest loans.

Laura Duppstadt is a barista who used $500 from her stimulus check for her student loan. It had the highest interest rate. Duppstadt still works, and can accept extra shifts from workers on leave. Additionally, Duppstadt gets a risk bonus and tips. Duppstadt also kept six months of essential living expenses. Duppstadt, whose financial situation is stable, allocated part the stimulus check to local economies and kept the rest in his rainy fund.

Duppstadt says that “when I talk to small business owners who have come to my work, they’re scared.” “They still need to pay rent on commercial space. So, keeping the doors open is their only hope. I decided to give 20% of my unexpected earnings to them.

Mayor Hunter and husband, Jim Hunter, contributed $ 2,000 to their couple’s emergency funds. Hunter, her husband and their savings are strong. Hunter is six-months pregnant with a child that has special needs. The rest will be used by others.

Hunter stated that $400 of the $ 2400 stimulus was withheld in order to fund cash on hand and donations as well as local capital spending.

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Does Cruzados SADP (SNSE: CRUZADOS) use debt wisely? https://fryertuckchicken.com/does-cruzados-sadp-snse-cruzados-use-debt-wisely/ https://fryertuckchicken.com/does-cruzados-sadp-snse-cruzados-use-debt-wisely/#respond Thu, 11 Mar 2021 08:25:50 +0000 https://fryertuckchicken.com/does-cruzados-sadp-snse-cruzados-use-debt-wisely/ Legendary fund manager Li Lu (whom Charlie Munger supported) once said, “The biggest risk in investing is not price volatility, but the possibility that you will suffer a permanent loss of capital. So it seems like smart money knows that debt – which is usually involved in bankruptcies – is a very important factor, when […]]]>

Legendary fund manager Li Lu (whom Charlie Munger supported) once said, “The biggest risk in investing is not price volatility, but the possibility that you will suffer a permanent loss of capital. So it seems like smart money knows that debt – which is usually involved in bankruptcies – is a very important factor, when you assess the level of risk of a business. We can see that Cruzados SADP (SNSE: CRUZADOS) uses debt in his business. But the most important question is: what risk does this debt create?

When is debt a problem?

Debt helps a business until the business struggles to repay it, either with new capital or with free cash flow. In the worst case scenario, a business can go bankrupt if it cannot pay its creditors. However, a more common (but still costly) situation is where a company has to dilute its shareholders at a cheap share price just to get its debt under control. That said, the most common situation is where a business manages its debt reasonably well – and to its own advantage. When we look at debt levels, we first look at cash and debt levels, together.

See our latest analysis for Cruzados SADP

What is the debt of Cruzados SADP?

The image below, which you can click for more details, shows that in September 2020, Cruzados SADP was in debt of CL $ 1.43 billion, compared to CL $ 237.8 million in one year. But he also has CL $ 5.72 billion in cash to make up for that, which means he has CL $ 4.29 billion in net cash.

SNSE: CRUZADOS History of debt on equity March 10, 2021

A look at the liabilities of Cruzados SADP

Zooming in on the latest balance sheet data, we can see that Cruzados SADP had liabilities of CL $ 2.99 billion due within 12 months and CL $ 5.65 billion liabilities beyond. In compensation for these obligations, it had cash of CL $ 5.72 billion as well as receivables valued at CL $ 2.88 billion due within 12 months. Thus, its total liabilities correspond more or less perfectly to its short-term liquid assets.

This state of affairs indicates that Cruzados SADP’s balance sheet looks quite strong, as its total liabilities are roughly equal to its liquid assets. So the $ 11.0 billion CL company is highly unlikely to run out of cash, but it’s still worth keeping an eye on the balance sheet. Despite her notable liabilities, Cruzados SADP has a net cash flow, so it’s fair to say that she doesn’t have a heavy debt load! There is no doubt that we learn the most about debt from the balance sheet. But it is the profits of Cruzados SADP that will influence the balance sheet in the future. So, when considering debt, it is really worth looking at the profit trend. Click here for an interactive snapshot.

Over 12 months, Cruzados SADP recorded a loss in EBIT and saw its revenue drop to CL $ 12 billion, a decrease of 30%. To be frank, that doesn’t bode well.

So how risky is Cruzados SADP?

We are convinced that loss-making companies are, in general, riskier than profitable companies. And in the past year, Cruzados SADP has recorded a loss of profit before interest and taxes (EBIT), frankly. And during the same period, it recorded a negative free cash outflow of CL $ 1.9 billion and recorded a book loss of CL $ 2.3 billion. With only CL $ 4.29 billion on the balance sheet, it looks like it will soon have to raise capital again. In summary, we’re a little skeptical about this one, as it looks pretty risky in the absence of free cash flow. The balance sheet is clearly the area you need to focus on when analyzing debt. However, not all investment risks lie on the balance sheet – far from it. For example, we have identified 1 warning sign for Cruzados SADP that you need to be aware of.

Of course, if you are the type of investor who prefers to buy stocks without going into debt, then feel free to find out. our exclusive list of cash net growth stocks, today.

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This Simply Wall St article is general in nature. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative material. Simply Wall St has no position in the mentioned stocks.
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Solid grain movement helps Canadian Pacific (CP) high debt https://fryertuckchicken.com/solid-grain-movement-helps-canadian-pacific-cp-high-debt/ https://fryertuckchicken.com/solid-grain-movement-helps-canadian-pacific-cp-high-debt/#respond Thu, 11 Mar 2021 08:25:50 +0000 https://fryertuckchicken.com/solid-grain-movement-helps-canadian-pacific-cp-high-debt/ We recently published an updated report on Canadian Pacific Railway Limited CP. We are impressed with the company’s efforts to reward its shareholders. To this end, the company increased its dividend by 15% to C $ 0.95 per share (C $ 3.8 per year) in July, mainly due to increased efficiency, thanks to the railroad […]]]>

We recently published an updated report on Canadian Pacific Railway Limited CP.

We are impressed with the company’s efforts to reward its shareholders. To this end, the company increased its dividend by 15% to C $ 0.95 per share (C $ 3.8 per year) in July, mainly due to increased efficiency, thanks to the railroad model at fixed hours.

Canadian Pacific is doing brilliantly when it comes to grain transportation. To this end, the company set a record for the movement of Canadian grains and grain products in 2020. Last year, the rail operator moved 31.32 million metric tonnes (MMT) of grain. and Canadian grain products, more than any previous calendar year.

In the meantime, we are concerned about the high debt load of Canadian Pacific. The company had C $ 147 million in cash and cash equivalents, well below its debt (due within one year) of C $ 1,186 million at the end of the fourth quarter. This implies that the company does not have sufficient liquidity to meet its current debt obligations.

Zacks rank and actions to consider

Canadian Pacific currently holds a Zacks Rank # 3 (Hold).

Some stocks better ranked in the Zacks at large Transport sector are Kansas City Southern KSU, FedEx Corporation FDX and Herc Holdings Inc. HRI. Kansas City and FedEx carry a Zacks Rank # 2 (Buy), while Herc Holdings have a Zacks Rank # 1 (Strong Buy). You can see The full list of today’s Zacks # 1 Rank stocks here.

The expected long-term growth rate in earnings per share (three to five years) for Kansas City, FedEx and Herc Holdings is set at 15%, 12% and 31.2%, respectively.

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FedEx Corporation (FDX): Free Stock Analysis Report

Canadian Pacific Railway Limited (CP): Free Stock Analysis Report

Herc Holdings Inc. (HRI): Free share analysis report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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