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GOP veteran-lawmakers drop scathing ‘stolen valor’ letter to Walz as Trump camp rips ‘Freakish Timothy’

The Trump campaign distributed a letter Thursday from dozens of veterans serving in Congress hitting back at Democratic vice presidential nominee Tim Walz over claims of ‘stolen valor.’

Journalists were handed the letter condemning Walz, as the Minnesota governor has battled back against questions about the timing of his retirement from military service. In an announcement of the letter, the Trump campaign dinged the Democrat as ‘Freakish Timothy.’

Walz, who joined the Nebraska National Guard as a teenager and also later served for Minnesota, met his 20-year requirement in 2001.

During that time, he was reportedly deployed to arctic Norway, before reenlisting after 9/11. He was also deployed to Italy to supplant other troops being shifted to Afghanistan, according to NPR.

Republican vice presidential nominee JD Vance, the senator from Ohio, and others have criticized Walz for retiring only months before his unit was deployed to Iraq in 2005.

The letter was led by retired Army sergeant Rep. Brian Mast, R-Fla., and signed by other servicemembers-turned-lawmakers including Sens. Joni Ernst, R-Iowa, Roger Marshall, R-Kan., Rick Scott, R-Fla., Roger Wicker, R-Miss., Reps. Brian Babin, R-Texas, Jennifer Kiggans, R-Va., Jim Banks, R-Ind., Greg Lopez, R-Calif., Cory Mills, R-Fla., Scott Perry, R-Pa., Barry Moore, R-Ala., Jack Bergman, R-Mich., and Don Bacon, R-Neb.

In the letter, the lawmakers call the office of vice president ‘a position that requires the trust of the American people and a solemn commitment to duty on behalf of the United States of America.’

‘As veterans who have served our nation, we feel compelled to address your egregious misrepresentations and urge you to come clean to the American people.’

Going on to reference allegations of stolen valor, the letter continues:

‘You have stated you are ‘damn proud’ of your service, and like any American veteran should be. But there is no honor in lying about the nature of your service. Repeatedly claiming to be a ‘retired command sergeant major’ when you did not complete the requirements was not honorable.’

‘Nor was it honorable to claim to carry weapons ‘in war’ when you had not served in war, and abandoning the men and women under your leadership just as they were getting ready to deploy was certainly not honorable either.’

The letter closes with a collective vote of no confidence for Walz:

‘… Until you admit you lied to [America’s veterans], there is no way you can be trusted to serve as vice president.’

At a separate press conference, Mast noted how Steve Nikoui – father of a Marine killed in President Joe Biden’s botched Afghanistan withdrawal – became so angry and frustrated that he shouted out during this year’s State of the Union.

Mast added that Vice President Kamala Harris went along with the Afghanistan plan and praised it herself.

‘Because, not only has Biden gone through now four years and not said a word [about] Afghanistan, he has never said his son’s name. He’s never said any of the 13 servicemembers’ names.’

‘It’s one thing to lose your men or women in combat, that happens, but to lose it due to incompetence and to literally idiotic and asinine decision-making out of that White House is something we as a veterans community, and certainly me, as long as I’m in this position and I have a breath, will never let them forget. and [Harris] owns it.’

‘She owns it. She was proud of it. She bragged about it.’ 

Fox News Digital reached out to Vance for further comment on the letter, as he had previously critiqued Walz on the matter and also served in uniform.

William Martin, a spokesman for Vance, said veterans nationwide are ‘furious with Tim Walz’ lies about his military record.’

‘Even Walz’ superior office and the chaplain of his regiment have explicitly condemned his decision to abandon his unit when they were deployed to Iraq,’ Martin said.

He added Walz has the opportunity Thursday night to apologize for ‘years of stolen valor’ during his scheduled DNC speech.

This post appeared first on FOX NEWS

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With 15 days until voting starts, ‘election season’ kicks off sooner than you think

There are 75 days until Election Day on Tuesday, Nov. 5.

But if Americans vote like they did in the last two election cycles, most of them will have already cast a ballot before the big day.

Early voting starts as soon as Sept. 6 for eligible voters, with seven battleground states sending out ballots to at least some voters the same month.

It makes the next few months less a countdown to Election Day, and more the beginning of ‘election season.’

States have long allowed at least some Americans to vote early, like members of the military or people with illnesses. 

In some states, almost every voter casts a ballot by mail.

Many states expanded eligibility in 2020, when the COVID-19 pandemic made it riskier to vote in-person.

That year, the Fox News Voter Analysis found that 71% of voters cast their ballots before Election Day, with 30% voting early in-person and 41% voting by mail.

Early voting remained popular in the midterms, with 57% of voters casting a ballot before Election Day.

Elections officials stress that voting early is safe and secure. Recounts, investigations and lawsuits filed after the 2020 election did not reveal evidence of widespread fraud or corruption. 

The difference between ‘early in-person’ and ‘mail’ or ‘absentee’ voting.

There are a few ways to vote before Election Day.

The first is , where a voter casts a regular ballot in-person at a voting center before Election Day.

The second is , where the process and eligibility varies by state.

Eight states vote mostly by mail, including California, Colorado, Nevada and Utah. Registered voters receive ballots and send them back.

Most states allow any registered voter to request a mail ballot and send it back. This is also called mail voting, or sometimes absentee voting. Depending on the state, voters can return their ballot by mail, at a drop box, and/or at an office or facility that accepts mail ballots.

In 14 states, voters must have an excuse to vote by mail, ranging from illness, age, work hours or if a voter is out of their home county on Election Day.

States process and tabulate ballots at different times. Some states don’t begin counting ballots until election night, which delays the release of results.

Voting begins on Sept. 6 in North Carolina, with seven more battleground states starting that month

This list of early voting dates is for guidance only. For comprehensive and up-to-date information on voter eligibility, processes and deadlines, go to Vote.gov and your state’s elections website.

The first voters to be sent absentee ballots will be in North Carolina, which begins mailing out ballots for eligible voters on Sept. 6.

Seven more battleground states open up early voting the same month, including Pennsylvania, Georgia, Wisconsin, Michigan and Nevada.

September deadlines

In-person early voting in bold.

Sept. 6

  • North Carolina – Absentee ballots sent to voters

Sept. 16

  • Pennsylvania – Mail-in ballots sent to voters

Sept. 17

  • Georgia – Absentee ballots sent to military & overseas

Sept. 19

  • Wisconsin – Absentee ballots sent

Sept. 20

  • Arkansas, Montana, Nebraska, North Dakota, Ohio, Utah, Wyoming – Absentee ballots sent to military & overseas
  • Minnesota, South Dakota – In-person absentee voting begins
  • Virginia – In-person early voting begins
  • Indiana, Kentucky, West Virginia – Absentee ballots sent

Sept. 21

  • Alabama, Alaska, Colorado, Connecticut, Florida, Kansas, Massachusetts, Maryland, Michigan, New Hampshire, New York, Oregon, South Carolina, Washington – Absentee ballots sent to military & overseas
  • Indiana, New Mexico – Absentee ballots sent
  • Maryland, New Jersey – Mail-in ballots sent

Sept. 23

  • Mississippi – In-person absentee voting begins & absentee ballots sent
  • Oregon, Vermont – Absentee ballots sent

Sept. 26

  • Illinois – In-person early voting begins 
  • Michigan – Absentee ballots sent
  • Florida, Nevada – Mail-in ballots sent
  • North Dakota – Absentee & mail-in ballots sent

Sept. 30

  • Nebraska – Mail-in ballots sent

Oct. 4

  • Connecticut – Absentee ballots sent

Oct. 6

  • Michigan – In-person early voting begins 
  • Maine – In-person absentee voting begins & mail ballots sent
  • California – In-person absentee voting begins & mail ballots sent
  • Montana – In-person absentee voting begins
  • Nebraska – In-person early voting begins 
  • Georgia – Absentee ballots sent
  • Massachusetts – Mail-in ballots sent

Oct. 8

  • California – Ballot drop-offs open
  • New Mexico, Ohio – In-person absentee voting begins
  • Indiana – In-person early voting begins
  • Wyoming – In-person absentee voting begins & absentee ballots sent

Oct. 9

  • Arizona – In-person early voting begins & mail ballots sent

Oct. 11

  • Colorado – Mail-in ballots sent
  • Arkansas, Alaska – Absentee ballots sent

Oct. 15

  • Georgia – In-person early voting begins
  • Utah – Mail-in ballots sent

Oct. 16

  • Rhode Island, Kansas, Tennessee – In-person early voting begins
  • Iowa – In-person absentee voting begins
  • Oregon, Nevada – Mail-in ballots sent

Oct. 17

  • North Carolina – In-person early voting begins 

Oct. 18

  • Washington, Louisiana – In-person early voting begins
  • Hawaii – Mail-in ballots sent

Oct. 19

  • Nevada, Massachusetts – In-person early voting begins 
  • Alaska, Arkansas, Connecticut, Idaho, North Dakota, South Carolina, Texas – In-person early voting begins 
  • Colorado – Ballot drop-offs open

Oct. 22

  • Hawaii, Utah – In-person early voting begins 
  • Missouri, Wisconsin – In-person absentee voting begins

Oct. 23

  • West Virginia – In-person early voting begins

Oct. 24

  • Maryland – In-person early voting begins

Oct. 25

  • Delaware – In-person early voting begins

Oct. 26

  • Michigan, Florida, New Jersey, New York – In-person early voting begins 

Oct. 30

  • Oklahoma – In-person early voting begins 

Oct. 31

  • Kentucky – In-person absentee voting begins
This post appeared first on FOX NEWS

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Top 10 Oil-producing Countries (Updated 2024)

In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations, Russia’s war in Ukraine and the conflicts in the Middle East.

Just as oil demand was rebounding as COVID-19 lockdowns eased worldwide, pushing prices higher, Russia’s aggressive war against Ukraine set in, sending oil skyrocketing.

However, last year, slowing economic activity brought on by rising interest rates and recession fears placed downward pressure on oil prices once again. In June 2023, OPEC members agreed to significantly cut output in July and to extend a broader deal to limit supply into 2024. In June this year, OPEC said supply cuts will continue through the year and into 2025.

Aside from that, the Israel-Hamas war and continuing Houthi attacks on tanker traffic in the Red Sea has oil market watchers looking for indications that the conflict may spread into oil-producing nations in the Middle East. These supply concerns have been tempered by slowing demand forecasts for China and Venezuelan oil production moving back into the market.

Oil market analysts remain bullish on the sector, seeing plenty of upside support for prices. According to OPEC, oil demand is projected to grow by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025.

Given these and other recent market events, many investors are curious to know which are the top 10 oil producing countries.

Oil production by country

Read on for a look at the top 10 oil-producing countries, including the US, Saudi Arabia, Russia and Canada. The top 10 countries combined for 74.59 million bpd out of the total global output of 101.81 bpd in 2023.

Statistics are from the Energy Information Administration (EIA) and include total production of petroleum and other liquids. It is the most current data at the time of publication.

1. United States

Production: 21.91 million bpd (includes crude oil and liquids)

The US was the largest oil producing country in the world in 2023 with output of 21.91 million barrels per day, taking the spot for the sixth year in a row. The US has been described as a swing producer because its production fluctuates alongside market prices. Texas leads the way as the biggest oil-producing state in the nation, with output nearly four times as high as the second biggest oil-producing state, New Mexico.

In addition to being the country that produces the most oil, the US is a big consumer of oil. In 2023, the US consumed an average of 20.5 million barrels per day of petroleum products.

2. Saudi Arabia

Production: 11.13 million bpd (includes natural gas liquids)

Saudi Arabia’s oil output came in at 11.13 million bpd in 2023. The country possesses 17 percent of the world’s proven petroleum reserves and is the largest petroleum exporter. Its oil and gas sector accounts for around 50 percent of its gross domestic product and about 85 percent of its export earnings.

Saudi Arabia plays a key role in OPEC’s decisions to curb oil output in recent years. In 2022, the country’s US relations soured to the point that the country was unwilling to increase production in an effort to bring down rising gasoline prices.

The Associated Press notes that ‘the Saudis need higher oil prices to fund ambitious plans by Crown Prince Mohammed bin Salman to diversify the country’s economy away from fossil fuel exports.’

3. Russia

Production: 10.75 million bpd (includes natural gas liquids)

Prior to production cuts in 2020, Russian oil output had spent a number of years rising; it came in at 10.75 million bpd in 2023. Most of Russia’s reserves are located in West Siberia, between the Ural Mountains and the Central Siberian Plateau, as well as in the Urals-Volga region, extending into the Caspian Sea. As a member of OPEC, Russia is also curbing its production in 2024.

In response to Russia’s war in Ukraine, Canada, the US, the UK and Australia have banned imports of Russian oil, representing about 13 percent of Russia’s exports. In March 2022, the International Energy Agency (IEA) warned that Russia could be forced to cut 30 percent of its crude oil production, resulting in a serious global oil supply crisis. “The implications of a potential loss of Russian oil exports to global markets cannot be understated,” the IEA said at the time.

However, it seems that in 2023 Russia’s oil exports rebounded to pre-war levels as early as April with heavy demand from China and India.

Ukraine’s recent tactic of striking Russia’s key oil refineries as a part of its defense strategy has reportedly impacted 15 percent of Russia’s oil refinery capacity as of late June 2024.

4. Canada

Production: 5.76 million bpd

Next on this list of the top 10 oil-producing nations is Canada. The country’s annual oil production rose by about 10,000 bpd from the previous year to 5.76 million bpd in 2023.

Nearly all of Canada’s proven oil reserves are located in Alberta, and according to the province’s government, 97 percent of oil reserves there are in the form of oil sands. The vast majority of Canada’s total energy exports are to the USA. In fact, in 2023, 60 percent of US crude imports originated from Canada compared to 33 percent in 2013.

However, because of economic and political considerations, Canada is developing ways to diversify its trading partners, especially by expanding ties with emerging markets in Asia. For this year, all eyes are on the Trans Mountain pipeline expansion in Western Canada, which was finally completed and operational as of May 1.

5. China

Production: 5.26 million bpd

China’s annual oil output was 5.26 million bpd in 2023. The nation is the world’s second largest consumer of oil and moved from being the second largest net importer of oil to the largest in 2014.

China is the world’s most populous country and has a rapidly growing economy, factors that have driven its high overall energy demand. In fact, the Asian country is the top consumer of oil, with 55 percent of its imports coming from OPEC member countries. Unsurprisingly, Chinese demand can strongly influence the oil market.

While its oil production in 2024 is expected to stay steady, a decline in output is on the near horizon for China, say experts. This is due to the fact that recent new discoveries look difficult to develop at the same time that production out of mature fields is falling. However, in early July the Chinese government announced the establishment of a new state-controlled body to coordinate collaboration between national oil producers and other state entities to extract harder to reach oil and gas reserves and more difficult non-conventional sources, reported Reuters.

6. Iraq

Production: 4.42 million bpd

Still the second-largest oil producer in OPEC, Iraq’s annual oil production declined from 4.55 million bpd in 2022 to 4.42 million bpd for 2023.

Iraq holds 145.02 billion barrels of proven oil reserves based on 2022 OPEC data, representing 11.7 percent of global reserves. The nation’s capacity to boost production has been constrained by infrastructure and export bottlenecks. Reuters reported in early August that the Iraqi government and energy giant BP (LSE:BP,NYSE:BP) has signed a preliminary agreement to develop four oil and gas fields in the country’s northern Kirkuk region.

7. Brazil

Production: 4.28 million bpd

According to the IEA, total primary energy consumption in Brazil has nearly doubled in the past decade due to sustained economic growth. The largest share of Brazil’s total energy consumption is oil and other liquid fuels, followed by hydroelectricity and natural gas.

Brazil is reportedly on track to become the world’s fourth largest oil producer in the coming years. In 2024, the country’s oil output is expected to contribute significantly to global oil supply growth.

8. United Arab Emirates

Production: 4.16 million bpd

The United Arab Emirates is another OPEC member and has ranked among the world’s top 10 oil-producing countries for decades. In 2023, it saw a slight drop in production on OPEC production cuts.

The country has proven oil reserves of 111 billion barrels, with most of those reserves located in Abu Dhabi. The Abu Dhabi National Oil Company upped its crude oil output to 4.85 million bpd in early May, and has a planned target of 5 million bpd by 2027.

9. Iran

Production: 3.99 million bpd

Iran’s oil output grew from 3.66 million bpd in 2022 to 3.99 million bpd in 2023. According to the EIA, Iran holds the world’s third largest proven oil reserves, as well as the world’s second largest natural gas reserves. The majority of its 1.3 million bpd in oil exports last year went to Asia.

US sanctions and regional disputes have all weighed on Iran’s energy production sector. Despite its abundant reserves, Iran’s oil production is still far below the 4.78 million bpd the country produced back in 2017. However, in May 2024 Iran’s crude oil and gas condensate exports reportedly reached 1.7 million barrels per day, representing a 5-year high.

10. Kuwait

Production: 2.91 million bpd

Last on this list of the top 10 oil-producing countries is Kuwait, which has struggled in recent years to bring its oil output back up to 3.5 million bpd. Economy Middle East reports that key infrastructure projects have been delayed by internal political strife.

Kuwait’s oil and gas sector accounts for about 50 percent of the country’s GDP, and an even larger share of its export revenues at around 90 percent.

FAQs for oil investing

What is crude oil?

Crude oil is a naturally occurring mixture of hydrocarbon deposits and other organic materials that exists in liquid form in underground reservoirs. This raw natural resource is a globally important commodity that can be traded both on the spot market and via derivatives contracts.

What is crude oil used for?

Once extracted from the Earth, crude oil is refined to make several products, including gasoline, jet fuel and other petroleum products such as kerosene, paraffin, petrochemical feedstocks, solvents and lubricants.

What country uses the most oil?

The US is by far the world’s largest oil consumer, using about the same amount of the fossil fuel as the next three largest oil consumers (China, India and Japan) combined.

How many years of oil are left?

The question of peak oil is a prominent one. However, it is difficult to correctly determine the exact amount of oil left to be extracted in the world, or to accurately predict the level of demand for the energy fuel over the coming years. New technologies may yet unlock future resources, or economic events may lead to serious shocks in demand.

That being said, based on current known reserve estimates and best-case demand scenarios, roughly 47 years of oil are currently thought to be left. However, that has been the prediction for decades now as it is calculated by dividing the current known reserves by the annual global demand. As new oil discoveries and development are consistently replacing consumed reserves, that approximate 50-year time frame has remained the same.

What is OPEC?

Founded in 1960, OPEC, or the Organization of the Petroleum Exporting Countries, is a group of 13 countries headquartered in Vienna, Austria. Led by Saudi Arabia, it controls production, supply and pricing in the global petroleum market.

OPEC was created at the Baghdad Conference in 1960, with the five founding members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its mission statement is as follows:

“To co-ordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.”

Currently OPEC has 12 member nations: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.

Where does Canada get its oil?

While Canada ranks fourth in annual production, the country still imports a large amount of oil annually from countries such as the US, Saudi Arabia, Russia, the UK, Azerbaijan, Nigeria and Côte d’Ivoire. It is estimated that half of the oil used in Québec and Atlantic Canada is purchased offshore. Canada spent roughly C$19.5 billion on oil imports in 2023.

Where does the US get its oil?

The US is the top producer of oil, according to the IEA, but the nation sources oil from as many as 80 countries around the globe. The top five sources of foreign oil for the US are Canada, Mexico, Saudi Arabia, Iraq and Brazil.

Why does the US import oil?

Although the US is the world’s largest oil producer, its domestic oil consumption far outpaces its homegrown output. To meet its own oil demand, the US must rely on oil imports from countries. In March 2022, the US government announced a ban on imports of oil, liquefied natural gas and coal from Russia in response to the invasion of Ukraine.

Why was US oil production down in 2022?

In September 2022, Bloomberg reported that US oil production was down because the country’s shale producers were prioritizing dividend payouts to shareholders rather than investing record profits from surging oil prices into growing their production capacity. This trend had abated in 2023, and the EIA is expecting a new annual output record.

How much oil does the US have in reserve in 2023?

As of the most recent data (2022), the US has the eighth largest oil reserves in the world at 55.251 billion barrels.

Who is the largest supplier of oil to Europe?

In 2022, the US replaced Russia as the largest supplier of oil to Europe, and it remains the largest supplier of oil to the EU as of Q1 2024. Since Russia’s invasion of Ukraine, European Union countries have dramatically cut their imports of Russian oil in favor of US oil imports. Norway and Kazakhstan are also major oil suppliers for the region.

Who uses the most oil in Europe?

Germany is the largest oil-consuming nation in Europe, and the 10th largest in the world. Despite its seemingly strong stance on climate action, Germany is responsible for about 20 percent of all oil consumption in the region and is heavily dependent on oil imports.

Why can’t Venezuela produce oil?

Venezuela’s oil industry has been suffering under the weight of political instability, government corruption and US sanctions. “The national oil company PDVSA is incapable of mustering the immense amounts of capital required to rebuild Venezuela’s heavily corroded energy infrastructure,” as per Matthew Smith, OilPrice.com’s Latin America correspondent.

Venezuela’s oil production saw a rebound in 2023’s fourth quarter as the Biden administration eased US sanctions on the promise of fair elections in 2024. However, the US reimposed those sanctions in April 2024 following Maduro’s failure to honor election promises.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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Geophysical Survey Highlights Growth Opportunities at Mt Oxide Project

True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce results from the ongoing geophysical survey at Vero and Camp Gossans, part of TNC’s Mt Oxide Project, 140km north of Mt Isa in Queensland. The survey has been supported by a $300,000 Queensland Government Collaborate Exploration Initiative (CEI) Grant.

HIGHLIGHTS

Two MIMDAS Induced Polarisation (IP) and Magnetotelluric (MT) lines successfully completed at Vero and at Camp Gossans which has highlighted a number of geophysical anomalies that are unexplored.At Vero the results demonstrate excellent correlation between the resource mineralisation and MIMDAS chargeability highs, providing confidence in the technique to identify targets in the district.Two chargeability high responses have been identified at Camp Gossans less than 100m beneath the outcropping geochemically anomalous Alpha and Beta Gossan targets.A third, undrilled chargeability anomaly was identified 250m northwest of Camp Gossans beneath a previously unmapped 400m long, northeast striking, hematite altered fault breccia at a new target called Black Marlin.A further 275m wide and up to 350m deep chargeability anomaly was identified 1km east of Vero.The geophysical survey continues and is currently focused on testing several highly promising copper targets north along strike of Vero at Ivena North, Aquila and Mt Gordon2.The new geophysics will be integrated with ongoing mapping and surface geochemical sampling campaigns to identify and prioritise future drill targets.

COMMENT

True North Copper’s Managing Director, Bevan Jones said:

Our exploration efforts at Mt Oxide are yielding great results. The recent survey, supported by the CEI grant, has yielded anomalies that closely match our existing Vero copper, silver, and cobalt resources, providing us confidence to use this method to identify new targets across the area.

Exciting new drilling targets have been identified at Camp Gossans and Vero and we have also found new potential mineralised structures like Black Marlin. The deep seeking MT survey at Vero has found an anomaly that suggests the main mineralised zone could extend more than 1km deeper than our current drilling. With multiple high quality drill targets coming together, our Mt Oxide Project is conceptually building into a potentially significant copper mineralised district of which Vero is just one deposit.

Mt Oxide MIMDAS Survey Results Summary

In late July 2024, TNC announced it had commenced its leading edge MIMDAS Induced Polarisation (IP), Resistivity and Magnetotellurics (MT) geophysical survey (MIMDAS survey) at Mt Oxide3. Partial funding for the survey was granted to TNC in Round 8 of the Collaborative Exploration Initiative (CEI), with TNC receiving $300k of funding to undertake the survey (Figure 7). The MIMDAS survey aims to test for sulphide mineralisation developed below numerous recently mapped leached gossan zones and build an improved understanding of the regional scale structural and geological architecture.

TNC is pleased to announce the results from the first two completed lines. One line for 2.5 line-km over the Cu-Ag-Co Vero Resource (Vero) (15.03Mt at 1.46% Cu & 10.59g/t Ag for a contained 220kt Cu & 5.13Moz Ag4 Indicated and Inferred resource and a separate 9.15 Mt at 0.23% Co total combined Measured, Indicated & Inferred resource5) and one line for 1.9 line-km over the highly prospective Camp Gossans prospect (Figure 2).

At Vero, there is excellent correlation between the Cu-Ag-Co resource mineralisation and MIMDAS chargeability, providing confidence to use this technique to identify targets throughout the district (Figure 2 & Figure 3). In addition to the anomalies associated with the resource, the survey has identified a 275m wide and up to 350m deep 25mV/V chargeability anomaly located 1km east of Vero. The chargeability anomaly is associated with mapped structures and potential splays of the regionally significant crustal scale Mt Gordon Fault.

Click here for the full ASX Release

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5 Biggest Pharmaceutical ETFs in 2024

The global pharmaceutical market reached a total value of US$1.6 trillion in 2023, according to Statista, up significantly from the US$888 billion seen just over a decade earlier in 2010.

Experienced and novice investors alike may want to consider pharmaceutical exchange-traded funds (ETFs) as a way to gain exposure to the top pharma companies. Like all ETFs, pharmaceutical ETFs are a good option for those who want to trade a set of assets in the pharmaceutical industry instead of focusing solely on individual pharmaceutical stocks.

The main advantage of a pharmaceutical ETF is the fact that it can provide exposure to an overarching sector, but still trades like a stock. Pharma ETFs also offer less market volatility and lower fees and expenses.

Big pharma ETFs

Many of these funds have diverse holdings across some of the most important sectors in the pharmaceutical industry, including pain therapeutics, oncology, vaccines and biotechnology. Data was gathered on August 2, 2024.

1. iShares US Pharmaceuticals ETF (ARCA:IHE)

-Company Profile

Total assets under management: US$666.28 million

Created on May 5, 2006, this iShares ETF tracks some of the top US pharma companies. In total, the iShares US Pharmaceuticals ETF has 38 holdings, with the vast majority being large-cap stocks.

Of its holdings, Johnson & Johnson (NYSE:JNJ) and Eli Lilly (NYSE:LLY) are by far the largest portions in its portfolio, coming in at weightings of 23.94 percent and 20.78 percent, respectively. The next highest are Bristol-Myers Squibb (NYSE:BMY) at 4.92 percent, Viatris (NASDAQ:VTRS) and Pfizer (NYSE:PFE) at 4.8 percent.

2. VanEck Vectors Pharmaceutical ETF (NASDAQ:PPH)

Company Profile

Total assets under management: US$631.62 million

Established in late 2011, the VanEck Vectors Pharmaceutical ETF tracks the MVIS US Listed Pharmaceutical 25 Index. It has the capacity to provide big returns, even though there are some risks attached to the ETF. An analyst report indicates that investors looking for ‘tactical exposure’ to the pharma sector might consider this ETF as an investment option.

The ETF has 26 holdings, with the top five being Eli Lilly with a weight of 11.61 percent, Novo Nordisk (NYSE:NVO) at 9.27 percent, Johnson & Johnson at 6.35 percent, AbbVie (NYSE:ABBV) at 5.89 percent and Novartis (NYSE:NVS) at 5.22 percent.

3. Invesco Pharmaceuticals ETF (ARCA:PJP)

Company Profile

Total assets under management: US$284.92 million

The Invesco Pharmaceuticals ETF is primarily focused on providing exposure to US-based pharma companies. An analyst report states that this ETF chooses individual securities based on certain investment criteria, namely stock valuation and risk factors. Invesco changed the fund’s name from the Invesco Dynamic Pharmaceuticals ETF in August 2023.

This ETF was started on June 23, 2005, and currently tracks 23 companies. Its top holdings are AbbVie with a weight of 6.67 percent, Regeneron Pharmaceuticals (NASDAQ:REGN) at 6.14 percent, Amgen (NASDAQ:AMGN) at 6.11 percent, Johnson & Johnson at 6.08 percent and Pfizer at 5.92 percent.

4. SPDR S&P Pharmaceuticals ETF (ARCA:XPH)

Company Profile

Total assets under management: US$205.59 million

The SPDR S&P Pharmaceuticals ETF came into the market on June 19, 2006, and represents the pharmaceutical sub-industry sector of the S&P Total Markets Index. An analyst report for the ETF suggests that due to its narrow focus — which includes pharma giants that post ‘big returns’ during times of consolidation — it should not be considered for a long-term portfolio.

This pharma ETF tracks 44 holdings; its top five are Axsome Therapeutics (NASDAQ:AXSM) with a weight of 4.26 percent, Viatris at 4.26 percent, Intra-Cellular Therapies (NASDAQ:ITCI) at 4.18 percent, Bristol-Meyers Squibb at 4.15 percent and Pfizer at 3.99 percent.

5. KraneShares MSCI All China Health Care Index ETF (ARCA:KURE)

Company Profile

Total assets under management: US$39.04 million

The KraneShares MSCI All China Health Care Index ETF was launched in February 2018 and tracks an index of large- and mid-cap Chinese stocks in the healthcare sector, all weighted by market capitalization. According to an analyst report, the fund provides investors with ‘exposure to a relatively small slice of the Chinese economy.’

The ETF tracks 61 holdings, and its top five are Shenzhen Mindray Bio-Medical Electronics (SZSE:300760) at 8.52 percent, Jiangsu Hengrui Medicine (SHA:600276) at 7.3 percent, BeiGene (OTC Pink:BEIGF,HKEX:6160) at 5.57 percent, CSPC Pharmaceutical Group (OTC Pink:CSPCY,HKEX:1093) at 4.07 percent and Innovent Biologics (OTC Pink:IVBXF,HKEX:1801) at 3.80 percent.

Securities Disclosure: I, Melissa Pistilli, hold no investment interest in any of the companies mentioned in this article.

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12 Generative AI Stocks to Watch as ChatGPT Soars (Updated 2024)

The launch of OpenAI’s ChatGPT created a major buzz around artificial intelligence (AI) stocks.

ChatGPT is an AI chatbot software application that uses machine learning techniques to emulate human-written conversations. A hitherto niche subsector in the AI industry, this technology is called generative AI, and it’s been making an impact on myriad industries, including marketing, security, healthcare, gaming, communication, customer service and software development.

While generative AI technology is in its early stages, Reid Menge, co-portfolio manager for the BlackRock Technology Opportunities Fund, sees immense potential. “ChatGPT is nearly as smart as the human brain today,” he said, “and with the computational horsepower being used to train these AI models, imagine the capabilities of these generative AI services by 2025.”

According to Grand View Research, the generative AI market is expected to grow at a compound annual growth rate of 34.6 percent between 2022 and 2030 to reach an impressive US$109.37 billion.

Although investors can’t directly take a position in privately owned OpenAI, several technology stocks offer exposure to the expected growth in generative AI technology.

All market cap and share price data were current as of August 8, 2024.

Biggest generative AI stocks to watch

These 12 tech giants offer investors exposure to generative AI by offering their own chatbots and generative AI products, developing the hardware and software necessary for AI and integrating AI into their product.

1. Microsoft (NASDAQ:MSFT)

Company Profile

Market cap: US$2.99 trillion; current share price: US$402.69

After having initially invested at least US$3 billion in OpenAI a few years ago, the technology behemoth Microsoft reportedly committed to investing up to another US$10 billion in the chatbot creator in the years ahead.

Microsoft built its own AI solutions, Bing AI and Copilot, based on OpenAI’s technology. Bing is integrated into Windows 11’s taskbar, allowing users to query the chatbot directly with Microsoft’s Edge browser, Chrome and Safari. The company also recently partnered with Palantir to provide AI tools to US defense and intelligence agencies.

2. NVIDIA (NASDAQ:NVDA)

Company Profile

Market cap: US$2.58 trillion; current share price: US$104.97

Nvidia is a pioneer and global leader in graphics processing unit (GPU) technology. Nvidia designs specialized chips used to train AI and machine learning models. The company also offers supercomputing processing capabilities to scientific researchers around the world.

While its been well known in computer and gaming spaces for a long time, its focus on the AI sector has been driving its growth in recent years. Nvidia’s market value has grown by 135 percent year-over-year and at one point the company even took the title of world’s most valuable company from rivals Microsoft and Apple.

Generative AI’s explosive growth is driving the market for chips designed by companies like Nvidia and Marvell (NASDAQ:MRVL), another chip-making giant, and Micron (NASDAQ:MU), a company that makes memory chips, which are another important component to training generative AI systems.

3. Alphabet (NASDAQ:GOOGL)

Company Profile

Market cap: US$2 trillion; current share price: US$162.03

Alphabet, Google’s parent company, has played an important role in advancing generative AI technology. Its latest AI model, Gemini, is available in three sizes – Nano, Pro and Ultra – to meet various levels of user needs. According to the company, Gemini is ‘able to efficiently run on everything from data centers to mobile devices.’

Alphabet is leveraging generative AI across its business segments. Its AI accelerator chip, TPU v5p, was developed for neural network machine learning and is designed to scale large clusters, reducing the time needed to train large language models.

4. Amazon (NASDAQ:AMZN)

Company Profile

Market cap: US$1.74 trillion; current share price: US$165.80

Amazon subsidiary and cloud-computing platform Amazon Web Services (AWS) evolved out of Amazon’s transition from an online retailer to one of the world’s largest technology companies. AWS’s wide range of services includes computing, storage, databases, networking, analytics, machine learning and AI.

AWS has many AI business tools on offer across four verticals: AI services, AI platforms, AI frameworks and AI infrastructure. Generative AI is nothing new to Amazon, as the technology forms the basis of conversational experiences with Amazon’s all-too-familiar Alexa.

Last year, AWS introduced Bedrock, a service that enhances software with generative AI capabilities such as turning text into images or creating text for blog posts, emails and documents, and it has since added more features to the service.

5. Meta Platforms (NASDAQ:META)

Company Profile

Market cap: US$1.29 trillion; current share price: US$509.63

Meta has expressed its commitment to continued research within the generative AI sphere with an open-source approach to its software developments. The giant behind Facebook, Instagram and WhatsApp is one of the most influential companies in tech, sharing ranks with the likes of Microsoft and Alphabet.

In April 2024, Meta introduced its Meta AI, which is built with Meta Llama 3. The AI is integrated into Meta’s apps and also exists as a standalone website.

Meta’s products use machine learning to streamline Facebook ad campaign generation and help businesses reach the right consumers. Its Q2 2024 quarterly report showed a 21.7 percent increase in ad revenue compared to last year.

Meta CEO Mark Zuckerberg has maintained that increased spending on AI infrastructure is necessary to maintain its competitive position. The company has been implementing cost-saving measures to offset these investments and balance the financial impacts of its AI initiatives.

6. Tesla (NASDAQ:TSLA)

Company Profile

Market cap: US$635.22 billion; current share price: US$198.84

The automotive company that brought self-driving cars out of sci-fi and into reality is now on a mission to develop advanced, generative autonomous vehicles using the massive amounts of data collected from its cars. One of Tesla’s goals is to develop a fully self-driving vehicle, but the company is also working on other AI initiatives like a bi-pedal autonomous Tesla Bot.

While the roll-out of Tesla’s self-driving technology has run into issues in the US, it was given the green light to begin testing the software in a pilot program in Shanghai on June 14. In July 2023, the company said it was spending ‘north of a billion dollars’ from mid-2023 until the end of 2024 on Dojo, a supercomputer that collects the data and uses it to train generative AI models that Tesla vehicles use to operate.

Tesla CEO Elon Musk created a separate AI company called xAI, formed with the intent of using generative AI to ‘understand the meaning of the universe.’ It is currently working on a large language model called Grok that can ‘answer almost anything’ and even prompt users to ask specific questions. Musk recently suggested Tesla could invest in xAI and use Grok, but this would need to be approved by Tesla’s board and could be a conflict of interest.

7. Oracle (NYSE:ORCL)

Company Profile

Market cap: US$355.4 billion; current share price: US$128.96

Oracle is a tech company that’s been around since the 1970s. In the early 2000s, it began buying up other software companies, and today it is one of the leading providers of cloud-based database management software. Its Oracle Cloud Infrastructure (OCI) Generative AI service was released on January 23.

The software uses Cohere’s platform to allow businesses to incorporate large language models into software they’re already using. Oracle has been involved in a long-term partnership agreement with Nvidia to provide generative AI solutions to complex issues.

8. SAP (NYSE:SAP)

Company Profile

Market cap: US$239.65 billion; current share price: US$206.28

SAP SE is a software company out of Walldorf, Germany, with a line of generative AI products that aid companies in resource planning. In September 2023, the company released Joule, a natural language generative AI assistant designed to streamline tasks and improve workflow. Joule is available in SAP’s complete cloud portfolio and can be seamlessly integrated into the company’s entire line of business AI offerings.

To further research how cloud technology can support AI applications, SAP SE has been collaborating with UC Berkley’s Sky Computing Lab. The company was also recently recognized as one of the world’s most sustainable companies in 2024 by TIME Magazine and data firm Statista.

9. Adobe (NASDAQ:ADBE)

Company Profile

Market cap: US$235.11 billion; current share price: US$530.24

Adobe has a suite of design software that makes up its Creative Cloud platform and began rolling out AI-powered software with machine-learning capabilities in 2022. In March 2023, the company launched its newest generative AI iteration, Adobe Sensei GenAI, which features a list of services designed to improve marketing and content creation workflows. The AI tool is now part of its Adobe Experience Cloud.

In March 2024, Adobe and Microsoft joined forces to merge Adobe’s Experience Manager Sites capabilities with Microsoft Copilot, enabling users to harness the power of Adobe Firefly generative AI directly within Microsoft Word.

10. Cisco Systems (NASDAQ:CSCO)

Company Profile

Market cap: US$184.64 billion; current share price: US$45.83

Multinational digital communications firm Cisco Systems is a leader in IT and communications networks. The company has a large portfolio of multi-cloud products and applications, alongside strong relationships with Azure, AWS, Nvidia and Google Cloud.

Cisco’s AI and machine learning offerings encompass a wide range of computing solutions for enterprises, including a focus on cybersecurity. Cisco has also brought to market new generative AI tools for IT professionals, including its own AI Assistant.

11. IBM (NYSE:IBM)

Company Profile

Market cap: US$177.42 billion; current share price: US$192.61

IBM reportedly has one of the world’s largest AI research programs. The multinational tech company offers various AI solutions for cloud computing, IT operations, customer service, business automation, natural language processing and more. The MIT-IBM Watson AI Lab, a collaborative effort between the two establishments, works to advance research in healthcare, security and finance.

IBM has also been working with the Defense Advanced Research Projects Agency to build tools capable of defending AI models from cyberattacks. More recently, in May, IBM and Palo Alto Networks partnered to develop and provide AI-powered cybersecurity to their customers.

12. Intel (NASDAQ:INTC)

Company Profile

Market cap: US$87.23 billion; current share price: US$20.49

Intel produces microprocessors that power many of the world’s PCs and mobile devices. A household name, Intel continues to advance semiconductor design and is one of the world’s largest semiconductor chip manufacturers in the world by revenue. Intel’s Meteor Lake is the company’s first consumer chip with a built-in neural processor for machine learning tasks.

The company has recently hit some road bumps, including plans to produce an AI chip alongside SoftBank (TSE:9984) falling through ‘after the U.S. chipmaker struggled to meet SoftBank’s requirements,’ according to the Financial Times.

Other generative AI stocks to watch

The following companies have not yet reached the market capitalization of our top 12, but are each worth billions of dollars and have made some amazing achievements in generative AI technology in their own right, making them interesting prospects for investors.

In alphabetical order, they are:

FAQs for generative AI

What is generative AI?

Generative AI is an emerging AI technology based on deep learning models and algorithms that can generate text, images or sounds in response to prompts given by users.

What are generative AI examples?

Some of the most notable examples of generative AI are ChatGPT, DALL-E 2, Midjourney, Stable Diffusion, Gemini and Copilot.

OpenAI’s DALL-E 2 is an AI system that can create realistic images and art from a description in natural language. Similar to DALL-E 2, Midjourney generates images from prompts. Stable Diffusion is a latent text-to-image diffusion model capable of generating photo-realistic images given any text input. Microsoft’s Copilot is a feature of the Bing search engine that leverages the same technology as ChatGPT.

What are the hottest generative AI startups?

According to technology and business magazine e-Week, in addition to ChatGPT creator OpenAI, some of the other leading generative AI startups include Hugging Face, Synthesis AI, Jasper and Cohere.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

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A Guide to Investing in Physical Gold (Updated 2024)

Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history.

It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.

What physical gold product is best to buy?

Physical gold investors are generally looking for items that are 0.999 fine. Most gold bullion coins fit this description, including the Canada Gold Maple Leaf, the South African Krugerrand and the American Buffalo Gold coin. American Gold Eagles are popular with investors, but they are have a much lower purity at 91.67 percent.

An alternative to gold coins is gold rounds, which are also 0.999 fine but are not legal tender. This makes them slightly cheaper than gold coins, as the premium for gold coins is higher because of the credibility that comes from being fabricated by government mints.

Both gold coins and gold rounds come in various sizes, usually ranging from 1/10 ounce to 1 ounce, though other less common sizes are available.

Gold bars are another popular option. These also come in a variety of sizes, and as choices can range from a 1 gram bar to 400 ounce bar, this category of products can accommodate a range of investors. They are also 0.999 fine.

When the objective is to get the most metal for the least money, it’s generally best to shop for gold rounds and gold bars, which tend to be cheaper than gold coins of the same weight.

Another factor that may need to be considered is the amount to be invested. Bars may be the best option for large investments since bigger sizes are available. Further, it is often easier to manage large products than it is to manage an array of smaller gold items.

However, physical gold investors also need to give forethought to when they may want to sell their gold. Large products will require liquidating a more sizeable portion of one’s gold portfolio, and such products may be more difficult to sell in some instances. Individuals making ongoing or significant investments may want to consider purchasing gold in various weights.

What is the difference between the gold spot price and retail price?

Investing in physical gold is often oversimplified, and the misconceptions can begin with pricing.

A spot price by definition is the cost of immediate delivery, and is a way to gauge the legitimacy of an ask or retail price. The spot price is what is reported on and what most gold price charts will show. Unfortunately, some investors don’t realize until they make their first purchase that the spot price is not what one actually pays for physical gold.

The retail price of gold is based off the spot price but includes a markup, also called a premium. In addition to premiums, there are numerous other expenses investors should be prepared to pay when purchasing pure gold, including shipping, handling and insurance. In some instances, prices may be higher for individuals who choose to pay with a credit card.

There may also be processing fees to own the yellow metal or fees for small lot purchases. On the other hand, gold prices are sometimes lower for those purchasing larger quantities.

Where can investors buy physical gold?

Gold buying can be done through government mints, private mints, precious metals dealers and even jewelry stores. Some of these locations will offer numismatic coins or other gold items geared toward collecting and gift giving, which bullion investors should generally avoid. These products are for play in a different ball game and are not what the average gold investor needs.

When choosing where to buy gold, it is again best to give thought to reselling it. Some businesses that sell gold will also buy it back. Some will even buy gold that they didn’t sell, but may pay lower prices.

Furthermore, premiums and fees are not one size fits all when buying physical gold. Different sellers may offer the same items at different prices, so investors should take the time to find the best deal.

How and when to sell physical gold?

Just as buying gold often provides investors with a pricing wakeup call, investors who decide to sell are sometimes surprised at the prices they receive. That is because the buyback price, or bid, is lower than the asking price. The difference between the two is referred to as the spread, and it is a loss that the seller initially bears.

For example, if an investor pays US$2,500 for a 1 ounce Canadian Maple Leaf and decides to sell it back the same day, the buying price may only be US$2,419. The spot price is generally in the middle of the two.

Furthermore, there are usually other costs involved with selling gold, including shipping, insurance and liquidation fees. Some businesses have minimum purchase requirements, and depending upon payment arrangements, it may be necessary for the investor to pay bank wire fees or postage to receive a check.

Individuals who want to sell their gold quickly may consider “we buy gold” businesses as a convenient alternative. However, while these businesses can serve as a quick source of liquidity, they are usually not the best option, as their underlying business strategy often involves making lower-than-average offers, meaning you will receive less than you would at a bullion exchange or mint.

The reality is that, given the spread and the costs associated with acquiring and selling gold, a sharp price move is generally needed to turn a profit. Investors are encouraged to consider building positions in physical gold as a long-term investment, possibly even for retirement savings.

How should physical gold be stored?

Determining the best storage option involves weighing risks against costs.

Paying for secure storage eats into profits from the metal’s gains, so some people choose to store their gold at home or in their office. In theory, that is the riskiest option as it involves the highest potential for loss due to theft or disaster. But in many instances these risks are not substantial enough to justify the cost of other storage options. For home storage of smaller amounts of gold, mitigate theft risk by keeping it hidden somewhere that is less likely to be discovered. Of course, a sturdy home safe comes with an upfront cost and a footprint, but it can help protect valuables from theft and some disasters.

As mentioned, gold can also be stored in a depository or safe deposit box for a cost. If an investor chooses this route, there are a few things to consider. Rates can vary between banks, so price comparison is important. Additionally, the contents of safety deposit boxes in financial institutions are generally not insured. Last but not least, some banks do not technically permit the storage of bullion, so it’s important to make sure it’s possible before signing a terms and conditions agreement. The information should be listed in the agreement as well.

Is it possible to purchase physical gold through the futures market?

A gold futures contract is an agreement to buy or sell gold on a date in the future for a price that is determined when the contract is initiated. The futures market is often referred to as an arena for paper trading. Generally, the bulk of the activity is just that, as metal is not actually exchanged and settlements are made in cash.

However, the futures market can also be an arena for purchasing physical gold. That is not to suggest that it is the best source of metal for all investors as it may not increase one’s purchasing power. Obtaining gold through the futures market requires a large investment and involves a list of additional costs. The process can be complicated, cumbersome and lengthy, which is why this option is considered best for highly experienced market participants.

What are some alternatives to physical gold?

Purchasing metal is not the only way to gain exposure to physical gold. Indeed, the popularity of exchange-traded funds (ETFs) underscores how easily people can get into the gold market without actually owning physical gold.

Gold ETFs may track gold-focused stocks or they may track the yellow metal’s price. Investors looking for the closest analog to buying physical gold will likely want to focus on the latter. However, it’s important to be aware that ETFs that follow the gold price are generally not vehicles to acquire gold, even if they are physically backed.

One advantage of gold ETFs is that they can be easier to trade than physical gold. Some investors choose to hold a set amount of physical gold at all times and use ETFs to trade the metal’s ups and downs.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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C29 Metals

Investor Insight

A high-grade uranium explorer looking to grow its strategic footprint in southern Kazakhstan, C29 Metals is well-positioned to take advantage of a rapidly expanding uranium market and provide significant shareholder value.

Overview

C29 Metals (ASX:C29) is a Perth, Australia-based uranium mineral exploration company with assets in Kazakhstan. The company’s recently acquired flagship asset, the Ulytau uranium project, represents a “transformative acquisition” that places C29 Metals in a strategic position to leverage a rapidly growing global uranium market and Kazakhstan’s rich uranium resource and established mining infrastructure.

The Ulytau project is located near Lake Balkhash in South Kazakhstan and situated 15 km south of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union.

Kazakhstan is considered a top mining country for the following reasons:

It has a well-developed transportation infrastructure and abundant energy resources, ensuring a stable power supply for mining operations.It was ranked 25th by the World Bank for” ease of doing business.” As the world’s top uranium producer, Kazakhstan represents 43 percent of the global market.It is the lowest-cost producer, globally.It holds 12 percent of the world’s uranium resources.

Kazakhstan’s strategic location in Central Asia also provides easy access to major markets in Europe, China and Russia, and the flagship Ulytau uranium project is located 3.5 hours from the country’s largest city of Almaty.

The local village of Aksuyek has a population of ~700 people and will support C29 Metals’ exploration efforts in the near-to-mid-term, providing a base of operations and support services.

The uranium market is expected to grow over the next 10 years, with the World Nuclear Association projecting a 28 percent increase in uranium demand from 2023 to 2030. As electricity demand potentially increases by about 50 percent by 2040, there is significant opportunity for increasing the global nuclear energy capacity, especially as the world continues to pursue its clean energy agenda and a low-carbon economy.

Company Highlights

Focused on uranium exploration in the top uranium-producing jurisdiction of Kazakhstan, with a newly granted tenement and new license applications in progress (252 sq km) and strong community support from local neighboring village members. Experienced Leadership: Seasoned board and management team led by Shannon Green, an executive with over 25 years of experience.Positive Market Outlook: Demand for uranium is expected to increase by 28 percent by 2030, and 51 percent by 2040.

Key Projects

Ulytau Uranium Project

Figure 2 – Ulytau project location in relation to other Kazakhstan Uranium mines.

The Ulytau Project is located in the Almaty Region of Southern Kazakhstan, approximately 15 km southwest of the Bota-Burum mine, which is one of the largest uranium deposits mined in the former Soviet Union.

Exploration for uranium has been carried out in the area since 1953. Uranium production at the Bota-Burum mine, next to the village of Aksuyek, commenced in 1956 and continued until 1991. Total mined reserves of Bota-Burum are quoted at 20,000 tonnes of uranium (44 million pounds).

C29 Metals has lodged two (2) new license applications with the Kazakhstan ministry of Natural Resources. The licenses are designed to cover ~18 km of additional prospective strike.

The Southern application, the largest of the two (2) applications was granted on the 1 August 2024 and is contiguous with the Ulytau license area and sits immediately to the South and East of the Ulytau Uranium project tenement boundaries. The Southern application area is ~213 km2.

The newly granted tenement is interpreted as having a similar mineralised trend to that of the existing Ulytau Project area (refer to ASX announcement “License Applications Lodged around Ulytau Uranium Project” dated 24 July 2024 and the further clarification on 25 July 2024).

C29 Metals is commencing exploration work at Ulytau, following receipt of a category 4 exploration approval on August 7, 2024, which will include geophysical, field mapping and soil sampling programs.

Figure 3 – The interpreted mineralised Uranium trend with the newly granted southern license and northern application

Local Community Support

The company has held two community consultation days at the local community of Aksuyek, with a population of about 700 people, located roughly 20 km from the Ulytau project area. The community of Aksuyek have shown their strong support for the company’s planned exploration programs. Aksuyek will provide a base of operations for the work programs and can provide many of the required support services to the company.

A social support agreement was signed on July 9, 2024, with the district government providing the framework for the company to assist the village of Aksuyek with projects aligned to the social development of the community. This very important agreement demonstrates the commitment by both parties to work together to ensure mutually beneficial outcomes are sustainably delivered into the future.

Board and Management

Shannon Green – Managing Director

Shannon Green is an experienced mining executive and company director with over 25 years of corporate, resource development and mining operations experience. With extensive experience working in Africa and Australia, Green has managed significant projects, from greenfields exploration through feasibility through construction, into operation. He has held senior leadership roles within Australia in uranium development, as well as iron ore and gold mining operations.

David Lees – Non-executive Chairman

David Lees has over 20 years’ experience in the Australian financial services industry. He started as a stockbroker and subsequently moved into investment and funds management, providing him with extensive experience in capital markets with a diverse skill set covering investment management, business development and corporate governance. He holds a Bachelor of Economics from Murdoch University and a post graduate diploma in Applied Finance and Investment.

Jamie Myers – Non-executive Director

Jamie Myers has over 15 years in equities dealing and corporate advisory experience. He is experienced in leading transactions, including pre-IPOs, IPOs and secondary market equity raising across small and mid-cap companies. He is also the founder and managing director of boutique advisory firm Molo Capital.

Ailsa Osborne – CFO and Company Secretary

Ailsa Osborne has more than 20 years of experience as a financial professional, including more than 15 years in the resource industry in Australia and internationally. Ms Osborne has held CFO and company secretary roles with a number of ASX-listed companies. She has held senior finance roles in several listed companies operating in Australia and internationally, including in South America, Indonesia and Africa.

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Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina

With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.

The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.

iche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.

Company Highlights

The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.Internationally renowned board and management team with extensive uranium and gold exploration and development experience.

This Piche Resources profile is part of a paid investor education campaign.*

Click here to connect with Piche Resources (ASX:PR2) to receive an Investor Presentation

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Starbucks’ new CEO will supercommute 1,000 miles from California to Seattle

Newly appointed Starbucks CEO Brian Niccol won’t be required to relocate to the company’s headquarters in Seattle when he joins the coffee giant next month. 

Instead, Starbucks says Niccol can live in his home in Newport Beach, California and commute to Starbucks’ head office 1,000 miles away on a corporate jet, according to the new CEO’s offer letter, which was made public in an SEC filing last week.

In his new role, Niccol, 50, will be paid a base salary of $1.6 million annually and has the opportunity to earn an annual cash bonus that could range from $3.6 million to $7.2 million depending on his performance. He will also be eligible for annual equity awards worth up to $23 million.

Niccol successfully negotiated a similar deal when he became the CEO of Chipotle in 2018. 

At the time, the fast-casual chain was headquartered in Denver, Colorado, and Niccol — who served as CEO of Taco Bell before his stint at Chipotle — lived in Newport Beach, a 15-minute drive from Taco Bell’s main office in Irvine, California. Chipotle moved its headquarters from Denver to Newport Beach three months after announcing Niccol’s appointment.

In the offer letter, Starbucks also notes that it will set up a remote office for Niccol in Newport Beach along with an assistant of his choosing. 

When he is not traveling for work, however, Niccol will still be expected to work from the Seattle office at least three days a week in alignment with Starbucks’ hybrid work policies, a company spokesperson tells CNBC Make It.

“Brian’s primary office and a majority of his time will be spent in our Seattle Support Center or out visiting partners and customers in our stores, roasteries, roasting facilities and offices around the world,” the spokesperson added. “His schedule will exceed the hybrid work guidelines and workplace expectations we have for all partners.”

Starbucks employees have been required to work from the office at least three days a week since early 2023.

Niccol’s arrangement underscores the gulf in bargaining power between high-ranking executives and the average employee in terms of flexibility.

While rank-and-file employees might not be able to demand the flexibility to work remotely from a different state, companies make exceptions for senior-level employees to attract and retain top talent, says Raj Choudhury, a professor at Harvard Business School who studies remote work.

Choudhury says there is a growing number of CEOs who are “working from anywhere,” though there is no comprehensive research on the topic. 

“It’s becoming increasingly common because we’re still in a competitive labor market,” he explains. “Executives aren’t accepting job offers if flexibility isn’t on the table.” 

Victoria’s Secret made a similar concession last week when it hired Hillary Super from Fenty x Savage, Rihanna’s lingerie brand, as its new CEO. 

When Super starts in September, she will work from the retailer’s New York City offices instead of its headquarters near Columbus, Ohio, traveling to Columbus as needed, according to her employee agreement.

Despite these recent instances, it’s still hard to draw any definitive conclusions about CEOs’ remote work preferences.

Although some CEOS — including Amazon’s Andy Jassy and JPMorgan Chase’s Jamie Dimon — are drawing a hard line on return-to-office policies, other research has indicated that bosses aren’t thrilled with the loss of remote work.

Choudhury sees Niccol’s arrangement at Starbucks as an example of a company taking a “smart risk” to snag a star executive. 

The coffee giant’s performance has struggled this year, hurt by weak sales in the U.S. and China, its two largest markets, CNBC reports. Starbucks shares have fallen 21% during its current CEO Laxman Narasimhan’s tenure. 

Niccol has a strong track record of turning around troubled companies: As CEO of Chipotle, he helped the chain rebound from its foodborne illness scandal and led its restaurants through the pandemic. During his time at the restaurant chain, its stock soared 773%, CNBC reports.

“Starbucks based its process of selection on this person’s prior record of boosting restaurant-based companies, not their location,” says Choudhury. “I expect more companies will take notice and follow suit: If you want to attract and retain the best talent, you have to be open to flexible work arrangements.”

Such an emerging trend could have benefits for desk workers craving flexibility, Choudhury adds. 

“If more C-suite leaders start working remotely, middle managers might be inspired to start trying it, as culture changes start at the top,” he says. “This is a great opportunity for Starbucks to experiment with offering employees, wherever possible, the same degree of flexibility it’s giving its executives.”

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