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The Ord Oracle November 21, 2023

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SPX Monitoring Purposes: Long SPX 10/27/23 at 4117.37.
Gain since 12/20/22: Over 26%.
Monitoring Purposes GOLD:  Long GDX on 10/9/20 at 40.78.  

Above is the monthly SPX chart. The pattern that appears to be forming is a head-and-shoulders bottom and the right shoulder is forming now. The neckline lies near the 4600 range and would need a “Sign of Strength” through that level to confirm this pattern. The bottom window is the monthly SPX/VIX ratio, which has made a higher high, while the SPX so far has made a lower high. The SPX/VIX ratio leads the SPX, suggesting that, at some point, the SPX will break to a higher high. We are long SPX 10/27/23 at 4117.37.

We updated this chart from yesterday. The bottom window is the SPY, and next higher window is the TLT/VVIX ratio. It is common near short-term highs for the SPY to make higher highs and the TLT/VVIX ratio to make lower highs (noted in shaded pink). What we are seeing now is that the SPY is continuing to make higher highs and the TLT/VVIX ratio is also making higher highs, suggesting the current rally may continue (noted in shaded light blue). The SPY was up 5 days in a row going into Monday; going up 5 days in a row foretells the market will be higher within five days 83% of the time.

Last Thursday’s report said, “above is the Bullish percent index for the Gold Miners index. The bullish percent index measures the percent on stocks that are on point and figure buy signals. For a valid bullish signal, the Bullish Percent index would need to rise. Since the beginning of October, the bullish percent index has been rising from 10% to the current reading of 25%, which in turn shows this market is getting stronger as more stocks trigger buy signals. GDX has not traded above its previous high of the 30.00 range yet, whereas the bullish percent index has made higher highs, suggesting GDX’s next test of 30.00 will be exceeded.” The bullish percent index now stands at 32.14% and GDX still hasn’t broken 30.00.

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Top 10 Gold-mining Companies

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Regardless of how the gold price is doing in any given year, the top gold-mining companies are always making moves.

Right now, the yellow metal is in the limelight — stimulated by increasing global inflation, geopolitical turmoil and recession fears, the price of gold has broken past the US$2,000 per ounce level multiple times in 2023.

Rising demand for gold alongside concerns over gold mine supply have pushed the metal to record highs in recent years, and market watchers are eyeing world’s top gold-mining companies to see how they respond to current market dynamics.

According to the most recent US Geological Survey data, gold production increased by approximately 2 percent in 2021, and by a mere 0.32 percent in 2022. China, Australia and Russia were the top three countries to produce gold last year.

But what were the top gold-mining companies by production in 2022? The list below was compiled by the team at Refinitiv, a leading financial markets data provider. Read on to find out which companies produced the most gold last year.

1. Newmont (TSX:NGT,NYSE:NEM)

Company Profile

Production: 185.3 MT

Newmont was the largest of the top gold-mining companies in 2022. The firm holds significant operations in North and South America, as well as Asia, Australia and Africa. Newmont produced 185.3 metric tons (MT) of gold in 2022.

In early 2019, the miner acquired Goldcorp in a US$10 billion deal; it followed that up by starting a joint venture with Barrick Gold (TSX:ABX,NYSE:GOLD) called Nevada Gold Mines; is 38.5 percent owned by Newmont and 61.5 percent owned by Barrick, which is also the operator. Considered the world’s biggest gold complex, Nevada Gold Mines was the top-producing gold operation in 2022 with output of 94.2 MT.

Newmont’s gold production guidance for 2023 is set at 5.7 million to 6.3 million ounces (161.59 to 178.6 MT).

2. Barrick Gold (TSX:ABX,NYSE:GOLD)

Company Profile

Production: 128.8 MT

Barrick Gold lands in second place on this list of top gold producers. The company has been active on the M&A front in the last five years — in addition to merging its Nevada assets with Newmont in 2019, the company closed its acquisition of Randgold Resources the prior year.

Nevada Gold Mines is not Barrick’s only asset that is a top-producing gold operation. The major gold company also holds the Pueblo Viejo mine in the Dominican Republican and the Loulo-Gounkoto mine in Mali, which produced 22.2 MT and 21.3 MT, respectively, of the yellow metal in 2022.

In its annual report for 2022, Barrick notes that its full-year gold production was slightly less than its stated guidance for the year, rising a little over 7 percent from the previous year’s level. The company has attributed this shortfall to lower production at Turquoise Ridge due to unplanned maintenance events, and at Hemlo due to the temporary water inflows that impacted mining productivity. Barrick has set its 2023 production guidance at 4.2 million to 4.6 million ounces (119.1 to 130.4 MT).

3 Agnico Eagle Mines (TSX:AEM,NYSE:AEM)

Company Profile

Production: 97.5 MT

Agnico Eagle Mines produced 97.5 MT of gold in 2022 to take the third spot on this top 10 gold companies list. The company has 11 operating mines in Canada, Australia, Finland and Mexico, including 100 percent ownership of two of the world’s top gold-producing mines — the Canadian Malartic mine in Quebec and the Detour Lake mine in Ontario — which it acquired from Yamana Gold (TSX:YRI,NYSE:AUY) in early 2023.

The Canadian gold miner achieved record annual production in 2022, and also increased its gold mineral reserves by 9 percent to 48.7 million ounces of gold (1.19 million MT grading 1.28 grams per MT gold). Its gold production for 2023 is expected to reach 3.24 million to 3.44 million ounces (91.8 to 97.5 MT). Based on its near-term expansion plans, Agnico Eagle is forecasting production levels of 3.4 million to 3.6 million ounces (96.4 to 102.05 MT) in 2025.

4. AngloGold Ashanti (NYSE:AU,ASX:AGG)

Company Profile

Production: 85.3 MT

Coming in fourth on this top gold-mining companies list is AngloGold Ashanti, which produced 85.3 MT of gold in 2022. The South African company has nine gold operations in seven countries across three continents, as well as numerous exploration projects around the world. AngloGold’s Kibali gold mine (a joint venture with Barrick as the operator) in the Democratic Republic of Congo is the fifth largest gold mine in the world, having produced 23.3 MT of gold in 2022.

In 2022, the company increased its gold production by 11 percent over 2021, coming in at the top end of its guidance for the year. Its production guidance for 2023 is set at 2.45 million to 2.61 million ounces (69.46 to 74 MT).

5. Polyus (LSE:PLZL,MCX:PLZL)

Company Profile

Production: 79 MT

Polyus produced 79 MT of gold in 2022 to take fifth place among the top 10 gold-mining companies. It is the largest gold producer in Russia and holds the highest proven and probable gold reserves globally at more than 101 million ounces.

Polyus has six operating mines located in Eastern Siberia and the Russian Far East, including Olimpiada, which ranks as the world’s third largest gold mine by production. The company expects to produce approximately 2.8 million to 2.9 million ounces (79.37 to 82.21 MT) of gold in 2023.

6. Gold Fields (NYSE:GFI)

Company Profile

Production: 74.6 MT

Gold Fields comes in at number six for 2022 with gold production for the year totaling 74.6 MT. The company is a globally diversified gold producer with nine operating mines in Australia, Chile, Peru, West Africa and South Africa.

Gold Fields and AngloGold Ashanti recently joined forces to combine their Ghana exploration holdings and create what the companies claim will be Africa’s biggest gold mine. The joint venture has the potential to produce an annual average of 900,000 ounces (or 25.51 MT) of gold over the first five years.

The company’s production guidance for 2023 is in the range of 2.25 million to 2.3 million ounces (63.79 to 65.2 MT). This figure excludes production from Gold Fields’ Asanko joint venture in Ghana.

7. Kinross Gold (TSX:K,NYSE:KGC)

Company Profile

Production: 68.4 MT

Kinross Gold has six mining operations across the Americas (Brazil, Chile, Canada and the US) and East Africa (Mauritania). Its largest producing mines are the Tasiast gold mine in Mauritania and the Paracatu gold mine in Brazil.

In 2022, Kinross produced 68.4 MT of gold, which was a 35 percent year-on-year increase from its 2021 production level. The company attributed this increase to the restart and ramp-up of production at the La Coipa mine in Chile, as well as to higher production at Tasiast after the resumption of milling operations that were temporarily suspended in the prior year.

8. Newcrest Mining (TSX:NCM,ASX:NCM)

Company Profile

Production: 67.3 MT

Newcrest Mining produced 67.3 MT of gold in 2022. The Australian company operates a total of five mines across Australia, Papua New Guinea and Canada. Its Lihir gold mine in Papua New Guinea is the world’s seventh largest gold mine by production.

According to Newcrest, it has one of the largest group gold ore reserves in the world. With an estimated 52 million ounces of gold ore reserves, its reserve life is approximately 27 years. The number one gold-producing company on this list, Newmont, made a proposal to combine with Newcrest in February; the deal closed successfully in November.

9. Freeport-McMoRan (NYSE:FCX)

Company Profile

Production: 56.3 MT

Better known for its copper production, Freeport-McMoRan produced 56.3 MT of gold in 2022. The vast majority of that production originates from the company’s Grasberg mine in Indonesia, which ranks as the world’s second largest gold mine by production.

In its Q3 results for this year, Freeport-McMoRan states that long-term mine development activities are underway at Grasberg’s Kucing Liar deposit. The company anticipates that the deposit will ultimately produce more than 6 billion pounds of copper and 6 million ounces of gold (or 170.1 MT) between 2028 and the end of 2041.

10. Zijin Mining Group (SHA:601899)

Company Profile

Production: 55.9 MT

Zijin Mining Group rounds out this top 10 gold companies list with production of 55.9 MT of gold in 2022. The company’s diverse metals portfolio includes seven gold-producing assets in China, and several others in gold-rich jurisdictions such as Papua New Guinea and Australia.

In 2023, Zijin presented its revised three year plan through 2025, as well as its 2030 development goals, one of which is to move up the ranks to become a top three to five producer of gold and copper.

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

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Uranium Reserves: Top 5 Countries

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Uranium is an important commodity in the energy sector, and knowing the countries with the top reserves is key.

Mined uranium resources have provided fuel for nuclear power generation for more than 60 years, and today nuclear power serves 10 percent of global energy needs. Global uranium demand is anticipated to grow in the coming years, which bodes well for future uranium prices. According to the World Nuclear Association (WNA), around 60 nuclear reactors are under construction worldwide, and significant increases to capacity at existing plants are also planned.

Global uranium production totaled 57,651 metric tons (MT) of U3O8 in 2022, the latest year for which numbers are available. The five top uranium-producing countries in the world are Kazakhstan, Canada, Namibia, Australia and Uzbekistan, and they were responsible for the vast majority of that production.

1. Australia

Uranium resources: 1,684,100 MT (28 percent of world uranium resources)

While Australia ranks fourth in global uranium production, it takes the lead for the world’s largest uranium resources. Australia’s crown jewel is Olympic Dam, the largest-known single deposit of uranium in the world. Other major uranium deposits in the country include Ranger, Beverley and Four Mile. However, production at Ranger, owned by Energy Resources of Australia (ASX:ERA,OTC Pink:EGRAF), was brought to a halt in early 2021.

Australia is key to the global uranium industry, but mining the material is politically contentious in the country. For example, the Western Australian government has put the brakes on any new domestic uranium-mining project approvals, although it is allowing existing projects to go ahead. In addition, the federal government is opposed to nuclear energy. However, the WNA sees the potential for an about-face. ‘Australia uses no nuclear power, but with high reliance on coal any likely carbon constraints on electricity generation will make it a strong possibility,” the agency states. “Australia has a significant infrastructure to support any future nuclear power program.”

2. Kazakhstan

Uranium resources: 815,200 MT (13 percent of world uranium resources)

Kazakhstan comes in second in terms of uranium resources, but ranks first in uranium production — the country’s national uranium-mining company, Kazatomprom (LSE:KAP,OTC Pink:NATKY), is the world’s largest uranium producer.

At least 67 percent of Kazakhstan’s electricity production comes from coal, with the remainder supplied by natural gas (22 percent), hydro (9 percent) and solar and wind (1.5 percent). However, the country’s energy development plan details changes to the mix that would include 4.5 percent of electricity generation from nuclear power and 10 percent from renewable energy by 2030. Kazakhstan has two proposed and planned nuclear power plants.

3. Canada

Uranium resources: 588,500 MT (10 percent of world uranium resources)

The second largest uranium producer, Canada is third largest in terms of top uranium countries by reserves. Saskatchewan’s Athabasca Basin is a hotbed for uranium exploration and is known the world over for having the highest-grade uranium deposits on the planet.

The North American nation is home to the world’s top uranium mines: Cameco’s (TSX:CCO,NYSE:CCJ) Cigar Lake and McArthur River. Together, they make the province of Saskatchewan an international leader in the uranium sector, although in recent years these operations have spent time offline.

Nuclear energy accounts for about 15 percent of Canada’s electricity demand, and its nuclear power infrastructure includes 19 nuclear reactors. As the second largest country by landmass, providing reliable energy to Canada’s many remote regions poses a significant challenge. However, novel reactor technologies, such as small modular reactors, have the potential to supply power to smaller electrical grids or to remote, off-grid areas.

4. Russia

Uranium resources: 480,900 MT (8 percent of world uranium resources)

As the largest country by landmass, Russia has a wealth of resources, including 8 percent of the world’s uranium. The majority of Russia’s domestic uranium output comes via Rosatom, a subsidiary of ARMZ Uranium Holding, which owns the Priargunsky underground mine and is developing the Vershinnoye deposit in Southern Siberia.

To meet the nation’s growing energy needs, Russia’s government is keen on increasing its uranium output. According to the WNA, nuclear energy accounted for 19 percent of Russia’s energy mix as of December 2021, the most up-to-date data available. The country has 37 nuclear reactors generating 27,727 megawatts of electricity, with an additional three units under construction.

Russia is among the world’s top 10 uranium producers in addition to holding significant reserves, and the country’s war with Ukraine has raised questions about the extent to which Russia will be able to continue exports. However, European countries such as France are still importing Russian uranium.

5. Namibia

Uranium resources: 470,100 MT (8 percent of world uranium resources)

The world’s third largest uranium-producing country, Namibia comes in fifth for reserves. The African nation’s Langer Heinrich mine, owned by Paladin Energy (ASX:PDN,OTC Pink:PALAF), and Rössing mine, majority owned by China National Uranium, are capable of producing 10 percent of the world’s uranium output. Significant Namibian deposits also include Trekkopje, which is near Rössing and owned by Orano, and the world-class Husab uranium mine.

The Namibian government is in favor of expanding the country’s uranium-mining industry. While there are no nuclear power plants in Namibia, there is some support for a national nuclear power industry.

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

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Pharma Stocks: 5 Biggest Companies in 2023

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The biggest pharmaceutical companies in the world are responsible for developing and manufacturing the vast majority of prescription drugs, giving them a key role in the life science industry.

The pharma sector is responsible for the discovery, development and manufacturing of drugs and medicine. Companies are developing innovative treatments in areas like immuno-oncology and neurology, as well as novel options for rare diseases. 2023 in particular has seen a lot of buzz around diabetes and weight loss treatments.

With the pharmaceutical sector projected to reach a staggering US$1.6 trillion in total revenue by 2028, the need for the industry is great. Opportunities for investment are also sizeable, but what’s the best place to start? Those who want exposure to the pharma market may want to begin by looking at the major players in the space.

With that in mind, here are the five biggest drug companies by market cap. Data for this article was compiled using Investing.com’s stock screener on November 16, 2023, and stocks are listed from largest to smallest.

1. Eli Lilly and Company (NYSE:LLY)

Company Profile

Market cap: US$529.28 billion

Founded in 1876, Eli Lilly and Company has R&D facilities and manufacturing plants in eight countries and has done clinical research in over 50 countries. Its pharma products include therapies for diabetes, cancer, immune system diseases and a wide range of mental health conditions. As for its pipeline, Eli Lilly’s clinical trial research areas include cardiovascular health, weight management and neurodegenerative diseases such as Alzheimer’s disease.

In late summer, Eli Lilly closed its acquisitions of Dice Therapeutics, Sigilon Therapeutics and Versanis Bio, adding a wide range of therapies to its portfolio, including Dice’s experimental oral treatment for psoriasis and Versanis’ bimagrumab candidate, which is being assessed for obesity. Sigilon and Eli Lilly have worked together since 2018 on cell therapies for type 1 diabetes that would help remove the need for constant disease management.

On November 2, Eli Lilly released its Q3 financial results, and its share price trended upward on the news by nearly US$40. The quarter included US Food and Drug Administration (FDA) approvals of the firm’s severe ulcerative colitis treatment, Omvoh, and an expanded indication for Jardiance in chronic kidney disease. Eli Lilly also released positive results for its mirikizumab Phase 3 VIVID-1 study, which evaluated the drug’s safety and efficacy in treating Crohn’s disease.

The firm’s revenue was up 37 percent year-on-year, partially due to Eli Lilly’s type 2 diabetes injection Mounjaro, which is expected to be a mega-blockbuster drug and could also treat chronic obesity.

2. Novo Nordisk (NYSE:NVO)

Company Profile

Market cap: US$442.46 billion

Novo Nordisk has honed its efforts on both type 1 and type 2 diabetes, obesity, hemophilia and growth disorders. The company markets products in 170 countries. Its diabetes treatment offerings include the app-supported NovoPen 6 and NovoPen Echo Plus, which give diabetes patients a less invasive way to monitor and record dosing information than traditional methods. Novo has a partnership with Microsoft (NYSE:MSFT); Novo will use the tech giant’s artificial intelligence, cloud and computational services for its drug discovery and development.

On October 13, the firm released its Q3 financials, including a 38 percent rise in sales and a 47 percent increase in operating profit; in the first nine months of the year, its sales went up 33 percent and its operating profit was 37 percent higher.

On November 11, Novo shared positive results for its semaglutide therapy, which is geared at achieving weight loss and reducing the risk of cardiovascular events for people who are living with obesity and have no history of diabetes. According to a release, the trial consistently demonstrated a statistically significant 20 percent risk reduction in major adverse cardiovascular events across age, gender, ethnicity and starting body mass index.

3. Johnson & Johnson (NYSE:JNJ)

Company Profile

Market cap: US$358.2 billion

Next on this list of the biggest pharma companies is Johnson & Johnson, a life science holding firm that is massive in scale and covers many areas through its subsidiaries. Its pharmaceutical subsidiary is Janssen Pharmaceuticals, which focuses on six therapeutic areas: cardiovascular disease and metabolism, infectious diseases and vaccines, neuroscience, oncology, immunology and pulmonary hypertension.

Janssen has recently released positive results for a number of its ongoing trials. In October, its Phase 2b SunRISe-1 study of the TAR-200 monotherapy in patients with Bacillus Calmette-Guérin unresponsive, high-risk non-muscle-invasive bladder cancer showed a 77 percent complete response rate. The same months, its Phase 3 MARIPOSA-2 study targeting non-small cell lung cancer showed that a regimen of RYBREVANT given with or without lazertinib and combined with chemotherapy reduced the risk of disease progression or death by 56 and 52 percent, respectively.

4. Merck & Company (NYSE:MRK)

Company Profile

Market cap: US$256.82 billion

Merck & Company has a massive product line and pipeline, including therapies for diabetes, cancer, vaccines, hospital care and animal health. Currently, the company has over 30 programs in Phase 3 trials and over 10 under review. Merck aims to treat conditions such as cancer, HIV, HPV, Ebola, hepatitis C, cardio-metabolic disease and antibiotic-resistant infections.

Merck has received a series of FDA approvals in the second half of 2023, including: a new indication for its drug PREVYMIS to prevent cytomegalovirus disease in adult kidney transplant recipients who are at high risk; approval for its Ervebo Ebola vaccine starting at age one; and approval for KEYTRUDA in combination with gemcitabine and cisplatin for the treatment of patients with locally advanced unresectable or metastatic biliary tract cancer.

5. AbbVie (NYSE:ABBV)

Company Profile

Market cap: US$242.94 billion

AbbVie’s areas of focus, according to the company, are places where it has proven its expertise and has the potential to improve treatments. Those include immunology, oncology, neuroscience, eye care and aesthetics. The company’s portfolio includes Humira, which is a therapy for autoimmune conditions such as rheumatoid arthritis and Crohn’s disease. It is one of the top-selling drugs of all time, but its patent expired in 2018 and the first biosimilar hit the market in early 2023.

Despite a 6 percent decrease in worldwide net revenues for the third quarter of 2023, AbbVie announced it would be increasing its quarterly dividend for shareholders by 4.7 percent, starting with the dividend payable in February 2024. Also in the quarter, AbbVie announced the submission of new indication applications for Skyrizi (risankizumab) to the FDA and European Medicines Agency for the treatment of adult patients with moderately to severely active ulcerative colitis.

FAQs for pharmaceutical stocks

What does the pharmaceutical industry do?

The pharmaceutical industry encompasses a variety of companies that have different — although sometimes overlapping — roles to play. The most famous players are the big pharma companies. These giants often have a variety of subsidiaries, large pipelines and many products in their portfolios. There are also smaller pharma R&D companies, which sometimes get acquired by larger firms if their work seems promising. Companies in these categories research, develop and sometimes bring to market drugs aimed at filling unmet needs, such as products to treat conditions that are currently untreatable or to help people who are resistant to pre-existing treatment options.

Once patents run out on prescription drugs, generic drug manufacturers create much cheaper generic versions. Wholesale companies also play a large role in the pharma sector. According to Common Wealth Fund, wholesalers have four areas through which they affect the buying and distribution of drugs: ‘setting generic drug prices, leveraging list price increases, competing in specialty drug distribution, and mitigating or exacerbating drug shortages.’

What is the big pharma business model?

Big pharma companies have a fairly consistent business model. Often, the company’s R&D team will slowly develop a new drug through many stages of testing to prove the drug’s efficacy, safety and necessity.

If all trials are completed successfully, the company will apply to government organizations such as the FDA, which must approve the drug before it can be mass produced, marketed and sold. Companies can skip a number of these steps by acquiring smaller companies, or through in-licensing, which results in two companies sharing the burden of a drug’s development through to commercialization. However, it’s worth noting that large pharma companies have many drugs in their pipelines at any given time, and many don’t make it to approval.

Once a drug is approved by the relevant health organization, it can then be marketed and prescribed. Because patents expire after 20 years, companies lobby and advertise to try to get as many sales as possible during that window.

Who are the ‘Big 3’ in pharma?

The ‘Big 3’ in pharma refers to the three largest wholesalers: AmerisourceBergen (NYSE:ABC), Cardinal Health (NYSE:CAH) and McKesson (NYSE:MCK). Collectively, those three companies account for over 92 percent of wholesale prescription drug distribution in the US.

Which country is number one in the pharma industry?

The US is the top pharmaceutical country, with five of the top 10 pharma companies by revenue headquartered in the nation, including the top three of Pfizer (NYSE:PFE), AbbVie and Johnson & Johnson. The country is also in the lead when it comes to consumer spending on pharmaceuticals due to the high cost of brand-name drugs.

The US is also the top country globally for R&D spending — companies that are part of PhRMA, a trade group that represents US biopharmaceutical companies, spent US$100.84 billion on R&D in 2022 out of a total of US$244 billion spent by pharmaceutical companies globally that year.

What are the problems in the pharmaceutical industry?

One of the largest problems with the pharmaceutical industry, particularly in the US, is the high cost of treatments. According to a study looking at American prescription drug spending between 2016 and 2021, prescription drug prices were 2.5 times the cost on average of prices in similar high-income nations.

An example that has been at the center of discourse in recent years is insulin, which can cost Americans with type 1 diabetes over US$1,000 per month. In early 2023, US President Joe Biden signed the Inflation Reduction Act into law, and it includes a cap of US$35 per month on insulin for seniors on Medicare, although it does not help people who are uninsured or have private health insurance. Eli Lilly has now instituted that same price cap for all users of their insulin, and there is push for further legislation.

However, while progress in insulin pricing is happening, it’s far from the only medication with high costs. According to the aforementioned study, the top 10 percent most expensive drugs account for less than 1 percent of all prescriptions, but make up 15 percent of all retail prescription spending.

While generic versions of medications are relatively cheap, they can’t be created until patent protection for the brand name version expires, which is usually 20 years after filing for the patent.

What is the future of pharmaceuticals?

Pharmaceutical companies will have to adapt to changing times moving forward. The world is shifting, with economic woes, geopolitical disruptions and supply chain concerns affecting nearly every sector. Innovation continues to accelerate as well, and the medical landscape has changed in the wake of COVID-19. Additionally, the US government is making moves to address the astronomical prices of prescription medicine as the industry comes under increasing scrutiny.

For a look at what is else is effecting the market in 2023, read our 2023 Pharma Market Forecast.

Are pharmaceutical stocks risky?

While established players like the big pharma and wholesale companies discussed above should be relatively consistent, small companies are make-or-break depending on whether their drugs are successful. This means that investors could see much higher returns compared to large companies, but run the risk of taking massive losses in the case of failure.

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

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Helium Evolution Confirms First Helium Discovery

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Calgary, Alberta, November 21, 2023 Helium Evolution Incorporated (TSXV:HEVI) (‘ HEVI ‘ or the ‘ Company ‘), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to confirm HEVI’s first joint helium discovery with partner, North American Helium Inc. (‘ NAH ‘), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (‘ Joint Well #1 ‘), as announced on September 25, 2023 .

Joint Well #1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95%, more than three times the 0.3% level deemed commercially viable, and 96% nitrogen, with the balance comprised of fractional percentages of minor component gases. This gas composition is consistent with NAH’s producing helium pool 15 kilometers to the north, supporting HEVI’s belief that the area offers meaningful potential for commercial helium development.

‘We are very excited by our first helium discovery and 0.95% helium concentration at Joint Well #1, which confirms the potential of the Deadwood formation as a significant source of helium in the region and represents an important step along HEVI’s journey to achieving scalable helium production from the lands we originally acquired in 2021,’ said Greg Robb, President and CEO of HEVI. ‘We are in discussions with NAH, as our partner and the operator, regarding the next steps for Joint Well #1, along with future exploration and development plans in the area. We look forward to sharing HEVI’s ongoing progress and appreciate the continued support of our shareholders and all stakeholders.’

Flow Test Details

Joint Well #1 demonstrated rates and pressures that remained steady throughout the entire flow test period, indicating a stable and productive reservoir, and the well flow tested at 1.3 million standard cubic feet per day (MMscf/d) and 6,000 kiloPascals (kPa) flowing tubing pressure. A post-flow pressure transient analysis evaluated by a third-party was positive, suggesting the deliverability of Joint Well #1 could potentially increase by four to six times with stimulation. Further, negligible water (0.6 cubic meters) was produced by the well during the test period, which is favorable for helium recovery and processing.

Stay Connected to Helium Evolution

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes the Company’s current corporate presentation, and are invited to follow the Company on LinkedIn and Twitter for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent media articles , HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

About Helium Evolution Incorporated

Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly traded companies, focused on developing assets in southern Saskatchewan. The Company has 5.6 million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

For further information, please contact:

Greg Robb, President & CEO
Kristi Kunec, CFO Phone: 1-587-330-2459
Email: info@heliumevolution.ca
Web: https://www.heliumevolution.ca/ Cindy Gray, Investor Relations info@5qir.com | 1-403-705-5076


Statement Regarding Forward-Looking Information

This news release contains statements that constitute ‘forward-looking statements.’ Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘potential’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘could’ or ‘should’ occur.

Forward-looking statements in this document include statements regarding the Company’s expectations regarding future production from Joint Well #1, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans with respect to stimulation of the reservoir, the Company’s expectations regarding recoverability of helium, the Company and/or NAH’s ability to identify future exploration and drilling targets, the Company’s expectations regarding the Deadwood formation as a significant source of helium in the region, the Company and/or NAH’s plans regarding future exploration and development in the area of Joint Well #1, increasing shareholder value, the productivity of Joint Well #1 following stimulation, the Company’s ability to preserve capital and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans; the Company and/or NAH may determine not to bring Joint Well #1 onto production; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks, other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by 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.

News Provided by GlobeNewswire via QuoteMedia

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In Stock

A NEW ERA of Growth Leadership?

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In this edition of StockCharts TV‘s The Final Bar, guest Mary Ann Bartels of Sanctuary Wealth describes how falling interest rates could pave the way for another leadership by mega-cap growth stocks, including semiconductors. Host David Keller, CMT breaks down two market breadth indicators to watch into December and shares one industry group continuing to drive higher.

This video originally premiered on November 21, 2023. Watch on our dedicated Final Bar page on StockCharts TV, or click this link to watch on YouTube.

New episodes of The Final Bar premiere every weekday afternoon LIVE at 4pm ET. You can view all previously recorded episodes at this link.

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In Economy

Toyota’s credit business is fined $60M for saddling customers with overloaded loans

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The Consumer Financial Protection Bureau on Monday ordered Toyota’s credit arm to pay $60 million for tricking customers into unnecessary products that it then made unreasonably hard to cancel.

The agency said thousands of borrowers complained that Toyota Motor Credit employees had added extra products to their loans, racking up fees for the company at consumers’ expense. It then made it unreasonably hard for consumers to cancel those services.

Toyota Motor Credit is based in Plano, Texas, and it provides financing for people buying cars through Toyota dealerships.

The company admitted no wrongdoing as part of the settlement.

The CFPB said the company will pay $32 million to consumers who did not receive refunds they were owed; $9.9 million to consumers who tried to cancel their policies but were unable to do so; $6 million to consumers who were harmed by false information sent to a consumer reporting company; and $52,000 for those who were given inaccurate refunds. Toyota’s finance arm will also pay a $12 million penalty to the agency’s victim relief fund.

In one example, the CFPB said Toyota Motor Credit told customers that if they wanted to cancel extra products bundled into their car loans, they should call a hotline that had been set up to frustrate them. Employees who answered the phone were told to continue promoting the products until the customer asked them to cancel three times. At that point, the employee was supposed to say that the only way to cancel was to file a written request.

More than 118,000 customers called that hotline from 2016 to 2021 alone.

In addition to paying the fines and restitution, the agency said Toyota Motor Credit will also be required to make it easy for consumers to cancel unwanted coverage, inform consumers that they can cancel the products online or in writing, and monitor dealers to make sure they don’t add products to customer loans without the borrower’s consent. The company will also be prohibited from tying employee compensation or performance metrics to consumer retention of bundled products such as the ones at issue in the case.

The agency said the unnecessary products included Guaranteed Asset Protection, a type of insurance that covers the difference between the amount a consumer owes on their auto loan and what their insurance pays if the vehicle is stolen, damaged or totaled; Credit Life and Accidental Health coverage, which covers the remaining balance on the loan if the borrower dies or becomes disabled; and vehicle service agreements, which reimburse borrowers for parts and service beyond what is covered by the manufacturer’s warranty.

The CFPB said those products averaged $700 to $2,500 per loan.

The agency also said the company knowingly gave false information to ratings agencies, hurting their customers’ credit scores by telling the reporting companies the consumers were missing their payments when they had actually returned the vehicles they had leased.

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In Economy

Cruise CEO Kyle Vogt resigns from GM-owned robotaxi unit

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Cruise CEO and co-founder Kyle Vogt has resigned from his role at the autonomous vehicle venture owned by General Motors, according to a company statement sent to CNBC on Sunday.

Mo Elshenawy, who previously served as executive vice president of engineering at Cruise, will now serve as president and CTO for Cruise, the company said. 

Vogt confirmed his resignation Sunday night in a social media post on X, formerly known as Twitter. He did not give a reason for the resignation, and said he plans “to spend time with my family and explore some new ideas.”

The departing CEO also offered words of encouragement, writing: “Cruise is still just getting started, and I believe it has a great future ahead. The folks at Cruise are brilliant, driven, and resilient. They’re executing on a solid, multi-year roadmap and an exciting product vision. I’m thrilled to see what Cruise has in store next!”

Vogt’s resignation follows a string of missteps by Cruise.

As CNBC previously reported, the company issued a voluntary recall affecting 950 of its robotaxis, and suspended all vehicle operations on public roads following a series of incidents that sparked criticism from first responders, labor activists and local elected officials, especially in San Francisco. 

In one serious incident in October, the human driver of another vehicle struck a pedestrian in San Francisco at night, tossing her into the path of a Cruise self-driving car, which then drove over and dragged her.

The California Department of Motor Vehicles suspended Cruise’s deployment and testing permits for its autonomous vehicles after that incident. “When there is an unreasonable risk to public safety, the DMV can immediately suspend or revoke permits,” the regulators said in a statement at the time.

In orders of suspension the California DMV issued to Cruise, the regulators accused the company of failing to give a transparent account of what happened during the pedestrian collision.

Separately, the National Highway Traffic Safety Administration is investigating Cruise to determine whether its automated driving systems “exercised appropriate caution around pedestrians in the roadway,” according to a filing on the agency’s website.

GM purchased Cruise in 2016. It then brought on investors such as Honda Motor, Softbank Vision Fund and, more recently, Walmart and Microsoft. However, last year, GM acquired SoftBank’s equity ownership stake for $2.1 billion.

GM execs, including CEO and Chair Mary Barra, had hoped the startup would be ramping up a driverless transportation network this year, and hoped Cruise would play a notable role in doubling the company’s revenue by 2030.

In October 2021, GM said it expected “new businesses” such as Cruise and its BrightDrop commercial EV business to grow from $2 billion to $80 billion during that timeframe.

According to its most recent quarterly update, GM has lost roughly $1.9 billion on Cruise between January and September 2023, including $732 million in the third quarter alone.

Barra also serves as chair of the Cruise board of directors. Former Tesla and Lyft executive Jon McNeill, a member of GM’s board of directors since 2022, was appointed vice chairman of the self-driving unit’s board following Vogt’s resignation.

Alex Roy from transportation consultancy Johnson & Roy told CNBC, “Responsibility starts at the top. If Cruise is going to survive, and they have great technology there, the CEO had to go.”

“I suspect at least one more high level exec will have to resign — anyone who made the call to obfuscate or omit information in communication with the California DMV,” he said. “In my opinion, Cruise has been too slow in taking steps to rebuild trust with staff, regulators and the public. Executive departures are table stakes.”

Vogt’s resignation comes roughly two years after he was reappointed as CEO, following an unexpected departure by Dan Ammann, a former GM executive, in December 2021.

Ammann, a former investment banker, began leading Cruise in 2019 after serving as GM’s president and chief financial officer before that. He was credited with the 2016 acquisition of Cruise.

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In Economy

UAW autoworkers officially ratified new contract, union says

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The United Auto Workers announced Monday that employees at each of the Big Three U.S. automakers officially ratified new contracts.

It had been clear for several days that the contract would win approval. The union said 64% of employees at Ford, Stellantis and General Motors voted to accept the deals, which were won after a six-week strike.

The new contract will give union workers an immediate pay increase of 11%, and union members will get a total pay increase of 25% over the course of the 4½-year deal. The new contracts also reinstate cost-of-living adjustments, let workers reach top wages in three years instead of eight, and protect their right to strike over plant closures.

The contracts were negotiated after members of the UAW went on strike from Sept. 15 until late October, in its first simultaneous strike against Ford, GM and Stellantis, which owns Chrysler and other brands.

According to the UAW’s ratification trackers, 70.0% of employees at Stellantis and 69.3% at Ford voted for the new contracts. The vote was far closer at GM, where just 54.7% of voting members approved. The trackers show that 102,679 workers voted out of about 146,000 UAW members employed by the Big Three.

The new contracts are set to expire April 30, 2028. With ratification almost complete, the union is beginning to turn its sights toward Tesla and Toyota, whose U.S. workers aren’t unionized.

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