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Nvidia Earnings Near All-Time High After 30% Drop

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Nvidia Nears All-Time High After Shaving Off 30%. Will It Continue Rallying? 

Nvidia stocks (NVDA) are really close to the new high mark, it will probably hit it soon because the company has recovered from a big fall it experienced at the start of the year. After a massive dip of nearly 30%, Nvidia earnings have showed a strong comeback. The shares price have to be one of about three dollars within, beating their best-ever record in June of around $135. On the close of Wednesday, the stock was at $132.65, with a rise for 2023 alone reaching over 170% despite some up-and-down volatility.

The company, an AI chip production front runner, has cleared recent obstacles that included postponing Blackwell AI chip, its top-notch in AI chip production which had caused jitters among investors. The way is clear now, thus Nvidia will be able to keep its on-the-rise status.

In addition, JPMorgan analysts are very optimistic about the future of Nvidia, foreseeing their sales turnover to far exceed their market growth. The report produced by them foretells that NVidia’s revenue will make it to $175 billion in 2024, and by 2027, it will reach $225 billion, which is a considerable increase. Comparatively, NVidia had revenues of $60.92 billion in 2023, so the potential for this being the main driving force of producing booming market shares is quite high.

With the company’s very strong recovery and the quite open analyst sentiment that it is going to set a new record in terms of its stock price, Nvidia is emerging as the pioneer of AI. In case the trend lasts,  it might pass the record highs even before the year ends, but the fears of the current risks remain.

Nvidia Stock Chart Analysis

Nvidia has its shares on a positive trend as of October 10, 2024. Based on the chart of the 15-minute trading time frame, it is clear that the stock was at the opening price of $132.49, rose to a high of $132.82, and then settled at $132.64, which is 0.12% higher than its previous close of $131.73.

We have experienced some fluctuations in the price of the assets in the most recent few rounds came with some unusual activity. There was a distinctly quick drop in the middle of October 9, when the stock stairway was noticed, but the shares later skyrocketed, indicating that plenty of investors were interested in buying the stocks at those abated prices. It looks like, at this point, the price is simply giving preferential treatment to $132 after the rally. The volume is at $1.234 million shares, which means there are some people buying. However, it is not the volume of transactions that would indicate the start of a massive boom.

The process of watching can be compared to a small and slow change in this direction. Once this move is made, the course of the stock may begin to rise even higher and more rapidly. Conversely, if it fails to climb above $133, we might see some pullback. On the other hand, if it goes to $131 or below, it could be a hint that the price is going to change soon. Be extra cautious at these levels and think about selling before the situation within the market changes significantly.

Shares of First Majestic Silver Corp. (NYSE: AG) Stock Analysis

Today, we saw that the shares of First Majestic Silver Corp. (NYSE: AG) had a modest increase. The stock market started the day at $6.22, rose to a high of $6.26, and finished at $6.24, accounting for a slight rise of 0.32%. The trade volume was not particularly high, exchanging 169,232 shares, so there was limited investors’ involvement in this transaction.

During the recent days, we experienced a market that had lots of ups and downs. October 7 saw a steep drop in stock prices which the stock has been able to recover from slowly, though it seems to be consolidating in a tight range. The stock is encountering resistance at $6.30 and has a support level of around $6.10. Thus, it is likely to be steady for a time.

The push on gain itself is not strong enough and we suppose that the investors may be awaiting a much clearer catalyst, like earnings reports or the changing of the silver prices. With the approach to the $6.30 level, we will be observing if the shares can stay above it or fall through the range. At present, it’s the stock to keep an eye on for any movement changes.

The post Nvidia Earnings Near All-Time High After 30% Drop appeared first on FinanceBrokerage.

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Economy

BP Stock Sees 0.34%, Rise Amid Low Trading Volume

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BP Stock Gained 0.34% Despite Low Trading Volume. Will It Continue Rising?

In the last five years, BP (BP. L) has been behind its competitors in the oil and gas industry. Out of the six biggest oil majors, it is the only one whose stock is lower than it was in 2019. BP has been investing in renewable energy projects; however, the company struggled a bit due to this strategic move. It has reduced the production of oil on its own outside sources even though, on a global level, supply has continued to be an issue. Consequently, the prices hit high, but BP didn’t gain from that as much as it could.

In 2023, Saudi Arabia, along with other OPEC+ Nations, extended production cuts to maintain higher oil prices. This environment caters to the long-standing oil producers, so the renewable energy path that BP took might be a wrong one in the light of this situation’s dynamics. Oil prices that would decrease when the OPEC+ lifts supply limits can harm BP as it moves into a new business model.

Even though the share price of BP has dropped recently, it seems that it is not undervalued compared to its historical price point. Its price-to-book (P/B) ratio is in line with its average over the last ten years, and thus, the stock is not really a bargain. Investors may consider observing the course of BP’s green energy transformation along with its oil production, especially in light of market developments.

BP Stock Chart Analysis

We perceive a slight gain in the stock price of BP p.l.c., being traded on the NYSE, as we analyze the stock’s performance over the most recent session. At 10:08 UTC on October 10, 2024, the stock is trading at $32.07, thus marking a 0.34% increase (+0.11). The volume of trading during this period is quite low, being 5.19K shares.

During the last few days, we’ve experienced extreme instability in BP’s share price. On October 7, the stock tumbled from $33.00 to $31.80, represented by big red candles, which are signs of huge selling pressure. Subsequently, on October 8 and 9, the stock moved into a period of consolidation, wobbling between $31.80 and $32.00.

As of today, we’re experiencing a little bit of a price surge; the rate surpassed $32.00 and was at its highest at $32.07. There also seems to be a small increase in buying activity, which might be the precursor of the breakout from the recent consolidation. Nonetheless, considering that the volume of the trade is relatively low, we are a bit reserved on whether this movement will last in the near future.

It will be necessary to remain cautious about the ability of BP to retain the said profits or if it gets back to the range in which it was moving earlier this week.

Stay updated by not only tracking price developments but also paying attention to trends affecting the entire sector!

The post BP Stock Sees 0.34%, Rise Amid Low Trading Volume appeared first on FinanceBrokerage.

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TNC Advances Mining and Processing Activities at Cloncurry Copper Project

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True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it is progressing mining and processing activities on schedule with the current mine plan at its Cloncurry Copper Project (CCP) in Queensland1.

HIGHLIGHTSOperations at TNC’s Cloncurry Copper Project (CCP) in Queensland continue to ramp up in line with the current CCP mine plan. TNC is on track to become Australia’s next copper producer and critical metals supplier in Q1 2025 following the commencement of sulphide processing in the new year. Circa 223k Bank Cubic Metres (BCM) of overburden has been mined since mining activities commenced at the Wallace North deposit in July with approximately 22,000t of oxide ore mined and placed on the RoM.Oxide ore has been transported to the Great Australia Mine (GAM) since September with approximately 8,300t crushed and stacked on the leach pad to date. Irrigation of the leach pad is underway and will improve copper production from TNC’s Solvent Extraction (SX) plant. Based on the Mining Restart Study (MRS) announced in February 20246, the CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life.TNC is continuing a recruitment campaign to grow its workforce to support its objectives at CCP with the addition of another 28 people for the GAM and Wallace North operations by mid-November.

In July, TNC announced the commencement of mining activities at Wallace North, one of four open-pit deposits making up CCP. Since July, the Company has mined 223k BCM of overburden, including 22,000t of oxide ore which has been placed on the Wallace North RoM to date.

Transportation of oxide ore from the Wallace North pit to the Great Australia Mine (GAM) crushing facility commenced in September. To date, approximately 8,300t has been crushed and stacked on the leach pad and 2,400t remains available to TNC in the current crushing campaign.

Irrigation of the ore has commenced and will contribute to improved copper production from the Solvent Extraction (SX) plant. This is the first new ore mined by TNC which has been added to the heap leach since the Company commissioned the SX plant in 2023.

TNC has binding offtake and toll milling agreements with global commodity trader Glencore International AG for 100% of copper concentrate produced at CCP and toll milling of up to 1Mt of ore per year3. Under the toll milling agreement, sulphide ore will be transported to a third-party concentrator for toll treatment in Q1 2025.

The Wallace North deposit at CCP has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au2.

Click here for the full ASX Release

This post appeared first on investingnews.com

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A State-by-State Guide to Cannabis in Australia (Updated 2024)

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Australia federally legalised medicinal cannabis in 2016, and Australia’s cannabis market has seen major growth since then.

Medical cannabis approvals were up by 120 percent in the first half of 2023 compared to the same period in 2022. Statista forecasts that Australian cannabis revenue will reach AU$3.73 billion in 2024 and grow at an annual rate of 3.22 percent, culminating in market volume worth AU$4.53 billion by 2029.

However, Australia’s cannabis industry is still young. Despite there being a strong case for a regulated market, which was outlined in a July 2024 report by the Penington Institute, recreational use is not legal and medical access remains limited and regulated. Yet, public support for legalisation is growing. YouGov data released in January 2024 showed that over half of Australians polled are in favour of decriminalising cannabis, and half of the respondents between the ages of 18 and 49 support legalising personal use.

In 2023, the Australian Greens, the country’s only seat-holding federal party in favour of legalisation, introduced the Legalising Cannabis Bill 2023, sponsored by the party’s leader Senator David Shoebridge. This was Australia’s first parliamentary effort to legalise cannabis.

The legislation proposes that all citizens above the age of 18 can grow up to six plants per household and share homegrown cannabis products with others. Additionally, it proposes allowing individuals to possess up to 50 grams of cannabis. The bill was amended based on a survey and expert feedback to address concerns related to underage buying and consumption, as well as quality, packaging and labelling of cannabis and its products.

The Senate Legal and Constitutional Affairs Committee began an inquiry into the Legalising Cannabis Bill 2023 on September 14, 2023, and released its report on May 31, 2024, in which the committee recommended that the Senate not pass the bill. However, according to the Australian Green’s Facebook page, they plan to bring the matter to the Senate for a vote.

As for the medical side, medical cannabis patients have access to various forms of the drug, including flower, oils and tinctures. However, only two medicinal cannabis products, Sativex and Epidyolex, are registered with the Therapeutic Goods Administration, and none are subsidised through the country’s Pharmaceutical Benefits Scheme. Patients who want access to medicinal cannabis must go through special pathways, and doctors who want to prescribe medicinal cannabis have to apply to do so.

At the state and territory level, the situation is more complex as each area of Australia has different rules that must be followed. Read on for a breakdown of the laws for medicinal and recreational cannabis in Australia’s six states and two territories, including one that legalised recreational cannabis possession.

Guide to cannabis in Australia: New South Wales

Use, supply and possession of cannabis is illegal in New South Wales (NSW), but first-time offenders with less than 15 grams on hand may only be issued a caution. Up to two cautions can be received; they often come with a referral for drug-related information. In February 2024, the NSW government expanded the program, allowing offenders to complete a drug and alcohol intervention program in place of paying the AU$400 fine.

However, any doctor can prescribe medicinal cannabis if it is determined an appropriate treatment and the doctor has the approvals required to do so. The NSW government has also allocated over AU$9 million to the Centre for Medicinal Cannabis Research and Innovation to educate the community, monitor clinical trials and conduct research into cannabis’ efficacy in treating conditions such as epilepsy and nausea associated with cancer treatments.

In February, while announcing a task force to drive growth in NSW’s hemp industry, Agriculture Minister Tara Moriarty told Guardian Australia that while the cultivation of hemp and cannabis are separate issues, she was open to increasing medicinal cannabis production and reforming state drug laws.

During its run for the last election in 2023, the Labor Party of NSW promised to hold a Parliamentary Drug Summit, the first of its kind since 1999. The four-day summit is scheduled to take place later this year, with two days of forums held in regional towns in November and meetings in Sydney on December 4 and 5.

An inquiry into the “true socio-economic cost and the opportunities of cannabis legalisation” was launched on March 21, 2024, chaired by Legalise Cannabis MP Jeremy Buckingham. The views and opinions of health experts, advocates and users have been submitted to the inquiry as of June, and the inquiry will report its findings before the summit.

According to the release, NSW treasurer and upper house MP Daniel Mookhey said the government “welcomed the opportunity to hear from experts, but warned any potential policy reform would be examined at the state’s drug summit later this year.”

Buckingham has also called on the NSW government to investigate a defence for unimpaired drivers who use medical cannabis.

Guide to cannabis in Australia: Victoria

Victoria was the first state to legalise medical marijuana use, and young children living with epilepsy were the first to gain access. Medical cannabis can be prescribed by any physician to a patient with any medical condition if the physician believes it is clinically appropriate and has obtained the necessary approval from the relevant regulatory body.

Recreational cannabis possession and use is a criminal offence in Victoria, but similar to New South Wales, those caught with a first offence of 50 grams or less are typically given a caution and directions to attend drug counselling. It’s more serious if there are additional charges or if a person is found with over 50 grams; 250 grams, or 10 plants, is considered a traffickable quantity of cannabis.

Last year, a Legalise Cannabis MP put forward a private member’s bill for personal use cannabis reform. The bill was discussed in an upper house debate in December, with opponents citing the risk of abuse and need to protect young and Indigenous Australians and supporters arguing that prohibition causes more harm. While it did not receive government support, the current Labor Party of Victoria has expressed a willingness to explore reformation.

On May 20, the government announced the launch of a closed-circuit trial in partnership with Swinburne University to assess driving abilities of medical cannabis users. Under the current law, drivers found with any trace of THC in their saliva face a mandatory licence suspension and fines, even though THC is detectable for several hours after ingestion.

The trial was scheduled to begin in September 2024 and last 18 months. Advocates were disappointed that it will not finish in 2024 as previously promised, with the completion expected in late 2025.

Guide to cannabis in Australia: Queensland

In Queensland, growing cannabis and recreational use are illegal under four different acts. Under the Drugs Misuse Act 1986, unlawful possession, supply, production and trafficking have maximum penalties of up to 20 years imprisonment, depending on circumstances such as how much cannabis is involved.

Medicinal use is less frowned upon in Queensland as any registered medical practitioner in the state can prescribe medicinal cannabis if clinically appropriate. Previously, the medical practitioner must have obtained Commonwealth approval in most circumstances; however, after new legislation changes in June 2020, any Queensland doctor can prescribe Schedule 4 CBD or Schedule 8 THC or CBD oil products without formal approval from state health authorities.

Medicinal cannabis can be administered via vapour, capsules, sprays or tinctures — smoking cannabis is not allowed in Queensland. Advertising medicinal cannabis is restricted to the medical, wholesale and pharmaceutical professions only.

However, Essential’s August 2023 poll results show that half of Queenslanders support the state’s legalisation, and members of the Labor party have called for the legalisation of personal possession of small quantities. This year, several Legalise Cannabis MPs joined festival-goers at MardiGrass 2024, an annual Cannabis Law Reform Protestival held in Nimbin, a small town about 20 kilometres from the NSW border that’s known for its residents’ alternative lifestyles as well as for cannabis culture.

A petition was also posted by Greens MP Michael Berkman to call on the government to make Queensland the first state to fully legalise cannabis. It has a target of 500 signatures, and 494 signatures have been collected as of October 10, 2024.

Guide to cannabis in Australia: South Australia

Cannabis flower, cannabis oil and cannabis resin are all illegal to keep, use, grow, sell or give away in South Australia. Possession for personal use can be penalised with an expiation, which is a fine without a criminal conviction. Large-scale trafficking or selling can attract big penalties of up to AU$1 million, 15 years to life imprisonment or both.

Those looking for medical cannabis products can obtain them via prescription from an authorised medical practitioner in the region. Approval under South Australian Controlled Substances legislation is also often required, although there are exemptions for elderly and terminal patients.

Despite South Australia having the most supporters for legalisation, reformation attempts have been unsuccessful. Member of Legislative Council Tammy Franks of the South Australian Green Party re-introduced the Cannabis Legalisation Bill 2022 in May 2022, but it has not progressed through the legislative process.

In September, a joint committee including members from several parties, including Franks, put forward an interim report with 13 unanimous recommendations. Among them was a call to reform zero tolerance roadside drug-testing laws to protect medicinal cannabis users in the state.

A spokesperson of the government said that the recommendations would be considered in ‘due course,’ and that ‘the government is open-minded to further improvements while ensuring road safety outcomes are maintained and any action taken is informed by research.”

Guide to cannabis in Australia: Western Australia

Even though Western Australia previously decriminalised cannabis in 2004, Liberal Premier Colin Barnett repealed the decision in 2011 as part of a “tough on crime” approach.

Possession of 10 grams or less can lead to a cannabis intervention requirement (CIR). This means the individual can attend a cannabis intervention session instead of facing a criminal conviction. If the person is 18 or older, they may receive only one CIR; however, those younger can receive two. Possessing more than 10 grams can result in a fine of up to AU$2,000, two years in jail, or both. Penalties are more severe for possession of over 100 grams.

Medicinal cannabis is available via prescription from any doctor in WA providing they have the required government approval. Prescriptions can be dispensed at any pharmacy. Driving with THC in your system is an offence in Western Australia.

Recently, two Legalise Cannabis MPs proposed bills to the State Parliament. The first would allow Western Australians to possess up to 50 grams of cannabis and to grow up to six plants per household. The Bill was introduced on March 21, 2024, with a debate held on June 21. However, the bill was rejected. The second bill called for a referendum question on the subject to be included on the state election ballot in March 2025.

On September 12, Dr. Brian Walker of Legalise Cannabis Party in Western Australia shared that the Legislative Council approved the motion to review the state’s industrial hemp legislation and regulation to make the plant easier to grow. He regarded the debate as “open and healthy,” adding that he hopes this would lead to “more acceptance of a crop which stands to deliver billions of dollars for the WA economy each and every year.”

Guide to cannabis in Australia: Tasmania

Prior to July 1, 2021, obtaining medicinal cannabis was fairly complicated in Tasmania — patients had to be referred to a specialist by their general practitioner, and then the specialist would make a decision. Generally cannabis would only be provided by specialists in limited circumstances once conventional treatment had been unsuccessful. Now general practitioners can fill out prescriptions if they believe it is clinically appropriate and if they have both Commonwealth and state approval to do so.

Possession of cannabis is illegal in Tasmania — in fact, any utensil or appliance for preparation, smoking or inhalation of cannabis is illegal and can attract a maximum fine of AU$7,950. Trafficking an amount of 25 grams of oil or 1 kilogram of plant material carries a serious imprisonment term of up to 21 years. However, police may issue up to three warnings for possession of less than 50 grams.

Guide to cannabis in Australia: Northern Territory

Cannabis is largely decriminalised in the Northern Territory (NT), but possession of a small quantity in a public place still carries an imprisonment penalty. Possession of less than 50 grams in your own home is penalised with a fine of up to AU$200. The penalty for cultivating, even small amounts of less than five plants, is 200 penalty units or two years imprisonment. A commercial quantity of more than 20 plants results in life imprisonment, as does “cultivation in front of a child.”

The first NT medicinal cannabis patient to fill a script did so in November 2019, but uptake has been slow since then and the NT has a low number of users. That’s largely because there are few doctors who are authorised prescribers in the NT, and as the area is remote, travel to those clinics is not feasible for all residents.

Schedule 8 medicinal cannabis medicines are regulated in the same way as other Schedule 8 medicines such as morphine and oxycodone in the Northern Territory. The government said that there is no need for a prescriber to obtain an authorization prior to prescribing medicinal cannabis for a particular patient, but that they are required to notify the Chief Health Officer should the patient need to receive the medicine for more than two months due to the treatment being successful.

Products containing CBD are Schedule 4, and as such can be prescribed and continued without need for notification.

Guide to cannabis in Australia: Australian Capital Territory

In September 2019, the Australian Capital Territory (ACT) passed a bill to legalise the possession of small amounts of cannabis for personal use as of January 31, 2020, if the possessor is 18 years of age or older. It’s important to note that the ACT’s state laws conflict with federal laws, which still prohibit the recreational use of cannabis, and federal lawmakers have attempted to overturn the legislation in the past.

ACT residents who are over 18 can carry up to 50 grams of dry cannabis, or 150 grams of wet material, and can grow as many as two plants per person (or four per household). Exceeding limits precipitates a fine, not criminal charges. Plants must also be grown outdoors only, leaving them open to theft.

Medicinal cannabis is available for ACT patients with a number of conditions on a case-by-case basis. Doctors must have approval from the ACT Chief Health Officer and the Therapeutic Goods Administration to prescribe.

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

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

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BPH Energy LimitedPEP-11 Update

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Perth, Australia (ABN Newswire) – BPH Energy Limited (ASX:BPH) and Bounty Oil & Gas NL (Bounty) (ASX:BUY) for the PEP11 Joint Venture, further to the announcement made on 18 September 2024, BPH provides a further update on matters relating to PEP-11.

By announcement made on 6 August 2024, BPH informed that Asset Energy Pty Ltd (Asset) on behalf of the joint venture partners had filed an Originating Application for Judicial Review in the Federal Court seeking that the Joint Authority be compelled to determine the applications within 45 days. BPH refers to its announcement on 6 August 2024 wherein it outlined the background and defined the First Application and Second Application made in respect of the PEP-11 Permit.

On 18 September 2024, Minister Husic, via NOPTA, gave Asset a statement of preliminary views with attachments and invited Asset to provide a response within 30 days. The statement of preliminary views included 45 annexures totalling 1608 pages. The company is currently reviewing the material provided by NOPTA for the purpose of providing Minister Husic with a submission in respect of his preliminary views. Due to the volume of the data provided to Asset, time has now been extended to 15 November 2024 to provide submissions.

Following conferral between the parties to the Federal Court proceeding, on 9 October 2024 orders were made vacating the previous orders and adjourning the proceedings to a date on or after 7 February 2025. The parties have liberty to apply to bring the matter back before the Federal Court on 3 days’ notice.

Included in the material provided by Minister Husic was a copy of the NOPTA recommendation to the Joint Authority which recommended that the Joint Authority approve the Second Application.

In the NOPTA Annual Report of Activities 2020-21 it was noted that 54 applications for COVID19 related suspensions and extensions were approved in that period. The company understands that the Second Application (for COVID-19 relief) made in respect of the PEP11 Permit was the only application outstanding.

About BPH Energy Limited:  

BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.

The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.

BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).

Source:
BPH Energy Limited

Contact:
David Breeze
admin@bphenergy.com.au
www.bphenergy.com.au
T: +61 8 9328 8366

News Provided by ABN Newswire via QuoteMedia

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Appointment of TritonLake as Global Corporate and Financial Advisors to Drive Business Partnerships and Global Growth Footprint

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ChemX Materials Limited (ASX:CMX) (ChemX or the Company), an Australian high purity critical materials company and 100%-owner of the HiPurA® patented process to produce High Purity Alumina (HPA) is pleased to advise it has appointed TritonLake to act as the Company’s Corporate Advisors.

HIGHLIGHTSChemX Appoints TritonLake as Global Corporate AdvisorsChemX proceeding with Pilot Plant Construction for HPA production at ScaleInternational Focus for Joint Venture Offtake, Strategic Partnerships & Investors

ChemX is commercialising its unique HiPurA® technology producing HPA and other aluminous products from a chemical feedstock, independent of mine production, thereby potentially reducing project risk and approval lead times. Importantly, ChemX has the opportunity to co-locate future production facilities with offtake partners in key markets.

Under the agreement, ChemX will have access to TritonLake’s network of global partners and investors as it moves forward with its final phase of pilot plant construction and commissioning.

A detailed summary of the corporate advisory mandate is set out in Schedule 1.

TritonLake CEO Conor Smyth Commented: “It is a pleasure to be working with ChemX as it takes its patented HPA production process forward to realise its global potential. The attractiveness of a high purity alumina process to be deployed in key markets including USA, Europe and South-East Asia has the potential to integrate into supply chains for the next generation of technology and consumer applications across AI Semiconductors and Micro LEDs.”

TritonLake’s appointment comes at a key time for critical materials as the world seeks to harness the high value materials to drive the AI and energy revolution. HPA and Synthetic Sapphire serve a key purpose in providing chemical inertness in high value applications whether in Semiconductors, Micro LEDs or Optical devices.

Click here for the full ASX Release

This article includes content from ChemX Materials, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here

.

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Scheme Booklet Registered by ASIC

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Alto Metals Limited (ASX:AME) (Alto) refers to its proposed scheme of arrangement under which Brightstar Resources Limited (ASX:BTR) (Brightstar) may acquire 100% of the shares in Alto (Scheme).

Scheme Booklet

Alto confirms that the explanatory statement providing information about the Scheme (Scheme Booklet) has today been registered with the Australian Securities and Investments Commission (ASIC). A copy of the Scheme Booklet is attached to this announcement and will also be made available on Alto’s website at https://altometals.com.au. Details of how you will receive your Scheme Booklet are set out in Alto’s announcement of 11 October 2024.

Capitalised terms in this announcement that are not otherwise defined have the meaning given to them in the Scheme Booklet.

Alto Shareholders should carefully read and consider the Scheme Booklet in its entirety, including the materials accompanying it, before deciding how to vote at the Scheme Meeting.

If after reading the Scheme Booklet you have any questions about the Scheme Booklet or the Scheme, please contact Alto’s Share Registry on 1300 441 597 (within Australia) or +61 2 8072 1465 (outside Australia) between 8:30am and 6:00pm (Sydney time) Monday to Friday, excluding public holidays, or via email at hello@automic.com.au. If you are in any doubt about what action you should take, please consult your broker or financial, taxation, legal or other professional adviser immediately.

Independent Expert’s Report

The Scheme Booklet includes a copy of the Independent Expert’s Report prepared by BDO Corporate Finance Australia Pty Ltd (Independent Expert). The Independent Expert has concluded that the Scheme is not fair but reasonable and therefore in the best interests of Alto Shareholders, in the absence of a Superior Proposal. The Independent Expert’s conclusion should be read in context with the full Independent Expert’s Report and the Scheme Booklet.

Click here for the full ASX Release

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Editor's Pick

Hezbollah drone attack injures more than 60 in one of the bloodiest attacks on Israel since October 7

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More than 60 people have been injured, several of them critically, in a drone attack in north-central Israel, according to first responders.

There were no immediate official reports of deaths from the attack, but the high number of injuries – with rescue service United Hatzalah saying it “provided assistance to over 60 wounded people” – makes it one of the bloodiest since the war started last October.

The news comes after Hezbollah said Sunday it had fired a swarm of attack drones on an Israeli infantry training camp in Binyamina, a town north of Tel Aviv that lies some 40 miles from the Lebanese border. The Lebanon-based militant group said the attack was in response to Israeli strikes in Lebanon Thursday that killed 22 people and injured 117, according to the Lebanese Ministry of Health.

Hezbollah said it had targeted the Golani Brigade, an infantry unit of the Israel Defense Forces (IDF) that has been deployed in southern Lebanon. The Hezbollah statement came shortly after the militant group released an audio message from its slain leader Hassan Nasrallah calling on members to “defend your people, your family, your nation, your values and your dignity.”

Israeli air defence systems tend to be very reliable, but on Sunday, there were no reports of alerts in the Binyamina area at the time of the attack, raising questions of how the drone was able to penetrate so deep into the Israeli territory without being spotted.

The drone attack on Sunday comes two days after another attack in which the IDF said two drones were launched from Lebanon. It said it intercepted one of those drones, but did not specify what happened to the other one. In the attack Friday, warning sirens had activated and while a nursing home in the coastal city of Herzliya, central Israel, was damaged, no casualties were no reported.

Critical injuries reported

In Sunday’s attack, United Hatzalah said helicopters and ambulances had evacuated all the wounded, whose injuries it described as ranging from “critical” and “serious,” to “moderate and light.”

The Binyamina attack comes almost two weeks after Israel launched a ground operation in southern Lebanon. The IDF has insisted the operation is “localized” and “limited” – even though the reality on the ground suggests it might be preparing for a wider invasion.

The IDF has issued evacuation orders for a quarter of Lebanon’s territory and deployed units from four different IDF divisions to the border area, while also continuing an intense bombardment campaign.

The injured from Binyamina were transported to hospitals across Israel. The Hillel Yaffe Medical Center in north-central Israel said it was treating 36 casualties from what it described as a “UAV incident,” adding that there were “various degrees of injury.”

The Emek Medical Center in northern Israel said it was treating four injured people. Beilinson Hospital said it was treating a further three and Bnei Zion Medical Center in Haifa also said it was treating three.

This post appeared first on cnn.com

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Taiwan condemns Chinese military drills around island as ‘unreasonable provocation’

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Taiwan has condemned the latest round of Chinese military drills around the self-governing island as an “unreasonable provocation” after Beijing deployed warships and fighter jets in what it described as a “stern warning” to “separatist acts of Taiwan independence forces.”

The Chinese military’s Eastern Theater Command said Monday that the drills, involving joint operations of the army, navy, air force and rocket force, are being conducted in the Taiwan Strait – a narrow body of water separating the island from mainland China – as well as encircling Taiwan.

China’s military exercises around Taiwan, a democracy of 23 million people, have become increasingly frequent in recent years and have tended to coincide with events that have angered Beijing.

In August 2022, China launched a week of military drills following a visit to the island by then-US House Speaker Nancy Pelosi.

Similar drills in May came after the inauguration of Taiwan President Lai Ching-te, whom Beijing has denounced as a “dangerous separatist.” The latest exercises are code-named Joint Sword-2024B, implying it’s a follow-up to the drills five months ago.

Ahead of the drills, the Eastern Theater Command released a propaganda video entitled “prepared for battle” on its social media accounts.

The roughly one-minute video shows fighter jets, warships and amphibious assault vessels in the air and at sea, and mobile missile launchers being moved into place. Accompanying text said the command is “prepared for battle at all times and can fight anytime.”

In a statement, Taiwan’s Defense Ministry said it strongly condemns the drills as an “unreasonable provocation” by China and said it has dispatched its own forces.

A statement from Taiwan’s presidential office called on China to “cease military provocations that undermine regional peace and stability, and stop threatening Taiwan’s democracy and freedom.”

President Lai had convened national security meetings to discuss responses to the drills, it added.

On Sunday, Taiwan’s Defense Ministry said the Chinese aircraft carrier Liaoning entered waters near the strategic Bashi Channel south of Taiwan, which separates the island from the Philippines, and that it anticipates the carrier to sail toward the western Pacific Ocean.

The drills came after President Lai gave a speech on Taiwan’s National Day Thursday, saying the island “is not subordinate” to China and that Beijing “does not have the right to represent Taiwan.”

The speech followed earlier comments, where Lai said it was “absolutely impossible” for Communist China to become Taiwan’s motherland and that Taiwan is already a “sovereign and independent country.”

Lai has long faced Beijing’s wrath for championing Taiwan’s sovereignty and rejecting the Chinese Communist Party’s claims over the island.

Despite having never controlled Taiwan, China’s ruling Communist Party has vowed to “reunify” with the self-governing democracy, by force if necessary. But many people on the island view themselves as distinctly Taiwanese and have no desire to be part of the People’s Republic of China (PRC).

Successive Chinese leaders have vowed to one day take control of Taiwan. But Xi Jinping, China’s most assertive leader in decades, has ramped up rhetoric and aggression against the democratic island, fueling tension across the strait and raising concerns for a military confrontation.

The People’s Liberation Army (PLA) said it kicked off the Monday exercises  “with vessels and aircraft approaching Taiwan Island in close proximity from different directions.”

The drills focused on “sea-air combat-readiness patrol, blockade on key ports and areas, assault on maritime and ground targets, as well as joint seizure of comprehensive superiority,” according to a statement from the PLA’s Eastern Command.

The PLA did not say whether the drills involved live fire exercises, and, as of now, China has not launched any missiles. Previous drills in 2022 did include the launch of missiles.

A map released by the command shows drills taking place in nine areas surrounding Taiwan as well as its outlying islands that are closer to mainland China.

The drills also involved China’s Coast Guard, operating in areas around Taiwan and its outlying islands of Matsu and Dongyin, located just off China’s southeastern coast.

Between 5 a.m. and 8 a.m. local time Monday, Taiwan’s Defense Ministry detected 25 Chinese aircraft, including 16 that crossed the Median Line, an informal demarcation point in the Taiwan Strait that Beijing does not recognize, but until recent years had largely respected.

A total of seven Chinese warships plus additional Coast Guard vessels were detected near the Taiwan Strait, according to the ministry.

The United States said it was “seriously concerned” by the military exercises, calling them a “response with military provocations to a routine annual speech” that “is unwarranted and risks escalation.”

“We call on the PRC to act with restraint and to avoid any further actions that may undermine peace and stability across the Taiwan Strait and in the broader region,” State Department spokesperson Matthew Miller said in a statement.

This story has been updated with additional information.

This post appeared first on cnn.com

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Pregnant Philippine women arrested in Cambodia for surrogacy could be prosecuted after giving birth

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Thirteen pregnant Philippine women accused of illegally acting as surrogate mothers in Cambodia after being recruited online may face prison terms after they give birth, a senior Interior Ministry official said Saturday.

Interior Ministry Secretary of State Chou Bun Eng, who leads the country’s fight against human trafficking and sexual exploitation, said police found 24 foreign women, 20 Philippine and four Vietnamese, when they raided a villa in Kandal province, near the capital of Phnom Penh, on Sept. 23.

Thirteen of the Philippine women were found to be pregnant and were charged in court on Oct. 1 under a provision in the law on Suppression of Human Trafficking and Sexual Exploitation, she said.

The law was updated in 2016 to ban commercial surrogacy after Cambodia became a popular destination for foreigners seeking women to give birth to their children.

Developing countries have been popular for surrogacy because costs are much lower than in countries such as the United States and Australia, where surrogate services could cost around $150,000.

The surrogacy business boomed in Cambodia after it was put under tight restrictions in neighboring Thailand, as well as in India and Nepal.

In July 2017, a Cambodian court sentenced an Australian woman and two Cambodian associates to 1 1/2 years in prison for providing commercial surrogacy services.

The new case is unusual because surrogates normally are employed in their own countries, not transported elsewhere.

Cambodia already has a bad reputation for human trafficking, especially in connection with online scams in which foreigners recruited for work under false pretenses are kept in conditions of virtual slavery and help perpetrate criminal fraud online against targets in many countries.

Details of the new surrogacy case remain murky, and officials have not made clear whether the women were arrested or whether anyone involved in organizing the scheme has been identified.

Chou Bun Eng told The Associated Press that the business that recruited the surrogates was based in Thailand, and their food and accommodation in Cambodia were arranged from there. She said the authorities had not yet identified the business.

She said the seven Philippine women and four Vietnamese women who were caught in the raid but who were not pregnant would be deported soon.

The 13 pregnant women have been placed under care at a hospital in Phnom Penh, said Chou Bun Eng. She added that after they give birth, they could be prosecuted on charges that could land them in prison for two to five years.

She said that Cambodia considered the women not to have been victimized but rather offenders who conspired with the organizers to act as surrogates and then sell the babies for money. Her assertion could not be verified, as the women could not be contacted and it is not known if they have lawyers.

The Philippine Embassy in Cambodia, in response to a local press account of the affair, issued a statement on Wednesday confirming most of the details related to what it called the “rescue of 20 Filipino women.”

“The Philippine Embassy ensured that all 20 Filipinos were interviewed in the presence of an Embassy representative and an interpreter in every step of the investigation process,” it said.

This post appeared first on cnn.com

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