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November 22, 2024

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In this exclusive StockCharts video, Joe goes into detail on the S&P 500 ETF (SPY), sharing why using MACD and ADX together can be beneficial — especially in the current environment. He touches on Sentiment, Volatility and Momentum, pointing to reasons why we need to be on alert at this time for signs of a downturn. Joe covers the QQQ and IWM since both are at critical levels right now. Finally, he goes through the symbol requests that came through this week, including AMZN, CVNA, and more.

This video was originally published on November 20, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

The afternoon turnaround seems to be more the norm than the exception. Thursday’s stock market action followed the trend. What makes Thursday’s turnaround more pronounced is a possible resumption of the uptrend in equities. But not all stocks are created equal.

A look at the day’s MarketCarpet of the S&P 500 stocks shows an interesting mix. While there was more green than red, some of the heavier-weighted S&P 500 stocks—Microsoft Corp. (MSFT), Apple, Inc. (AAPL), Alphabet, Inc. (GOOGL), Amazon.com, Inc. (AMZN), Meta Platforms, Inc. (META), and Tesla, Inc. (TSLA)—were trading lower. NVIDIA Corp. (NVDA) managed to eke out a slightly higher close despite its sharp drop after reporting earnings after Wednesday’s close. Earnings and revenues beat expectations, but the market may have had higher expectations. NVDA’s 0.53% gain didn’t move the needle much in Thursday’s positive move.

FIGURE 1.  MARKETCARPET FOR THURSDAY, NOVEMBER 21. A lot of green, but not from the heavily weighted large-cap stocks.Image source: StockCharts.com. For educational purposes.

An initial glance at the MarketCarpet screams the need to view the chart of the S&P 500 Equal Weighted Index ($SPXEW).

Technical Support Holds

Comparing the chart of $SPX with $SPXEW shows that the latter made a bigger move on Thursday. Regardless, both indexes bounced above their 25-day simple moving averages (SMAs).

FIGURE 2. S&P 500 VS. S&P 500 EQUAL-WEIGHTED INDEX. The S&P 500 rebounded and closed higher toward the top end of the day’s range. Most of the heavily weighted stocks in the index closed lower, so it’s no surprise that the S&P 500 Equal-Weighted Index made a more significant move.Chart source: StockChartsACP. For educational purposes.

The positive slope of both indicates the uptrend is still in play. Both are close to their 52-week highs (see lower panel). The $SPXEW is only 0.54% from its high whereas the $SPX is 0.88% away.

It’s a similar scenario with the Nasdaq Composite ($COMPQ) and Nasdaq 100 Equal-Weighted Index ($NDXE), although Thursday’s upside move was much smaller than that of the S&P 500 (see chart below).

FIGURE 3: NASDAQ COMPOSITE VS. NASDAQ 100 EQUAL-WEIGHTED INDEX. Both indexes are above their 25-day SMAs, which have a positive slope. Both are also close to their all-time highs.Chart source: StockChartsACP. For educational purposes.

$COMPQ and $NDXE are trending higher (their 25-day SMAs are trending higher), but the last bar in $NDXE shows more upside movement. Both indexes are approaching their 52-week highs—$COMPQ is 1.72% away, while $NDXE is 0.99% away.

The Nasdaq Composite chart shows some selling pressure, but it’s trading above its July high. If it maintains that position, going forward, it will be bullish for the index.

Even though the Dow Jones Industrial Average ($INDU) may not be as popular as it once was, it, out of the three major equity indexes, rose the most, closing up by 1.06%. It, too, had a turnaround day, bouncing off its 25-day SMA on Tuesday, and is also approaching an all-time high.

The biggest winners were small and mid-caps. The S&P 400 Mid Cap Index ($MID) and S&P 600 Small Cap Index ($SML) are both above their November lows and approaching their all-time highs (see chart below).

FIGURE 4. MID CAPS VS. SMALL CAPS. Both indexes had significant moves on Thursday. The trend continues to be bullish and both are approaching their all-time highs.Chart source: StockChartsACP. For educational purposes.

The Extended Factors Dashboard panel shows the mid-cap revenue and momentum ETFs were Thursday’s top percentage movers.

FIGURE 5. EXTENDED FACTORS DASHBOARD PANEL. Mid-cap revenue and momentum were the largest percentage winners on Thursday.Image source: StockCharts.com. For educational purposes.

The big-picture view of the equity markets: After the post-election pullback, equities seem to be making a comeback. The big question is whether they will have the momentum to break above their all-time highs.

The Bond Market’s Narrative

While equities are rising, you can’t ignore what’s happening in the bond market. Treasury yields are climbing in tandem with equities. This is mainly due to strong economic growth and concerns of possible inflation with the new administration’s implementation of tariffs and tax cuts. We’ve already heard the CEO of Walmart chime in with his concerns about consumers having to pay more due to tariffs.

As yields rise, bond prices fall. The daily chart of the iShares 20+ Year Treasury Bond ETF (TLT) below shows that since September 17, TLT has fallen over 12%. That was around the time the Federal Reserve announced a 50 basis point interest rate cut.

FIGURE 6. DAILY CHART OF TLT. TLT fell over 12% since September 17, which is around the time the Fed cut interest rates by 50 basis points.Image source: StockCharts.com. For educational purposes.

Closing Bell

While the macroeconomic picture is positive, investors are concerned about the possibility of reinflation, especially if tariffs are implemented. We’re still a few months away from January 20, so it wouldn’t be surprising to see more choppiness in the stock and bond market from now until the end of the year.

Geopolitical tensions could also rise. If the trend in equities continues to be bullish, just stay your course and hold on to your positions. But if there’s any change, such as a negative slope in your preferred moving average or a decline in market breadth, it may be time to unload some of your positions and have some cash sitting on the sidelines.


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Today the 20-Year Bond ETF (TLT) 50-day EMA crossed down through the 200-day EMA (Death Cross), generating an LT Trend Model SELL Signal. This was the result of a down trend lasting over two months. We note that the PMO has been running flat below the zero line for a month, which tells us that steady downward pressure has been applied to price.

On the weekly chart we observe a bullish reverse head and shoulders pattern, which executed when price broke above the neckline and rallied for a couple of weeks. Next it performed a technical pullback to the support line. If the support fails, the pattern will abort, and we will assume a bearish outlook in this time frame.

We have been watching this 46-year monthly chart of the 30-Year Bond for a few years now. An extremely long-term (40-year) rising trend line was violated in 2022. At the time we asserted that bonds had turned bearish and that condition would most likely persist for many years. We have not changed our outlook. There may be encouraging rallies from time to time, but we believe they will fail.

Conclusion: The LT Trend Model SELL Signal was triggered by a persistent two-month decline. In the longer-term, bonds appear to be attempting a rally. Our outlook is bearish, but we need to see how far the rally can go. In any case, we believe the ultimate outcome will be bearish.


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Technical Analysis is a windsock, not a crystal ball. –Carl Swenlin


(c) Copyright 2024 DecisionPoint.com


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.

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D

xReality Group Limited (ASX:XRG) (xReality) is pleased to provide the following sales update for Operator XR, a wholly owned subsidiary of xReality Group Ltd. Operator XR provides Military and Law Enforcement agencies around the world with a unique, integrated Mission Planning & Rehearsal System, which is portable, secure, and highly immersive.

In light of the XRG AGM being held today, the board would like to provide the market with the latest sales performance information on Operator XR since the last market update on the 31st October 2024 contained within the Quarterly Activities Report and Appendix 4C.

Highlights

  • Total Contract Value of $7.13m in FY25 YTD vs $4.1M EOFY24
  • Annual Recurring Revenue $3.54m increase of 59% from EOFY24
  • United States Department of Defence Project ($5.6m) on track

Operator XR Annual Recurring Revenue (ARR)

  • Total ARR = $3,538,580
  • ARR increase since 1st October = $496,885 (+16%)

Operator XR Total Contract Value (TCV)

  • Total TCV YTD = $7,130,955
  • Total TCV increase since 1st October = $882,351 (+14%)

XRG CEO Wayne Jones said, “The remarkable penetration of Operator XR across both the Law Enforcement and Military markets, particularly in the United States of America, has continued throughout the early stages of the financial year. The exposure gained through major customers, including the US Department of Defence, is beginning to open new opportunities to other federal agencies and brings further validation to the Operator XR software.”

Click here for the full ASX Release

This post appeared first on investingnews.com

xReality Group Limited (ASX:XRG) (xReality) is pleased to present xReality Group Limited’s 2024 Annual General Meeting.

2024 Financial Performance

In FY24 the company achieved a total income of $10.24m plus deferred revenue of $4.48m which is considerably more than previous years. The company achieved $4.1m in total contract value through Operator XR, however the revenue from these sales will be recognised over a 36-month period as Annual Recurring Revenue. Given the timing of most of the Operator XR sales in FY24, only $691k is included as recognised revenue this financial year. The remainder is reflected on the balance sheet as deferred revenue which has increased by 138% from $1.89m to $4.48m.

Delivering on Strategy and Outperforming Expectations

XRG’s achievements in FY24, particularly in validating and expanding the Operator XR software products, underscore a pivotal year of strategic execution and market penetration. The company not only met but also surpassed its strategic milestones, demonstrating effective growth management and the appeal of its innovative solutions in global markets. This success has set a strong precedent for continued growth and innovation throughout FY25 and beyond.

Enterprise Sector

Throughout FY24, xReality Group Limited made substantial strides in expanding its customer base for the Operator XR platform. The year saw a marked increase in the number of new customers, from 3 at the end of June 2023 to 39 currently, particularly in the U.S. and Australian markets.

FY24 proved Operator XR product market fit and validated Operator XR as the go- forward growth platform for XRG, as proven by:

  • The Speed and quality of top tier customer acquisition, typified by the contract win with $5.6m US Department of Defense. The Board are highly encouraged by this, noting XRG has overcome generally longer defence sales cycle times and a contract win against incumbent US competitors.
  • Material, multi-year contract commitments from top tier customers spanning federal and state levels in the USA and ANZ, including the FBI, LA SWAT and other key US agencies .
  • Rapid expansion in the US has been boosted through customer word-of- mouth, demonstratring a compelling product proposition, whilst maintaining product growth and penetratrion in ANZ market. We now serve 25 State Police and County Sherriffs departments in the US.
  • Operator XR has attracted significant internal XRG investment priority and management focus, and quickly generated cashflows to sustain continued and increasing investment.
  • FY25 strong demand outlook and existing pipeline for the USA and Rest of the World, including additional top tier national prospects.
  • Outlook to profitability for the Operator XR business in FY25 is encouraging, after ongoing product and sales investment, as pipeline opportunities continue to convert.

The significant growth, market penetration, and commercial success of Operator XR warrants increasing focus and priority within XRG, as management and Board seek to capitalise on this major opportunity to create substantial value for shareholders.

Entertainment Sector

The Entertainment Segment of the business comprises Indoor Skydiving and Freak Entertainment. Positive Cashflow from this sector played an important role in the expansion of the rest of the company. Both iFLY and FREAK Entertainment performed steadily in a soft retail market. The iFLY facilities in Western Sydney and Surfers Paradise provided $7.3m cash receipts throughout the year with the four FREAK Entertainment facilities located in NSW and QLD contributing a combined further $1.3m in cash.

Click here for the full ASX Release

This post appeared first on investingnews.com

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold’s association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold’s hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it’s a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.

This article uses the most recent data from the US Geological Survey, which uses metric tons for its figures. As gold is often measured and discussed in ounces, this article will contain a mix of the two measurements. To add some perspective, 1 metric ton of gold is equal to 35,274 ounces — this means at the recent gold price of US$2,600 per ounce, 1 metric ton is over US$92 million worth of gold.

According to the US Geological Survey, identified economic gold reserves currently stand at just 59,000 metric tons globally. Read on to learn the top 10 gold producers by country.

1. Australia

Gold reserves: 12,000 metric tons

Outsized is one way to describe Australia. The sixth largest country by land area, it has the most gold reserves of any nation, coming in at 12,000 metric tons. Australia has been going through somewhat of a modern boom and has been consistent in producing more than 300 metric tons of gold every year since 2017. Over 60 percent of its gold deposits are in Western Australia.

In 2023, Australia’s Newcrest Mining merged with rival Newmont (TSX:NGT,NYSE:NEM) to form the largest gold mining company in the world. Under its banner it controls the two largest gold mining operations in Australia, Boddington and Cadia.

2. Russia

Gold reserves: 11,100 metric tons

Russia has the largest land area of any country, and unsurprisingly is among the top countries for gold reserves. It boasts an impressive 11,100 MT, up from the 6,800 metric tons it had at the end of 2022. Russia’s output was steady in 2023 with 310 MT extracted.

Polyus operates four of the country’s five largest mines, including the Olimpiada open-pit mine in Russia’s Krasnoyarsk region.

Despite steady production, Russian gold is having difficulties reaching most markets following the country’s invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sacntions, according to Reuters, and Russian gold has also made its way into the country’s stockpiles.

3. South Africa

Gold reserves: 5,000 metric tons

South Africa remains a powerhouse in terms of global gold reserves, and the country’s Witwatersrand Basin is among the top gold jurisdictions in the world. However, while South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country’s output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa extracted just 100 metric tons in 2023.

One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, as of 2019, eight of South Africa’s gold mines were among the 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 3.9 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.

Other factors negatively affecting the mining sector are constant power outages in recent years and limited investment in exploration outside the Witwatersrand Basin.

4. United States

Gold reserves: 3,000 metric tons

Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 170 metric tons in 2023.

One of the largest operations in the country is Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont. NGM includes three of the largest gold mines in the world: Goldstrike, Carlin and Cortez.

5. China

Gold reserves: 3,000 metric tons

China’s importance as a gold miner has been growing over recent year and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number five with 3,000 metric tons in 2023. Additionally, China’s output has been the strongest of the top ten producing 370 metric tons of gold last year.

While some deposits have been found in the western part of the country, the largest operations are in Shandong, which is home to the largest find in the country: the Xiling mine. Xiling, which is owned by Shandong Gold Group (SHA:600547), contains more than 580 metric tons of gold in reserves. The mine is expected to process 10,000 metric tons of ore per day for the next 30 years.

In addition to its mining output, China has also been driving the price of gold over the past couple years with significant purchases by the People’s Bank of China which now holds an estimated 2,264 metric tons of gold.

6. Indonesia

Gold reserves: 2,600 metric tons

Home to remote mining sites and enormous reserves, Indonesia is a destination for gold companies looking to stake a claim.

The country is home to the Grasberg complex, one of the world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.

Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.

7. Brazil

Gold reserves: 2,400 metric tons

Home to the first modern gold rush over 300 years ago, Brazil has an undeniable history with the precious metal. The country currently has 2,400 metric tons of reserves, although it extracted only 60 metric tons in 2023.

Companies like G Mining Ventures (TSXV:GMIN,OTCQX:GMINF) with its Tocantinzinho asset may boost Brazil’s gold position in the years to come.

Much like Peru below, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.

8. Peru

Gold reserves: 2,300 metric tons

Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Between 2012 and 2022, Peru increased its gold reserves from 2,000 metric tons to 2,900 metric tons, but saw a fall off in 2023 with just 2,300 metric tons.

During this time, production fell from 160 metric tons to 90 metric tons. This fall was due to a combination of factors, including increased regulation to combat illegal operations, instability in the country and COVID-19 restrictions.

Large players make up the bulk of Peru’s gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.

To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.

9. Canada

Gold reserves: 2,300 metric tons

Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country’s gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.

Canada’s gold reserves have remained constant since 2012 and currently sit at 2,300 metric tons. However, the country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2023.

Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.

10. Uzbekistan

Gold reserves: 1,800 metric tons

Even though the first gold mine in Uzbekistan began operating in the 1960s, it’s only recently that the country has begun to develop its resources. After gaining independence from the Soviet Union in 1991, the mining industry in Uzbekistan was in disarray, and most mining projects had stalled. Production hit a low of 65 metric tons per year in the mid-1990s, but since 2020 output has nearly doubled to 100 metric tons per year.

Most of Uzbekistan’s gold is mined at the massive state-owned Muruntau gold mine in the Qizilqum Desert. This open-pit mine is calculated to hold more than 4,000 MT in total reserves.

Economically, gold is one of Uzbekistan’s most important exports, generating US$3.42 billion during the first quarter of 2024.

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

This post appeared first on investingnews.com

Overview

Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt project. Jindalee recognises the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.

As the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. With its favorable mining policies and infrastructure, the US actively supports the advancement of new projects to strengthen its domestic supply chain.

Jindalee’s McDermitt asset, located in southeast Oregon, contains a unique type of lithium mineralisation. Most lithium projects in North America are lithium brine or pegmatite deposits; however, the McDermitt project is an unconventional sediment-hosted lithium asset.

Sediment-hosted lithium deposits such as McDermitt are long-life assets with low strip ratios and low mining costs. Jindalee can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.

There is currently no commercially operating sediment-hosted lithium project in North America. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.

The 2023 mineral resources estimate (MRE) for McDermitt contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 million tons (Mt) lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the US by contained lithium in mineral resource, and a globally significant resource, with the deposit remaining open to the west and south.

In June 2023, Jindalee commenced a pre-feasibility study (PFS) on the McDermitt Lithium Project appointing Fluor Corporation as lead engineer. The company expects completion of the PFS by mid-2024. Jindalee also announced initial metallurgical results from acid leaching of the beneficiated samples of McDermitt ore. Lithium extraction from composite samples averaged 93 percent (250 micron (µm)) and 94 percent (75 µm) while lithium extraction from all units exceeded 98 percent with higher acid additions.

In a move that signifies the US government’s support of the McDermitt lithium project, the US Department of Energy’s Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee’s subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt project. The Ames National Laboratory spearhead the DOE’s Critical Materials Innovation Hub

An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalise on the potential of its assets.

Company Highlights

  • Jindalee Lithium is a pure-play lithium exploration and development company focusing on its flagship McDermitt lithium project, currently the largest lithium deposit in North America.
  • The United States has ambitious electrification goals but lacks the critical minerals to reach them. Jindalee aims to strengthen the North American supply chain to enable the country to reach net-zero emissions targets.
  • Globally, most of the lithium is currently sourced from either pegmatite or lithium brine deposits. The company’s McDermitt deposit, however, is sediment-hosted, an emerging style of lithium deposit with the potential to be a long-life, low-cost source of lithium.
  • There are presently no sediment-hosted lithium assets in North America that have reached production. Jindalee is ideally positioned to help fill this void in the market.
  • Other companies in North America are moving towards production, and their progress indicates Jindalee’s future trajectory.
  • An experienced management team leads Jindalee towards capitalising on the potential of its assets.

Key Project

McDermitt Lithium Project

The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera. Following positive results from its 2022 drill campaign, the resource at McDermitt has increased to 21.5 Mt LCE, making McDermitt the largest lithium deposit in North America.

Project Highlights:

  • Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
  • Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium. The updated resource released by the company contains a combined indicated and inferred total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
  • Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
  • Highly encouraging metallurgical testwork: Results from beneficiation and acid leaching tests have exceeded expectations. Beneficiation testwork completed in late 2023 (on sample representing a nominal life-of-mine average feed) recovered 92 percent of the lithium to leach feed and rejected 25.3 percent of the mass at a cut size of 250 µm. Additionally the acid leach test work announced in early 2024 demonstrated very high lithium extraction rates on beneficiated ore. Specifically, the calculated lithium extraction for a composite sample using 250 µm leach feed was 92.9 percent which compares favourably with the extraction rate (94 percent) achieved through testwork from the finer (75 µm) leach feed using 500 kg/t acid. Further testwork is now underway.
  • PFS in progress: Jindalee has appointed Fluor Corporation to commence the PFS for McDermitt, set to be completed by mid-2024.

Management Team

Ian Rodger – Chief Executive Officer

Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.

Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.

Lindsay Dudfield – Executive Director

Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).

Wayne Zekulich – Non-executive Chair

Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro Limited (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.

Darren Wates – Non-executive Director

Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds Bachelor’s degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.

Paul Brown – Non-executive Director

Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Hastings Technology Metals (ASX:HAS). He holds a Master in Mine Engineering.

Brett Marsh – VP Geology and Development (US)

Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.

Carly Terzanidis – Company Secretary

Carly Terzanidis has 20 years of prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Terzanidis’ recent experience has been in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources (ASX:ALY), Kalamazoo Resources (ASX:KZR) and Viridis Mining and Minerals (ASX:VMM). Terzanidis holds a Bachelor of Commerce with majors in Accounting and Corporate Administration and a Graduate Diploma in Applied Corporate Governance.

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Brazilian authorities have indicted ex-president Jair Bolsonaro, accusing him of “full knowledge” of a 2022 plot to kill his successor, Luiz Inácio Lula da Silva, and overturn the results of the presidential election.

Earlier this week, Brazilian police arrested five people, including a former adviser to Bolsonaro, over the alleged plots. The coup plotters also envisaged the assassination of Lula’s Vice President Geraldo Alckmin and Supreme Court Justice Alexandre de Moraes, the Supreme Court said in its arrest order.

In October 2022, Lula narrowly beat Bolsonaro in the presidential election. Bolsonaro’s supporters rejected the results and rioted in the capital Brasilia, storming government buildings on January 8, 2023.

According to the police warrant carried out on Tuesday, Bolsonaro allegedly met with officials from the army and navy as well as the minister of defense in December 2022 to present a document detailing the legal framework that would keep him in power.

The former president has repeatedly denied allegations of attempting a coup. His son, Flavio Bolsonaro, who is a senator in the Brazilian Congress, suggested in a post on X that the five suspects arrested this week had not committed a crime.

“As disgusting as it may be to think about killing someone, it is not a crime. And for there to be an attempt, the execution must be interrupted by some situation beyond the control of the perpetrators. Which does not appear to have happened,” he wrote.

This is a developing story and will be updated.

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Russia launched a new non-nuclear ballistic missile with medium range on Ukraine’s Dnipro region on Thursday, Russia’s President Vladimir Putin said in a televised statement, marking another significant escalation in the 1,000-day-old war.

According to US and Western officials, the ballistic missile carried multiple warheads, which may be the first time such a weapon has been used in war.

At least three people were injured in the attack, the head of the Dnipro’s military administration had said earlier. A number of buildings were also damaged.

Here’s what we know.

What is Russia saying?

Russian President Vladimir Putin said a Russian strike in Ukraine was carried out by a new non-nuclear ballistic missile, which has a medium range.

“In response to the use of American and British long-range weapons, on November 21 of this year the Russian armed forces launched a combined strike on one of the facilities of the Ukrainian defense industry,” Putin said in a televised statement on Thursday.

“In combat conditions, one of the newest Russian medium-range missile systems was also tested,” Putin said, apparently referring to the strike on Dnipro. “In this case, with a ballistic missile in non-nuclear hypersonic equipment. Our missilemen called it ‘Oreshnik.’ The tests were successful. The launch goal was achieved.”

A medium-range missile can travel between 1,000 kilometers and 3,000 kilometers (620 miles to 1,860 miles), according to the Center for Arms Control and Anti-Proliferation.

Putin also said that Moscow considers itself entitled to use weapons against military targets belonging to countries that allow their weapons to be used against Russia. He said that Ukrainian Armed Forces attacked targets in Russia’s Bryansk region with six US-made ATACMS missiles on Tuesday and later fired British/French Storm Shadow systems on the Kursk region.

“From that moment, as we have repeatedly emphasized earlier, the regionally provoked conflict in Ukraine took on elements of a global nature,” Putin said, adding that “using such weapons without the direct involvement of military specialists from the countries that produce these weapons is impossible.”

“We consider ourselves entitled to use our weapons against the military objects of those countries that allow their weapons to be used against our objects, and in the event of an escalation of aggressive actions, we will respond just as decisively and in kind,” he added.

What is Ukraine saying?

Ukrainian President Volodymyr Zelensky said Russia’s use of the new missile is “a clear and severe escalation in the scale and brutality of this war.”

In a post on X on Thursday, Zelensky accused Russia of “a cynical violation of the UN Charter” and taking a “second step toward escalation” of the conflict, adding that the first escalatory step was involving North Korean troops in the war.

The Ukrainian leader also emphasized Kyiv’s right to strike Russia with long-range weapons “under international law,” adding that Putin is “testing” Kyiv’s partners with his actions and called on world leaders to put pressure on Moscow.

“A lack of tough reactions to Russia’s actions sends a message that such behavior is acceptable,” he said. “Russia must be forced into real peace, which can only be achieved through strength.”

Ukraine’s foreign ministry echoed Zelensky’s comments, emphasizing Kyiv’s right to strike Russia with long-range weapons.

“Ukraine has used long-range capabilities against targets in its occupied territories many times, but Putin started to fuss only when targets in Russia were hit. So Putin knows the difference between the actual Russian territory and the territory he tries to steal from Ukraine,” Ukraine’s foreign ministry spokesperson Heorhii Tykhyi said in a Thursday post on ‘X.’

Ukraine’s air force earlier accused Russia of launching an intercontinental ballistic missile at Dnipro at around 5 a.m. local time, from the Astrakhan region of southern Russia, without offering further detail. However, two Western officials disputed Ukraine’s assessment, saying that although the missile launched by Russia was likely a ballistic missile, it was not an intercontinental one.

Ukraine’s military also said that an X-47M2 Kinzhal ballistic missile was launched alongside seven cruise missiles in the attack, adding that all but one of the cruise missiles were shot down. “The other missiles didn’t cause significant consequences,” the military said.

Ukrainian President Volodymyr Zelensky framed the strike was evidence that Putin is “so afraid, he is already using new missiles.”

“Today, our crazy neighbor has once again shown who he really is and how he despises dignity, freedom, and human life in general,” Zelensky said in a video posted to Telegram before Putin’s televised address.

What is an MIRV?

The missile fired at Dnipro carried multiple warheads, according to two US officials and one Western official, in what may be the first time such a weapon has been used in war.

The weapon, known as a Multiple Independently-targetable Reentry Vehicle (MIRV), carries a series of warheads that can each target a specific location, allowing one ballistic missile to launch a larger attack.

MIRVs were developed during the Cold War to permit the delivery of multiple nuclear warheads with a single launch. The Minuteman III, which is the US intercontinental ballistic missile, is armed with MIRVs. The Russian missile attack on Dnipro was not armed with nuclear warheads, but it used a weapon designed for nuclear delivery to instead launch conventional weapons.

Deputy Pentagon press secretary Sabrina Singh said this was the first use of the experimental intermediate-range ballistic missile “based on” Russia’s RS-26 Rubezh missile model, though Singh declined to identify the specific type of missile or its capabilities.

Tom Karako, the director of the Missile Defense Project at the Center for Strategic and International Studies (CSIS), says it’s likely the first time a MIRV has been used in combat.

The use of this type of missile armed with conventional warheads is an escalation of Russia’s nuclear saber-rattling, Karako said, which includes the recent update of its nuclear doctrine.

“This is a big rocket with payload capability – presumably MIRVs – and has the baggage associated with it of nuclear delivery vehicles,” he said.

Hans Kristensen, the director of the Nuclear Information Project at the Federation of American Scientists, said the launch was significant. “To my knowledge, yes, it’s the first time MIRV has been used in combat,” Kristensen said.

The United Nations Secretary General’s spokesperson warned on Thursday that Russia’s use of a new, medium-range ballistic missile is “yet another concerning and worrying development.”

“All of this [is] going in the wrong direction. What we want to see is for all parties to take urgent steps to de-escalate the situation,” Stephane Dujarric said in a regular briefing on Thursday, adding that “what we want to see is an end to this conflict in line with General Assembly resolutions, international law, and territorial integrity.”

Why is this significant?

Putin’s announcement comes during a tense week in the conflict, which is now more than 1,000 days old.

This week, both US and British/French-made missiles have been fired into Russia by Ukraine, after US President Joe Biden gave Ukraine permission to use longer-range American missiles across the border.

On Tuesday, Russia’s Defense Ministry and two US officials said Ukraine had fired the US-made ATACMS into Russia for the first time.

Russia’s Defense Ministry also said its air defenses shot down two British/French-made Storm Shadow missiles, acknowledging Ukraine’s use of the longer-range weapons.

In turn, Putin updated Russia’s nuclear doctrine, with the Kremlin saying the revised military doctrine would in theory lower the bar for first use of nuclear weapons.

How does Ukraine defend itself?

Ukraine uses a Patriot missile defense system supplied by the US and Germany to intercept incoming ballistic missile warheads, according to the Missile Threat Project at the Center for Strategic and International Studies.

The Patriot system is designed to engage incoming warheads, either with an exploding warhead of its own, or with kinetic interceptors – so-called “hit-to-kill” technology, which destroys the incoming warhead by striking it directly.

Patriot interceptors have a vertical range of about 20 kilometers (12 miles) and defend an area of about 15 to 20 kilometers around the battery, according to the Congressional Research Service.

But Ukraine has only a limited number of Patriots and batteries. Some cities, like the capital Kyiv, enjoy greater protection than others.

Why was Dnipro targeted?

The Dnipropetrovsk region has been a frequent target of Russian bombardment in recent months.

It borders the partially occupied Donetsk and Zaporizhzhia regions and has become a hub for people who have fled areas that are now under Russian control.

The region is now home to more than 400,000 internally displaced people. Dnipro, the fourth-largest city in Ukraine, is an important center of life in the eastern part of the country.

It is relatively close to the front lines, yet still fairly well protected by air defenses. That, plus its transportation infrastructure links to the rest of the country, makes the city a key hub in Ukraine’s war effort.

How much damage did the attack cause?

The head of Ukraine’s Dnipropetrovsk military administration said Russia was “massively attacking” the region on Thursday morning.

Three people were injured after houses were damaged, and a rehabilitation center for people with disabilities was also impacted in the attack, Serhiy Lysak said on Telegram.

There were two fires in Dnipro and “damage to an industrial enterprise,” he added.

This story has been updated with additional developments.

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Gunmen opened fire on vehicles carrying Shiite Muslims in Pakistan’s restive northwest on Thursday, killing at least 42 people, including six women, and wounding 20 others in one of the region’s deadliest such attacks in recent years, police said.

The attack happened in Kurram, a district in Khyber Pakhtunkhwa province where sectarian clashes between majority Sunni Muslims and minority Shiites have killed dozens of people in recent months.

No one immediately claimed responsibility for the latest attack. It came a week after authorities reopened a key highway in the region that had been closed for weeks following deadly clashes.

Local police official Azmat Ali said several vehicles were traveling in a convoy from the city of Parachinar to Peshawar, the capital of Khyber Pakhtunkhwa, when gunmen opened fire. He said at least 10 passengers were in critical condition at a hospital.

Aftab Alam, a provincial minister, said 42 people were killed in the attack, and that officers were investigating to determine who was behind it.

Interior Minister Mohsin Naqvi called the shootings a “terrorist attack.” Prime Minister Shehbaz Sharif and President Asif Ali Zardari condemned the attack, and Sharif said those behind the killing of innocent civilians will not go unpunished.

Kurram resident Mir Hussain, 35, said he saw four gunmen emerge from a vehicle and open fire on buses and cars.

“I think other people were also firing at the convoy of vehicles from nearby open farm field,” he said. “The firing continued for about 40 minutes.” He said he hid until the attackers fled.

“I heard cries of women, and people were shouting for the help,” he said.

Ibne Ali Bangash, a relative of one of the victims, described the convoy attack as the saddest day in Kurram’s history.

“More than 40 people from our community have been martyred,” he said. “It’s a shameful matter for the government.”

Baqir Haideri, a local Shiite leader, denounced the assault and said the death toll was likely to rise. He accused local authorities of not providing adequate security for the convoy of more than 100 vehicles despite fears of possible attacks by militants who had recently threatened to target Shiites in Kurram.

Shop owners in Parachinar announced a strike on Friday to protest the attack.

Shiite Muslims make up about 15% of the 240 million population of Sunni-majority Pakistan, which has a history of sectarian animosity between the communities.

Although the two groups generally live together peacefully, tensions have existed for decades in some areas, especially in parts of Kurram, where Shiites are the majority.

Dozens of people from both sides have been killed since July when a land dispute erupted in Kurram that later turned into general sectarian violence.

Pakistan is tackling violence in the northwest and southwest, where militants and separatists often target police, troops and civilians. Violence in the northwest has been blamed on the Pakistani Taliban, a militant group that is separate from Afghanistan’s Taliban but linked to them. Violence in southwestern Balochistan province has been blamed on members of the outlawed Baloch Liberation Army.

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