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7 @ 7:00 - BullMarketRun.com

April 15, 2019

7 @ 7:00

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1. Gold has traded between $1,284 and $1,290 so far today to begin a holiday-shortened trading week…as of 7:00 am Pacific, bullion is off $an ounce at $1,284…Silver has slipped 9 cents to $14.86…Copper, Nickel and Zinc are all off slightly at $2.93, $5.84 and $1.36, respectively…China imported 391,000 tonnes of unwrought Copper last month, up 25.7% from the previous month and 26.5% higher than a year earlier…Cobalt prices have jumped to a nearly 3-month high of $16.42, another indication that China is turning the corner…Crude Oil has eased off 46 cents to $63.43 while the Dollar Index is flat at 96.92…retail sales on Thursday will be the highlight of the U.S. economic calendar this week…headline sales are expected to rise 1% month-on-month, according to the pundits, or increase 0.7% when excluding autos…other reports include industrial production tomorrow, the Federal Reserve’s Beige Book on Wednesday, jobless claims and the Philadelphia Fed manufacturing index Thursday and housing starts on Friday when markets are closed…Chinese banks extended 1.69 trillion yuan ($251.6 billion U.S.) in net new loans in March, compared with expectations of 1.2 trillion yuan…China reports Q1 GDP on Wednesday…

2. “Global climate change is an urgent threat to humanity” an effective claim if a government is trying to expand its powers (including, of course, taxation) and implement a radical policy agenda (the real threat)…the “urgent” climate claim was repeated again by the Trudeau Liberals in a court filing as the federal and Ontario governments prepare to square off in the province’s top court this week over Ottawa’s controversial climate change law, part of Trudeau’s National Energy Program (2.0) or Green New Deal, in a fight that’s as much political and ideological as it is legal…at issue is the validity of the Liberals’ legislation that kicked in on April Fool’s day, ironically, and imposed a charge on gasoline and other fossil fuels as well as on industrial polluters…the law applies in those provinces that have no carbon-pricing regime of their own that meets national standards…Ontario’s Progressive Conservative government under Premier Doug Ford – supported by like-minded premiers in Manitoba, Saskatchewan and New Brunswick – has denounced the Greenhouse Gas Pollution Pricing Act as an illegal tax grab that will force up the price of gasoline and heating fuel…like Saskatchewan did recently – a decision there is pending – the Ontario government is asking its Court of Appeal to decide whether the federal law is constitutional…meanwhile, Canadians appear to be waking up to 4 years of damage inflicted on the country and its resource sector by the anti-Oil, far left Trudeau Liberals – Trudeau’s unfavorability rating has shot up well past President Trump’s, while the Liberals now trail the Conservatives by 13 points in the latest opinion poll…not surprising considering Trudeau’s daily missteps, including a gift of $12 million to profit-gushing Loblaw (L, TSX) to buy emissions-free freezer cases – all in an effort, of course, to stop this “urgent threat to humanity”

3. American Pacific Mining (USGD, CSE) has entered into an earn-in agreement with mid-tier producer OceanaGold (OGC, TSX) with respect to USGD’s Tuscarora Property in Nevada…OceanaGold can earn up to a 75% interest in the project by spending $10 million (U.S.) in exploration over the next 4 years…Warwick Smith, CEO of American Pacific, commented:  “We are very pleased to partner with OceanaGold at Tuscarora.  The company’s management and Board of Directors extend a warm welcome to the OceanaGold team as both sides work to add value to the project and define further drill targets across the large and historic land package.  This announcement adds excitement to the project and the company as we enter a new exploration season.  OceanaGold is the perfect partner in our eyes, especially with the success they have had at Waihi in New Zealand – a similar high-grade epithermal system.  For a company of our size, this transaction is a big milestone”…Eric Saderholm, President of American Pacific, added, “A joint venture with a mid-tier producer, such as OceanaGold, adds to the merit of this high-grade, epithermal Gold project.  Nevada is the top investor-friendly jurisdiction for mining, and I look forward to working alongside the OceanaGold team as we move this Gold discovery ahead at Tuscarora”…the deal with OceanaGold suggests that American Pacific has another property its eyeing in the western United States that it would work on exclusively…USGD opened higher at 30.5 cents but investors sold into the news with the stock down 2 cents at 26 cents through the first 30 minutes of trading…uptrend support is 2324 cents…

4. The Dow is 44 points lower after the first 30 minutes of tradingGoldman Sachs (GS, NYSE) and Citigroup (C, NYSE) both beat earnings estimates but missed on revenue…Wall Street is bracing for large U.S. companies to report a decline in quarterly profits even after raking in higher revenues, something that has not happened in more than a decade…S&P 500 companies due to report in the coming weeks face tough comparisons with last year, when the U.S. tax code overhaul helped boost profits by more than 20%…the market is forward-looking, however, and sees improving numbers later in the year…in Toronto, the TSX has lost 21 points as of 7:00 am Pacific while the Venture is 4 points lower at 621Yamana Gold (YRI, TSX) has agreed to sell its wholly-owned Chapada mine in Brazil to Lundin Mining (LUG, TSX) for total consideration of over $1 billion…Charles Fipke’s Cantex Mine Development (CD, TSX-V) hit a new high of $4.00 in early trading ($150 million+ market cap) on news that the company is commencing its 2019 exploration program at its 100%-owned North Rackla claim block in the Yukon…3 diamond drills will be utilized on the project this year, tasked with completing a 75-hole, 17,000-m drill program on the massive sulphide zone and a 3-hole, 1,000-m program at the northern Gold area…the massive sulphide zone has so far been traced for almost 2.5 km and hosts high Silver, Lead and Zinc values…the mineralization is hosted in Proterozoic aged rocks and has elevated Manganese values similar to the Sedex style Sullivan and Mt Isa mines…Global Energy (GEMC, TSX-V) has closed an over-subscribed financing, raising gross proceeds of $813,500, to immediately advance 2 Nickel-Cobalt-Copper properties in Nevada where limited historical production featured exceptionally high grades…Adventus Zinc (ADZN, TSX-V) and Salazar Resources (SRL, TSX-V) have provided encouraging preliminary metallurgical results from composites collected from the 2018 infill drilling program at the El Domo VMS deposit in Ecuador…results from ongoing metallurgical testwork will be included in a Preliminary Economic Assessment (PEA), which will also include an updated resource estimate, to be released later this quarter…

5. Cannabis stocks are under pressure this morning after a couple of earnings reportsAphria (APH, TSX) just announced a quarterly net loss of $108.2 million or 43 cents per share, compared to net income of $54.8 million or 22 cents per share in the prior quarter, and net income of $12.9 million or 8 cents per share for the same period last year…the decrease in net income relates to non-cash impairments of $58 million and additional non-operating losses of $30 million…the adjusted net loss was $50.2 million, or 20 cents per share, but the stock is down sharply on the news (off $1.88 per share to $8.86)…net revenue was $73.6 million, up 240% from the the prior quarter…Aphria ended the quarter with $107.5 million in cash and $27.2 million in liquid marketable securities to fund planned Canadian and international growth, but how long will that last?…Organigram Holdings (OGI, TSX-V) is also trading lower after reporting quarterly results this morning – a net loss of $6.4 million or 5 cents per share for the 2nd quarter ended February 28, vs. net income of $1.2 million in the same period last year…Q2 2019 gross revenue of $33.5 million and net revenue of $26.9 million (less excise taxes) increased exponentially from the same prior year period as Q2 2019 included the first full quarter of adult-use recreational sales…the Canadian Marijuana Index has fallen to support at the 600 level…

6. A sign of the times:  Canopy Growth (WEED, TSX) will soon join the S&P/TSX 60, making it the first cannabis company to be added to the index of Canada’s large-cap stocks…Canopy’s stock will replace Goldcorp (G, TSX)and the change will take effect before trading on Thursday…Goldcorp is set to be delisted once its merger with Newmont Mining (NEM, NYSE) is complete, and the combined company will apply for a listing on the TSX…Canopy Growth’s co-CEO Bruce Linton says its addition to the S&P/TSX 60 Index marks “another major accomplishment” for the cannabis company, based in Smiths Falls, Ontario…Canopy Growth first went public on the Venture in 2014, and graduated to the main TSX board in 2016…the company changed its stock symbol on the TSX to WEED in February 2017 and was added to the S&P/TSX composite index later that year…

7. Chemesis International (CSI, CSE) announced this morning that it has entered into a binding agreement to acquire a fully operational cannabis manufacturing facility in Arizona, establishing the company as a multi-state operator…during its operations in calendar Q1 2019, the facility earned revenues of approximately $1 million (U.S.)…the facility is 5,000 sq. feet and is a turnkey solution that comes with a team of operators in place…it currently produces finished goods products, such as hard and soft-capsules, cartridges, lotions, tinctures, and other liquid formulations…additionally, the facility focuses on producing products that are 100% Cannabidiol (CBD)…Chemesis has continued to focus on its ability to enter the CBD market by adding manufacturing capabilities in California and now in Arizona…the CBD market potential across the U.S. continues to grow and Chemesis is positioning itself to quickly gain market share in an industry that is expected to exceed $2.1 billion by 2020…the facility will leverage the 2018 U.S. Farm Bill to further capitalize on the expected increased demand for CBD…“The facility in Arizona gives Chemesis a turnkey solution that brings strong bottom line revenues and a team of operators that will help the company expand its multi-state operations,” said CEO of Chemesis, Edgar Montero…”Chemesis plans to explore expansion opportunities into additional states as the cannabis industry continues to see further validation.  The acquisition brings a team of individuals that brings a wealth of experience that we believe will allow Chemesis to gain market share”

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