Source: Streetwise Reports 11/07/2024

Tectonic Metals Inc. (TSXV: TECT; OTCQB: TETOF; FSE: T15B) announced the successful closing of its private placement, which was significantly oversubscribed, raising CA$5,349,171. This amount surpassed the company's initial target. Initially announced on October 4, 2024, this extension raised an additional CA$1,691,712 through the issuance of 28,195,200 units priced at CA$0.06 per unit. This total combined the funds from the second tranche with those from the initial tranche and previous offering rounds.

Each unit in the placement includes one common share and one-half of a common share purchase warrant, with each full warrant exercisable at CA$0.10 until two years from the offering's close. LIFE units from the offering are freely tradeable, while non-LIFE units are subject to a four-month hold period. In this latest tranche, CA$591,708 was generated through LIFE units, with 9,861,800 common shares and 4,930,900 warrants issued, while HOLD units contributed CA$1,100,004, resulting in the issuance of 18,333,400 common shares and 9,166,700 warrants.

Finder's fees in cash totaling CA$98,143 were paid to Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp., Roche Securities Ltd., Gerhard Merkel, and Black Oak Ventures Ltd. Additionally, Tectonic issued 1,635,714 non-transferable common share purchase warrants to these finders, each exercisable at CA$0.10 until November 1, 2026. The cumulative finder's fees for both the extended and initial offerings amount to CA$226,029, with 3,767,153 finder's warrants issued. This private placement was approved by the TSX Venture Exchange (TSXV).

Why Gold?

On October 29, Kitco Media's Gary Wagner reported on gold nearing US$2,800, attributing this surge to a mix of "geopolitical conflicts, Federal Reserve interest rate normalization, and strong demand from global central banks." This combination, which Wagner referred to as a "perfect storm," has pushed gold prices up by approximately 35% this year. Emerging market central banks have notably increased their gold reserves as part of a strategic shift away from the U.S. dollar, adding further support to the metal's robust price performance.

Further insights from LiveMint on October 30 revealed a strong performance in the gold sector, with MCX gold rates surging in India. This was partly fueled by cultural factors and a rise in retail demand. Chintan Mehta, CEO of Abans Holdings, emphasized gold's safe-haven appeal, stating, "Gold stands out in times of uncertainty . . . a complete safe-haven unlike silver." Despite potential near-term dips, Mehta suggested that such declines would present valuable buying opportunities amid continued demand for gold.

In a November 4 report, Egon von Greyerz, founder of VON GREYERZ AG, highlighted the consistent historical role of gold as a protective asset. He took particular note of gold's rise in times of financial instability. He observed, "Gold doesn't lie…an ounce of gold in 1923 was worth 87 trillion Marks," underscoring gold's resilience during currency devaluations. He further anticipated that gold's journey was "only starting now," driven by the ongoing devaluation of fiat currencies.

Tectonic's Catalysts

The capital raised through Tectonic's private placement aims to support exploration and development at the company's Flat Gold Project in Alaska, a promising district-scale opportunity for open-pit heap leach gold mining. As outlined in the company's October 2024 investor update, Tectonic has prioritized "economic mine" criteria, highlighting heap leach processing potential, high gold recovery rates, and infrastructure access through on-site airstrips and nearby river barge routes, which reduce logistical costs.

The company's exploration strategy benefits from strong partnerships and technical expertise, particularly its milestone partnership with Doyon Limited, Alaska's largest private landholder, and Crescat Capital, which together hold significant ownership in Tectonic. Additionally, Tectonic's technical team has established a 100% drill success rate at the Chicken Mountain target, identifying zones of gold mineralization and potential higher-grade starter pits. According to Tectonic's October 2024 presentation, the company's "disciplined, upfront de-risking strategy" aims to secure long-term value and sustainable operational progress at the Flat Gold Project.

Analysts Talk Tectonic

*Technical analyst Clive Maund strongly endorsed Tectonic Metals Inc., rating it an "Immediate Strong Buy" on October 4. Maund emphasized the potential for "spectacular gains" as Tectonic's stock showed clear signs of a bullish reversal. He noted a "giant Double Bottom base pattern," indicating a rally from lows, supported by an "exceptionally positive volume pattern" and a strengthening Accumulation line, both bullish signals. [OWNERSHIP_CHART-10225]

Maund also highlighted Tectonic's Flat Project, noting its substantial scale and favorable mining conditions, especially within the Chicken Mountain Intrusion, where all 74 drill holes intersected gold mineralization, hinting at a "big resource." Additionally, Maund remarked on Tectonic's strategic partnerships. These include Doyon Ltd., which holds nearly 10% of the company's stock, underscoring strong local support and shareholder stability. These factors contributed to his confidence in the stock's growth potential, concluding that the current price represented a strong entry point.

Ownership and Share Structure

Institutions hold around 32.3%. Doyon Ltd has 9.9% and Crescat Capital has 22.3%. 15% of Tectonic is held by insiders and other institutions.The rest is retail.

Tectonic has a market cap of US$16.92 Million with 342.61 Million Free Float Shares. Their 52-week range is US$0.045 - 0.17

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Important Disclosures:

1. Tectonic Metals Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Tectonic Metals Inc.
3. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

* Disclosure for the quote from the Clive Maund article published on October 4, 2024

1. For the quoted article (published on October 4, 2024), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$2,500.
2. Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing the article quoted. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in the article accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed

Clivemaund.com Disclosures

The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.

( Companies Mentioned: TSXV: TECT;OTCQB: TETOF;FSE: T15B, )

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“Investors, both individual and professional, want more than just the data that independent services can provide. They want the company’s own story and investment vision. What they don’t want is to wade through complex or irrelevant information.” Investor Relations on Corporate Websites, Nielsen Norman Group

Understand investor jobs-to-be-done

Primary users of investor relations areas on a website include, obviously, investors themselves but also analysts and financial journalists. There is an important secondary audience of potential customers and employees too. But the core audience is generally looking for:

• Company background and overview
• Press releases
• Stock exchange filings
• One-page financial overview
• Annual reports
• Quarterly reports
• Historical financial information
• Executive biographies
• Share price information
• Press and IR contact details
• Corporate governance information

Of course, each company will go beyond statutory reporting to add content and user journeys specific to their needs. For example, if they are dealing with specific events in their company history, such as acquisitions, crises or if they are approaching an IPO.

Interestingly, according to NN/Group, some of the fancier functionality that you often see on an IR site, such as webcasts, slides and investment calculators, were less important to real users. “People research company financials are more interested in getting facts quickly than in the technology used to deliver them.”

Best practice examples

GE Aerospace does well with very clear navigation on a fast-loading site that is designed to get people to the information they are looking for quickly.

Microsoft’s IR site clearly surfaces stock price information with a tidy design and recent company news, but we are not fans of carousels as a user interface solution.

In contrast, Alphabet (Google’s parent company) has the leanest, text-only IR page, which, like GE’s, aims to get visitors to key information as quickly as possible. Notably, they offer HTML and PDF versions of key reports, and we think this is good practice. PDFs are not great for usability but have an important role in communicating statutory information in a compliant way, so it’s important to find a user-friendly, SEO-friendly parallel structure to sit alongside them.

Michelmersh combines Microsoft’s visual approach with direct access to the most important information.

Core and optional functionality

We use a tool called Octopus to collaborate with clients to design a website’s information architecture and the high-level structure of individual pages.

For investor relations areas, the following site map templates from NN/Group are good starting points for high, medium and low-priority content. But each client is different and so understanding client needs and their users’ needs is always a project in itself.

Don’t forget basic website usability

For more information about how Articulate tackles the website design and development process, including information architecture and user journeys, see How we build websites at Articulate. For the end results, take a look at our Portfolio.

We think all sites - and all visitors - deserve a well-designed, easy-to-use website that helps them find the information they want. In particular, this means that IR areas need to be:

• Mobile-friendly. The widespread use of PDFs makes many IR sites difficult to use on mobile devices, representing an opportunity for forward-thinking companies to improve the user experience by offering HMTL options.
• Searchability. IR information should be searchable alongside other site content, either with a domain-specific search box (i.e. just the IR section) or as part of an integrated site-wide search.
• Accessibility is a basic requirement for a modern website, yet 97 percent of websites have fundamental accessibility issues. Designing for accessibility is good for every visitor. For example, our blog’s speed reading mode and audio player help people engage with our content whether they have specific needs or not. See our article about why accessibility is crucial for website design.
• Loading speed. Google and GE prioritise loading speed and ‘time to find’ for visitors over fancy imagery and functionality. This is in line with NN/Group’s user study findings. Some clients prefer more fizz and ginger on their IR sites as part of their investor brand, but this should never come at the expense of loading speed. For more on improving Core Web Vitals (as Google calls them) see: Don't lose traffic because of Google’s Core Web Vitals.
• SEO. Investors, journalists and advisors, like most of us, use Google to find information. IR areas should get the same SEO attention as the rest of the site. For more on our approach to SEO see: The ultimate SEO guide for B2B technology companies.
• PDFs vs. web pages. IR pages are loaded with PDFs for annual reports, statutory filings, and other important documents. It may be the case that these files have to be in PDF format—we’re not lawyers, so we can’t say for certain—but we think it would be valuable, as with Google, not to also make them available as web pages, even if it is a high-level summary page with a link to the downloadable PDF. There are strong usability reasons to avoid PDF files if at all possible.
• Carousels. We strongly recommend against Carousels. Buy us a pint, and we’ll bore for England about why.
• Use of videos, webcasts and podcasts. IR pages often feature investor briefings and other content in video format. This should never be a substitute for clear, scannable, searchable text. Where possible, provide transcripts or summaries. Where possible, provide short (<4 minutes) highlight reels as well as longer content. Videos should have captions and chapter headings so that people can find what they need quickly. Never autoplay videos.

Examples of investor-specific functionality

Company overview

“Offer a brief company overview that highlights a few significant facts, along with a link to more detailed corporate information.” For example, Causeway’s website has this succinct summary right on its homepage as well as more detailed information in a ‘Why us’ section.

Biographies

“Provide information about the company’s high-level managers, including each person’s name and job title, a recent picture, and a link to a full biography,” advises The Nielsen Norman Group. For example, HealthHero has a really easy-to-use, highly visual, and on-brand biographies section on its About Us page.

Press information

Journalists don’t just need press information, they need relevant, high-resolution images, logos, PR contacts and company information.

Press releases

Your news page should look like high-end news site or blog with all the support infrastructure such as the ability to sign up for alerts, search for specific information, filter and sort the information, as on this example from TCN.

ESG reports. Your investor brand goes beyond statutory reporting. Increasingly, environmental, social and governance information influences investment decisions and build investor confidence. HPE does a great job of communicating its progress in this area, and, ahem, we think our own Impact Report is pretty good, too. (Related to this, see our guide to establishing a strong ESG tone of voice.)

Security, availability, access controls and approvals

• Security and access control. IR areas often include market-sensitive information such as earnings announcements or new product introductions. For this reason (and others), it is important that any content management system (CMS) used for IR pages should have robust security and access controls, meaning that only authorised users can add or modify IR pages. We recommend HubSpot Content Hub which has granular user permissions, access control to specific assets (e.g. individual web pages) and (with an Enterprise tier) SSO integration and role-based permissions.
• Content approvals. HubSpot also has the option to require approvals before website changes are published. This may be valuable to ensure that legally responsible people, e.g. directors, have a final review and approval of statutory updates to the site, even if they delegate the content creation to others.
• Scheduling for publication. With time-sensitive and embargoed information, it is important to be able to set a specific publication time and date for content so that you can prepare the pages in advance but make sure they are published at the right time. With HubSpot, this is possible for pages and blog/new posts.

How Articulate can help

We design and code signature websites using our proprietary Nucleus technology, which are hosted on HubSpot Content Hub (CMS). See our website services page for more information.

Brochure websites are old-school. Instead, our team will build you a marketing engine that drives traffic, leads and customers, all while telling your brand story.

If you’d like an SEO, usability, or content review of your investor relations website or if you’d like us to help build a new one, please get in touch.

Aim/Purpose: This study investigates the relationship between Electronic Word-of-Mouth (EWOM), Information Adoption, and the stock investment of Vietnamese investors. Background: Misinformation spreads online, and a lack of strong information analysis skills can lead Vietnamese investors to make poor stock choices. By understanding how online conversations and information processing influence investment decisions, this research can help investors avoid these pitfalls. Methodology: This study applies Structural Equation Modelling (SEM) to investigate how non-professional investors react to online information and which information factors influence their investment decisions. The final sample includes 512 investors from 18 to 65 years old from various professional backgrounds (including finance, technology, education, etc.). We conducted a combined online and offline survey using a convenience sampling method from August to November 2023. Contribution: This study contributes to the growing literature on Electronic Word-of-Mouth (EWOM) and its impact on investment decisions. While prior research has explored EWOM in various contexts, we focus on Vietnamese investors, which can offer valuable insights into its role within a developing nation’s stock market. Investors, particularly those who are new or less experienced, are often susceptible to the influence of EWOM. By examining EWOM’s influence in Vietnam, this study sheds light on a crucial factor impacting investment behavior in this emerging market. Findings: The results show that EWOM has a moderate impact on the Information Adoption and investment decisions of Vietnamese stock investors. Information Quality (QL) is the factor that has the strongest impact on Information Adoption (IA), followed by Information Credibility (IC) and Attitude Towards Information (AT). Needs for Information (NI) only have a small impact on Information Adoption (IA). Finally, Information Adoption (IA) has a limited influence on investor decisions in stock investment. We also find that investors need to verify information through official sites before making investment decisions based on posts in social media groups. Recommendations for Practitioners: The findings suggest that state management and media agencies need to coordinate to improve the quality of EWOM information to protect investors and promote the healthy development of the stock market. Social media platform managers need to moderate content, remove false information, prioritize displaying authentic information, cooperate with experts, provide complete information, and personalize the experience to enhance investor trust and positive attitude. Securities companies need to provide complete, accurate, and updated information about the market and investment products. They can enhance investor trust and positive attitude by developing news channels, interacting with investors, and providing auxiliary services. Listed companies need to take the initiative to improve the quality of information disclosure and ensure clarity, comprehensibility, and regular updates. Use diverse communication channels and improve corporate governance capacity to increase investor trust and positive attitude. Investors need to seek information from reliable sources, compare information from multiple sources, and carefully check the source and author of the information. They should improve their investment knowledge and skills, consult experts, define investment goals, and build a suitable investment portfolio. Recommendation for Researchers: This study synthesized previous research on EWOM, but there is still a gap in the field of securities because each nation has its laws, regulations, and policies. The relationships between the factors in the model are not yet clear, and there is a need to develop a model with more interactive factors. The research results need to be further verified, and more research can be conducted on the influence of investor psychology, investment experience, etc. Impact on Society: This study finds that online word-of-mouth (EWOM) can influence Vietnamese investors’ stock decisions, but information quality is more important. Policymakers should regulate EWOM accuracy, fund managers should use social media to reach investors, and investors should diversify their information sources. Future Research: This study focuses solely on the stock market, while individual investors in Vietnam may engage in various other investment forms such as gold, real estate, or cryptocurrencies. Therefore, future research could expand the scope to include other investment types to gain a more comprehensive understanding of how individual investors in Vietnam utilize electronic word-of-mouth (EWOM) and adopt information in their investment decision-making process. Furthermore, while these findings may apply to other emerging markets with similar levels of financial literacy as Vietnam, they may not fully extend to countries with higher financial literacy rates. Hence, further studies could be conducted in developed countries to examine the generalizability of these findings. Finally, future research could see how EWOM’s impact changes over a longer period. Additionally, a more nuanced understanding of the information adoption process could be achieved by developing a research model with additional factors.

Prior research on mergers and acquisitions (M&As) has substantially advanced our understanding of how isolated acquirer- and deal-specific factors affect abnormal returns. However, investors are likely to perceive and evaluate M&As holistically—that is, as complex configurations (i.e., Gestalts) of characteristics, rather than as a list of independent factors. Yet, extant M&A literature has not addressed why and how configurations of factors elicit positive or negative reactions. In other words, overlooking the interdependent nature of factors known to influence acquisition success has limited our understanding of both M&As and investor judgment. Taking an inductive approach to addressing this important issue, this study relies on fuzzy set methodology. Our results provide compelling evidence that investor perceptions of M&A announcements are not only configurational in nature but also characterized by equifinality - or the presence of multiple paths to success - and asymmetric causality - that is, configurations that represent bad deals are not simply a mirror image of good deals, but differ fundamentally. By constructing a typology of "good" and "bad" deals as perceived by market participants, we develop a mid-range theory of M&A stock market performance. As such, this study offers novel theoretical and empirical insights to scholars, and implications for practitioners.

KUALA LUMPUR: Bursa Malaysia Bhd is experiencing a resurgence in IPOs as 2024 draws to a close, reflecting renewed investor confidence in the local bourse.

With 44 initial public offerings to date, Bursa Malaysia has outpaced other markets in Southeast Asia, emerging as an attractive IPO destination amid a stable economic and political landscape.

According to Mohd Sedek Jantan, UOB Kay Hian Wealth Advisors’ head of investment research, several factors have contributed to this surge. “The risk of doing business in the fourth quarter has subsided as major economic and political uncertainties have passed, such as the US presidential election while Malaysia’s active role in international forums has bolstered the country’s global standing,” he told Bernama.

He reckons that Malaysia’s stable economic indicators, including positive trade figures, healthy employment rates and steady industrial production have fostered a predictable business environment that encourages IPO activity. “Political stability and a clear government policy framework further enhance investor confidence,” he said.

The surge in IPOs on Bursa Malaysia underscores the local bourse’s resilience compared to other regional markets.

Mohd Sedek noted that Malaysia has recorded 36 IPOs so far this year, raising about US$450 million in the first half alone, which accounts for 33% of Southeast Asia’s total IPO proceeds.

“This stands in contrast to a subdued IPO market across the Asia-Pacific, where proceeds have dropped by 63%, largely due to challenges in China and Hong Kong.

“Malaysia has outperformed both Indonesia and Singapore in IPO activity this year,” he pointed out, highlighting that Indonesia faces political uncertainty following its recent presidential election, while Singapore has seen a slowdown in activity due to high regulatory costs and weak investor demand.

In contrast, he said Malaysia’s IPO market benefits from a stable macroeconomic backdrop, business-friendly regulations, and the supportive Madani Economy Framework.

Mohd Sedek said the growth in IPOs reflects optimism in key Malaysian sectors, with recent listings from the construction, manufacturing, and healthcare industries.

He said in the construction sector, which expanded by 22.9% in the third quarter, private and public investments in residential, non-residential, and large-scale infrastructure projects are expected to drive further growth. “Key government initiatives, such as RM9 billion for private finance initiatives and RM25.5 billion from government-linked investment companies are expected to sustain this momentum,” he added.

In the manufacturing sector, Malaysia’s transformation under the New Industrial Master Plan 2030 aims to drive growth in high-value, technology-driven industries. “The government’s focus on digitalisation, green technology, and advanced manufacturing techniques is expected to attract further investments, solidifying Malaysia’s position as a competitive manufacturing hub in Asean,” he said.

Malaysia’s healthcare sector is also expanding due to demographic shifts and rising health awareness. The integration of technology, such as telemedicine and digital health solutions, is anticipated to boost the sector’s growth by improving care accessibility and efficiency. “This trend, coupled with government support for medical tourism, positions Malaysia as a key player in the healthcare industry in the region,” Mohd Sedek said.

Bursa Malaysia CEO Datuk Muhamad Umar Swift expressed satisfaction with the IPO momentum, noting that three Main Market IPOs were listed this week alone.

“This surge reflects a thriving capital market with strong regulatory support and a diverse investor pool. Malaysia has experienced a bull run, making us the Asean exchange with the highest number of IPOs to date this year,” he said.

Echoing this sentiment, the exchange regulator’s chairman Tan Sri Abdul Wahid Omar highlighted the significance of Monday’s listings, which took place on the auspicious date of 11.11. (Nov 11)

“Both companies chose that date for its auspicious nature, marking a rare occasion of two listings on the same day. The last time Bursa hosted two listings on a single day was in November 2017, following the demerger of Sime Darby Group, which saw both Sime Darby Plantation Bhd and Sime Darby Property Bhd debut together,” he said.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid noted that the strong IPO pipeline signals positive prospects for the Malaysian economy, as stable policies and a clear path towards becoming a high-income nation attract investor interest.

“Malaysia’s equities are undervalued, offering upside potential. The economic and policy stability enhances investor confidence, while companies’ growth trajectories inspire optimism for the market’s future,” he said.

Mohd Afzanizam said that as Bursa Malaysia continues to attract IPOs, he expects the exchange’s momentum to inspire small and medium enterprises to pursue similar growth opportunities. “The record-setting IPO activity underscores Malaysia’s resilience and strong capital market position in Asean, providing a positive outlook for 2025,” he added. – Bernama

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