In his new book, Power Metal, journalist Vince Beiser provides a balanced briefing on the race for the resources that will shape our technological future

Source: Sid Rajeev 11/12/2024

Western Exploration Inc. (WEX:TSX.V; WEXPF:OTC) had its fair value increased by Fundamental Research Corp. (FRC) to CA$2.67 per share from CA$2.07 on anticipation of a material resource expansion at the Aura gold-silver project in Nevada, FRC Head of Research Sid Rajeev reported in an Oct. 31 research note.

"[The company] has made notable strides at its Aura gold-silver project, showcasing promising drill results, and improved recoveries," Rajeev wrote. "With mergers and acquisitions (M&A) activity on the rise, we believe Western Exploration Inc. is emerging as a strong acquisition target."

At the time of the report, the explorer was priced at CA$1.24 per share. As such, the new fair value implies a potential return for investors of 115%.

Western Exploration remains a Buy.

Current Project Highlights

Rajeev provided a current overview of the Aura project, noting the company has made significant progress there since FRC's last report, in January.

This Nevada property hosts sediment-hosted, Carlin-style gold deposits. Three have been identified there to date: Doby George, Gravel Creek, and Wood Gulch.

Doby George hosts near-surface, high-grade oxide gold, and mineralization amenable to heap-leach processing, thereby having the potential for relatively low capex and opex. Recent metallurgical heap-leach tests at Doby George yielded a higher gold recovery rate of 72%, up from 69%. This is on the higher end of recoveries for a typical open-pit mine.

Gravel Creek, in contrast, hosts underground, high-grade sulfide gold mineralization. Initial results from an ongoing resource expansion drill program there have been "highly promising," wrote Rajeev. Intercepts have returned unusually high grades, up to 75 grams per ton (75 g/t) gold and 3,080 g/t silver. Assay results from drill hole WGC459 indicate that high-grade mineralization extends at least 80 meters north of the Discovery zone. Preliminary metallurgical test results from Gravel Creek showed "impressive recoveries of 95%" toward the upper end of the usual range for an underground operation.

Resource Expansion Potential

The current aggregated resource of all three deposits is 652,000 ounces of gold equivalent (652 Koz of Au eq) in the Indicated category and 665 Koz Au eq in the Inferred category.

"We believe there is potential for resource expansion as the deposits remain open in multiple directions," Rajeev wrote. He noted which areas remain prospective, and they are Wood Gulch, Gravel Creek, The Gap (the undrilled area between them), the Jarbidge Hanging Wall (without a resource), and the Northeast Extension (undrilled).

Catalysts To Watch For

Rajeev noted future events that could boost Western Exploration's share price. Results of ongoing drilling at Aura is one. Next year, an update to the Gravel Creek and Doby George resource is expected in H1/25. A preliminary feasibility study for Doby George is slated to follow in Q4/25.

Another catalyst is the gold sector, the outlook for which is favorable. M&A activity has picked up as majors are looking for projects to boost their production profile. The trend is positive for this company advancing its precious metals project.

"We maintain a positive outlook on gold in light of the anticipated rate cuts by the U.S. Federal Reserve and elevated geopolitical tensions," the analyst wrote. "We see [Western Exploration] as a prime acquisition target."

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Important Disclosures:

1. Western Exploration 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 Western Exploration Inc.
3. Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.
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.

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Disclosures for Fundamental Research Corp., Western Exploration Inc., October 31, 2024

Disclaimers and Disclosure The opinions expressed in this report are the true opinions of the analyst about this company and industry. Any “forward looking statements” are our best estimates and opinions based upon information that is publicly available and that we believe to be correct, but we have not independently verified with respect to truth or correctness. There is no guarantee that our forecasts will materialize. Actual results will likely vary. The analyst and Fundamental Research Corp. “FRC” does not own any shares of the subject company, does not make a market or offer shares for sale of the subject company, and does not have any investment banking business with the subject company. Fees were paid by WEX to FRC. The purpose of the fee is to subsidize the high costs of research and monitoring. FRC takes steps to ensure independence including setting fees in advance and utilizing analysts who must abide by CFA Institute Code of Ethics and Standards of Professional Conduct. Additionally, analysts may not trade in any security under coverage. Our full editorial control of all research, timing of release of the reports, and release of liability for negative reports are protected contractually. To further ensure independence, WEX has agreed to a minimum coverage term including an initial report and three updates. Coverage cannot be unilaterally terminated. Distribution procedure: our reports are distributed first to our web-based subscribers on the date shown on this report then made available to delayed access users through various other channels for a limited time. The distribution of FRC’s ratings are as follows: BUY (67%), HOLD (3%), SELL / SUSPEND (30%). To subscribe for real-time access to research, visit https://www.researchfrc.com/website/subscribe/ for subscription options.

This report contains "forward looking" statements. Forward-looking statements regarding the Company and/or stock’s performance inherently involve risks and uncertainties that could cause actual results to differ from such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products/services in the marketplace; acceptance in the marketplace of the Company's new product lines/services; competitive factors; new product/service introductions by others; technological changes; dependence on suppliers; systematic market risks and other risks discussed in the Company's periodic report filings, including interim reports, annual reports, and annual information forms filed with the various securities regulators. By making these forward-looking statements, Fundamental Research Corp. and the analyst/author of this report undertakes no obligation to update these statements for revisions or changes after the date of this report. A report initiating coverage will most often be updated quarterly while a report issuing a rating may have no further or less frequent updates because the subject company is likely to be in earlier stages where nothing material may occur quarter to quarter. Fundamental Research Corp DOES NOT MAKE ANY WARRANTIES, EXPRESSED OR IMPLIED, AS TO RESULTS TO BE OBTAINED FROM USING THIS INFORMATION AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OR FITNESS FOR A PARTICULAR USE. ANYONE USING THIS REPORT ASSUMES FULL RESPONSIBILITY FOR WHATEVER RESULTS THEY OBTAIN FROM WHATEVER USE THE INFORMATION WAS PUT TO. ALWAYS TALK TO YOUR FINANCIAL ADVISOR BEFORE YOU INVEST. WHETHER A STOCK SHOULD BE INCLUDED IN A PORTFOLIO DEPENDS ON ONE’S RISK TOLERANCE, OBJECTIVES, SITUATION, RETURN ON OTHER ASSETS, ETC. ONLY YOUR INVESTMENT ADVISOR WHO KNOWS YOUR UNIQUE CIRCUMSTANCES CAN MAKE A PROPER RECOMMENDATION AS TO THE MERIT OF ANY PARTICULAR SECURITY FOR INCLUSION IN YOUR PORTFOLIO. This REPORT is solely for informative purposes and is not a solicitation or an offer to buy or sell any security. It is not intended as being a complete description of the company, industry, securities or developments referred to in the material. Any forecasts contained in this report were independently prepared unless otherwise stated and HAVE NOT BEEN endorsed by the Management of the company which is the subject of this report. Additional information is available upon request. THIS REPORT IS COPYRIGHT. YOU MAY NOT REDISTRIBUTE THIS REPORT WITHOUT OUR PERMISSION. Please give proper credit, including citing Fundamental Research Corp and/or the analyst, when quoting information from this report. The information contained in this report is intended to be viewed only in jurisdictions where it may be legally viewed and is not intended for use by any person or entity in any jurisdiction where such use would be contrary to local regulations or which would require any registration requirement within such jurisdiction.

( Companies Mentioned: WEX:TSX.V;WEXPF:OTC, )

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The synthesis and structural characterization of three families of coordination com­plexes synthesized from 4'-phenyl-2,2':6',2''-terpyridine (8, Ph-TPY), 4'-(4-chloro­phen­yl)-2,2':6',2''-terpyridine (9, ClPh-TPY) and 4'-(4-meth­oxy­phen­yl)-2,2':6',2''-terpyridine (10, MeOPh-TPY) ligands with the divalent metals Co2+, Fe2+, Mn2+ and Ni2+ are reported. The com­pounds were synthesized from a 1:2 mixture of the metal and ligand, resulting in a series of com­plexes with the general formula [M(R-TPY)2](ClO4)2 (where M = Co2+, Fe2+, Mn2+ and Ni2+, and R-TPY = Ph-TPY, ClPh-TPY and MeOPh-TPY). The general formula and structural and supra­molecular features were determinated by single-crystal X-ray diffraction for bis­(4'-phenyl-2,2':6',2''-terpyridine)­nickel(II) bis­(per­chlo­rate), [Ni(C21H15N3)2](ClO4)2 or [Ni(Ph-TPY)2](ClO4)2, bis­[4'-(4-meth­oxy­phen­yl)-2,2':6',2''-terpyridine]­manganese(II) bis­(per­chlo­rate), [Mn(C22H17N3O)2](ClO4)2 or [Mn(MeOPh-TPY)2](ClO4)2, and bis­(4'-phenyl-2,2':6',2''-ter­py­ridine)­manganese(II) bis­(per­chlo­rate), [Mn(C21H15N3)2](ClO4)2 or [Mn(Ph-TPY)2](ClO4)2. In all three cases, the com­plexes present distorted octa­hedral coordination polyhedra and the crystal packing is determined mainly by weak C—H⋯π inter­actions. All the com­pounds (except for the Ni derivatives, for which FT–IR, UV–Vis and thermal analysis are reported) were fully characterized by spectroscopic (FT–IR, UV–Vis and NMR spectroscopy) and thermal (TGA–DSC, thermogravimetric analysis–differential scanning calorimetry) methods.

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Visualizing the Data: The Evolution of Trade Tensions in Metals and Minerals Markets 18 January 2018 — 4:30PM TO 6:00PM Anonymous (not verified) 19 December 2017 Chatham House, London

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Drawing on OECD and Chatham House research on resource trade, the speaker will present analysis and data visualizations exploring the drivers of past export restrictions and their political and economic impacts. They will also consider how the drivers of ‘resource nationalist measures’ are changing, whether and where export restrictions might present strategic and economic risks in the current context, and the extent to which producer and consumer governments and international governance mechanisms are prepared to address them.

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In the 1960s and 1970s, NASA spent a lot of time thinking about whether toroidal (donut-shaped) fuel tanks were the way to go with its spacecraft. Toroidal tanks have a bunch of potential advantages over conventional spherical fuel tanks. For example, you can fit nearly 40% more volume within a toroidal tank than if you were using multiple spherical tanks within the same space. And perhaps most interestingly, you can shove stuff (like the back of an engine) through the middle of a toroidal tank, which could lead to some substantial efficiency gains if the tanks could also handle structural loads.

Because of their relatively complex shape, toroidal tanks are much more difficult to make than spherical tanks. Even though these tanks can perform better, NASA simply doesn’t have the expertise to manufacture them anymore, since each one has to be hand-built by highly skilled humans. But a company called Machina Labs thinks that they can do this with robots instead. And their vision is to completely change how we make things out of metal.

The fundamental problem that Machina Labs is trying to solve is that if you want to build parts out of metal efficiently at scale, it’s a slow process. Large metal parts need their own custom dies, which are very expensive one-offs that are about as inflexible as it’s possible to get, and then entire factories are built around these parts. It’s a huge investment, which means that it doesn’t matter if you find some new geometry or technique or material or market, because you have to justify that enormous up-front cost by making as much of the original thing as you possibly can, stifling the potential for rapid and flexible innovation.

On the other end of the spectrum you have the also very slow and expensive process of making metal parts one at a time by hand. A few hundred years ago, this was the only way of making metal parts: skilled metalworkers using hand tools for months to make things like armor and weapons. The nice thing about an expert metalworker is that they can use their skills and experience to make anything at all, which is where Machina Labs’ vision comes from, explains CEO Edward Mehr who co-founded Machina Labs after spending time at SpaceX followed by leading the 3D printing team at Relativity Space.

“Craftsmen can pick up different tools and apply them creatively to metal to do all kinds of different things. One day they can pick up a hammer and form a shield out of a sheet of metal,” says Mehr. “Next, they pick up the same hammer, and create a sword out of a metal rod. They’re very flexible.”

The technique that a human metalworker uses to shape metal is called forging, which preserves the grain flow of the metal as it’s worked. Casting, stamping, or milling metal (which are all ways of automating metal part production) are simply not as strong or as durable as parts that are forged, which can be an important differentiator for (say) things that have to go into space. But more on that in a bit.

The problem with human metalworkers is that the throughput is bad—humans are slow, and highly skilled humans in particular don’t scale well. For Mehr and Machina Labs, this is where the robots come in.

“We want to automate and scale using a platform called the ‘robotic craftsman.’ Our core enablers are robots that give us the kinematics of a human craftsman, and artificial intelligence that gives us control over the process,” Mehr says. “The concept is that we can do any process that a human craftsman can do, and actually some that humans can’t do because we can apply more force with better accuracy.”

This flexibility that robot metalworkers offer also enables the crafting of bespoke parts that would be impractical to make in any other way. These include toroidal (donut-shaped) fuel tanks that NASA has had its eye on for the last half century or so.

Machina Labs’ CEO Edward Mehr (on right) stands behind a 15 foot toroidal fuel tank.Machina Labs

“The main challenge of these tanks is that the geometry is complex,” Mehr says. “Sixty years ago, NASA was bump-forming them with very skilled craftspeople, but a lot of them aren’t around anymore.” Mehr explains that the only other way to get that geometry is with dies, but for NASA, getting a die made for a fuel tank that’s necessarily been customized for one single spacecraft would be pretty much impossible to justify. “So one of the main reasons we’re not using toroidal tanks is because it’s just hard to make them.”

Machina Labs is now making toroidal tanks for NASA. For the moment, the robots are just doing the shaping, which is the tough part. Humans then weld the pieces together. But there’s no reason why the robots couldn’t do the entire process end-to-end and even more efficiently. Currently, they’re doing it the “human” way based on existing plans from NASA. “In the future,” Mehr tells us, “we can actually form these tanks in one or two pieces. That’s the next area that we’re exploring with NASA—how can we do things differently now that we don’t need to design around human ergonomics?”

Machina Labs’ ‘robotic craftsmen’ work in pairs to shape sheet metal, with one robot on each side of the sheet. The robots align their tools slightly offset from each other with the metal between them such that as the robots move across the sheet, it bends between the tools. Machina Labs

The video above shows Machina’s robots working on a tank that’s 4.572 m (15 feet) in diameter, likely destined for the Moon. “The main application is for lunar landers,” says Mehr. “The toroidal tanks bring the center of gravity of the vehicle lower than what you would have with spherical or pill-shaped tanks.”

Training these robots to work metal like this is done primarily through physics-based simulations that Machina developed in house (existing software being too slow), followed by human-guided iterations based on the resulting real-world data. The way that metal moves under pressure can be simulated pretty well, and although there’s certainly still a sim-to-real gap (simulating how the robot’s tool adheres to the surface of the material is particularly tricky), the robots are collecting so much empirical data that Machina is making substantial progress towards full autonomy, and even finding ways to improve the process.

An example of the kind of complex metal parts that Machina’s robots are able to make.Machina Labs

Ultimately, Machina wants to use robots to produce all kinds of metal parts. On the commercial side, they’re exploring things like car body panels, offering the option to change how your car looks in geometry rather than just color. The requirement for a couple of beefy robots to make this work means that roboforming is unlikely to become as pervasive as 3D printing, but the broader concept is the same: making physical objects a software problem rather than a hardware problem to enable customization at scale.

The Food and Drug Administration uses import alerts to enforce U.S. food safety regulations for food from foreign countries. The agency updates and modifies the alerts as needed. Recent modifications to FDA’s import alerts, as posted by the agency, are listed below. Use the chart below to view import alerts.... Continue Reading

Affidavit of service is taken on record.

This application under Section 9 of the Arbitration and Concilation Act, 1996 has been filed for an injunction restraining the respondent from operating the bank account being No. 5480011001480 maintained with the Bangiya Gramin Vikash Bank. The petitioner submits that the dispute arises out of a settlement executed between the parties on January 15, 2021. The settlement contains an arbitration clause. It provides that all disputes and differences relating to any previous, present or future and arising out of the transactions, sale or purchase etc. shall be decided by a sole arbitrator under the Arbitration and Conciliation Act, 1996. The petitioner submits that pursuant to such settlement, a cheque for an amount of Rs.11,84,856/- dated June 12, 2021 was issued in favour of the petitioner by the respondent. The cheque was dishonoured and the petitioner has already initiated proceedings under Section 138 of the Negotiable Instruments Act, 1881.