The 1993 Working Time Directive lays down, amongst other things, basic principles concerning maximum weekly working hours. For some time now, the Council of the EU and the European Parliament have been debating whether the directive should be revise...

UNITED NATIONS: The United States on Friday stunned other members of the UN Security Council by preventing a vote on a resolution for a ceasefire in various conflicts around the world to help troubled nations better fight the coronavirus pandemic, diplomats said.Washington´s reversal came a...

UNITED NATIONS: The United States on Friday stunned other members of the UN Security Council by preventing a vote on a resolution for a ceasefire in various conflicts around the world to help troubled nations better fight the coronavirus pandemic, diplomats said.Washington’s reversal came a...

Voters in Bolivia rejected by a slim margin a constitutional amendment that would have allowed Morales to run again

A last-minute push to register voters in Georgia's 6th Congressional District before the June 20 special election has resulted in nearly 8,000 new voters in the district as of Tuesday, the Atlanta Journal-Constitution reports. That's a big enough number to swing a close election, and polls thus far show the race within the margin of error. It's also an encouraging sign for Democrat Jon Ossoff, the insurgent candidate who topped the first round of voting in the solidly Republican district and is hoping that new voters can put him on top in the June 20 runoff.

The election between Ossoff and Republican Karen Handel has been widely portrayed as a test of the Democratic resistance to President Donald Trump. In the conservative district, Ossoff is trying to peel off Republican voters disenchanted with Trump, particularly white women. But in order to win, Ossoff also needs strong support from the Democratic base and new voters. So when a federal judge reopened voter registration in the district through May 21, groups that target young, poor, and minority voters rushed into the district to register eligible voters. The 7,942 new voters include new registrants and people who moved into the district after the primary and transferred their registration.

The district has more than 521,000 registered voters, so it's unclear whether another 7,942—or about 1.5 percent of that total—will make a difference. Ossoff fell 3,700 votes short of winning an outright majority in the primary on April 18. If the runoff remains a toss-up, these new voters could determine the winner.

Tune into our new show Fox League Live on Channel 502 Monday to Friday at 6.30pm and on Saturday at 3pm and Sunday at 5pm.

The defenestration of Cantor sends a message to the cosy world of party bigwigs and donors

Behind Bond's famous silver Aston Martin took in second spot was the Jaguar E-Type in third. And in a boost for the UK, six of the top 10 are British brands. But do you agree with the order of 100 cars?

While the E-Type's win comes as little surprise, we were shocked to see the Mini down in third. To set the record straight, you can tell us which you think is the best British motor of all time in our own poll.

The latest employment figures have defied the bleak predictions made three years ago by former chancellor George Osborne as one million jobs have been created across the economy.

Archives, Room Use Only - TK5107.S53 1854

Born in undivided India in Barisal (now in Bangladesh) in 1908, Mandal has seen the subcontinent go through turbulent phases many times.

'They should know that we are still protesting as Delhi votes and will continue the agitation after the polling'

As people queued up to cast their vote, there were some famous faces in the lines at different polling stations.

What is a planet? For generations of kids the answer was easy. A big ball of rock or gas that orbited our Sun, and there […]

The post Is Pluto a planet? The votes are in appeared first on Smithsonian Insider.

The post Smithsonian Secretary David Skorton on why he votes appeared first on Smithsonian Insider.

Source: Peter Epstein for Streetwise Reports   05/07/2020

In late April, Metalla Royalty & Streaming acquired two royalties, one of which was a Gross Overriding Royalty (GOR) on NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCQX) flagship Red Hill project, a Carlin-style deposit in Nevada's world-famous Cortez trend.

To be clear, this was a transaction between Metalla and a private company; no cash or other remuneration flowed to NuLegacy. However, this news is still exciting and thought provoking as it pertains to a potential (implied) valuation of Red Hill. So much so, that—CEO/director of Finance and Marketing—Albert Matter put out this press release highlighting it. {corporate presentation}

Metalla's news is applicable to NuLegacy for a number of reasons. Let me start by saying I know the Metalla team, I've written about the company several times (although not recently).

This is a smart, hard-working, market-savvy group, with global experience, integrity and expertise. When dealing in streams and royalties, it's all about industry connections, market knowledge and deal flow. Metalla has that and is up to its eyeballs in deal flow (deals it can make or pass on).

Takeaways on implied valuation of NuLegacy's Red Hill project?

That's why this news is so interesting. It represents a reliable, unbiased vote of confidence in NuLegacy's Red Hill project. I was able to track down the president, CEO and a director of Metalla, Mr. Brett Heath, to ask him about his team's view of NuLegacy, their management and technical teams, and the Red Hill project,

"The Red Hill project is very interesting due to its location & position within the Cortez trend of Nevada that hosts globally significant mines & projects, specifically Cortez Hills, Pipeline & Goldrush. Although many near-surface deposits have been discovered, several blind deposits similar to Goldrush have yet to be found.

"NuLegacy's Rift Anticline is a promising new drill target, a chance to discover a large, high-grade deposit. The close proximity of Red Hill to Goldrush heavily influenced our understanding of the geology at Red Hill. Specifically, it allowed us to better understand that the Rift Anticline has similar stratigraphy to Goldrush, and similar mineralization events nearby."

Investors, shareholders and analysts are trying to figure out what (if any) read-throughs there are in terms of the valuation of the Red Hill project.

From the press release:

"Valuing Gross Overriding Royalties ("GORs") is a complicated business made easier in this instance by the straightforward nature of the [transaction] …. prorating the US$4 million purchase price for the total of 2% GOR that was acquired…. values a 1% GOR in the Red Hill project at ~US$2 million."

What this valuation exercise boils down to is how does the value of a 1% GOR compare to a conventional working interest in the same project? GORs are highly case specific, so I will give a range of possibilities. Many factors make GORs unique, but a rule of thumb is that a 1% GOR equates to a 5% working interest.

However, due to the unknown terms of this particular GOR, let's assume that the 1% GOR is equal to between a 5% and 10% working interest. By extending the range higher than 5%, more conservative valuations for Red Hull are obtained. In the chart below one can see that the implied ~US$2 million paid for a 1% GOR equals C$2.8 million at the current exchange rate.

Therefore, Red Hill's indicative valuation could be viewed as C$28 million to C$56 million, or C$0.08 to C$0.15 per share. Currently, the stock's trading at C$0.07. The company has a cash balance of C$4.5 million. {see corporate presentation}. I believe the C$0.08 to C$0.15/share range is conservative because Metalla's purchase of the GOR had a built-in profit expectation. The true ascribed value of a 1% GOR on the Red Hill project might be higher than C$2.8 million.

A true vote of confidence in NuLegacy Gold

Perhaps more important than an implied (subjective) valuation of Red Hill are the following takeaways. First, Metalla not only likes Red Hill, it must also feel good about the long-term prospects for Nevada and the U.S. Metalla looks at hundreds of deals a year from all over the world. Management can, and does, invest in dozens of jurisdictions.

Yet, in April 2020, it chose the U.S., …. Nevada …. the Cortez Trend…. Second, it chose a project that's pre-maiden resource. Remember, Metalla has paid out ~C$2.8 million, but doesn't make a penny of that back unless it re-sells some or all of the GOR it acquired, or Red Hill reaches commercial production. Therefore, I argue that investing at this relatively early stage is a stamp of approval in the extensive work done to date at Red Hill.

That Metalla chose to deploy capital in a gold asset rather than a silver asset, despite the gold-silver ratio being near an all-time high (over 110 to 1) seems promising. Finally, it chose the U.S. at a time when the currencies of Mexico, Australia, Canada and others have weakened considerably vs. the U.S. dollar, making exploration cheaper in those countries. One must have conviction to choose Red Hill over dozens of public and private, pre-maiden resource, projects around the globe.

In the end, a good project in a great jurisdiction is only as prospective as its technical/management teams. NuLegacy has prudently advanced Red Hill in good times and bad. For most of NuLegacy's existence, the gold price traded between about $1,050 and $1,400/oz.

Gold price at $1,730/oz. is a game-changer….

Now gold is hovering around $1,730/oz after almost touching $1,800/oz in March. This is a game-changer for juniors like NuLegacy that have tremendous blue-sky potential, (look at neighboring mines and development projects, some of the best on the planet) but like most juniors, have limited funding to conduct aggressive drill programs in a strong gold price environment.

A savvy company betting on the Red Hill project is yet another indication that the time has come for precious metal players to become more active in M&A.

The day that Barrick commits its deep experience (and deep pockets!) to NuLegacy's Red Hill, all royalties held on that project would soar in value. Why? The timeline to potential production would be shortened, perhaps by years, (more drilling, less investor hand holding, perhaps skipping a PEA or a PFS). The scope of the project would become larger—more drilling across a wider footprint (a 108 sq. km land package).

The value of the royalties could double, triple, quadruple…. who knows? The share price at which NuLegacy gets taken out could also be meaningfully stronger. After all the company has been through, I don't think the Board would sell the company below C$0.30/share. At least not with the gold price at $1,730/oz (or higher). Readers are reminded that C$1.5 billon OceanaGold Corp. & giant natural resources fund Tocqueville own a combined 21.5% of the company.

Might there be a bidding war for NuLegacy?

In a best case example then, there could be multiple bidders for NuLegacy. This is not nearly as crazy as it sounds, especially if the gold price keeps going up, or if the next (fully funded) drill program hits the mark. If Barrick were to make a move, OceanaGold, Newmont, or even Tocqueville (they could hold out for higher price) might have something to say about it.

Those entities, and/or other mid-tiers/majors in Nevada or around the world would keep Barrick honest. Over the years NuLegacy has been in touch with several well-known names, but I never know who they're talking with at any given time. Make no mistake, Barrick is best positioned by virtue of having the most synergies with Red Hill, so it can afford to pay several more pennies per share if need be. That's how a share price of C$0.30+ becomes possible.

Bottom line, NuLegacy Gold (TSX-V: NUG) / (OTCQX: NULGF) is a high-risk exploration play, but I believe a good speculation. There's no better time to be buying high-risk exploration than when the prices of the metals being explored for are moving up.

As more attention is drawn to NuLegacy, its team, the undisputed safety of Nevada, the prolific nature of the Cortez Trend, etc., I think there's compelling relative and absolute value here that readers should consider investigating further.

Corporate Presentation

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University's Stern School of Business.

Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about NuLegacy Gold, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of NuLegacy Gold are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this article was posted, NuLegacy Gold was an advertiser on [ER] and Peter Epstein owned shares in the Company.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he's diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
1) Peter Epstein's disclosures are listed above.
2) The following companies mentioned in the article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for 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. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metalla Royalty & Streaming and Newmont Goldcorp, companies mentioned in this article.

Graphics provided by the author.

( Companies Mentioned: NUG:TSX.V; NULGF:OTCQX, )

To protect the integrity and security of U.S. elections, all local, state, and federal elections should be conducted using human-readable paper ballots by the 2020 presidential election, says a new report from the National Academies of Sciences, Engineering, and Medicine.

On Broad Beach in Malibu, high tide not only wets sand but also retaining walls and broken down rock revetments. What happens next in homeowners' efforts to get sand trucked in here will go to the State Lands Commission - and the next Controller likely will weigh in on the problem. ; Credit: Molly Peterson/KPCC

The most common question I’ve been asked about the statewide Controller race this election year is the same question I get every four years. “Wait, we have one?”

The inevitable follow-up question: “What does this person do?” Down-ballot races in California’s state election can seem like a tedious part of a the voting process. Most of us just don't take the time to research them. In 2010, the last time we elected statewide executives, 435,308 of those people who voted for Governor just didn’t bother to vote for anybody in the Controller race. 

But in addition to being the chief fiscal officer of the 8th-largest economy in the world, the Controller sits on something like 80 state commissions and boards. And if you’re interested in California’s environment, a biggie there is the State Lands Commission.

The State Lands Commission oversees roughly 4 million acres of submerged land and tidelands, holding them in trust for the public. Right now it's looking at policy alternatives to respond to sea level rise. It manage the state's offshore oil-drilling leases. It even gets authority over historical shipwrecks! 

Three issues coming before to the Lands Commission mean the Controller matters:  

• Coastal Access and Martin’s Beach: At the end of September, Governor Jerry Brown signed a law requiring the State Lands Commission to negotiate with Vinod Khlosa, a private property owner who famously shut down coastal access over his land this year. The commission has all of next year to negotiate with Khlosa. If no deal is reached, it can use eminent domain authority to force public access – something that would represent a big break in historical practice, because that authority hasn’t ever been used in the 76 years that the commission has existed.
• Malibu’s Broad Beach has been rapidly eroding under pressure of waves and storms worsened by climate change, and very rich homeowners there have been seeking to add sand in front of their houses to combat the risk of damage to very expensive properties. Earlier this year, those homeowners successfully completed an application to the State Lands Commission, and the commission was expected to decide on it in October. The decision’s been put over till after the election.
• Fracking: Offshore oil made news late last year and earlier this year when some operators didn’t report that they were using drilling and production techniques collectively referred to as hydraulic fracturing. The news prompted the EPA to require chemical disclosures for drilling operations it oversees.  The state agencies that should be overseeing these issues – the Coastal Commission and the Lands Commission – are considering their next moves too.

Positions on these issues don’t really come up when it comes to the Controller race, though both Betty Yee and Ashley Swearengin have gone on the record to say they’re against fracking. 

This content is from Southern California Public Radio. View the original story at SCPR.org.

Peter Epstein of Epstein Research looks into the Gross Overriding Royalty that just changed hands on the company's flagship Red Hill project, and discusses what it means for the firm.

Visit the aureport.com for more information and for a free newsletter

Police and lifeguards patrol as people walk on the beach south of Newport Pier on May 3, 2020 in Newport Beach, California. ; Credit: Michael Heiman/Getty Images

After the cities of San Clemente and Laguna Beach were given the OK by state officials on Monday to reopen beaches with limited conditions, the California Natural Resources Agency gave Dana Point, Seal Beach and Huntington Beach the green light on Tuesday after approving the plans they submitted for safe reopening.

The plans vary as far as when the beach can be used, but the common thread through each is that leisure activities like sunbathing or large gatherings of people would not be allowed, and that beachgoers will be required to remain active while on the sand. 

The news comes as Orange County Supervisors voted 3-2 on Tuesday to submit a plan to submit to Sacramento that would create a set of uniform rules for reopening beaches countywide. Supervisor Lisa Bartlett spearheaded the proposal, which received pushback from Supervisors Don Wagner and Michelle Steel who argue that after being singled out by Governor Gavin Newsom last week when he ordered a “hard close” on all state and local beaches in Orange County, taking issue with the idea of the county bowing to pressure from the state.

Today on AirTalk, we’ll check back in with Supervisor Bartlett, who joined us Monday on AirTalk, to find out more about the specifics of the county’s plan to reopen its beaches.

Guest:

Lisa Bartlett, Orange County Supervisor representing the Fifth County District, which encompasses South County cities like Aliso Viejo, San Clemente, Laguna Beach, Dana Point and more; she tweets @OCSupBartlett

This content is from Southern California Public Radio. View the original story at SCPR.org.

The Asian Garden Mall in Westminster, where voters will make a choice about whether to recall city leaders.; Credit: Dorian Merina/KPCC

Voters in Westminster will decide this spring whether to recall its mayor and two city councilmembers. The Orange County Registrar of Voters has signed off on petitions for a recall election.  

This content is from Southern California Public Radio. View the original story at SCPR.org.

What is the value of clean air? Answering such a question may be achieved by asking citizens how much they are willing to pay. However, some individuals give 'protest vote' responses to such questions. Recent research in EU countries found that the main reasons for this were because they felt that the polluters themselves or the government should be responsible for such costs.

Watford's sensational win over Liverpool has been voted as the Premier League moment of the season so far.

The Texas Railroad Commission voted against government mandated cuts at its latest meeting on May 5.

From wrestler Diamond Dallas Page to the New York Giants, these sun-saluting stars may surprise you.

Poll numbers show that if wind would run for office in Wisconsin, it would beat almost all major candidates already elected to office.

If you've ever wanted to leave your mark on the heavens, here's your chance.

Voters in the Gulf states favor candidates who will focus on restoration of the coastline -- especially those at the federal level.

The endangered African wild dog has a nose for democracy, according to a study, which explains how the dogs "vote."

The Environmental Voter Project has a plan to awaken a sleeping giant in American politics.

American Farmland Trust’s Favorite Farmers Markets contest is in full swing. Make sure your favorite market is in the running.

The results are in for American Farmland Trust’s 2011 America’s Favorite Farmers Markets contest. Did your favorite market win?

Residents of Bougainville voted overwhelmingly to become independent from Papua New Guinea.