VANCOUVER, BC / ACCESSWIRE / November 15, 2021 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (“Empress Royalty” or the “Company“) is pleased to provide an update on its investment portfolio and mining company partners.
“The exciting progress being made at each of our investments demonstrates Empress Royalty’s ability to invest in high quality projects with strong management teams creating long term value for both our shareholders and the shareholders of our mining company partners,” stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. “These project updates are the catalysts for Empress Royalty to achieve significant shareholder value and revenue in 2022.”
TAHUEHUETO SILVER STREAM – Construction On Time & On Budget
Altaley Mining Corp. (“Altaley”) continues to advance Tahuehueto toward production and recently announced that construction is on time and on budget (see Altaley press release November 2, 2021). Altaley has also recently announced that it has engaged MGA as an underground mining contractor. MGA is a well known underground mining contractor with extensive experience in Mexico. Prior underground development at Tahuehueto provides about 75% of the initial two years of to-be-mined material or “stoped-out inventory”, with the contractor completing underground development for 100% of the stoped-out inventory. This materially de-risks ramp-up risks and accelerates initial and eventual steady-state production, resulting in silver by-product production, that will be subject to the Empress Royalty silver stream. Initial production from Tahuehueto is noted to be near the end of 2021 with ramp-up continuing into the first quarter of 2022. As noted by Altaley, contractors and construction have been working at site since July 2021 and multiple site visits have been completed by Empress Royalty in 2020 and 2021. Please see Altaleys’s website (www.altaleymining.com) for further details.
Image 1. Construction at Tahuehueto
SIERRA ANTAPITE GOLD STREAM – Production Expansion in Progress
Sierra Sun Group (“Sierra Sun”) reports that it is conducting on-going expansion of operations at the Sierra Antapite gold mine. Proceeds from the Empress Royalty stream have been used to continue expansion of the plant from 750 tonnes per day to 1,000 tonnes per day, to expand and enhance the tailings storage facility, to retire payments and to further develop the underground mine. A site visit by a third-party engineering firm was completed in March 2021 and Empress Royalty visited the site in September 2021. Empress Royalty receives weekly updates from Sierra Sun on the production expansion progress. Sierra Sun continues to deliver gold to Empress Royalty since commencement in August 2021. Please see Sierra Sun Group’s website (www.sierrasungroup.com) for further details.
Image 2. Sierra Antapite
MANICA GOLD ROYALTY – Construction Underway
Since closing the Manica royalty at the end of April 2021, Mutupa Mining Processing (“MMP”) has completed engineering and procurement and reports construction is well progressed. Specifically, the bulk of the earthworks is complete, concrete has been poured for the plant, the CIL tanks have been fabricated and the tailings dam construction is complete. Several items of the modular plant equipment have been fabricated and transported from South Africa to site and are currently undergoing installation. Further, the processing plant water storage tank and power is connected and available via a 40 mVA transformer. The mining contractor has been mobilized and preparations are underway for commencement of mining. MMP reports it expects to commence initial production in the first quarter of 2022. Empress has completed two site visits in 2021 through a third party engineering firm, and receive weekly updates from management on construction progress.
Image 3. Construction at Manica
PINOS GOLD & SILVER ROYALTY – Private Placement Closed
Candelaria Mining Corp. (“Candelaria”) announced that it has closed their upsized private placement for a total C$8,441,770 which resulted in Agnico Eagle increasing their ownership in Candelaria from a 9.9% equity stake to a 19.9% on a pre-diluted basis (see Candelaria’s press releases October 29, 2021). Proceeds from the upsized private placement will be used for Caballo Blanco exploration, on-going development of the Pinos project and for working capital. Candelaria continues to advance the Pinos project and is currently in discussions with potential debt financiers. Empress Royalty completed site visits in 2020 and 2021 and continues to be provided updates by Candelaria. Please see Candelaria’s website (www.candelariamining.com) for further details.
Image 3. Construction at Manica
ABOUT EMPRESS ROYALTY CORP.
Empress Royalty is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. Since publicly listing in December 2020, Empress Royalty has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital which allow Empress Royalty to not only access global investment opportunities but also bring unique mining finance expertise, deal structuring and access to capital markets. Empress Royalty is looking forward to continuously creating value for its shareholders through the proven royalty and streaming models.
ON BEHALF OF EMPRESS ROYALTY CORP.
Per: Alexandra Woodyer Sherron, CEO and President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements about Empress’ expectations regarding the Alliance Agreement which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “expects”, “believes”, “anticipates”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Although Empress believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include Empress Royalty not being successful in or deciding not to pursue opportunities in the royalties business. The forward-looking statements contained in this news release are made as of the date hereof, and Empress undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law. Readers should not place undue reliance on forward-looking statements or information.
SOURCE: Empress Royalty Corp.
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Oil rises as investors focus on OPEC+ decision amid growing Omicron fears
Oil prices rose on Thursday, recouping the previous day’s losses, as investors adjusted positions ahead of an OPEC+ decision over supply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand.
Brent crude futures rose 85 cents, or 1.2%, to $69.72 by 0402 GMT, having eased 0.5% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained 85 cents, or 1.3%, to $66.42 a barrel, after a 0.9% drop on Wednesday.
“Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week,” said Tsuyoshi Ueno, senior economist at NLI Research Institute.
Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron shook investors.
“Market will be watching closely the producer group’s decision as well as comments from some of key members after the meeting to suggest their future policy,” Ueno said.
The Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will likely decide on Thursday whether to release more oil into the market as previously planned or restrain supply.
Since August, the group has been adding an additional 400,000 barrels per day (bpd) of output to global supply each month, as it gradually winds down record cuts agreed in 2020.
The new variant, though, has complicated the decision-making process, with some observers speculating OPEC+ could pause those additions in January in an attempt to slow supply growth.
“Oil prices climbed as some investors anticipate that OPEC+ will decide to maintain the current supply levels in January to cushion any damage on demand from the Omicron spread,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
Fears over the impact of the Omicron variant of the coronavirus rose after the first case was reported in the United States, and Japan’s central bank has warned of economic pain as countries respond with tighter containment measures.
U.S. Deputy Energy Secretary David Turk said President Joe Biden’s administration could adjust the timing of its planned release of strategic crude oil stockpiles if global energy prices drop substantially.
Gains in oil markets on Thursday were capped as the U.S. weekly inventory data showed U.S. crude stocks fell less than expected last week, while gasoline and distillate inventories rose much more than expected as demand weakened. [EIA/S]
Crude inventories fell by 910,000 barrels in the week to Nov. 26, the Energy Information Administration (EIA) said, compared with analyst expectations in a Reuters poll for a drop of 1.2 million barrels.
(Reporting by Yuka Obayashi; Editing by Tom Hogue)
Toronto market hits 7-week low on Omicron uncertainty
Canada‘s main stock index fell on Wednesday to its lowest level in over seven weeks as the United States reported its first case of the Omicron variant that investors fear could impede economic recovery, with the index giving back its earlier gains.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 195.39 points, or 0.95%, at 20,464.60, its lowest closing level since Oct. 12.
Wall Street also closed lower as the U.S. Centers for Disease Control and Prevention said the country had detected its first case of the new COVID-19 variant, which is rapidly becoming dominant in South Africa less than four weeks after being detected there and has spread to other countries.
It might take longer than expected for supply chain disruptions to abate, “especially if we have renewed shutdowns in Asia,” said Kevin Headland, senior investment strategist, Manulife Investment Management.
Still, Headland does not expect the new variant to lead to an economic recession or a bear market for stocks in 2022, saying: “Reaction to headline news provides opportunities for those that have a longer-term timeframe to add in the equity markets.”
The TSX will add to its recent record high over the coming year as the domestic economic recovery helps underpin corporate earnings, but gains are expected to slow from 2020’s breakneck pace, a Reuters poll found.
The technology sector fell 2.7%, while energy ended 1.9% lower as oil was unable to sustain an earlier rally. U.S. crude oil futures settled 0.9% lower at $65.57 a barrel
The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.2%.
Financials were a bright spot, advancing 0.4%, helped by gains for Bank of Nova Scotia as some analysts raised their target price on the stock.
Bombardier Inc was among the biggest decliners. Its shares sank 10.4%.
(Reporting by Fergal Smith; Additional reporting by Amal S in Bengaluru; Editing by Peter Cooney)
Canada’s TSX to extend record-setting rally; pace of gains to slow: Reuters poll
Canada‘s main stock index will add to its recent record high over the coming year as the domestic economic recovery helps underpin corporate earnings, but gains are expected to slow from 2020’s breakneck pace, a Reuters poll found.
The median prediction of 26 portfolio managers and strategists was for the S&P/TSX Composite index to rise 9.1% to 22,540 by the end of 2022.
That’s a move that would eclipse last month’s record high of 21,796.16 and compares with an August forecast of 22,000. It was then expected to edge up to 23,150 by the middle of 2023.
The index had advanced 18.5% since the start of the year, putting it on track for its second biggest gain since 2009.
“We think the economy and markets will continue to progress further into the mid-cycle phase next year,” said Angelo Kourkafas, investment strategist at Edward Jones. “We are past the strongest point of the cycle, but there is plenty of runway ahead, especially from an economic standpoint.”
Canada‘s economy https://www.reuters.com/world/americas/canadian-economy-posts-annualized-gain-54-q3-october-gdp-seen-up-08-2021-11-30 grew at an annualized rate of 5.4% in the third quarter, beating analyst expectations, and growth most likely accelerated in October on a manufacturing rebound.
“Banks can continue to benefit from an improving economy and reducing loan loss provisions and resource companies can benefit from higher commodity prices,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
Combined, the financial services and resource sectors account for 55% of the Toronto market’s valuation.
Nearly all participants that answered a separate question on the outlook for corporate earnings expected earnings to improve. But the pace of growth could slow.
“We expect a decelerating pace of (earnings) growth,” said Chhad Aul, chief investment officer & head of multi-asset solutions at SLGI Asset Management Inc. “In particular, we expect the recent strong earnings growth in the energy sector to begin to moderate.”
The price of oil, a key driver of energy sector earnings, has tumbled 24% since October, pressured by rising coronavirus cases in Europe and the detection of the possibly vaccine-resistant Omicron variant.
Another risk to the outlook could be a reduction in policy support, say investors.
With inflation climbing, the Bank of Canada https://www.reuters.com/world/americas/bank-canada-signals-it-could-hike-rates-sooner-than-expected-2021-10-27 has signaled it could begin hiking interest rates as soon as April and the Federal Reserve https://www.reuters.com/markets/us/powell-yellen-head-congress-inflation-variant-risks-rise-2021-11-30 is mulling whether to wrap up tapering of bond purchases a few months sooner.
“The key is the pace of both fiscal and monetary policy normalization,” said Ben Jang, a portfolio manager at Nicola Wealth. “This process will likely lead to more volatility in markets, potentially returning to an environment where we will see drawdowns of more than 10%.”
Asked if a correction was likely over the coming six months, nearly all respondents said yes.
(Reporting by Fergal Smith; polling by Mumal Rathore and Milounee Purohit; editing by David Evans)
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