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2024.05.15 15:08 WhatCanIMakeToday Operational Efficiency Shares: Rehypothecating đđđđ And Breaking Free Of Chains [WalkThrough] (4/n)
From the prior DD in this series [1], we know that ComputerShare can âgiveâ the DTC registered DSPP shares to hold onto for operational efficiency which are then âgiven backâ as shares beneficially owned âfor the benefit ofâ (âFBOâ) DSPP Plan Participants at ComputerShare, as illustrated in this diagram: submitted by WhatCanIMakeToday to Superstonk [link] [comments] From The Prerequisite DD Itâs time to explore what âoperational efficiencyâ benefits may be gained by DSPP shares going around this roundabout. At first glance, shares are basically just going in a big circle from DSPP Plan Participants with registered ownership DSPP shares at ComputerShare heading to the DTC, who hands shares to ComputerShareâs broker who maintains those shares for the benefit of ComputerShare who holds those shares for the benefit of Plan Participants. While I think itâs unlikely that shares just go around in a big fat circle for no reason, I do remember people getting onto flights to literally go nowhere a few years ago [CNN, NYT]; so maybe these operational efficiency shares simply miss hanging out at the DTC? Letâs look more closely⌠While title is held by a registered DSPP Plan Participant, ComputerShare is giving the DTC possession [1] of registered DSPP shares to the DTC to hold for operational efficiency which then ultimately end back in the possession of ComputerShareâs broker (who isnât lending out shares) for the benefit of ComputerShare for the benefit of Plan Participants. If we treat the DTCâs operations as a big black box, we see registered shares going into the DTC black box and beneficially owned shares coming out of the black box to ComputerShare for Plan Participants. DTCC Black Box: Inputs vs Outputs Investopedia says that shareholders have rights, with a list of 6 main rights including:
§ 240.13d-3 Determination of beneficial owner.ComputerShare basically confirms this list (except for the right to sue as thatâs probably not one their issuer customers would emphasize) and adds that beneficially held shares may be lent by brokers generally (but not by ComputerShareâs broker). Registered Shareholder Rights vs Beneficial Owner Rights Maybe youâve had different experiences from me, but Iâve never known Wall St to deliver more than the bare minimum theyâre contractually obligated to. Which means the DTC black box is very likely watering down shareholder rights from the 6 that go in down to the 2 which come out. (And yet, weâre supposed to believe that all shares are equal. đ) Dividends (#4 on the list) [2] may be the clearest example of a watered down shareholder right. Registered shareholders have the right âto directly receive share dividendsâ [CS FAQ] which means if a company (e.g., GameStop or OverStock) issues a dividend, registered shareholders have the right to directly receive the dividend as issued. If the company issues a crypto dividend (as OverStock tried to do), registered shareholders have the right to directly receive the issued crypto dividend. Beneficial shareholders would get an issued dividend, if available, or a cash equivalent if not. Historically, stock and other dividends to beneficial shareholders could easily be delivered as a cash equivalent, a watered down form. Crypto dividends donât scale well with shorts (both naked and legal via, for example, share lending and borrowing) because crypto tokens are unique which makes it abundantly clear why a crypto dividend was nixed for a heavily shorted idiosyncratic stock like GameStop; especially given GameStopâs particularly active shareholders. Ownership (#2 on the list) may be the second clearest example of a watered down shareholder right as more security interests to shares exist in the DTCâs beneficial ownership system than there are shares; with the SEC saying beneficial shares get a pro rata interest in the securities of that issue held by DTC. [See End Game Part Deux: Problems at the DTCC plus The Bigger Picture, particularly the section âThe Pie Is Shrinking: Get Out (And DRS) While You Canâ] Voting (#1 on the list) is also an example watered down shareholder right; this one having a long history on this sub with, for example, BroadRidge tossing 7B votes and bragging about it. (Beneficial owners only need to get shared voting rights per Rule 13d-3 above so those 7B âsharedâ votes just lost out to who they shared with.) Unlike other beneficially held shares, voting rights for DSPP shares are not watered down as ComputerShare sends registered holders their voting forms. Operational Efficiency Shares, Whatcha Doing In There?A big black box is a pretty good description of the DTC which does not want us to know the ins and outs of whatâs going on. Black holes are a pretty good example of a big black box and, most importantly, we know a lot about black holes even though they canât be directly observed. Just as we learned about black holes without direct observation, we can similarly learn a lot about the Operational Efficiency shares even though we canât directly observe them in the DTC habitat.Even though we canât look inside the DTCâs big black box, it turns out we donât really have to in order to identify some benefits from these operational efficiency shares taking their roundabout trip to nowhere. Locates A few commenters have suggested that OE shares could be used for locates so Iâll address this first. Possible, yes. But I donât view this as the most interesting use for OE shares. Brokers are supposed to âlocateâ securities available for borrowing before short selling. [Wikipedia)] Basically, before selling short a broker is supposed to find a source to borrow. The âlocateâ requirement does NOT require the security to be borrowed before short selling which can result in a legal naked short. You may be wondering why I donât view âlocatesâ as particularly interesting for OE shares if short sellers need to locate shares to borrow before shorting. Well, market makers are also exempt from this requirement as long as theyâre market making. đ On top of the market maker exemption, remember House Of Cards? In House Of Cards 3 [SuperStonk], we learned about the now đ¤Śââď¸ hilarious F**3 key **- yeah, the one on a keyboard. Brokers like Goldman found the locate requirement simply too much work so they would press the F3 key and their system would auto-approve the locate requirement based only on the number of shares available to borrow at the beginning of the day; regardless of whether those shares were still available to borrow or not. House Of Cards 3 Meaning as long as there were some shares available to borrow at the beginning of the day for their share copying system, brokers could just smash the F3 key to make as many copies of shares as they need. Even if only 1 share was available to borrow at the beginning of the day, a broker could simply smash the F3 key 100 times to approve the locate requirement for 100 shares. So while OE shares could be used for locates, they wouldnât need many shares each day to make an unlimited number of copies - even just 1 is enough. Lending shares on the other hand⌠Rehypothecation Rehypothecation is the reuse of customer collateral for lending. Per a 2010 IMF Working Paper, The (sizable) Role of Rehypothecation in the Shadow Banking System, Rehypothecation occurs when the collateral posted by a prime brokerage client (e.g., hedge fund) to its prime broker is used as collateral also by the prime broker for its own purposes.This IMF paper defined a âchurning factorâ to measure how many times an asset may be reused; and then estimated a churning factor of 4 noting that it could be higher because international banks (e.g., HSBC and Nomura) were not sampled. This IMF paper found a single asset may be lent and borrowed 4 times, or more; an average which could be higher globally. https://preview.redd.it/ymr3j03zri0d1.png?width=795&format=png&auto=webp&s=1555314cefd520658a4f78dc4745867063e3bf34 Churn Factor Could Be Higher Globally How much higher? We may have seen a churn factor as high as 10 for a less idiosyncratic meme stock per my prior post, Estimating Excess GME Share Liquidity From Borrow Data & Churn Factor. Presumably, the idiosyncratic meme stock would have a higher churn factor (but not that important for this post). More recently (2018), the Federal Reserve published this Fed Note on ââThe Ins and Outs of Collateral Re-use studying how often collateral is reused (i.e., rehypothecated) for Treasury & non-Treasury securities [3] with a beautiful figure illustrating how âfor any given moment in time, one security can be attributed to multiple financial transactionsâ where a share could be posted multiple times through Security Financing Transactions (SFTs) and sold short. [4] Sounds familiar, right? https://preview.redd.it/zsztmji4si0d1.png?width=1530&format=png&auto=webp&s=f222dfe50929f668af8f8f0b39514a7d862db9c9 Figure 6c of this Fed Note shows a Collateral Multiplier over time illustrating how âPDs [Primary Dealers] currently re-use about three times as many securities as they own for non-Treasury collateral and seven times as many securities as they own for U.S. Treasury securitiesâ. AKA \"Money Multiplier\" The Fed Note describes their Collateral Multiplier as a âmoney multiplierâ (Seriously, I couldnât have made this up in a million years.), In a sense, our Collateral Multiplier is akin to a "money multiplier," as it compares private liabilities created by a firm with the amount of specific assets held to create those liabilities. [ââThe Ins and Outs of Collateral Re-use]And, of course, the Collateral Multiplier aka âmoney multiplierâ ratio goes up when thereâs less collateral available and down when thereâs more collateral available. (Can I get one of these multipliers?) Intuitively, we expect the ratio to increase when collateral is scarce and to decrease when collateral is more abundant.Which means Primary Dealers [Wikipedia has a list of familiar names including Deutsche Bank, JP Morgan, Morgan Stanley, Nomura, BofA, Citigroup, TD, UBS, and Wells Fargo; amongst others] can simply kick securities around a few extra times (e.g., with SFTs and short sells) to effectively multiply the amount of money and/or collateral they have any time they need it. (Within limits, I hopeâŚ) Thus, rehypothecation is a very interesting use of Operational Efficiency shares from ComputerShare as various primary dealers can simply âmultiplyâ the number of shares they have â a concept that weâre already quite familiar with. As rehypothecation, short sells, and securities financing transactions are all perfectly legal, rehypothecating more GameStop shares provided to the DTC via operational efficiency satisfies Ground Rule #2 [defined in (1/n) in this series], We can update our conceptual model to include rehypothecation to more clearly illustrate how Operational Efficiency shares held in the DTC can be rehypothecated (e.g., with SFTs and short sells) until a watered down share is delivered to ComputerShareâs broker to hold FBO ComputerShare, who holds the watered down share FBO DSPP Plan Participants. https://preview.redd.it/bt3gnx99si0d1.png?width=4764&format=png&auto=webp&s=7b0b72b935f740e8a3036f88e1a4e1dfb57dd46c You might notice from this illustration that ComputerShare has been telling the truth satisfying Ground Rule #1 [defined in (1/n) in this series]. Neither ComputerShareâs nor their broker lend or need to lend shares. All the rehypothecation happens âupstreamâ amongst other DTCC and NSCC Participants until shares are finally delivered to ComputerShareâs broker at the end of the âChurn Chainâ. ComputerShare has made no representations about what the DTC can or can not do with the shares in their possession. And, realistically, ComputerShare is in no position to make any representations about what happens within the DTCC system â ComputerShare is only responsible for themselves and, to some extent, their broker. The Fed Note and IMF paper found assets may be churned and reused 3-4 times (overall market average) which means the end of the chain is typically around D3 or D4. (If my prior DD estimates are correct, there were signs a less idiosyncratic meme stock may be churned up to 10 times ending the chain at D10 which suggests a potentially longer chain for GME, the idiosyncratic meme stock.) If there is no collateral reuse for an asset, the chain would have zero length meaning Operational Efficiency shares go straight from the DTC directly to ComputerShareâs broker. (Programmers almost certainly understand zero length chains very well â go find one if you need an explanation.) GameStop is idiosyncratic, thus atypical. Per the IMF paper, collateral reuse increases when collateral is scarce and decreases when collateral is abundant (quoted above). If we consider GameStop investors have been direct registering shares (i.e., DRS) and registering shares (e.g., DSPP) thereby removing title and/or possession of shares from the DTC/DTCC/Cede & Co, then GameStop share availability has been becoming more scarce and the âChurn Chainâ for GME should be longer than average representing a higher collateral multiplier and churn value. While we may not know the exact length of the Churn Chain for GameStop shares, we can pretty well surmise that itâs not a zero length Churn Chain where there is no collateral reuse based simply on scarcity. After all, a shortage of available shares is, by definition, required for any short squeeze (including MOASS). Requests by brokers to enable Share Lending [5] is another example indicator that GameStop shares are scarce. In addition, according to Investopedia [6], âBanks, brokers, or other financial institutions may navigate a liquidity crunch and access capital by rehypothecating client fundsâ and weâve seen indicators showing us banks are in deep trouble:
There are also leverage considerations that increase that risk of default. Overleveraged investments often face covenants; when specific conditions are met, trading accounts may receive a margin call or face debt default. As a row of dominos fall after a single collapse, a single margin call may cause other debts to fail their account maintenance requirements, setting off a chain reaction that places the institution at higher risk of overall default. [6]This risk for rehypothecation sounds exactly like what the Options Clearing Corporation was complaining about to the SEC when the ââOCC Proposed Reducing Margin Requirements To Prevent A Cascade of Clearing Member Failures [SuperStonk] early 2024. If the OCC can eliminate margin calls, then no dominos get knocked down. (Thankfully, apes have done a phenomenal job in convincing the SEC that this OCC proposal is a very bad idea. Support the SECâs rejection of this as Simians Smash SEC Rule Proposal To Reduce Margin Requirements To Prevent A Cascade of Clearing Member Failures!) Most importantly, it may be tough to regain possession of an asset when someone in the rehypothecation chain defaults. Remember from the prior DD the expression about possession: Possession is nine-tenths of the law. Clients must be aware of rehypothecation as it is technically their own assets that have been pledged for someone else's debt. This creates complicated creditor issues where an investors shares may longer be in their possession due to their custodian's default. [6]We know assets are rehypothecated 3-4 times on average, GameStop shares are scarce, banks are in trouble, stock loan volume is skyhigh, and the risks of rehypothecation are real. So itâs pretty clear that rehypothecation is happening generally with pretty darn good reason to expect GameStopâs Churn Chain is at least of non-zero length (i.e., GameStop stock is being rehypothecated). Breaking The ChainsWhile some may like chains and being tied up, Iâm not one of those apes. Especially as a Churn Chain waters down my shareholder rights and may make regaining possession of DSPP stock difficult in the event of a cascade of defaults, as warned by the OCC. (If you like chains, feel free to skip this section.)As it turns out, we donât need to know exactly how long the Churn Chain is for GameStop stock. Simply knowing a Churn Chain exists with non-zero length means there is a chain. Where there is a chain, itâs possible to break the chain. (Even if you donât know how much health) your enemy has in a game, you still try to take your enemy out. Right?) A churn chain that starts from ComputerShare holding DSPP shares in DTC for operational efficiency can easily be broken as â[a]n investor can, at any time, withdraw all or part of their shares in DSPP book-entry form and have them added to their DRS holdingâ. [ComputerShare] See also [7]. Quite possibly one of the easiest chains in the world to break as the Churn Chain is weak to DRS. Simply DRS the DSPP shares to take away the head of the chain and the rest of the chain falls apart. (And, DRS-ing "street name" shares cuts chains into pieces too!) One side effect of breaking a Churn Chain is that all shares attributed to transactions in a broken chain (e.g., SFTs and short sells) need to be reallocated to other chains, effectively making other chains longer and increasing the risks from a default. Analogy: Think of the shares as a deck of cards. If you deal 52 cards to 4 players (A, B, C and D), each player gets 13 cards. Each stack of 13 cards is basically a Churn Chain. But if you take out a stack by removing the bottom card from A and distribute the remaining 12 cards from A to B, C and D then B, C and D each now have 17 cards. If at any given time a card can cause a player to lose the game, it's better to have fewer cards than more. And, the players who get out early won't lose. Any party in the Churn Chain who defaults will make it hard for the original owner to regain possession. Longer chains include more transactions and more parties so thereâs more risk of default on longer chains than shorter chains. Thus we see another vicious cycle setup where incentives are aligned such that DSPP and beneficial shareholders may want to avoid the impending default and rehypothecation risk from their shares being held in DTC. In order to avoid the impending default and rehypothecation risks, shareholders are incentivized to Directly Register shares to ensure having both title and possession. (Shares held in âstreet nameâ have little or no protection from rehypothecation risk and simply registering shares in DSPP doesnât guarantee possession [1].) As with the other vicious cycle, any remaining shareholders in DTC share a shrinking pie of diluted ownership so it is in their best interest to get out and DRS; thereby shrinking the diluted ownership pie even more which is more reason for remaining shareholders to get out. These vicious cycles will eventually leave few, if any, remaining shares at the DTC for beneficial shareholders. Nobody knows what will happen if this âžď¸đ happens. Footnotes[1] If you havenât already, please read the prerequisite DD in this WalkThrough Series to understand how ownership of property is separated into two concepts: title and possession. [See, e.g., StackExchange] Understanding the differences between title and possession are particularly important here where itâs worth being extra careful identifying how an entity is in control of an asset.
[3] Footnote 16 of the Fed Note itemizes various classes of non-Treasury collateral which includes equity which, per Investopedia, is a synonym for stocks. [4] While short selling is pretty well known, Security Financing Transactions (SFTs) may be more obscure despite discussion of them in the past so hereâs some historical SuperStonk links for you (where you may notice some well known OG DD apes):
[6] https://www.investopedia.com/ REMOVE_FOR_AUTOMOD terms/r REMOVE_FOR_AUTOMOD /rehypothecation.asp [7] Withdrawing whole DSPP shares into DRS seems to make a lot of sense as doing so guarantees possession. Selling fractionals, less so. If you intend to keep buying, I would think adding to the fractionals to later withdraw whole shares makes more sense. As for the concern about fractionals tainting the whole account, Iâll cover that in another post. For now, you do you. |
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2024.05.15 09:19 thisvideoiswrong Quick Looks 3: Vo'Quv Carrier
Captain Name | Stilt | |
---|---|---|
Captain Career | Science | |
Captain Faction | Federation | |
Captain Race | Vulcan | |
Primary Specialization | Temporal | The best specialization for exotic builds, as well as for ground builds and a good generalist option, it provides debuffs, damage boosts, EPG, and survivability |
Rank | Engineering | Science | Tactical | |||
---|---|---|---|---|---|---|
Lieutenant | Advanced Hull Capacity | Advanced Energy Weapon Training | Advanced Projectile Weapon Training | |||
Lt. Commander | Improved Electro-Plasma System Flow | Impulse Expertise | Improved Control Expertise | Drain Expertise | Targeting Expertise | Defensive Maneuvering |
Control Amplification | Drain Infection | |||||
Commander | Hull Plating | Advanced Weapon Amplification | Advanced Weapon Specialization | |||
Captain | Defensive Subsystem Tuning | Advanced Exotic Particle Generator | Advanced Long Range Targeting Sensors | Advanced Hull Penetration | Advanced Shield Weakening | |
Admiral | Coordination Protocols | Advanced Tactical Readiness | ||||
Defensive Coordination | ||||||
Offensive Coordination | ||||||
1 Points Left | 8 | 11 | 26 |
Purchases | Engineering | Science | Tactical |
---|---|---|---|
2 | Hazard Emitters III | Science Team III | Tachyon Beam III |
5 | Battery Expertise | Sector Space Travel Speed | |
7 | Feedback Pulse III | Photonic Shockwave III | Jam Sensors III |
10 | Maximum Shield Capacity | ||
12 | Tractor Beam III | ||
15 | Control Resistance | ||
17 | Viral Matrix III | ||
20 | Shield Drain Resistance | ||
24 (Ultimate) | Focused Frenzy | ||
25 (1st Ultimate Enhancer) | Frenzied Assault | ||
26 (2nd Ultimate Enhancer) | Team Frenzy |
Slot | Item | Notes |
---|---|---|
Fore Weapon 1 | Polaron Cannon | The one Mk XV, single cannons are usually a poor choice, but they will outperform beam arrays forward/turrets aft and provide 180 degrees of firing arc |
Fore Weapon 2 | Polaron Cannon | The Vo'Quv suffers from terrible turn rate so it doesn't want weapons with narrow arcs, but it needs to face forward for the exotic damage |
Fore Weapon 3 | Morphogenic Polaron Energy Torpedo Launcher | Here for the 3 piece set bonus providing 30% crtd to the whole ship |
Aft Weapon 1 | Heavy Chronometric Polaron Turret | Mostly need a turret, 2 piece provides some aux |
Aft Weapon 2 | Morphogenic Polaron Energy Weapon | Another turret, and contributes to the 3 piece |
Aft Weapon 3 | Polaron Turret | Just a turret |
Deflector | Solanae Deflector Array Mk XII Very Rare | Provides more EPG out of the box than any other mission reward |
Impulse Engines | Sol Defense Impulse Engines Mk XII Very Rare | With the bonus from getting hit this does just provide the best total turn rate out of the mission rewards at 14.7 degrees/s, replace with Fortified Competitive rep engines |
Warp Core | Obelisk Subspace Rift Warp Core | This build only hits 122 aux so this doesn't actually help, could consider Deuterium-Stabilized but the benefit is minimal |
Shields | Sol Defense Covariant Shield Array Mk XII Very Rare | 2 piece is nice for survivability, alternative would be Jem'Hadar 2 piece for a bit of Polaron cat1. |
Devices | Exotic Particle Flood | Crafted in Science R&D. I do have to admit that the materials are a little hard to come by, and Admiralty (with account unlocked ships) is the best source I've found. |
Deuterium Surplus | Evasive Maneuvers in battery form, and you can collect 4 per day from the Alhena system. | |
Delta Alliance Reinforcements Beacon | Handy damage boost | |
3 Engineering Consoles | Console - Engineering - Trellium-D Plating Mk XII Very Rare | Good survivability console, could use a Neutronium instead |
Console - Engineering - Polaric Modulator Mk XII Very Rare | Boosts Inertia, which is rare, as well as turn rate, and slipstream turn rate at warp | |
Console - Engineering - House Martok Defensive Configuration Mk XII Very Rare | Boosts turn rate and provides some survivability, an RCS would work too | |
4 Science Consoles | Console - Science - Temporal Disentanglement Suite Mk XII Very Rare | Nice crit and durability boost, plus some power. |
Console - Science - Temporally Shielded Datacore Mk XII Very Rare | Slightly less EPG than Particle Generators but it makes up for it with the CtrlX | |
Console - Science - Particle Generator Mk XII Uncommon | Just need EPG | |
Console - Science - Particle Generator Mk XII Common | ||
2 Tactical Consoles | Console - Tactical - Morphogenic Matrix Controller Mk XII Very Rare | For the 3 piece and some polaron cat1 |
Console - Tactical - Chronometric Capacitor Mk XII Very Rare | Good EPG, some aux from the 2 piece, and some Polaron cat1, and this build uses all of it | |
2 Hangar Bays | Hangar - To'Duj Fighters | These provide more DPS than any other hangar that's available by default, and they come with the ship, they will die in heavy AoE content, otherwise use two |
Hangar - Delta Flyers | These have slightly less DPS than To'duj but almost never die in any content, but do require a level 65 KDF character for Cross Faction Flying. Could substitute B'rels for more DPS loss |
Bridge Officers | ||
---|---|---|
Lt. Commander Tactical | Tactical Team I | Shield distribution and debuff clear, may cause firing cycle problems but I haven't seen it |
Cannon: Scatter Volley I | Excellent weapon damage buff and also spreads APB to up to 3 targets | |
Attack Pattern Beta II | Unusual to slot this above the firing mode, but it boosts every damage source and weapon damage is only ~1/4 of the total | |
Lt. Commander Engineering | Emergency Power to Engines I | More than doubles speed and provides +2 turn rate, essential mobility for any build |
Auxiliary to Structural I | Excellent heal and damage resist, and on a very short cooldown | |
Emergency Power to Weapons III | Major energy weapon damage boost | |
Commander Science | Hazard Emitters I | Good hull heal and debuff clear |
Destabilizing Resonance Beam I | Good exotic damage, used with GW | |
Photonic Officer II | Cooldown reduction | |
Gravity Well III | Good exotic damage and control | |
Lieutenant Science | Science Team I | Shield heal and debuff clear |
Tyken's Rift I | Exotic damage, alternate with GW | |
Trait | Name | Description | Notes |
---|---|---|---|
Personal Traits | Astrophysicist | A little bit of EPG | |
Cannon Training | A little more cannon damage | ||
Conservation of Energy | Significant exotic damage while solo, but stacks don't last long | ||
Deft Cannoneer | Boosts turn rate by 1, on this build we need it, from Cannons R&D | ||
Fleet Coordinator | One of the best traits in the game when on a team | ||
Give Your All | Excellent hull damage resistance, from Engineering R&D | ||
Operative | Some extra crit | ||
Particle Manipulator | The most powerful trait for exotic damage, +50%/+29.6% crth/crtd on this build, from Science R&D | ||
Photonic Capacitor | Extra Photonic Fleet is nice to have | ||
Starship Traits | None | Unconventional Tactics from completing Strategist is definitely worth slotting here, but I kept it cheap. | |
Space Reputation Traits | None | You'll start picking these up very quickly, Precision and Advanced Targeting Systems are top picks. | |
Duty Officers | Projectile Weapons Officer | "Law" from A Fistful of Gorn, a bit of a pain to get there, but worth having | |
Projectile Weapons Officer | A common included in my first duty officer pack | ||
Astrometrics Scientist | Uncommon, also in my first pack, handy to have set | ||
Conn Officer | From Phoenix, a must have for mobility in any build | ||
Source | DPS |
---|---|
To'Duj Fighters | 6594 |
Delta Flyers | 4504 |
Gravity Well | 3571 |
Photonic Fleet | 3170 |
Polaron Cannons | 2889 |
Destabilizing Resonance Beam | 1728 |
Chronometric Turret | 1156 |
Polaron Turret | 1001 |
Morphogenic Turret | 994 |
Morphogenic Torpedo | 855 |
Tyken's Rift | 839 |
Drain Infection | 708 |
Entropic Rider | 144 |
Elite (DPS thousands) | Advanced 1 (DPS thousands) | Advanced 2 | Advanced 3 | Advanced 4 | Advanced Average | |
---|---|---|---|---|---|---|
Hegh'ta Heavy BoP | 20.0 | 20.1 | 21.5 | 22.5 | 23.2 | 21.8 |
Jem'hadar Escort | 19.3 | 23.4 | 20.6 | 21.8 | 19.7 | 21.4 |
Vo'quV Carrier | 27.3 | 26.3 | 28.2 | 26.6 | 25.2 | 26.6 |
Luna Science Vessel | 24.8 | 31.4 | 28.3 | 27.9 | 27.0 | 28.6 |
Vor'cha Battlecruiser | 15.1 | 15.0 | 14.1 | 14.8 | 14.6 | 14.6 |
2024.05.15 06:46 fabstapizza_YT Are radiofrequency from phones harmful?
2024.05.15 05:42 usalruss Does anyone know what this means?
Hey guys I would appreciate it if someone could tell me what I need to worry about based on the results. I was researching a bit and it seemed to me there was a likelihood of being deficient in vitamins D and B just from looking at the homozygous but I have no idea what I'm doing. submitted by usalruss to MTHFR [link] [comments] https://preview.redd.it/a6fi4o62gi0d1.png?width=1868&format=png&auto=webp&s=ed0c04d9e67e84106e04b3a9e1f9bd32128bcb21 https://preview.redd.it/rwpb0xycgi0d1.png?width=1402&format=png&auto=webp&s=a24f5b571838fbf4db16bf65c3c24ef927da2d27 Edit: My Genetic Choline Calculator Results suggest eating the amount of choline available per day in 7 egg yolks or equivalents -> The SNPs That We Were Looking At
Your Genetic Variants and Your Methylfolate ScoreThe scores below estimate the predicted decrease in activity, given your genotype, associated with the folate transporter (SLC19a1), the enzyme that converts tetrahydrofolate to 5,10-methylenetetrahydrofolate (MTHFD1), and the enzyme that converts 5,10-methylenetetrahydrofolate to 5-methyltetrahydrofolate (MTHFR).SLC19A1 Score: 25% decrease MTHFD1 Score: 0% decrease MTHFR Score: 33% decrease We then multiply these decreases together to yield a âmethylfolate scoreâ that estimates the combined decrease in methylfolate production: Your Methylfolate Score: 50% decrease |
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2024.05.15 04:59 MomImOnReddit07 Decoding the Interim Placement report - GLIM Chennai PGPM Batch
2024.05.15 03:07 Then_Marionberry_259 MAY 14, 2024 DSV.TO DISCOVERY REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS
https://preview.redd.it/ntnoz0prph0d1.png?width=3500&format=png&auto=webp&s=d744967cfdb15d141e670af93e846a04d7d91ada submitted by Then_Marionberry_259 to Treaty_Creek [link] [comments] TORONTO, May 14, 2024 (GLOBE NEWSWIRE) -- Discovery Silver Corp. (TSX: DSV, OTCQX: DSVSF) (âDiscoveryâ or the âCompanyâ) today announced financial results for the three months ended March 31, 2024 (âQ1 2024â). The Company also provided a summary of key events since the beginning of 2024, including the release on February 20, 2024, of the feasibility study results (the âFeasibility Studyâ or âStudyâ) for Discoveryâs 100%-owned Cordero silver project (âCorderoâ or the âProjectâ) in Chihuahua State, Mexico. All figures are stated in Canadian dollars unless otherwise noted. Tony Makuch, CEO, commented: âDuring Q1 2024, we achieved a major milestone with the release of the Feasibility Study for our Cordero Project. The Study results clearly establish Cordero as one of the worldâs largest silver development projects both in terms of reserves and estimated production. The Project will average 37 million silver equivalent (âAgEqâ) 1 ounces (âMozâ) annually over the first 12 years with low unit costs that will generate attractive economic returns. Very importantly, the Project will deliver substantial socio-economic benefits in Mexico in the form of job creation, skills training, direct investment, the purchasing of local goods and services and tax revenue, and will be developed and operated in a manner that achieves best practice in responsible mining. In addition, we will be bringing valuable technology and infrastructure as part of the Project that will provide important benefits in key areas like water treatment and purification. We will also be continuing our work to build Corderoâs presence in the community around Parral, and in Chihuahua State, through ongoing direct participation in, and support for, local initiatives, organizations and institutions. âAnother key feature of the Cordero project is the tremendous leverage it provides to the price of silver. The Projectâs robust economic returns were estimated using a silver price of US$22 per ounce. To date in 2024, the price of silver has increased close to 20%, to over US$28 per ounce, fueled largely by favourable market fundaments with the silver market expected to be in deficit for the fourth consecutive year in 2024 reflecting record demand in key sectors like electric vehicles, solar and other forms of green energy. At current spot metal prices 2 , the Projectâs after-tax net present value (âNPV5%â) increases by 70%, from US$1.2 billion to US$2.0 billion and reaches US$3.0 billion in Year 4 when the Project reaches final completion to 51,000 tonnes per day. This significant leverage does not include the potential benefit of growth in reserves that could occur at higher prices, with there being 240 million tonnes of Measured and Indicated Resource situated outside the Feasibility Study reserve pit that was estimated using a silver price of US$24 per ounce. âLooking ahead, our work program in 2024 is aimed at further de-risking Cordero, continuing to advance permitting, acquiring or leasing additional surface access rights and making further progress with our community relations program as we work towards completing permitting and financing for the Project.â HIGHLIGHTS FROM Q1 2024:
The following selected financial data is summarized from the Companyâs unaudited condensed interim consolidated financial statements and related notes thereto (the âFinancial Statementsâ) and the Managementâs Discussion and Analysis (âMD&Aâ) for the quarter ended March 31, 2024. The Companyâs Financial Statements and MD&A are available at www.discoverysilver.com or on SEDAR at www.sedarplus.ca https://preview.redd.it/llyj3nwrph0d1.png?width=720&format=png&auto=webp&s=ab71e607455d20b2a7811505d8ce4f974729c875 https://preview.redd.it/qolgjhxrph0d1.png?width=720&format=png&auto=webp&s=ca7b3fdc4c2d37e6f43566f7dfee1ca64e086bd9 (1) D efined as current assets less current liabilities from the Companyâs consolidated financial statements. About Discovery Discoveryâs flagship project is its 100%-owned Cordero project, one of the worldâs largest undeveloped silver deposits. The Feasibility Study completed in February 2024 demonstrates that Cordero has the potential to be developed into a large-scale, long-life project with low unit costs and attractive economic returns that offers the combination of margin, size and scalability. Cordero is located close to infrastructure in a prolific mining belt in Chihuahua State, Mexico. On Behalf of the Board of Directors, Tony Makuch, P.Eng President, CEO & Director For further information contact: Forbes Gemmell, CFA VP Corporate Development Phone: 416-613-9410 Email: forbes.gemmell@discoverysilver.com Website: www.discoverysilver.com Qualified Person Gernot Wober, P.Geo, VP Exploration, Discovery Silver Corp. and Pierre Rocque, P.Eng., an independent consultant to the Company, both âQualified Personsâ as such term is defined in NI 43-101, are the Company's designated Qualified Persons for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (âNI 43-101â). Mr. Wober and Mr. Rocque have reviewed and validated that the information contained in this news release is accurate. Technical Disclosure
The Company has included certain non-GAAP performance measures and ratios as detailed below. In the mining industry, these are common performance measures and ratios but may not be comparable to similar measures or ratios presented by other issuers and the non-GAAP measures and ratios do not have any standardized meaning. Accordingly, these measures and ratios are included to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS Accounting Standards. Total cash costs per ounce, all-in sustaining costs, and free cash flow, are all forward-looking non-GAAP financial measures or ratios. As the Cordero Project is not in production, these prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measure under IFRS and there is no equivalent historical non-GAAP financial measure or ratio for these prospective non-GAAP financial measures or ratios. Each non-GAAP financial measure and ratio used herein is described in more detail below. TOTAL CASH COSTS The Company calculated total cash costs per ounce by dividing the sum of operating costs, royalty costs, production taxes, refining and shipping costs, net of by-product silver credits, by payable ounces. While there is no standardized meaning of the measure across the industry, the Company believes that this measure is useful to external users in assessing operating performance. ALL-IN SUSTAINING COSTS The Company has provided an all-in sustaining costs performance measure that reflects all the expenditures that are required to produce an ounce of silver from operations. While there is no standardized meaning of the measure across the industry, the Companyâs definition conforms to the all-in sustaining cost definition as set out by the World Gold Council in its updated Guidance Note issued in 2018. The Company believes that this measure is useful to external users in assessing operating performance and the Companyâs ability to generate free cash flow from current operations. Subsequent amendments to the guidance have not materially affected the figures presented. FREE CASH FLOW Free Cash Flow is a non-GAAP performance measure that is calculated as cash flows from operations net of cash flows invested in mineral property, plant, and equipment and exploration and evaluation assets. The Company believes that this measure is useful to the external users in assessing the Companyâs ability to generate cash flows from its mineral projects. FORWARD-LOOKING STATEMENTS: Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release is not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the â1933 Actâ) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available. Cautionary Note Regarding Forward-Looking Statements This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Statements include but are not limited to the feasibility of the Project and its attractive economics and significant exploration upside; construction decision and development of the Project, timing and results of the feasibility study and the anticipated capital and operating costs, sustaining costs, net present value, internal rate of return, the method of mining the Project, payback period, process capacity, average annual metal production, average process recoveries, concession renewal, permitting of the Project, anticipated mining and processing methods, feasibility study production schedule and metal production profile, anticipated construction period, anticipated mine life, expected recoveries and grades, anticipated production rates, infrastructure, social and environmental impact studies, the completion of key de-risking items, including the timing of receipt permits, availability of water and power, availability of labour, job creation and other local economic benefits, tax rates and commodity prices that would support development of the Project, and other statements that express management's expectations or estimates of future performance, operational, geological or financial results Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the results of the feasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining, if a mineral deposit were developed and mined. Forward-looking statements are statements that are not historical facts which address events, results, outcomes or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Companyâs management on the date the statements are made and they involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those described in forward-looking statements include fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions, the actual results of current and future exploration activities; changes to current estimates of mineral reserves and mineral resources; conclusions of economic and geological evaluations; changes in project parameters as plans continue to be refined; the speculative nature of mineral exploration and development; risks in obtaining and maintaining necessary licenses, permits and authorizations for the Companyâs development stage and operating assets; operations may be exposed to new diseases, epidemics and pandemics, including any ongoing or future effects of COVID-19 (and any related ongoing or future regulatory or government responses) and its impact on the broader market and the trading price of the Companyâs shares; provincial and federal orders or mandates (including with respect to mining operations generally or auxiliary businesses or services required for operations) in Mexico, all of which may affect many aspects of the Company's operations including the ability to transport personnel to and from site, contractor and supply availability and the ability to sell or deliver mined silver; changes in national and local government legislation, controls or regulations; failure to comply with environmental and health and safety laws and regulations; labour and contractor availability (and being able to secure the same on favourable terms); disruptions in the maintenance or provision of required infrastructure and information technology systems; fluctuations in the price of gold or certain other commodities such as, diesel fuel, natural gas, and electricity; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and changes to production estimates (which assume accuracy of projected ore grade, mining rates, recovery timing and recovery rate estimates and may be impacted by unscheduled maintenance); changes in foreign exchange rates (particularly the Canadian dollar, U.S. dollar and Mexican peso); the impact of inflation; geopolitical conflicts; employee and community relations; the impact of litigation and administrative proceedings (including but not limited to mining reform laws in Mexico) and any interim or final court, arbitral and/or administrative decisions; disruptions affecting operations; availability of and increased costs associated with mining inputs and labour; delays in construction decisions and any development of the Project; changes with respect to the intended method of mining and processing ore from the Project; inherent risks and hazards associated with mining and mineral processing including environmental hazards, industrial accidents, unusual or unexpected formations, pressures and cave-ins; the risk that the Companyâs mines may not perform as planned; uncertainty with the Company's ability to secure additional capital to execute its business plans; contests over title to properties; expropriation +or nationalization of property; political or economic developments in Canada and Mexico and other jurisdictions in which the Company may carry on business in the future; increased costs and risks related to the potential impact of climate change; the costs and timing of exploration, construction and development of new deposits; risk of loss due to sabotage, protests and other civil disturbances; the impact of global liquidity and credit availability and the values of assets and liabilities based on projected future cash flows; risks arising from holding derivative instruments; and business opportunities that may be pursued by the Company. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws. The risks and uncertainties that may affect forward-looking statements, or the material factors or assumptions used to develop such forward-looking information, are described under the heading "Risks Factors" in the Companyâs Annual Information Form dated March 28, 2024, which is available under the Companyâs issuer profile on SEDAR+ at www.sedarplus.ca. https://preview.redd.it/45knjpyrph0d1.png?width=150&format=png&auto=webp&s=a3c95f1b326e2d2c2af5225ac8ec4d8a0b62c41e https://preview.redd.it/tvqf6zzrph0d1.png?width=4000&format=png&auto=webp&s=2794cd260062a4db8fcd7f8cc4d38b0cc0be064e
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2024.05.15 02:22 Weird-Associate-1213 So many similar calculators but... Which one is best? CS student looking for help
2024.05.15 00:17 PyroIsSpai Are UFOs impacted by energies and gravitational anomalies generated by fault lines? A few new clues and questions from a claimed UFO Program leaker on a similar subreddit.
"The craft use a system that originally befuddled generations of researchers, but it's essentially a 3D dijkstra algorithm. It finds points around the craft, and chooses the most efficient possible route through space time to get to that point. Some of the parameters it uses to gauge efficiency are totally unknown to us and are a serious point of contention. It's not autonomy, but rather obstacle avoidance not unlike what you would see in a self-driving car. But, the self driving car could go through air, space and water without worrying about what medium its in. Additionally, the algo accounts for the crafts place in time."And then this surprising sentence shortly after:
"Although the algo is extremely effective, Nuclear explosions and experiments somehow interfere with this navigation. Craft particularly avoid Diablo Canyon, even if we put something they really want there."So, this Dijkstra's algorithm and Diablo Canyon.
2024.05.14 23:23 roaring-rockstar Might Get an E in my alevels Pls respond im unable to function.
2024.05.14 23:02 CharmingDrei SelfKey DAO expands through AI partnership, AlphaKEK.AI đ¤đ
2024.05.14 21:55 LordGreim225 Beginning of the Great Assault (Operation: Rolling Erosion)
It had been too long. Far far too long since they had a command meeting. submitted by LordGreim225 to war_for_Gryllus [link] [comments] (Like seriously really sorry this took so long.) âThe situation had been developing for some time, & for a time Greim had no idea how to recover the situation as it evolved. Now however he had a plan. Not the best or most sophisticated Plan. But they were against the clock & the situation would only get worse if they waited too long. âLadies & gentleman. It has come to my attention that the High lords will not be sending further support for this campaign for the foreseeable future. With numerous wars against the Tyranids and the Indomitus crusades, we will have to make do with what we have. Whatâs more, word has reached the wider Tâau Empire of our invasion of the system. We are unsure if they will be dispatching a Fleet and further military support at this time. As such we are against the clock here. If we take this system & bring them to heel at the negotiation table we can ultimately be victorious on the field & let the negotiators and politicians ensure we keep what we take. As such we will review what I have gathered From our situation. Older situation map. âAs far as Iâve gathered we have very little progress in our assaults on the defensive lines of Camburg. We have taken the Sanguine Bridge & made ground toward but not taken the Firekeep. Kaâesh Fortress, the Tâauâs primary military airbase is still operational. Iâd have hoped we had taken more ground, but given our situations that occurred itâs remarkable we did not lose more ground. With the clock ticking & our pool of manpower no longer going to be increasing or replenished as easily we need to hit the Tâauâs primary nerve in the Gryllus system before we are too weak to do so in the future. I had hoped further forces from other fronts could aid in this, but we are out of time & would lose ground elsewhere we canât afford to give anymore.â âThe dark briefing room of the Strategiums holo map lit up with new icons of their situation.â Opening maneuvers âThis plan is not very complicated in its opening moves. We will hit the Tâau with sudden overwhelming force wherever we can. They need both these fortresses to maintain the defense of Camburg. Firekeep is situated on one of the only land crossings, & with Kaâesh fortresses air bases operational crossing the river with pontoons, or fording with vehicles would be far too costly, as such the Kestrels will cordon & destroy the airbase utterly. It is of Tâau design & as such unsalvageable, it is to be utterly razed to the ground. The titans & a Large contingent of Aironautica will provide assistance & heavy fires support. But this is a very well defended target. We believe several Tâau super heavies to be present. This mission is their atonement for previous transgressions & to prove their loyalty as good guardsman, if they succeed they will be rewarded. The large support elements is to try & mitigate the losses as much as possible & give them a fair fight. The fortress also hosts a large garrison of Tâau auxiliary infantry & conscripts alongside Fire warriors, so be advised. We estimate their strength at 5,000 Fire warriors & 9,000 auxiliaries & conscripts. However the air power is their greatest strength. We will send numerous hydra flak battery squadrons to further assist in this assault.â âHe scrolled toward the Firekeep.â âThe rest of the army will hit the firekeep in force. This is a major training center for Tâau fire warriors & we expect stiff resistance here. They know theyâre the last line against us & Camburg itself. Tâau infantry & human auxiliaries will be the bulk of their defenses. This was once an imperial installation & its architecture shows. Example of the Firekeep curtain walls. While this fortress could theoretically be resanctified & saved, that is no longer a concern. This fortress & its defenders must be silenced & we canât cordon them off like Kaâlesh fortress. So its destruction is likely necessary. The Krieg 5th will bombard the fortress as will all available heavy guns not used for the destruction of the Tâau airbase. The 5th will use its breaching drills to create passages to breach the curtain walls & storm the outer gates from the inside to open the gates for our forces. Once inside clear the fortress top to bottom, regiments that specialize in this type of environment will take point. If the drills fail we will bombard the fortress till it is rubble & storm it traditionally. The Titans will relocate once the airbase is most in ruin & is unable to be threaten our flanks any longer. Once the airbase is cleared our forces can also ford the rivers & begin moving on Camburg itself. Phase II of the operation: The holodisplay projects the capital city of the Tâau Empireâs government in the Gryllus System Camburg is a major city, the largest in the system in fact & primary seat of power for the Tâau Prelate ruling over this system. It is heavily defended by both Fire Warriors, Human Auxiliaries, Kroot, & even hosts a Demiurg population alongside other client races. This isnât going to be an easy nut to crack. While not a hive city it is still a damn big one. Multiple levels exist in certain districts that go into the earth some nearly a deep as the buildings are tall. Its population estimates vary, but we estimate several tens of millions at minimum. The city is several thousand kilometers in length as well. A Tâau entertainment Dome, a popular attraction in one of the eastern city Parks This one is primarily used by the water caste, where public debates into philosophy & questions are discussed at length for hours & hours on end in a unique sort of Diplomatic debate Sport that seems popular among the caste. The largest subterrainain district in Camburg in the older human districts. Tâau technology & human culture blend. This area is the entertainment A Auxiliary conscripts sketch of Mesme Districts Curtain walls. The Tâau primary Barracks and Fire Castes living quarters are situated in between the Tâau made eastern portion of the city & older human settlement next to the Etherel prelates primary residence & government building. Security is tight as such & these walls are a major line of defense for the leader of the Gryllus system. The artist was captured in a recent raid & this was found on her person. She has since been taken for further questioning & is scheduled to be sent to the Penal Colony Agri World in thanks for her cooperation. The Aun Reach Compounds view of the city. This is one of the most heavily defended regions & buildings in the entire system. An Artists depiction of the local peacekeepers of Camburg. This station is run by both humans & Tâau. Despite what one might think, water caste primarily makes up the bulk of law enforcement in the Tâau empire. Their diplomatic skills One of the Tâau loading bays & Battlesuit Armories. The heaviest suits that are more akin to flightless walking tanks are stationed in Camburg as a last line of defense. Though not numerous, there destructive power is equal & or super-passes any Imperial superheavy & some are even designed to hunt the might god engines if rumors are true. As stated in a previous debriefing. The Tâau Auxiliaries defense corp has taken its toll in this war & its numbers once in the millions of volunteers are now being supplemented by conscripted soldiery. These troopers are given quick rudimentary training & their equipment now shows it. Once wearing full combat suits able to help regulate temperatures & have built in comms. Now these fresh soldiers are given basic fatigues, a chestplate, & a padded kevlar like hood designed to protect them from shrapnel & weather. Their primary weapon a âPulse Defenderâ is a semi auto Pulse weapon with no stock or advanced scope beyond basic iron sights âThe intelligence dockets were detailed & more information could be provided if asked but the lord general continued.â Icons lit up once again like before one the map with new objective markers highlighted in gold for priority & green for non essential or secondary. âOur assault on Camburg will be absolute & to hammer home our advantage in numbers We still have we will strike with force on the Western half of the city. This is primarily the older settlement from the original human colonists. As such the architecture will primarily be imperial of origin in certain areas. However expect Xeno buildings & designs added as well. If things go well enough attacking the airbase Kestrel & titan forces will join us from the north, though this plav can operate without them. As we approach the city, first blood will go to the Astartes, if they are willing. Any space marine compliments available will attack the Spaceport in a rapid shock assault via however they wish. Anti air is present but I doubt that can stop angels of death for long. Their mission will be to destroy any Tâau air assets capable of defense & reduce the spaceport or any ships present to nonfunctional. This will eliminate the threat they can evacuate their leadership before we can reach him. After they have caused enough damage they can withdraw at their discretion.â âHe panned over the guards & knight elements.â âWe will begin with a bombardment of the outer defenses & target troop staging areas such as Barrackâs & Aunâs Reach. This is a civilian rich environment. They will likely try & flee from other gates. Hopefully in the east where they are out of our way & hamper the Tâauâs movements. Once we have a breach alert all personnel to increase pressure & pour all available units in. Once we are inside the fun part starts. We expect stiff resistance, barricades by conscripts. Murder holes, emplaced Tâau turrets & every vehicle & battlesuit they can throw at us alongside infantry. This will be a war of Rats, warrens & destroyed buildings will become fortresses in their own right. My regiment is specialized in shock assault & hive warfare, this will be our element. Many of you I know it will be the same. I will make my headquarters in Alexiaâs Mercy Basilica as itâs old, large & sturdy & capable of holding what I need Being close enough to our lines in the north for further resupply. Our greatest challenge will be Aunâs Reach. This is the resident of the Tâau Prelate AunâUi ViorâShi, they will do anything to defend him. He is priority one, take him alive, if we do. We could force the entire system wide Tâau force to surrender, We expect other Ethereal to be present as well, kill or take them alive if you can. That massive structure is the central nerve of the Tâau forces here in the system. Speaking of Ethereal's there is a target of interest regarding that. âHe pointed to objective J.â âThis which we have dubbed Seekers Rest, is a facility reserved for a Tâany sub group called Yasu'caor or Seekers in gothic. This seems to be a philosophical concept but its administrative one is something analogous to an Tâau equivalent of an Inquisition.â âThere was a pause with such connotations.â âItâs members are exclusively of the Ethereal caste & while I suggest you research them with data that can be provided, they will often be accompanied by retinues of varying backgrounds including there client races both of militant & other backgrounds. As such capturing this facility & its occupants would be a valuable asset. If needed Iâm willing to provide rewards to the soldiers who bring them in, & no it would be open to units who assisted them as well equally. This mission may require a more subtle hand but Iâm open to suggestions.â âThe Tâau military commander is one named Stoneguard. There are other forces present alongside fellow Tâau military leaders. Stoneguard believes in a patient hunter tactic of his species. He is patient & calculating & usually defensive, a dangerous combination for a defensive commander. Goad him as much as you can but do not fall for easy traps. Draw him in & lure him to situations he canât win either way. We wonât take the city in one swift strike likely. But if we do this, we could cripple its defenses & make the other half much easier to take. I will now open the floor to discussion of tactics & methods for making this a reality.â âHe sat down & let the projection stay.â (Estimates for enemy forces to be determined. We should outnumber them in most scenarios but they will be dug in more often then not.) |
2024.05.14 20:11 Familiar_Grade788 Am I on track for retirement?
2024.05.14 19:19 Dubmoney3355 Shout out to the Pacers front office
2024.05.14 19:12 jf198501 Best portrayals of Elizabeth I highlighting her savviness and intelligence?
2024.05.14 18:47 Then_Marionberry_259 MAY 13, 2024 STGO.TO STEPPE GOLD ANNOUNCES MAILING AND FILING OF ANNUAL GENERAL AND SPECIAL MEETING MATERIALS IN CONNECTION WITH PROPOSED TRANSACTION WITH BOROO GOLD AND BOROO SINGAPORE
https://preview.redd.it/ag74dcxj8f0d1.png?width=3500&format=png&auto=webp&s=7e4bc77da737c24a4d51fd2f8cdbd9db8254d299 submitted by Then_Marionberry_259 to Treaty_Creek [link] [comments] Ulaanbaatar, Mongolia--(Newsfile Corp. - May 13, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) ("Steppe Gold") is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities the management information circular dated May 8, 2024 and related meeting materials of Steppe Gold (the "Meeting Materials") for use at the annual general and special meeting (the "Meeting") of Steppe Gold shareholders (the "Shareholders") to be held in connection with the proposed transaction with Boroo Gold LLC ("Boroo Gold") and Boroo Pte Ltd. ("Boroo Singapore"), or one of its affiliates, as previously announced on April 11, 2024 (the "Transaction"). Steppe Gold has also mailed copies of the Meeting Materials to Shareholders entitled to vote on the Transaction at the Meeting. At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve the Transaction. If the Transaction is completed: (i) Steppe Gold will acquire all of the issued and outstanding shares of Boroo Gold in return for the issuance of that number of common shares in the capital of Steppe Gold ("Common Shares") that would result in Boroo Singapore, directly or indirectly, holding 55.9% of the issued and outstanding Common Shares (calculated on a fully diluted basis); and (ii) Boroo Singapore will acquire the Tres Cruces Oxide Project (the "Tres Cruces Project") by purchasing all of the issued and outstanding shares of two of Steppe Gold's indirect, wholly-owned subsidiaries for aggregate cash consideration of approximately CAD$12 million. THE STEPPE GOLD BOARD OF DIRECTORS HAS UNANIMOUSLY DETERMINED THAT THE TRANSACTION IS IN THE BEST INTERESTS OF STEPPE GOLD AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE IN FAVOUR OF THE TRANSACTION. Benefits of the Transaction The Transaction is expected to provide meaningful benefits to Shareholders, including:
The Meeting is scheduled to be held at the Shangri-La Hotel, 19 Olympic Street, Sukhbaatar District-1, Ulaanbaatar 14241 Mongolia on June 24, 2024 at 10:00 a.m. (ULAT). Shareholders may vote in person at the Meeting or by proxy. Shareholders that are unable to attend the Meeting, or any adjourned or postponed Meeting in person, are requested to date, sign and return the form of proxy for use at the Meeting. The deadline for receipt of proxies for the Meeting is 10:00 a.m. (ULAT) on June 20, 2024. Shareholders are advised to carefully read the Meeting Materials and then vote in person at the Meeting or by proxy. The Meeting Materials are available under the Company's profile on SEDAR+ at www.sedarplus.ca. Only Shareholders of record as at the close of business on May 6, 2024 are eligible to vote at the Meeting. About Steppe Gold Steppe Gold is Mongolia's premier precious metals company and 100% owner of the ATO gold mine and the Uudam Khundii project in Mongolia. About Boroo Gold Established in 1997, Boroo Gold is a leading gold producer in Mongolia with over 50,000 tons per day mining fleet, 5,500 tons per day mill and carbon-in-leach circuit gold processing plant, 3,000,000 tons per annum heap leach and carbon-in-columns plant and an approximate workforce of over 400 people. Boroo Gold operates the Boroo mine in Selenge province, as well as owning and operating the adjacent Ulaanbulag mine in Mongolia. Cautionary Statement on Forward-Looking Information This news release includes certain statements that constitute "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws (collectively, "forward-looking statements"). These include statements regarding Steppe Gold's intent, or the beliefs or current expectations for Steppe Gold's growth, production and valuation post-closing of the Transaction; future market conditions for metals; timing of the Meeting; and expected benefits to Shareholders as a result of the Transaction. When used in this news release, words such as "expected", "scheduled" and similar expressions are intended to identify these forward-looking statements as well as phrases or statements that certain actions, events or results "will", or "would" occur or the negative connotation of such terms. As well, forward-looking statements may relate to Steppe Gold's future outlook and anticipated events, such as the consummation and timing of the Transaction; the satisfaction of the conditions precedent to each of the Transaction; the anticipated benefits of the Transaction; the potential for value creation to Shareholders; the anticipated timing of the closing of the Transaction; the timing and anticipated receipt of required Shareholder, court and regulatory approvals for the Transaction; anticipated gold production of Boroo Gold and combined gold production of Steppe Gold; the anticipated cash flow of Steppe Gold; potential liquidity from the sale of the Tres Cruces Project; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto. These forward-looking statements involve numerous risks and uncertainties, including those relating to: required shareholder, regulatory and stock exchange approvals; approvals from applicable Mongolian authorities; exercise of any termination rights under the share exchange agreement dated April 11, 2024 between Steppe Gold, Boroo Singapore and Centerra Netherlands BVBA (the "Share Exchange Agreement") or the separate definitive share purchase agreements (the "Share Purchase Agreements"), each between one of Steppe Gold's wholly-owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated April 11, 2024; meeting other conditions precedent to each of the Share Exchange Agreement and the Share Purchase Agreements; material adverse effects on the business, properties and assets of Steppe Gold or Boroo Gold; discrepancies between actual and estimated production and test results, mineral reserves and resources and metallurgical recoveries; and such other risk factors detailed from time to time in Steppe Gold's public disclosure documents, including, without limitation, those risks identified in Steppe Gold's annual information form for the year ended December 31, 2023, which is available on SEDAR+ at www.sedarplus.ca. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by such forward-looking statements. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Steppe Gold assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Steppe Gold updates any one or more forward-looking statements, no inference should be drawn that the company will make additional updates with respect to those or other forward-looking statements. All forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. Contact Information Steppe Gold Bataa Tumur-Ochir, Chairman and Chief Executive Officer Jeremy South, Senior Vice President and Chief Financial Officer Elisa Tagarvaa, Investor Relations Manager ([elisa@steppegold.com](mailto:elisa@steppegold.com)) Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia Tel: +976 7732 1914 To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209078 https://preview.redd.it/hh1g8p1k8f0d1.png?width=4000&format=png&auto=webp&s=a6235f0cde46ed27e5902c3c5847f335d59fca52
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2024.05.14 17:59 Then_Marionberry_259 MAY 14, 2024 MAG.TO MAG SILVER REPORTS FIRST QUARTER FINANCIAL RESULTS
https://preview.redd.it/w3wbxgjzze0d1.png?width=3500&format=png&auto=webp&s=c343619687a11525804d04f755c495d975b2050d submitted by Then_Marionberry_259 to Treaty_Creek [link] [comments] VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- MAG Silver Corp. (TSX / NYSE American: MAG) (âMAGâ, or the âCompanyâ) announces the Companyâs unaudited consolidated financial results for the three months ended March 31, 2024 (âQ1 2024â). For details of the unaudited condensed interim consolidated financial statements of the Company for the three months ended March 31, 2024 (âQ1 2024 Financial Statementsâ) and managementâs discussion and analysis for the three months ended March 31, 2024 (âQ1 2024 MD&Aâ), please see the Companyâs filings on the System for Electronic Document Analysis and Retrieval Plus (âSEDAR+â) at ( www.sedarplus.ca ) or on the Electronic Data Gathering, Analysis, and Retrieval (âEDGARâ) at ( www.sec.gov ). All amounts herein are reported in $000s of United States dollars (âUS$â) unless otherwise specified (C$ refers to Canadian dollars). KEY HIGHLIGHTS (on a 100% basis unless otherwise noted)
1 Adjusted EBITDA, total cash costs, cash cost per ounce, all-in sustaining costs, all-in sustaining cost per ounce and free cash flow are non-IFRS measures, please see below â Non-IFRS Measures â section and section 12 of the Q1 2024 MD&A for a detailed reconciliation of these measures to the Q1 2024 Financial Statements. 2 Equivalent silver head grade and equivalent silver production have been calculated using the following price assumptions to translate gold, lead and zinc to âequivalentâ silver head grade and âequivalentâ silver production: $23/oz silver, $1,950/oz gold, $0.95/lb lead and $1.15/lb zinc. 3 Equivalent silver ounces sold have been calculated using realized price assumptions to translate gold, lead and zinc to âequivalentâ silver ounces sold (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices of $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc. CORPORATE
4 Information contained in or otherwise accessible through the Companyâs website, including the 2022 sustainability report and MAG Silver 2022 ESG Data Table, do not form part of this News Release and are not incorporated into this News Release by reference. EXPLORATION
https://preview.redd.it/qdr6asmzze0d1.png?width=720&format=png&auto=webp&s=aaedd0020755eaf3404201557cc9623acc995125 JUANICIPIO RESULTS All results of Juanicipio in this section are on a 100% basis, unless otherwise noted. Operating Performance The following table and subsequent discussion provide a summary of the operating performance of Juanicipio for the three months ended March 31, 2024 and 2023, unless otherwise noted. https://preview.redd.it/9txq8snzze0d1.png?width=720&format=png&auto=webp&s=0089cf57573e8834bdb641cf9e055619e6f6c5b2 (1) Equivalent silver head grades have been calculated using the following price assumptions to translate gold, lead and zinc to âequivalentâ silver head grade: $23/oz silver, $1,950/oz gold, $0.95/lb lead and $1.15/lb zinc (Q1 2023: $21.85/oz silver, $1,775/oz gold, $0.915/lb lead and $1.30/lb zinc). (2) Equivalent silver payable ounces have been calculated using realized price assumptions to translate gold, lead and zinc to âequivalentâ silver payable ounces (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices of $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc (Q1 2023 realized prices of $22.93/oz silver, $1,959.50/oz gold, $0.94/lb lead and $1.43/lb zinc). During the three months ended March 31, 2024 a total of 325,081 tonnes of ore were mined. This represents an increase of 45% over Q1 2023. Increases in mined tonnages at Juanicipio have been driven by the operational ramp up of the mine towards steady state targets. During the three months ended March 31, 2024 a total of 325,683 tonnes of ore were processed through the Juanicipio plant; no ore was processed at the nearby Fresnillo and Saucito processing plants (100% owned by Fresnillo). This represents an increase of 47% over Q1 2023. The increase in milled tonnage has been driven by the Juanicipio mill commissioning and operational ramp up to nameplate capacity over the course of 2023. The silver head grade and equivalent silver head grade for the ore processed in the three months ended March 31, 2024 was 476 g/t and 713 g/t, respectively (three months ended March 31, 2023: 363 g/t and 530 g/t, respectively). Head grades in Q1 2023 were lower as low-grade commissioning stockpiles were processed through the Juanicipio plant. Silver metallurgical recovery during Q1 2024 was 89.1% (Q1 2023: 87.0%) reflecting ongoing optimizations in the processing plant. The following table provides a summary of the total cash costs 5 and all-in sustaining costs 5 (âAISCâ) of Juanicipio for the three months ended March 31, 2024, and 2023. https://preview.redd.it/riqz1yozze0d1.png?width=720&format=png&auto=webp&s=c5f2edde6bc789d2d379ca3a910beaa1cb262bde ________________________ 5 Total cash costs, cash cost per ounce, cash cost per equivalent ounce, all-in sustaining costs, all-in sustaining cost per ounce, and all-in sustaining cost per equivalent ounce are non-IFRS measures, please see the â Non-IFRS Measures â section below and section 12 of the Q1 2024 MD&A for a detailed reconciliation of these measures to the Q1 2024 Financial Statements. Equivalent silver ounces sold have been calculated using realized price assumptions to translate gold, lead and zinc to âequivalentâ silver ounces sold (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices of $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc (Q1 2023: $22.93/oz silver, $1,959.50/oz gold, $0.94/lb lead and $1.43/lb zinc). Financial Results The following table presents excerpts of the financial results of Juanicipio for the three months ended March 31, 2024 and 2023. https://preview.redd.it/4zym5dqzze0d1.png?width=720&format=png&auto=webp&s=d25c91cabc7f6c6b35ff61acacc0160f3dfac2e7 Sales increased by $72,207 during the three months ended March 31, 2024, mainly due to 179% higher metal volumes and 2% higher realized metal prices. Offsetting higher sales was higher production cost ($9,409) which was driven by higher sales and operational ramp-up in mining and processing, including $3,545 in inventory movements, and higher depreciation ($14,083) as the Juanicipio mill achieved commercial production and commenced depreciating the processing facility and associated equipment in June 2023. Operating margin increased by 21% to 52%, mainly due to operational leverage and the lower reliance on the nearby Fresnillo and Saucito processing facilities. Other expenses increased by $2,159 mainly as a result of higher extraordinary mining and other duties ($872) in relation to higher precious metal revenues from the sale of concentrates and higher consulting and administrative expenses ($2,690) as an operator services agreement became effective upon initiation of commercial production (the âOperator Services Agreementâ), offset by lower exchange losses and other costs ($1,566). Taxes increased by $20,980 impacted by higher taxable profits generated during Q1 2024, and non-cash deferred tax credits related to the commencement of use of plant and equipment in Q1 2023. Ore Processed at Juanicipio Plant (100% basis) https://preview.redd.it/koajybrzze0d1.png?width=720&format=png&auto=webp&s=caf1b70c53c47d371b9cebd743877fcd4ae59ba3 (1) The underground mine was considered readied for its intended use on January 1, 2022, whereas the Juanicipio processing facility started commissioning and ramp-up activities in January 2023, achieving commercial production status on June 1, 2023. (2) Includes toll milling costs from processing mineralized material at the Saucito and Fresnillo plants for Q1 2023. Sales and treatment charges are recorded on a provisional basis and are adjusted based on final assay and pricing adjustments in accordance with the offtake contracts. MAG FINANCIAL RESULTS â THREE MONTHS ENDED MARCH 31, 2024 As at March 31, 2024, MAG had working capital of $72,833 (December 31, 2023: $67,262) including cash of $74,683 (December 31, 2023: $68,707) and no long-term debt. As well, as at March 31, 2024, Juanicipio had working capital of $107,088 including cash of $30,991 (MAGâs attributable share is 44%). The Companyâs net income for the three months ended March 31, 2024 amounted to $14,895 (March 31, 2023: $4,713) or $0.14/share (March 31, 2023: $0.05/share). MAG recorded its 44% income from equity accounted investment in Juanicipio of $19,244 (March 31, 2023: $7,919) which included MAGâs 44% share of net income from operations as well as loan interest earned on loans advanced to Juanicipio (see above for MAGâs share of income from its equity accounted investment in Juanicipio). https://preview.redd.it/5bneimszze0d1.png?width=720&format=png&auto=webp&s=323d988dbd92cf6ca4e815fff071c8ec7f45ee00 NON-IFRS MEASURES The following table provides a reconciliation of cash cost per silver ounce of Juanicipio to production cost of Juanicipio on a 100% basis (the nearest IFRS measure) as presented in the notes to the Q1 2024 Financial Statements. https://preview.redd.it/0jhh2stzze0d1.png?width=720&format=png&auto=webp&s=c97634763bd00967ddd878bc09b8e069687fae68 (1) As Q3 2023 represented the first full quarter of commercial production, information presented for total cash costs together with their associated per unit values are not directly comparable. (2) By-product revenues relates to the sale of other metals namely gold, lead, and zinc. (3) Equivalent silver payable ounces have been calculated using realized prices to translate gold, lead and zinc to âequivalentâ silver payable ounces (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices: $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc (Q1 2023: $22.93/oz silver, $1,959.50/oz gold, $0.94/lb lead and $1.43/lb zinc). The following table provides a reconciliation of AISC of Juanicipio to production cost and various operating expenses of Juanicipio on a 100% basis (the nearest IFRS measure), as presented in the notes to the Q1 2024 Financial Statements. https://preview.redd.it/qkx2r5vzze0d1.png?width=720&format=png&auto=webp&s=0c9cb89471512649ac77b5cbe3177b0621d64835 (1) As Q3 2023 represented the first full quarter of commercial production, information presented for all-in sustaining costs and all-in sustaining margin together with their associated per unit values are not directly comparable. (2) Equivalent silver payable ounces have been calculated using realized prices to translate gold, lead and zinc to âequivalentâ silver payable ounces (metal quantity, multiplied by metal price, divided by silver price). Q1 2024 realized prices: $23.73/oz silver, $2,112.27/oz gold, $0.92/lb lead and $1.08/lb zinc, (Q1 2023 realized prices: $22.93/oz silver, $1,959.50/oz gold, $0.94/lb lead and $1.43/lb zinc). For the three months ended March 31, 2024 the Company incurred corporate G&A expenses of $3,964 (three months ended March 31, 2023: $3,262), which exclude depreciation expense. The Companyâs attributable silver ounces sold and equivalent silver ounces sold for the three months ended March 31, 2024 were 1,757,630 and 2,475,862 respectively (three months ended March 31, 2023: 880,429 and 1,230,412 respectively), resulting in additional allâin sustaining cost for the Company of $2.26/oz and $1.60/oz respectively (three months ended March 31, 2023: $3.71/oz and $2.65/oz respectively), in addition to Juanicipioâs all-in-sustaining costs presented in the above table. The following table provides a reconciliation of EBITDA and Adjusted EBITDA attributable to the Company based on its economic interest in Juanicipio to net income (the nearest IFRS measure) of the Company per the Q1 2024 Financial Statements. All adjustments are shown net of estimated income tax. https://preview.redd.it/sx6jo7wzze0d1.png?width=720&format=png&auto=webp&s=1fea9df2b8195ce579b570935ab24b9939da5988 (1) As Q3 2023 represents the first full quarter of commercial production, information presented for EBITDA and Adjusted EBITDA is not directly comparable. The following table provides a reconciliation of free cash flow of Juanicipio to its cash flow from operating activities on a 100% basis (the nearest IFRS measure), as presented in the notes to the Q1 2024 Financial Statements. https://preview.redd.it/aqnp2dxzze0d1.png?width=720&format=png&auto=webp&s=56db2245eb87ec1f718edc1890b48b9b5d3ad762 (1) As Q3 2023 represents the first full quarter of commercial production, comparative information presented for free cash flow of Juanicipio is not directly comparable. Qualified Persons: All scientific or technical information in this press release including assay results referred to, and mineral resource estimates, if applicable, is based upon information prepared by or under the supervision of, or has been approved by Gary Methven, P.Eng., Vice President, Technical Services and Lyle Hansen, P.Geo, Geotechnical Director; both are âQualified Personsâ for purposes of National Instrument 43-101, Standards of Disclosure for Mineral Projects About MAG Silver Corp. MAG Silver Corp. is a growth-oriented Canadian exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the 100% earn-in Deer Trail Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada. Neither the Toronto Stock Exchange nor the NYSE American has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management. Certain information contained in this release, including any information relating to MAGâs future oriented financial information, are âforward-looking informationâ and âforward-looking statementsâ within the meaning of applicable Canadian and United States securities legislation (collectively herein referred as âforward-looking statementsâ), including the âsafe harbourâ provisions of provincial securities legislation, the U.S. Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended and Section 27A of the U.S. Securities Act. Such forward-looking statements include, but are not limited to:
Forward-looking statements are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Companyâs control and many of which, regarding future business decisions, are subject to change. Assumptions underlying the Companyâs expectations regarding forward-looking statements contained in this release include, among others: MAGâs ability to carry on its various exploration and development activities including project development timelines, the timely receipt of required approvals and permits, the price of the minerals produced, the costs of operating, exploration and development expenditures, the impact on operations of the Mexican tax and legal regimes, MAGâs ability to obtain adequate financing, outbreaks or threat of an outbreak of a virus or other contagions or epidemic disease will be adequately responded to locally, nationally, regionally and internationally. Although MAG believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements including amongst others: commodities prices; changes in expected mineral production performance; unexpected increases in capital costs or cost overruns; exploitation and exploration results; continued availability of capital and financing; general economic, market or business conditions; risks relating to the Companyâs business operations; risks relating to the financing of the Companyâs business operations; risks related to the Companyâs ability to comply with restrictive covenants and maintain financial covenants pursuant to the terms of the Credit Facility; the expected use of the Credit Facility; risks relating to the development of Juanicipio and the minority interest investment in the same; risks relating to the Companyâs property titles; risks related to receipt of required regulatory approvals; pandemic risks; supply chain constraints and general costs escalation in the current inflationary environment heightened by the invasion of Ukraine by Russia and the events relating to the Israel-Hamas war; risks relating to the Companyâs financial and other instruments; operational risk; environmental risk; political risk; currency risk; market risk; capital cost inflation risk; risk relating to construction delays; the risk that data is incomplete or inaccurate; the risks relating to the limitations and assumptions within drilling, engineering and socio-economic studies relied upon in preparing economic assessments and estimates, including the 2017 PEA; as well as those risks more particularly described under the heading âRisk Factorsâ in the Companyâs Annual Information Form dated March 27, 2023 available under the Companyâs profile on SEDAR+ at www.sedarplus.ca . Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. This list is not exhaustive of the factors that may affect any of the Companyâs forward-looking statements. The Companyâs forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and, other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements if circumstances or managementâs beliefs, expectations or opinions should change. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements. Please Note: Investors are urged to consider closely the disclosures in MAG's annual and quarterly reports and other public filings, accessible through the Internet at www.sedarplus.ca and www.sec.gov LEI: 254900LGL904N7F3EL14 For further information on behalf of MAG Silver Corp. Contact Michael J. Curlook, Vice President, Investor Relations and Communications Phone: (604) 630-1399 Toll Free: (866) 630-1399 Email:info@magsilver.comhttps://preview.redd.it/d8wzg8yzze0d1.jpg?width=66&format=pjpg&auto=webp&s=a39ec6a39761447bbd4dbd77e92aef49e95e583e https://preview.redd.it/qr1wv0zzze0d1.png?width=4000&format=png&auto=webp&s=fadeb32c9245f8b70d903b1c70321decddf77985
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