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Synlogic to Present at Upcoming Virtual Banking Conference

PR Newswire

CAMBRIDGE, Mass., Nov. 18, 2020 /PRNewswire/ — Synlogic, Inc. (Nasdaq: SYBX), a clinical stage company bringing the transformative potential of synthetic biology to medicine, today announced that Aoife Brennan, M.B. Ch.B., Synlogic’s President and Chief Executive Officer, and other members of the executive team will present at the following virtual banking conference:

  • Piper Sandler 32nd Annual Virtual Healthcare Conference: Dr. Brennan will participate in a ‘Fireside Chat’ at 10:00 am on Monday, November 23, 2020.

These are virtual events. Presentations will be available for registered attendees via the Piper Sandler conference site from November 23 to December 3. A live webcast of the presentations can be accessed under “Event Calendar” in the Investors & Media section of the Company’s website. An archived copy of the webcast will be available on the Synlogic website for approximately 30 days after the event.

About Synlogic
Synlogic™ is bringing the transformative potential of synthetic biology to medicine. With a premiere synthetic biology platform that leverages a reproducible, modular approach to microbial engineering, Synlogic designs Synthetic Biotic medicines that target validated underlying biology to treat disease in new ways. Synlogic’s proprietary pipeline includes Synthetic Biotics for the treatment of metabolic disorders including Phenylketonuria (PKU) and Enteric Hyperoxaluria (HOX). The company is also building a portfolio of partner-able assets in immunology and oncology.

Forward-Looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, clinical development plans, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. In addition, when or if used in this press release, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to Synlogic may identify forward-looking statements. Examples of forward-looking statements, include, but are not limited to, statements regarding the potential of Synlogic’s platform to develop therapeutics to address a wide range of diseases including: cancer, inborn errors of metabolism,  and inflammatory and immune disorders; the future clinical development of Synthetic Biotic medicines; the approach Synlogic is taking to discover and develop novel therapeutics using synthetic biology; and the expected timing of Synlogic’s clinical trials and availability of clinical trial data. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including: the uncertainties inherent in the clinical and preclinical development process; the ability of Synlogic to protect its intellectual property rights; and legislative, regulatory, political and economic developments, as well as those risks identified under the heading “Risk Factors” in Synlogic’s filings with the SEC. The forward-looking statements contained in this press release reflect Synlogic’s current views with respect to future events. Synlogic anticipates that subsequent events and developments will cause its views to change. However, while Synlogic may elect to update these forward-looking statements in the future, Synlogic specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Synlogic’s view as of any date subsequent to the date hereof.

 

Cision View original content:http://www.prnewswire.com/news-releases/synlogic-to-present-at-upcoming-virtual-banking-conference-301175670.html

SOURCE Synlogic, Inc.

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Grillers Rejoice! Kingsford® Goes Big This Holiday Season With New Weatherproof Pallets Of Charcoal And Pellets Delivered To Your Door

Kingsford’s Pallet Present is sold exclusively online at the revamped Kingsford Store, which now offers new premium grilling lifestyle gear and accessories perfect for the holiday season

PR Newswire

OAKLAND, Calif., Nov. 18, 2020 /PRNewswire/ — Kingsford, America’s favorite outdoor fuel for more than 100 years, is offering full pallets of both Kingsford charcoal and pellets direct to consumers for the first time ever. Now available for a limited time on the revamped Kingsford Shop, Kingsford’s Pallet Present comes perfectly wrapped in a weatherproof cover so avid grillers never have to worry about running out of fuel in 2021.      

“Kingsford grilling is a four seasons lifestyle. Our fans have spoken, and we listened – they want a better way to get more of the charcoal and pellets they love, and we obliged,” said Rachel Shahvar, Associate Marketing Director, at Kingsford. “For those grillers who aren’t lucky enough to wake up to Kingsford’s Pallet Present laying underneath their outdoor tree, they can still live the grilling lifestyle with our new premium quality gear and accessories on the Kingsford Shop.”

Available for $400, including free delivery within the Continental U.S., Kingsford’s Pallet Present is the gift that keeps on giving year round and has finally made receiving a lump of coal a good thing. Included in the product is an entire pallet of Kingsford Original Charcoal (48, 16 lb. bags) or Kingsford Pellets Classic Blend (56, 20 lb. bags), and structurally measures 3’10” (h) x 4′ 5/8″ (l) x 3′ 5 1/2″ (w).

While Kingsford’s Pallet Present won’t fit inside under the Christmas tree, this item will be one of the best gifts a griller could hope to receive this holiday season and is part of a new collection of premium quality clothing and accessories now available online at the Kingsford Shop. The new Kingsford-branded hats, shirts, outerwear and drinkware are produced by some of the industry’s leading brands, such as New Era, Yeti and American Apparel.

To order Kingsford’s Pallet Present or any of the new Kingsford lifestyle products for yourself or a loved one this holiday season, go to www.kingsford.com/shop/.

Follow Kingsford on Twitter and www.kingsford.com to stay up to date on the latest recipes and how to instruction.

About Kingsford


The Kingsford Products Company
 is a wholly owned subsidiary of The Clorox Company, headquartered in Oakland, Calif.  

The Clorox Company (NYSE: CLX) is a leading multinational manufacturer and marketer of consumer and professional products with approximately 8,700 employees worldwide and fiscal year 2018 sales of $6.1 billion. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach and cleaning products; Pine-Sol® cleaners; Liquid-Plumr® clog removers; Poett® home care products; Fresh Step® cat litter; Glad® bags, wraps and containers; Kingsford® charcoal; Hidden Valley® dressings and sauces; Brita® water-filtration products; Burt’s Bees® natural personal care products; RenewLife® digestive health products; and Rainbow Light®, Natural Vitality® and NeoCell® dietary supplements. The company also markets brands for its industry-leading healthcare and commercial cleaning products under the CloroxPro™ and Clorox Healthcare® names. More than 80 percent of the company’s sales are generated from brands that hold the No. 1 or No. 2 market share positions in their categories. 

Clorox is a signatory of the United Nations Global Compact, a community of global leaders committed to sustainability. The company has been broadly recognized for its corporate responsibility efforts, included on CR Magazine’s 2018 100 Best Corporate Citizens list, Barron’s 2019 100 Most Sustainable Companies, the Human Rights Campaign’s 2019 Corporate Equality Index and the 2019 Bloomberg Gender Equality Index, among others. In support of its communities, The Clorox Company and its foundations contributed about $20 million in combined cash grants, product donations and cause marketing in fiscal year 2018. For more information, visit TheCloroxCompany.com, including the Good Growth blog, and follow the company on Twitter at @CloroxCo. 

Contact: Jordyn Volk, (415) 262-5980, [email protected]

 

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SOURCE Kingsford Charcoal

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Target Corporation Reports Third Quarter Earnings

PR Newswire

MINNEAPOLIS, Nov. 18, 2020 /PRNewswire/ —

  • Third quarter comparable sales grew 20.7 percent
    • Comparable traffic grew 4.5 percent, and average ticket grew 15.6 percent
    • Store comparable sales increased 9.9 percent
    • Digital comparable sales grew 155 percent, accounting for 10.9 percentage points of Target’s comparable sales growth
    • Same-day services (Order Pick Up, Drive Up and Shipt) grew 217 percent
    • More than 95 percent of Target’s third quarter sales were fulfilled by its stores
  • Throughout the third quarter, the Company continued to gain market share across all five of its core merchandising categories. Year to date, the Company has gained more than $6 billion in market share.
  • Third quarter GAAP EPS from continuing operations of $2.01 was 46.3 percent higher than last year. Third quarter Adjusted EPS1 of $2.79 was 105.1 percent higher than last year, as strong operating performance offset continued investments in team member pay and benefits and safety measures to protect guests and team members.
  • For additional media materials, please visit:
    https://corporate.target.com/article/2020/11/q3-2020-earnings

Target Corporation (NYSE: TGT) today announced its third quarter 2020 financial results, which reflected continued, robust growth in both sales and profitability. The Company reported third quarter GAAP earnings per share (EPS) from continuing operations of $2.01, up 46.3 percent from $1.37 in 2019. GAAP EPS included a $0.75 loss on debt extinguishment, which was excluded from Adjusted EPS. Third quarter Adjusted EPS of $2.79 grew 105.1 percent compared with $1.36 in 2019. The attached tables provide a reconciliation of non-GAAP to GAAP measures. All earnings per share figures refer to diluted EPS.

“Our strong results in 2020 reflect the benefits of our multi-year effort to build a durable and flexible model, with a differentiated assortment and a suite of industry-leading fulfillment options — all brought to life through the passion and effort of our team. As a result, we’ve seen a deepening level of engagement and trust from our guests. The result is unprecedented market share gains and historically strong sales growth, both in our stores and our digital channels,” said Brian Cornell, chairman and chief executive officer of Target Corporation. “In preparation for the holiday season, we focused first on the safety of our guests and our team, making changes to eliminate crowds while enhancing our fast-growing, contactless options like in-store pickup, Drive Up and Shipt. In a holiday season that will feel different for our guests, we’re committed to helping them navigate the season safely, as they find new ways to celebrate with family and friends.”

Fiscal 2020 Guidance

During the first quarter, the Company withdrew its guidance given the unusually wide range of potential outcomes, in light of the highly fluid and uncertain outlook for consumer shopping patterns and the impact of COVID-19.

Operating Results

The Company’s total comparable sales grew 20.7 percent in the third quarter, reflecting comparable stores sales growth of 9.9 percent and digital sales growth of 155 percent. Total revenue of $22.6 billion grew 21.3 percent compared with last year, driven by sales growth of 21.3 percent and an 18.1 percent increase in other revenue. Operating income was $1.9 billion in third quarter 2020, up 93.1 percent from $1.0 billion in 2019.

Third quarter operating income margin rate was 8.5 percent in 2020 compared with 5.4 percent in 2019. Third quarter gross margin rate was 30.6 percent, compared with 29.8 percent in 2019, reflecting the benefit of merchandising actions, primarily from exceptionally low markdown rates, partially offset by the impact of higher digital fulfillment and supply chain costs, along with unfavorable category mix. Third quarter SG&A expense rate was 20.5 percent in 2020, compared with 22.3 percent in 2019, reflecting the benefit of leverage from strong sales growth, partially offset by the net impact of other factors, primarily investments in team member pay, benefits, and safety.

Interest Expense and Taxes

The Company’s third quarter 2020 net interest expense was $632 million, compared with $113 million last year. The increase was driven primarily by a $512 million charge related to the early retirement of debt in third quarter 2020.

Third quarter 2020 effective income tax rate was 21.9 percent, in line with 21.7 percent last year.

Capital Deployment and Return on Invested Capital

The Company paid dividends of $340 million in the third quarter, compared with $337 million last year, reflecting a 3.0 percent increase in the dividend per share, partially offset by a decline in average share count.

The Company has recently taken a number of actions in light of its strong operating performance and cash position. 

  • Today, the Company announced it has lifted its share repurchase suspension, which it had announced on March 25, at a time of unusually high uncertainty following the onset of the COVID-19 pandemic. The Company expects to resume share repurchases in 2021, consistent with its long-standing capital deployment policies and within the limits of its strong, middle-A credit ratings. As of the end of the third quarter, the Company had approximately $4.5 billion of remaining capacity under the repurchase program approved by Target’s Board of Directors in September 2019.
  • In October, the Company executed a debt tender offer, deploying $2.3 billion in cash to retire $1.8 billion of long-term debt.
  • In early November, the Company terminated a supplementary 364 day credit facility, which had been secured in April given the uncertainty around COVID-19.

For the trailing twelve months through third quarter 2020, after-tax return on invested capital (ROIC) was 19.9 percent, compared with 15.0 percent for the twelve months through third quarter 2019. The increase to ROIC was driven primarily by increased profitability combined with a decrease in the base of invested capital. The tables in this release provide additional information about the Company’s ROIC calculation.

Webcast Details

Target will webcast its third quarter earnings conference call at 7:00 a.m. CT today. Investors and the media are invited to listen to the meeting at Investors.Target.com (click “investors” then click on “events & presentations”). A replay of the webcast will be provided when available. The replay number is 1-866-454-1406.

Miscellaneous

The statement in this release regarding the Company’s expected resumption of share repurchase activity in 2021 is a forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. Such statement is subject to risks and uncertainties which could cause the Company’s actions to differ materially.  The most important risks and uncertainties are described in Item 1A of the Company’s Form 10-K for the fiscal year ended Feb. 1, 2020 and Item 1A of the Company’s Form 10-Q for the fiscal quarter ended May 2, 2020. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update any forward-looking statement.

About Target

Minneapolis-based Target Corporation (NYSE: TGT) serves guests at nearly 1,900 stores and at Target.com. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. For the latest store count or for more information, visit Target.com/Pressroom. For a behind-the-scenes look at Target, visit Target.com/abullseyeview or follow @TargetNews on Twitter.

For more on the Target Foundation, click here.


1Adjusted EPS, a non-GAAP financial measure, excludes the impact of certain discretely managed items. See the tables of this release for additional information about the items that have been excluded from Adjusted EPS.

 


TARGET CORPORATION

 


Consolidated Statements of Operations

Three Months Ended

Nine Months Ended


(millions, except per share data) (unaudited)

October 31,

2020

November 2,

2019

Change

October 31,

2020

November 2,

2019

Change

Sales

$

22,336

$

18,414

21.3

%

$

64,403

$

53,997

19.3

%

Other revenue

296

251

18.1

819

716

14.3

Total revenue

22,632

18,665

21.3

65,222

54,713

19.2

Cost of sales

15,509

12,935

19.9

45,692

37,808

20.9

Selling, general and administrative expenses

4,647

4,153

11.9

13,167

11,728

12.3

Depreciation and amortization (exclusive of depreciation included in cost of sales)

541

575

(5.8)

1,660

1,717

(3.3)

Operating income

1,935

1,002

93.1

4,703

3,460

35.9

Net interest expense

632

113

457.7

871

359

142.6

Net other (income) / expense

5

(12)

(148.5)

16

(38)

(144.1)

Earnings from continuing operations before income taxes

1,298

901

44.1

3,816

3,139

21.6

Provision for income taxes

284

195

45.7

828

703

17.8

Net earnings from continuing operations

1,014

706

43.6

2,988

2,436

22.6

Discontinued operations, net of tax

—

8

—

11

Net earnings

$

1,014

$

714

41.9

%

$

2,988

$

2,447

22.1

%

Basic earnings per share

Continuing operations

$

2.02

$

1.38

46.2

%

$

5.97

$

4.75

25.6

%

Discontinued operations

—

0.02

—

0.02

Net earnings per share

$

2.02

$

1.40

44.5

%

$

5.97

$

4.77

25.0

%

Diluted earnings per share

Continuing operations

$

2.01

$

1.37

46.3

%

$

5.91

$

4.71

25.5

%

Discontinued operations

—

0.02

—

0.02

Net earnings per share

$

2.01

$

1.39

44.5

%

$

5.91

$

4.74

24.9

%

Weighted average common shares outstanding

Basic

500.6

509.7

(1.8)

%

500.6

512.5

(2.3)

%

Diluted

505.4

514.8

(1.8)

%

505.2

516.8

(2.2)

%

Antidilutive shares

—

—

—

—

Dividends declared per share

$

0.68

$

0.66

3.0

%

$

2.02

$

1.96

3.1

%

Note:  Per share amounts may not foot due to rounding.

 


TARGET CORPORATION

 


Consolidated Statements of Financial Position


(millions, except footnotes) (unaudited)

October 31,

2020

February 1,

2020

November 2,

2019


Assets

Cash and cash equivalents

$

5,996

$

2,577

$

969

Inventory

12,712

8,992

11,396

Other current assets

1,601

1,333

1,440

Total current assets

20,309

12,902

13,805

Property and equipment

Land

6,063

6,036

6,040

Buildings and improvements

31,398

30,603

30,467

Fixtures and equipment

5,843

6,083

6,032

Computer hardware and software

2,706

2,692

2,636

Construction-in-progress

518

533

298

Accumulated depreciation

(19,755)

(19,664)

(19,089)

Property and equipment, net

26,773

26,283

26,384

Operating lease assets

2,208

2,236

2,151

Other noncurrent assets

1,371

1,358

1,401


Total assets

$

50,661

$

42,779

$

43,741


Liabilities and shareholders’ investment

Accounts payable

$

14,203

$

9,920

$

11,258

Accrued and other current liabilities

5,023

4,406

4,191

Current portion of long-term debt and other borrowings

131

161

1,159

Total current liabilities

19,357

14,487

16,608

Long-term debt and other borrowings

12,490

11,338

10,513

Noncurrent operating lease liabilities

2,196

2,275

2,208

Deferred income taxes

1,171

1,122

1,215

Other noncurrent liabilities

2,128

1,724

1,652

Total noncurrent liabilities

17,985

16,459

15,588

Shareholders’ investment

Common stock

42

42

42

Additional paid-in capital

6,285

6,226

6,006

Retained earnings

7,789

6,433

6,270

Accumulated other comprehensive loss

(797)

(868)

(773)

Total shareholders’ investment

13,319

11,833

11,545


Total liabilities and shareholders’ investment

$

50,661

$

42,779

$

43,741

Common Stock  Authorized 6,000,000,000 shares, $0.0833 par value; 500,754,729, 504,198,962 and 506,677,740 shares issued and outstanding as of October 31, 2020, February 1, 2020, and November 2, 2019, respectively.

Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented.

 


TARGET CORPORATION

 


Consolidated Statements of Cash Flows

Nine Months Ended


(millions) (unaudited)

October 31,

2020

November 2,

2019


Operating activities

Net earnings

$

2,988

$

2,447

Earnings from discontinued operations, net of tax

—

11

Net earnings from continuing operations

2,988

2,436

Adjustments to reconcile net earnings to cash provided by operations:

Depreciation and amortization

1,848

1,905

Share-based compensation expense

161

116

Deferred income taxes

26

235

Loss on debt extinguishment

512

—

Noncash losses / (gains) and other, net

124

6

Changes in operating accounts:

Inventory

(3,720)

(1,899)

Other assets

(174)

(10)

Accounts payable

4,287

1,473

Accrued and other liabilities

992

(121)

Cash provided by operating activities—continuing operations

7,044

4,141

Cash provided by operating activities—discontinued operations

—

18

Cash provided by operations

7,044

4,159


Investing activities

Expenditures for property and equipment

(2,009)

(2,403)

Proceeds from disposal of property and equipment

27

29

Other investments

(3)

14

Cash required for investing activities

(1,985)

(2,360)


Financing activities

Additions to long-term debt

2,480

994

Reductions of long-term debt

(2,395)

(1,041)

Dividends paid

(1,002)

(995)

Repurchase of stock

(741)

(959)

Accelerated share repurchase pending final settlement

—

(450)

Stock option exercises

18

65

Cash required for financing activities

(1,640)

(2,386)

Net increase in cash and cash equivalents

3,419

(587)

Cash and cash equivalents at beginning of period

2,577

1,556


Cash and cash equivalents at end of period

$

5,996

$

969

 


TARGET CORPORATION

 


Operating Results


Rate Analysis

Three Months Ended

Nine Months Ended


(unaudited)

October 31,

2020

November 2,

2019

October 31,

2020

November 2,

2019

Gross margin rate

30.6

%

29.8

%

29.1

%

30.0

%

SG&A expense rate

20.5

22.3

20.2

21.4

Depreciation and amortization (exclusive of depreciation included in cost of sales) expense rate

2.4

3.1

2.5

3.1

Operating income margin rate

8.5

5.4

7.2

6.3

Note:  Gross margin rate is calculated as gross margin (sales less cost of sales) divided by sales. All other rates are calculated by dividing the applicable amount by total revenue. Other revenue includes $164 million and $488 million of profit-sharing income under our credit card program agreement for the three and nine months ended October 31, 2020, respectively, and $177 million and $505 million for the three and nine months ended November 2, 2019, respectively.


Comparable Sales

Three Months Ended

Nine Months Ended


(unaudited)

October 31,

2020

November 2,

2019

October 31,

2020

November 2,

2019

Comparable sales change

20.7

%

4.5

%

18.7

%

4.2

%

Drivers of change in comparable sales

Number of transactions

4.5

3.1

2.6

3.3

Average transaction amount

15.6

1.4

15.7

0.9


Contribution to Comparable Sales Change

Three Months Ended

Nine Months Ended


(unaudited)

October 31,

2020

November 2,

2019

October 31,

2020

November 2,

2019

Stores originated channel comparable sales change

9.9

%

2.8

%

7.3

%

2.3

%

Contribution from digitally originated sales

10.9

1.7

11.4

1.9

Total comparable sales change

20.7

%

4.5

%

18.7

%

4.2

%

Note: Amounts may not foot due to rounding.


Sales by Channel

Three Months Ended

Nine Months Ended


(unaudited)

October 31,

2020

November 2,

2019

October 31,

2020

November 2,

2019

Stores originated

84.3

%

92.5

%

83.9

%

92.7

%

Digitally originated

15.7

7.5

16.1

7.3

Total

100

%

100

%

100

%

100

%


RedCard Penetration

Three Months Ended

Nine Months Ended


(unaudited)

October 31,

2020

November 2,

2019

October 31,

2020

November 2,

2019

Target Debit Card

12.2

%

12.5

%

12.2

%

12.7

%

Target Credit Cards

9.3

10.7

9.2

10.6

Total RedCard Penetration

21.5

%

23.1

%

21.4

%

23.3

%

Note: Amounts may not foot due to rounding.

 


Number of Stores and Retail Square Feet

Number of Stores

Retail Square Feet(a)


(unaudited)

October 31,

2020

February 1,

2020

November 2,

2019

October 31,

2020

February 1,

2020

November 2,

2019

170,000 or more sq. ft.

273

272

272

48,798

48,619

48,619

50,000 to 169,999 sq. ft.

1,509

1,505

1,504

189,508

189,227

189,164

49,999 or less sq. ft.

115

91

86

3,342

2,670

2,475

Total

1,897

1,868

1,862

241,648

240,516

240,258



(a)          
In thousands, reflects total square feet less office, distribution center, and vacant space.

 

TARGET CORPORATION

Reconciliation of Non-GAAP Financial Measures

To provide additional transparency, we have disclosed non-GAAP adjusted diluted earnings per share from continuing operations (Adjusted EPS). This metric excludes certain items presented below. We believe this information is useful in providing period-to-period comparisons of the results of our continuing operations. This measure is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (GAAP). The most comparable GAAP measure is diluted earnings per share from continuing operations. Adjusted EPS should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate Adjusted EPS differently, limiting the usefulness of the measure for comparisons with other companies.


Reconciliation of Non-GAAP


Adjusted EPS

Three Months Ended

October 31, 2020

November 2, 2019


(millions, except per share data) (unaudited)

Pretax

Net of Tax

Per Share

Pretax

Net of Tax

Per Share

Change

GAAP diluted earnings per share from continuing operations

$

2.01

$

1.37

46.3

%

Adjustments

Loss on debt extinguishment

$

512

$

379

$

0.75

$

—

$

—

$

—

Loss on investment (a)

8

9

0.02

—

—

—

Other (b)

8

6

0.01

(9)

(6)

(0.01)

Adjusted diluted earnings per share from continuing operations

$

2.79

$

1.36

105.1

%


Reconciliation of Non-GAAP


Adjusted EPS

Nine Months Ended

October 31, 2020

November 2, 2019


(millions, except per share data) (unaudited)

Pretax

Net of Tax

Per Share

Pretax

Net of Tax

Per Share

Change

GAAP diluted earnings per share from continuing operations

$

5.91

$

4.71

25.5

%

Adjustments

Loss on debt extinguishment

$

512

$

379

$

0.75

$

—

$

—

$

—

Loss on investment (a)

19

18

0.03

—

—

—

Other (b)

33

24

0.05

(9)

(6)

(0.01)

Adjusted diluted earnings per share from continuing operations

$

6.75

$

4.70

43.5

%

Note: Amounts may not foot due to rounding.



(a)      
Includes an unrealized loss on our investment in Casper Sleep Inc., which is not core to our continuing operations.



(b)      
For 2020, includes store damage and inventory losses related to civil unrest. For 2019, represents an insurance recovery related to the 2013 data breach.

Earnings from continuing operations before interest expense and income taxes (EBIT) and earnings from continuing operations before interest expense, income taxes, depreciation and amortization (EBITDA) are non-GAAP financial measures. We believe these measures provide meaningful information about our operational efficiency compared with our competitors by excluding the impact of differences in tax jurisdictions and structures, debt levels, and, for EBITDA, capital investment. These measures are not in accordance with, or an alternative for, GAAP. The most comparable GAAP measure is net earnings from continuing operations. EBIT and EBITDA should not be considered in isolation or as a substitution for analysis of our results as reported in accordance with GAAP. Other companies may calculate EBIT and EBITDA differently, limiting the usefulness of the measures for comparisons with other companies.


EBIT and EBITDA

Three Months Ended

Nine Months Ended


(dollars in millions) (unaudited)

October 31,

2020

November 2,

2019

Change

October 31,

2020

November 2,

2019

Change

Net earnings from continuing operations

$

1,014

$

706

43.6

%

$

2,988

$

2,436

22.6

%

 + Provision for income taxes

284

195

45.7

828

703

17.8

 + Net interest expense

632

113

457.7

871

359

142.6

EBIT

$

1,930

$

1,014

90.2

%

$

4,687

$

3,498

34.0

%

 + Total depreciation and amortization (a)

603

637

(5.1)

1,848

1,905

(2.9)

EBITDA

$

2,533

$

1,651

53.5

%

$

6,535

$

5,403

21.0

%



(a)      
Represents total depreciation and amortization, including amounts classified within Depreciation and Amortization and within Cost of Sales.

We have also disclosed after-tax return on invested capital from continuing operations (ROIC), which is a ratio based on GAAP information, with the exception of the add-back of operating lease interest to operating income. We believe this metric is useful in assessing the effectiveness of our capital allocation over time. Other companies may calculate ROIC differently, limiting the usefulness of the measure for comparisons with other companies.


After-Tax Return on Invested Capital


(dollars in millions)

Trailing Twelve Months



Numerator

October 31,

2020

November 2,

2019

Operating income

$

5,901

$

4,577

 + Net other income / (expense)

(46)

45

EBIT

5,855

4,622

 + Operating lease interest (a)

87

86

  – Income taxes (b)

1,277

1,043


Net operating profit after taxes


$


4,665


$


3,665



Denominator

October 31,

2020

November 2,

2019

November 3,

2018

Current portion of long-term debt and other borrowings

$

131

$

1,159

$

1,535

 + Noncurrent portion of long-term debt

12,490

10,513

10,104

 + Shareholders’ investment

13,319

11,545

11,080

 + Operating lease liabilities (c)

2,400

2,390

2,208

  – Cash and cash equivalents

5,996

969

825

Invested capital

$

22,344

$

24,638

$

24,102


Average invested capital

(d)


$


23,491


$


24,369


After-tax return on invested capital


19.9


%


15.0


%



(a)      

Represents the add-back to operating income driven by the hypothetical interest expense we would incur if the property under our operating leases were owned or accounted for as finance leases. Calculated using the discount rate for each lease and recorded as a component of rent expense within SG&A. Operating lease interest is added back to Operating Income in the ROIC calculation to control for differences in capital structure between us and our competitors.



(b)         

Calculated using the effective tax rates for continuing operations, which were 21.5 percent and 22.1 percent for the trailing twelve months ended October 31, 2020, and November 2, 2019, respectively. For the twelve months ended October 31, 2020, and November 2, 2019, includes tax effect of $1.3 billion and $1.0 billion, respectively, related to EBIT and $19 million and $19 million, respectively, related to operating lease interest.



(c)        

Total short-term and long-term operating lease liabilities included within Accrued and Other Current Liabilities and Noncurrent Operating Lease Liabilities.



(d)        

Average based on the invested capital at the end of the current period and the invested capital at the end of the comparable prior period.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/target-corporation-reports-third-quarter-earnings-301175353.html

SOURCE Target Corporation

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NexTier and National Oilwell Varco Announce Agreement to Partner on Field Test of Electric Frac System

NexTier and National Oilwell Varco Announce Agreement to Partner on Field Test of Electric Frac System

HOUSTON–(BUSINESS WIRE)–
NexTier Oilfield Solutions Inc. (NYSE: NEX) (“NexTier”) and National Oilwell Varco, Inc. (NYSE: NOV) (“NOV”) today announced that the two companies recently entered into an agreement to collaboratively field test NOV’s electric fracturing system known as the Ideal™ eFrac fleet.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005378/en/

The Ideal eFrac fleet provides efficient, environmentally conscious hydraulic fracturing capabilities that dramatically reduce emissions, equipment, and complexity at the well site.

Under the terms of the agreement, NexTier and NOV will collaborate to test the operational capability of the Ideal eFrac prototype in the field and under normal operating conditions. The agreement provides NexTier the option to transform from the test phase to the future purchase of the first Ideal eFrac fleet manufactured by NOV.

“NexTier is excited to partner with a company the caliber of NOV as we explore potential additional wellsite emissions reducing technologies to complement our market leading dual fuel gas powered fleet,” said Robert Drummond, President and Chief Executive Officer of NexTier. “This partnership to test NOV’s advanced eFrac technology progresses our journey of identifying the best solutions for NexTier and its customers, and evidences our commitment to further reducing our carbon footprint. By aligning with a quality partner like NOV and its Ideal technology, we have the ability to significantly lower the risk associated with next generation eFrac adoption and its deployment. We are proud of our progress and commitment to provide innovative solutions for the benefit of customers, employees, communities and investors.”

“We appreciate the opportunity to advance our Ideal e-Frac technology with the help of the team at NexTier, a leading provider of completions services to the oil and gas industry,” said Clay Williams, President and Chief Executive Officer of NOV. “NexTier is helping make completions technologies cleaner, quieter, and more efficient, which are solutions that oil and gas producers increasingly prefer. Utilizing abundant natural gas to generate electricity, and applying NOV’s technology to drive clean, quiet operations, further strengthens NexTier’s position as an industry leader.”

About NexTier Oilfield Solutions

Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across the most active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation. At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy.

About NOV

NOV is a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world. Visit www.nov.com for more information. Information on the Company’s website is not part of this release.

NexTier Investor Contact:

Kenneth Pucheu

Executive Vice President – Chief Financial Officer

(713) 325-6000

NOV Investor Contact:

Blake McCarthy

(713) 815-3535

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Energy Other Manufacturing Manufacturing Oil/Gas

MEDIA:

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Cresco Labs Announces Record Revenue of $153.3 Million, Growth of $59 Million or 63% QoQ, and Adjusted EBITDA1 of $46.4 Million

Cresco Labs Announces Record Revenue of $153.3 Million, Growth of $59 Million or 63% QoQ, and Adjusted EBITDA1 of $46.4 Million

Company affirms position as the largest wholesaler of branded products in the industry with $90.5 million in wholesale revenue

  • Record revenue of $153.3 million, 63% growth QoQ, an absolute increase of $59 million
  • Record adjusted EBITDA1 of $46.4 million, 182% growth QoQ
  • Record cashflow from operations of $17.8 million
  • Retail revenue growth of 60% QoQ to $62.8 million
  • Third consecutive quarter with over 40% revenue growth

CHICAGO–(BUSINESS WIRE)–
Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“Cresco Labs” or the “Company”), one of the largest vertically integrated multi-state cannabis operators in the United States, today released its unaudited financial results for the third quarter ended September 30, 2020. All financial information presented in this release is in U.S. dollars, unless otherwise noted.

Management Commentary

“Cresco Labs entered the third quarter firing on all cylinders achieving record levels of revenue, profitability, and cash flow. We remain the number one operator in the industry focused on, and delivering results in, the wholesale distribution of branded products. Our retail is outperforming, and we are generating substantial operating leverage,” said Charles Bachtell, Co-founder and CEO of Cresco Labs. “Comparing Q1 to Q3, we increased revenue by $87 million while keeping SG&A flat. The investments we made to support growth are paying off, and as a result our profitability has grown dollar for dollar with gross profit. Because of the decisions we’ve made, the changes we’ve managed through and the hard work devoted by our team over the last 12 months, Cresco Labs has substantiated itself within the very top tier of the industry and confirmed the value that is driven by our differentiated strategy. This is a unique story of strategic breadth, depth and execution. As we look toward our next phase of growth, it’s rinse and repeat – the playbook will be applied to more states and, again, we will achieve meaningful, material market positions.”

Third Quarter 2020 Financial Highlights

Operating Results

  • Revenue for the third quarter of 2020 was $153.3 million, an absolute increase of over $59.0 million or a 63% increase over Q2’20 revenue. Wholesale growth was driven by an increase in harvests from expanded capacity in Illinois and Pennsylvania with strong growth in California. Retail growth was driven by strong sequential same-store growth and two new store openings in Illinois.
  • Operational Gross Profit1 as a Percentage of Revenue was 53% in the quarter as compared to 47% in the prior quarter driven by increased efficiency in our expanded Illinois and Pennsylvania facilities.
  • Adjusted EBITDA1was $46.4million, an increase of 182% sequentially driven primarily from higher revenue, increased operational gross profit across our largest markets and strong SG&A control which dropped dramatically as a percentage of revenue.
  • Net Income2was $4.9 million, whichincludes unrealized gains and losses on mark-to-market instruments that fluctuate until obligations are settled, changes in fair value of biological assets, interest expense and tax expense.
  • Net Cash Provided by Operating Activities was $17.8 million, compared to $9.9 million used in Q2. The increase in cash provided by operating activities was driven by increased operating leverage across the business as the Company scales.

Shares Outstanding

Total shares on a fully converted basis were 380,035,735 as of September 30, 2020.

Conference Call and Webcast

The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Wednesday, November 18, 2020, at 8:30am Eastern Time (7:30am Central Time). The conference call may be accessed via webcast or by dialing 866-688-4235 (409-216-0711 for international callers) and providing conference ID 9237505. Archived access to the webcast will be available for one year on the Cresco Labs’ investor relations website.

Consolidated Financial Statements

The financial information reported in this press release is based on unaudited management prepared financial statements for the three months ended September 30, 2020. The Company expects to file its unaudited interim consolidated financial statements on SEDAR by November 18, 2020. All financial information contained in this press release is qualified in its entirety with reference to such financial statements. While the Company does not expect there to be any material changes between the information contained in this press release and the unaudited interim consolidated financial statements it files on SEDAR, to the extent that the financial information contained in this press release is inconsistent with the information contained in the Company’s financial statements, the financial information contained in this press release shall be deemed to be modified or superseded by the Company’s filed financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws. Further, the reader should refer to the additional disclosures in the Company’s audited financial statements for the year ended December 31, 2019, previously filed on SEDAR.

Cresco Labs references certain non-IFRS financial measures throughout this press release, which may not be comparable to similar measures presented by other issuers. Please see the “Non-IFRS Financial Measures” section at the end of this press release for more detailed information.

About Cresco Labs Inc.

Cresco Labs is one of the largest vertically-integrated multi-state cannabis operators in the United States. Cresco Labs is built to become the most important company in the cannabis industry by combining the most strategic geographic footprint with one of the leading distribution platforms in North America. Employing a consumer-packaged goods (“CPG”) approach to cannabis, Cresco Labs’ house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco, Remedi and Mindy’s, a line of edibles created by James Beard Award-winning chef Mindy Segal. Sunnyside*, Cresco Labs’ national dispensary brand, is a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. Recognizing that the cannabis industry is poised to become one of the leading job creators in the country, Cresco Labs has launched the industry’s first national comprehensive Social Equity and Educational Development (SEED) initiative designed to ensure that all members of society have the skills, knowledge and opportunity to work in and own businesses in the cannabis industry. Learn more about Cresco Labs at www.crescolabs.com.

Non-IFRS Financial Measures

Operational gross profit, EBITDA and Adjusted EBITDA, net of impact of biological assets, are non-IFRS measures and do not have standardized definitions under IFRS. The Company has provided these non-IFRS financial measures, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. These supplemental non-IFRS financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-IFRS financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. Accordingly, the Company has included below reconciliations of the supplemental non-IFRS financial measures to the most directly comparable financial measures calculated and presented in accordance with IFRS.

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as, ‘may,’ ‘will,’ ‘should,’ ‘could,’ ‘would,’ ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘estimates,’ ‘projects,’ ‘predicts,’ ‘potential’ or ‘continue’ or the negative of those forms or other comparable terms. The Company’s forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to those risks discussed under “Risk Factors” in the Company’s Annual Information Form dated April 28, 2020, and other documents filed by the Company with Canadian securities regulatory authorities; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Because of these uncertainties, you should not place undue reliance on the Company’s forward-looking statements. No assurances are given as to the future trading price or trading volumes of Cresco Labs’ shares, nor as to the Company’s financial performance in future financial periods. The Company does not intend to update any of these factors or to publicly announce the result of any revisions to any of the Company’s forward-looking statements contained herein, whether as a result of new information, any future event or otherwise. Except as otherwise indicated, this press release speaks as of the date hereof. The distribution of this press release does not imply that there has been no change in the affairs of the Company after the date hereof or create any duty or commitment to update or supplement any information provided in this press release or otherwise.

1 See “Non-IFRS Financial Measures” at the end of this press release for more information regarding the Company’s use of non-IFRS financial measures. Adjusted EBITDA is presented net of impact of biological assets.

2 Net income includes amounts attributable to non-controlling interests.

 
Cresco Labs Inc.
Unaudited Financial Information and Non-IFRS Reconciliations
(All amounts expressed in thousands of U.S. Dollars)
 
Unaudited Consolidated Statements of Operations
For the Three Months Ended September 30, 2020, June 30, 2020 and September 30, 2019
 

For the Three Months Ended

($ in thousands)

9/30/2020

 

6/30/2020

 

9/30/2019
Revenue

$

153,298

 

$

94,256

 

$

36,207

 

Cost of sales – production costs

 

(74,148

)

 

(60,835

)

 

(23,369

)

Gross profit before fair value adjustments

 

79,150

 

 

33,421

 

 

12,838

 

 
Realized changes in fair value of inventory sold

 

(72,560

)

 

(41,774

)

 

(22,908

)

Unrealized gain on changes in fair value of biological assets

 

78,041

 

 

77,822

 

 

30,910

 

Gross profit

 

84,631

 

 

69,469

 

 

20,840

 

GP%

 

55.2

%

 

73.7

%

 

57.6

%
Expenses:
Selling, general and administrative

 

46,763

 

 

45,186

 

 

25,474

 

Depreciation and amortization

 

5,800

 

 

5,358

 

 

991

 

Total expenses

 

52,563

 

 

50,544

 

 

26,465

 

 
Gain (loss) from operations

 

32,068

 

 

18,925

 

 

(5,625

)
 
Other (expense) income:
Interest expense, net

 

(11,319

)

 

(9,597

)

 

(1,094

)

Other (expense) income, net

 

(2,983

)

 

(740

)

 

2,714

 

Income from investment in associate

 

(134

)

 

24

 

 

35

 

Total other expense (income), net

 

(14,436

)

 

(10,313

)

 

1,655

 

Income (loss) before income taxes

 

17,632

 

 

8,612

 

 

(3,970

)
Income tax expense

 

(12,690

)

 

(13,312

)

 

(4,624

)

Net income (loss) 1

$

4,942

 

$

(4,700

)

$

(8,594

)
 
1 Net income (loss) includes amounts attributable to non-controlling interests.
Cresco Labs Inc.
Summarized Consolidated Statements of Financial Position
As of September 30, 2020 and December 31, 2019
     
  September 30, 2020   December 31, 2019
($ in thousands)   (Unaudited)   (Audited)
Cash and cash equivalents  

$

57,689

 

$

49,102

Other current assets  

 

199,405

 

 

110,236

Property and equipment, net  

 

180,649

 

 

155,839

Intangible assets, net  

 

195,953

 

 

94,206

Goodwill  

 

451,632

 

 

137,719

Other non-current assets  

 

121,321

 

 

69,452

Total assets  

$

1,206,649

  

$

616,554
     
Total current liabilities  

 

243,731

 

 

150,169

Total long-term liabilities  

 

221,294

 

 

143,762

Total shareholders’ equity  

 

741,624

 

 

322,623

Total liabilities and shareholders’ equity  

$

1,206,649

  

$

616,554
Cresco Labs Inc.
Unaudited Revenue and Gross Profit Metrics
For the Three Months Ended, September 30, 2020, June 30, 2020 and September 30, 2019
 

For the Three Months Ended
($ in thousands)

9/30/2020

 

6/30/2020

 

9/30/2019
Revenue

$

153,298

 

$

94,256

 

$

36,207

 

Cost of sales – production costs1

 

(74,148

)

 

(60,835

)

 

(23,369

)

Realized changes in fair value of inventory sold

 

(72,560

)

 

(41,774

)

 

(22,908

)

Unrealized gain on changes in fair value of biological assets

 

78,041

 

 

77,822

 

 

30,910

 

Gross profit

$

84,631

 

$

69,469

 

$

20,840

 

Cultivation costs expensed under IAS 412

 

(3,934

)

 

3,951

 

 

2,075

 

Net impact of fair value of biological assets

 

(5,481

)

 

(36,048

)

 

(8,002

)

Expansion, relaunch and rebranding costs3

 

2,693

 

 

4,616

 

 

2,157

 

COVID-19 related expenses

 

846

 

 

1,887

 

 

–

 

Fair value markup for acquired inventory

 

1,843

 

 

 

331

 

 

 

–

 

Operational gross profit (Non-IFRS)

$

80,598

 

$

44,206

 

$

17,070

 

Operational GP%

 

52.6

%

 

46.9

%

 

47.1

%
 
1 Production (cultivation, manufacturing, and processing) costs related to products sold during the period.
2 Costs would be capitalized under IAS 2 and do not reflect cost of inventory sold in the period.
3 Costs related to non-recurring third-party product costs, start-up costs, and samples/discounts to expand footprint and relaunch in certain markets.
Cresco Labs Inc.
Unaudited Reconciliation of Net Income to Adjusted EBITDA
For the Three Months Ended, September 30, 2020, June 30, 2020 and September 30, 2019
 
For the Three Months Ended
($ in thousands)

9/30/2020

 

6/30/2020

 

9/30/2019
Net income (loss)1

$

4,942

 

$

(4,700

)

$

(8,594

)
Depreciation and amortization

 

10,831

 

 

9,626

 

 

3,287

 

Interest expense, net

 

11,319

 

 

9,597

 

 

1,094

 

Income tax expense

 

12,690

 

 

13,312

 

 

4,624

 

Earnings before interest, taxes, depreciation
and amortization (EBITDA) (Non-IFRS)

$

39,782

 

$

27,835

 

$

411

 

 
Expansion, relaunch and rebranding costs2

 

2,693

 

 

4,616

 

 

2,157

 

COVID-19 related expenses

 

956

 

 

2,648

 

 

–

 

Other expense (income), net

 

2,983

 

 

740

 

 

(2,714

)

(Loss) gain from investment in associate

 

134

 

 

(24

)

 

(35

)

Fair value markup for acquired inventory

 

1,843

 

 

331

 

 

–

 

Cultivation costs expensed under IAS 413

 

(3,934

)

 

3,951

 

 

2,075

 

Adjustments for acquisition and other non-core costs

 

4,424

 

 

5,205

 

 

4,709

 

Management incentive compensation (share-based)

 

3,033

 

 

7,207

 

 

4,487

 

Adjusted EBITDA (Non-IFRS)

$

51,914

 

$

52,509

 

$

11,090

 

 
Net impact of fair value of biological assets

 

(5,481

)

 

(36,048

)

 

(8,002

)

Adjusted EBITDA (non-IFRS), net of impact of biological assets

$

46,433

 

$

16,461

 

$

3,088

 

 
1 Net income (loss) includes amounts attributable to non-controlling interests.
2 Costs related to non-recurring third-party product costs, start-up costs, and samples/discounts to expand footprint and relaunch in certain markets.
3 Costs would be capitalized under IAS 2 and do not reflect cost of inventory sold in the period.
Cresco Labs Inc.
Unaudited Summarized Consolidated Statements of Cash Flows
For the Three Months Ended, September 30, 2020, June 30, 2020 and September 30, 2019
 
For the Three Months Ended
($ in thousands)

9/30/2020

6/30/2020

9/30/2019
Net provided by (used in) operating activities

$

17,770

 

$

(9,881

)

$

(6,160

)

Net cash (used in) provided by investing activities

 

(12,147

)

 

14,888

 

 

(33,556

)

Net cash (used in) provided by financing activities

 

(18,869

)

 

(2,227

)

 

52,774

 

Effect of foreign currency exchange rate changes on cash

 

(1,005

)

 

(288

)

 

–

 

Net (decrease) increase in cash and cash equivalents

 

(14,251

)

 

2,492

 

 

13,058

 

Cash and cash equivalents and restricted cash, beginning of period

 

73,868

 

 

71,376

 

 

68,694

 

Cash and cash equivalents and restricted cash, end of period

$

59,617

 

$

73,868

 

$

81,752

 

 

Media

Jason Erkes, Cresco Labs

Chief Communications Officer

[email protected]

312-953-2767

Investors

Jake Graves, Cresco Labs

Investor Relations Senior Analyst

[email protected]

For general Cresco Labs inquiries:

312-929-0993

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Alternative Medicine Health Retail Tobacco Specialty

MEDIA:

Posted on

NGL Energy Partners LP to Participate in the 2020 RBC Midstream Energy Virtual Conference

NGL Energy Partners LP to Participate in the 2020 RBC Midstream Energy Virtual Conference

TULSA, Okla.–(BUSINESS WIRE)–
NGL Energy Partners LP (NYSE:NGL) today announced that it will participate in the 2020 RBC Midstream Energy Virtual Conference on November 18 and 19, 2020. Members of NGL’s management team will be participating in a series of virtual meetings with members of the investment community.

NGL’s slide presentation referenced at the Conference is available on NGL’s website at www.nglenergypartners.com on the “Presentations” sub-tab under the “Investor Relations” section.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

Trey Karlovich, 918-481-1119

Executive Vice President and Chief Financial Officer

[email protected]

or

Linda Bridges, 918-481-1119

Senior Vice President – Finance and Treasurer

[email protected]

KEYWORDS: Oklahoma United States North America

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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Sierra Metals Announces Large Increase in Mineral Resource Tonnage at Its Yauricocha Mine in Peru and Positive Preliminary Economic Assessment for Increase in Throughput to 5,500 Tonnes Per Day From Today’s Permitted 3,150 Tonnes Per Day

Sierra Metals Announces Large Increase in Mineral Resource Tonnage at Its Yauricocha Mine in Peru and Positive Preliminary Economic Assessment for Increase in Throughput to 5,500 Tonnes Per Day From Today’s Permitted 3,150 Tonnes Per Day

Preliminary Economic Assessment Includes After Tax NPV of US$333 Million

TORONTO–(BUSINESS WIRE)–Sierra Metals Inc. (TSX: SMT) (BVL: SMT) (NYSE AMERICAN: SMTS) (“Sierra Metals” or “the Company”) is pleased to report the results of a Preliminary Economic Assessment (“PEA”) regarding the Company’s Yauricocha Mine, located in Peru.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201118005337/en/

Photo 1: Yauricocha Mine, aerial view (Photo: Business Wire)

Photo 1: Yauricocha Mine, aerial view (Photo: Business Wire)

This PEA report was prepared as a National Instrument 43-101 Technical Report for Sierra Metals Inc. (“Sierra Metals”) by SRK Consulting (Canada) Inc. (“SRK”) and Sierra Metals. The full technical report will be filed on SEDAR within 45 days of this news release.

Highlights of the PEA include:

  • After-tax Net Present Value (NPV): US$333 Million at an 8% discount rate
  • Plant Processing Rate after expansion: 5,500 tonnes per day (TPD)
  • Incremental benefit of increasing the production to 5,500 TPD from 3,780(1) TPD is estimated to have an after tax NPV (@8%) of US$27.1 Million, and IRR of 29.5%
  • Net After-tax Cash Flow: US$495 Million
  • Life of Mine & Sustaining Capital Cost: US$268.5 Million
  • Total Operating Unit Cost: US$48.89/tonne and US$1.28/lb copper equivalent
  • Average LOM Grades of Silver 34.2 g/t (1.1 oz/t), Copper 1.28%, Gold 0.42 g/t (0.01 oz/t), Zinc 1.71% and Lead 0.48%
  • Copper Price Assumption US$3.05/lb
  • Mine Life: 12 years based on updated Mineral Resource Estimate which includes a 26% increase in the measured and indicated resource category and a 79% increase in the inferred resource category
  • Life of Mine Payable Production: Copper 419 million pounds, Silver 13.7 million troy ounces, Gold 43 thousand troy ounces, Zinc 541 million pounds, Lead 167 million pounds

(1) 3,780 Tonnes per dayrepresents the expected upcoming expansion to 3,600 tonnes per day plus a 5% overallotment allowance. Sierra is awaiting this permit from the government and hopes to receive it in Q1 2021.

Luis Marchese, CEO of Sierra Metals commented: “I am very encouraged by the results of this PEA which support the Company’s organic growth strategy and plan to profitably develop and grow the Yauricocha Mine production rate to 5,500 TPD in 2024 from today’s permitted capacity of 3,150 TPD, based on current analyst consensus metal price estimates. The Company plans to continue with its disciplined approach of profitable growth and now plans to proceed with the next step of the completion of a prefeasibility study to further de-risk the plan and determine the best path forward.”

He continued, “The PEA study compared the value of the current operations at Yauricocha against several output expansion alternatives from 5,500 to 7,500 TPD and determined 5,500 TPD as the optimum production level based on our current mineral resource base, while maintaining optionality for further growth. Additionally, we increased the measured and indicated mineral resource tonnage by 26% and we increased the inferred mineral resource tonnage by 79% demonstrating added potential and extended longevity for the Yauricocha Mine. Sierra Metals acquired the Yauricocha mine in 2011 with indicated resource of 5 million tonnes. Since then Sierra has mined 9.1 million tonnes of ore and today we are reporting the highest resource in the mine’s history at 16 million tonnes of measured and indicated mineral resources and 12 million tonnes of inferred mineral resources, reflecting the prolific exploration nature of the Yauricocha district. ”

He concluded, “We are continuing with our strategy to increase the value of the company on a per share basis. This includes demonstrating success with increasing our current mineral resource base and improving the throughput at all mines. We expect these positive developments to further improve profitability and cashflow for the Company and all shareholders this coming year as well as in the future.”

Updated Mineral Resource Estimate

The Yauricocha Mine is located in the Allis district, Yauyos province, department of Lima, approximately 12 kilometers west of the Continental Divide and 60 kilometers south of the Pachacayo railway station. Polymetallic mineralization has been mined at Yauricocha for more than 50 years. Mineralization is genetically and spatially related to the Yauricocha stock; six skarn bodies host mineral resources around the margins of the stock. Near surface mineral is exhausted but significant mineral resources are reported at depth.

This Preliminary Economic Assessment (PEA) considers the updated measured, indicated, and inferred resources shown below reported by SRK with an effective date as of June 30, 2020. The resource has not been depleted as part of this study.

Measured and Indicated Mineral Resources for Yauricocha are 15,924,000 tonnes averaging 43.8 g/t silver, 0.5 g/t gold, 1.2% copper, 0.6% lead and 2.2% zinc representing a 26% tonnage increase from the previous resource tonnage estimate.

Total Inferred Mineral Resources for Yauricocha are 11,633,000 tonnes averaging 27.5 g/t silver, 0.5 g/t gold, 1.4% copper, 0.3% lead and 1.0% zinc compared from the previous Resource Estimate, representing a 79% tonnage increase to the overall Inferred Resource Estimate.

Table 1-1: Summary of Mineral Resources estimate as reported by SRK, 2020 (Effective June 30, 2020)

Resources – Measured and Indicated

Contained Metal
Tonnes Ag Au Cu Pb Zn Ag Au Cu Pb Zn
(000’s) g/t g/t % % % M oz K oz M lb M lb M lb
Yauricocha
Measured

4,904

55.8

0.6

1.1

0.8

2.6

8.8

93.5

122.2

89.4

280.1

Indicated

11,020

38.4

0.5

1.2

0.5

2.1

13.6

178.0

291.1

126.7

498.9

Measured & Indicated

15,924

43.8

0.5

1.2

0.6

2.2

22.4

271.5

413.3

216.2

779.0

Inferred

11,633

27.5

0.5

1.4

0.3

1.0

10.3

167.4

357.9

79.3

242.5

Source: SRK, 2020

(1) Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101.

(2) Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimates. Silver, gold, copper, lead, zinc, arsenic (deleterious) and iron assays were capped / cut where appropriate.

(3) The consolidated Yauricocha Resource Estimate is comprised of Measured, Indicated and Inferred material in the Mina Central, Cuerpos Pequeños, Cuye, Mascota, Esperanza and Cach-Cachi mining areas.

(4) Polymetallic Mineral Resources are reported at Cut-Off values (COV) based on 2020 actual metallurgical recoveries and 2020 smelter contracts.

(5) Metal price assumptions used for polymetallic feed considered CIBC, September 30, 2020 long-term consensus pricing (Gold (US$1,502/oz), Silver (US$18.24/oz), Copper (US$3.05/lb), Lead (US$0.91/lb), and Zinc (US$1.06/lb).

(6) Lead Oxide Mineral Resources are reported at COVs based on 2020 actual metallurgical recoveries and 2020 smelter contracts.

(7) Metal price assumptions used for lead oxide feed considered CIBC, September 30, 2020 long-term consensus pricing (Gold (US$1,502/oz), Silver (US$18.24/oz) and Lead (US$0.91/lb).

(8) The mining costs are based on 2020 actual costs and are variable by mining method.

(9) The unit value COVs are variable by mining area and proposed mining method. The marginal COV ranges from US$25 to US$36.

Mining Methodology

The Yauricocha Mine is a producing mining operation with a long production history. The majority of the mining is executed through mechanized sub-level caving with a relatively small portion of the mining using overhand cut and fill. The mine uses well-established, proven mining methods.

Mineral Processing

The Chumpe plant is located approximately one kilometer from the Yauricocha Mine and mineralized material is transported from the mine to the plant by rail. Mineralized material is processed using conventional two-stage crushing followed by grinding-classification and differential flotation circuit to produce commercial quality lead/silver, zinc and copper.

SRK is of the opinion that Yauricocha’s operations are reasonably well operated and shows flexibility to treat multiple mineralized material sources. The metallurgical performance, i.e., metal recovery and concentrate grade have been consistent throughout the period evaluated allowing them to produce commercial quality copper concentrate, copper concentrate, and zinc concentrate.

Economic Analysis

This PEA indicates an after tax NPV of US$333 million (using a discount rate of 8%) at 5,500 TPD (in 2024). Total operating cost for the life of mine is US$989 million, equating to a total operating cost of US$48.89 per tonne milled and US$1.28 per pound copper equivalent. Highlights of the PEA are provided in Table 1-2 below.

Table 1-2: PEA Highlights

PEA Highlights

 

Base case of $1,541/oz Gold, $20.00/oz Silver, $3.05/lb Copper, $1.07/lb Zinc, $0.91/lb Lead

Unit

Value

Net Present Value (After Tax 8% Discount Rate)

US$ M

 

333

 

 

 

 

LOM Mill Feed

Tonnes (Mt)

 

20.2

Mining Production Rate

Mt/year

 

1.98

LOM Project Operating Period

Years

 

12

Total Life of Mine (LoM) Capital Costs

US$ M

 

269

Net After – Tax Cashflow

US$ M

 

495

EBITDA

US$ M

 

1,144

Total Operating Unit Costs

US$/t

 

48.89

LOM Copper Production (Payable)

M lb

 

419

LOM Gold Production (Payable)

K oz

 

43

LOM Silver Production (Payable)

M oz

 

13.7

LOM Zinc Production (Payable)

M lb

 

541

LOM Lead Production (Payable)

M lb

 

167

Quality Control

All technical data contained in this news release has been reviewed and approved by:

Americo Zuzunaga, FAusIMM CP (Mining Engineer) and Vice President of Corporate Planning is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Augusto Chung, FAusIMM CP (Metallurgist) and Vice President of Metallurgy and Projects to Sierra Metals is a Qualified Person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Sierra Metals

Sierra Metals Inc. is a diversified Canadian mining company focused on the production and development of precious and base metals from its polymetallic Yauricocha Mine in Peru, and Bolivar and Cusi Mines in Mexico. The Company is focused on increasing production volume and growing mineral resources. Sierra Metals has recently had several new key discoveries and still has many more exciting brownfield exploration opportunities at all three Mines in Peru and Mexico that are within close proximity to the existing mines. Additionally, the Company also has large land packages at all three mines with several prospective regional targets providing longer-term exploration upside and mineral resource growth potential.

The Company’s Common Shares trade on the Bolsa de Valores de Lima and on the Toronto Stock Exchange under the symbol “SMT” and on the NYSE American Exchange under the symbol “SMTS”.

For further information regarding Sierra Metals, please visit www.sierrametals.com.

Continue to Follow, Like and Watch our progress:

Web: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals | Youtube: SierraMetals

Forward-Looking Statements

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of Canadian and U.S. securities laws (collectively, “forward-looking information“). Forward-looking information includes, but is not limited to, statements with respect to the date of the 2020 Shareholders’ Meeting and the anticipated filing of the Compensation Disclosure. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential” or variations thereof, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking information.

Forward-looking information is subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the risks described under the heading “Risk Factors” in the Company’s annual information form dated March 30, 2020 for its fiscal year ended December 31, 2019 and other risks identified in the Company’s filings with Canadian securities regulators and the United States Securities and Exchange Commission, which filings are available at www.sedar.com and www.sec.gov, respectively.

The risk factors referred to above are not an exhaustive list of the factors that may affect any of the Company’s forward-looking information. Forward-looking information includes statements about the future and is inherently uncertain, and the Company’s actual achievements or other future events or conditions may differ materially from those reflected in the forward-looking information due to a variety of risks, uncertainties and other factors. The Company’s statements containing forward-looking information are based on the beliefs, expectations and opinions of management on the date the statements are made, and the Company does not assume any obligation to update such forward-looking information if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law. For the reasons set forth above, one should not place undue reliance on forward-looking information.

Mike McAllister

V.P., Investor Relations

Sierra Metals Inc.

Tel: +1 (416) 366-7777

Email: [email protected]

Americo Zuzunaga

V.P., Corporate Planning

Sierra Metals Inc.

Tel: +1 (416) 366-7777

Luis Marchese

CEO

Sierra Metals Inc.

Tel: +1 (416) 366-7777

KEYWORDS: North America United States Peru South America Canada

INDUSTRY KEYWORDS: Natural Resources Other Natural Resources Mining/Minerals

MEDIA:

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Photo 3: Train emerging from Yauricocha Tunnel loaded with ore (Photo: Business Wire)
Photo
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Photo 2: Exploration Drilling at the Yauricocha Mine (Photo: Business Wire)
Photo
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Photo 1: Yauricocha Mine, aerial view (Photo: Business Wire)
Posted on

Vivek Goel named president and vice-chancellor of the University of Waterloo

Innovator, scholar and bold leader becomes university’s seventh president

WATERLOO, Ontario, Nov. 18, 2020 (GLOBE NEWSWIRE) — Vivek Goel, a distinguished scholar with extensive achievements in research, teaching and leadership across both public and private sectors, will become the seventh president and vice-chancellor of the University of Waterloo.

Goel, who begins his five-year term on July 1, 2021, is recognized in Canada and around the world as a leading public-health researcher, health-services evaluation expert, and champion for the use of research evidence in health policymaking.

Goel has held several senior roles at the University of Toronto, including Vice-President and Provost and most recently as Vice-President of Research and Innovation.

The public health physician currently serves as a member of the federal government’s COVID-19 Immunity Task Force and Scientific Advisor for the CanCOVID Research Network. He was previously the founding president and CEO of Public Health Ontario.

“Dr. Goel has decades of experience and expertise as a university leader and as a champion of student experience, research and innovation. He is uniquely qualified to guide the institution and to bolster our strengths at the intersection of health, society and technology,” said Cindy Forbes, Chair of the University of Waterloo’s Board of Governors.

Goel said the current global situation reminds us of our responsibility to prepare students and citizens to confront the many challenges ahead. “A research-intensive institution like Waterloo is ideally poised to create the change and solutions for a better future – whether it is tackling public-health challenges, addressing systemic racism, dealing with the climate crisis, or spurring economic recovery and growth.”

“In Waterloo, I can see what a post-pandemic university looks like,” he said.

The appointment represents the culmination of an almost yearlong effort by a 19-member presidential nominating committee comprised of students, staff, faculty and board governors, in consultation with stakeholders across campus and the broader community.

“The Presidential Nominating Committee sought a candidate who is renowned for their experienced leadership and is committed to the success of faculty, staff, students and alumni,” Forbes said. “We looked for an individual who will actively engage to foster equity, diversity and inclusion as well as a deep sense of community across our campuses.”

“I look forward to working with Dr. Goel as he leads Waterloo on its transformational path and builds on the achievements of President Feridun Hamdullahpur.” 

Hamdullahpur has served as president and vice chancellor of the University of Waterloo since 2010 and will continue through June 2021. He has elevated Waterloo’s international profile, placed exceptional focus on student experience and wellbeing and set the ambitious course for the University’s 2020-2025 strategic plan.

“Waterloo is a place where business, community and governmental leaders come together to seek today’s solutions to tomorrow’s problems. I am confident that under the leadership of Vivek Goel, our community will continue to flourish and drive even greater impact around the world,” Hamdullahpur said. 

Goel obtained his medical degree from McGill University. He did his post-graduate medical training in community medicine at the University of Toronto, and obtained a master’s degree (MSc) in health administration from the University of Toronto and a master’s degree (MS) in biostatistics from Harvard University’s School of Public Health. 

Goel also currently serves on the boards of the Vector Institute, TRIUMF—Canada’s particle accelerator—and the Canadian Institute for Health Information.

Contact
Chris Wilson-Smith
Director, media relations
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41a37aaa-d8eb-4963-bf22-f174c9902c2f

For more information, visit: uwaterloo.ca/next-president/



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Gold Standard Drilling Expands Near-surface Oxide Gold Mineralization at the Dark Star Deposit


Stepout


hole


DR20-02


intersects


61.0m of 0.66 g Au/t including 24.4m of 1.03 g Au/t


at


Main


Dark Star


.


North


Dark Star


DR20-09


intersects 231.7m of 2.66 g Au/t


.

VANCOUVER, British Columbia, Nov. 18, 2020 (GLOBE NEWSWIRE) — Gold Standard Ventures Corp. (TSX: GSV; NYSE AMERICAN: GSV) (“Gold Standard” or the “Company”) today reported results of nine reverse-circulation (RC) drill holes at the Dark Star deposit on its 100%-owned/controlled Railroad-Pinion Project in Nevada’s Carlin Trend (refer to Dark Star location map – Nov. 18, 2020 and Dark Star Significant Intercepts – Nov. 18, 2020). Six holes targeted and intersected up-dip, near-surface oxide mineralization to the east of GSV’s drilling at Main Dark Star.

Jonathan Awde, CEO and Director of Gold Standard commented: “Our Feasibility Study, currently in progress will utilize these drilling results as part of the updated resources and reserves. The results indicate the ability to expand Main Dark Star to the east. This near surface oxide could have positive impacts to the feasibility study, including low strip up front ounces during early production.”

Key Highlights from
Dark Star
:

  • Stepout holes DR20-01 through -06 intersected thick intervals of oxide mineralization to the east of the existing GSV drilling at Main Dark Star. Mineralization begins at the current topographic surface and remains open to the east along a strike length of approximately 330m. These results expand mineralization to the east beyond the current block model approximately 60m. Follow up drilling is planned on these intercepts.
  • DR20-09 intersected 231.7m @ 2.66 g Au/t, mineralization starts just below surface and is oxide to depth. The hole infilled a gap in drilling to tie surface sample results, 18.0m of 3.08 g Au/t (see October 9, 2019 news release), to vertically-continuous, +1 g Au/t oxide mineralization at North Dark Star.

Dark Star drill results are as follows:

Drill Hole Method Incl. Azimuth TD (m) Intercept (m) Thickness (m) Grade (g Au/t)
DR20-01 RC -45 079 80.8 0-19.8 19.8 0.63
DR20-02 RC -45 090 91.4 0-61.0 61.0 0.66
       
Including
6.1-30.5
24.4
1.03
DR20-03 RC -45 090 91.4 0-53.4 53.4 0.52
DR20-04 RC -45 108 70.1 0-27.4 27.4 0.47
DR20-05 RC -45 090 80.8 0-13.7 13.7 0.51
  19.8-41.1 21.3 0.26
DR20-06 RC -45 090 82.3 0-10.7 10.7 0.20
DR20-07 RC -85 090 323.1 No results >0.14 g Au/t
DR20-08 RC -78 270 350.5 No results >0.14 g Au/t
DR20-09 RC -90   259.1 0-3.1 3.1 0.16
          27.4-259.1 231.7 2.66
        Including 140.2-211.8 71.6 4.54

Gold intervals reported in this table were calculated using a 0.14 g Au/t cutoff for oxide mineralization. Weighted averaging has been used to calculate all reported intervals. True widths are estimated at 70-90% of drilled thicknesses.

Don Harris, Gold Standard’s General Manager commented: “The near surface oxide mineralization encountered in drill holes DR20-01 through DR20-06 are currently in or behind the Main Dark Star highwall design and remain open to the east. This material could be an important source during start up for immediate production ounces and/or leach pad over-liner material. The Main portion of the deposit remains open along 330 m of strike and will continue to be developed with additional drilling. The North Dark Star drill hole (DR20-09) was designed to fill a gap between 3m channel surface samples and the greater ore body currently carried as a resource and reserve. The results confirm the oxide and higher grade nature of North Dark Star, with individual gold values ranging from 0.15 to 12.8 g Au/t, and ties the 18m @ 3.08 g Au/t found in surface sampling to the greater deposit.”

Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance

All drill sampling was conducted under the supervision of the Company’s project geologists and the chain of custody from the project to the sample preparation facility was continuously monitored. A blank, certified reference material, or rig duplicate was inserted approximately every tenth sample. The samples were shipped to Paragon Geochemical’s certified laboratory in Sparks, NV where they were crushed and pulverized. Resulting sample pulps were digested and analyzed for gold using fire assay fusion and an ICP-OES finish on a 30-gram split. All other elements were determined by ICP analysis. Data verification of the analytical results included a statistical analysis of the standards, blanks and duplicates that must pass certain parameters for acceptance to insure accurate and verifiable results.

Drill hole deviation was measured by gyroscopic down hole surveys that were completed on all holes by International Directional Services of Elko, NV. Final drill collar locations are surveyed by differential GPS by Apex Surveying, LLC of Spring Creek, Nevada.

The scientific and technical content contained in this news release have been reviewed, verified and approved by Steven R. Koehler, Gold Standard’s Manager of Projects, BSc. Geology and CPG-10216, a Qualified Person as defined by NI 43-101, Standards of Disclosure for Mineral Projects.

ABOUT GOLD STANDARD VENTURES – Gold Standard is an advanced-stage gold exploration company focused on building value in a safe, responsible, sustainable and ethical manner by leveraging its strategic, cornerstone land package in Nevada’s Carlin Trend. Gold Standard intends to advance its South Railroad Project through permitting and a feasibility study towards a potential production decision. Gold Standard intends to augment this goal by advancing exploration that contributes value to the South Railroad Project.

The Pinion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Measured and Indicated Mineral Resource of 28.93 million tonnes grading 0.58 g/t Au and 4.22 g/t Ag, totaling 544,000 ounces of gold and 3,929,000 ounces of silver, and an Inferred Mineral Resource of 10.81 million tonnes grading 0.64 g/t Au and 3.80 g/t Ag, totaling 224,000 ounces of gold and 1,322,000 ounces of silver, using a cut-off grade of 0.14 g/t Au and constrained by a $1,500/Au ounce LG Cone.

The Dark Star deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of a Measured and Indicated Mineral Resource of 32.72 million tonnes grading 0.88 g/t Au, totaling 921,000 ounces of gold and an Inferred Mineral Resource of 2.48 million tonnes grading 0.70 g/t Au, totaling 56,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounce LG Cone.

The North Bullion deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Indicated Mineral Resource of 2.92 million tonnes grading 0.96 g/t Au, totaling 90,100 ounces of gold and an Inferred Mineral Resource of 10.97 million tonnes grading 2.28 g/t Au, totaling 805,800 ounces of gold, using a cut-off grade of 0.14 g Au/t for near surface oxide and 1.25 to 2.25 g Au/t for near surface sulfide and underground sulfide respectively.

The Jasperoid Wash deposit has a mineral resource estimate prepared in accordance with NI 43-101 consisting of an Inferred Mineral Resource of 10.57 million tonnes grading 0.33 g/t Au, totaling 111,000 ounces of gold, using a cut-off grade of 0.14 g Au/t and constrained by a $1,500/Au ounces LG Cone.

Neither the Toronto Stock Exchange nor its regulation services provider nor the NYSE American LLC accepts responsibility for the adequacy or accuracy of this news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, included herein including, without limitation, statements about our potential near-term development option are forward looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Risk factors affecting the Company include, among others: the results from our exploration programs, global financial conditions and volatility of capital markets, uncertainty regarding the availability of additional capital, fluctuations in commodity prices; title matters; and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com) and with the SEC on EDGAR (available at www.sec.gov/edgar.shtml). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

CAUTIONARY NOTE FOR U.S. INVESTORS REGARDING RESERVE AND RESOURCE ESTIMATES

All resource estimates reported by the Company were calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission for descriptions of mineral properties in SEC Industry Guide 7 under Regulation S-K of the U. S. Securities Act of 1933. In particular, under U. S. standards, mineral resources may not be classified as a “reserve” unless the determination has been made that mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Accordingly, information in this press release containing descriptions of the Company’s mineral properties may not be comparable to similar information made public by US public reporting companies.

On behalf of the Board of Directors of Gold Standard,

“Jonathan Awde”

Jonathan Awde, President and Director

FOR FURTHER INFORMATION PLEASE CONTACT:
Jonathan Awde
President
Tel: 604-669-5702
Email: [email protected]
Website: www.goldstandardv.com



Posted on

TECHNATION and Shared Services Canada Pilot Collaborative Agile Procurement Initiative for Canadian Technology Companies

Open to Canadian Technology Companies of All Sizes

Ottawa, ON, Nov. 18, 2020 (GLOBE NEWSWIRE) — TECHNATION, Canada’s national technology industry association, today announced the launch of a collaborative Agile Procurement pilot with Shared Services Canada (SSC). The pilot uses TECHNATION’s recently launched Digital Marketplace platform to increase the participation of Canadian technology companies in SSC procurements.

Canada’s Digital Marketplace (powered by TECHNATION), is open to all incorporated technology companies in Canada and complements federal, provincial and municipal procurement initiatives such as buyandsell.gc.ca, the Government of Canada’s open procurement information service. This Digital Marketplace platform provides instant access to hundreds of Canadian technology companies and can help facilitate agile and flexible procurement of cutting-edge innovation and technology.

This Agile Procurement pilot provides significant benefits to both government and industry: 

  • Supporting challenge-based procurement and a collaborative approach where the technology industry and government talk with each other to find solutions to today’s challenges;
  • Encouraging technology innovators of all sizes and types to participate in government proposals at the federal, provincial and municipal levels of government;
  • Providing a real-time and rapidly growing technology solutions marketplace for government procurement;
  • Enabling greater outreach, access and participation with small and medium-sized enterprises (SMEs) in the procurement process;
  • Providing open-source procurement from a larger pool of candidate companies, enabling wider range of companies by size, region and area of specialization.

 The pilot began in June 2020; and is into its third solicitation with more planned before end of the calendar year.

QUOTES:

“There is an immediate and significant opportunity for the federal government to stimulate the economy and drive the recovery of Canada’s high-growth high-employment technology sector, with the adoption of technology solutions that are urgently needed.  Adopting agile and more accessible government procurement as the ‘new normal’, will result in cutting-edge innovation in public service delivery and improved service delivery to Canadians, while fueling economic growth. A win-win for Canada!”

TECHNATION President and CEO, Angela Mondou.

“We are building an agile procurement system that will make it easier and faster to do business with the Government of Canada. This pilot program with TECHNATION is a great example of the work Shared Services Canada has been doing to ease access to government procurements for Canadian businesses. Innovation like this will help drive the digital government transformation Canadians expect.”

Minister of Digital Government Joyce Murray

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About TECHNATION

TECHNATION is the industry-government nexus for technology prosperity in Canada. As a member-driven, not-for-profit, TECHNATION unites Canada’s technology sector, governments and communities to enable technology prosperity from coast to coast. TECHNATION champions technology prosperity by: providing advocacy, professional development and networking opportunities across industry and governments at all levels; connecting Canadian scale-ups with global tech leaders; engaging the global supply chain; and filling the technology talent pipeline. TECHNATION has served as the authoritative national voice of the $210 billion ICT industry for over 60 years.   More than 43,200 Canadian ICT firms create and supply goods and services that contribute to a more productive, competitive, and innovative society. The ICT sector generates more than 666,500 jobs and invests $7.5 billion annually in R&D, more than any other private sector performer. www.technationcanada.ca



Janet Gibson Eichner
TECHNATION
416-357-8908
[email protected]