These leap-days are a rare treat. Not only is it an extra day to hold off on rent/mortgage payments, but an extra day to take stock of February’s wild ride.
Last week, we saw the TSX hit a 22-month high while major U.S. indices also had their best performances in a year, with the Dow Jones Industrial Average scoring a new all-time intraday high. However since then, markets have given back many of these gains, or just kept flat as traders await key inflation data due later this week.
Users around Stockhouse’s Bullboard forums have been keeping tabs on this movement.
We first look at a popular technology-, artificial intelligence (AI)-and healthcare-focused company among Bullboard users – Datametrex AI Ltd. (TSXV:DM, Forum).
The Toronto-based firm recently closed a C$1 million private placement at C$0.02 per share, including a little more than 10 per cent insider participation, to shore up its working capital.
CEO Charles Park remarked, “This successful financing is a clear endorsement of our strategic direction and underscores the significant growth potential we see ahead. We are committed to leveraging this capital to further our goals and deliver value to all our stakeholders.”
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Park came to the company’s helm a little more than two months ago in a bid to improve the company’s poor financials and stock performance. These fresh funds are intended to help Datametrex to build upon numerous revenue-generating initiatives spearheaded by the new CEO.
These include:
The financing close follows news earlier this week that Datametrex does not intend to apply for a reverse stock split in 2024 to attract a broader investor base, preferring instead to create value through operational performance.
Canadian mining stock Ivanhoe Mines Ltd. (TSX:IVN, Forum) has seen a near 2 per cent bump in its share price this week after reporting a profit of US$303 million, a record normalized profit of US$388 million and record adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of US$604 million in 2023.
Its Kamoa-Kakula copper project recognized record annual revenue of US$2.70 billion and record EBITDA of US$1.68 billion in 2023, compared with US$2.15 billion in 2022. Kamoa-Kakula milled a record 8.54 million tonnes in 2023 at an average grade of 5.23 per cent copper. The project produced 393,551 tonnes of copper in concentrate in 2023, achieving its production guidance range despite intermittent grid instability.
(Source: Ivanhoe Mines)
The company stated a full-year cash cost guidance of US$1.50 per pound to US$1.70 per pound of payable copper produced. The reason for this increased cash cost is meant to partially reflect the favourable early commissioning of the Phase 3 concentrator by late Q2 2024. The early commissioning of the Phase 3 concentrator would require additional backup power generation for the rest of the year, until the Inga II hydroelectric dam refurbishment is complete at year-end. Phase 3 and its backup power generation is expected to temporarily increase its cash costs by up to $0.20 per pound for 2024.
The Phase 3 concentrator project is said to be 82 per cent complete and ahead of schedule for the targeted June 2024 ramp-up. The smelter complex is 76 per cent complete and on schedule for commissioning in Q4 2024.
A preliminary economic assessment is in progress ahead of a new Phase 3 expansion to 10 million-tonnes-per-annum (Mtpa) to rank Platreef, its palladium, nickel, platinum, rhodium, copper and gold development in South Africa, as one of the world’s largest and lowest cost platinum-group metals and base metal producers.
Aviation stock Bombardier Inc. (TSX:BBD, Forum) debuted its ultra-long-range Global 7500 aircraft at the Singapore Airshow.
In a news release, the company stated its latest aircraft holds the title of the longest-range flight in business aviation, with more than 8,225 nautical miles flown.
The Global 7500 jet is said to have seamless, smooth rides and is the largest and longest-range business aircraft that is certified and in service.
“The Global 7500 aircraft is the perfect choice for our Asia-Pacific customers seeking the finest business jet for long-distance travel. It is also a capable option for specialized and defense clients who need a reliable workhorse for a variety of missions,” Jean-Christophe Gallagher, executive vice president of aircraft sales and Bombardier Defense, said in a statement.
(Source: Bombardier Inc.)
Over the past six-month period, the Global 7500 aircraft has flown multiple record-breaking missions, while the company has delivered more than 150 of the aircraft.
The aircraft has a top speed of Mach 0.925 and a range of 7,700 nautical miles. Its latest flight includes from Los Angeles to New York, and New York to London. Its longest flight was out of London City Airport.
Next week we’ll be able to see how the economy is faring as winter turns to spring. Will the market selloff continue? Is this resource surge for real? What small cap companies are Stockhouse Bullboard users going crazy for? Find out all this and more on next week’s Buzz on the Bullboards.
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