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Top Stories for Jan. 4, 2024:
1. Foremost Lithium Resource & Technology Ltd. FMST announced that it received its third $300,000 grant from the Manitoba Mineral Development Fund to support its 7,500-meter diamond drill program at its Zoro Lithium Project.
“Foremost Lithium stands as a reputable company that has achieved remarkable advancements on their properties in Manitoba. They are widely recognized for their substantial geological potential in terms of valuable mineral deposits,” said Edward Suzuki, program manager of The Manitoba Mineral Development Fund. “Through their diligent efforts, they have successfully identified and defined their lithium resources, clearly showcasing the significance of these essential minerals.”
“Supporting mineral exploration companies like Foremost Lithium, the Government of Manitoba’s Mineral Development Fund not only stimulates exploration activity and attracts investment, but also fosters economic growth, job creation and enhances the province’s competitiveness. These factors collectively contribute to the long-term sustainability and development of the mining industry in Manitoba,” he added.
2. Schnitzer Steel Industries, Inc., otherwise known as Radius Recycling Inc. RDUS, announced its first-quarter earnings for fiscal 2024. The company reported a loss of 64 cents per share and adjusted EBITDA of $1 million.
The company faced reduced profitability due to tighter supplies of recycled metals and lower selling prices largely due to decreased U.S. manufacturing and the economic slowdown in China, which led to a compression of metal spreads.
Chairman and Chief Executive Officer Tamara Lundgren commented: “While the current market environment is challenging, we have demonstrated our ability to navigate effectively through periods of volatility and tight scrap availability by focusing on what we can control. This includes higher nonferrous volumes from our strategic investments and delivering on our $30 million productivity improvement program that we announced last October. We are well-positioned to benefit from near-term market improvements and the expected longer-term increased demand for recycled metals associated with decarbonization and low-carbon technologies.”
3. U.S. Gold Corp. USAU announced that it will attend the 2024 Future Minerals Forum from Jan. 10 to Jan. 11 at the King Abdulaziz International Conference Center in Riyadh, Saudi Arabia.
The company plans to discuss its advancements in the CK Gold Project, including obtaining the Industrial Siting Permit in May 2023 and anticipating mining permit approval in 2024, along with initiating CAPEX financing discussions.
U.S. Gold Corp. also plans to cover its strategies for exploring the Challis Gold Project and continued exploration at the Keystone Project, as well as the company’s optimistic outlook on the 2024 gold and copper markets, which are expected to positively influence its asset values and strategic decisions.
Now Read: Oil Prices Fall As Demand Concerns Driven By Massive US Gasoline Stockpile Increase
Photo: Shutterstock
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