December quarterly report update

ASX:GAL  

Jan 25, 2023

Announcement

Investment Memo: GAL IM-2022
Objective 4 : Execute drilling campaigns at Norseman (Callisto) PGE Discovery
Risk 3 : Financing risk

Shares Held: 2,161,544

Options Held: 0

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Our long term exploration Investment Galileo Mining (ASX: GAL) just put out its December quarterly report.

Usually the quarterly report is just a summary of the work a company has completed during the quarter - meaning there is generally no NEW news to read up on outside of the company’s latest cash balance.

GAL ended the December quarter with $20.1M in cash, but ALSO put out the following updates:

1) Calisto PGE project -

GAL said that drilling had restarted in mid-January and that assays were pending for ~15 RC/diamond drillholes.

GAL also confirmed that the company was completing metallurgical testing alongside its current round of drilling.

Together, these two updates mean we have a lot to look forward to in the coming weeks.

2) Fraser Range projects -

GAL is also running EM surveys looking to firm up future drill targets.

While the current focus is on the company’s PGE project in the Norseman project, we still think GAL’s Fraser Range projects are worth watching.

We think the potential for upside from the Fraser Range projects is not fully appreciated by the market and could re-rate GAL’s share price further.

To see what we are watching for from GAL check out our most recent note here: What’s next for GAL?

WA exploration ground now in the TEE portfolio

ASX:TEE  

Jan 24, 2023

Announcement

Investment Memo: TEE IM-2022

Shares Held: 3,725,000

Options Held: 1,850,000

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Our domestic gas exploration Investment Top End Energy (ASX: TEE) just got hold of its first acreage in Western Australia - now holding ground in the NT, QLD and WA.

TEE has successfully applied for the L22-6 permit - a ~6,300 km^2 area that sits right on the border of the Northern Territory and Western Australia.

Importantly, the ground hosts untested basin margin extensions to the proven Amadeus Basin in the Northern Territory where TEE already holds ground.

TEE will be looking to explore the ground for gas, natural hydrogen and helium.

We note that the permit is yet to be granted.

TEE still needs to execute a native title agreement and expects this to take ~6-12 months to complete. This will mean that we don't see any exploration newsflow from this new acreage in the short-medium term.

What's next for TEE?

Seismic acquisition program in QLD 🔄

TEE, in an update late in 2022, confirmed it was planning a ~120km seismic acquisition at its QLD gas project.

Here TEE will be looking to infill the data that brought about an independently verified prospective resource of 715 billion cubic feet (on a gross mean unrisked basis).

As of the 29th of November, TEE was still negotiating land access agreements with landowners in the area to get this program started.

At the time, TEE also mentioned that it expected to kick this program off in Q1 2023, so we are hoping for some newsflow from this in the coming weeks.

Seismic acquisition program in QLD 🔄

TEE is also progressing permitting at its NT project.

We covered this in detail in a previous Quick Take which you can view here: Update on permitting for NT gas projects.

GGE locks in drilling contractor

ASX:GGE  

Jan 24, 2023

Announcement

Investment Memo: GGE IM2
Objective 3 : Drilling of Jesse #2 well
Risk 2 : Commercialisation risk

Shares Held: 32,510,000

Options Held: 0

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Our helium Investment, Grand Gulf Energy (ASX: GGE) secured its drilling contractor today.

This drill contract was an important piece of the puzzle and means that GGE remains on track to spud its Jesse 2 helium prospect this quarter.

The drilling contractor is Aztec Well Servicing, Co which was the preferred choice of newly appointed Drilling Manager, Todd Gentles - and it is the same drilling contractors that ran the Jesse-1 drill program which delivered GGE a helium discovery.

Today’s announcement notes that, “Mr Gentles has previously worked with Aztec, including this exact rig and crew with underbalance drilling and testing procedures, whilst drilling wells at the neighbouring Doe Canyon field”.

We think the reasoning for the Aztec contractor selection is quite simple - if it ain’t broke don’t fix it.

Aztec and Mr. Gentles have a long history of success, most notably at the neighbouring Doe Canyon Helium field, which is the second largest producing North American helium discovery in over 60 years.

As we get closer to the spud date for GGE, our anticipation is building.

If successful, we think GGE can be a near term producer of helium given the proximity of GGE to pipelines.

More specifically, GGE’s helium project sits immediately adjacent to idle pipeline infrastructure that runs directly to a nearby helium processing plant.

This processing plant is owned by GGE’s offtake partner Paradox Resources - so GGE already has a local customer lined up.

In the last pass at Jesse 1A, GGE grazed the gas/water contact zone in the image below - which hampered the company’s ability to deliver a reliable flow rate:

If GGE can avoid the gas/water contact zone AND produce a reliable flow rate - then we would expect a significant re-rate.

That being said, there are no guarantees that GGE can successfully produce a flow rate.

For that reason the risk below is our primary risk going into the GGE drilling event:

What’s next for GGE?

We’re looking for GGE to firm up the spud date.

With drilling expected to commence this quarter we are hoping this newsflow is only weeks away.

The latest drilling data & what’s next

ASX:IVZ  

Jan 23, 2023

Announcement

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.
Milestone 2 : Drilling results

Shares Held: 3,692,102

Options Held: 1,217,101

Trust Centre


This morning our 2020 Energy Pick of The Year Invictus Energy (ASX: IVZ) put out an operations update for its Mukuyu-1 sidetrack well.

IVZ confirmed the presence of 13 potential hydrocarbon-bearing zones with a gross interval of ~225m in the primary Upper Angwa target alone.

The image below shows where the potential hydrocarbon-bearing zones sit:

We also note the commentary from IVZ about further reservoir and potential pay intervals being hit in the Upper Angwa section when IVZ continued drilling below the initially targeted total depth (between 3,618m and 3,923m).

Unfortunately, IVZ couldn't get any data from this deeper section due to equipment failures. The positive is that IVZ can design future follow up wells knowing there is potential down at those depths.

What's next for IVZ?

IVZ is now calibrating the drilling data from Mukuyu-1 and the Mukuyu-1 sidetrack well, overlaying it with all of the seismic data on hand in preparation for its next phase of drilling (Mukuyu-2 appraisal well, Baobab-1 basin margin well & across its other prospects).

At this stage, IVZ hasn't set a firm timeline for when it expects to drill the next well.

IVZ intends to put out some guidance on the timing of the forward exploration program based on the company's ability to order long lead items and the tendering for well services.

To see our short overview of the two targets IVZ may look to drill, check out the what's next section of our latest IVZ note here.

Pre-drill vs post-drill risks assessment

ASX:IVZ  

Jan 23, 2023

Announcement

Investment Memo: IVZ IM-2022
Objective 4 : This is the most important: We want to see the first drill.
Milestone 2 : Drilling results

Shares Held: 3,692,102

Options Held: 1,217,101

Trust Centre


Our 2020 Energy Pick of the Year Invictus Energy (ASX: IVZ) just put out an operations update for its Mukuyu-1 sidetrack well in Zimbabwe’s Cabora Bassa Basin.

Included in the announcement was a short pre-drill vs post-drill comparison of the key exploration risks involved in a maiden oil and gas drilling program.

There are five key risks facing oil and gas drilling events that could impact whether a commercial discovery can be made.

Below is IVZ’s pre/post-drill review of these risks and how the company thinks they have been addressed or at least minimised.

The main takeaway for us is that the probability of making a successful discovery should improve significantly going into the company’s next round of drilling.

More developments at Colombian gold project

ASX:LCL  

Jan 23, 2023

Announcement

Investment Memo: LCL IM-2022
Objective 3 : Commence scoping studies

Shares Held: 3,210,000

Options Held: 0

Trust Centre


Los Cerros (ASX:LCL) announced today that an ongoing detailed geological review of its Quinchia Project in Colombia has revealed a new area of interest at the Ceibal porphyry target.

This target, located less than 1km from the LCL’s at surface, high grade, Tesorito gold porphyry discovery, has not been previously tested and LCL intends to undertake an immediate low-cost field program to better understand the opportunity.

Additionally, today’s announcement confirmed that LCL can tick the box on two key deliverables that it had set out to achieve at the Quinchia project:

1) Completed the pre-scoping production assessment review investigating production options for the Quinchia Project. Several production scenarios were investigated that warrant further investigations.

The commencement of scoping studies was a key objective that we wanted to see LCL achieve, as outlined in our LCL Investment Memo last year.

2) Submitted the Miraflores Environmental Impact Assessment (EIA), marking the final major submission required for development approvals at Miraflores. LCL notes that commencing with small-scale production here is one of the production scenarios considered in the pre-scoping assessment.

We like to hear that LCL is continuing to make progress at its Colombian project following its recent acquisition of multiple copper, nickel, and gold targets in Papua New Guinea (PNG).

And while we remain positive on Colombia, we are really looking forward to exploration to begin in PNG, particularly given the existing exploration data that includes some of the highest grade rock chip assays we have seen — including massive nickel sulphides measuring 45.8% nickel; surface trenches with 2.6% copper, and 11.5g/t gold grades.

As announced last week, site preparations have already begun ahead of maiden drilling that is scheduled for March ahead of first assay results that should arrive next quarter.

Drilling manager appointed

ASX:GGE  

Jan 20, 2023

Announcement

Investment Memo: GGE IM2
Objective 3 : Drilling of Jesse #2 well

Shares Held: 32,510,000

Options Held: 0

Trust Centre


This morning our 2021 Catalyst Hunter Pick Of The Year Grand Gulf Energy (ASX: GGE) brought on to the team Todd Gentles as its drilling manager for the upcoming Jesse-2 well.

Todd joins Doug Frederik, who led the team to a helium discovery at the Jesse-1 well.

Todd brings over 40 years of experience including 15 years at the neighbouring Doe Canyon Helium field, which is the second largest producing North American helium discovery in over 60 years.

Todd and Doug combined have over 80 years of experience and have been a part of teams where over nine drill-rigs and 30 workover rigs were managed with annual exploration budgets of up to US$300M + OPEX budgets of US$200M.

We are hoping the calibre of people GGE will have on-site managing the drill program is enough for the company to pull off a successful drilling program.

Drilling of the Jesse-2 well is expected to commence before the end of this quarter.

The Jesse-2 well will follow up GGE’s discovery well (Jesse-1), which hit a proven helium structure with a grade up to ~1%.

The ultimate aim for Jesse-2 will be to see the company produce a commercially viable flow rate that warrants putting GGE’s helium discovery into production.

Here is what we know about GGE’s helium project now:

  1. ✅ A proven helium structure: A >61m gross gas column (with ~31m of independently audited net pay)
  2. ✅ Commercial helium grades: Helium grades of up to 1% returned to surface (higher than our 0.4% expectation)

For GGE to deliver a commercial helium project, it needs:

  1. 🔄 Commercially viable flow rate: GGE’s Jesse-2 well is being drilled with this goal in mind.

Eight drill rigs & 65,000m of drilling to increase JORC resource

ASX:LRS  

Jan 17, 2023

Announcement

Investment Memo: LRS-IM2
Investment Thesis 1 : Billion $ capped neighbour with similar geological setting
Objective 1 : JORC resource at the Brazilian lithium projects

Shares Held: 4,605,000

Options Held: 0

Trust Centre


Today our lithium Investment Latin Resources (ASX: LRS) started its second round of drilling looking to increase its 13.3Mt @ 1.2% lithium oxide JORC lithium resource.

LRS has six diamond drill rigs on site now and has already commissioned a further two that are due to arrive on site in February.

LRS will be looking to complete ~65,000m of drilling with eight diamond drill rigs.

The primary focus for this round of drilling will be on:

1) Expanding the 13.3mt JORC resource

LRS will be drilling at depth below the existing resource footprint while also drilling in the western direction towards the ‘Collina West’ target.

2) Looking to drill out the ‘Collina West’ target.

LRS ended its last drill program with a 18.71m intercept which returned lithium grades of 1.32% to the west of its existing JORC resource.

A large focus of the 65,000m of drilling will be to drill out the area surrounding this intercept.

At the same time, LRS will also be looking to complete a round of geophysical surveys to firm up drill targets across LRS’s regional prospects.

What’s next for LRS:

Preliminary Economic Assessment (PEA) 🔄

We think the next major catalyst for LRS will be its PEA.

This will set out a first pass set of financial metrics for LRS’s project and give investors an idea of the value LRS’s resource may have.

LRS expects this to be ready for release to the market by Q1-2023.

Drilling to start this quarter - Well pad construction underway

ASX:GGE  

Jan 17, 2023

Announcement

Investment Memo: GGE IM2
Objective 3 : Drilling of Jesse #2 well

Shares Held: 32,510,000

Options Held: 0

Trust Centre


Our 2021 Catalyst Hunter Pick of the Year Grand Gulf Energy (ASX: GGE) has started building its well pad in preparation for its second well at its helium project in Utah, USA.

GGE expects to be drilling the Jesse-2 well before the end of this quarter.

The Jesse-2 well will follow up GGE’s discovery well (Jesse-1), which hit a proven helium structure with a grade up to ~1%.

The ultimate aim for Jesse-2 will be to see the company produce a commercially viable flow rate that warrants putting GGE’s helium discovery into production.

Here is what we know about GGE’s helium project now:

  1. ✅ A proven helium structure: A >61m gross gas column (with ~31m of independently audited net pay)
  2. ✅ Commercial helium grades: Helium grades of up to 1% returned to surface (higher than our 0.4% expectation)

For GGE to deliver a commercial helium project, it needs:

  1. 🔄 Commercially viable flow rate: GGE’s Jesse-2 well is being drilled with this goal in mind.

To see our deep dive on the Jesse-2 well, check out our most recent GGE note here: GGE helium drilling this quarter - can it unlock last year’s discovery?

Portfolio wide exploration update

ASX:TG1  

Jan 16, 2023

Announcement

Investment Memo: TG1 IM-2022
Investment Thesis 2 : Well located projects
Investment Thesis 4 : Tiny enterprise value (EV) means leverage to a discovery

Shares Held: 2,331,081

Options Held: 0

Trust Centre


This morning our junior exploration Investment TechGen Metals (ASX: TG1) put out an exploration update across its project portfolio.

Most of the ongoing works are small-scale soil sampling programs that are ultimately looking to firm up drill targets that the company can test with future drill programs.

From today’s announcement, we can expect newsflow from the following projects over the coming weeks:

1) NSW Gold project - Here, TG1 is following up its gold discovery with some field mapping - the company is firming up drill targets to be included in its next round of drilling at the project.

2) WA Copper project - Here, TG1 is planning a mapping/rock chip sampling program around the parts of its project closest to Norwest Minerals ‘Bali copper project’. We note that Norwest recently put out some drill results, and its share price went from ~4.5c per share to a high of just under 8c per share.

TG1 also confirmed that it had soil sampling results due from its nickel/copper/PGE projects in WA, but at this stage, we consider these projects as early stage “side bets”.

At this stage, our focus for TG1 is on the company’s gold project in NSW (John Bull) and its WA Copper projects (Station Creek & Mt Boggola) - all of which the company drilled late last year.

Once the company has firmed up a timeline for its next round of drilling, we are planning an update to our TG1 Investment Memo.

In that Memo, we will detail what we want to see the company achieve next, why we continue to hold TG1 in our portfolio and the key risks to our Investment Thesis. Be on the lookout for this in the coming weeks.

Even more high grade graphite mineralisation

ASX:SGA  

Jan 16, 2023

Announcement

Investment Memo: SGA IM-2022
Objective 4 : Increase confidence in the resource - upgrade JORC resource from inferred to indicated
Milestone 2 : Drill results

Shares Held: 4,802,500

Options Held: 1,391,250

Trust Centre


Sarytogan Graphite (ASX:SGA) today reported assay results from the final round of its 2022 drilling program at its graphite project in Kazakhstan.

Like previously announced results, these results returned thick intersections of high-grade graphite mineralisation both within and beyond the project’s existing giant Mineral Resource.

The results will contribute towards an upgrade of the existing Mineral Resource — SGA is seeking to upgrade a proportion of the resource to the Indicated category while also increasing the total tonnage of the resource.

Note that this existing Inferred Mineral resource of 209Mt @ 28.5% Total Graphitic Carbon (TGC) is the highest grade graphite resource of any ASX listed graphite company.

SGA today reported significant graphite intercepts above 25% TGC from around the margins of the Central Graphite Zone (CGZ), within the existing Mineral Resource.

These intercepts included:

Drill hole St-94:

  • 13.3m grading 33.6% TGC from surface, including 4.4m at 37.9%.

St-97:

  • 5.5m grading 29.3% TGC from 1.3m and
  • 69.1m grading 25.3% from 12.3m including 7.1m at 39.5% and including 4.0 at 36.5% and
  • 13.6m grading 21.3% from 91.6m.

St-98:

  • 22.9m grading 31.2% TGC from surface including 6.0m at 36.3%.

For the Northern Graphite Zone (NGZ), SGA also confirmed near surface high-grade graphite from two additional drill holes, reporting intersections of:

St-99:

  • 26.8m grading 30.4% TGC from surface ending in mineralisation.

St-100:

  • 47.6m grading 31.3% TGC from surface including 13.9m at 40.2% and including 6.8m at 37.0%.

What’s next?

As mentioned, SGA is working on a Mineral Resource upgrade, focussing on estimating a proportion of Indicated resources as well as increasing the total tonnage, ahead of further metallurgical test-work and economic evaluation.

Optimisation of metallurgical test work is also ongoing at the Australian and German laboratories following early results last year that returned up to 99.87% TGC purity.

In December, we named SGA as our 2022 Small Cap Pick of the Year after the company announced its breakthrough metwork result. You can read more on that decision and the metwork result here - Introducing our Next Investors Small Cap Pick of the Year for 2022.

First drilling campaign planned for new PNG assets

ASX:LCL  

Jan 16, 2023

Announcement

Investment Memo: LCL IM-2022

Shares Held: 3,210,000

Options Held: 0

Trust Centre


In November 2022, our junior exploration Investment Los Cerros (ASX:LCL) acquired multiple high-grade copper, gold and nickel targets across five project areas in Papua New Guinea (PNG).

The company today announced it has selected the Kusi Copper/Gold Prospect for the first drilling campaign of these assets.

So, why Kusi first?

Kusi lies within the Ono Project, which is perhaps the most advanced of the new projects acquired. Oso spans some 1,630km2 and is considered prospective for high grade oxide gold in skarns along with epithermal and porphyry style mineralisation.

It is located ~150km from the industrial port of Lae, and within the same structural belt as the multi-million-ounce Hidden Valley gold mine (8Moz) and the Wafi-Golpu copper/gold project (28Moz Au + 13.7Mt Cu). Despite its high prospectivity, much of the project area has never been prospected nor assessed with modern techniques and understanding

At Kusi in particular, historical drill intersections have been impressive, including 35m @ 3.04g/t gold from 136m, plus there is trench sampling that includes 8m @ 11.5g/t gold, 2.6% copper, 24g/t silver.

The combination of big regional discoveries within the same geological formations alongside existing trove of drilling data and gold intercepts made Kusi the standout choice to focus initial exploration activities.

A 3,000m drilling campaign is now in the works, which will deliver over ~18 diamond holes, and is expected to commence in March. A semi-permanent field base is being constructed near the Kusi village — a sign that LCL expects to be drilling here for quite some time (i.e. beyond this initial campaign).

We’re hoping that results from this campaign will lead to progress on our Big Bet for LCL:

“LCL to re-rate 1,000% off exploration success on its new PNG gold, copper, nickel projects or from developing its advanced gold project in Colombia.”

NOTE: our “Big Bet” is what we HOPE the ultimate success scenario looks like for this particular Investment over the long term (3+ years). There is a lot of work to be done, many risks involved - just some of which we list in our LCL Investment Memo. Success will require a significant amount of luck. There is no guarantee that our Big Bet will ever come true.

Next up

We await drilling to commence in March, with first assays expected in the following quarter. We are also keen to see an update on the progress of LCL’s Preliminary Economic Assessment (PEA) at its Quinchia Project in Colombia, which would provide clarity on what investment returns that development of the project could deliver.

DXB could expand FSGS addressable market by ~5-10%%

ASX:DXB  

Jan 13, 2023

Announcement

Investment Memo: DXB IM-2022
Objective 4 : Progress the Phase III Clinical Trial for Rare Kidney Disease (FSGS)

Shares Held: 2,525,000

Options Held: 624,994

Trust Centre


Yesterday our 2021 Biotech Pick of the Year, Dimerix (ASX:DXB), announced that the FDA approved paediatric patients (children aged 12-17) to be recruited into its FSGS study Phase III.

These patients will be counted in the final pool for analysis.

This decision by the FDA is important not only because it may help children suffering from FSGS (a rare kidney disease), but also because it increases the total addressable market for DXB’s drug.

There are roughly 220,000 people who suffer from FSGS around the world and we estimate that children make up ~5-10% of that number (based on our rough calculations - this calculation was done across publicly available sources, using ratios of incidence of FSGS).

This decision ensures that those patients can be treated (if DXB’s treatment secures FDA approval), which we think could meaningfully increase the value of DXB’s treatment when negotiating licensing and marketing deals with potential partners.

Also, if DXB is successful in bringing in these adolescents – there is a regulatory process in the US that means treating children could secure an additional 6 months exclusivity (in addition to the 7 years exclusivity in the US DXB would already get) where patents cannot be challenged and no generics may enter the market.

Now that the FDA has granted approval, DXB will look to secure a similar approval in Europe.

Along with today’s announcement, DXB provided a patient recruitment update which is currently sitting at 90 patients.

The company completed recruitment for its first 72 patients required for the interim analysis data in December last year.

The next patient recruitment milestone will be 144 patients recruited for the accelerated approval endpoint.

We think that 18 patients recruited in the past month shows momentum for the clinical trial, and we hope that this continues through 2023.

CEO appointment ahead of Copper Ridge results

ASX:TTM  

Jan 12, 2023

Announcement

Investment Memo: TTM IM-2022
Investment Thesis 3 : Copper side bets

Shares Held: 3,899,250

Options Held: 0

Trust Centre


This morning, our Ecuadorian gold and copper Investment Titan Minerals (ASX:TTM) appointed highly experienced mining and resource sector executive Melanie Leighton to spearhead the team as the new Chief Executive Officer.

Melanie brings a wealth of experience (some two decades as a geologist across multiple commodities, deposits and jurisdictions) including key management roles with notable resource companies including Hot Chili Limited, Harmony Gold, Hill 50 Gold and Northwest Resources.

We like that Melanie’s expertise line up well with TTM being in the exploration (both discovery and resource definition) and development phase. Given the presence of Australian mining icon Peter Cook as Chairman, and ex-Newmont/ Goldcorp senior geo Michael Skead as COO/ Country Manager, we believe that TTM boasts one of the more impressive management teams that we’ve seen in the junior space.

First up for the new CEO is delivering the results for the exciting Copper Ridge copper porphyry prospect at TTM’s Linderos project. With very promising results from the first two assays - we covered this in December 2022 in TTM honing in on potential copper-gold porphyry discovery - we’re very keen to see what the remaining six assays reveal, likely next month.

What’s next?

Besides the assays for Copper Ridge, we expect results from drilling at the Meseta gold prospect, also part of the Linderos project.

We also anticipate an update shortly for the flagship Dynasty project, located 20km down the road from Linderos. For the better part of the past two years, TTM (as well as the market) has primarily focused on converting Dynasty’s ~2.1 million ounce gold, 16.8m ounce silver foreign resource estimate into JORC status.

We should also receive further clarity in terms of funding all of TTM’s drilling campaigns with an update on the Arkham transaction later this quarter.

Readers can follow the company’s advancements here via our TTM Progress Tracker.

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General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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