• Brera Holdings, an Ireland-based international holding company with a global portfolio of men’s and women’s sports clubs, has committed to a strategic investment in SS Juve Stabia, a historic Italian Serie B football club
• The investment looks to reinforce Juve Stabia’s sporting competitiveness in Serie B and beyond, in a 52-48 strategic shareholding with the current majority owner, XX Settembre srl, and the club’s President, Andrea Langella
• This stamps Brera’s presence in Italy, having invested previously in the professional volleyball space
• It bolsters the company’s global portfolio while stamping its position as a key player in the football space in Europe and beyond

Brera Holdings (NASDAQ: BREA), an Ireland-based, international holding company focused on expanding its global portfolio of men’s and women’s sports clubs through a multi-club ownership approach, announced on Dec. 9 that it had committed to a strategic investment in SS Juve Stabia, the second team of Naples and a historic Italian Serie B football club. The share purchase agreement’s completion and the transaction’s initial conclusion are set to close by Dec. 31, 2024, according to the binding term sheet signed by the different parties involved.

“After a thorough analysis and negotiations with leading Serie B clubs, Brera Holdings is extremely proud to invest in Juve Stabia, an important club with an ideal partner in President Andrea Langella,” noted Daniel McClory, Brera’s Executive Chairman, Founder and majority shareholder (https://ibn.fm/9dHbC).

The investment from Brera looks to reinforce Juve Stabia’s sporting competitiveness, not just in Serie B but beyond. Brera’s management believes that growing the club to where it is meant to be will require a collaborative effort from all the stakeholders, including the players. It brings together current majority owner XX Settembre srl and club President Andrea Langella in an approximate 52-48 strategic shareholding over three places through March 31, 2025.

“We welcome Brera’s strategic capital, and the Nasdaq listing of its MCO model are expected to bring Juve Stabia not just additional financial resources and support but expanded awareness of our brand and team, as well as human capital and player pathways between Brera’s teams on three continents,” noted Mr. Langella. “Juve Stabia shares the social impact mission of Brera and will extend their reach into the greater Naples area, starting with Castellammare di Stabia,” he added (https://ibn.fm/9dHbC).

Juve Stabia is key to Italy’s third-largest metropolitan area. In addition, it is strategically located near the famous historical sites of Pompeii and the Amalfi Coast. This aspect offers a unique blend of sporting and cultural significance in one of Italy’s most renowned regions. It also provides a unique revenue opportunity for Brera.

“Competing in the vibrant Naples metropolitan area, home to 3.5 million people with an unparalleled tradition of top-caliber football, makes Brera’s investment in Juve Stabia especially strategic,” noted Mr. McClory (https://ibn.fm/9dHbC).

As of October 2024, Brera owned full or majority stakes in three professional soccer clubs across Europe, Asia and Africa. In Italy, it also had a stake in the professional volleyball space. The addition of SS Juve Stabia strengthens its global portfolio while asserting the company as a key player in the European football space and globally. It also affirms the company’s commitment to growing this portfolio and creating shareholder value, having set out in January to proactively search to acquire an Italian Serie B football club as a means to expand into the country’s second division.

For Brera, this investment is both timely and strategic. It bolsters the company’s brand image, positioning and equity in the global sports space. For shareholders, this promises growth in the value of their shares while pointing to where the company is headed and the ambitious goals it has for the future.

For company information, visit the company’s website at www.BreraHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

On Thursday, the incoming U.S. President Donald Trump revealed that David Sacks, a former Chief Operations Officer at PayPal Holdings Inc. (NASDAQ: PYPL), had been chosen to be the “White House AI and Crypto Czar.” This announcement marks the latest step that the President-elect has taken in his bid to overhaul American policy on various industries and sectors.

Using Truth Social, a social media platform owned by Trump, the President-elect explained that Sacks would be tasked to formulate a framework through which the cryptocurrency industry would get the regulatory clarity it had been yearning for. Such a framework, Trump added, would allow cryptos to thrive in America. Trump’s post didn’t confirm whether “Czar” would be part of Sacks’ job title.

David Sacks is part of a growing number of incoming officials that the new president expects to oversee policy changes relating to the cryptocurrency industry. Others who are expected to play a key role include the nominees who will chair the U.S. SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission). An advisory council on crypto has also been created and will help to reshape policy on digital currencies.

It should be noted that many tech industry leaders backed Trump during his campaign to win the presidency. These backers hope regulation of the crypto and AI space is minimal so that innovation can thrive without being hampered by excessive regulation. Trump positioned himself as someone who would create a favorable environment for these new technologies to thrive, and tech industry giants like Elon Musk threw their weight (and massive cash injections) into his campaign.

Reacting to the announcement of Sacks’ appointment, Steve Jang, who has invested alongside Sacks in a number of AI and crypto ventures, commented that while Sacks would create some guardrails around AI and crypto, he would generally favor minimal regulation.

Jang further stated that he believed Sacks would be more inclined to regulate the ways in which AI is deployed rather than trying to enact rules governing the way AI models are developed and trained. California tried, unsuccessfully, to pass SB 4047, a bill that would have regulated the development of AI models. Vehement opposition from tech investors in Silicon Valley prompted the governor to veto that bill.

Bitcoin breached the $100,000 mark for the first time last week, just a day before Trump announced the choice of David Sacks. This bullish run is largely riding on the industry’s expectation that the new administration will be friendlier to the industry compared to the outgoing one.

The anticipated pro-AI and crypto policy changes could further speed up the rate at which artificial intelligence grows in America, and that, in turn, bodes well for companies like McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) that are focused on gold, silver and copper. These metals have a pivotal role in the burgeoning industry.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX

• Torr Metals’ Filion Gold Project is strategically located in a prolific gold-endowed region of northern Ontario, offering 42 kilometers of untapped exploration potential along the Filion Fault
• Recent advancements include the completion of a comprehensive ~9 km² surface sampling program and initiation of ground magnetic and VLF-EM geophysical surveys, designed to identify and prioritize high-value drill targets
• With both Filion West and East permitted for drilling, Torr is poised to advance toward a pivotal phase in uncovering potential brand-new district-scale gold discoveries

Gold is often seen as a symbol of wealth and stability, serving as a hedge against economic uncertainty and a critical component in various industries. In recent years, the value and demand for gold have risen sharply, with recent projections noting that the precious gold could reach $3,000 (https://ibn.fm/NRDTZ). This growing demand has placed increasing importance on gold exploration to ensure a steady and sufficient supply.

Gold’s value lies not only in its monetary significance but also in its diverse industrial applications. Its unmatched properties—such as conductivity, malleability and resistance to corrosion—make it indispensable in electronics, medical devices and aerospace technologies. Additionally, gold plays a vital role in the creation of jewelry and as a reserve asset for central banks.

Experts point to several key factors leading to an increase in gold demand moving forward. Those factors include economic uncertainty, technological innovation, global wealth growth and central bank purchases. The combination of these factors has heightened the need for new gold discoveries to sustain supply and ensure long-term market stability. However, while the demand for gold continues to trend up, existing long-term operations face challenges with depleting reserves, declining ore grades, and disappearing new discoveries. To address this gap, early-stage greenfield exploration efforts, such as Torr’s Filion Project, are essential for identifying potential new deposits and replenishing the global supply chain.

Torr Metals Inc. (TSX.V: TMET) stands out in the junior gold exploration sector by pursuing a fresh frontier at its 100% owned Filion Gold Project (https://ibn.fm/nTdt6) in northern Ontario. While many junior explorers focus on revisiting projects with overworked occurrences, historical resources or existing open pits – areas where prior decades-long efforts have often fallen short – Torr is exploring a region with untapped high-grade gold and significant blue-sky potential that echoes the era of major grassroots discoveries such as the regional Hemlo gold camp. Strategically located adjacent to the Trans-Canada Highway 11, the district-scale 261 km² Filion Project also offers exceptional infrastructure within a secure and stable jurisdiction; embodying a bold, forward-looking approach to the next generation of gold exploration that is essential to meeting rising global demand.

Expanding on this innovative strategy, Torr Metals has completed a focused surface sampling program and initiated a ground geophysical survey at its Filion Gold Project, targeting key gold anomalies along the 42-kilometer-long, gold-rich Filion Fault system. These efforts in 2024 are testing the potential multi-kilometer extensions of six undrilled gold soil anomalies, originally identified in 2023, which are aligned with historical high-grade occurrences of up to 91.4 g/t Au over 0.3 meters. Concentrated within a 2-kilometer-wide corridor, these anomalies span strike lengths of up to 1.2 kilometers with grades reaching 1.32 g/t gold, yet they represent only 3% of the project’s total area. With the remaining 97% unexplored and no records of historical work, this district-scale project showcases immense untapped potential within a safe, mining-friendly jurisdiction renowned for hosting globally significant gold deposits.

“We are advancing toward a pivotal phase at the Filion Gold Project,” said Malcolm Dorsey, Torr Metals president and CEO. “The successful completion of a comprehensive soil sampling and prospecting grid in Filion West along with multiple high-priority discoveries highlights the project’s exceptional untapped potential, while adding significant value to our 2023 work.

“Equally exciting is the confirmation of shared structural controls with prospective geology in Filion East, indicating the potential for previously unknown gold endowment to extend over the 42 km strike-length of the Filion Fault system,” Dorsey continued. “With both Filion West and East permitted for drilling and the imminent commencement of a combined ground magnetic and VLF-EM geophysical survey, we are poised to refine our understanding of key anomalies. This integrated approach will help prioritize future drill targets, offering multiple unique opportunities for potentially significant new grassroots discoveries.”

To meet the growing gold demand, it is essential to explore new frontiers. The history of the Hemlo gold camp in Ontario, with its discovery in the 1980s, provides a clear example of the rewards that come from bold, greenfield exploration in underexplored areas. Despite carrying inherent risks, the potential for high-reward discoveries is significant, as seen in Hemlo’s transformation into one of Canada’s richest gold-producing areas.

Torr Metals’ Filion Gold Project exemplifies this risk-reward dynamic. Located in a comparably prospective but underexplored region of northern Ontario, the project covers 261 km², with 97% remaining unexplored. Despite limited historical exploration, efforts in just one year have already identified multiple new gold soil anomalies with strike lengths up to 1.2 kilometers and grades as high as 1.32 g/t gold in soil already indicating a significant footprint with the right scale for a potential large discovery. The untapped nature of the Filion Project mirrors the early days of Hemlo, where minimal prior exploration opened the door to a brand-new world-class gold deposit.

Situated with direct access to highways and surrounded by major mining companies, the Filion Project combines untapped gold potential with key infrastructure and a strong position in one of the world’s most prolific gold-producing belts, making for a rare and strategic opportunity that has the potential to provide that fresh new breakthrough discovery the gold industry desperately needs.

For more information, visit the company’s website at www.TorrMetals.com.

NOTE TO INVESTORS: The latest news and updates relating to TMET are available in the company’s newsroom at https://ibn.fm/TMET

• The recent launch of electronic monitoring (“EM”) of court-supervised offenders in Manitoba’s capital, and the program’s recent push for expansion to more rural areas of the Canadian province, exemplifies the global growth of EM as a needed resource for law enforcement
• EM offender tracking represents a more efficient and cost-reducing means of providing security to citizens while also limiting increasingly expensive incarceration to qualifying criminal offenders
• Israel-based SuperCom has developed a flagship technology and companion monitoring service that provides a competitive advantage over legacy EM devices
• The company’s PureSecurity technology is driving significant advancements, and company officials have reported a number of key contract wins this year as it expands its footprint in Europe and North America

Technology developer SuperCom (NASDAQ: SPCB) is elevating the use of electronic monitoring (“EM”) of court-supervised individuals through GPS and RFID-enabled devices that are improvements over legacy services used for judicial system interests that include domestic violence offender tracking and house arrest monitoring.

SuperCom’s PureSecurity platform is a step up from the unpopular ankle monitors ubiquitous to the industry, using a sleek design that is wearable without being obvious to other people nearby, making it easier for monitored individuals to work and interact with others without the social stigma of a bulky device.

The PureSecurity products also feature a battery life of up to one year before needing to be recharged — an improvement over the monitors that continually have to be charged at an electrical outlet.

Worldwide, the use of EM devices has been expanding as a means of reducing the costs of incarceration and offering low-risk offenders a less punitive penalty that encourages positive social interactions.

The Canadian province of Manitoba, stretching from its border with the United States to its subarctic limits in the north, is an example of the growing use of EM, even in areas that are not heavily populated regions. The provincial government launched EM use in the metropolitan capital area of Winnipeg in August, where about two-thirds of Manitoba’s population resides. Following the evaluation of the initial successes, the government announced last month that it is expanding EM use to more rural areas, identifying towns in seven regions of the province.

“Enhancing the security of communities throughout the province is a priority for the Manitoba RCMP (Royal Canadian Mounted Police) and we appreciate all new technologies that help to support and achieve that goal,” Manitoba RCMP Chief Supt. Gord Corbett stated (https://ibn.fm/XkUja). “The electronic monitoring of those who are on release conditions is one more important tool that supports our mandate and helps keep Manitobans safe.”

The Manitoba government has allocated $2.9 million over two years for the program, according to the report, with an option for continuing the program in the future.

SuperCom has strengthened its footprint in the United States and Europe in recent months, securing new key contracts with officials in New York, West Virginia, Maryland, as well as in Israel and Romania, along with its ongoing business services.

The company also secured a new project in Canada that helps a long-standing partner transition from providing RF-based tracking technology to embracing new GPS technologies (https://ibn.fm/v6ojO).

“We are pleased to announce another quarter of significant achievements, showcasing the continued strength and resilience of our business. … Year-to-date, revenue increased to $21.3 million, gross profit surged by 35% to $10.7 million, and our gross profit margin improved dramatically to 50.1% from 37.7% in the prior year period,” SuperCom President and CEO Ordan Trabelsi stated in the company’s report on Q3 finances (https://ibn.fm/hcxPW). “Looking ahead, we remain focused on executing our strategy by delivering cutting-edge solutions, deepening relationships with existing clients, and entering new markets.”

For more information, visit the company’s website at www.SuperCom.com.

NOTE TO INVESTORS: The latest news and updates relating to SPCB are available in the company’s newsroom at http://ibn.fm/SPCB

• Copper is projected to be a sought-after commodity, driven by diverse applications in clean energy, electric vehicles (“EVs”) and sustainable infrastructure.
• Amid growing demand, exploration companies such as Aston Bay are intensifying their efforts to discover new copper reserves.
• Exploration efforts continue to deliver discoveries at Storm Project.

Copper, often referred to as the “metal of electrification,” plays an indispensable role in the transition to a more sustainable and energy-efficient future. As the world intensifies its commitment to reducing carbon emissions and embracing renewable energy, the demand for copper is set to soar. The recent discovery of new copper targets by Aston Bay (TSX.V: BAY) (OTCQB: ATBDF), a publicly traded mineral exploration company, and its partner American West Metals highlights ongoing exploration efforts to secure this vital resource. These discoveries further underscore copper’s importance in a rapidly evolving global economy.

Copper is projected to be a sought-after commodity, driven by its diverse applications in clean energy, electric vehicles (“EVs”) and sustainable infrastructure. Industry forecasts predict that copper demand could rise by 50% or more by 2040 (https://ibn.fm/5er8l), underscoring the urgency of finding new sources to bridge the potential supply gap.

Copper is a cornerstone material in many industries due to its excellent conductivity, durability and recyclability. This metal’s versatility ensures its relevance in both traditional sectors and emerging technologies, particularly those tied to sustainability. Key factors contributing to the rising copper demand include:

• Electrification of energy systems, including the push for renewable energy technologies such as solar panels, wind turbines and energy-storage systems
• Electric vehicles, which are copper intensive, requiring about 2.5 times more copper than internal combustion engine vehicles
• Sustainable infrastructure, which include modernizing grids to accommodate renewable energy and building green cities
• Emerging markets, which are increasingly integrating copper-intensive technologies into their infrastructure as they strive to meet global sustainability standards

Amid growing demand, exploration companies are intensifying their efforts to discover new copper reserves. One such endeavor is the Storm Project in Nunavut, Canada, a joint initiative by Aston Bay and American West Metals. The most recent report (https://ibn.fm/97Yev) released by the two companies sheds light on exciting new developments at this site. Notable findings of the report include: 

• High-grade discoveries: Recent drilling programs have identified high-grade copper zones, confirming the project’s potential.
• New copper targets: Drilling, soil geochemistry and electromagnetics continue to highlight large-scale regional exploration potential.
• Strategic location: Located in a mining-friendly region of Nunavut, the Storm Project benefits from supportive local policies and a wealth of geological expertise.

“Greenfields regional exploration continues to deliver discoveries at Storm,” said Thomas Ullrich, Aston Bay CEO. “In addition to the successful delineation drilling program this year, the geological team has discovered two new zones with copper, zinc and silver mineralization, reinforcing the belt-wide prospectivity of this 110-kilometer-long trend. The successful prospecting, geophysics, geochemistry and drilling programs all point to the untapped potential for more copper at Storm, and we look forward to testing these new discoveries while advancing the known deposits toward development. Work is advancing well on the maiden resource for Storm as well as the development study work, with news expected over the coming months.”

The partnership between Aston Bay and American West Metals combines technical expertise and resources to advance the known deposits toward development. As exploration continues, the companies aim to confirm the commercial viability of these deposits. Aston Bay and American West are working together on the Storm Project property, having formed a 20/80 unincorporated joint venture. According to the agreement, Aston Bay maintains a free carried interest until the decision to mine upon completion of a bankable feasibility study.

These are among the benefits that Aston Bay is eyeing as it focuses on exploring for high-grade critical and precious metal deposits in both Canada and the United States. The company is aggressively advancing the high-grade Storm Copper Project in Nunavut, Canada, toward development with partner American West Metals. The company is free carried for all expenditures at the project until decision to mine. Aston Bay is looking to replicate the success of Storm with its Epworth Copper Project, also located in Nunavut, where surface samples have yielded up to 61% copper with 5600 g/t silver as well as cobalt, zinc, and gold. The company is also exploring the high-grade (up to 62.51 g/t Au) Buckingham Gold Vein and critical metals prospects in central Virginia.

For more information, visit AstonBayHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to ATBHF are available in the company’s newsroom at https://ibn.fm/ATBHF

• Emerging therapies, advanced diagnostic tools and groundbreaking research are reshaping the fight against cancer.
• Calidi Biotherapeutics uses stem cells and cell-enveloping technologies to deliver virotherapy payloads that attack cancers and leave healthy cells untouched.
• RTNova is designed to address the limitations of traditional virotherapy by offering enhanced targeting, systemic delivery and immune system modulation.

Cancer continues to be a leading cause of morbidity and mortality worldwide, affecting millions of lives every year. While advances in prevention, early detection and treatment have made strides in reducing the global cancer burden, innovation remains critical to achieving further breakthroughs. Emerging therapies, advanced diagnostic tools and groundbreaking research are reshaping the fight against cancer, offering new hope for patients and their families.

A compelling example of this progress is the work of Calidi Biotherapeutics (NYSE American: CLDI), whose recent data on its RTNova(TM) systemic enveloped virotherapy technology demonstrates the potential of cutting-edge solutions to revolutionize cancer care (https://ibn.fm/X06dh).

Cancer is not a single disease but a group of related diseases characterized by abnormal cell growth. This complexity requires diverse and innovative approaches to treatment. Traditional methods such as surgery, chemotherapy and radiation therapy have significantly improved survival rates, but they are not without limitations, including toxicity and resistance. Innovation is vital to overcoming these challenges.

New approaches to cancer treatment leverage technology, biology and chemistry to create therapies that are more effective, less invasive and increasingly personalized. Some key examples include:

• Immunotherapy: Treatments such as checkpoint inhibitors and CAR T-cell therapy harness the body’s immune system to recognize and attack cancer cells.
• Targeted therapy: Drugs designed to target specific mutations in cancer cells have reduced side effects while improving efficacy.
• Oncolytic virotherapy: In this promising area of innovation, viruses are engineered to infect and destroy cancer cells while sparing healthy tissues.
• Precision medicine: Advances in genomic sequencing allow treatments to be tailored to an individual’s genetic profile, optimizing outcomes and minimizing adverse effects.

Calidi Biotherapeutics is at the forefront of cancer treatment innovation, focusing on novel approaches to oncolytic virotherapy using stem cells and cell-enveloping technologies to deliver targeted and effective virotherapy payloads that attack cancers and leave healthy cells untouched. Calidi’s treatments effectively target a primary tumor and then arm the immune system to kill cancer metastases.

At two major conferences—the International Oncolytic Virotherapy Conference (“IOVC”) and the Society for Immunotherapy of Cancer (“SITC”) Annual Meeting—Calidi presented groundbreaking data supporting the capabilities of its proprietary RTNova systemic enveloped virotherapy platform. RTNova is designed to address the limitations of traditional virotherapy by offering enhanced targeting, systemic delivery and immune system modulation. Calidi’s data demonstrated that RTNova can achieve robust tumor-specific replication and destruction, making it a promising candidate for treating a wide range of cancers. Furthermore, this platform can be used as a standalone therapy or in combination with existing treatments like immunotherapy and checkpoint inhibitors to enhance outcomes.

The battle against cancer is far from over, but the momentum of innovation provides a reason for optimism. Companies such as Calidi Biotherapeutics are paving the way for therapies that push the boundaries of what is possible in medicine. In the coming years, advancements such as RTNova and other cutting-edge therapies will undoubtedly continue to shape the cancer treatment landscape.

Calidi Biotherapeutics is a clinical-stage, immuno-oncology company with proprietary technology designed to arm the immune system to fight cancer. Calidi’s novel stem-cell-based platforms are utilizing potent allogeneic stem cells capable of carrying payloads of oncolytic viruses for use in multiple oncology indications, including high-grade gliomas and solid tumors. Calidi’s clinical-stage, off-the-shelf, universal cell-based delivery platforms are designed to protect, amplify and potentiate oncolytic viruses leading to enhanced efficacy and improved patient safety. Calidi’s preclinical off-the-shelf enveloped virotherapies are designed to target disseminated solid tumors. This dual approach can potentially treat, or even prevent, metastatic disease.

For more information, visit www.CalidiBio.com.

NOTE TO INVESTORS: The latest news and updates relating to CLDI are available in the company’s newsroom at https://ibn.fm/CLDI

Sam Altman, the CEO of OpenAI, has voiced his confidence in President-elect Donald Trump supporting the AI sector and ensuring that America, together with its allies, retain pole position in this nascent industry. Altman was speaking during a recent interview with Fox News.

During the interview, Sam Altman highlighted the fact that support in the form of massive infrastructure needed to be directed to the artificial intelligence industry. Altman added that he was certain that the incoming administration would provide this needed support. He reiterated that the massive infrastructure was necessary to enable the U.S. to stamp its leadership on AI technology and AI capabilities.

Sam Altman’s comments came in response to a question on the ongoing competition between America and China in the AI space. The OpenAI CEO emphasized that the U.S. and the countries allied to it have to lead the industry.

The massive infrastructure required includes vast amounts of electricity, technological support, in addition to huge data centers. The technological support refers to computer chips as well as advanced semiconductors. Companies like Nvidia have seen their valuations skyrocket on account of being industry leaders in providing the advanced chips needed by AI companies.

During the interview, Sam Altman also expressed a desire to see Congress approving legislation aimed at instituting safeguards regulating how artificial intelligence could be used.

He explained that he wasn’t sure when and what form of legislation was required, but said he was sure regulation would happen. He added that it wouldn’t be right to let firms like OpenAI make the big decisions concerning the ways in which AI could be leveraged. Rather, the broader society, through the lawmakers, needed to have their say on this important matter.

OpenAI, the company that Sam Altman heads, has risen in prominence as the years have gone by. This is because the firm has played a key role in the AI space from the time its flagship innovation ChatGPT was released onto the market. ChatGPT opened the floodgates to generative AI and other use-cases for artificial intelligence.

It should be noted that Elon Musk, another billionaire, was a cofounder of OpenAI. He left the company and recently went to court to stop OpenAI from pivoting to a profit-making enterprise as it had been founded as a nonprofit. The case is still ongoing.

OpenAI’s legal issues with Elon Musk aside, the race to establish AI infrastructure is on. Tech giants like Microsoft, Meta Platforms, Alphabet Inc., Amazon and so many others are frantically building out data centers and other attendant systems in order to stamp their mark on the AI field. This race to set up AI infrastructure and applications has created market opportunities for companies like McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) that extract the minerals critical to the AI industry.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX

• Bank of America notes that gold remains “the ultimate perceived safe-haven asset.”
• While demand for gold grows, the industry faces challenges in maintaining adequate supply.
• New initiatives at Parbec intended to increase deposit knowledge base and move production forward.

According to a Bank of America analyst, gold could reach $3,000 per ounce next year (https://ibn.fm/NRDTZ), a forecast welcomed by those in the gold space, including Renforth Resources (CSE: RFR) (OTCQB: RFHRF), an active mineral exploration company.

“Bank of America released a bullish note on gold [in October], just as the precious metal reached new record highs at $2,696 per ounce,” a Benzinga article reported. “Gold remains ‘the ultimate perceived safe-haven asset’ in today’s macroeconomic environment, according to Bank of America’s commodity analyst Michael Widmer, amid rising concerns over U.S. fiscal policies and their potential impact on Treasury yields.”

As global economic trends and geopolitical uncertainties converge, gold remains a key asset for both investors and industries. With central banks bolstering their reserves, growing interest from the renewable energy sector, and steady investment demand, the precious metal is poised for a dynamic year. Additionally, exploration companies such as Renforth Resources are playing a critical role in expanding the gold supply through projects such as Renforth’s Parbec Gold Deposit.

Gold’s enduring appeal stems from its multifaceted utility. As both a store of value and a vital industrial material, the metal has consistently held a central role in global markets. Looking ahead to 2025, several key drivers are expected to shape the demand landscape, including:

• Economic uncertainty and inflation hedging: Gold’s status as a safe-haven asset ensures its appeal during periods of economic uncertainty. With inflation concerns persisting in major economies, central banks and investors continue to prioritize gold as a hedge against currency devaluation. Historically, gold prices rise during times of market instability, and 2025 is expected to follow this trend as global recovery efforts from the pandemic and geopolitical tensions evolve.
• Technology and green-energy applications: The renewable energy transition is introducing new demand for gold in technological applications, particularly in the production of solar panels and advanced electronics. Gold’s high conductivity and resistance to corrosion make it indispensable in these industries. As green technology adoption accelerates, this emerging demand could complement traditional market drivers, further bolstering gold’s long-term value.
• Central bank activity: Around the world, central banks are expected to continue accumulating gold in 2025 to diversify their reserves and reduce reliance on the U.S. dollar. Recent data suggests a robust appetite for gold purchases, driven by geopolitical shifts and a desire to stabilize national economies against currency fluctuations.

While demand for gold grows, the industry faces challenges in maintaining adequate supply. Many of the world’s most accessible gold deposits are already being mined, making exploration efforts critical to ensuring future availability. Companies such as Renforth Resources are stepping up to meet this need through innovative projects, including Renforth’s Parbec Gold Deposit. Renforth Resources recently released an update on this flagship project (https://ibn.fm/OTm3X). Located in Quebec, the Parbec deposit is part of the prolific Cadillac Break, one of the world’s most productive gold regions.

According to the company’s latest shareholder report, Renforth has commenced a resource update for Parbec, aiming to refine and expand its gold resource estimates. The deposit, characterized by near-surface mineralization, offers significant potential for cost-efficient open-pit mining. Preliminary exploration results suggest the possibility of higher grades and larger reserves than previously estimated, positioning Parbec as a valuable asset in Renforth’s portfolio.

Renforth’s strategic approach to exploration includes advanced drilling programs, resource modeling, and leveraging its expertise to optimize Parbec’s development. This not only supports the company’s growth but also contributes to addressing global gold-supply challenges.

“Each of our new initiatives at Parbec is intended to increase our deposit knowledgebase towards a future production decision,” said Renforth president and CEO Nicole Brewster. “Our existing, outdated 43-101 resource encompasses only a portion of the property and uses only part of our own drilling, and none from the 1980s or 1990s. Our geological model after the resource demonstrates a new understanding of gold at Parbec occurring in the Pontiac, like what our neighbor has also subsequently proven with the development of their Odyssey deposit in the Pontiac sediments. Underground access for sampling and mapping and the testing TOMRA technology to reduce waste and focus on our higher-grade gold at Parbec. If successful, these steps add value and move us along on Parbec’s production path.”

The outlook for gold in 2025 is replete with optimism and opportunity. With strong drivers across investment, technology and central bank activity, the metal is well positioned for growth. Meanwhile, exploration companies such as Renforth Resources are paving the way for expanded supply, ensuring that gold remains a vital resource in years to come. For investors, 2025 could mark a pivotal year to deepen engagement with the gold market, leveraging its stability and growth potential in an ever-changing economic landscape.

Renforth Resources is an active mineral-exploration company engaged in the exploration and development of the company’s wholly owned multicommodity mineral properties in Canada. In addition to the Parbec project, the company holds the Nixon Bartleman gold property in Ontario.

For more information, visit www.RenforthResources.com.

NOTE TO INVESTORS: The latest news and updates relating to RFHRF are available in the company’s newsroom at https://ibn.fm/RFHRF

Italian football, long known for its tradition and passionate fan base, is entering a new era of growth and modernization fueled by American investments. From transformative strategies in Serie A to unlocking value in Serie B, US investors are leading the charge to professionalize the sport, enhance global competitiveness, and generate substantial returns for stakeholders.

Brera Holdings Intends to Expand Multi-Club Platform with Serie B Acquisition

In September 2024, Brera Holdings (NASDAQ: BREA), the professional sports world’s first publicly traded Multi-Club Ownership (MCO) group, announced the execution of a Letter of Intent to acquire a majority stake in a Serie B club. The acquisition is intended to align with Brera’s strategy of identifying undervalued clubs in high-potential markets and driving value creation through innovation.

“This acquisition is a crucial step in expanding our international sports platform,” said Pierre Galoppi, CEO of Brera Holdings. “We see tremendous opportunity in Italy and Serie B, not only for its historic significance but for its ability to generate value through commercial and digital transformation, a dynamic player trading ecosystem, and real estate development.”

Unlocking Value Through Strategic Innovation

Brera Holdings’ approach to club ownership emphasizes creating a vertically integrated football ecosystem by:

• Media Transformation: As the football media landscape evolves, clubs are embracing streaming, social media, and data-driven strategies to engage with global audiences, enhancing monetization and boosting sponsorship opportunities
• Commercial Growth: Italy’s status as the fourth most visited country, with 57.2 million tourists annually, provides Italian clubs with a unique platform to engage international audiences, attracting global brands and expanding commercial reach both on and off the pitch
• Player Trading: Brera’s multi-club platform fosters talent development and efficient player movement across its network, optimizing returns on investment while maintaining competitive teams
• Real Estate Development: Many Italian clubs possess underutilized real estate assets, including stadiums and training facilities. Upgrading these properties not only creates new revenue streams but also enhances fan engagement and unlocks additional sponsorship and non-matchday revenue opportunities

“We are committed to driving value creation not only for our shareholders but for the communities and fans who are the heartbeat of these clubs,” Galoppi added.

The Rising Tide of American Investment in Italian Football

Brera Holdings’ acquisition plans highlight the growing influence of American capital in Italian football. In recent years, US and North American investors have expanded their reach throughout the Italian football pyramid, with ownership now spanning Serie A, B, and C. As of November 2024, there are 14 Italian clubs under the control of American stakeholders, including high-profile teams like AS Roma, AC Milan, Atalanta, Fiorentina, and Inter Milan.

This influx of investment is driving the modernization of club operations, infrastructure improvements, and increased international visibility, all of which contribute to Italian football’s growing prominence on the global stage and its increasing role in the sport’s economic landscape.

Serie B: A Fertile Ground for Growth

Serie B offers unique opportunities for investors due to its affordability, scalability, and untapped potential:

• Cost-Effective Entry: Acquiring a Serie B club provides a lower-cost gateway to Italian football, offering significant room for value appreciation, particularly with potential promotion to the top-flight
• Talent Pipeline: Serie B clubs serve as incubators for developing young players, creating lucrative pathways through player sales or integration into broader MCO networks.
• Commercial Opportunities: Strategic marketing and revenue diversification can transform these clubs into sustainable and profitable ventures

“Serie B is an underappreciated gem in European football,” said Galoppi. “By combining American business acumen with Italian passion, we’re unlocking opportunities that benefit all stakeholders.”

The wave of American investments in Italian football represents more than financial gain—it is a combination of cultural legacy with professional business strategies. Clubs are retaining their identity while adopting practices that ensure sustainability and competitiveness in an increasingly globalized sports economy.

“As we continue to invest in Italian football, our vision is to honor its traditions while driving innovation and global growth,” Galoppi said.

A New Era for Italian Football

The marriage between American investors and Italian football is ushering in a new era of professionalization and value creation. With historic clubs, passionate fan bases, and strategic international investments, Italian football is poised for unprecedented growth on and off the pitch. Additionally, Italian football has seen a noticeable increase in the number of American players making an impact on the pitch, such as Christian Pulisic, Yunus Musah, Weston McKinnie, and Timothy Weah. This growing trend reflects the increasing appeal of Italian football to US talent, as the league offers a competitive environment for player development and exposure. As these players gain more visibility and experience, they are contributing to the internationalization of the league and adding to its growing global appeal.

For additional information, visit the company’s website at www.BreraHoldings.com

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

Within the past several years, commodity prices reached a 50-year low relative to equity valuations (https://ibn.fm/QrRMU). Historically, such lows in the commodity-to-equity ratio have marked the onset of new commodity supercycles—prolonged periods of sustained growth in raw material prices—and we’ve clearly seen the markets shifting with gold hitting all-time highs throughout much of this year. As global economic conditions evolve, commodities have been re-emerging as an important consideration when reconstructing investment portfolios.

The last major commodity supercycle (1996–2011) was fueled by the industrialization of emerging economies like China, India and Brazil. Today, a combination of inflationary pressures, supply chain disruptions, and the global shift toward renewable energy is creating the conditions for what appears to be the next major cycle. This backdrop presents a compelling case for commodities as a hedge against inflation and a source of value in an otherwise uncertain economic environment.

What Drives a Commodity Supercycle?

Commodity supercycles share three defining characteristics:

1. Surging Demand: Structural shifts, such as urbanization or technological revolutions, create prolonged demand for raw materials.
2. Supply Constraints: Delays in bringing new projects online due to high capital costs and regulatory hurdles lead to prolonged supply shortages.
3. Rising Prices: A mismatch between supply and demand drives prices significantly above long-term averages.

Today’s potential supercycle is being shaped by the global energy transition and advancements in technology. Metals like copper and silver are essential for renewable energy, electric vehicles, AI data centers, and energy storage systems. Demand for these critical materials is soaring, even as the mining sector grapples with underinvestment and geopolitical challenges that have constrained supply.

Commodities and Equity Markets: A Historic Divergence

The relationship between commodities and equity markets has historically been countercyclical. For example, in the 1970s, soaring oil prices coincided with a sharp decline in stock valuations. Conversely, the bull market of the 2000s saw equity strength dampen commodity momentum, until the 2008 financial crisis reset the balance.

In the current environment, this divergence is once again becoming apparent. Rising commodity prices—particularly in metals critical to green energy—are creating opportunities for investors in mining stocks, even as broader equity markets face potential headwinds from inflation and geopolitical risks.

McEwen Mining: Well-Positioned for the Next Commodity Cycle

With metal prices climbing and demand for resources surging, companies with diversified portfolios and strong fundamentals are emerging as key players in this evolving landscape.

McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) stands out as a compelling example of a company poised to navigate and benefit from the challenges and opportunities of the current market. By leveraging its rich asset base and focus on growth, the company provides insight into how mining firms are preparing to capitalize on this pivotal moment.

McEwen Mining: Positioned for Growth in Precious Metals and Copper Markets

The company’s management team has carved a distinctive path in the mining industry as a gold and silver producer with operations spanning multiple jurisdictions. Beyond its robust portfolio of precious metal assets, the company holds a 46.4% stake in McEwen Copper, the developer of the Los Azules project in Argentina—a large, advanced-stage copper deposit poised to benefit from the global push toward electrification and green technologies.

Under the leadership of Rob McEwen, the company’s Chairman and Founder, McEwen Mining is firmly aligned with shareholder interests. McEwen has personally invested $225 million into the company and takes an annual salary of just $1, underscoring his commitment to driving sustainable growth and maximizing shareholder returns.

Financial Momentum in Q3 2024

The company’s Q3 2024 results highlight a period of transformation (https://ibn.fm/lzJl7). Revenues rose by 36% year-over-year to $52.3 million, driven by higher gold prices and increased production. The average realized gold price surged to $2,499 per ounce, significantly above the prior year’s $1,920 per ounce. This performance translated to a remarkable 268% increase in gross profit, which reached $13.8 million.

Operational Progression

Recent exploration at the Grey Fox deposit, part of the Fox Complex in Canada, has yielded promising results, including high-grade drill intercepts (https://ibn.fm/zTM7s). Geological investigations demonstrate similarities between the Grey Fox Deposit and the Hishikari Gold Mine, which is one of the richest gold mines in the world.

In a press release announcing the results, Rob stated, “Firstly, our team is focused on drilling to add gold ounces into our production pipeline. Secondly, we are impressed by the depth potential. There are two styles of gold mineralization, epithermal veining and orogenic lenses, both gold-rich at the top of the systems. Based on our past and recent drilling, it appears that the Fox Complex has the opportunity to expand its production profile, and the depth potential is still wide open.”

Strategic Developments Fueling Growth

A significant highlight is the progress at the Los Azules copper project. A recent $56 million private placement, including contributions from Rio Tinto’s Nuton (https://ibn.fm/Zyi0I), positions the project for its next development phase. In fact, McEwen Copper just announced the approval of the Environmental Impact Assessment (“EIA”) and is now advancing towards publishing a definitive feasibility study, expected in the first half of 2025, with the potential start of construction as early as 2026 (https://ibn.fm/TQ7oi).

It’s also worth noting the company’s recent acquisition of Timberline Resources as it adds three promising Nevada properties, including the Eureka property with a measured and indicated oxide gold resource of 423,000 ounces (https://ibn.fm/fpWSh). We remain attentive to the company’s progress in Nevada and look forward to monitoring its developments as they unfold.

The Road Ahead

As McEwen Mining continues to advance its strategic initiatives, the company is well-positioned to capitalize on the emerging trends driving the next commodity supercycle. With a diversified asset base that spans both precious metals and critical copper resources, McEwen Mining is positioned to benefit from the growing demand for metals that are essential for the global transition to renewable energy. The company’s operational resilience and ongoing exploration efforts lay the groundwork for sustained growth.

For more information, visit the company’s website at www.McEwenMining.com.

NOTE TO INVESTORS: The latest news and updates relating to MUX are available in the company’s newsroom at http://ibn.fm/MUX