Geoffrey Hinton, undeniably referred to as “the Godfather of AI,” has been awarded the Nobel Prize in Physics alongside John Hopfield for their groundbreaking work that triggered the development of machine learning, the science behind artificial intelligence as we know it today.

The duo got this global recognition for the foundational work that they did that made it possible for various AI applications and products to become a reality. Hinton, a University of Toronto-based computer scientist and his peer Hopfield, a Princeton University professor, shared a $1m cash prize that came with their coveted award. The ceremony recognizing the pair happened this Monday in Sweden.

When he was asked about the likely significance of the work they did to set the stage for the development of machine learning, Hinton strongly asserted that the science would have a huge societal influence comparable to the way the industrial revolution did. Explaining further he noted that while the industrial revolution set in motion a system that was superior to humans in terms of physical strength, the current revolution triggered by AI has the potential to exceed humans’ intellectual abilities.

Hinton foresees artificial intelligence revolutionizing various industries like healthcare in ways that will be a force multiplier for productivity.

Ellen Moons, who chairs the physics committee which selected the two as winners of the 2024 Nobel Prize, asserted that the work done by the individuals awarded has facilitated the integration of AI within the daily lives of humans. Moon added that because of what the laureates did, it is now possible to make critical decisions, such as medical diagnostic decisions, much faster and more reliably.

It should be noted that the transformative work of these two scientists was done about four decades ago. Hopfield was fascinated by the neural networks of the brain and wondered whether a similar physical system could be designed to mimic the brain’s function. He set to work to answer this question, and developed the computational nodes which were designed to function in the same way that neurons in the brain worked.

Synaptic connections within the brain make it possible for neurons to communicate with one another. Hopfield created connections to enable computational nodes to communicate with one another. Just as a human wracks their brain to recall a fact or some piece of information, AI nodes search through their repository of information to see patterns, “recall” information previously used or even come up with something new based it what the system had previously been taught.

After Hopfield’s work was published back in 1982, Hinton took it a step further to birth what we now know as machine learning.

Hopfield’s system was composed of a paltry 30 nodes that operated using approximately 500 connections. In comparison, ChatGPT, a generative AI system, has approximately a trillion parameters upon which it can generate the needed information a user requests it to produce.

As you can see, the AI systems today require a lot in terms of hardware such as microchips. Critical metals like copper, silver and gold have consequently seen rising demand to supply the rapidly growing AI industry. Opportunities are being created and numerous companies like McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) are positioned to reap the rewards of addressing this demand for “AI metals.”

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

• Clene gave a fireside presentation and held one-on-one investor meetings at the 2024 Maxim Healthcare Virtual Summit on October 15.
• On October 30, Clene will give a presentation and participate in one-on-one meetings at The ThinkEquity Conference 2024 at the Mandarin Oriental Hotel in New York.
• Clene’s lead drug candidate, CNM-Au8^® has been shown to restore and protect neurological function, offering new hope for patients with ALS and other neurodegenerative conditions.
• Clene is seeking an accelerated approval pathway for CNM-Au8 for ALS and is scheduled to have a meeting with the FDA leadership in November.

Clene (NASDAQ: CLNN) and its wholly owned subsidiary, Clene Nanomedicine Inc., a late clinical-stage biopharmaceutical company focused on improving mitochondrial health and protecting neuronal function to treat neurodegenerative diseases, including amyotrophic lateral sclerosis (“ALS”) multiple sclerosis (“MS”) and Parkinson’s Disease (“PD”), is participating in two top investor conferences this month to present its latest achievements and key updates on its lead drug candidate, CNM-Au8 (https://ibn.fm/BDqtM).

On October 15, the company gave a fireside presentation at the 2024 Maxim Healthcare Virtual Summit. The October 15-17 event included presentations and interactive discussions with CEOs and key executives from a wide range of biotechnology, diagnostic, medical device, and healthcare information technology companies, along with several topical industry panels. Clene was also scheduled to take part in several one-on-one investor meetings with participants.

The company will also give a presentation and take part in one-on-one meetings at The ThinkEquity Conference 2024 at the Mandarin Oriental Hotel in New York on October 30, at 3:30 p.m. E.T. Those interested in attending can register at https://ibn.fm/Eycfv. This year’s ThinkEquity Conference will feature a diverse group of attendees, including U.S. public and private companies, Canadian and international listed companies, investors, and other industry professionals. Presentations at the event will cover investment topics across various sectors, including AI, biotechnology, metals and mining, oil and gas, and technology.

Developed as an oral suspension of gold nanocrystals, CNM-Au8 works by improving cellular energy production and utilization, which is critical for maintaining neuronal health. In both clinical trials and compassionate use programs, CNM-Au8 has already been shown to improve central nervous system cells’ survival and function via a mechanism that targets mitochondrial function and the nicotinamide adenine dinucleotide (“NAD”) pathway while reducing oxidative stress. By targeting mitochondrial dysfunction, CNM-Au8 aims to provide neuroprotection and promote remyelination, potentially altering the course of neurodegenerative conditions.

Clene’s lead drug candidate has obtained encouraging results in ALS patients in Phase 2 clinical trials RESCUE-ALS and HEALEY ALS Platform Trials, where participants who were administered CNM-Au8 saw significant improvement in survival rates and combined assessment of function and survival. In both trials CNM-Au8 treatment also delayed clinical worsening in ALS participants. Overall there is now more than 700 cumulative patient-years of safety data that show no significant safety concerns or safety trends identified as related to CNM-Au8 treatment.

The company is seeking to file a New Drug Application (“NDA”) using the accelerated approval regulatory pathway for CNM-Au8 for ALS and has already submitted biomarker and clinical efficacy data to the Food and Drug Administration. A meeting with the FDA leadership to discuss this request will be held in November. If this accelerated pathway is approved, the next steps will be to file an NDA by the end of the year and to launch a confirmatory global Phase 3 study in ALS.

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

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

• Israel-based SuperCom has secured a new five-year contract for deploying its electronic monitoring tracking technology in the company’s home country, working with the Israel Prison Service state agency
• The contract will help the agency monitor an estimated 1,500 enrolled offenders
• SuperCom has been reporting an increasing number of contract wins in Europe and the U.S. this year to help public safety agencies track the movements of low-risk offenders
• Electronic monitoring programs are increasingly welcomed in nations working to reduce criminal recidivism and provide safety to domestic violence victims, helping agencies reduce their incarceration costs in the process

Electronic monitoring (“EM”) technology innovator SuperCom (NASDAQ: SPCB) recently secured a new contract with the Israel Prison Service state agency (“IPS”) to provide full-service EM capabilities for all electronically monitored criminal offender programs throughout the country.

SuperCom won the contract, already underway, in partnership with a nationwide security services provider through a competitive process that included several rounds of negotiations, demonstrations and system evaluations supervised by the IPS.

“We are deeply honored to support Israel’s public safety infrastructure during these challenging times,” SuperCom President and CEO Ordan Trabelsi stated in the news release announcing the contract (https://ibn.fm/G8NXX). “Our mission goes beyond business; it is about contributing to the safety and resilience of Israel.”

SuperCom’s PureSecurity Suite platform uses state-of-the-art GPS tracking technology that is monitored and used for further communication with appropriate authorities. It uses cutting-edge location technologies and sensors, an ultra-lightweight bracelet that can be worn inconspicuously by the offender while interacting with others at work or in other social settings, an advanced anti-tamper mechanism, the ability to interact seamlessly with other parties’ API (such as a user’s smartphone), multi-factor biometric sensors, and draws on extensive historical data for further analysis.

Israel’s prison system EM program has an estimated 1,500 people enrolled for monitoring.

“This win further enhances our ability to deliver top-tier technology and services for effectively managing correctional programs and enhancing public safety,” Trabelsi stated. “It highlights the growing demand for our advanced electronic monitoring solutions globally and strengthens our strategic position as a leading security technology provider.”

EM technology is gaining widespread acceptance in North America, Latin America and Europe as a means for reducing the costs of imprisonment for criminal offenders, allowing individuals to be at low risk of harming society to remain productive through employment and family interaction while meeting society’s needs for security by having their movements restricted and monitored to ensure the restrictions are enforced.

The market for EM products and services is a niche segment with a low number of competitors, making SuperCom’s opportunity potential stronger, particularly as it continues to build its reputation with a growing number of clients.

During recent months, SuperCom has secured five new contracts to provide domestic violence subject monitoring in Europe. The company has also reported new contracts in the United States — most recently with law enforcement agencies in West Virginia and New York.

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

• D-Wave has introduced service-level agreements (“SLAs”) for customers of its Leap quantum cloud service who are moving applications into production
• The Leap quantum cloud service offers 99.9% availability for its Solver API and aggregated set of annealing quantum computers
• The Leap quantum cloud service has seen a surge in usage over the past 12 months, with more than 60 million jobs submitted, a 215% increase over the previous 12 months

D-Wave Quantum (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software and services, and the first commercial provider of quantum computers, has introduced service-level agreements (“SLAs”) tailored for customers of its Leap quantum cloud service who are moving applications into production. According to a company news release, this move confirms D-Wave’s confidence in the Leap service’s availability, reliability, scalability, and ability to support commercial-grade quantum and hybrid-quantum application requirements (https://ibn.fm/mTrP0).

“As the transition to production deployments accelerates, providing exceptional access to our cloud service has never been more critical,” said Dr. Trevor Lanting, chief development officer at D-Wave. “Our SLA offering is designed to support this dynamic shift with confidence, enabling businesses to thrive as quantum technology’s commercial value and adoption grows.”

Providing real-time, secure access to D-Wave’s annealing quantum computers and hybrid solvers since its launch in 2018, the Leap quantum cloud service is a production-grade service that enables customers to run business-critical workflows.

According to D-Wave monitoring data, the service has consistently offered 99.9% availability for its Solver API and aggregated set of annealing quantum computers over the past two years, which indicates a high level of responsiveness even under heavy customer usage. Since its launch, the Leap service has run almost 200 million customer jobs without lengthy queue times, unavailable hardware workarounds or requiring advance work scheduled. The company also further enhanced the Leap service and Ocean(TM) SDK processing speeds by 30%, empowering customers to achieve faster computations and solve complex problems more effectively.

A testament to the growing demand for immediate access to cloud-based quantum computing, usage of the Leap quantum cloud service has increased by 215% in the last 12 months, with over 60 million jobs submitted in that time period. The increased usage also contributed to the decision to introduce SLAs for production customers. According to Heather West, PhD, research manager and analyst with IDC, organizations looking to incorporate quantum computing into their IT structure should consider opting for a real-time production-grade service that comes with the kind of assurances an SLA can provide. “Technology leaders should have the same expectations of quantum cloud services that they do for any software-as-a-service, with reliability and accessibility leading their decision criteria.” 

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

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

Forward Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

• Velocity strings (“VS”) play crucial role in addressing a common challenge in oil and natural-gas production: the buildup of liquids in the wellbore.
• Trillion Energy recently initiated a VS program to enhance productivity of existing wells at SASB natural gas field.
• This move underscores the company’s commitment to maximizing shareholder value through operational excellence and innovative solutions.

In the world of oil and natural gas production, maximizing the efficiency of well operations is critical to maintaining profitable and sustainable operations. One of the most effective ways to optimize well performance, particularly in aging or declining wells, is using velocity strings (“VS”). Trillion Energy International (CSE: TCF) (OTCQB: TRLEF), a company focused on oil and natural gas production for Europe and Türkiye, recently announced that it is ramping up SASB gas field operations with the installation of velocity strings (https://ibn.fm/KLJmX).

Velocity strings are small-diameter tubing installed inside the production casing of a well, and they serve to enhance gas and liquid flow rates, thereby maintaining or even boosting the well’s production over time. Velocity strings play a crucial role in addressing one of the common challenges in oil and natural-gas production: the buildup of liquids in the wellbore. As wells age, the pressure required to lift liquids (such as water or condensate) to the surface begins to drop. This reduction in pressure can cause liquids to accumulate in the wellbore, reducing the flow of gas and leading to lower production rates or even shutting down the well entirely.

Velocity strings work by increasing the velocity of the gas flowing through the well. With reduced tubing diameter, the gas flows at a higher speed, which creates enough energy to carry liquids out of the wellbore to the surface, preventing liquid loading and helping maintain production. This simple yet effective intervention can significantly extend the productive life of a well, allowing operators to extract more hydrocarbons from the reservoir without the need for expensive secondary recovery methods.

A recent example of the importance of velocity strings can be seen in the operations of Trillion Energy, which recently initiated a velocity strings program to enhance the productivity of its existing wells at its SASB natural gas field, located offshore of Türkiye. The SASB field is a significant asset for Trillion Energy, and the company is focused on maximizing gas recovery and extending the productive life of its wells.

In September, Trillion Energy reached an agreement with its partner at SASB regarding the technical aspects of the program and was given the responsibility to conduct the VS program. As a result, the company signed a service agreement with a snubbing provider to install the velocity strings. Mobilization of the snubbing unit has begun. The proposed operation is to increase or stabilize production rates in producing wells by reducing water loading.

As reported in the company’s recent announcement, the installation of velocity strings will help mitigate the natural decline in gas production that often occurs as a well matures. By increasing the gas velocity, Trillion Energy expects to improve flow rates and extend the overall production timeline of the wells in the SASB field.

“Initially it was assumed that the VS could only be run in using a drilling rig,” said Trillion Energy CEO Arthur Halleran. “However, we have now convinced all that a snubbing unit can accomplish this activity. This has been a giant step forward. This strategic move underscores our commitment to maximizing shareholder value through operational excellence and innovative solutions in the dynamic European energy market.”

By leveraging this proven technology, Trillion Energy is well positioned to continue delivering strong production results from its offshore gas assets. Furthermore, as the global demand for natural gas continues to rise, particularly in Europe, these enhancements to well performance could play a crucial role in meeting future energy needs while maximizing returns on the company’s existing infrastructure.

Trillion Energy International is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The company holds a 49% interest in the SASB natural gas field, a Black Sea natural gas development, and a 19.6% interest (except three wells with 9.8%) in the Cendere oil field. Trillion Energy is also pursuing oil exploration in southeast Türkiye and beyond. 

For more information, visit www.TrillionEnergy.com.

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

Join us at the 4th Investigator-Initiated Trials Conference on November 11-12th at The Inn at Penn in Philadelphia, PA, where we will dive into strategies for building successful IITs. This event will focus on how to streamline study milestones, master budget forecasting, and enhance sponsor-investigator communication.

Dynamic Global Events has produced an all-new agenda that includes engaging panel discussions, keynotes, and real-world insights from industry leaders at top companies such as Sanofi, Beigene, Merck, Ipsen, Secura Bio, and many more! You will hear strategies on how to ensure global regulatory compliance, develop KPIs, and create the perfect budget for your IITs.

During the event, you can connect directly with experts shaping the future of investigator-led research. There will be designated time for audience interaction and networking to allow you to connect with industry leaders and professionals directly.

Don’t miss this exciting opportunity to drive innovation in healthcare and advance the future of IITs!

To learn more, visit https://ibn.fm/5hKcJ.

• Brera Holdings recently announced that it has signed an exclusive letter of intent to acquire an Italian second division soccer club in the Serie B pro league
• The company previously commissioned a valuation analysis that discusses Brera management’s intention to acquire professional soccer teams
• A conservative scenario contained in the analysis projects one-year 10x potential revenue growth, with accompanying implied share value increases, for Brea should it complete the potential acquisition
• A best-case scenario, in which Brera acquires a second soccer club, projects a jump in revenue of over 20x one-year post acquisition
• The report concludes by emphasizing that Brera’s future appears promising

Brera Holdings (NASDAQ: BREA) announced in September 2024 that it had signed an exclusive letter of intent to acquire another professional soccer team, this one in Serie B, the Italian second division. The company is now completing due diligence for the potential acquisition. A previously conducted investment valuation analysis (https://ibn.fm/QFukR) details the potential impact of this acquisition, and possibly others, on Brera’s revenue and valuation metrics.

The analysis, authored by S. Czerwenka, CFA, considers two potential acquisition scenarios, one conservative and the other a best case. The conservative scenario projects that should the company complete this potential acquisition or one like it, described as acquiring an Italian Serie B soccer club valued at around $22 million, the one-year post-acquisition accretive revenue to Brera would amount to about $11 million. This would elevate the company’s total annual revenue to about $12 million, representing an increase of 10x over current revenue.

In the report’s best-case scenario, wherein the company acquires two or more clubs with combined value of approximately $36 million, Brera would likely add another $13 million to its top line for a one-year post-acquisition total revenue of about $25 million, a potential 23x increase from the current level.

Considering comparable multi-club ownership (“MCO”) companies, the analysis identifies a revenue-to-enterprise-value multiple of five as best fitting Brera’s current portfolio of clubs and potential acquisition plans.

“Given the vast growth opportunities for MCO companies and the various revenue sources (from transfer fees to consulting work), a multiple of around five seems justifiable to derive a first valuation of BREA,” according to the analysis.

Applying this multiple in the conservative scenario revenue forecast, the report computes an implied stock valuation per share of:

• $3.60 in 2024
• $4.77 in 2025
• $6.49 in 2026
• $8.64 in 2027

Applying the same multiple to the best-case revenue forecast – but assuming an increase in shares outstanding to 16.2 million to account for the potential acquisition consideration — the report calculates an implied stock valuation per share of:

• $4.93 in 2024
• $6.84 in 2025
• $9.27 in 2026
• $12.33 in 2027

The valuation report concludes by emphasizing that, due to the company’s management and its strategy of identifying undervalued pro soccer clubs in first and second divisions globally, Brera’s future appears promising.

“Compared to top clubs, which can be overvalued and sometimes even part of bidding frenzies, true value is often found in the overlooked areas. And that’s exactly what Brera’s management is focusing on,” the report states.

Brera Holdings PLC is the only publicly traded company focused on multi-club ownership of international football (soccer) clubs. The company focuses on bottom-up value creation from undervalued clubs and talent, innovation-powered business growth and socially impactful outcomes.

Brera intends to expand its social impact soccer business by developing a global portfolio of emerging football and other sports clubs, providing the company with increased opportunities to earn tournament prizes, gain sponsorships and provide other professional football and sports-related consulting services. Brera currently owns or operates four football clubs in Africa, Asia and Europe, as well as a women’s professional volleyball club that competes in the Italian first division, among the top in the world.

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

To read the investment valuation analysis conducted, visit the 24/7 Market News report at https://247marketnews.com/brea-holdings-plc-cfa-analyst-report/.

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

• Uplisting can provide improved liquidity, greater access to capital, enhanced corporate profile and the ability to attract institutional investors
• Nightfood’s recent acquisition of SWC Group “marks a pivotal moment in [our] growth and NASDAQ-uplist strategy,” the company stated
• Nightfood is focused on identifying and capitalizing on explosive market trends within the restaurant service and overall hospitality sector

Uplisting to a national exchange, such as NASDAQ, is a significant milestone for many companies, symbolizing a major leap in their growth trajectory and enhancing their visibility and credibility in the financial markets. Nightfood Holdings (OTCQB: NGTF) recently took a significant step forward in its strategic efforts to uplist with the closing of its acquisition of SWC Group Inc., known as CarryoutSupplies.com (https://ibn.fm/H6FQn).

NASDAQ is widely recognized for hosting a diverse range of high-growth and future-focused companies. The exchange offers numerous advantages for companies making the transition from smaller exchanges or over the counter (“OTC”) markets. These benefits include improved liquidity, greater access to capital, enhanced corporate profile and the ability to attract institutional investors.

One of the most compelling reasons companies choose to uplist is the increased liquidity that comes with being on a major exchange. The NASDAQ provides a platform with higher trading volumes and greater market depth compared to smaller exchanges. This enhanced liquidity facilitates easier buying and selling of shares, which can help stabilize the stock price and reduce volatility. In addition, a NASDAQ listing often leads to broader analyst coverage and media attention, which can positively impact the company’s public image and attract new investors.

Access to capital is another critical advantage. Companies listed on the NASDAQ are generally seen as more stable and financially robust, which can help them secure better financing terms and raise capital more effectively. This is particularly valuable for companies looking to fund growth initiatives, such as research and development, mergers and acquisitions, or expansion into new markets.

In addition to these financial benefits, uplisting to the NASDAQ can elevate a company’s profile within the industry and among investors. The prestige associated with being listed on a major exchange can enhance a company’s reputation, making it a more attractive partner for business collaborations and acquisition opportunities. This enhanced visibility can also lead to greater investor interest and potentially drive the company’s stock price higher.

A prime example of a company looking to leverage the benefits of uplisting is Nightfood Holdings. Nightfood, a company specializing in nighttime nutrition, recently completed a significant step in its uplisting strategy by acquiring CarryoutSupplies.com. The closing of this all-stock acquisition “marks a pivotal moment in Nightfood’s growth and NASDAQ-uplist strategy,” the company stated in the announcement. “We are confident that the combined strengths of the subsidiaries currently under Nightfood’s umbrella, as well as other companies we expect to acquire in the near future, will drive long-term success and create value for all stakeholders.”

Uplisting to NASDAQ offers Nightfood significant opportunities to accelerate its growth and to deliver greater shareholder value.

With the enhanced credibility and visibility that come from being on a major exchange, Nightfood can tap into new resources to fuel its expansion into emerging markets. The increased liquidity benefits not only shareholders by providing easier buying and selling opportunities but also positions the company to attract top-tier talent that will be essential to drive the business forward.

The improved access to capital that comes with a NASDAQ listing can enable Nightfood to aggressively capitalize on growth opportunities and initiatives in the fast-changing high growth markets in which the company specializes. As a NASDAQ company, Nightfood can also benefit from increased analyst coverage and media attention that can raise its corporate profile.

This uplisting milestone strengthens Nightfood’s ability to execute on its long-term strategy and create value for investors and stakeholders alike.

Nightfood’s Sonny Wang stated, “We are thrilled to announce the successful acquisition of CarryoutSupplies.com and excited for what we believe this acquisition will allow Nightfood to accomplish. This deal not only strengthens our position in the food-service industry but also can drive immense value through operational efficiencies and the integration of complementary products and services across Nightfood’s subsidiaries.”

Nightfood Holdings is a holding company focused on identifying and capitalizing on explosive market trends within the restaurant service and overall hospitality sector. By leading newly emerging categories and seizing opportunities in markets undergoing transformational upheaval, the company’s mission is to create unparalleled upside potential in industries ripe for innovation and growth.

For more information, visit the company’s website at https://nightfoodholdings.com.

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

• Saudi Arabia aims to increase its mining sector’s contribution to the economy from $17 billion today to $75 billion by 2035, as part of its Vision 2030 initiative.
• Platinum Group Metals Ltd. has entered a cooperation agreement with Ajlan & Bros Mining and Metals Co. to explore the establishment of a platinum group metals smelter and base metals refinery in Saudi Arabia.
• The agreement includes a global market study, a definitive feasibility study and the potential formation of a 50:50 joint venture for project development.

A new, potentially enormous force is sweeping the mining industry. Gulf countries, desperate to diversify away from fossil fuels, are rerouting petrodollars to acquire vital minerals required to produce clean energy. Chief among these nations is Saudi Arabia, which aims for its mining sector to contribute $75 billion to its economy by 2035, up from just $17 billion today, according to the Financial Post (https://ibn.fm/285gC). The area has enormous potential to grow a strong mining sector with lofty goals that, if met, could completely change the face of the economy.

The transition to mining seems like a sensible move to guarantee a consistent supply of raw materials in the face of hydrocarbon’s unpredictable future, since Gulf countries earn about $400 billion in fossil-fuel income each year. Under Crown Prince Mohammed bin Salman’s “Vision 2030” initiative, mining and mineral processing are identified as key pillars of economic modernization, alongside oil, gas and petrochemicals. According to the Financial Post, this strategic focus positions Saudi Arabia to exploit an estimated $2.5 trillion in domestic mineral assets, leveraging partnerships with major entities like Saudi Arabian Oil Co. (Saudi Aramco) and the state mining group Ma’aden.

Platinum Group Metals (TSX: PTM) (NYSE American: PLG), the operator and majority owner of the Waterberg Project, has announced an important collaboration with Ajlan & Bros Mining and Metals Co. to explore establishing a standalone platinum group metals (“PGM”) smelter and base metals refinery (“BMR”) in Saudi Arabia. This agreement, structured into three distinct phases, marks a pivotal step in the company’s strategy to enhance its operational capabilities and secure a stable offtake agreement for its Waterberg Project concentrate.

Overview of the Cooperation Agreement

The cooperation agreement consists of the following phases:

1. Global PGM Concentrate Market Study: This effort includes a comprehensive analysis of potential sources for PGM concentrates that could supplement the processing of concentrate from the Waterberg Project, thereby reducing reliance on a single project, and potentially enhancing the overall smelting and refining operations.
2. Definitive Feasibility Study (“DFS”): Upon completion of the Market Study, the parties will assess the findings and may then jointly commission a DFS for the proposed smelter and BMR. The DFS is estimated to cost approximately US$4 million, with expenses shared equally between Platinum Group and Ajlan.
3. Formation of a Joint Venture: Following the successful completion of the DFS, Platinum Group and Ajlan have the option to establish a 50:50 incorporated joint venture. This venture would focus on financing, constructing, and operating the smelting and refining facilities in Saudi Arabia.

Platinum Group’s President and CEO, Frank Hallam, emphasized the strategic importance of this partnership: “The largest impediment to the development of the Waterberg Project to date has been the need to secure a concentrate offtake agreement amongst the existing South African based PGM smelters. We are pleased to work together with Ajlan to explore a smelting and refining facility in Saudi Arabia as a strategic alternative that may create an exciting path forward.”

The Global PGM Concentrate Market Study is nearing completion and is being assessed by PTM and Ajlan. The proposed DFS would assess various aspects, including infrastructure requirements, technical specifications, capital, and operational costs. The results will be critical in determining the feasibility and scalability of the smelter and BMR project.

Implications for the Waterberg Project

The establishment of a smelting and refining facility in Saudi Arabia could provide essential offtake agreements for the Waterberg Project, which has previously faced challenges in securing concentrate offtake agreements with existing South African smelters.

The Waterberg Project is a bulk underground palladium and platinum deposit located in South Africa’s Limpopo province, with plans to produce approximately 353,000 ounces of PGMs annually at an estimated capital cost of just over $600 million. The Waterberg Project is planned to create approximately 2,000 jobs during construction and approximately 1,425 mostly high-skilled jobs once steady state mining is achieved. These direct jobs would make a significant contribution to local economic development, infrastructure growth, and foreign exchange earnings.

A trade-off study has already indicated that shipping concentrate from South Africa to Saudi Arabia could be economically viable, with shipping costs offset by lower energy and water costs.

Before Waterberg Project concentrate could be processed in Saudi Arabia, a long-term export approval to ship unrefined precious metals in concentrate from South Africa will be required. Platinum Group has engaged with the South African government to secure a long-term permit for the export of unrefined precious metals in concentrate.  As a first step, Platinum Group is working with the Government of South Africa to identify local beneficiation opportunities and to analyze the economic impact of exporting concentrate.

The cooperation agreement with Ajlan & Bros Mining and Metals Co. represents a strategic maneuver for Platinum Group Metals Ltd. as it seeks to overcome the challenges faced at the Waterberg Project and capitalize on the advantages offered by the Saudi Arabian market. This initiative not only aims to unlock the project’s potential but also to create a robust framework for future growth in the PGM sector.

For more information, visit www.PlatinumGroupMetals.net.

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

GolfLync, the go-to app for connecting golfers with games and other players, is evolving yet again! As the community continues to grow, so does the app’s commitment to providing fresh and innovative features to enhance the overall user experience. With their latest update, GolfLync is introducing the “Top Player Lyncs” feature, along with several other enhancements that are set to make finding the perfect game easier than ever.

Top Player Lyncs: Elevating the Golfer’s Network

The all-new Top Player Lyncs feature is designed to put together the best possible matches between users in the GolfLync community. Whether you’re looking to challenge yourself against top-tier players or network with local, casual golfers, this feature highlights the most active and ideally matched members of the app, making it easier for users to connect with players who match their skill levels and preferences. The system uses GolfLync’s performance data and profile metrics to ensure that users are linked with the best players for them, creating the ideal environment for enjoyable games and forming meaningful connections.

Major Layout Changes for a Seamless User Experience

In response to valuable user feedback, GolfLync has also undergone major layout changes to improve the overall user experience. The updated design simplifies navigation, making it easier for users to find and join games, connect with other golfers, and customize their profiles. These enhancements create a more intuitive and enjoyable experience, ensuring that golfers can spend less time navigating the app and more time playing the game they love.

Streamlined Game Scheduling

Alongside the Top Player Lyncs feature and layout improvements, GolfLync has introduced more streamlined game scheduling tools. Users can now quickly find and join available games with just a few taps, and setting up your own game has never been simpler. By refining the scheduling interface, GolfLync ensures that you spend less time organizing and more time playing.

A Growing Community, Tailored to Every Golfer

GolfLync’s latest updates are a direct response to feedback from the community, ensuring that the app stays relevant and useful for golfers of all levels. Whether you’re a weekend enthusiast or a seasoned player looking for serious competition, the app’s new features are designed to enhance the social and competitive aspects of golf.

With the rapid growth of the GolfLync community, these updates reflect the app’s ongoing commitment to providing users with cutting-edge tools to meet new golfers and discover new playing opportunities.

So, get ready to up your game with Top Player Lyncs and other new features in the GolfLync app! Download the latest update now and experience the future of social sports.

For more information about GolfLync, visit GolfLync, download the app, and connect with community on Facebook, X and LinkedIn. 

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