Could the recent fears around banking stocks be washing away? Given the recent performance among major indices, it seems possible. Gold held steady as the usual investment haven and that played right into the hands of miners ready with fresh news.
Reaping the fruits of its ongoing drill program, New Found Gold Corp. (TSXV:NFG) released a new round of exploration results this week from its Queensway Project in the Central Newfoundland Gold Belt.
The Vancouver-based precious metals explorer has data from 11 diamond drill holes completed as a follow-up in the project’s Keats West zone.
The Keats West zone hosts newly discovered high-grade gold and is located west of the prospective Appleton Fault Zone.
An interval of 10.1 g/t Au over 22.50 metres in NFGC-22-945, which was a 305-metre step down dip from 18.9 g/t Au over 15.95 metres in NFGC-22-773 was highlighted by the team.
Further intercepts of note included:
- 61.8 g/t Au over 3.55 metres in NFGC-22-865
- 3.26 g/t Au over 16.60 metres and 4.32 g/t Au over 21.30 metres in NFGC-22-922
- 2.53 g/t Au over 29.40 metres in NFGC-22-989
The mineralized footprint of Keats West now spans 200 metres wide by 305 metres down dip, averaging approximately 30 metres thick with broader domains spanning widths as great as 80 metres.
The 100-percent-owned Queensway project comprises a 1,650-square-kilometre area.
HEXO Corp. (TSX:HEXO) Q2 2023 financial report released this week showed a first-ever positive net income.
The company improved total net income to $0.7 million, compared to a net loss of $56.3 million from Q1 of fiscal year 2023.
$5.3 million cash was generated from operations in Q2 2023, an improvement of $34.1 million, compared to $28.8 million of cash used in Q1 2023 and an improvement of $40.6 million compared to $35.2 million of cash used in Q2 2022.
An adjusted EBITDA loss of $2.4 million was recorded, an increased loss of $1.8 million from Q1 2023, however, when compared to Q2 2022, Adjusted EBITDA has improved by $3.2 million.
Net revenues decreased 26 per cent to $24.2 million, compared to $35.8 million in Q1 2023 and decreased 57 per cent compared to $52.8 million of net revenue in Q2 2022.
The company also reported flat general and administrative expenses compared to Q1 2023 and significant improvement compared to Q2 2022 with cost-savings of $12 million.
The licensed producer saw a near 5 per cent drop after a sobering report about its place in the cannabis industry. Brokerage ATB highlighted appreciable liquidity, dilution, and going-concern dangers for the pot stock and its inventory.
Fobi AI Inc. (TSXV:FOBI) has been granted a U.S. patent for its internet of things (IoT) hardware.
The Fobi hardware device is used for receipt scanning, edge to cloud computing, and injection of coupons, QR codes, and other real-time, personalized marketing for point of sale (POS) systems.
The patent application covers:
- Receipt capture for sales analytics
- Conversion of raw receipts into structured, actionable data
- Attribution of customer data with receipt transactions
- Individual purchase history trends segmented by customer
- Alerts to store operators based on spikes in sales of particular products
- Universal rewards programs across unrelated retailers and brands
- Aggregated data from retailers provided to consumer packaged goods manufacturers
- Digital storage of receipts, eliminating the need for physical copies
Receipt data collection and sales analytics can offer retailers enhanced visibility into product performance, especially in industries where products are sold to many unrelated retailers with legacy POS systems.
Rob Anson, CEO of Fobi stated that now that the company has been granted a U.S. patent, the focus will move to close out the Canadian and international patent submissions.
“We put a great deal of protection into our filings to cover various blockchain and crypto applications, digital and personalized coupon activation, and creating a means to connect and aggregate the siloed and fragmented world of independent retail.”
Mining, cannabis, or tech? Investors don’t have to choose. There are plenty of great small-cap investment opportunities in each of these sectors. For those investors with a clear preference for technology, the next couple of weeks on The Market Herald should be especially interesting as we cover CanTech and small-cap Canadian technology stocks. Lately it feels like every week has been a rollercoaster of news and findings, and the next should prove no different, so expect the Bullboards to be as lively as ever.
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