Sponsored by Alaska Energy Metals

Are the Feds going to block a $130 million investment in Solaris?

In a significant development for Solaris Resources Inc. (TSX: SLS), the Canadian government is reportedly scrutinizing a $130 million private placement by an affiliate of Zijin Mining Group. The investment is intended for the advancement of Solaris’ flagship Warintza Project in southeastern Ecuador. However, concerns have arisen over potential regulatory hurdles.

Solaris recently announced a subscription agreement with an affiliate of Zijin for a private placement of approximately $130 million, involving the issuance of 28,481,289 common shares at a price of $4.55 per share. This move positions Zijin to hold approximately 15% of Solaris’ common shares on a fully diluted basis. The funds from this private placement are earmarked for the Warintza Project’s development and general corporate purposes.

You can read more on the matter here.

What’s going on?

• Is Canada About to Gift Money to Nvidia? (theDeepDive)

• Boom in southern Quebec mining claims, including under people's homes, causes anxiety (BNN)

• Chinese Stocks Plunge, CSRC Promises to Restore Investor Confidence But Not Clear How (theDeepDive)

• Parliament spent nearly $600,000 on luxury hotel rooms it never used (CBC)

• FTX Creditors Unhappy With Receiving $16,781 Per Bitcoin Under Proposed Repayments (theDeepDive)

• Uranium: Cantor Increases Spot Price Target To As High As $150 For U3O8 (theDeepDive)

• Senate releases $118 billion bipartisan aid proposal for Israel, Ukraine, border security (CNBC)

• Does The White House Have A Drug Problem? (theDeepDive)

• Employers Want to Fire Workers Without Getting Shamed on TikTok (Bloomberg)

• Ukraine war live updates: Kremlin declines to comment on Tucker Carlson rumors; Russian war critic’s election bid set to be rejected (CNBC)

• California Introduces Slavery Reparations Proposals, Excludes Direct Financial Compensation (theDeepDive)

• Fed's Powell says the 'time is coming' to cut interest rates (FOX)

• CSIS Report Identifies More Chinese Interference (theDeepDive)

What’s the latest?

• Boeing Problems Continue: Boeing has run into a new problem with some of its 737 planes due to holes that were not drilled correctly, potentially delaying delivery of about 50 planes. This issue, found by one of its suppliers, comes as Boeing is already dealing with safety investigations and unhappy customers following a recent incident where an Alaska Airlines plane had to make an emergency landing.

• Stellantis Denies Rumors: Stellantis Chairman John Elkann has dismissed rumors of a potential merger with Renault, emphasizing that the company, which emerged from a merger between PSA and Fiat Chrysler, is concentrating on executing its long-term business strategy. Despite speculation, fueled by Renault's challenges in the EV market and its reduced market capitalization, Elkann stated there are no plans for merger operations with other manufacturers.

• Yandex Sale: Yandex NV, often referred to as "Russia's Google," has agreed to a 475-billion-rouble ($5.21 billion) sale to a group of Russian investors, marking a significant shift in ownership to fully Russian hands, including a fund associated with oil giant Lukoil. This deal represents the largest corporate departure from Russia since the conflict with Ukraine began. The sale includes businesses that generate over 95% of Yandex's revenues, amidst pressures and negotiations with the Kremlin to keep the tech firm under Russian control and avoid a technology brain drain.

• McD’s Earnings: McDonald's Corp. experienced a slowdown in sales growth in the fourth quarter, missing investor expectations with a 3.4% rise in comparable sales, the slowest since the fourth quarter of 2020. The company attributed part of this deceleration to the impact of the conflict in the Middle East, where sales significantly underperformed. For 2024 it is forecasting sales growth of 3% to 4% for 2024 and planning to open 1,600 net new stores worldwide.

• Snap Cuts: Snap Inc. is cutting its global workforce by about 10%, joining other tech companies in making significant staff reductions. This move could lead to approximately 540 job losses, based on their employee count from September. Snap expects to incur pre-tax charges between $55 million and $75 million for severance and related costs, with additional charges of $45 million to $55 million in future cash expenditures, primarily within the first quarter.

Blackrock Silver’s historic project

The stock market and stuff

• Joe Rogan Signs New Contract With Spotify Worth Up To $250 Million (theDeepDive)

• Novo Nordisk's parent to buy Catalent for $11.5 bln to boost Wegovy supply (Reuters)

• BC: Is Mining About To Come To A Grinding Halt? (theDeepDive)

• Self-proclaimed bitcoin inventor's claim 'a brazen lie', London court told (Reuters)

In the juniors

• Lithium Chile: Unearthing Argentina’s ‘White Gold’ Rush (theDeepDive)

• Electra Battery Metals Reports 20% Increase In Lithium Carbonate Quality From Black Mass Recycling (theDeepDive)

• Gatekeeper Systems: The Massive Q1 Revenue Jump (theDeepDive)

• Uranium: Athabasca Basin Continues To See Explorers Stake Claims (theDeepDive)

FULL DISCLOSURE: Alaska Energy Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Alaska Energy Metals. The author has been compensated to cover Alaska Energy Metals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.