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Nevada Copper likely headed for creditor protection

Nevada Copper (TSX: NCU) is likely headed for creditor protection. The company this morning provided an update on its financing efforts, indicating that it is struggling to obtain further funding.

The funding is required in order for the company to maintain operations and complete commissioning and ramp up at the Pumpkin Hollow underground mine in Nevada. Discussions with key stakeholders and other investors have reportedly come up dry in terms of funding, with there reportedly being no interest in a change of control transaction either.

You can read more on the matter here.

What’s going on?

• UN Nuclear Watchdog Passes Resolution Against Iran Amid Growing Concerns (theDeepDive)

• ECB Cuts Interest Rates for First Time Since 2019 (WSJ)

• Canada Lowers “Onerous” Language Requirements for Caregivers: “Much-Needed Change” (theDeepDive)

• $1.3 bln UK lawsuit accuses Amazon of misusing small sellers' data (Reuters)

• Trump Threatens Jailing Political Opponents Following Felony Conviction (theDeepDive)

• Microsoft, Nvidia to Face US Antitrust Probes Over Moves in AI (Bloomberg)

• Spain applies to join South Africa’s case at World Court accusing Israel of genocide (Globe)

• Feds Investigate $120,000 Jury Bribery Attempt in Major COVID-19 Relief Fraud Case (theDeepDive)

• SpaceX’s Giant Rocket Survives Dive to Earth During Fourth Test (Bloomberg)

• WestJet Introduces “Ultra” Low Fares, But They Come At A Cost (theDeepDive)

• Biden says fight for Ukraine echoes struggle for freedom on D-Day (BBC)

What’s the latest?

• TD Fines: TD Bank faces potential fines up to US$4 billion related to U.S. money-laundering investigations, double previous estimates. These investigations stem from incidents involving former branch employees in Florida and New York who bypassed anti-money-laundering measures. Analysts had earlier estimated fines between $600 million and $2 billion, but new allegations suggest higher penalties.

• Prime Rates: Following the Bank of Canada's decision to cut its benchmark rate by a quarter percentage point to 4.75%, major Canadian banks, including RBC, TD, BMO, CIBC, and Scotiabank, have lowered their prime rates from 7.2% to 6.95%, effective June 6. Historically, the bank margin above the benchmark rate has averaged 1.5% to 2.2% since the mid-1990s.

• ECB Cuts: The European Central Bank (ECB) implemented its first interest rate cut since 2019, reducing its deposit rate to 3.75% from 4.0%, citing progress in combating inflation. Despite this, the ECB acknowledged that inflation remains a concern, with forecasts predicting it will average 2.2% in 2025, above the central bank's 2% target.

• SpaceX Starship: SpaceX's giant Starship rocket successfully reentered Earth's atmosphere and splashed down in the Indian Ocean during its fourth test mission on Thursday. The splash down followed a success landing of the Super Heavy Booster portion of the Starship landing in the Gulf of Mexico successfully.

• Geopolitics: At the 80th anniversary of the D-Day landings in Normandy, U.S. President Joe Biden made a fervent plea for the defense of freedom and democracy, urging Western powers to maintain support for Ukraine against Russian aggression. Speaking at a ceremony with French President Emmanuel Macron and U.S. veterans, Biden emphasized that surrendering to Russian tyranny is "simply unthinkable" and highlighted the importance of unity among NATO allies.

Unsustainable housing in Canada

The stock market and stuff

• Robinhood To Acquire Bitstamp Crypto Exchange For $200 Million In Cash (theDeepDive)

• Instacart Announces $500 Million Buyback, Third Since Debut (Bloomberg)

• Nvidia overtakes Apple as No. 2 most valuable company (Reuters)

• Tesla’s High Loss Ratio Raises Concerns for Its Insurance Business (theDeepDive)

In the juniors

• Nevada Copper Likely Headed For Creditor Protection As It Fails To Source Funding (theDeepDive)

• CanAlaska Uranium Provides Update on Partner Operated Winter Drill Programs (JMN)

• New Found Gold, Palisades Gold Agree To $17 Million Settlement In ThreeD Capital Lawsuit (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.