Fintech PR
The Supply Crisis Threatening to Cripple the U.S. Military
FN Media Group Presents Oilprice.com Market Commentary
LONDON, Dec. 2, 2024 /PRNewswire/ — The Pentagon just got a painful wake-up call. Its stockpiles of crucial armaments are depleting at a record pace as the war in Ukraine drags on, and its poorly armed allies are even worse off. Intelligence officers in Germany said that the country has only two days’ worth of ammunition in case of a military threat. Companies mentioned in this release include: SQM (NYSE: SQM), Centrus Energy Corp. (NYSE:LEU), Barrick Gold Corporation (NYSE:GOLD), Newmont Corporation (NYSE:NEM), Arch Resources, Inc. (NYSE:ARCH).
In March 2024, the European Union allocated 500,000,000 Euros under the Act in Support of Ammunition Production (ASAP) to boost output capacity to 2 million shells annually by the end of 2025. But the Western militaries have a major problem.
This push for new military hardware requires a crucial critical metal called Antimony of which the U.S. produces exactly nothing. And it gets worse… This summer, China curbed exports of Antimony, sending prices soaring by 200% in the course of a few months. But even in this precarious situation, there are a handful of companies from Australia and Canada that are racing to bring online a new stream of antimony supply.
One of them, a Canadian exploration company called Military Metals (MILI.CN; MILIF.QB), spotted this disturbing trend early and started scooping up antimony assets in North America and Europe, eyeing a quickly emerging opportunity to provide the Western world with the ability to defend itself against its enemies without Chinese metals.
New Sources of Antimony, from Slovakia to Nova Scotia
Critical minerals won the war for the Allies in WWII, precisely because the Allied powers controlled most of the world’s minerals at that point in history, according to the Carnegie Endowment for International Peace.
Today, the tables have turned and China controls the lion’s share of the world’s most critical minerals, including antimony–a key component of national defense.
But Military Metals is fighting back, changing the trend with its newly acquired Antimony assets in Nevada and Nova Scotia, one of the few known sources of antimony in North America.
The company also recently announced that it has purchased one of Europe’s largest antimony deposits in Slovakia with a historical resource. In the heart of Central Europe, it’s a promising Soviet-era resource with an initial discovery from the 1950s and prior development in the ’80s and ’90s. It’s already seen two phases of exploration, including drilling and adit excavation.
The Slovakian Trojarova asset is one of the European Union’s largest Antimony deposits and with a historical resource of over 60,998 tons of Antimony has a in-situ value of $2 billion at today’s spot prices and could give Slovakia a chance to become a critical metals hub for Western defense industries.
Compared to its closet peer, Military Metals (MILI.CN; MILIF.QB) appears to be significantly undervalued. Fellow antimony miner Perpetua Resources has only a slightly larger antimony resource of 90,000 tons but has seen its value soar to around $700 million. Perpetua saw a huge rise from $3 a share to $14 a share in the last 6 months.
Meanwhile, Military Metals is valued at only $25 million right now; yet its historical resource of 60,998 tons has an in-situ value of over $2 billion of antimony in the ground.
Across the Atlantic, in Canada, Military Metals is sitting on a recently acquired historical antimony/gold play that ended up being a major boom to the Allies in WWI, and reigns supreme as one of Canada’s biggest past producing Antimony mine in the early 1900’s. And on October 24th, 2024, the company pounced on another opportunity to further consolidate this territory by signing an LOI to acquire more claims flanking West Gore.
It’s an impressive historical resource, with historical drilling results demonstrating over 7 meters of 10.6 gpt gold and 3.4% antimony.
The move to consolidate territory surrounding West Gore—one of the biggest heroes of WWI—is a strategic move that could tie the junior miner directly to North American defense at a time when prices are skyrocketing.
Everyone’s on War Footing, and Antimony is the Driver
When China started tightening the noose first on critical battery metal graphite, then on rare earth elements Germanium and Gallium, and finally on Antimony, Military Metals Corp. banded together to make the metals that China refuses to sell their primary business. This smart, fast-moving investment strategy could, according to Forbes, be the “latest to generate short-term profits of more than 100% on money invested”.
Military Metals (MILI.CN; MILIF.QB) CEO Scott Eldridge sees a major antimony supply crunch coming. And antimony prices this year, along with new Chinese restrictions add extra support to that prediction with prices doubling since earlier this year from $12,000 per ton to $38,000. That’s why it’s been acquiring past-producing antimony mines on two continents at breakneck speed.
They’re eyeing a confluence of events, one of which is a major U.S. and European Army push to boost production of ammunition that relies on antimony.
Artillery shells are the kings of battle, and the king of kings is the 155-millimeter artillery shell. Now, the U.S. Army has set in motion a major push to ramp up production, gearing up for the opening of a new manufacturing facility in Mesquite, Texas. A second facility in Canada has been contracted to produce shells for the U.S. Overall, the U.S. Army is hoping to ramp up production from the current ~40,000 artillery shells per month, to 100,000 by the New Year.
That means they will need to secure a lot more antimony supply, at the same time that China is putting the squeeze on the critical mineral.
Other miners to watch in December are:
SQM (NYSE: SQM) is a Chilean chemical company and a leading global producer of lithium, a critical component in batteries used in a wide range of applications, including electric vehicles, consumer electronics, and increasingly, military technology. Lithium-ion batteries are essential for modern military operations, powering everything from advanced communication systems to unmanned vehicles and drones. SQM’s production capacity and access to vast lithium reserves in the Atacama Desert make it a strategically important player in the global lithium supply chain.
A reliable and stable supply of lithium is crucial for nations like the United States, which rely heavily on advanced technology for their defense capabilities. Sourcing lithium from SQM allows countries to reduce their dependence on potentially unstable or adversarial nations for this critical material.
Centrus Energy Corp. (NYSE:LEU)
Centrus Energy Corp. is a key player in the nuclear fuel cycle, specializing in the production of low-enriched uranium (LEU). While LEU is primarily used to fuel nuclear power plants, it also has vital defense applications. Uranium is the essential fuel for the nuclear reactors that power US Navy aircraft carriers and submarines, which are critical for projecting US military power globally and providing a significant strategic advantage. Nuclear propulsion allows for extended operational ranges and reduces logistical challenges associated with refueling, making these vessels ideal for long-duration deployments.
Centrus plays a vital role in ensuring a secure and reliable supply of LEU for both defense and civilian nuclear applications in the Western world. By providing a domestic source of enriched uranium, Centrus reduces reliance on foreign suppliers, which can be subject to geopolitical instability or potential export restrictions.
Barrick Gold Corporation (NYSE:GOLD)
Barrick Gold Corporation is well-known for its dominance in gold production, but it is also a significant player in the copper mining industry. This is a crucial aspect of their operations, as copper is essential for a wide range of defense applications. It is used extensively in electrical wiring for military vehicles and equipment, in the manufacturing of ammunition, and in the production of advanced electronics for communication, guidance, and sensor systems. Copper’s high conductivity and durability make it indispensable for these purposes.
Barrick’s copper mining operations contribute to a diversified and reliable supply of this critical metal, which is essential for maintaining the technological edge of the US military. As a Western-based company, Barrick’s operations are subject to stricter environmental and labor regulations than those in many other copper-producing regions.
Newmont Corporation (NYSE:NEM)
Newmont Corporation is a leading global gold producer with a significant and strategically important presence in the copper mining sector. Copper is essential for a wide range of defense applications, from the wiring in military vehicles and aircraft to the advanced electronics used in communication and weapons guidance systems. Its high conductivity and resistance to corrosion make copper indispensable in these critical applications.
Newmont’s copper production contributes to a stable and reliable supply of this critical metal for the US defense industry. Sourcing copper domestically from Newmont reduces reliance on potentially unstable or adversarial nations, ensuring a more secure and ethical supply chain. Newmont adheres to high environmental and social responsibility standards, minimizing environmental impact and respecting the rights of workers and communities.
Arch Resources, Inc. (NYSE:ARCH)
Arch Resources is a major producer of metallurgical coal, a crucial component in the steelmaking process. While the world transitions towards cleaner energy sources, metallurgical coal remains essential for producing high-quality steel used in various defense applications. This includes everything from armored vehicles and naval vessels to critical infrastructure and the machinery used to manufacture weapons systems.
Arch Resources plays a crucial role in ensuring a stable supply of metallurgical coal for the US steel industry, which in turn supports the production of critical defense equipment. The company operates mines in regions with access to abundant coal reserves, ensuring a reliable supply of this essential raw material.
By. Michael Scott
**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**
Forward-Looking Statements
This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. The forward-looking statements in this publication are based on current expectations and assumptions about future events, geopolitical developments, trade policies, market conditions, the company’s strategic initiatives to address the critical shortage of antimony, and current expectations, estimates, and projections about the industry and markets in which the company operates. Factors that could change or prevent these statements from coming to fruition include, but are not limited to, the potential impact of the upcoming U.S. elections on various industries and specific companies, changes in government policies, market conditions, regulatory developments, geopolitical events and the company’s ability to successfully acquire and develop new antimony resources and fluctuations in antimony prices. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
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LONDON, Dec. 4, 2024 /PRNewswire/ — The Fortegra Group, Inc. (“Fortegra” or “the Company”), a global specialty insurer and subsidiary of Tiptree Inc. (NASDAQ: TIPT), today announced that it has received approval to establish Fortegra Insurance Company UK.
The Prudential Regulation Authority (PRA) has granted Fortegra approval to establish its subsidiary in the United Kingdom, effective November 29, 2024. This milestone enables Fortegra to significantly expand its specialty insurance underwriting services throughout the United Kingdom.
Recognised as a quality market for Managing General Agents (MGAs) and Managing General Underwriters (MGUs), Fortegra excels through its rigorous programme business underwriting, advanced AI and data science applications, and a steadfast commitment to consistent claims management. Fortegra’s underwriting approach ensures that the company effectively meets the evolving needs of agent partners and policyholders, cementing its market leadership.
“We’re pleased to announce the establishment of Fortegra Insurance Company UK,” said Richard Kahlbaugh, Fortegra’s chief executive officer. “Our objective is simple. We focus our efforts on establishing Fortegra as a quality market serving MGAs and agents seeking to underwrite niche programmes. The foundation of our past success, underwriting discipline, will serve Fortegra well as we enter the marketplace in the United Kingdom.”
The licensing of Fortegra UK provides an excellent opportunity to enhance the company’s presence in the UK and London markets, demonstrating its commitment to expanding in Europe. This strategic initiative builds on previous successes in Belgium and the EU.
Since entering the region in 2018, Fortegra has effectively expanded its reach through thoughtful geographic growth and establishing strong partnerships with reputable agents and MGAs. The company’s focus on delivering innovative and collaborative underwriting solutions positions it well for future growth and success.
About Fortegra
For more than 45 years, Fortegra, via its subsidiaries, has underwritten risk management solutions that help people and businesses succeed in the face of uncertainty. As a multinational specialty insurer whose insurance subsidiaries have an A.M. Best Financial Strength Rating of A- (Excellent) and an A.M. Best Financial Size Category of ‘X’, we offer a diverse set of admitted and excess and surplus lines insurance products and warranty solutions. For more information: www.fortegra.com.
Contact
[email protected]
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Fintech PR
Investors reject trade-off between workers and AI, as over 70% urge companies to invest in both: PwC 2024 Global Investor Survey
- Over 60% of investors expect companies to deliver productivity, revenue and profitability gains from generative AI within the next 12 months
- Investors see the importance of investing in people alongside technology, with 74% expecting companies to increase investment in upskilling. Investors are as likely to expect AI to lead to headcount increases (32%) as decreases (32%)
- Investors are cautiously optimistic about the economy: 51% expect the economy to grow over the next 12 months
- Investors continue to eye climate action, with 64% urging companies to moderately or significantly increase their investment to reduce carbon emissions
LONDON, Dec. 4, 2024 /PRNewswire/ –The pressure is on for companies to turn AI investment into impact, according to PwC’s 2024 Global Investor Survey, released today. 73% of investors say companies should deploy AI solutions at scale, as overwhelmingly 66% expect the companies they invest in to deliver productivity increases from AI over the next 12 months, with 63% expecting revenue increases and 62% expecting it to increase profitability.
The survey, which captures the views of 345 investors and analysts across 24 countries and territories, finds that investors see technological change as the most significant driver of change for the businesses they invest in (71%), ahead of government regulation (64%), changes in customer preference (61%), and supply chain instability (60%).
Notably, investors are also not seeing a trade-off between AI and workers. 74% of respondents urge the businesses they invest in or cover to invest in upskilling their workforce. 32% expect AI to lead to headcount increases of 5% or more – on par with the proportion who expect little to no change in headcount (31%).
Wes Bricker, Global Assurance Leader, PwC US, said:
“Investors expect to see real outcomes from GenAI over the next year and recognize that achieving this will take investment in people and upskilling, as well as technology. Management can expect scrutiny on how they deliver AI productivity gains and support for an approach that extends beyond the tech itself to reinvent the way businesses operate.”
Investors are optimistic about global economic growth
The survey finds that investors are cautiously optimistic about the global economy – half (51%) expect the economy to grow over the next 12 months, with macroeconomic and inflationary concerns falling from their 2022 highs (respectively, from 62% to 34% in 2024, and 67% to 31%). At the same time, investors’ greatest concerns are cyber risks (36%) and geopolitical conflict (36%), both of which are largely unchanged over the last two years but have slightly risen from 2023.
With these risks remaining top of mind for investors, almost nine in ten (86%) agree that the ability of a company to manage through a crisis is an important factor in their investment decision-making. 60% of investors believe it is also very or extremely important that companies re-think their business models in response to supply chain instability – and 68% say they should increase their investment to de-risk them.
Investors eye action on the impact of climate
Investors continue to prioritize action on the impact of climate. 30% expect that the companies they invest in will be highly or extremely exposed to threats from climate change within the next 12 months, up eight points from 2022, although down two points from 2023.
75% of survey respondents agreed that they would moderately or significantly increase their investment in companies that are taking a range of climate-related actions, with the greatest support for taking action to build sustainable supply chains by working with suppliers and communities (80%). When assessing companies’ net-zero transition plans investors say governance (72%) and associated capital or operating expenditures (68%) are very or extremely important. Additionally, 71% say companies should incorporate ESG/sustainability directly into their corporate strategies – a similar level to 2023.
However, challenges remain – 44% of those surveyed agreed that to a large or very large extent, corporate reporting about a company’s sustainability performance contains unsupported claims – marking little change over the past two years. Not surprisingly, 73% are demanding a level of detail in assurance reports on sustainability information that is comparable to that of financial audits.
Nadja Picard, Global Reporting Leader, PwC Germany, said:
“Investors continue to prioritize action on the impact of climate. They are increasingly interested in the governance and financial impact and commitment of companies’ net-zero transition plans. Companies should embed sustainability in their strategies, particularly as investors continue to look at sustainability-related disclosures and communication to assess action.”
Investors look beyond financial statements
Investors value a wide range of data beyond financial information, particularly around corporate governance (40%) and innovation (37%). Most investors also report relying on multiple sources of information, including investor-focused communications (61%) and direct dialogue with the company (57%). Indeed, significantly fewer investors (55%) than in 2023 (66%) report relying on financial statements and note disclosures to a large or very large extent. As investors look to qualitative data, AI may provide significant opportunities in analysing information published by companies – nearly two-thirds (62%) say it has significantly or moderately increased their ability to do so.
Kazi Islam, Global Assurance Strategy & Growth Leader, PwC US, said:
“Reliable information is the lifeblood of capital markets, yet today’s pervasive flow of data can be a blessing and a curse. The expectation on business leaders is to communicate to investors what is material to their business, doubling down on transparency and consistency to ensure they are building trust through communication. As AI provides the capability needed to sift easier through these qualitative and quantitative data, ensuring consistent and effective communication from company leaders is imperative.”
Notes to Editors:
About PwC 2024 Global Investor Survey
In September 2024, PwC surveyed 345 investors and analysts across 24 countries and territories and conducted in-depth interviews with 14 investment professionals. Respondents were predominantly institutional investors, comprising portfolio managers (21%), analysts (21%) and chief investment officers (23%), with 52% having more than ten years of experience in the industry. Their investments covered a range of asset classes, investing approaches and time horizons, and the assets under management (AUM) at their organisations range from <US$500 million to US$1 trillion or more; 53% of respondents are at organisations with total AUM of more than US$10 billion.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
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Fintech PR
Interlace Secures $10 Million in Series B1 Funding, Expands Leadership Team to Accelerate Global Growth
SINGAPORE, Dec. 4, 2024 /PRNewswire/ — Interlace, a global card issuance and digital asset management platform based in Singapore, announced today that it has raised $10 million in its Series B1 funding round. The round was led by Bitrock Capital, with participation from prominent individual investors in the fintech industry, including early employees and senior managers from leading companies such as Klarna and Robinhood.
To date, Interlace has issued over 4.5 million cards, partnered with 100+ integrated partners, and processes over 60 million transactions annually. The new funding will support Interlace’s continued global expansion into key markets such as Asia-Pacific (APAC), the United States, and the United Kingdom. A significant portion of the investment will be allocated to building an international team, enhancing the company’s ability to serve a diverse and global client base.
To drive this ambitious expansion, Interlace is pleased to announce the addition of four seasoned executives to its leadership team:
- Rob Vanden Broeke – Head of Global Financial Partners
Rob is an accomplished executive in fintech, payments, and technology, with a strong background in integrated partnerships, Banking-as-a-Service (BaaS), and global payment solutions across various industries. At Interlace, Rob will focus on expanding global banking and fintech partnerships, scaling banking, card, and global payment solutions. His efforts will drive strategic partnerships and innovative financial products to broaden access to financial services for B2B and B2C clients worldwide. - Jeff Brunjes – Head of Global Operations
Combining deep institutional finance expertise with strategic innovation, Jeff advances Interlace’s global mission by streamlining client experiences and building trust through operational excellence. Drawing from his background in investment banking operations and private wealth advisory, he brings a unique understanding of traditional financial processes and emerging digital asset opportunities. Jeff’s balanced approach positions Interlace as a trusted partner for businesses navigating the future of financial services. - Mark Homeier – Head of Marketing and Business Development
Mark brings over two decades of experience in fintech, blockchain, marketing, and business development. Specializing in global growth strategies for innovative financial platforms, he focuses on creating efficient and cost-effective money management solutions. Mark’s expertise in enhancing Web3 usability and integrating cryptocurrency technologies will be instrumental in navigating technology-driven markets and fostering sustainable development. - JP Eaglin – Creative Director and Strategic Partnerships
With over 25 years of experience developing and launching brands in the US, Latin America, and Asia, JP joins Interlace with his creative agency, Vanguard42. As Creative Director, he will oversee the rebrand and spearhead global marketing efforts. JP’s role in strategic partnerships will further enhance Interlace’s business development rollout, strengthening the company’s international presence.
“We are thrilled to welcome Mark, Jeff, Rob, and JP to our leadership team,” said Michael Wu, Founder and CEO at Interlace. “Their combined expertise and vision align perfectly with our mission to revolutionize global financial solutions. This expansion of our team, along with the new funding, positions us to accelerate our global growth and enhance our services for clients worldwide.”
Bitrock Capital expressed strong confidence in Interlace’s vision and capabilities.
“The Bitrock team is really impressed with Interlace’s technological and product capabilities. In only a couple years they have developed effective and compliant solutions to help cross border merchants make and receive payments,” said Alfred Shang, Founding partner at Bitrock Capital. “We think Interlace is uniquely positioned to capture the significant opportunities in the global payment markets with its young and eager management team and robust fintech capabilities. Bitrock will continue to support Interlace’s strategic and business development to create exceptional value for exporters and merchants as they navigate the challenging global trade and finance markets.”
Founded in 2019, Interlace delivers the most efficient and cost-effective cross-border, cross-currency, and cross-system financial solutions for Web3, cross-border e-commerce, B2B trade, developers, and more. Operating in strict compliance with global regulations, Interlace holds the highest security certification in the international card payment industry, PCI-DSS Level 1, and is licensed in the United States, Hong Kong, and Lithuania.
About Interlace
Interlace is an enterprise-level global card issuance and digital asset management company based in Singapore, dedicated to delivering efficient and cost-effective cross-border, cross-currency, and cross-system financial solutions. Serving sectors such as Web3, cross-border e-commerce, B2B trade, and software developers, Interlace operates in strict compliance with global regulations. The company holds the PCI-DSS Level 1 security certification and is licensed in the United States, Hong Kong, and Lithuania. Interlace is committed to innovating financial technology solutions that facilitate seamless global transactions and connectivity.
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