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  • Writer's pictureLucas Friesen

Market Summary: January 3, 2024

The TSX closed down 53.56 points today on standard volume.

Teck Resources Ltd. closed its sale of a minority interest in its steelmaking coal business, Elk Valley Resources, to Nippon Steel Corp. and POSCO. Nippon acquired a 20% interest in Elk Valley in exchange for its 2.5% interest in Elkview operations plus $1.3-billion (U.S.) in cash and $400-million (U.S.) to be paid out of cash flows from Elk Valley. POSCO exchanged its 2.5% interest in Elkview operations and its 20% interest in the Greenhills joint venture for a 3% interest in Elk Valley. The remaining 77% interest in Elk Valley is being sold to Glencore PLC and that deal is expected to close in Q3 2024. Teck is trading at $54.16 and it has approximately 520 million shares outstanding.

Suncor Energy Inc. had upstream production of 808,000 barrels per day in Q4 2023, the second-highest quarterly production in the company’s history. This includes total oil sands production of 758,000 barrels per day in the quarter. The company will release its Q4 results on February 21. Suncor is trading at $45.34 and it has approximately 1.29 billion shares issued.

Alimentation Couche-Tard Inc. closed its acquisition of European retail assets from TotalEnergies. The acquisition includes all of TotalEnergies’ retail assets in Germany and the Netherlands, as well as a 60% interest in TotalEnergies’ assets in Belgium and Luxembourg. The assets cover 2,175 sites. This is Alimentation’s first foray into these four countries. The company’s shares are trading at $78.31 and it has approximately 963 million shares outstanding. Alimentation operates over 16,700 convenient stores, most of which offer vehicle fuel, under the Couche-Tard and Circle K banners.

Electrovaya Inc. earned $1.2-million (U.S.) in fiscal 2023 on revenue of $44.1-million (U.S.). In fiscal 2022, the company lost $7.26-million (U.S.) on revenue of $16.28-million (U.S.). The stock jumped 8% on that news today. The company held a conference call today to discuss its year-end results and the call is available for replay until January 17, 2024. Electrovaya supplies lithium-ion batteries. It trades at $4.40 per share and has approximately 33 million shares outstanding.

Benton Resources Inc., a mining company trading on the TSX Venture, released more drill results from its Great Burnt project in Newfoundland. The results include 25.42 metres of 5.51% copper. Last month, Benton closed a $1.56-million private placement. Eric Sprott, a prolific investor in Canadian mining, acquired 6.25 million units in this private placement (total consideration of $1-million) through a numbered corporation that he beneficially owns. The company trades at $0.195 and has approximately 171 million shares issued.

Cematrix Corp. has signed more new contracts valued at $6.2-million, which brings its total new contracts since the beginning of fiscal 2023 to $63.3-million. The $6.2-million includes a $3.4-million contract in the Gulf states for a wharf backfill and a $1.3-million fill project in the northeast United States. The company manufactures and supplies cellular concrete products. It trades at $0.32 on the TSX-V and has approximately 135 million shares issued.

Nuclear Fuels Inc., a mining company trading on the Canadian Securities Exchange, has arranged a $5-million bought deal offering for 8.33 million units at 60 cents per unit. Each unit contains one share and one-half of a share purchase warrant. Each full warrant is exercisable for one share with an exercise price of 80 cents. The warrants expire in 36 months from the closing date, which is expected to be on January 24, 2024. The company is exploring uranium projects in Wyoming. It trades at $0.60 and has approximately 47.6 million shares issued.

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