Want to understand Brazil's 70 million e-shoppers and its payments industry? The shopping habits of Brazil’s 210 million consumers have their particularities just like other countries, since each country’s payments segment adopts its own means adapted to the local culture.

In the title compound, C16H14Cl2FN3, the dihedral angle between the two aromatic rings is 64.12 (14)°. The crystal structure is stabilized by a short Cl...H contact, C—Cl...π and van der Waals interactions. The Hirshfeld surface analysis and two-dimensional fingerprint plots show that H...H (33.3%), Cl...H/H...Cl (22.9%) and C...H/H...C (15.5%) interactions are the most important contributors towards the crystal packing.

The cationic complex in the title compound, [Ir(C9H7N2)2(C12H8N2)]PF6, comprises two phenylpyrazole (ppz) cyclometallating ligands and one 1,10-phenanthroline (phen) ancillary ligand. The asymmetric unit consists of one [Ir(ppz)2(phen)]+ cation and one [PF6]− counter-ion. The central IrIII ion is six-coordinated by two N atoms and two C atoms from the two ppz ligands as well as by two N atoms from the phen ligand within a distorted octahedral C2N4 coordination set. In the crystal structure, the [Ir(ppz)2(phen)]+ cations and PF6− counter-ions are connected with each other through weak intermolecular C—H...F hydrogen bonds. Additional C—H...π interactions between the rings of neighbouring cations consolidate the three-dimensional network. Electron density associated with additional disordered solvent molecules inside cavities of the structure was removed with the SQUEEZE procedure in PLATON [Spek (2015). Acta Cryst. C71, 9–18]. The given chemical formula and other crystal data do not take into account the unknown solvent molecule(s). The title compound has a different space-group symmetry (C2/c) from its solvatomorph (P21/c) comprising 1.5CH2Cl2 solvent molecules per ion pair.

The new copper(II) complex, namely, di-μ-chlorido-bis{chlorido[methyl(pyridin-2-ylmethylidene)amine-κ2N,N']copper(II)}, [Cu2Cl4(C7H8N2)2], (I), with the ligand 2-pyridylmethyl-N-methylimine (L, a product of Schiff base condensation between methylamine and 2-pyridinecarbaldehyde) is built of discrete centrosymmetric dimers. The coordination about the CuII ion can be described as distorted square pyramidal. The base of the pyramid consists of two nitrogen atoms from the bidentate chelate L [Cu—N = 2.0241 (9), 2.0374 (8) Å] and two chlorine atoms [Cu—Cl = 2.2500 (3), 2.2835 (3) Å]. The apical position is occupied by another Cl atom with the apical bond being significantly elongated at 2.6112 (3) Å. The trans angles of the base are 155.16 (3) and 173.79 (2)°. The Cu...Cu separation in the dimer is 3.4346 (3) Å. In the crystal structure, the loosely packed dimers are arranged in stacks propagating along the a axis. The X-band polycrystalline 77 K EPR spectrum of (I) demonstrates a typical axial pattern characteristic of mononuclear CuII complexes. Compound (I) is redox active and shows a cyclic voltammetric response with E1/2 = −0.037 V versus silver–silver chloride electrode (SSCE) assignable to the reduction peak of CuII/CuI in methanol as solvent.

In the structure of the title salt, (C7H12N6)[VOF5], second-order Jahn–Teller distortion of the coordination octahedra around V ions is reflected by coexistence of short V—O bonds [1.5767 (12) Å] and trans-positioned long V—F bonds [2.0981 (9) Å], with four equatorial V—F distances being intermediate in magnitude [1.7977 (9)–1.8913 (9) Å]. Hydrogen bonding of the anions is restricted to F-atom acceptors only, with particularly strong N–H...F interactions [N...F = 2.5072 (15) Å] established by axial and cis-positioned equatorial F atoms. Hirshfeld surface analysis indicates that the most important interactions are overwhelmingly H...F/F...H, accounting for 74.4 and 36.8% of the contacts for the individual anions and cations, respectively. Weak CH...F and CH...N bonds are essential for generation of three-dimensional structure.

In the first reported crystal structure involving the potential ligand N,N',N''-tris(pyridin-2-yl)benzene-1,3,5-tricarboxamide, C24H18N6O3, intermolecular N—H...O hydrogen bonds link the molecules via their amide groups into slanted ladder-like chains, in which the uprights of the ladder are formed by the hydrogen-bonding interactions and the benzene ring cores of the molecules act as the rungs of the ladder. Only two of the three amide groups in the molecule are involved in hydrogen bonding and this influences the degree of out-of-plane twisting at each amide group, with the twist being more significant for those amide groups participating in hydrogen bonds.

In small-molecule single-crystal structure determination, we now have at our disposal an inspiring range of fantastic diffractometers with better, brighter sources, and faster, more sensitive detectors. Faster and more powerful computers provide integrated tools and software with impressive graphical user interfaces. Yet these tools can lead to the temptation not to check the work thoroughly and one can too easily overlook tell-tale signs that something might be amiss in a structure determination; validation with checkCIF is not always revealing. This article aims to encourage practitioners, young and seasoned, by enhancing their structure-determination toolboxes with a selection tips and tricks on recognizing and handling aspects that one should constantly be aware of. Topics include a pitfall when setting up data collections, the usefulness of reciprocal lattice layer images, processing twinned data, tips for disorder modelling and the use of restraints, ensuring hydrogen atoms are added to a model correctly, validation beyond checkCIF, and the derivation and interpretation of the final results.

An intuitive method is presented for detecting pseudosymmetries in Z' > 1 cases as a complement to well-proven strategies already available in the literature. It is based in the simple idea that the mid-points between equivalent atoms in symmetrically related mol­ecules are disposed according to simple well-known patterns, which are easily recognizable by optical inspection. A number of Z' = 4 cases in the literature are analyzed, which allows some of the potentialities of the method to be revealed.

The enanti­opure monopyrrolidine derivative (2S)-methyl (Z)-5-(2-tert-but­oxy-1-cyano-2-oxo­ethyl­idene)pyrrolidine-2-carboxyl­ate, C13H18N2O4, (1), represents a potential ligand and an attractive inter­mediate for the synthesis of chiral metal com­plexes. At the mol­ecular level, the com­pound features an intra­molecular N—H⋯O hydrogen bond; neighbouring mol­ecules inter­act via N—H⋯N contacts to form chains along [100]. Due to its elemental com­position, resonant scattering of the target com­pound is entirely insignificant for diffraction experiments with Mo Kα and small even for Cu Kα radiation. A preliminary study with the harder radiation type confirmed the chiral space group and the suitability of the single crystal chosen; as expected, the results concerning the absolute structure remained com­pletely inconclusive. A second data collection with the longer wavelength gave satisfactory quality indicators for the correct handedness of the mol­ecule, albeit with high standard uncertainties. The absolute configuration has been assessed independently: CD spectra for both enanti­omers of the target mol­ecule were calculated and the spectrum for the S-configured stereoisomer was in agreement with the experiment. The Cotton effect of (1) may be ascribed to π–π* transitions from HOMO to LUMO and from HOMO to LUMO+1. As both independent techniques agree with respect to the handedness of the target mol­ecule, the absolute structure may be assigned with a high degree of confidence.

An efficient synthesis of 1-aryl­isochromeno[3,4-d][1,2,3]triazol-5(1H)-ones, involving the diazo­tization of 3-amino-4-aryl­amino-1H-isochromen-1-ones in weakly acidic solution, has been developed and the spectroscopic characterization and crystal structures of four examples are reported. The mol­ecules of 1-phenyl­isochromeno[3,4-d][1,2,3]triazol-5(1H)-one, C15H9N3O2, (I), are linked into sheets by a combination of C—H⋯N and C—H⋯O hydrogen bonds, while the structures of 1-(2-methyl­phen­yl)isochromeno[3,4-d][1,2,3]triazol-5(1H)-one, C16H11N3O2, (II), and 1-(3-chloro­phen­yl)isochromeno[3,4-d][1,2,3]triazol-5(1H)-one, C15H8ClN3O2, (III), each contain just one hydrogen bond which links the mol­ecules into simple chains, which are further linked into sheets by π-stacking inter­actions in (II) but not in (III). In the structure of 1-(4-chloro­phen­yl)isochromeno[3,4-d][1,2,3]triazol-5(1H)-one, (IV), isomeric with (III), a combination of C—H⋯O and C—H⋯π(arene) hydrogen bonds links the mol­ecules into sheets. When com­pound (II) was exposed to a strong acid in methanol, qu­anti­tative conversion occurred to give the ring-opened transesterification product methyl 2-[4-hy­droxy-1-(2-methyl­phen­yl)-1H-1,2,3-triazol-5-yl]benzoate, C17H15N3O3, (V), where the mol­ecules are linked by paired O—H⋯O hydrogen bonds to form centrosymmetric dimers.

An operationally simple and time-efficient approach has been developed for the synthesis of racemic N-substituted 3-(2-aryl-2-oxoeth­yl)-3-hy­droxy­indolin-2-ones by a piperidine-catalysed aldol reaction between aryl methyl ketones and N-alkyl­isatins. These aldol products were used successfully as strategic inter­mediates for the preparation of N-substituted (E)-3-(2-hetaryl-2-oxo­ethyl­idene)indolin-2-ones by a stereoselective dehydration reaction under acidic conditions. The products have all been fully characterized by 1H and 13C NMR spectroscopy, by mass spectrometry and, for a representative selection, by crystal structure analysis. In each of (RS)-1-benzyl-3-hy­droxy-3-[2-(4-meth­oxy­phen­yl)-2-oxoeth­yl]indolin-2-one, C24H21NO4, (Ic), and (RS)-1-benzyl-3-{2-[4-(di­methyl­amino)­phen­yl]-2-oxoeth­yl}-3-hy­droxy­indolin-2-one, C25H24N2O3, (Id), inversion-related pairs of mol­ecules are linked by O—H⋯O hydrogen bonds to form R22(10) rings, which are further linked into chains of rings by a combination of C—H⋯O and C—H⋯π(arene) hydrogen bonds in (Ic) and by C—H⋯π(arene) hydrogen bonds in (Id). The mol­ecules of (RS)-1-benzyl-3-hy­droxy-3-[2-oxo-2-(pyridin-4-yl)eth­yl]indolin-2-one, C22H18N2O3, (Ie), are linked into a three-dimensional framework structure by a combination of O—H⋯N, C—H⋯O and C—H⋯π(arene) hydrogen bonds. (RS)-3-[2-(Benzo[d][1,3]dioxol-5-yl)-2-oxoeth­yl]-1-benzyl-3-hy­droxy­indolin-2-one, C24H19NO5, (If), crystallizes with Z' = 2 in the space group Poverline{1} and the mol­ecules are linked into com­plex sheets by a combination of O—H⋯O, C—H⋯O and C—H⋯π(arene) hydro­gen bonds. In each of (E)-1-benzyl-3-[2-(4-fluoro­phen­yl)-2-oxo­ethyl­idene]indolin-2-one, C23H16FNO2, (IIa), and (E)-1-benzyl-3-[2-oxo-2-(thiophen-2-yl)ethylidene]indolin-2-one, C21H15NO2S, (IIg), the mol­ecules are linked into simple chains by a single C—H⋯O hydrogen bond, while those of (E)-1-benzyl-3-[2-oxo-2-(pyridin-4-yl)ethyl­idene]indolin-2-one, C22H16N2O2, (IIe), are linked by three C—H⋯O hydrogen bonds to form sheets which are further linked into a three-dimensional structure by C—H⋯π(arene) hydrogen bonds. There are no hydrogen bonds in the structures of either (E)-1-benzyl-3-[2-(4-meth­oxy­phen­yl)-2-oxo­ethyl­idene]indolin-2-one, C24H19NO3, (IIc), or (E)-1-benzyl-5-chloro-3-[2-(4-chloro­phen­yl)-2-oxo­ethyl­idene]indolin-2-one, C23H15Cl2NO2, (IIh), but the mol­ecules of (IIh) are linked into chains of π-stacked dimers by a combination of C—Cl⋯π(arene) and aromatic π–π stacking inter­actions.

The positional change of nitro­gen-7 of the RNA constituent guanosine to the bridgehead position-5 leads to the base-modified nucleoside 5-aza-7-de­aza­guanosine. Contrary to guanosine, this mol­ecule cannot form Hoogsteen base pairs and the Watson–Crick proton donor site N3—H becomes a proton-acceptor site. This causes changes in nucleobase recognition in nucleic acids and has been used to construct stable `all-purine' DNA and DNA with silver-mediated base pairs. The present work reports the single-crystal X-ray structure of 7-iodo-5-aza-7-de­aza­guanosine, C10H12IN5O5 (1). The iodinated nucleoside shows an anti conformation at the glycosylic bond and an N conformation (O4'-endo) for the ribose moiety, with an anti­periplanar orientation of the 5'-hy­droxy group. Crystal packing is controlled by inter­actions between nucleobase and sugar moieties. The 7-iodo substituent forms a contact to oxygen-2' of the ribose moiety. Self-pairing of the nucleobases does not take place. A Hirshfeld surface analysis of 1 highlights the contacts of the nucleobase and sugar moiety (O—H⋯O and N—H⋯O). The concept of pK-value differences to evaluate base-pair stability was applied to purine–purine base pairing and stable base pairs were predicted for the construction of `all-purine' RNA. Furthermore, the 7-iodo substituent of 1 was functionalized with benzo­furan to detect motional constraints by fluorescence spectroscopy.

During evaporation of natural and synthetic K–Mg–Cl brines, the formation of almost square plate-like crystals of potassium carnallite (potassium chloride magnesium dichloride hexa­hydrate) was observed. A single-crystal structure analysis revealed a monoclinic cell [a = 9.251 (2), b = 9.516 (2), c = 13.217 (4) Å, β = 90.06 (2)° and space group C2/c]. The structure is isomorphous with other carnallite-type com­pounds, such as NH4Cl·MgCl2·6H2O. Until now, natural and synthetic carnallite, KCl·MgCl2·6H2O, was only known in its ortho­rhom­bic form [a = 16.0780 (3), b = 22.3850 (5), c = 9.5422 (2) Å and space group Pnna].

A new polymorph (form II) is reported for the 1:1 dimethyl sulfoxide solvate of 2,3,5,6-tetra­fluoro-1,4-di­iodo­benzene (TFDIB·DMSO or C6F4I2·C2H6SO). The structure is similar to that of a previously reported polymorph (form I) [Britton (2003). Acta Cryst. E59, o1332–o1333], containing layers of TFDIB mol­ecules with DMSO mol­ecules between, accepting I⋯O halogen bonds from two TFDIB mol­ecules. Re-examination of form I over the temperature range 300–120 K shows that it undergoes a phase transformation around 220 K, where the DMSO mol­ecules undergo re-orientation and become ordered. The unit cell expands by ca 0.5 Å along the c axis and contracts by ca 1.0 Å along the a axis, and the space-group symmetry is reduced from Pnma to P212121. Refinement of form I against data collected at 220 K captures the (average) structure of the crystal prior to the phase transformation, with the DMSO mol­ecules showing four distinct disorder com­ponents, corresponding to an overlay of the 297 and 120 K structures. Assessment of the inter­molecular inter­action energies using the PIXEL method indicates that the various orientations of the DMSO mol­ecules have very similar total inter­action energies with the molecules of the TFDIB framework. The phase transformation is driven by inter­actions between DMSO mol­ecules, whereby re-orientation at lower temperature yields significantly closer and more stabilizing inter­actions between neighbouring DMSO mol­ecules, which lock in an ordered arrangement along the shortened a axis.

Features of azimuthal plots for RHEED and its new counterpart, RHEPD, are discussed. The plots, for both electrons and positrons, are determined using dynamical diffraction theory.

A method is described for indexing grazing-incidence X-ray diffraction data of epitaxially grown thin films comprising various crystal orientations and/or polymorphs by measuring reciprocal-lattice vectors.

A method is adapted to generate a full rank realization of an abstract regular polyhedron with automorphism group H3.

A Landau theory for the wurtzite-based heterovalent ternary semiconductor ZnSnN2 is developed and a first-order reconstructive phase transition is proposed as the cause of observed crystal structure disorder. The model infers that the phase transition is paraelectric to antiferroelectric.

Child care provider Antonia Rivas leads children in yoga at her Reseda home on Feb. 13. Senate President Pro Tem Kevin de Leon is introducing a bill to fund child care and provider training, and set up a structure to facilitate collective bargaining for family child care workers.; Credit: File Photo: Maya Sugarman/KPCC

Senate President Pro Tem Kevin de Leon is introducing a new bill on Wednesday that aims to address the state's critical child care shortage and give providers the right to unionize.

The lack of sufficient child care has been statewide. In Los Angeles County, a recent study found only 2 percent of infants and toddlers have access to a licensed child care facility; for preschoolers, it's about 40 percent.

The shortage is most acute in low-income areas, and the bill aims to inject more child care vouchers into the system so poor families can have free child care.

A more controversial provision, however, would allow collective bargaining for those who provide child care in their homes whose earnings can fall near or below the minimum wage. Child advocates cite poor pay as a major reason why providers often leave the field.

“The turnover in the child care field is approaching 30 percent. So the lack of continuity and quality care is a major obstacle,” said El Cerrito Mayor Mark Friedman.

Friedman co-chairs a coalition of early childhood groups called Raising California Together. Preschool advocacy groups, anti-poverty and immigrant groups, NAACP, and the Santa Monica school district count among its members.

“I think one thing everybody agrees on as a high priority is getting more resources in the system, and if there is a strong union presence in the field that then there will be a stronger voice for those additional resources,” said Friedman. 

Under the bill,  a network of 32,000 home childcare providers statewide could unionize. Currently, providers operate as independent business owners and typically lack the right to organize and collectively bargain for wages.

Finding child care

For many families, having a quality child care option is their most pressing need.

Vicky Montoya, a Reseda mother of three, is desperate for a child care alternative to family members. Montoya’s 18-month-old son, Esteban, is a bright-eyed toddler who loves balls. He can fling one clear across a room, even a field. But all too often, when both his parents are at work, he’s not doing much.

“Sometimes he’s with an aunt, sometimes with my eldest daughter,” Montoya said in Spanish. “But he doesn’t really do anything, all he does is watch cartoons on TV. And he’s alone, there’s no other children around.”

Montoya works five hours a day at a solar company, where she makes $10 an hour. Her family depends on her income to supplement her husband’s low-wage, full-time job. Montoya applied for a child care voucher so Esteban could go to a properly licensed day care. She submitted two applications to a local agency over the last two months.

When she called the agency to find out the status of her applications, she said she wasn't given much information. “'You are on the waiting list,'” she said they told her, “'and there are people ahead of you.'”

Seeking unions as a solution

In Maryland, unionized providers reduced the wait list for poor families by 80 percent by securing state dollars to fund more free child care slots. According to a 2010 report by the National Women's Law Center, 14 states guarantee home-based child care workers the right to unionize.

SEIU Local 99 spokesperson Terry Carter said what local providers tell her is that they want a seat at the table where child care decisions are made.

“What collective bargaining would do for providers is it would let them sit down with the top decision makers in the state and say these are things that are simple to fix, they would vastly improve our ability to operate our businesses and they would give us the time to direct more of our attention and energies into raising California’s kids,” Carter said.  

Some of those issues include delayed government payments for subsidized child child and the low reimbursement rate from the state for serving low-income kids.

Antonia Rivas, a Reseda child care provider, knows well the struggle of providing care in her home. She infuses yoga and meditation into daily lessons, and buys organic food, her major expense.

But she also has to pay her assistants, buy toys, books, and supplies. After her costs, she said there is not much left.

“I just got my 2014 W-2 and it's $24,000,” Rivas said. Her W-2 comes from the agency that pays her for the low-income kids she serves. Add to that the $15,000 from her private paying families and Rivas pulled in about $40,000 last year. After expenses, she estimates she netted less than the minimum wage for her time.

Rivas said with her low wages and delays in receiving payments from government agencies for subsidized child care, she is constantly relying on credit to keep her business running.

“We need to get a contract [and] better pay,” Rivas said.

Even if the child care legislation passes, a contract with the state would be a long way down the road. All child care providers would need to vote on whether they want union representation. And, if all that is successful, child care providers could then negotiate a labor contract.

Similar bills granting child care providers the right to unionize have made it out of the legislature, but both Gov. Arnold Schwarzenegger and Gov. Jerry Brown have vetoed them.

Opponents have called the effort to organize providers a move to empower labor unions, not fix a broken child care system. 

Recent legal rulings are also presenting challenges to unions seeking to organize both child care workers and health care workers. The U.S. Supreme Court ruled last year in an Illinois case that home health workers could opt out of paying union dues, even though they are paid with state subsidies.

While Vicky Montoya waits for a better solution for her son's care, she pays Esteban’s aunt or a neighbor $10 a day to watch him while she works.

“I know lots of families who have to leave their children with a babysitter, usually just a woman who watches the child. But they are not trained and even their homes are not suitable for childcare,” she said. 

Correction: A previous version of this story erroneously described a U.S. Supreme Court case as originating in Minnesota. 

This content is from Southern California Public Radio. View the original story at SCPR.org.

Apr 16, 2020; 133:jcs245373-jcs245373
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Georgi Dimchev
Apr 9, 2020; 133:jcs239020-jcs239020
Articles

Source: Streetwise Reports   05/05/2020

For the last several summer drill seasons, most of Aben Resources Ltd.'s (ABN:TSX.V; ABNAF:OTCQB) attention has centered on its 23,000-hectare Forrest Kerr Gold Project, located in northern British Columbia, in the heart of the Golden Triangle.

Some of Canada's greatest mines, such as Premier, Snip and Eskay Creek, have been found on the Golden Triangle, located just inland from the Alaska Panhandle. Other significant and well-known deposits located within the Triangle include Brucejack, Galore Creek, Copper Canyon, Schaft Creek, KSM, Granduc and Red Chris.

In recent years, the Golden Triangle area has attracted lots of new exploration as infrastructure improvements, such as roads and power lines, have made access easier.

Aben's drills at Forrest Kerr at the end of the 2017 season discovered the North Boundary Zone, where values as high as 21.5 g/t gold, 28.5 g/t silver and 3.1% copper over 6 meters were unearthed. The following year drilling uncovered multiple high-grade gold zones at shallow depths in the zone, including an interval of 62.4 g/t Au over 6.0m starting at 114 meters downhole, establishing the continuity of the North Boundary Zone. Drilling also found the South Boundary Zone, located 1.5 kilometers from the North Boundary Zone, where assays showed "broad horizons of low-grade gold mineralization punctuated by intermittent intercepts of moderate to high-grade gold-silver-copper-zinc values."

For the 2019 exploration season, in nearly 10,000 meters of drilling that wrapped up on October-November 2019, Aben focused on the area south of the North Boundary Zone. "We were trying to find, not just continuity, but a structural source to it. We were drilling and testing a lot of these anomalies that showed up in the mag survey that we did at the beginning of last year before the season started. That was giving us good targets to work with," Aben CEO Jim Pettit told Streetwise Reports.

"As we headed south, much like the South Boundary Zone that we drilled back in 2018, we came up with these good intersections of gold and silver, but there were also lead-zinc and broader intersections of lower grade. So we had obviously come out of that zone that was high grade into a different type of mineralization," Pettit explained.

Pettit is hopeful that Aben will be able to explore Forrest Kerr this year. "Mining is deemed an essential activity in British Columbia, but, because of the coronavirus, we are concerned about the safety of our workers. We will be discussing this with the Tahltan Central Government to develop the proper protocols and make sure that the safeguards are in place for safely operating a camp."

The company has spent the winter analyzing its data in preparation for exploration this year. "We've gone through and detailed meter by meter all the drilling we've done. We've got some pretty good looking concepts to work with where we could be looking for possibly the feeder zone for the high-grade system and continuity," Pettit stated.

"Because of what we did last year on the west side of the Creek Fault, we've encountered another fault system that seems to be controlling a lot of the lower-grade mineralization as we headed south.," Pettit said. "If we follow that back up north toward the high-grade North Boundary Zone, there is a very large blind anomaly there that was not tested because it was covered in scree. This could give us some tremendous targets to work with.” "

In November, Aben reported that its drilling satisfied the expenditure requirements set out in the 2016 option agreement on the Forrest claim block, resulting in the company's 100% ownership of the Forrest Kerr property.

In addition to exploring Forrest Kerr, "Aben is always on the lookout for new projects to extend its exploration potential throughout the year," Pettit said.

Disclosure:
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Aben Resources, a company mentioned in this article.

( Companies Mentioned: ABN:TSX.V; ABNAF:OTCQB, )

Source: Streetwise Reports   05/06/2020

Biopharmaceutical company Horizon Therapeutics Inc. (HZNP:NASDAQ), which focuses on developing and commercializing medicines for treatment of rare and rheumatic diseases, today announced its Q1/20 financial results for the period ending March 31, 2020. The firm began by advising that it is raising its FY/20 net sales guidance and revised its adjusted EBITDA guidance.

For Q1/20 the company reported that net sales increased by 27% to $355.9 million over Q1/19. The firm provided a breakdown of revenue by business unit and listed that in Q1/20 compared with Q1/19, its Orphan segment net sales increased 47% to $245.4 Million, KRYSTEXXA® net sales rose by 78% to $93.3 million and TEPEZZA (teprotumumab-trbw) net sales were $23.5 million, which exceeded expectations.

The firm advised that it is increasing FY/20 net sales guidance to $1.40-1.45 billion driven primarily by significantly higher TEPEZZA net sales and reflecting anticipated impacts from COVID-19. The company also presented revised FY/20 adjusted EBITDA guidance of $450-500 million, which reflects increased TEPEZZA program investment to support higher-than-expected demand.

The firm indicated that in Q1/20 it posted a GAAP net loss of $13.6 million with adjusted EBITDA of $107.2 million and non-GAAP net income of $83.2 million.

The company's Chairman, President and CEO Timothy Walbert commented, "We had a very strong start to 2020, highlighted by the early approval and rapid uptake of TEPEZZA, which significantly exceeded expectations, excellent KRYSTEXXA growth and our recent acquisition of HZN-825...We are increasing our full-year net sales guidance to account for significantly higher TEPEZZA net sales that more than offset the expected impact from COVID-19 this year, and we are widening both our net sales and adjusted EBITDA guidance ranges to account for future uncertainty. The fundamentals of our business are strong, including a robust cash position, and we continue to be very well positioned for the long term."

The company noted that it received FDA approval for TEPEZZA for the treatment of thyroid eye disease (TED) earlier this year in January. The firm described TED as "a rare, serious, progressive and vision-threatening autoimmune disease, and is associated with proptosis (eye bulging), diplopia (double vision), blurred vision, pain and facial disfigurement." The company further s explained that "TEPEZZA, a fully human monoclonal antibody insulin-like growth factor-1 receptor (IGF-1R) inhibitor, is the first and only FDA-approved medicine for the treatment of TED."

Horizon Therapeutics is a biopharmaceutical company headquartered in Dublin, Ireland. The firm researches, develops and commercializes medicines for treatment of rare and rheumatic diseases.

Horizon has a market capitalization of around $7.1 billion with approximately 190.2 million shares outstanding and a short interest of about 4.9%. HZNP shares opened 10% higher today at $44.19 (+$3.81, +10.19%) over yesterday's $37.38 closing price and reached a new 52-week high price this morning of $43.57. The stock has traded today between $40.00 and $43.90 per share and is currently trading at $42.95 (+$5.57, +14.90%).

Disclosure:
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Source: Peter Epstein for Streetwise Reports   05/07/2020

In late April, Metalla Royalty & Streaming acquired two royalties, one of which was a Gross Overriding Royalty (GOR) on NuLegacy Gold Corporation (NUG:TSX.V; NULGF:OTCQX) flagship Red Hill project, a Carlin-style deposit in Nevada's world-famous Cortez trend.

To be clear, this was a transaction between Metalla and a private company; no cash or other remuneration flowed to NuLegacy. However, this news is still exciting and thought provoking as it pertains to a potential (implied) valuation of Red Hill. So much so, that—CEO/director of Finance and Marketing—Albert Matter put out this press release highlighting it. {corporate presentation}

Metalla's news is applicable to NuLegacy for a number of reasons. Let me start by saying I know the Metalla team, I've written about the company several times (although not recently).

This is a smart, hard-working, market-savvy group, with global experience, integrity and expertise. When dealing in streams and royalties, it's all about industry connections, market knowledge and deal flow. Metalla has that and is up to its eyeballs in deal flow (deals it can make or pass on).

Takeaways on implied valuation of NuLegacy's Red Hill project?

That's why this news is so interesting. It represents a reliable, unbiased vote of confidence in NuLegacy's Red Hill project. I was able to track down the president, CEO and a director of Metalla, Mr. Brett Heath, to ask him about his team's view of NuLegacy, their management and technical teams, and the Red Hill project,

"The Red Hill project is very interesting due to its location & position within the Cortez trend of Nevada that hosts globally significant mines & projects, specifically Cortez Hills, Pipeline & Goldrush. Although many near-surface deposits have been discovered, several blind deposits similar to Goldrush have yet to be found.

"NuLegacy's Rift Anticline is a promising new drill target, a chance to discover a large, high-grade deposit. The close proximity of Red Hill to Goldrush heavily influenced our understanding of the geology at Red Hill. Specifically, it allowed us to better understand that the Rift Anticline has similar stratigraphy to Goldrush, and similar mineralization events nearby."

Investors, shareholders and analysts are trying to figure out what (if any) read-throughs there are in terms of the valuation of the Red Hill project.

From the press release:

"Valuing Gross Overriding Royalties ("GORs") is a complicated business made easier in this instance by the straightforward nature of the [transaction] …. prorating the US$4 million purchase price for the total of 2% GOR that was acquired…. values a 1% GOR in the Red Hill project at ~US$2 million."

What this valuation exercise boils down to is how does the value of a 1% GOR compare to a conventional working interest in the same project? GORs are highly case specific, so I will give a range of possibilities. Many factors make GORs unique, but a rule of thumb is that a 1% GOR equates to a 5% working interest.

However, due to the unknown terms of this particular GOR, let's assume that the 1% GOR is equal to between a 5% and 10% working interest. By extending the range higher than 5%, more conservative valuations for Red Hull are obtained. In the chart below one can see that the implied ~US$2 million paid for a 1% GOR equals C$2.8 million at the current exchange rate.

Therefore, Red Hill's indicative valuation could be viewed as C$28 million to C$56 million, or C$0.08 to C$0.15 per share. Currently, the stock's trading at C$0.07. The company has a cash balance of C$4.5 million. {see corporate presentation}. I believe the C$0.08 to C$0.15/share range is conservative because Metalla's purchase of the GOR had a built-in profit expectation. The true ascribed value of a 1% GOR on the Red Hill project might be higher than C$2.8 million.

A true vote of confidence in NuLegacy Gold

Perhaps more important than an implied (subjective) valuation of Red Hill are the following takeaways. First, Metalla not only likes Red Hill, it must also feel good about the long-term prospects for Nevada and the U.S. Metalla looks at hundreds of deals a year from all over the world. Management can, and does, invest in dozens of jurisdictions.

Yet, in April 2020, it chose the U.S., …. Nevada …. the Cortez Trend…. Second, it chose a project that's pre-maiden resource. Remember, Metalla has paid out ~C$2.8 million, but doesn't make a penny of that back unless it re-sells some or all of the GOR it acquired, or Red Hill reaches commercial production. Therefore, I argue that investing at this relatively early stage is a stamp of approval in the extensive work done to date at Red Hill.

That Metalla chose to deploy capital in a gold asset rather than a silver asset, despite the gold-silver ratio being near an all-time high (over 110 to 1) seems promising. Finally, it chose the U.S. at a time when the currencies of Mexico, Australia, Canada and others have weakened considerably vs. the U.S. dollar, making exploration cheaper in those countries. One must have conviction to choose Red Hill over dozens of public and private, pre-maiden resource, projects around the globe.

In the end, a good project in a great jurisdiction is only as prospective as its technical/management teams. NuLegacy has prudently advanced Red Hill in good times and bad. For most of NuLegacy's existence, the gold price traded between about $1,050 and $1,400/oz.

Gold price at $1,730/oz. is a game-changer….

Now gold is hovering around $1,730/oz after almost touching $1,800/oz in March. This is a game-changer for juniors like NuLegacy that have tremendous blue-sky potential, (look at neighboring mines and development projects, some of the best on the planet) but like most juniors, have limited funding to conduct aggressive drill programs in a strong gold price environment.

A savvy company betting on the Red Hill project is yet another indication that the time has come for precious metal players to become more active in M&A.

The day that Barrick commits its deep experience (and deep pockets!) to NuLegacy's Red Hill, all royalties held on that project would soar in value. Why? The timeline to potential production would be shortened, perhaps by years, (more drilling, less investor hand holding, perhaps skipping a PEA or a PFS). The scope of the project would become larger—more drilling across a wider footprint (a 108 sq. km land package).

The value of the royalties could double, triple, quadruple…. who knows? The share price at which NuLegacy gets taken out could also be meaningfully stronger. After all the company has been through, I don't think the Board would sell the company below C$0.30/share. At least not with the gold price at $1,730/oz (or higher). Readers are reminded that C$1.5 billon OceanaGold Corp. & giant natural resources fund Tocqueville own a combined 21.5% of the company.

Might there be a bidding war for NuLegacy?

In a best case example then, there could be multiple bidders for NuLegacy. This is not nearly as crazy as it sounds, especially if the gold price keeps going up, or if the next (fully funded) drill program hits the mark. If Barrick were to make a move, OceanaGold, Newmont, or even Tocqueville (they could hold out for higher price) might have something to say about it.

Those entities, and/or other mid-tiers/majors in Nevada or around the world would keep Barrick honest. Over the years NuLegacy has been in touch with several well-known names, but I never know who they're talking with at any given time. Make no mistake, Barrick is best positioned by virtue of having the most synergies with Red Hill, so it can afford to pay several more pennies per share if need be. That's how a share price of C$0.30+ becomes possible.

Bottom line, NuLegacy Gold (TSX-V: NUG) / (OTCQX: NULGF) is a high-risk exploration play, but I believe a good speculation. There's no better time to be buying high-risk exploration than when the prices of the metals being explored for are moving up.

As more attention is drawn to NuLegacy, its team, the undisputed safety of Nevada, the prolific nature of the Cortez Trend, etc., I think there's compelling relative and absolute value here that readers should consider investigating further.

Corporate Presentation

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University's Stern School of Business.

Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about NuLegacy Gold, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of NuLegacy Gold are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this article was posted, NuLegacy Gold was an advertiser on [ER] and Peter Epstein owned shares in the Company.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he's diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts & financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events & news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
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3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Metalla Royalty & Streaming and Newmont Goldcorp, companies mentioned in this article.

Graphics provided by the author.

( Companies Mentioned: NUG:TSX.V; NULGF:OTCQX, )

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