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In this video, Grayson unveils StockCharts’ new Market Summary ChartPack—an incredibly valuable new ChartPack packed full of pre-built charts covering breadth, sentiment, volatility data and MUCH MORE!

From there, Grayson then breaks down what he’s seeing on the current Market Summary dashboard, illustrating how he’s putting this invaluable tool to work in the current climate. He highlights weakness in Small Cap stocks, uses the Factors Map to pinpoint the groups that investors are gravitating to, and explains why the sea of red across the breadth maps continues to be a clear indication of the weakness in this market.

This video originally premiered on April 18, 2024. Click on the above image to watch on our dedicated Grayson Roze page on StockCharts TV.

You can view previously recorded videos from Grayson at this link.

It was another erratic week in the stock market. There were several market-moving events sprinkled throughout this short trading week, including earnings, escalation of tariff wars, and Chairman Jerome Powell’s remarks at the Economic Club of Chicago. This extended to wild swings in the bond market as well.

We had several positive earnings from banks and Netflix, Inc. (NFLX). Others, such as UnitedHealth Group, Inc. (UNH), disappointed, sending the Dow Jones Industrial Average ($INDU) lower by 1.33%.

Chairman Powell stated that tariffs could increase inflation. This would cause economic growth to slow down and unemployment to increase. The hope is that inflation is transitory, and, after it becomes stable, the Fed can continue to focus on its dual mandate of maximum employment and price stability.

It’s an insecure time for investors, and many feel the pain. You’re probably wondering how long this pain will go on for. In an uncertain environment, the best you can do is turn to the bond market.

It’s All About Bonds

The recent wild swinging market activity can be encapsulated in the price action of Treasury yields. Since 2024, yields have been swinging up and down. In the past year, the 10-year Treasury yield has ranged from 3.60% to 4.81%, and when the range is this wide, it’s an indication of economic instability. Not to mention, economic instability could result in a weaker economy.

The daily chart of the 10-Year US Treasury Yield Index ($TNX) gives you an idea of the range of yields in the last year. More recently, the yield has risen from 3.89% to 4.59%, and has now pulled back to its 50-day simple moving average (SMA).

FIGURE 1. DAILY CHART OF 10-YEAR TREASURY YIELDS. Yields have been seeing some large up and down swings.Chart source: StockCharts.com. For educational purposes.

Generally, when stock prices fall, bond prices rise. Since bond yields move inversely to bond prices, you’d expect yields to fall. This scenario isn’t playing out. Instead, we’re seeing yields move erratically while bond prices remain suppressed. There needs to be stability in bond yields before a stock market recovery, and one way to do that is to monitor the chart of the Merrill Lynch Option Volatility Estimate, referred to as the MOVE Index ($MOVE).

The MOVE Index tracks bond volatility. Think of it as the bond counterpart to the Cboe Volatility Index ($VIX). The chart below displays the $MOVE/$VIX relationship, with the correlation between the two in the lower panel.

FIGURE 2. THE MOVE INDEX VS. VIX. A high correlation between the MOVE Index and VIX suggests interest rates and stock prices are tightly connected. A lower correlation would indicate stability in equities.Chart source: StockCharts.com. For educational purposes.

The two have been highly correlated since the end of March, which indicates that stocks and interest rates are tightly connected. This means the wild up and down swings in equities could continue. When the two are less correlated, we can expect equities to start settling down. Looking at the above chart, a correlation of 0.80 would be sufficient for signs of stability.

Both $VIX and $MOVE have come back slightly, but their correlation is at 0.93, which is relatively high.

Be sure to save both charts displayed in this article to your ChartLists. They could alert you to stability in the stock market ahead of other indicators.

The Bottom Line

Until stability returns, you could do the following:

  • Stay on the sidelines and keep some dry powder.
  • Invest in risk-off instruments such as gold and silver.
  • Park some of your money in defensive sectors.

Equities could slide lower before stability returns. If this happens, you could pick up some growth stocks for a bargain.

An empowered investor comes out ahead after market instability. So monitor the market closely and, when the time is right, make wise investment decisions.

End-of-Week Wrap-Up

  • S&P 500 down 1.50% on the week, at 5282.70, Dow Jones Industrial Average down 2.66% on the week at 39,142.23; Nasdaq Composite down 2.62% on the week at 16,286.45.
  • $VIX down 21.06% on the week, closing at 29.65.
  • Best performing sector for the week: Energy
  • Worst performing sector for the week: Consumer Discretionary
  • Top 5 Large Cap SCTR stocks: Palantir Technologies, Inc. (PLTR); Elbit Systems, Ltd. (ESLT); Anglogold Ashanti Ltd. (AU); Just Eat Takeaway.com (JTKWY); Kinross Gold Corp. (KGC)

On the Radar Next Week

  • Earnings season continues with Haliburton (HAL), Tesla (TSLA), Boeing Co. (BA), International Business Machines (IBM) and others reporting.
  • 30-Year Mortgage Rates
  • March New Home Sales and Building Permits
  • April S&P PMI
  • April Consumer Sentiment
  • Fed speeches from Jefferson, Harker, Kashkari, and others.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your personal and financial situation, or without consulting a financial professional.

Reflecting on the price action over this shortened holiday week, I’m struck by how the leadership trends have not really changed too much. We’ve observed bombed-out market breadth indicators, and the S&P 500 remains clearly below its 200-day moving average despite a strong upside swing off the early April market low.

But how much as the leadership of this market changed over the last couple weeks? I would argue that conditions remain fairly consistent over that period, and are still not overwhelmingly bullish.

Defensive Sectors Still Outperforming Offense

Here’s one of my favorite charts for analyzing offense vs. defense, a chart that holds a place of honor on my Market Misbehavior LIVE ChartList. We’re comparing the Consumer Discretionary and Consumer Staples using both cap-weighted and equal-weighted ETFs.

When the ratios are going higher, investors are favoring “things you want” over “things you need”, which implies optimism for economic growth. When the ratios slope lower, that suggests more defensive positioning as investors are skeptical of growth prospects.

We can see that the cap-weighted version of this ratio made a peak in January, while the equal-weighted version made its own top in February. Both ratios have been in a fairly consistent downtrend of lower highs and lower lows, even through last week’s sudden spike on tariff policy changes.

How bullish do I want to be when these ratios are sloping lower? Generally speaking, I’ve found that until investors start believing in the upside potential of Consumer Discretionary over the relative defense of Consumer Staples, it’s best to remain on the sidelines.

Using the RRG to Visualize Offense vs. Defense

While I often refer to relative strength ratios of sector ETFs vs. the S&P 500 index, I also enjoy leveraging the power of Relative Rotation Graphs (RRG®) to monitor a series of relative strength ratios in one simple but powerful visualization.

Here, I’m showing the 11 S&P 500 economic sectors relative to the S&P 500, and I’m highlighting Consumer Discretionary and Consumer Staples to monitor their relative positions. If you click “Animate” for this visualization, you’ll see that toward the end of 2024, offense was clearly outperforming defense. The XLY was in the Leading quadrant, the XLP was in the Lagging quadrant, and the rotations suggested a classic bull market configuration.

Fast-forward to February and March and you’ll see how Consumer Discretionary rotated into the Weakening and then Lagging quadrant. Meanwhile, Consumer Staples strengthened during that same period. At this point, the RRG is telling me defense over offense, in a classic bearish configuration.

Sticking With Groceries, Guns, and Gold

So, given the bearish leadership configuration in spite of a sudden bounce of the April market low, where can we find potential opportunities? I’ll highlight three ideas that I’ll summarize as “Groceries, Guns, and Gold.”

Playing off the “things you need” theme implied above, grocery retailer Kroger Co. (KR) has managed to pound out a fairly consistent pattern of higher highs and higher lows. With improving momentum and a new 12-month relative high this week, this is a chart continuing in a clear uptrend despite broad market weakness.  By the way, KR was one of the Top Ten Charts for April 2025 I presented with Grayson Roze!

Defense stocks like Northrop Grumman Corp. (NOC) have experienced an upside resurgence given geopolitical instability in 2025. From a technical perspective, I love how charts like NOC have rallied since mid-February, while most stocks, as well as our equity benchmarks, have been trending lower! There’s a significant resistance level to overcome around $550, but a confirmed break higher could open the door to further gains.

Gold has experienced an incredible run so far in 2025, finishing the week up 26% for the year compared to the S&P 500’s 10% loss over the same period. Similar to the chart of NOC, Newmont Corporation (NEM) is addressing a key resistance level from a major high in October 2024. But, so far in 2025, NEM has been scoring higher highs and higher lows, potentially building momentum for a break to a new all-time high.

It can be super tempting to consider the April low as “the bottom” and go all-in on growth stocks and offensive plays. But, given the lack of leadership rotation in April, I’m inclined to stick with charts that remain in strong uptrends during uncertain times.

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!


David Keller, CMT

President and Chief Strategist

Sierra Alpha Research LLC


Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

The week that went by was a short trading week with just three trading days. However, the Indian equities continued to surge higher, demonstrating resilience, and the week ended on a positive note. In the week before this one, the Nifty was able to defend the 100-week MA; last week, it surged higher and closed just at the 50-week MA. The trading range got narrower; the Index oscillated in a 665.35-point range. The volatility, too, cooled off; the India Vix declined by 23.08% to 15.47. While staying largely stable with a strong underlying bias, the headline Index closed with a net weekly gain of 1023.10 points (+4.48%).

There are a few technical levels that need to be closely observed. The Nifty resisted the 100-day moving average (DMA) at 23395 before breaking out above that level. Zooming out to the weekly chart, the Nifty has closed at the 50-week MA, currently placed at 23885. This point and the 200-DMA at 24050 create an important resistance zone for the Nifty. While there is room for Nifty to move higher towards the 24000 level, there are strong possibilities of the markets consolidating between the 23900 and 24000 levels. While no major drawdowns are expected, there is a high chance that the upmove may at least take a breather around this level. It is important to watch Nifty’s behavior against this level.

The coming week may start on a stable note; the levels of 24,000 and 24,210 are likely to act as resistance points. The support will come lower at 23500 and then at 23345, which is the 20-week MA.

The weekly RSI is 53.94; it has formed a 14-period high, indicating a bullish trend. The weekly MACD has shown a positive crossover; it is now bullish and trades above its signal line.

The pattern analysis on the weekly chart shows that the Nifty has returned to the important level of the 50-week moving average, which it previously violated when it initiated its corrective move. This level and the 200-DMA placed at a short distance at 24050 are likely to offer resistance. This would mean that the markets are entering a major resistance zone; unless 24050 is taken out on the upside, we can expect the markets to consolidate, showing minor retracements over the coming days.

Overall, it is time for one to focus on protecting the gains at higher levels. While one may continue staying invested on the long side, new purchases must focus on the pockets that have shown the improvement of relative strength at lower levels and show strong signs of reversing their trend. Effective rotation into sectors that show improvement in their relative strength and protecting gains in the pockets that have run up hard would be important. A cautiously positive outlook is advised for the coming week.


Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show the Nifty PSU Bank and Consumption sector Index has rolled inside the leading quadrant. The Commodities, Financial Services, Banknifty, Infrastructure, and Metal Index are also placed inside the leading quadrant. While the Metal Index is showing a weakening of relative momentum, these groups are likely to relatively outperform the broader Nifty 500 index.

There are no sectors inside the weakening quadrant.

The Pharma Sector Index has rolled inside the lagging quadrant. The IT index also continues to languish inside this quadrant, along with the Midcap 100 index. The  Realty and the Media Indices are also inside the lagging quadrant; however, they are seen sharply improving their relative momentum against the broader markets.

The Nifty PSE, Energy, and FMCG Indices are inside the improving quadrant; they are expected to continue improving on their relative performance over the coming week.


Important Note: RRG charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  


Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

Los Angeles Lakers guard Luka Dončić went into details in an interview with ESPN on Friday about the trade that shocked the basketball world in February, saying he hasn’t spoken to Dallas Mavericks general manager Nico Harrison since that trade.

Dončić was shipped to Los Angeles for Anthony Davis as part of the three-team deal with the Utah Jazz.

Harrison said he doesn’t regret making the deal, even though fans at every home game at the American Airlines Arena in Dallas have called for his firing. Harrison also repeated the claim that ‘defense wins championships’ as another reason he traded the five-time first-team All-NBA performer.

‘It’s just sad the way he’s talking right now,’ Dončić said to ESPN. ‘I never say anything bad about him, and I just want to move on. The fans, my ex-teammates, I’ll always keep at heart. It’s time for me to move on from there.’

Dončić said he thought when he first heard about the trade that it was an April Fool’s joke and that he broke his cell phone after throwing it across a room.

‘I mean it’s painful, depending on how you take it,’ Dončić said. ‘It mostly came from Dallas, so I didn’t want to talk back. But I don’t really read that much stuff. I’m just trying to focus on my journey.’

Los Angeles starts its first-round playoff series against the Minnesota Timberwolves on Saturday, while the Mavericks play their elimination play-in game on Friday against the Memphis Grizzlies.

This post appeared first on USA TODAY

For the first time in the six-year history of the NBA Play-In Tournament, a 10-seed has clinched a playoff spot.

The Miami Heat toppled the Atlanta Hawks in overtime Friday night, 123-114, to secure the eighth and final spot in the Eastern Conference playoffs. And with that, Miami will face the Cleveland Cavaliers, who led the East with 64 victories, in the first round.

Tyler Herro led all players with 30 points on 10-of-21 shooting, while Andrew Wiggins chipped in 20 points. Miami, however, got massive shots from newly-acquired point guard Davion Mitchell, who scored 16 points and flushed three 3-point shots in overtime.

Trae Young led the Hawks with 29 points, but the Hawks, for the second consecutive season, were eliminated from playoff contention in the Play-In Tournament.

Here are three takeaways from Friday’s Heat-Hawks play-in game:

It’s that time of the season: Heat focus, intensity ramping up

The Heat, a recent below-average regular season team, have now gone through the Play-In Tournament each of the past three years to get to the postseason. But, once there, the Heat usually have ramped up their competitive intensity and efficiency. Miami likes its identity to be one of grit and competitiveness; it will once again have to prove it.

Can this Heat team make a similarly historic run like the one from two years ago? It’s highly unlikely. That 2022-23 team often needed Jimmy Butler to go nuclear and this iteration of the Heat often slogs through offensive stretches — particularly in second halves. Friday night was a perfect example; the Heat had stretches at the starts of the third and fourth quarter when their shot selection regressed, leading to lazy defensive effort on the other end. In the fourth quarter, after Miami started the period 1-of-9 from the field, the Hawks momentarily took the lead.

The Heat lost an NBA-worst 15 games this season when carrying a lead into the fourth quarter. Miami led by nine entering the period Friday night. Its biggest lead in the game was 17. Cleveland won’t be as forgiving.

Hawks’ slow start, particularly from deep, looms large in defeat

In the modern NBA, leads come and go. It’s the nature of the up-tempo pace played today, highlighted by the fact that even big men can hit 3s. In elimination games, however, slow starts can be lethal. Atlanta discovered that Friday night.

The Hawks started the game 0-for-5 and Miami scored the game’s first 10 points. Atlanta made just one 3 out of its first 13 shots from beyond the arc. All-Star guard Trae Young didn’t get going until the fourth quarter. And while the Hawks did eventually hold a six-point lead in the fourth quarter, resilient teams like the Heat force teams into mistakes. The Hawks clearly missed Jalen Johnson (torn labrum), who was looking like a candidate for Most Improved Player before suffering the injury. Young can be a special player in the clutch. But he has never played with an All-Star teammate. He turns 27 in September. The Hawks must give him more help.

Heat depth shines, but can it continue in the playoffs?

Miami had six players reach double figures, and backup point guard Davion Mitchell — who played 40 minutes of game time — was massive down the stretch. He laced three 3-pointers in overtime and provided energy with hustle plays, including a debilitating offensive rebound that all but put Atlanta out of reach. Forward Haywood Highsmith was also clutch with 12 points, 10 rebounds and several key defensive stops.

Rookie center Ke’lel Ware was highly effective in just more than 20 minutes, scoring 12 points on 6-for-6 shooting and grabbing eight rebounds. Ware, who sometimes gets into foul trouble and still is finding his way defensively, plays more in first halves. The Heat may need more of him in the third and fourth quarter, however, with the Cavaliers boasting Evan Mobley and Jarrett Allen — a pair of versatile bigs who can score and defend.

This post appeared first on USA TODAY

Popovich, 76, has returned home and is fine.

The Spurs had no official comment Friday.

The team announced in mid-November that Popovich had a mild stroke on Nov. 2 and that he was expected to make a full recovery.

“At this point, a timeline for his return to the sidelines has not been determined,” the team said in a news release on Nov. 13.

On Feb. 27, Popovich released a statement, saying, “I’ve decided not to return to the sidelines this season. Mitch Johnson and his staff have done a wonderful job and the resolve and professionalism the players have shown, sticking together during a challenging season, has been outstanding. I will continue to focus on my health with the hope that I can return to coaching in the future.”

It is unknown if he will return for the 2025-26 season.

Popovich is the NBA’s all-time leader in coaching victories with 1,422 and among coaches with more than 500 career games, he has the seventh-best winning percentage (.621). He has led the Spurs to five NBA championships (2014, 2007, 2005, 2003, 1999).

The Spurs were 34-48 this season, and All-Star Victor Wembanyama, 21, missed the final seven weeks of the regular season with deep vein thrombosis in his right shoulder.

This post appeared first on USA TODAY

Luka Dončić’s first assist to LeBron James was a 70-foot outlet pass resulting in an easy layup. Their offensive connection was immediate.

“It’s kind of a pick-your-poison when you have two brainiacs when it comes to the game of basketball on the floor at the same time,” James said.

Two brainiacs who also are two of the best players in the league.

Those long touchdown passes from Dončić to James are common – at least once a game it seems – illustrating 1) just how good of a rebounder Dončić is; 2) what an exceptional passer he is; and 3) the James-Dončić link has elevated the Los Angeles Lakers to title contender.

“The goal is to win a championship,” Dončić told reporters Thursday. “I think we have a great team. We have guys that are willing to go to war. Everybody is staying together. The chemistry is high, so I think we for sure have a chance.”

The third-seeded Lakers begin pursuit of the franchise’s 18th championship Saturday against the sixth-seeded Minnesota Timberwolves in an intriguing matchup. The two teams were separated in the standings by just one game. However, the Lakers didn’t get Dončić on the court until early February following the blockbuster trade with Dallas.

It’s rare that one team has two of the most gifted offensive players, and the Lakers present a multitude of problems.

After acquiring Dončić on Feb. 2, the Lakers went 22-13, including 18-10 with Dončić in the lineup. In the 23 games James and Dončić played together, the Lakers were 15-8, scoring 116.1 points and allowing 114.1 points per 100 possessions.

“In order for us to be the team ultimately we need to be, the ball needs to be in Luka’s hands,” James told reporters in March. “And then when Luka sits down, the ball can be in my hands or be in AR’s (Austin Reaves’) hands. But I’m very comfortable playing off the ball and finding my spots, running the floor, getting the outlet pass from Luka, being on the backside of the defense if he’s either being blitzed in pick-and-rolls or switched in pick-and-rolls. He attracts so many eyes and bodies.”

Timberwolves coach Chris Finch lost to Dallas in last year’s conference finals in five games. Minnesota struggled to slow down Dončić, who averaged 32.4 points, 9.6 rebounds, 8.2 assists and 2.2. steals and shot 47.3% from the field, 43.4% on 3-pointers and 84.6% on free throws in the five-game series won by the Mavs.

“He’s still the same amazing player,’ Finch told reporters. ‘When the ball’s in his hands, he controls so much of the game in the way it’s played, so we’ve got to do a better job of disrupting that. There’s certain things that we learned from being in a series with him last year that we need to put into action this year. Our discipline around him and the execution of those things has to be better. Last year, we were kind of feeling our way through some of it. And we’re going to have to be ready to do a multitude of things.’

The on-court development between James and Dončić hit pause when James missed seven games in March with a strained left groin. But the results in just two dozen games have been revealing.

In a 123-100 victory against Denver, Dončić had 32 points, 10 rebounds, seven assists and four steals, and James had 25 points, nine rebounds, five assists and three blocks.

In a 111-102 victory against Minnesota, James produced 33 points, 17 rebounds and six assists, and Dončić produced 21 points, 13 rebounds and five assists.

The Lakers beat Oklahoma City, Houston (twice), Memphis, Indiana and Orlando in the final three weeks of the season, and in Dončić’s big return to Dallas for the first time as a Laker, Dončić had 45 points, eight rebounds, six assists and four steals while James contributed 27 points and seven rebounds.

In his 28 games with the Lakers, Dončić averaged 28.2 points, 8.1 rebounds, 7.5 assists and 1.6 steals and shot 43.8% from the field, 37.9% on 3-pointers and 79.1% on free throws.

James hasn’t played with a shotmaker and playmaker like this since he was Kyrie Irving’s teammate with Cleveland in 2016-17.

“I think Luka needs to be the guy that controls the offense,” Lakers coach JJ Redick told reporters in late February. “And Bron and AR, because we’re going to stagger everybody, they’re going to have their times to be on the ball. But all three of those guys are very intelligent basketball players, and we can create mismatches. We can get teams in the blender.”

Unless the outcome is determined in the final minutes or it’s a blowout, there’s rarely a second where either James or Dončić are not on the court. That puts relentless pressure on opposing defenses every possession, and it has yielded an incredibly productive lineup when Dončić is on the court and James is on the bench.

In the 23 games where both Dončić and James have played, the Lakers score 122.2 points and allow 99 points per 100 possessions for an impressive plus-23.2 net rating when Dončić is on the court and James is on the bench, according to NBA data. Conversely, in those same 23 games, the Lakers score 106.6 points and allow 113.2 points per 100 possessions with James on the court and Dončić on the bench. Lineups shrink a bit in the playoffs, so it’s not like there will be many minutes when both aren’t on the court.

Still, Dončić’s value can’t be overstated. He attracts so much attention from defenses with his shooting and playmaking that his teammates benefit.

Jaxson Hayes has benefited from easy buckets at the rim on lobs from Dončić. There are better 3-point opportunities for Reaves, Rui Hachimura, Dorian Finney-Smith, Jarred Vanderbilt, Gabe Vincent, Jordan Goodwin and Dalton Knecht.

Finch also understands that too much attention on Dončić creates other advantages for the Lakers. “You can’t just commit to running around multiple guys at the ball,’ he said, ‘because now you’re giving maybe the best player in the game to ever have played (James) the chance to pick you apart in space.’

This post appeared first on USA TODAY

Ja Morant was in the starting five in Friday night’s NBA Play-In Tournament game against the Dallas Mavericks in Memphis, a huge boost for the Grizzlies after Morant injured his ankle earlier this week.

Morant scored 22 points, dished nine assists and had three steals as the Grizzlies thrashed the Mavericks to earn the No. 8 seed in the Western Conference. They will play Oklahoma City in a first-round series starting Sunday.

Morant turned his right ankle with about 5 minutes remaining in the third quarter of a loss to the Golden State Warriors on Tuesday night. He spent several minutes on the floor and seemed to be in considerable pain. He was able to return for a free throw, but left the court for treatment. He returned in the fourth quarter and finished with 22 points.

Morant never went to the locker room, and the team said it was not planning to do X-rays Tuesday.

After the game, Morant told reporters: ‘I’m playing. That’s basically the answer I’m giving. It ain’t nothing different.’

The NBA playoffs begin Saturday.

(This story was updated with new information Friday night.)

This post appeared first on USA TODAY

Finlay Minerals Ltd.( TSXV: FYL) (OTCQB: FYMNF) (‘Finlay’ or the ‘Company’) announces that the Company has entered into two definitive earn-in agreements (the ‘Earn-In Agreements’) with Freeport-McMoRan Mineral Properties Canada Inc. (‘Freeport’), a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE: FCX), pursuant to which it has granted Freeport separate options to earn an 80% interest in its PIL and ATTY Properties (the ‘Properties’) in the Toodoggone District of northern British Columbia.

Highlights

  • Freeport may earn 80% of the PIL and ATTY Projects by expending $35 million in Exploration Expenditures and making Cash Payments of $4.1 million – (Refer to Table 1 below for further details);
  • Finlay will act as the Operator during the Earn-In period; and
  • Exploration Program planning is underway and will be announced shortly.

The earn-in in respect of each of the Properties may be exercised separately. Following the completion of the earn-in on either of the Properties, Freeport and Finlay will respectively hold interests of 80% and 20% in such Property, and a joint venture will be formed for further exploration and development. In the event that a party does not fund their portion of further joint venture programs, their interests in the joint venture will dilute. Any party that dilutes to below a 10% interest in the joint venture will exchange its joint venture interest for a net smelter returns (‘NSR‘) royalty of 1% on the applicable Property, which is subject to a 0.5% buyback for USD $2,000,000.

The earn-in requirements can be accelerated by Freeport at its discretion. During the earn-in period, Finlay will be the Operator on the Properties, collecting an operator’s fee, under the direction of a technical committee that will approve work programs and budgets during the earn-in period.

The PIL & ATTY Properties are each subject to a 3.0% NSR royalty held by Electrum Resource Corporation (‘Electrum’), a private company, the outstanding voting shares of which are held by Company directors: John A. Barakso and Ilona B. Lindsay. The Company has a current right to buy back ½ of the royalty (1.5%) on each property for an aggregate payment of $2,000,000 and $1,500,000 respectively. Finlay and Electrum have agreed that upon the exercise of the earn-in in respect of each Property by Freeport, the buy-back right will be amended to provide for a 2.0% buyback for each Property, in consideration for an increased buy-back payment to be sole-funded by Freeport without joint venture dilution to Finlay, and will be divided equally between Finlay and Electrum.

Freeport-McMoRan (FCX) is a leading international metals company focused on copper, with major operations in the Americas and Indonesia and significant reserves of copper, gold, and molybdenum.

The Earn-In Agreements were executed and delivered on April 17, 2025 and are subject to approval of the TSX Venture Exchange. Finlay and Freeport are arms-length parties and no finders’ fees were incurred with these transactions.

About the PIL Property:

The 100% owned PIL Property covers 13,374 hectares of highly prospective ground in the prolific Toodoggone mining district of north-central British Columbia. The core PIL claims were staked over 30 years ago by the founders of the Company. Over the decades, numerous Cu-Au-Mo porphyry and porphyry-related Au-Ag epithermal targets have been identified at PIL. The identified targets are central to a broader 70 km porphyry corridor trend, which includes: Centerra Gold’s past producing Kemess South Cu-Au porphyry mine and Kemess Underground Cu-Au-Ag porphyry resource, Thesis Gold’s Lawyers-Ranch Au-Ag epithermal resource, and the newly discovered Amarc Resources and Freeport AuRORA Cu-Au-Ag porphyry. Readers are cautioned that mineralization on the foregoing regional properties is not necessarily indicative of mineralization on the PIL Property. The PIL Property is road accessible and permitted for the 2025 season. (Refer to Figure 2 Map.)

About the ATTY Property:

The 100% owned ATTY Property covers 3,875 hectares in the prolific Toodoggone mining district of north-central British Columbia. The ATTY Property adjoins Centerra Gold’s Kemess Project and Amarc Resources and Freeport’s JOY property. Several epithermal-style Ag ± Au ± Cu ± base-metal veins are exposed on the ATTY Property, and geochemical and geophysical work have outlined at least two promising porphyry targets, including the drill-ready KEM Target. The ATTY Property is road accessible and permitted for the 2025 season.

Qualified Person:

Wade Barnes, P. Geo. and Vice President, Exploration for Finlay and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical content of this news release.

About Finlay Minerals Ltd.

Finlay is a TSXV company focused on exploration for base and precious metal deposits with four 100% owned properties in northern British Columbia: the PIL and ATTY properties in the Toodoggone, the Silver Hope Cu-Ag Property (21,322 ha) and the SAY Cu-Ag Property (15,246 ha).

Finlay Minerals is advancing the PIL, ATTY, SAY and Silver Hope Properties that host copper-gold porphyry and gold-silver epithermal targets within different porphyry districts of northern and central BC. Each property is located in areas of recent development and porphyry discoveries with the advantage of hosting the potential for new discoveries.

Finlay trades under the symbol ‘FYL’ on the TSXV and under the symbol ‘FYMNF’ on the OTCQB. For further information and details, please visit the Company’s website at www.finlayminerals.com

On behalf of the Board of Directors,
Robert F. Brown
President, CEO & Director

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This news release includes certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘forward-looking statements’) within the meaning of applicable Canadian securities legislation. All statements in this news release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as ‘expect’, ‘plan’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘schedule’, ‘forecast’, ‘budget’, ‘estimate’, ‘intend’ or ‘believe’ and similar expressions or their negative connotations, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’, ‘should’ or ‘might’ occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements in this news release include statements regarding, among others, the exploration plans for the Properties and the potential exercise of Freeport’s option to acquire an interest in the Properties. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-looking statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements, and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future or otherwise, except as required by applicable law.

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