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Major uranium producer Cameco (TSX:CCO,NYSE:CCJ) shared its third quarter results on Thursday (November 7), reporting a strong performance despite production setbacks at its Kazakhstan operations.

The company reported uranium production of 4.3 million pounds, up 43 percent from the year-ago period. Sales volumes came in at 7.3 million pounds, relatively flat from 7 million pounds in Q3 2023.

Revenue stood at $721 million, a 75 percent increase year-on-year. Cameco’s net earnings attributable to shareholders were $7 million, a decrease of 95 percent from the $148 million seen 12 months ago.

‘Third quarter results reflect normal quarterly variations in sales volumes, as well as delayed sales for Joint Venture Inkai due to continued transportation challenges, and the ongoing impact of purchase accounting for Westinghouse,’ Cameco said. The company owns Inkai in a partnership with top uranium miner Kazatomprom (LSE:KAP,OTC Pink:NATKY).

Explaining Inkai’s status, the company said that while its Q3 output was similar to last year, its production for the first nine months of 2024 came in lower versus the same period in 2023. This was the result of differences in the annual mine plan, along with a shift in the acidification schedule for new wellfields and unstable sulfuric acid supply.

Inkai’s maximum 2024 output is now estimated at around 7.7 million pounds on a 100 percent basis. The previous target was 8.3 million pounds, and was contingent on access to sufficient amounts of sulfuric acid.

Despite the challenges at Inkai, Cameco is boosting its 2024 production guidance to 23.1 million pounds due to strong output at its McArthur River/Key Lake operation. Its previous forecast was 22.4 million pounds.

Given its performance, Cameco has declared an annual dividend increase, setting its 2024 dividend at $0.16 per common share. It will be payable on December 13, 2024, to shareholders of record as of November 27, 2024.

Tim Gitzel, Cameco’s president and CEO, said the firm’s board is also considering a growth plan that could see the dividend rise to $0.24 per common share by 2026, doubling the amount from 2023.

He added that Cameco has been cautious in committing output from its tier-one assets under long-term agreements, positioning it to capture potential price increases over time. The company continues to selectively manage its uranium and UF6 conversion capacity contracts, favoring long-term commitments with deliveries planned over a decade.

Cameco also notes that it incurred a net loss of $57 million for its share of the Westinghouse operation in Q3, higher than Q2’s net loss of $47 million. It expects to see improvements in Q4 due to seasonal variations in Westinghouse’s customer demand and favorable industry conditions, such as rising governmental and public support for nuclear energy.

Looking forward, Cameco aims to advance its dividend growth plan and remains focused on selective long-term contracting to maximize profitability in an environment of rising demand for nuclear power.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Pan American Silver (TSX:PAAS,NASDAQ:PAAS) said on Tuesday (November 5) that it has received final regulatory approval from the Canadian government for the sale of its La Arena assets in Peru.

The company is selling the La Arena gold mine and development-stage La Arena II copper-gold project to Jinteng (Singapore) Mining, a subsidiary of Zijin Mining Group (OTC Pink:ZIJMF,HKEX:2899).

Under the terms of the deal, Zijin will pay US$245 million in cash for the properties. Pan American will also receive a 1.5 percent life-of-mine net smelter return royalty on gold production from La Arena II.

The agreement further provides a US$50 million contingent payment to Pan American once La Arena II starts commercial production. Pan American will also enter an offtake agreement with Zijin through which it will gain access to 60 percent of future copper concentrate supply from La Arena II on commercial terms for sale in North America.

The finalization of the La Arena sale is expected by the end of 2024.

Also on Tuesday, Pan American released its latest quarterly report, outlining record free cashflow of US$151.5 million.

President and CEO Michael Steinmann said higher silver and gold prices improved the company’s operating margins during the period, noting that it is positioned to meet its 2024 production guidance. Pan American estimates it will produce between 21 million and 23 million ounces of silver and 880,000 to 1 million ounces of gold this year.

Steinmann also noted continued strength in production and cost management across various projects.

He noted that at the La Colorada mine in Mexico, new ventilation infrastructure led to a 59 percent increase in silver production and a 26 percent reduction in cash costs from the previous quarter.

Total throughput is expected to reach 2,000 metric tons per day by year end.

During Q3, the company directed an additional US$3.6 million in capital to the La Colorada skarn project, focusing on further exploration and completion of a ventilation system to support production scalability.

Regarding the Escobal mine in Guatemala, Pan American indicated it is still unclear when operations may resume.

The mine, which is one of the world’s largest silver deposits, has been inactive since 2017 due to a pending consultation process with the Xinka indigenous community. This process, governed by Guatemala’s constitutional court under International Labor Organization Convention 169, has experienced delays, and a new timeline has not been set.

Recently, the country’s energy and mines ministry appointed a deputy minister of sustainable development to oversee the consultation, but no significant progress has been reported.

The suspension at Escobal has limited Pan American’s production capabilities. The site previously produced approximately 20 million ounces of silver annually before the stoppage.

As it awaits an outcome, Pan American is keeping the property on care and maintenance.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

Hot on the heels of Donald Trump’s victory in the US presidential election was a meeting of the US Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday (November 6) and Thursday (November 7).

At the meeting, officials decided to lower the benchmark interest rate by 25 basis points to 4.5 to 4.75 percent. This marks the second cut this year by the FOMC, which made an outsized 50 basis point cut at its meeting in September.

The rate cuts have come as inflation has cooled toward the 2 percent target set by the Fed when it first began raising interest rates in February 2022. The Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred measure of inflation, was up 2.1 percent year-on-year in September, as per the US Bureau of Economic Analysis.

In a press conference following the decision, Fed Chair Jerome Powell suggested that while he thinks the American economy and policy are in very good positions, there is still some uncertainty.

He said future data will inform other rate decisions, adding that the FOMC will react appropriately.

“We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time, reducing policy restraint too slowly could unduly weaken economic activity and employment,” Powell said.

“We are not on any preset course. We will continue to make our decisions meeting by meeting.”

Speaking about the election, Powell suggested the results will have no influence on rate decisions in the short term.

“We don’t know what the timing and substance of any policy changes will be,” he explained to reporters.

“We therefore don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables of maximum employment and stable prices.”

When commenting on the longer-term implications of a Trump presidency, Powell was neutral in his remarks, saying any government could implement policies that might have economic effects that would matter over time.

Powell said the Fed will take those factors into account in future modeling.

When asked if he is concerned that Trump’s incoming administration will ask him to step down as Fed chair, Powell answered “no.” He also said he will not step down before his term ends in 2026. Even though the president is responsible for appointing the chair of the central bank, terms are fixed at four years and cannot be overridden.

Market reactions to the rate cut decision boosted gold. By 3:30 p.m. EST, the yellow metal was up 1.84 percent from the start of the day at US$2,707.93 per ounce, while silver was up 3.12 percent at US$32.12 per ounce.

Equity markets had experienced slight gains as of that time, with the S&P 500 (INDEXSP:INX) rising 0.84 percent to reach 5,978.81, the Nasdaq-100 (INDEXNASDAQ:NDX) adding 1.66 percent to hit 21,123.64 and the Dow Jones Industrial Average (INDEXDJX:.DJI) increasing 0.15 percent to reach 43,793.06.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Elixir Energy Limited (“Elixir” or the “Company”) is pleased to announce the receipt of a cash refund of $7.9M from the Australian Tax Office under the Research Development (“R&D”) Tax Incentive Scheme.

The refund is related to eligible R&D activities in FY 2024 incurred on Daydream-2. A further refund is expected next year in connection with expenditure incurred in the current financial year.

A short term loan secured against the R&D tax refund has been repaid in full.

Adisyn Ltd (ASX: AI1) (“Adisyn” or the “Company”) is pleased to announce that 2D Generation Ltd (“2DG”) has ordered a highly specialised semiconductor manufacturing system called an Atomic Layer Deposition Machine (“ALD”).

Highlights:

• 2D Generation has ordered highly specialised Atomic Layer Deposition (“ALD”) machine from Beneq
• Beneq is a global leader in ALD equipment with customers spanning the semiconductor and electronics industries
• New generation ALD to complement 2D Generation’s current ALD and accelerate the development of its semiconductor technologies including the graphene coated interconnect
• Installation expected in 5-6 months
• Work will continue with 2D Generation’s current equipment
• Adisyn will leverage 2D Generation’s innovative semiconductor solution to generate opportunities in AI1’s target markets including defence applications, data centres and cybersecurity

AI1 entered into a binding Share Purchase Agreement to acquire 2DG, a semiconductor IP business, as announced on 4 November 2024. The companies continue to work together to identify significant opportunities to leverage 2D Generation’s semiconductor solutions and industry relationships to enhance AI1’s offering in its target markets. In furthering that goal, 2DG has ordered a speciality ALD from leading manufacturer Beneq, utilising funds provided by AI1. The companies have entered into a material loan agreement on terms outlined in Annexure A (Loan Agreement Terms).

Atomic Layer Deposition Machine

An ALD machine is utilised in the semiconductor industry to deposit extremely thin layers (down to the atomic layer) of material on to chips. They are found in most semiconductor fabs around the globe.

2DG has ordered an ALD with specific benefits including:

• Liquid source precursor compatible
• Ozone source (O3) compatible
• Reaction chamber for 200 mm wafers, with substrate adapter for 100/150 mm wafers
• Plasma option, deposition temperature up to 400 degrees °C

These features will enable 2DG to achieve a high level of product readiness.

Beneq is the home of the ALD. In 1984, Beneq established the world’s first industrial production using ALD. Today, Beneq lead the market with products for R&D, semiconductor device fabrication, 3D and batch production, ultra-fast spatial ALD, and roll-to-roll ALD.

Paul Rich, 2DG’s Technology Lead, says“we have spent months specifying the perfect ALD system for our requirements. We canvassed all the major suppliers and decided that Beneq was best positioned to deliver the system that meets our complex technology requirements. I have spent my career working within thin film deposition to advance semiconductor technology and I am confident that with this ALD we will be able to accelerate development towards a commercially viable product that the industry needs. We are continuing development efforts with existing equipment to be ready for the new ALD installation so that we can hit the ground running.”

Paul Rich has more than 35 years of experience in the semiconductor industry. Paul was the Vice President for Technology and Engineering at SPTS Technologies which is owned by KLA Corporation (NASDAQ:KLAC, US$91B market cap), where he managed the product development team until December 2022. SPTS develops and manufactures advanced wafer processing solutions for the world’s leading semiconductor and microelectronic device manufacturers. Paul graduated from Bath University in 1987 with a B.Sc in Physics. He has published numerous technical articles and has several patents relating to plasma processing.

Click here for the full ASX Release

Osisko Metals Incorporated (the “Company” or “Osisko Metals”) (TSX-V:OM; OTCQX:OMZNF; FRANKFURT:0B51) is pleased to announce that Pine Point Mining Limited (PPML) and the Town of Hay River have signed a Memorandum of Understanding (MOU) stating their intentions to work together to seize opportunities for long term sustainable growth for Hay River through the development and operations of Pine Point Mining Project (Project).

“Pine Point Mining Ltd. is committed to fostering positive and constructive relationships with communities with the aim of facilitating a positive impact from our mine development project and potential future mining operations for long-term sustainable growth for all communities impacted by our Project,” said Jeff Hussey, CEO, PPML.

“The Pine Point mine presents an exciting opportunity to significantly benefit residents and businesses of Hay River,” said Her Worship Kandis Jameson, Mayor, Town of Hay River.“Our Town Council looks forward to working closely with Pine Point Mining Ltd. to maximize the economic potential of the project while thoughtfully considering all aspects of community impact.”

The MOU allows both parties to identify and discuss issues that advance the development of the Project and provide long-term beneficial opportunities to the Town of Hay River, its residents and businesses that will continue well past the life of the proposed Project.

Pine Point Mining Ltd. is a joint venture between Osisko Metals Incorporated and Appian Natural Resources Fund III LP. (See note About Osisko Metals for further details.) The Town of Hay River is a municipal corporation established under the Cities, Towns and Villages Act (SNWT 2003, c.22).

PPML town halls

PPML have begun to host a series of town halls to engage with local communities. Pine Point’s CEO Jeff Hussey and Sustainability Manager Veronica Chisholm, as well as other PPML representatives, will present on key aspects of the project: mining, processing, tailings, water management, as well as environmental studies completed and underway. They will also answer questions, and ask for feedback on progress so far.

The following dates and time are confirmed:

Hay River
Hay River Recreation Centre
November 5: 6 to 10 p.m.

Yellowknife
Tree of Peace Friendship Centre
November 25: 6 to 10 p.m.

Planning is ongoing to meet with all local communities, and additional dates will be announced as they are finalized.

About Osisko Metals
Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is in a joint venture with Appian Capital Advisory LLP for the advancement of one of Canada’s premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which current mineral resources have been calculated for the 2024 MRE (as defined herein). The Project is held under the joint venture company Pine Point Mining Limited.

The Pine Point Project has a mineral resource estimate consist of 49.5Mt grading 5.52% ZnEq of Indicated Mineral Resources and 8.3Mt grading 5.64% ZnEq of Inferred Mineral Resources (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). The report’s title is Pine Point Zinc-Lead Project Mineral Resource Estimate Update, Hay River, Northwest Territories, Canada. Prepared for Osisko Metals Incorporated and Pine Point Mining Limited, it is effective May 31, 2024. The report’s authors are Pierre-Luc Richard, P. Geo. (PLR Resources Inc.), Colin Hardie, P. Eng. (BBA Inc.), as well as Carl Michaud, P. Eng., and Alexandre Dorval, P. Eng., both of G Mining Services Inc. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, and 100 kilometres of viable haulage roads.

In addition, and outside of the Pine Point JV, the Company acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Copper Mountain Expansion Project that hosts a current mineral resource consisting of an Indicated Mineral Resource of495Mt grading 0.37% CuEqand an Inferred Mineral Resource of 6.3Mt grading 0.37% CuEq (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects); see May 6, 2024 news release of Osisko Metals entitled “Osisko Metals announces updated mineral resource estimate at Gaspé Copper – indicated resource of 495 mt grading 0.37% copper equivalent’). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

About Appian

Appian Capital Advisory LLP is a London-headquartered investment advisor to long-term value-focused private capital funds that invest solely in mining and mining-related companies.

Appian is a leading investment advisor in the metals and mining industry, with global experience across South America, North America, Europe, Australia and Africa and a successful track record of supporting companies to achieve their development targets, with a global operating portfolio overseeing nearly 6,300 employees. Appian has a global team of 65 experienced professionals with presences in London, Toronto, Vancouver, Montreal, New York, Lima, Belo Horizonte, Perth, Mexico City and Dubai. The Appian team, through its private capital funds, has a long history of successfully bringing mines through development and into production, having completed nine mine builds in the last six years.

For more information, please visit www.appiancapitaladvisory.com, or find Appianm on LinkedIn, Instagram, and Twitter.

Media contacts
Jeff Hussey, CEO, Pine Point Mining Ltd.
Phone: 514-513-6710

Patrick Bergen, Town of Hay River
Phone: 867-874-6522 ext. 216
Email: asao@hayriver.com

Follow PPML on www.pinepointmining.com, on LinkedIn at https://www.linkedin.com/company/pine-point-mining-limited/, and on Facebook at https://www.facebook.com/pinepointminingltd/.

For further information, visit www.osiskometals.com or contact:

Robert Wares, Chairman and Chief Executive Officer, Osisko Metals Incorporated
Email: info@osiskometals.com
Phone: 514-861-4441

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals, on LinkedIn at https://www.linkedin.com/company/osiskometals, and on X at https://twitter.com/osiskometals.

Cautionary Note Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR (www.sedar.com) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Source

Click here to connect with Osisko Metals Incorporated (TSX-V:OM; OTCQX:OMZNF; FRANKFURT:0B51) to receive an Investor Presentation

Metal Hawk Limited (ASX: MHK, “Metal Hawk” or the “Company”) is pleased to provide an exploration update relating to its 100% owned Leinster South Project, located 30km south of Leinster, in the world-class Agnew-Lawlers region of the eastern goldfields in Western Australia.

• Gold assays up to 62 g/t Au returned from first batch of rock chip samples at the Thylacine Prospect, located 1.5km ESE from Siberian Tiger.
• Several rock chip samples at Thylacine return high-grade gold from multiple sub-parallel quartz veins over a broad area, including:
  • 24DR611: 62.3 g/t Au
  • 24DR617: 30.4 g/t Au
  • 24DR627: 27.0 g/t Au
  • 24DR633: 20.2 g/t Au
  • 24DR715: 27.3g/t Au
  • 24DR613: 12.1 g/t Au
  • 24DR627: 10.5 g/t Au
  • 24DR616: 9.6 g/t Au
  • 24DR602: 8.0 g/t Au
• Follow-up sampling at Tysons prospect returns high-grade gold in numerous samples of quartz veining, including:
  • 24DR537: 84.0 g/t Au
  • 24DR535: 21.5 g/t Au
  • 24DR564: 10.9 g/t Au
  • 24DR536: 6.2 g/t Au
• No historical drilling at Siberian Tiger, Thylacine or Tysons.
• Plans for drilling advanced with heritage survey scheduled for early 2025.
• Field mapping continues to discover new zones of outcropping gold mineralisation, including the new untested Bengal Tiger prospect.

Following the discovery of gold at Siberian Tiger only three months ago (see ASX announcement 5 August 2024), Metal Hawk’s field activities at Leinster South continue to encounter more significant outcropping high grade gold mineralisation at new prospects. As well as expanding the mineralised footprint of Siberian Tiger, the latest round of assay results successfully followed up the recent high grade rock chip result (22 g/t Au) at Tysons prospect, with several additional sites of quartz vein hosted gold mineralisation recorded (up to 84g/t Au) along the north-south trending granite-greenstone contact. Additionally, spectacular new gold assay results (up to 62 g/t Au) have confirmed the Thylacine prospect, located 1.5km to the ESE of Siberian Tiger, as another high-grade vein system at Leinster South.

Metal Hawk’s Managing Director Will Belbin commented:“In addition to the high-grade gold rock chips at Siberian Tiger, these outstanding new assay results from Thylacine and Tysons suggest that we are on the verge of multiple significant gold discoveries at Leinster South. It is incredible that there has not been any previous gold exploration, sampling or drilling at any these prospects. This is a huge opportunity for Metal Hawk and I believe there is potential for a new high-grade gold camp at Leinster South.” 

THYLACINE

The Thylacine prospect is located approximately 1.5km ESE of Siberian Tiger on the parallel northern ESE trending greenstone belt. Initial rock chip samples from Thylacine have returned several high grade gold assays in multiple sub-parallel NW trending quartz veins. A total of 12 mineralised quartz veins have been mapped and broadly sampled, with seven samples grading greater than 10 g/t Au. The average grade of the 38 available quartz vein sample assays is 7 g/t Au. Additionally, ten rock chip assay results are pending that cover the northwestern two veins at the prospect. The mineralisation at Thylacine is very similar to Siberian Tiger, with abundant iron oxides often forming sheets or banding (stripes) and local zones of brecciation. High grade results from initial sampling at Thylacine are shown on Figure 2 below (for a full list of results see Table 1).

Click here for the full ASX Release

The United States’ 47th Presidential election concluded this week with the appointment of Donald Trump to his second term in the White House after a tumultuous race.

Fueled by the promise of lower corporate taxes and the Federal Reserve’s decision to slash interest rates by another 25 basis points, the stock market soared, with both the S&P 500 and Nasdaq Composite indexes setting record highs.

Bitcoin also surged to a new record high above US$77,000, bolstered by the Republican party’s gains in the midterm elections. With the Senate secured and the House of Representatives within reach, the prospect of a more favorable regulatory landscape for cryptocurrencies in 2025 has ignited investor enthusiasm.

As the dust settles on the 2024 presidential election, the full extent of Trump’s policies on the economy remains to be seen.

Bitcoin performance, October 10 to November 7, 2024.

Chart via CoinGecko.

On November 6 at 5:35 AM EST, after Trump declared victory, Bitcoin was trading at around US$73,000. The price continued to rise as the markets opened on Wednesday, briefly breaking past US$76,000 before retreating slightly as Western markets closed. It traded in the US$74,000 range in Asia and retook US$76,000 at around 11:00 AM EST.

Unlike the short-lived rallies seen in recent weeks, Bitcoin has managed to maintain its gains so far. A Trump presidency is viewed as beneficial to the cryptocurrency industry, as his campaign promised to loosen regulations and replace regulators like US Securities and Exchange Commission Chairman Gary Gensler, who has had a contentious relationship with the industry’s major players.

Republicans also took a majority of the US Senate and are on track to take the House of Representatives, although the votes are still being tallied. With a more “crypto-friendly” political landscape, industry insiders are optimistic that innovation and adoptions will accelerate.

Bitcoin closed the week over 10 percent higher at US$76,739, slightly below its weekly high of US$77,239 reached earlier on Friday (November 8).

Tesla performance, November 4 to 8, 2024.

Chart via Google Finance.

Tesla CEO Elon Musk actively supported Trump in the weeks leading up to the election, contributing roughly US$130 million to his campaign efforts. In September, Trump indicated his intention to offer Musk a role in the White House, focusing on streamlining government operations and cutting federal spending.

To achieve this, Musk has boldly predicted that he could eliminate at least US$2 trillion of federal spending. While he hasn’t specified exactly where these cuts would come from, reports suggest that Musk and Trump may target agencies responsible for regulating industries in which Musk’s companies operate. These agencies could include the Federal Aviation Administration (FAA), the Federal Communications Commission (FCC) and environmental agencies.

During his campaign, Trump also expressed intentions to reverse tax incentives and rebates for electric vehicle (EV) purchases established during the Biden-Harris administration. Although this might seem counterproductive to Musk’s Tesla operations, the CEO could be focusing on his other venture, SpaceX, which has forged strong ties with the federal government’s defense agencies.

In March it was reported that SpaceX had signed a contract worth US$1.8 billion in 2021 to build spy satellites with the National Reconnaissance Office, and the company won contracts for nine launches under the National Security Space Launch (NSSL) Phase 3 Lane 1 program on October 18.

However, issues between the FAA and SpaceX — such as a US$633,009 fine imposed by the agency in September for procedural violations related to Falcon 9 launches in 2023 as well as its decision to delay the test launch of SpaceX’s Starship mega rocket — have created tension between Musk and the agency.

Musk may have a vested interest in reducing the FAA’s regulatory oversight of SpaceX’s operations, as diminishing the agency’s funding could potentially clear a path for expanded commercial space exploration.

Arm Holdings performance, November 4 to 8, 2024.

Chart via Google Finance.

However, the decline was partially offset by royalty revenue, which increased by over 10 percent to US$514 million. Royalty revenue refers to the fees that Arm receives from companies that use its IP in products that are sold to end consumers.

While Arm’s share price initially dipped following the report, it rebounded strongly, up nearly 10 percent midday on Thursday (November 7). This positive shift likely reflects investor confidence in Arm’s strong position within the tech industry. The company collaborates with major tech players like Apple, Samsung (KS:5930) and NVIDIA, and its chips are essential components in a wide range of consumer and industrial electronics. The company concluded the week with its share price rising by 5.16 percent.

Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.