Satori Resources, Inc is a Canadian junior mining company that has newly entered the marijuana industry. While it continues to explore mineral properties, the company has recently started to consider and form partnerships for the growing and cultivation of medicinal cannabis.
The history of Satori Resources began with St. Eugene Mining Corporation Limited, its predecessor company. When St. Eugene Mining was acquired in 2012 by Claude Resources, Inc, Satori was created as a spin-off company.
Today, Satori Resources is traded in the TSX Venture Exchange under the symbol BUD. Its market cap is at CAD 1.47 M.
Among the company’s recent developments are the partnerships it has formed this year in the medical marijuana sector. In April, it partnered up with Jourdan Resources, Inc to test and develop rock phosphate as a plant fertilizer, especially for medical marijuana. The company also has an exclusive agreement with Homegrown Hydroponics, a cultivation company, to develop and distribute marijuana-growing products.
To top these off, Satori Resources appointed Bill Christie, a licensed cannabis grower, as the company’s Communications and Marketing Head. As such, Christie is tasked with establishing Satori’s presence in the cannabis industry through online channels, among others.
Meanwhile, for its mineral exploration, Satori holds 100% interest in the Tartan Lake Gold Mine Project, in a Manitoba region called Flin Flon Greenstone Belt. This historic gold mine is noted for producing 45,000 ounces of gold in the 1987-1989 period. After that, it was shut down due to the unfavorable economy, then passed through several companies until Satori acquired it in 2012. According to a recent estimate, the resource still has 130,000 ounces of gold.
The top executives at Satori Resources, Inc are CEO and President Walter C. Henry, Executive Chair Jennifer L. Boyle, CFO Jeffrey Keith Kilborn, and Advisor Scott Walters.
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The market was hungry for a real customer and Nikola has one. Despite the stock giving back some of Monday’s gains, Wall Street seems impressed.
Anheuser-Busch Inbev (BUD) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
(Bloomberg) -- Nikola Corp.’s first earnings report was a bumpy one, with executives and analysts trading barbs and investors sending the electric-truck maker’s shares plunging.The stock fell 18% in late trading after the company, which develops big rigs that run on batteries and fuel cells, said it lost $86.64 million in the second quarter, a five-times greater net loss than a year ago.Within minutes of Nikola releasing its statement, its founder Trevor Milton was tweeting that the Phoenix-based company had provided analysts figures on the company’s share count. He wrote that taking those figures into account, the manufacturer beat expectations, contrary to some who said it fell short.Analysts responded in kind by pressing Chief Executive Officer Mark Russell on Nikola’s earnings call for more information on new customers, production timing and any confirmation of a partnership with a manufacturer that will build the company’s electric pickup model, called the Badger.“So, Mark, I just wonder, is this all we get?” Paul Coster, an analyst at JPMorgan who rates Nikola the equivalent of a buy, said to Russell. Jeff Osborne of Cowen said trying to follow timelines Milton has been communicating on social media has been “a bit confusing.” Nikola hopes to begin testing the battery-electric version of its first semi truck, the Tre, with select customers in 2021. The company has a joint venture with CNH Industrial NV’s Iveco truck unit to start limited production of the vehicle in Ulm, Germany, at the end of next year. Trucks powered by hydrogen fuel cells will be built in Coolidge, Arizona, starting in 2023, where the company broke ground on its first U.S. manufacturing plant last week.Russell declined during the call to name any new customers beyond Anheuser-Busch InBev SA, which has previously announced ordering 800 fuel-cell semis. In a phone interview, Russell said the company has potential buyers around the world.“We had a fleet week in Europe where we bring the customers in, and we have had representatives of a good chunk of the market in our headquarters,” Russell said. “A good chunk of the target customers have been to see us. We’ve been in conversation with them for some time.”Nikola listed its shares in early June following a reverse merger with a special purpose acquisition company and quickly saw its market capitalization surge to almost $29 billion, at one point surpassing Ford Motor Co.’s valuation. Lordstown Motors Corp. and Fisker Inc. are now trying to follow suit.After ending the quarter with $707.3 million in cash and equivalents, Milton said in an interview that Nikola’s focus will be on financial prudence as it brings products to market. The company expects to raise another $264.5 million by redeeming stock warrants.“We run a really tight ship here and we do spend money, but only when it’s needed,” Milton said. “That’s why we’re going to succeed and others have failed. They spent money like it’s just handed out.”(Updates with founder’s tweets starting in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Coca-Cola said it would be investing in brands and products with growth potential, like Topo Chico, and shutting down other “zombie brands.”