Green Equity - January 10, 2025
News about stocks involved in environmental markets.
Green Equity is a daily series dedicated to tracking emerging investment opportunities in environmental markets. Notable events include green investments, fundraising, M&A, and new public listings.
News From Public Companies
Portfolio - Aduro Clean Technologies (ADUR) will host a virtual fireside chat on Thursday, January 23, 2025, at 4:30 PM ET. The event will feature CEO Ofer Vicus, CFO Mena Beshay, and CRO Eric Appelman, who will discuss the company’s commercialization strategy and construction of their next pilot unit.
Abaxx Technologies (ABXX) has launched physically-deliverable nickel sulphate futures on its exchange, marking its first battery metals product. These contracts aim to address the growing need for reliable price benchmarks as global demand for nickel sulphate, driven by the energy transition and battery supply chains, is expected to grow at a 22% annually through 2030.
EMX Royalty Corporation (EMX) ended 2024 with $27 million in cash and $35 million in long-term debt maturing in 2029, supported by key transactions. These include the sale of its Ensero Holdings stake for $5.6 million, realizing a return on its 2020 investment, and an early $2.9 million payment from Aftermath Silver for the Berenguela Royalty Property in Peru. EMX also received $500,000 from Arizona Sonoran Copper for a royalty buy-down, reducing its NSR royalty on the Park Salyer Property from 1.5% to 0.5%.
Altius Minerals Corporation (ALS.TO) has received a partial arbitration award regarding its royalty interests in the Silicon gold district in Nevada. The Tribunal confirmed that Altius's royalty under a 2015 agreement with AngloGold Ashanti covers the entirety of a 26.6 km² base area of interest (Base AOI) and certain adjacent mineral lands held by AngloGold Ashanti. While some lands acquired by AngloGold from third parties before the royalty agreement are excluded, Altius believes the award significantly expands its royalty rights, including areas surrounding the Base AOI and key geological extensions.
Price Targets & Reports
Shares of Joby Aviation (JOBY) and Archer Aviation (ACHR) fell 5% and 10%, respectively, after JPMorgan downgraded the stocks due to valuation concerns, certification risks, and uncertainty about eVTOL business models. While the analyst sees long-term potential in the eVTOL market, which could surpass that of helicopters, current valuations appear to assume FAA type certification, which remains a significant challenge. Archer's stock was downgraded to Neutral, with acknowledgment of its realistic design and strong manufacturing partners, while Joby was downgraded to Underweight due to heightened risks.