EQUIPMENT
out the Region, the 2020 discovery program was completed. In addition to the rare earth elements, Quest checks a flowsheet to extract additional value from the large values of Zirconium and Hafnium contained at Silver Fox on the soil. Under grants from the Defense Logistics Agency (DLA) and the Department of Energy (DoE), the JV affiliate of USA Rare Earth and previous operator, Texas Mineral Resources Corp. (OTCQB: TMRC), demonstrated the capacity to generate high-purity rare earth oxide separation. The work currently underway at the Wheat Ridge facility of USA Rare Earth is to manufacture high purity isolated rare earth oxides, lithium compounds, zirconium, hafnium and other metals from Round Top and for other strategic partners (+99.5 percent). USA Rare Earth will extend this reach to include content from Search's Labrador project under the Partnership Arrangement with Search. In a media release, Greg Andrews, CEO of Quest, said, "We think our synergies with both our technological cooperation and our expertise would have a good synergy to assist with our objectives of promoting a North American rare earth supply chain." "We are pleased to partner with USA Rare Earth as they improve their Mine to Magnet strategy." "In the spirit of the U.S.-Canada Joint Action Plan on Vital Minerals Cooperation, we see more ways to collaborate with Quest. In terms of providing our sintered neo magnet plant with all four neo magnet rare earths, Search's Labrador ventures and USA Rare Earth's Round Top project are strongly complementary,' said Pini Althaus, CEO of USA Rare Earth. Rare earth (neo) magnets used in electric motors for electric cars and generators in wind turbines are driving demand in the rare earth industries. Alloys like neodymium, praseodymium, dysprosium, and terbium are used in the Neo magnets used in these high-temperature applications.
Covid-19 hits drilling contractor's bottom line For the year, sales fell 10 percent year-on-year to US$172 million, which the firm said was favorable relative to the June quarter's 30 percent downturn.
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or the nine months to September 30, income was down 17 percent, or 15 percent after adjusted for foreign exchange impacts. Both the global drilling services and the divisions of global products were affected. Quarterly adjusted EBITDA plummeted 25% to $21 million, although the firm reported a net loss of $13 million for the month. Adjusted EBITDA was down 48 percent to $45 million for the first nine months of the year. For the time the total after-tax loss was $74 million. The 25 percent growth in total cash from activities to $39 million was a good one. Boart CEO Jeff Olsen said that in his firm, the organization was seeing a return to usual operating levels. "Some areas of the world have identified mining operations as vital resources that have allowed the group to continue serving our consumer base; nevertheless, there are still some sections of our company coping with the direct consequences of the pandemic and to date this has seen lower company sales," he said. We are pleased to see recent reinvestments in our industry, with major mining houses flagging expanded exploration spending and junior miners now accessing capital through equity raises that enable them to get out and discover the opportunities of tomorrow. "We expect the pace of operation to persist longer into the year and start sooner in 2021 as mining houses seek to reclaim lost land in 2020." Liquidity was $53 million at September 30, consisting of $30 million in cash and $23 million in lending facilities open. Total debt rose 8 percent to 823 million dollars. Boart shares were flat at A38.5c today, valuing the business at just under $34 million. Since the start of the year the stock has fallen more than 75 percent. www.skillings.net | 31
