Afternoon all,
I thought it might be fun to try and take the last three weeks and have a recap of the data and news surrounding RILY. I just searched this sub and news outlets and such for the last 3 weeks and took notes then fed them into an AI software asking it to summarize everything. In no way is this Financial Advice just a fun task.
"The financial landscape for B. Riley Financial, Inc. showcases a dynamic narrative of operational resilience and strategic positioning. The company's recent activities reflect a strategic focus on managing debt obligations effectively while optimizing business segments for sustainable growth. The strategic review process for Great American Group retail liquidation and appraisal businesses is progressing, indicating a commitment to enhancing operational efficiency and value creation.
In the earnings summary, a net loss of $51 million was reported, primarily driven by investment-related losses and professional services expenses. Despite these challenges, the company's strategic initiatives and operational performance remain robust, as highlighted in the earnings call. Executives Bryant Riley and Tom Kelleher emphasized the company's operational excellence and strategic direction, underscoring a commitment to shareholder value and sustainable growth. The company's strategic reviews and commitment to shareholder value remain steadfast amidst market volatility caused by short manipulation.
Furthermore, the full redemption of $25,000,000 aggregate principal amount of 6.75% Senior Notes due 2024 signifies a proactive approach to managing debt and strengthening the company's financial position. This strategic move aligns with the company's focus on optimizing its capital structure and enhancing financial flexibility.
Overall, B. Riley Financial's narrative is one of resilience, strategic foresight, and operational excellence in navigating market dynamics and challenges. The company's commitment to financial prudence, strategic reviews, and operational performance positions it well for sustained growth and value creation in the evolving financial landscape."
Below is the data the AI used to create the summary. Just copy and pasted from a very quick and crude gathering of information into a word doc. I also enjoyed the earnings summary the AI did. The last line made me feel happy thoughts. - In summary, B. Riley Financial's first-quarter 2024 results underscore its strong operational foundation and strategic foresight, positioning it well for future growth and shareholder value creation.
1. Cohodes being loud and classless examples
https://preview.redd.it/xymj94vp5f1d1.png?width=637&format=png&auto=webp&s=3d9f18f4f877f7fb518039bc78198e77e3fcd190
https://preview.redd.it/bxacg0bp5f1d1.png?width=975&format=png&auto=webp&s=9a4eba6a4a39457cc47661be5836008976b37fc6
https://preview.redd.it/q5kdr5qo5f1d1.png?width=975&format=png&auto=webp&s=14dcb5473ed7dcac4646eaba2b983806f32bd875
https://preview.redd.it/ky1hlc1o5f1d1.png?width=789&format=png&auto=webp&s=4c603719820d06ea91d9181ad3c41734a603b795
https://preview.redd.it/soco7bjn5f1d1.png?width=969&format=png&auto=webp&s=dfbcf20f984e391c51afcc89e46597d1d9dff6ad
https://preview.redd.it/pwbnnwwr5f1d1.png?width=975&format=png&auto=webp&s=fe06146b727540c291825eda8db5f33b11e9e992
2. Discussion about FUD and shorts deception
I see the shorts (Marc Cohoded and Co.) are still at it, trying to l use a fake psychological twist to cause doubt. Let's stick to the facts and let the price go where it will in the long term. Short thesis was and is there was fraud, both proven wrong by independent investigation and a clean independent audit if the 10-K and now 10-Q. You can slap that one around anyway you want, but both came up clean. First, they have stated their intentions of a sale of a carried undervalued asset (Great American) by a third party for a massive realized gain. Good for the investors and bond holders as they said they would use funds to deleveverage the balance sheet and buy back stock which already has very little float. Second, I have never seen a company that is paying dividends go under whith out, completely eliminating the dividends first (RILY still pays a dividend and baby bonds are all current--none are in any default). Third, business has been good with lots of new hires, new capital makets raises and fees and their business seems to be thriving. Shorts will try to mislead all of us with their lies and deciept but if we hold strong I believe that the stock will go to at least 50 ish in the short term where they did their secondary. I believe at that point, RILY may run into a bit of resistance. However, a squeeze could easily send us through that to new highs. Patience is the key as they have stated all this in their press releases in the recent past. If we al on this sitel just buy 100 to 1000 shares on Monday and hld through the 29th to get the dividends. this will rocket to new heights. This is not a recommendation, simply my thoughts. Do your own due diligence.
3.Stop lending shares=pain for shorts = short squeeze
If all longs can stop lending shares at least I believe we can cause shorts to cover. There is no valid short narrative, both longs and shorts know this. Now it’s purely who can hold out longer. Shorts have been very active as of late trying to push share price lower and with many of us loaning shares out we are actually helping the shorts hurt us. I believe if we stopped lending out shares borrow rate skyrockets and that added cost combined with dividend and gradual upward movement will force shorts to cover. Granted news release can help but we don’t need news we just need to stop lending and wait and see.
4. Link to short sale volume post https://www.reddit.com/RILYStock/comments/1ctwe9q/smoking_gun_thursday_dropped_because_shorts/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
https://preview.redd.it/hopdxkbt5f1d1.png?width=975&format=png&auto=webp&s=3945adf69a00addb0c2da4ea0c26b2a4de2749b3
5. Article showing RILY coming back https://www.investmentnews.com/broker-dealers/news/b-riley-bouncing-back-after-tough-winter-253448
6. Rily - Day 3 of short attacks - There's a positive
Our favorite shorts cohodes&co is on overdrive releasing as much fake accusations as possible, they now have been adding a lot to their position at a higher price point with shares in the 30s, now the shorts cost basis has gotten worse for them. With more shares at a worst cost with dividends coming due as well as borrow fees , shorts have less wiggle room especially if stock goes to 40 again. Now at 40 I believe they will be losing money. With insiders hopefully buying soon and the company continuing their share buy back program , that can lead to upward movement in share price leading to the “squeeze “.
7. $RILY Earnings Summary
Not financial advice.
It was an interesting investor call, an almost boring call which was refreshing. The company had a net loss of $51m driven by non-cash items including $29m unrealized loss on investments and a $30m fair value adjustment on their loans.
Cash flows were pretty good, with operating cash flows of $135m and adjusted operating EBITDA of $66m.
Targus and American Freight contributed nothing this quarter, both companies are historically strong businesses but have been working through a business cycle post-COVID after many Americans bought the things they needed. Those companies should improve in the next year.
The company previously announced a potential sale of Great American Group. Q-1 earnings for that segment increased to $35m of EBITDA, so at 10-12x a potential sale is looking like $350-$420m. On the call they said that is expected by early Q3. They also mentioned possibly looking at a sale in their Brands division later this year with the goal of retiring their discounted debt, citing it as an opportunity.
The short thesis crumbled last month with a clean 10-K and two internal investigations which added an additional $7m in expense but presumably were quite thorough and completely debunked claims by bears.
There are no shares available to borrow per Fintel:
https://preview.redd.it/ukhk0tou5f1d1.png?width=975&format=png&auto=webp&s=0622973216e0293d7f2699c1b6eee3216824305e
And short interest remains at approximately 65% with 9 million shares short, though the retail float is thought to be much smaller, maybe 2m shares.
The company has $34m available at quarter end for buybacks from a previously approved program.
I see value here, and I liked what I heard on the call.
8. Misconceptions - Rily Share Structure
[THIS POST IS FOR EDUCATIONAL PURPOSES ONLY] mumen_rida
There seems to be a lot of confusion about the company’s share structure and I would like to use this post to help not only my own understanding but also help others. It’s a bit confusing but let’s tackle it together.
I got this information from marketwatch: Total Float = 30 million shares Public float = 16 million shares Shares sold short = 9 million shares % of public float sold short = 56.38%
According to fintel: Institutional ownership = 14.18 million shares
So let me get this straight, there is 16 million shares in the public float and institutions own 89% of that (14.18 million shares). So that would mean retail investors collectively only have about 1.82 million shares to trade around amongst ourselves. Let’s call that retail float.
So, retail float = 1.82 million shares.
Let’s wrap up all the most important information (imo) regarding the current share structure and please correct me if any of the information I presented here today is false:
Total float = 30m
Public float = 16m
Shares short = 9m
Retail float = 1.82m
Where I think it gets the most interesting is when you divide shares short by retail float. 9/1.82= 4.95 or 495% of retail float.
Hope this helps clear up any confusion regarding the share structure.
REPSONSE TO THIS BELOW
EnvironmentalBreak48
•3d ago
THIS RESPONSE IS FOR EDUCATIONAL PURPOSES ONLY. NFA. Do your own DD, make your own decisions.
Based on OP calculation.
1. Total Float: About 30 million shares.
2. Public Float: 16 million shares.
3. Shares Sold Short: 9 million shares.
4. % of Public Float Sold Short: 56.38%.
5. Institutional Ownership: 14.18 million shares.
6. Retail Float: 1.82 million shares (calculated as Public Float - Institutional Ownership).
Given this information:

Understanding Short Interest

· Shares Sold Short: About 9 million shares.
· Retail Float: 1.82 million shares.
· Short Interest as a Percentage of Retail Float: 9 million shares/1.82 million shares≈495%
This high percentage indicates that the short interest is nearly five times the available retail float, which could lead to a short squeeze if investors hold onto their shares and/or demand increases.

Days to Cover (Short Interest Ratio)

The Days to Cover metric gives an estimate of how many days it would take for short sellers to cover their positions based on the average daily trading volume. Here’s how to calculate it:
1. Determine the average daily trading volume (ADTV): This information is usually available on financial websites like MarketWatch or Yahoo Finance. Let’s assume the ADTV is 1,000,000 shares (this is an example, you should use the actual ADTV for a more precise calculation).
2. Days to Cover: Shares Sold Short/ADTV
Using our example ADTV: Days to Cover=9,000,000 (short shares)/1,000,000(Avg. Daily Volume)=9 days Days to Cover

Potential Implications

· High Short Interest Ratio: A high Days to Cover ratio suggests it would take a significant amount of time for shorts to cover their positions, which can lead to increased volatility.
· Potential for a Short Squeeze: With a high percentage of the retail float sold short, if retail investors decided to hold their shares and the stock price rises, short sellers may be forced to buy back shares at higher prices, leading to a potential short squeeze.
· Limited Retail Float: With only 1.82 million shares available for retail trading, any significant buying pressure from institutional investors and/or retail investors it could quickly drive up the stock price.
9. Why Even the Joker Thinks You’d Be a _____ For Not Taking A Look at RILY Stock
Batman here. You might know me as the Dark Knight, the Caped Crusader, or the guy who really, really, really wants to own a spaceship. Today, straight from the Batcave, lets talk about something as exciting as racing the Batmobile or the return of Roaring Kitty—RILY stock.
First off, let’s talk numbers, because even a superhero knows the importance of a strong financial foundation. RILY has been buying back shares like Alfred buys Bat-gadgets—strategically and frequently. This move isn’t just a nifty trick; IMO it’s a signal that RILY is confident in its value. When a company buys back its own shares, it’s like Batman investing in more Batarangs—it’s a smart play that shows belief in future performance.
But that’s not all, folks. The recent buzz around RILY isn’t just cat signals in the sky—it’s grounded in solid developments. RILY had to work hard to file their 10K after all the mudslinging from the shorts, but got it done. The first big catalyst domino to fall.
Now, let’s get to the juicy part—earnings and dividends. RILY’s about to drop their Q1 earnings tomorrow, and you know what that means? Dividends! That’s right, folks. RILY is likely to declare a dividend, that our short friends will be paying. Dividends are like the Batmobile’s turbo boost—an extra kick that gets you excited and propels you forward. Plus, once they file their Q, a few days later insiders should be able to start buying again. Form 4s anyone?
Here’s where it gets really interesting: meme stocks are back with a vengeance, wow talk about a left jab, and shorts are on their heels. The RILY squeeze might start very soon or it might not, but with shorts potentially facing margin calls due to price movements in various holdings, and especially if they’ve been shorting RILY all the way down it has not been a good week for the shorts so far. Just look how RILY stock popped this morning on about 200k in volume.
To add insult to injury, to date, NONE of the short thesis has come to fruition or has been confirmed by independent information. They’re in quicksand, and it’s time to gas up the rocket. There are still several catalysts that may come into play here:
Q1 Earnings Release: Scheduled to be filed tomorrow, providing insights into the company's recent performance. The deal flow on their website was up YoY.
Dividend Announcements: Anticipated dividends right around the corner.
Insider Buying: Once the Q1 earnings are filed, insiders should be able to buy stock again, expect to see some Form 4s in very short order.
Sale of Great America Division: If RILY sales Great American, they have said the proceeds from this sale are expected to be used to reduce debt and fund further stock buybacks, potentially enhancing shareholder value.
Low Float: With a limited number of shares available for trading, increased demand can lead to significant price movements.
Buybacks: Ongoing buybacks can continue to support the stock price.
Meme Stock Momentum: With meme stocks making a comeback, there's increased interest and activity in stocks that are short and that could drive up RILY’s stock price.
Short Squeeze Potential: Low public float, company buybacks, insider buying…mix that up and you have the recipe for a potential squeeze.
Roaring Kitty's Return: The return of Roaring Kitty, a key figure in the meme stock movement, brings renewed attention and excitement to the stock market in general.
And, guess who just chimed in on RILY earlier today? That's right—JeffAmazon from the GameStop meme trade and Netflix documentary! He made a little tweet tweet on $RILY
Additional Catalysts: What do you all think…..
Stay vigilant, stay smart, and just my thoughts—do your own due diligence and make your own decisions. NFA.
10. FAKE ARTICLE BULLSHIT FUD…………
Well, IMO even Stevie Wonder can see that the latest article on FRG is just another hatchet job. IMO the problem with creating a narrative is that the facts can’t keep up, and boy, did they fall behind here.
RILY conducted not one, but two independent investigations and found zilch issues with its FRG investment or loans made to Kahn. And guess what? No connection with Prophecy either. FRG did their own investigation and also found no connection with Prophecy. So, to call the relationship between RILY and FRG controversial is like calling a puppy dangerous—laughable.
In RILY's 10k, they marked up their FRG investment FMV $281 million to $286 million…
FRG's FY23 financials are public, and the attached table shows the maturities of their debt. In 2024, about $10.5 million in debt is maturing. Big deal. Looming debt? Hardly. The real kicker is in 2026 when about $1.5 billion of debt matures—not this year, not next. LOL.
The FRG financials clearly state they were in full compliance with their debt covenants in FY23 and fully expect to be in compliance in FY24. Yet, "the people" say FRG is down double digits in Q1. Funny timing with RILY's Q1 financials coming out on Wednesday, huh? And by the way, FRG's adjusted EBITDA for Q1 FY23 was $66 million, not the $62 million the article claims. Why not use the actual FRG public company number? Maybe because when you're rushing to write a hit piece, you just pick random numbers.
https://www.globenewswire.com/en/news-release/2023/05/10/2665414/0/en/Franchise-Group-Inc-Announces-First-Quarter-Fiscal-Year-2023-Financial-Results.html
So, according to the article, FRG is down 63% in revenue ($66 million vs. the alleged $25 million).
Sure, FRG sold Badcock and Sylvan Learning, so they might be down YoY, but down 63%?
FRG sold in FY24 Q1 Sylvan for $185 Million cash….and they’re worried about paying $10.5 million in long term debt due this year. Got it.
https://www.franchisetimes.com/franchise_mergers_and_acquisitions/unleashed-brands-buys-sylvan-learning/article_a568813e-d4c7-11ee-bb32-1f85230cfdda.html
https://preview.redd.it/lry689p16f1d1.png?width=975&format=png&auto=webp&s=0714b3b378abb528f0abb470ade0deb3d34c2d39
11. Post talking about NT-10Q•
https://www.reddit.com/RILYStock/comments/1crb1gp/new_filings_nt10q_13fh?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
12. Friendly PSA: Manage your emotions
Great Post Below talking about managing emotions during this trade.
https://www.reddit.com/RILYStock/comments/1cqzskg/friendly_psa_manage_your_emotions/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
13. RILY RS Article 76 to 83
https://www.investors.com/ibd-data-stories/b-riley-financial-shows-rising-price-performance-with-jump-to-83-rs-rating/
B. Riley Financial (RILY) saw a welcome improvement to its Relative Strength (RS) Rating on Thursday, with an increase from 76 to 83.
IBD's proprietary rating tracks share price performance with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains typically have an 80 or higher RS Rating as they begin their biggest climbs.
Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the stock manages to form a base and break out.
The company showed 0% EPS growth last quarter. Revenue rose -9%. The company is expected to report its latest earnings and sales numbers on or around May 15.
The company earns the No. 24 rank among its peers in the Finance-Investment Banking/Brokers industry group. Interactive Brokers (IBKR), Piper Sandler (PIPR) and Ameriprise Financial (AMP) are among the top 5 highly rated stocks within the group.

14. Announcement of 2024 Annual Meeting June 21st
https://www.sec.gov/ix?doc=/Archives/edgadata/0001464790/000121390024041725/ea0205510-01.htm
15. Repost: $RILY DD: The real price potential...when the stock is a solid/growing company (not just a squeeze).
https://www.reddit.com/RILYStock/comments/1cnzff7/repost_rily_dd_the_real_price_potentialwhen_the/?utm_source=share&utm_medium=web3x&utm_name=web3xcss&utm_term=1&utm_content=share_button
16. $RILY- “They can win by doing nothing
12 days ago
Outrageous_Appeal_89 “
Whitebrook capital assessment addressing cohodes&co BS at the peak of their false accusations and in a polite way stating short funds were making things up (misinformation & manipulation ). It seems $RILY is executing on some of the recommendations Whitebrook capital had - share buy back and bond buy back has been executed and continues to be executed on. Whether you invest in $RILY for the long term prospects or the short squeeze that can be triggered any day as lie after lie is exposed. Bottom line is the fair value of $RILY is a lot higher then where it currently trades. We will get a better idea whether share prices deserves to be in the 50s or 60s as we get an update on GAG valuation. Seems many here forget that $RILY creates value by turning companies around and then monetize, this process takes time , they have been able to do this successfully, repeatedly over the years.
https://preview.redd.it/uiisruq36f1d1.png?width=792&format=png&auto=webp&s=e6c32c04877ae21b51cb8a99cee0aef17cdb32c4
17. 3 Videos from Value Don’t Lie on Youtube talking about Financials of RILY and overall company valuation
https://www.youtube.com/watch?v=kRenvff8duE&t=1s
https://www.youtube.com/watch?v=EoaCZw7AmpA&t
https://www.youtube.com/watch?v=7_Ayoox3fvM
18. Getting around the NBBO and Longing the Box
So let this sink in… the market opens and in 5 minutes we rally to $34.42, then over the next 15 minutes we drop to $28.80 at which point SSR was triggered and sell volume slows WAY the hell down. That drop was ALL short sellers and NO longs selling shares (otherwise the sell-off wouldnt have stopped literally minutes after SSR triggered). NOW, what the scumbag shorts are doing is going Long Against The Box.
19. Steve Cohen and Point 72 buy 24,917 shares long on May 15th
https://preview.redd.it/fhdhyco46f1d1.png?width=975&format=png&auto=webp&s=6600f6a9a3f0bc5bc8823cddb5f52defdf282063
20. Summarize this earnings call and keep pertinent quotes and data in the summary.
https://filecache.investorroom.com/mr5ir_briley2/925/RILY_1Q24_Earnings_Release_vFINAL.pdf
Chat GPT Summary of the full report below
B. Riley Financial, Inc. (NASDAQ: RILY) reported its first-quarter 2024 financial results, showcasing resilience and operational strength despite facing challenging market conditions and unique internal events. Here's a summary with a positive outlook:

First Quarter

2024 Highlights:

1. Quarterly Dividend Declaration:

• B. Riley declared a quarterly dividend of $0.50 per share, reflecting the company's commitment to returning value to shareholders. The dividend will be paid on or about June 11, 2024, to shareholders of record as of May 27, 2024.

2. Operational Performance:

• Despite reporting a net loss of $51 million, the company's core operating businesses demonstrated solid performance. This loss was primarily due to non-cash, unrealized investment losses.
• Total revenues for the quarter were $343 million. Operating revenues, excluding investment-related impacts, were $379 million, showcasing the underlying strength of the company's operations.

3. Strategic Debt Management:

• B. Riley successfully retired $115 million of its 6.75% 2024 Senior Notes and repaid $57 million of bank debt facilities and notes payable. This strategic move highlights the company's focus on strengthening its balance sheet and reducing interest expenses.

4. Cash and Investments:

• As of March 31, 2024, the company had total cash and cash equivalents of $191 million and total cash and investments of $1.61 billion, providing a robust liquidity position to support ongoing operations and future investments.

5. Segment Performance:

• B. Riley Advisory Services: Delivered its strongest first-quarter results in the firm's history, driven by increased demand for appraisals, bankruptcy restructuring, litigation consulting, and real estate services.
• B. Riley Securities: Benefited from a steady dealmaking environment, generating higher fee income despite a decrease in overall capital markets segment revenues.
• Wealth Management: Continued to improve operating margins and managed $25.8 billion in assets by quarter-end.
• Communications: Provided steady cash flow, contributing to the platform's stability.
• Consumer Products (Targus): While facing macro headwinds in the PC market, Targus remains a leader in its sector, poised for growth as the market stabilizes.

Leadership Insights:

• Bryant Riley, Chairman and Co-CEO, emphasized the company's operational stability and strategic focus amidst challenging conditions. The firm's resilience is attributed to the dedication of its employees and robust core business performance.
• Tom Kelleher, Co-CEO, highlighted the impressive performance of B. Riley Advisory Services and the steady contributions from B. Riley Securities and Wealth Management. He expressed optimism about Targus's potential recovery and the company's strategic investments.

Looking Ahead:

B. Riley's strategic initiatives, such as debt reduction and selective investments, position the company for continued success. The ongoing strategic review of its Great American Group retail liquidation and appraisal businesses indicates a proactive approach to optimizing its portfolio. The firm remains committed to delivering value to its shareholders through dividends and operational excellence.
In summary, B. Riley Financial's first-quarter 2024 results underscore its strong operational foundation and strategic foresight, positioning it well for future growth and shareholder value creation.
20. State of the Stock
15 days ago
UF_Secret_Account
Not financial advice, do your own research. Don't take advice from the internet, consult a professional financial advisor.
On April 19th, the stock closed at $19.99. Today, it is over 50% higher after a positive 10-K clearing the company of fraud allegations.
The stock touched $40 on April 26 and 29, a 100% gain from a week prior.
The short interest has remained relatively consistent during the move, with 10-11 million shares still short. However, given the time lapsed, I think it's safe to assume that most of those shares were covered and re-shorted in the last two weeks. For future research, we should assume they have an average $35 entry on their short positions.
1st quarter earnings are coming soon. Like many of you, I am a little curious that it hasn't been announced yet, but I have no concerns with everything the company has on its plate. 10-Q's are unaudited and it's very unlikely there is anything to be concerned about, in my opinion.
The company could be coming to the end of their strategic review for GAG. That will eventually result in some additional financial statement adjustments for presentation.
I would expect 1st quarter earnings to be good based on their deal flow and reported transactions.
In November 2023, the board approved $50m for stock buybacks. The company repurchased 728,330 shares at an average price of $21.85, but mainly bought shares in November. That's $16 million spent, and means the company had $34 million approved to buy back stock at year end. The program continues through October 2024. At our current price, that would be 1.1 million shares (3.3% of the outstanding stock).
That is significant for a stock with this many outstanding shares, but more significant for the number of freely traded shares which is far less. How many times have we seen huge price moves on small blocks of shares? If the company adds $10-15 million to that program, that's another 300,000-500,000 shares. Again, it doesn't sound like a huge number but it would add pressure to what will become a dire situation for the shorts.
The shorts may decide not to cover, or to continue the strategy of taking their losses and re-shorting, but their ability to influence the stock back to a level where they truly profit is nonexistent in my opinion, particularly when volume dies between market-moving events.
I am eyeing the $50-$55 range as my price target in the next move up.
21. NOTE on FRG Independent Auditor’s Report
One of the positive things I see IMO was for the billion dollar loan that matures in 2026. “On July 2, 2021, the Company repaid $182.1 million of principal of the First Lien Term Loan using cash proceeds from the sale of the Liberty Tax business. The prepayment also satisfied the requirements for the quarterly principal payments so no additional principal payments with respect to the First Lien Term Loans (excluding the Incremental First Lien Term Loan) are due until the First Lien Term Loan maturity date.” To me this gives them some flexibility for their cash as there isn’t much long term debt due in 2024 or 2025.
https://preview.redd.it/ib92t7e66f1d1.png?width=975&format=png&auto=webp&s=df286021b0653db92122e33df0ed37f1068a0c6c
22. on May 3rd Cohodes or someone else got media to report 4th quarter from last year as q1 earnings this year. Which was a lie and FUD
https://preview.redd.it/nlau48276f1d1.png?width=623&format=png&auto=webp&s=832695b6c331c3df6dbcb861dc90551ee42a036a
23. B. Riley Financial Announces Full Redemption of 6.75% SR Notes Due 2024
17 days ago Wolfiger
LOS ANGELES, May 1, 2024 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that it has called for the full redemption equal to $25,000,000 aggregate principal amount of its 6.75% Senior Notes due 2024 (the "Notes") on May 31, 2024 (the "Redemption Date").
The redemption price is equal to 100% of the aggregate principal amount, plus any accrued and unpaid interest up to, but excluding, the Redemption Date, as set forth in each notice of redemption delivered to noteholders on May 1, 2024.
https://ir.brileyfin.com/2024-05-01-B-Riley-Financial-Announces-Full-Redemption-of-6-75-Senior-Notes-due-2024
24. 8k filed May 1st for Nasdaq Compliance
25. Found management bonus if above 136 by October. Did anybody else know that a part of managements comp was in the form of Performance-based Restricted Stocks Units with a vesting date of 10/27/24 AND A HURDLE PRICE OF $135?!?
https://preview.redd.it/wo2uh54k5f1d1.png?width=547&format=png&auto=webp&s=8b6dedf28ec845b2170647674f5b39b6eaac96a1

The Ultimate Halo Infinite Multiplayer Review - Review Graphic

GAME INFORMATION:

• Developer: 343 Industries
• Publisher: Xbox Game Studios
• Headquarters Location: Redmond, Washington, United States
• Setting/World-Type: Sci-Fi
• Genre/Sub-Genre: First-person shooter
• Perspective: First-person
• Development Engine: Slipspace Engine
• Platforms: Xbox Series X, Xbox Series S, Xbox One X, Xbox One S, PC, Cloud Gaming (Beta)

The Ultimate Halo Infinite Review - Halo Infinite Key Art

PUBLISHER & DEVELOPER INFORMATION:

• Developer: 343 Industries
• Publisher: Xbox Game Studios
• Headquarters Location: Redmond, Washington, United States
• Art Director: Nicolas Bouvier
• Multiplayer Art Lead: Donnie Taylor
• Senior Animator: Nick Avallone
• Lead Narrative Animator: Greg Towner
• Director of Art Management: Niell Harrison

The Ultimate Halo Infinite Review - Spartan With Skull Armor Promotional Teaser

TECHNICAL PERFORMANCE:

Xbox Series X
Performance Mode (120 FPS Mode)

• Refresh Rate: 120Hz (on HDMI 2.1 Capable Displays)
• Resolution: Up to 1440p (up to 4K using Temporal Reconstruction)
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): Supported
• HDR10: Supported

Balanced Mode (60 FPS Mode)

• Refresh Rate: 60Hz
• Resolution: 1440p & 2160p Options (4K)
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): Supported
• HDR10: Supported

Quality Mode (30 FPS Mode)

• Refresh Rate: 60Hz
• Resolution: 2160p (4K)
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): Supported
• HDR10: Supported

Xbox Series S
Performance Mode (120 FPS Mode)

• Refresh Rate: 120Hz (on HDMI 2.1 Capable Displays)
• Resolution: 1080p (using Temporal Reconstruction)
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): Supported
• HDR10: Supported

Balanced Mode (60 FPS Mode)

• Refresh Rate: 60Hz
• Resolution: Up to 1080p
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): HDR10: Supported
• HDR10: Supported

Quality Mode (30 FPS Mode)

• Refresh Rate: Supported (Multiplayer Only)
• Resolution: 1080p
• Raytracing: Supported (Multiplayer Only)
• Variable Refresh Rate (VRR): Supported
• HDR10: Supported

Miscellaneous: Overall, the game does not maintain its target Frames-Per-Second (FPS) throughout the entire experience on *all* graphics modes, especially on larger maps and more GPU intensive scenarios, but it is in better shape than it’s ever been.
The Ultimate Halo Infinite Review - Spartan Holding Sidekick Sprinting

GAMEPLAY - 97/100

Halo Infinite’s multiplayer scene started off very rough and lacked a lot of mode choices at launch. When it was released, only four playlists were available. Ranked Arena, Big Team Battle, Quick Play, and Bot Bootcamp. Since the backlash, the game has been updated with a wide variety of modes to choose from, many of which are classic game modes like Fiesta, Swat, and Team Snipers. All of the modes are fun and provide different ways to utilize many of the new abilities and weapons in many ways. Each of the playlists has straightforward and concise objectives, like Oddball, where you simply gain control of the Oddball and defend the carrier while scoring points by holding the ball and preventing enemies from taking it from you. The maps have amazing layouts and make for a level playing field for each team.
The tide of the match can be turned by controlling and effectively using Power Weapons like the immensely powerful M41 SPNKR Rocket Launcher or the ever-deadly and accurate S7 Sniper. New weapons like the Cindershot or Stalker Rifle provide different advantages depending on your positioning, effectiveness, and understanding of the gun and its strengths. The maps have their own set of weapon pickups like the S7 Sniper. Each weapon available in the matches is well-balanced and can play to their strengths well enough to make them serve their purpose. The loadout guns in multiplayer have evolved from originally being the Battle Rifle and the Assault Rifle to eventually including the Bandit and Bandit EVO. Each fight comes down to who can land their shots better while maneuvering and which team can work together the best to control key areas for an advantage. Tactical abilities, such as the Repulsor, Threat Sensor, Grappleshot, Shroud Screen, and more, make a comeback. Power Equipment, such as the Overshield and Active Camo, also returns to Infinite. Each of these abilities and pieces of equipment makes fights more than just getting a powerful gun. It requires more coordination with your team to effectively use the equipment to its full potential, especially in ranked playlists.
Ranked play in Halo Infinite is as cutthroat as ever and remains highly competitive and team-focused. The ranks you gain while playing are fun to grind for with a team, but playing solo can be rough, especially if there’s no communication between players. Climbing the ranks is good fun and offers a great opportunity to see what the competitive side of Halo is like, considering how accessible the modes are.
Armor Cores appeared for the first time in the series as cosmetic sets of armor from both previous Halo games and the lore. The cores are unlocked through a battle pass with a variety of challenges available that can help you progress quickly. Customization options that fall in line with the season's theme are also available on these battle passes. The classic Mk IV armor core made a return in January 2024 and was the subject of much excitement since it’s a fan favorite look. Another widespread request from the fanbase was to be able to interchange helmets and coatings across armor cores. It eventually came to fruition and made for a resounding wave of approval from the community.
Event passes also make a debut in the game with a limited-time battle pass that often has its own cosmetics. For example, the ‘Fracture: Tenrai’ event had a Samurai-themed armor core that was no longer available after the event was over. It adds a sense of diversity to these limited-time cosmetics and rewards the more consistent players with cosmetics deserving of their time.
New modes are often on the horizon for Infinite thanks to 343’s desire to keep the game alive and well, and Season Five was no different. A mode initially introduced in Halo 4 known as Extraction was added with the release of Season Five: Reckoning. This mode revolves around a data extractor that is planted in a designated area on the map. Your team must then defend or convert the extractor until enough time has passed to earn a point toward the team's score limit of four. New modes often appear alongside the limited-time events that come with the seasons. For example, in Season Two: Lone Wolves, there was a battle-royale style mode called Last Spartan Standing that would pit you against 23 other players on Big Team Battle maps with five respawns and a pistol as you fight to be triumphant against your enemies. Some of the seasonal modes become permanent, like the long-awaited Infection mode that was released during Season Four.
FORGE CUSTOM
The classic Forge map editor was highly requested upon Halo Infinite’s launch, and it’s safe to say that 343 delivered. The mode has everything that previous forge modes included, like pre-built structures, components to make battlegrounds, and the ability to build to your heart's content. Infinite Forge introduced AI to the mode, meaning that it’s now possible to create battles and scenarios for use in Custom Games. Since custom maps come from the Forge mode, the two often go hand in hand with each other. There are many maps that take advantage of this and have their own unique modes, including Firefight. From a frozen Banished supercarrier to the last level of Halo: Reach, there is tons of variety for map choices. The Custom Games browser from Halo 5 and Master Chief Collection makes a return and makes a ton of fun modes available to be played on these community-made maps.

FIRST-PERSON SHOOTER - 85/100

Halo Infinite doesn’t deviate from the standard First Person Shooter formula in any way that is noteworthy. However, while lacking innovation, Infinite excels at sticking to what the series is known for and does the genre justice by retaining responsive and fun gameplay mechanics. At its core, Halo Infinite’s gunplay has some of the best-feeling weapons and satisfying kills in recent times. The gameplay is much faster-paced than the classic titles, but it manages to stay true to its original identity. The gameplay sets the marker high for the next installment and reminds fps developers that it’s okay to stick with what works as long as it's done well and is still fun to play.

GRAPHICS ART DIRECTION - 95/100

Graphics in gaming never seem to stop improving, and Halo Infinite is determined to make sure it’s not left behind. In the multiplayer scene, we get a good look at our Spartans via the Armor Hall, which showcases the various cosmetic pieces that can be equipped. The gear we don is sleek, with high-resolution textures over the Spartan armor. It’s easy to see the smaller details of the armor when zooming in, down to the smallest of buckles and straps. When in the multiplayer maps, the amount of time is put into the pieces that make up the battlegrounds. The new Slipspace engine also allows for an enhanced atmosphere that makes it easy to become lost in the map's details. This atmosphere is further strengthened by a more than impressive lighting system that includes ray-tracing. Despite lacking the feature at launch, the addition of ray-tracing gave Halo Infinite’s maps even further depth and detail, as well as a feeling of realism. These are just a few of the ways Infinite outpaces the prior installments graphically.
The art direction of Halo Infinite heads in a more detailed and futuristic design that further expands on what previous games set out to accomplish. Sprawling forerunner complexes that dominate parts of multiplayer maps lend to the futuristic aesthetic the series is well known for. The forerunner buildings that makeup part of multiple maps are both mysterious and beautiful in design. Maps like Catalyst see us inside one of the Forerunner facilities. It retains the beauty of many other Forerunner facilities while providing a unique perspective on what these mysterious buildings may contain. The primary attraction of Catalyst is the large midsection of the map, which contains a large bridge of Hardlight above a chasm and a narrow walkway going in the opposite direction. Around the sides are the spawn areas and small corridors to fight through. Upon exiting the corridors into the midsection, you’ll see the center of the map surrounded by two large platformed areas built into the mountain housing the map. The futuristic design and features of maps like this keep it interesting and always a fun time to fight on. This map is one of the best highlights of Halo Infinite’s beautiful architecture and level design.

MUSIC AUDIO - 90/100

Having good sound design for firearms is an integral part of a First-Person Shooter. After all, the most common sound you’ll be hearing is gunfire from enemies as well as your own weapons. The guns in the game all have a unique sound that makes them each feel at home in the universe. Whether it’s the boom from the M41 Spnkr, the rapid fire of an Assault Rifle, or a single shot from the all-powerful S7 Sniper, each of these weapons and more have their own unique sound signature. With these sound cues, it’s easy to differentiate the guns and gauge how much of a threat they pose to you. Aside from gunfire, melee combat is a very common occurrence in Halo multiplayer. The sounds of hitting another player and promptly causing them to crumple into a ball of broken bones are very satisfying in regards to audio.
The vehicles of Big Team Battle carry unique sounds and have their own identities, just like the weapons. Hearing the powerful engine of a Warthog approaching has become synonymous with either getting run over or backup finally arriving during a long fight. Sounds like that have become so iconic within the series and have made Halo easily recognizable in the audio aspect.
Gareth Coker is the mastermind behind the awesome music that can be heard during matches and in the menus. The soundtracks offer a sense of nostalgia while getting your adrenaline pumping and hyping you up for a fight. The songs intensify the battles you’ll find yourself in with their exhilarating melodies while managing to both reimagine and pay homage to the original games. Familiar themes and strings can be heard in the music but are excellently redone with a new flare that keeps them refreshing.

REPLAYABILITY - 100/100

Halo Infinite was once far from replayable due to the lack of modes available at launch. Since then, modes like Infection, BTB Heavies, and Swat (now called Tactical Slayer) have made their debuts in the game. The new modes have made the multiplayer scene reminiscent of older Halo titles in the best way possible. You’ll find plenty of fun playing solo, but when queued up with friends, it becomes a new level of enjoyment that is comparable to the golden days of Halo 3. Each mode brings its own set of fun experiences and possibilities that leave you coming back for more. It’s very apparent that 343 Industries has taken the feedback to heart and has implemented a slew of updates addressing the backlash.

FUN FACTOR - 95/100

Halo Infinite is one of the most fun Halo games to date, taking into consideration its excellent gameplay and game modes. During your time in battle, you’re bound to make some great memories whether you play alongside friends or solo queue. The community is engaging and has a very welcoming atmosphere despite the competitive nature of the games, which sometimes get rowdy but just add to the experience. The game succeeds at taking all of its gameplay elements and bringing them together for a fulfilling and cohesive experience. From the weapons to the abilities and maps, Halo Infinite, in its current state, manages to deliver everything we expect out of a modern Halo title. The game has amazing potential going forward, especially since the universe is so expansive and has so much to offer.

CREATIVE REVIEW

Since the beta of Halo Infinite way back in 2021, I have been smitten. The game just felt right to me, and I wasn’t the only one looking forward to playing the full thing upon launch. Every day, my friends and I would get on and grind until our play time was up. We usually didn’t know what to play afterward. It filled the void left by Halo 5 multiplayer that we desperately wished for more of. Upon release day, I was as disappointed as ever. It was half-baked and debatably just as disappointing as Cyberpunk 2077 at launch. The game had a long road ahead of it, but I was there for the whole ride out of nothing but faith and a little bit of bias.
To kick things off, Halo Infinite is great in its current state; let me get that established off the bat. When it dropped, it was pretty bad in terms of the lack of content. However, it has come a long way since then. The game has received a new coat of paint and some excellent polish on top to give it the extra shine it deserves. It has a great selection of modes, each of which is its own barrel of fun, both solo or with friends. For example, Team Slayer is the classic we all know and love. Spawn in, kill the enemy team until your team hits 50 kills, leave the match, and get ready for the next one. It's so simple yet so fun to do, especially when it’s not one of the only four game modes available. Variety is the spice of life, after all. Now, let’s look at a fan favorite: Infection. I can’t tell you in words how much fun I had back on Halo: Reach infection as a wee lad. You just had to be there. Halo Infinite is a lot like Reach in the sense that Infection is one of the most fun modes in a game since Black Ops 2 Zombies. It’s a blast running for your life and hoping to run into a teammate who can save you while eight infected players chase you down. It’s seriously a great time, as with many of the other modes we see in Infinite, like my personal favorite, Big Team Battle.
Big Team Battle is the definitive Halo multiplayer experience, in my opinion, since it lets you experience everything the game has to offer while not getting stale with its formula. So definitive that it deserves its own section. BTB sees teams of eight players duke it out on a large map while completing objectives and fighting for power weapons. The objectives can be things like Slayer, where, like Team Slayer, you spawn in and fight to reach the score limit. The main difference is that BTB has vehicles and more powerful weapons to grab since the teams are larger. It’s a great way to practice if you’re new to Halo since your deaths aren’t as impactful to the team. There are also more targets to practice on. Total Control is the best of the BTB modes since it’s objective-based. In Total Control, matches go on for much longer since scoring is more difficult than in other modes. To score, your team must control all three of the marked areas to score while defending from the other team who’s attempting to do the same. The first to three points wins. I can’t help but come back for more Big Team Battle when I get on Infinite. It doesn’t quite have the variety of modes that Halo 5 had, but it still provides a fantastic experience that is extremely fun to play.
Now that I’m done fangirling over Big Team Battle, let’s talk gunplay, which is the biggest thing in Halo. Human-made weapons like the Assault Rifle and Battle Rifle feel the best out of the entire series. As an Assault Rifle enthusiast, I remember trying to use the AR in Halo 5, only to get outdone by a Magnum Pistol. Halo 5 had a clearly defined meta, while Infinite attempted to do away with the whole meta thing. It feels like every gun is on an even playing field in terms of practicality when it comes to the base loadouts. Power weapons reign supreme, as usual. The S7 Sniper, M41 Spnkr, and Cindershot are all powerful enough to make them worth fighting for. All of the guns feel amazing, and none are inherently bad except for the Plasma Pistol, but is that really a surprise? It’s been like that since Combat Evolved, to no one’s surprise. The guns also have some great sounds and recoil patterns, which makes them enjoyable to use. The devs even added the DMR, which is now known as the Bandit. I’ve gotta say, it’s incredibly fun to use and extremely satisfying when you manage to land some headshots.
The map selection went from ok to great in a matter of months. Maps like Streets, Catalyst, and Aquarius are personal favorites from the 4v4 map pool, while Deadlock, Breaker, and Highpower are the best of the BTB maps. Each of these maps has an identity that sets it apart from the rest of the picks. Streets are reminiscent of New Mombasa from Halo 3: ODST, while Highpower gives off the feeling of playing on Forge World from Halo: Reach. Despite being similar to past maps, these new additions set themselves apart from the originals by utilizing atmospheric lighting and high-resolution textures to make an immersive experience you can get lost in when you’re not fighting for your life. The developers likely knew that the map's details would be lost among the gameplay and fighting, but when you take a moment to appreciate it, you can see that a lot of love was put into the designs. That’s what helps make Halo Infinite so enjoyable despite its past.
A humble comeback story mixed with community feedback and the unending dedication of the devs of 343 shaped Halo Infinite into a beast of its own. Seriously, this game is one of if not my favorite Halo games since it’s redeemed itself, and I cannot recommend it enough. The game’s beginning was very rough, and many laughed at its lack of enjoyable experiences, but 343 kept pushing. 343 saw the negativity and venomous response their creation had incurred, and yet they kept developing the game. In a way, this is my thank you to 343 for not giving up on a game we’d been waiting years for and for doing great work on a series that many of us grew up with. It’s plain to see that the team built Halo Infinite with love and sought to create something we’d remember as fondly as the Bungie era. There are bound to be those of us who refuse to revisit Infinite because of its botched origins, but I encourage you to give it another shot if you haven’t recently. It’s not perfect, but it’s a ton of fun when you approach with an open mind. It’s not the same as Bungie’s era of Halo by any means. However, its differences signify its new identity as one that is true to its beginnings but also changing to bring in new fans. For that, I think 343 Industries did a fantastic job with Halo Infinite’s redemption. Being that it’s one of the most played games on Xbox at the moment, I’d say I’m not the only one who thinks that.

SCORE SUMMARY - 94/100

Halo Infinite’s multiplayer is done correctly by the book. Since its rough launch, it has been very clear that 343 took the feedback, gripes, and technical issues and turned it 180 degrees. The gameplay is fun, engaging, and bound to keep your head on a swivel. The graphics and optimization for the game are top notch and add so much to the enjoyability of the game. It’s one thing to have something beautiful to look at, but when it’s also running and looking great on older hardware, that’s when you know you have something great. In terms of replayability, it's just as easy to revisit as any of the old Halo titles. Everything comes together seamlessly, and that’s why it’s a great entry into the series. It stands up to the standards of the original trilogy.
The Ultimate Halo Infinite Review - Score Graphic
Author: Roland Martinez
Title: Journalist / Reviewer
Favorite Game: Gears of War
What Their Playing Right Now: Nobody Saves The World

The German Heron TP, an unmanned aerial system (UAS) developed in collaboration by Israel Aerospace Industries (IAI) and Airbus, conducted its first flight in German airspace.
The maiden flight of Germany's Heron TP, an unmanned aerial system created through a partnership between Israel Aerospace Industries and Airbus, took place in German airspace (Picture source: Airbus)
Read full news here
https://armyrecognition.com/news/aerospace-news/2024/germany-collabrates-with-israel-to-develops-heron-reco-uav

Primo volo nello spazio aereo tedesco del German Heron TP - Airbus Defence and Space ed Israel Aerospace Industries (IAI) hanno annunciato congiuntamente che il German Heron TP (GHTP), prodotto dall'UAV PEO presso la Direzione della Difesa, Ricerca e Sviluppo dell'IMoD (Ministero della Difesa di Israele) e di IAI, ha volato oggi (15.05.2024) per la prima volta nello spazio aereo tedesco.
Il sistema aereo a pilotaggio remoto (RPAS) è stato personal...

https://preview.redd.it/qyqda90d2h0d1.jpg?width=1100&format=pjpg&auto=webp&s=d3f48440877eff74e0e0dad1f805fcd8b7ea5d39

Game Information

• Game Name: Halo Infinite
• Release Date: December 8, 2021
• Story Length: 9 Hours
• Completionist Length: 25 Hours
• Setting/World-Type: Sci-Fi Open World
• Genre/Sub-Genre: First-person shooter
• Perspective: First-person
• Development Engine: Slipspace Engine

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Game Publisher and Developer Information

• Developer: 343 Industries
• Publisher: Xbox Game Studios
• Headquarters Location: Redmond, Washington, United States
• Director: Pierre Hintze
• Lead Producers: Chris Hager, Brian Lemon, and Casey Marissa Wu
• Writers: Dan Chosich, Paul Crocker, Jeff Easterling, Aaron Linde
• Technical Director: David Berger
• Design Director: Max Szlagor

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STORY ATMOSPHERE LORE - 100/100

During the boarding of the UNSC Infinity supercarrier, Master Chief is thrown into space by Atriox, leader of the Banished. The Banished are a mercenary group that was previously part of the Covenant but broke away due to disagreements with the Covenant leadership. You’re eventually rescued by the Pilot, a survivor of the attack, who reluctantly assists the Master Chief in his mission to take down Atriox and the Banished. After destroying the warship, Chief is picked up by the Pilot, and they head down to Zeta Halo to search for a “weapon” in the mysteriously damaged portion of the ring. With these two introductory missions out of the way, you’re introduced to Halo Infinite’s vibrant yet dangerous open world. Across the 16-story missions, you will find yourself going across Zeta Halo and into the depths of the Forerunner installation.
The campaign features wide and sprawling open fields, claustrophobic underground facilities, and everything in between. The pacing of missions in Infinite is well done and isn’t too fast or slow. Missions are not too long, and you can expect to spend about 11 and a half hours on Zeta Halo when focusing on the main objectives, making it the longest campaign to date, according to HowLongToBeat. When looking to see everything the game has to offer, it’s estimated to take around 27 and a half hours to finish.
Knowing the lore behind the factions only adds to how enjoyable it is to fight against each enemy. For example, Brutes are always looking to fight opponents of noteworthy strength, so they approach battles with the Master Chief with bravado and are often happy to battle with the Spartans. Jackals, on the other hand, are typically pirates and mercenaries and will remark about claiming the bounty on Master Chief during combat. They go as far as commenting on canon events during combat, which is a first for the series. For example, Grunts will sometimes taunt you with a remark about the events of Halo: Reach by saying, “Hey Spartan, Reach called! Just kidding - ha!” Sometimes, Grunts dab after killing you, making them even more hilarious to fight. The colorful personalities that make up the Banished mercenaries make them feel more alive and like real characters you’re battling against. Previous Halo games had less personality-oriented enemies whose combat chatter became repetitive and didn’t make for a marginally more interesting battle.

GAMEPLAY - 95/100

WEAPONS

Since Halo: Combat Evolved, a damage system consisting of Kinetic and Plasma has been in place. Hardlight didn’t make a place for itself until Halo 4 and Shock Damage had its inception in Halo Infinite. Most human-made weapons deal Kinetic damage, which is effective at taking down unshielded enemies like Grunts, while Plasma works best against shields. Hardlight is good against any enemy regardless of their shield status, but the weapons and ammo are few and far between. Shock damage arcs between targets and is great for groups of Banished and their vehicles. As the newest addition to the weapon ecosystem, it makes a powerful statement when used in the midst of battle. Much like previous Halo installments, having only two weapon slots forces you into giving encounters some forethought since you’ll want to be properly prepared for the skirmish. It also makes you have to sacrifice certain weapons and pick up others to gain the upper hand in a fight, especially when facing a boss. Ammo resupplies aren’t new to Halo, but the ability to refill certain ammo like rockets without picking up a duplicate of the weapon is new to the series.
As a first for the series, the open-world design makes the open-battlefield style fights from previous games even more exciting by allowing different approaches to fights to be more viable. Previous installments of the series pitted Master Chief against enemies in arena-style fights, which had a repeating cycle of short battles and then exposition. Infinite has a different sense of balance between combat and exposition. One minute, you’re riding along through the ring, and suddenly you stumble upon a battle between Banished forces and surviving Marines. All hell breaks loose. In prior installments, you knew when combat would start due to the layout of an area, but in Halo Infinite, it’s less predictable but in the best way possible. It brings the ringworld to life and has a sense of curiosity as to what you’ll find yourself in next, similar to random encounters in other RPGs.

ENEMIES

In a first for the series, boss fights also make an appearance in the campaign. The boss fights in the story force you to take the damage system seriously because, without them, you’re bound to have a hard time. The bosses come with their own special fighting style. For example, the Spartan Killers, Hyperius and Tovarus, are both battled at the same time in the mission ‘Pelican Down.’ Hyperius wields a unique Ravager, S7 sniper, and rides a Chopper, while his brother Tovarus has a Scrap Cannon and spike grenades. Fighting both at the same time proves to be a mighty challenge since you’re in an open area with limited weaponry. Each boss has an arena that puts you at a disadvantage, like when you fight the invisible, energy sword-wielding Elite, Chak ’Lok, in a small room full of smoke. Another example would be fighting against the lightning-fast Harbinger in the final mission, along with her incredibly difficult waves of enemies. The bosses come in all forms of Banished and remain a constant threat in both main missions and side objectives.
Although the bosses are difficult, Halo Infinite’s standard enemies pose their own threats and must be handled differently. For example, Jackals have to be dealt with quickly since they often show up with marksman rifles that deal heavy damage. Elites are easily recognized by their tall stature and signature mandibles. They’re honor-bound Captains of the Banished whose inspiring presence makes their soldiers more emboldened and less fearful. Taking them out makes the rest of the battle much more manageable. Grunts are the small and frightened cannon fodder of the Banished who often run in fear when their higher-ups are defeated.

UPGRADES

One of the other new additions to the campaign is an upgrade system. Master Chief can now upgrade parts of his kit to make his gadgets much more powerful by finding and acquiring Spartan Cores. Become a walking tank by upgrading your shield to absorb more damage before breaking or greatly improve the agility of Chief by reducing the cooldown between uses of the Grappleshot. Reduced cooldown is an absolute must if you plan on playing around with the grappling hook during combat since waiting for it to recharge can mean life or death. All of the upgrades play their parts and can be integral to having a battle go your way. The Threat sensor can be upgraded to have a permanent mark on the enemy along with a visible health bar. The Drop Wall can have its strength increased and add shock damage to projectiles you fire through it. Finally, the thruster can increase its dodge distance and give you a cloak effect after use. Each ability upgrade plays into how well you’ll perform during a fight since not using them can cause you to take a lot more damage.

OUTPOSTS

Those aren’t the only new changes Infinite brings to the table. Forward Operating Bases (FOBs) are another new addition to the map. They appear as outposts you can claim during your fight against the Banished and serve as fast travel points. Alongside these FOBs comes a currency known as Valor. Valor is earned through completing the various side missions available across Zeta Halo. The currency allows you to unlock supplies and weapons to aid you in dominating the Banished and the battlefield. Your hard-earned Valor needs only to be spent once for unlimited access to the requisitions. From the simple yet reliable Sidekick sidearm all the way to the big bad behemoth of ground warfare, the Scorpion, Valor enables you to bring out any sort of weapon or vehicle for any scenario.

SIDE OBJECTIVE

The open world of Zeta Halo also has many side missions available, such as hunting down high-value targets (HVTs), rescuing UNSC Marines, and capturing abandoned outposts. These missions can be a great break from the story or provide much-needed Valor to help during the story. Undertaking a High-Value Target mission is as simple as going to the marked location and killing the target. The bosses appear as various types of Banished, and each has its own dossier with backstory and potentially useful information, such as strengths, weaknesses, and potential combat strategies. The HVTs also carry a unique weapon that drops when their wielder is defeated and can be purchased with valor for use during missions. When you’re not taking Banished lives, you can instead save those of the survivors of the UNSC Infinity’s crash. The Marine survivors will usually be engaging Banished troops, and it’s your job to make sure they survive. Upon saving the Marines, you’ll be rewarded with Valor as well as some new comrades who are willing to ride in vehicles and fight with you. Aside from the HVT hunting and marine distress signals, outposts are also available. Each Outpost offers several different objectives that need to be completed in order to shut down the facility. The objectives vary depending on the function of the Outpost, and completing a task can cause enemy reinforcement. Similarly to FOBs, the Outposts act as fast travel points after they’re finished and can be used to call in supplies unlocked through Valor.

FIRST-PERSON SHOOTER - 80/100

As a first-person shooter, Halo Infinite’s campaign excels at the traditional formula while adding new gameplay elements like boss fights. In these additions, Infinite delivers a fun and memorable combination of well-paced storytelling and solid gameplay. The RPG elements, like armor upgrades, make for a more engaging experience by giving an enticing reason to explore the levels and open world of Zeta Halo. All of these elements come together and deliver an amazing FPS game that doesn’t disappoint.

GRAPHICS ART DIRECTION - 95/100

Halo Infinite is the most graphically advanced Halo to date thanks to the new Slipspace engine, which allows it to outshine the previous installments by providing new and updated visuals. The engine enables excellent use of volumetric lighting, giving the interiors beautiful rays of light that shine through cracks and around objects. Each of these components lends itself to the world of Zeta Halo and makes it a true marvel to look at. Indoor sections feel realistic through their use of volumetric lighting and high-resolution textures. These elements make the walk through Forerunner facilities feel strange and alien as the lights twist and turn while you maneuver through the halls. Master Chief's damaged armor looks amazing in the cutscenes, where it looks battered and beat from the various battles the suit has seen. Compared to Halo 5, it’s far more appealing in the lighting and detail while remaining much more realistic with its high-resolution textures. It’s small things like this that make all the difference in how you perceive the game and the time put into it.
The art design of the levels works great in conjunction with the Forerunner plot elements introduced in Halo 4 as the beginning of the Reclaimer Saga. We see a lot of the Forerunner technology at work through things like bridges appearing as you approach and the Forerunner Sentinels flying overhead and working on repairs within facilities. These seemingly small details play a big role in making the factions more believable while also allowing the world to feel unique. While some levels in other Halo games felt a little too similar to one another in some cases, each level in Infinite feels completely different while retaining the identity of Halo Infinite. Compared to the first mission, where the halls of the Banished ship are claustrophobic and limit movement while eliciting the feeling of having a daunting task ahead, ‘Silent Auditorium’ brings you within a massive Forerunner facility that feels larger than life and has a feeling of finality to it.
The larger-than-life buildings of the Forerunners combined with the shiny silver exterior that makes up their facilities make for very regal settings. When paired with the grand and open interiors, the areas provide a majestic feeling and truly make the sci-fi notion come to life. The Banished forces come with their own unique looks as well, with their scarlet armor providing a contrast to the environment that allows for them to be easily distinguished from the background. The scarlet of their armor compliments their ferocity in battle since the Banished aren’t ones to run away from conflict, even with Master Chief.

REPLAYABILITY - 85/100

One of the best parts of Halo campaigns is how replayable they are. Whether you’re playing alone or with a friend at your side, the story of Halo Infinite is captivating and gripping enough to make it worth a few extra playthroughs. The side missions and the optional bosses are plentiful enough that you may not be able to complete the extra objectives in a single run. Aside from a completionist run, you can also try your hand at the infamous LASO challenge. LASO, standing for Legendary All Skulls On, is the ultimate test of your Halo skills and can be as infuriating as it is gratifying once you make it through a section. LASO is just one of many challenging ways the community has made Halo replayable and always a fresh experience. Master Chief’s journey on Zeta Halo is easy to jump back into even after beating it and is great if you’re looking to experience a quality storyline in a fan-favorite universe.

FUN FACTOR - 95/100

The Halo Infinite campaign is incredibly fun and makes for a memorable experience with all of its new additions. Between the classic and new formula for Halo, it finds itself in the middle, where new gameplay elements mesh together with the traditional style seamlessly. The game succeeds at giving you fun new things to play around with while remaining true to the original Halo style. You’ll find the most fun moments when the gameplay finally ‘clicks’ and you manage to pull off that awesome sniper shot or kill that boss that’s been giving you trouble. It’s such a satisfying feeling when you manage to latch onto a Brute chopper with the Grappleshot and yank the Banished out of their vehicles. It feels straight out of a movie and makes you truly immerse yourself in the incredible feats Master Chief is known to pull off. These moments of triumph are what add up to making the campaign so fun and can keep you coming back for more.

TECHNICAL PERFORMANCE - 97/100

Through the time played on both Xbox One and Xbox Series X, the game was incredibly well optimized. The graphics were noticeably different between the two generations, but it’s to be expected with the hardware differences. The game ran as smoothly as ever from the beginning to the end of the campaign. The Xbox One had some intermittent lag and stutter, but it wasn’t enough to impact gameplay significantly. The game ran very consistently throughout the campaign experience and made for a very enjoyable experience since it suffered no crashes.

CREATIVE REVIEW

Halo Infinite, released on December 8, 2021, is an ambitious follow-up to 2015’s Halo 5: Guardians. The game began development by 343 Industries just three years later. This sci-fi first-person shooter is the third installment in the Reclaimer Saga that began with Halo 4 and was published by Xbox Game Studios. Infinite was intended to be a launch release for the Xbox Series XS but was delayed due to internal conflict on development decisions. This installment utilizes the new Slipspace engine in conjunction with Faber, a set of developer tools with some of its components dating back to the early 2000s. Since its release, the campaign has been the subject of critical acclaim, with many praising the innovations the new story brought with it. An open world, new armor abilities, and a new faction all come with the installment’s 28-hour story mode. On the other hand, the free-to-play multiplayer was heavily criticized for its lack of content at launch. Since then, Infinite’s multiplayer has gone through several seasons, each of them introducing new content and different cosmetics to obtain through battle pass progression.
When I booted up the campaign for the first time, I couldn’t help but reminisce on all the good times I had both solo and with friends in previous installments. Memories like Grifball on Halo: Reach, dying four thousand times to Jackal Snipers on Halo 2, and Arbiter saving Chief with a flamethrower in Halo 3. I went in expecting something at least a little better than the catastrophe of Halo 5, but instead, I was met with something very different and unique for the series. Let’s start from the beginning: the opening cutscene and mission one. While Chief is known to be one of gaming’s coolest characters, he got humbled extremely quickly. The scene opens with pure chaos ensuing. There’s fire, plasma, and bullets flying everywhere, and Chief is at the center of it all. I felt like a kid in a candy shop, watching him skillfully maneuver and take down several opponents. That is until the big baddie of the Banished came along. The following encounter between Atriox and Master Chief was absolute humiliation for the mean green killing machine. Atriox grabs him, beats him with his admittedly cool hammer, drags Master Chief through the hangar, and then throws him into space. I was in pure shock as to how Chief just got beaten like nothing. Isn’t he a ‘hyper-lethal’ class Spartan? Maybe it was because he got caught off guard. Regardless, I just watched my childhood get thrown to his presumable death, and I wanted revenge.
Mission one sees us go in a Banished Warship to free the Pelican that Echo-216 saved us with from certain doom. It was straightforward, and I got a good glimpse of that classic Halo gameplay loop so many of us loved: Exploration, combat, and then some exposition. It’s a simple yet effective formula that kept me engaged the whole game. In this opening mission, we get introduced to the newest piece of equipment: the Grappleshot. While simple, it plays a huge role in every aspect of this game. As I got the hang of using it, I found that I could use it for more effective maneuverability in combat, something I did the entire game, which saved me many times. I got to the control room and promptly blew the ship to Smithereens, which left me feeling a lot of satisfaction as I mentally recovered from seeing Chief beaten up by Atriox. After the Banished Warship and one other mission, we get to explore the open world of Zeta Halo.
The world is exciting and fun to explore while supporting characters and cutscenes only add to the already gripping story. I quickly fell in love with the campaign and its characters in a way I hadn’t felt since Halo 4. When I wasn’t doing one of the story missions, I was out, causing a ruckus with the side missions. The High-Value Target missions were personal favorites that you’ll love if you’re a fan of boss fights, something Infinite doesn’t shy away from and has plenty of. Each fight feels like a real challenge since they all put you at a distinct disadvantage, like the Pelican Down mission, where you fight Hyperius and Tovarus at the same time with limited space and weaponry. This challenge translated well into a stark contrast between regular enemies and bosses. It made the bosses really feel threatening, a feeling I felt most games lacked since the fight with General Raam way back in the first Gears of War. There were countless battles, a lot of dying, and tons of fun to be had.
By the time I reached the Silent Auditorium, I had amassed an arsenal of weapons that I thought would make it a piece of cake. Spoiler alert: it was far from easy. I struggled on this mission quite a bit and had to take a break and tackle it again the next day. There were tons of enemies of varying calibers and carrying a lot of guns, but that was nothing new for a final Halo mission. It feels like enemy AI was much better this time around due to technological improvements and level designs largely being in favor of the Banished. The Silent Auditorium is a beautiful but deadly level that kept me on my toes and gave me a real sense of finality and importance as I made my way through the Banished army, protecting the final boss. It really makes you utilize every bit of tech and upgrade you’ve gotten up to this point. I had to throw down many Drop Walls, use a lot of Grappleshots to run away and heal, and use more Threat Sensors than I could count. Eventually, I got to the final boss with little ammo and very small amounts of optimism about the upcoming fight. The reasoning is spoiler-heavy, so I won’t say much, but when you get ready for this mission, come prepared to die a lot.
Halo Infinite had a rocky beginning but has a bright future ahead of it so long as 343 Industries keeps up the amazing work they’ve been doing during the past and current seasons. The campaign is on par with the original trilogy, which many consider to be the pinnacle of the series. It manages to define itself as a fantastic third entry to the Reclaimer Saga that had a rough start with the release of Halo 4 and the negatively received Halo 5: Guardians. While the campaign introduces some things that may initially turn away long-time fans, the gameplay and new additions make the story able to be experienced in a new and unique way. This is only furthered by a fantastic upgrade system that keeps you in the fight against an enemy that hits hard and can take a punch. The level design choices utilize the new gameplay additions like the Grappling Hook to their full extent and encourage you to play around with your new toys, see what strikes your fancy, and master their uses. Likewise, the multiplayer has a lot of charm. The addition of new weapons, new maps, and new modes add up and make for an awesome bout of fun with friends or even by yourself. The seasonal releases and cosmetics for the multiplayer only add to the fun with what many consider to be the best customization received since Halo: Reach. It may have been roughly criticized in the beginning, but it’s clear that 343 Industries took the criticism and set out to give Infinite the makeover of a lifetime. Halo Infinite surpasses expectations while remaining humble in its delivery of an unforgettable campaign and an equally addicting multiplayer that keeps many of us coming back for more. It’s amazing to see how far the game has come since its beta, and it’s hard to contain the excitement that comes with pondering what comes next.

SCORE SUMMARY - 92/100

Halo Infinite is a fantastic entry into one of the most well-known gaming series, and it delivers on nearly every front in its campaign. The cutscenes are beautiful, the RPG elements are prevalent but not overpowering, and the core gameplay is reminiscent of classic Halo. The campaign is easily one of the best entries in the series and delivers a stellar game in all aspects.
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Roland Martinez
Reviewer
Favorite Game: Gears of War

Company: Airbus
Location: Bengaluru, India 📍
Date Posted: May 14, 2024 📅
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When it comes down to legendary first person shooter games one of the most beloved titles that we have seen within the past 20 years was Halo 2. The 2000’s was a glorious time to be a fan of the first-person shooter genre especially since the Halo series arguably at the peak of its popularity during the time. Halo 2 was developed by Microsoft Game Studios and developed by Bungie and the story focused on the war between Covenant and the human race. The campaign mode for Halo 2 had multiple difficulties including Easy, Normal, Heroic and Legendary. Halo 2 also had numerous multiplayer game modes that added to its replay value including Deathmatch, Dominions and Strongholds. The online multiplayer game modes in Halo 2 had mainstream appeal among the video game community back in the 2000’s.
Following the release of Halo 2 the game managed to reach at least eight million copies in sales on the original Xbox console along with PC. Halo 2 had at least eight multiplayer maps where players could engage in 1v1, 2v2 or 3v3 action and made the Unreal Tournament from ’99 look boring in comparison. One of the greatest things about Halo 2 was that it ended up being the prelude to the critically acclaimed Halo 3 title from ’07 which was arguably the best entry within the entire series. Halo 2 was one of Bungie’s greatest games ever and the series in general has never been the same after early 2010’s since 343 Industries became the developer for the franchise. The Anniversary Edition of Halo 2 which came out in 2014 was quite possibly the best remaster of any video game from its era and is something that people still enjoy today. Despite, the graphics for the original Halo 2 game being obsolete it still stands the test of time 20 years later due to its storytelling and and high replay value.

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VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Ascot Resources Ltd. ( TSX: AOT; OTCQX: AOTVF ) (“ Ascot ” or the “ Company ”) is pleased to announce the Company’s unaudited financial results for the three months ended March 31, 2024 (“ Q1 2024 ”), and also to provide a construction update on the Company’s Premier Gold Project (“ PGP ” or the “ project ”), located on Nis
g
a’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia. For details of the unaudited condensed interim consolidated financial statements and Management's Discussion and Analysis for the three months ended March 31, 2024, please see the Company’s filings on SEDAR+ (www.sedarplus.ca).
All amounts herein are reported in $000s of Canadian dollars (“ C$ ”) unless otherwise specified.
Q1 2024 AND RECENT HIGHLIGHTS

• On May 7, 2024, the Company announced a $5,000 non-brokered flow through private placement (the “Offering”), the proceeds of which will be used to fund the 2024 exploration program at the PGP. The Offering will consist of 6,024,096 common shares of the Company, which qualify as "flow-through shares" within the meaning of the Income Tax Act (Canada) (the “FT Shares”), at a price of $0.83 per FT Share. The closing of the Offering is expected to occur in one or more tranches in or around late-May to mid-June 2024, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the Toronto Stock Exchange.
• Rock was introduced into the grinding circuit of the mill on March 31, 2024, and first gold-bearing ore was introduced to the mills on April 5, 2024. On April 20, 2024, first gold was poured as a part of the commissioning process. Commissioning of the processing plant at PGP is ongoing, with commercial production anticipated in Q3 2024. Two gold pours have been completed using gold recovered from the gravity circuit. Another pour from gold recovered from the carbon-in-leach (“CIL”) circuit is anticipated imminently.
• On February 20, 2024, the Company closed its previously announced financing package for a total of US$50 million from Sprott Resource Streaming and Royalty Corp. and its affiliates (“SRSR”) and Nebari Credit Fund II, LP (“Nebari Credit Fund II”), as described in the Company’s news release dated January 22, 2024. $13,700 of the above proceeds were used to buy back two existing 5% NSR royalties on various PGP property claims on March 15, 2024.
• On February 20, 2024, concurrently with the above-noted financing package, the Company closed its previously announced bought deal private placement financing, under which the Company issued a total of 65,343,000 common shares of the Company (the “Common Shares”) at a price of $0.44 per Common Share, for gross proceeds of $28,751.
• At the end of Q1 2024, overall construction excluding mine development was 98% complete compared with 86% complete at the end of 2023. A few remaining commissioning activities in the mill are underway. The tailing storage facility was completed and signed off by the engineer of record at the end of March 2024.
• The new water treatment plant began operations in February 2024. The high-density sludge plant has been successfully commissioned and water is being treated and discharged into the environment. The moving bed bio-reactor (“MBBR”) is complete and media have been loaded into the tanks.
• As of April 30, 2024, underground development totaled approximately 2,710 metres at Big Missouri and 150 metres at Premier.

DEVELOPMENT OF THE PROJECT
Project financing
On February 20, 2024, the Company closed a bought deal private placement for gross proceeds of $28,751 and a financing package of US$50 million for the completion and ramp-up of PGP. The financing package consisted of a royalty restructuring and a cost overrun facility.
Construction progress key performance indicators
At the end of Q1 2024, overall construction was 98% complete, compared with 86% complete at the end of Q4 2023. With first gold having been poured on April 20, 2024 via gold recovered through the gravity circuit, the project construction is 100% complete on schedule and on the most recently provided budget of approximately C$339 million. Commissioning and ramp-up activities in the processing plant and in the mine continue towards achieving commercial production in Q3 of 2024.
Safety
The Project had no lost time injuries in Q1 2024. There was an increase in recordable injuries at the end of the quarter which in part, can be attributable to seasonal changes and the transition from construction to operations. As the Project continues its transition from construction into operations, focus has been placed on the ongoing development of standard operating procedures, in field job hazard analysis and worker training. There was a small increase in property damage reported in the quarter due in part to weather conditions and the onboarding of a significant number of new workers to the site. The re-enforcement of reporting to the operating team remains a key focus to ensure that all learnings are identified and applied to prevent re-occurrence and reflect in the future training plans. In Q2 2024, significant work will be placed to support the operational teams to begin to operate the newly constructed plant through the final stages of C4 and C5 commissioning.
Processing plant and site infrastructure
Mechanical and electrical work in the mill was substantially completed in Q1 2024 with minor associated systems and punch list items to complete. Focus has shifted to commissioning the process plant and ramp up as well as completing minor deficiencies.
Stage one of the tailings storage facility (“TSF”) raise was completed and accepted by the Engineer of Record for use. Earthworks activities in 2024 will focus on raising the spillway dam by three metres, producing material for the 2025 raise and advanced work on the Cascade Creek Diversion in preparation for the 2025 works and final completion of the diversion.
The new water treatment plant was substantially mechanically and electrically completed in Q4 2023 with some minor areas remaining. The high-density sludge circuit was commissioned in Q1 2024 and is advancing towards full ramp up. The MBBR circuit was substantially complete in Q1 2024 and will begin full commissioning as the process plant continues to deposit tailings into the TSF and feed nitrogen species into the MBBR circuit.
The site power reticulation was completed in Q1 2024. Sustaining capital works in 2024 will focus on reticulation to the Premier portal as well as the Big Missouri portal.
Mine development
Procon Mining & Tunnelling (“Procon”) a mine contractor with extensive experience in BC and the Golden Triangle continued to advance mine development at two portal areas: S1 about 9 kilometres north of the mill which accesses the Big Missouri and Silver Coin deposits, and the mill adjacent Premier Northern Light (“PNL”) portal which accesses the Premier and Northern Light orebodies. As of the end of Q1 2024, Procon had about 57 people on site, 40 of whom were miners and 10 were maintenance personnel.
At Big Missouri, Procon advanced development into several ore headings in the A zone, as well as reactivating the S1 ramp heading that goes to Silver Coin deposit. In Q1 Procon developed 936 metres at Big Missouri (258 metres in ore and 678 metres in waste, and by April 29, 2024, development advanced to 905 metres in waste and 507 metres in ore total in 2024. Including the development completed in late 2022 and late 2023, the total development to date is approximately 2,710 metres in both ore and waste. Productivities at Big Missouri have continued to improve, with availability of key equipment such as Maclean bolters being made a priority.
During Q1 2024, the geological team continued to encounter high grade material occurrences in both face sampling and probe hole drilling in multiple areas of the A zone. As previously reported, these occurrences are in or very near existing wireframes or logical extensions of wireframes. At the end of March 31, 2024, a total of approximately 30,000 tonnes of ore was mined from Big Missouri and stockpiled at Diego pit.
At PNL, Procon dealt with issues related to near surface structure and weak ground. These issues seem to have abated at the end of April, and Procon has started to make better progress as they move into the better ground conditions expected at Premier given what was seen historically. In Q1 2024 approximately 85 metres were advanced at PNL, and at the end of April this increased to approximately 150 metres as ground conditions improved.
Mining development is being advanced down into the Premier deposit for initial mining in the Prew Zone, with ore development now anticipated to begin in early Q3 2024, and initial longhole stope production following later in Q3 2024. The ramp has been strategically laid out to allow for underground drilling on the Sebakwe Zone in 2024 and will eventually connect a footwall ramp over to the 602 area at the southern end of the Premier deposit. Although progress has been slow, the quality of the resultant work with ground control and shotcrete arches has been excellent, allowing for a secure and stable ramp for the life-of-mine production to come from this area approximately 350 metres from the Premier Mill.
Recruitment
At the end of Q1 2024, total site recruitment has reached approximately 90% of the planned operational team. A key achievement was the successful recruitment for some challenging roles pertaining particularly to some of the maintenance roles, health and safety (specifically, mine rescue), and technical roles for the mine and processing area. Policies and procedures development have been ongoing throughout Q1 2024 and key documents will be rolled out in Q2 2024.
Permitting and Environmental Compliance
A Joint Permit Amendment Application (“JPAA”) was required to be re-aligned with the project completion dates and was submitted in October 2023. The JPAA underwent first round comments through February 2024 and second round comments were received in late April 2024, with our responses anticipated to be submitted in May 2024.
The air permit was received on March 25, 2024. The updated environmental permit PE-8044, including the sewage treatment facility discharge permit is anticipated to be received in late May 2024.
2024 EXPLORATION PROGRAM
Planning for the 2024 exploration program is in full swing with an anticipated start date in late June. There are several areas on the properties that will be targeted by new drilling. Near the Premier mill, several drill holes have been planned around the Prew and Sebakwe zones of the Premier deposit. The new holes will complement the existing drill pattern at Prew and test induced polarization geophysical anomalies from last year’s survey.
Additional drill holes have been planned for the Big Missouri deposit where underground development is rapidly providing access to different parts of the deposit. The new holes will be designed for resource conversion and mine plan addition at this deposit. Specific new drill targets have been identified at the Day Zone on the western edge of the deposit, where geophysical anomalies seem to outline previously untested mineralization along strike of known ore zones.
Additional exploration drill holes are targeting a large geophysical anomaly to the west of the Dilworth deposit that extends surface showings to the north onto Ascot’s PGP property. This target has a large strike extent and may require drilling over more than one exploration season.
The Company anticipates a drill program of between 15,000 and 20,000 metres distributed over the areas described above. The program will require utilization of two drill rigs into late September or early October 2024.
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2024
The Company reported a net loss of $6,208 for Q1 2024 compared to $7,589 for Q1 2023. The lower net loss for the current period is primarily attributable to a $2,170 decrease in the loss on extinguishment of debt and a $1,196 decrease in financing costs, partially offset by increases in other expense categories.
LIQUIDITY AND CAPITAL RESOURCES
As at March 31, 2024, the Company had cash & cash equivalents of $47,028 and working capital deficiency of $33,030. The working capital deficiency is caused by an estimated $23,024 as the current portion of the deferred revenue only to be settled with future production from the Project and the $25,180 value of the Convertible facility, which is classified as current due to the lender’s right to exercise the conversion option at any time at a variable exercise price. Excluding these non-cash current liabilities, working capital was $15,174. In Q1 2024, the Company issued 67,807,135 common shares, 10,164,528 warrants, and granted 110,000 stock options and 28,667 Deferred Share Units. Also, 100,766 stock options expired or were forfeited, 24,427 Restricted Share Units were forfeited, and 99,039 stock options, 137,533 Deferred Share Units and 158,726 Restricted Share Units were exercised in Q1 2024.
MANAGEMENT’S OUTLOOK FOR 2024
In 2024, the Company will transition from the construction of the mine and related infrastructure to the operation of the entire site and becoming a gold producer. Despite the challenges associated with this transition, there are many opportunities for the Company to grow and create value.
The key activities and priorities for 2024 include:

• Making health and safety a priority in the commencement of operations
• Completing the commissioning of the process plant
• Completing the access ramp and starting the mine production at the Premier deposit
• Continuing to expand the mine production and development at the Big Missouri deposit
• Shipping and selling of gold doré
• Advancing the exploration and infill drilling program on the numerous opportunities to increase resources
• Compliance with the environmental requirements of the site and making sure water treatment and the tailings management facility operate as designed
• Successfully transition from a mine developer to a mine operator

Qualified Person
John Kiernan, P.Eng., Chief Operating Officer of the Company is the Company’s Qualified Person (QP) as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this news release.
On behalf of the Board of Directors of Ascot Resources Ltd.
“Derek C. White”
President & CEO, and Director
For further information contact:
David Stewart, P.Eng.
VP, Corporate Development & Shareholder Communications
dstewart@ascotgold.com
778-725-1060 ext. 1024
About Ascot Resources Ltd.
Ascot is a Canadian mining company focused on commissioning its 100%-owned Premier Gold Mine, which poured first gold in April 2024 and is located on Nis
g
a’a Nation Treaty Lands, in the prolific Golden Triangle of northwestern British Columbia. Concurrent with commissioning Premier towards commercial production anticipated in Q3 of 2024, the Company continues to explore its properties for additional high-grade gold mineralization. Ascot’s corporate office is in Vancouver, and its shares trade on the TSX under the ticker AOT and on the OTCQX under the ticker AOTVF. Ascot is committed to the safe and responsible operation of the Premier Gold Mine in collaboration with Nisga’a Nation and the local communities of Stewart, BC and Hyder, Alaska.
For more information about the Company, please refer to the Company’s profile on SEDAR+ at www.sedarplus.ca or visit the Company’s web site at www.ascotgold.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
All statements and other information contained in this press release about anticipated future events may constitute forward-looking information under Canadian securities laws (" forward-looking statements "). Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "targeted", "outlook", "on track" and "intend" and statements that an event or result "may", "will", "should", "could", “would” or "might" occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein are forward-looking statements, including statements in respect of the terms of the Offering, the closing of the Offering, the advancement and development of the PGP and the timing related thereto, the completion of the PGP mine, the production of gold and management’s outlook for the remainder of 2024 and beyond. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including risks associated with entering into definitive agreements for the transactions described herein; fulfilling the conditions to closing of the transactions described herein, including the receipt of TSX approvals; the business of Ascot; risks related to exploration and potential development of Ascot's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and indigenous groups in the exploration and development of Ascot’s properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time in Ascot's filings with Canadian securities regulators, available on Ascot's profile on SEDAR+ at www.sedarplus.ca including the Annual Information Form of the Company dated March 25, 2024 in the section entitled "Risk Factors". Forward-looking statements are based on assumptions made with regard to: the estimated costs associated with construction of the Project; the timing of the anticipated start of production at the Project; the ability to maintain throughput and production levels at the PGP mill; the tax rate applicable to the Company; future commodity prices; the grade of mineral resources and mineral reserves; the ability of the Company to convert inferred mineral resources to other categories; the ability of the Company to reduce mining dilution; the ability to reduce capital costs; and exploration plans. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Although Ascot believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Ascot can give no assurance that such expectations will prove to be correct. Ascot does not undertake any obligation to update forward-looking statements, other than as required by applicable laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
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A hungry bear does not dance
Patriarchal Cathedral of St. Alexander Nevsky, created in 1913. The city of Sofia went through changes according to the vicissitudes of Bulgarian history. Many rulers ruled it and each of them left their special stamp on the soul of the city. The large Jewish community that lived in the city also left evidence of a glorious past.
The Bulgarian people are one of the oldest peoples in Europe, with a cultural continuity of 1300 years. Information about Jewish settlements in Macedonia dates back to the time of Gaius Caligula and in the Nicopolis district a Latin inscription was found that testifies to the existence of a Jewish community in the 2nd century. There are not many other peoples on the European continent that formed so early and preserved their language, their religion, and their national tradition. The English, for example, completed their consolidation into one nation only after the Norman conquest in the XI century, and the Germans and Italians in the XIX century. The formation of the Bulgarian people was the first swallow that heralded the golden age of the Slavic peoples and kingdoms; In Russia a century later the inner Principality of Kyivan Rus was created, and in the Balkans two centuries later the kingdoms of the Bosnian Serbs and Croats were formed. The word Bulgarian itself means "to do good". Bulgarians have three important characteristics according to their own myth - from the Thracians they believe they received the sympathy for mysticism, from local Turks they bred with their fighting ability, courage and determination, and from the Slavs - patience as a way of life and mutual guarantee to each other and to other Slavic nations.
However, this wonderful cultural continuity was disrupted with the Ottoman occupation in the 14th century - which succeeded in destroying the local aristocracy, destroying the cities and fortresses, and deeply damaged the original organic Bulgarian culture while preventing for a time the formation of the Christian urban culture that developed in the same period in Western Europe. Therefore, unlike in Italy, England and France, ancient cities from the Middle Ages were unfortunately not preserved to modern times. In addition, Bulgaria did not experience the Renaissance, the Baroque, the Enlightenment period, and only in 1878, upon gaining independence, did it begin to rediscover its powerful roots.
In the years following independence, Bulgaria became increasingly militaristic and was often referred to as the "Prussia of the Balkans", in regards to its desire to change the Berlin Treaty through warfare, when the division of territories in the Balkans by the Concert of Europe regardless of ethnic composition led to a wave of discontent not only in Bulgaria, but also in the nations who were her neighbors and Bulgaria strived with relative success to manage the power relations compared to the other Christian countries of the region.
The defeat of the Ottomans in the Turco-Italian War, and the feeling that this was the time when Christian territories could be conquered from the Ottomans, led some of the Balkan countries to create the Balkan League, in which Bulgaria served as a central player. The First Balkan War began when Montenegro declared war on the Ottoman Empire, and a few days later the other members of the League officially joined the war. During the war, the Allies managed to conquer large parts of the reminder of Ottoman Europe, with Bulgaria in particular suffering huge losses in combat operations.
These territories were taken from the Empire in the Treaty of London that ended the war. However, League members failed to reach an agreement regarding the division of the various territories, and against this background, the Second Balkan War broke out.
In the second war, Bulgaria fought against the other members of the league. The war against Bulgaria was even joined by Romania, which was afraid of a large-scale Bulgarian sphere of influence. At the end of the war, in the Bucharest Agreement, all of Bulgaria's gains from the previous war were completely erased, except for a coastal strip near the Aegean Sea that remained in its hands. Part of the Dobruja region passed from Bulgarian control to Romania, Greece received the territories of Thessaloniki and Serbia received Macedonia. As a result of these changes, the main power in the Balkans shifted from Bulgaria to Serbia.
Thus when the Great War began Bulgaria joined the German Alliance with the hope of receiving territorial gains, and indeed it was generously rewarded by the Germans following the end of the war – with most of Serbia being transferred to the Bulgarian Tsardom and the entire Black Sea coast taken from Romania back to Bulgaria at the International Peace Conference of the Hague. The new territories brought new hope to the Bulgarian people, who prospered in these post-war days due to an economic alliance with Mitteleuropa, and as result, the Bulgarians did not bother to hide their sympathy for the Germans, even after the 1929 German economic crash and when it seemed that the established world order was beginning to crumble as more and more powers became Integralist and avowed anti-German. At that time, the reported German pogroms did not affect the Bulgarian domestic policy - which continued to allow a rich cultural life for Bulgarian Jews.
As a token of gratitude to the Germans and out of fear of a non-German Europe that would be hostile to them, the Bulgarians quickly and almost automatically joined the German side in World War II. In retrospect, contrary to the results of the Great War, the Tsardom got the short end of the stick and suffered a colossal defeat.
Although the Bŭlgarska armiya was relatively well equipped for the Serbian and Albanian threats and even advanced directly to the Serbian city of Niš, difficult terrain conditions soon made the front static along with reports of abuse of Serbian prisoners of war. The Greek declaration of war on Bulgaria which concerned many was merely only the beginning of bad tidings, each one greater than the other.
Eventually Romania declared war as well almost a year into the start of World War II. The Bulgarian army simply could not deploy on so many fronts and received encirclements one after another, as the Romanian invasion was unrestrained and ruthless. In less than a month and a half afterwards, all of Bulgaria was conquered. With no other option, the Bulgarian government announced unconditional surrender to the Pact of Iron.
A new puppet government was established which received all administrative dictates from Paris and Bucharest while the Tsar was found dead by suicide, in a clear indication of the national situation.
Pact soldiers were allowed to loot whatever they needed, and Bulgarian national historical works were transferred to other countries. It was the darkest period of the Bulgarian people, who experienced quite a few tragedies in the past.
And an even darker period for the Bulgarian Jews, when in 1944 the government approved the request of Russia and Romania to transfer 11,343 Jews to "labor camps" after a preliminary "deportation" of 9,000 other Jews (the extermination of the Jews in the Holocaust often received such titles, although those who ''discussed'' the request knew what it was truly about – an extermination camp).
However, hope can be found even in the most difficult moments. As the Germans eventually got closer to Bulgaria, the Bulgarian people revived the guerrilla action against the local Pact forces. Bulgarian public figures protested after the expulsion of the Jews of 1944, among them the Bulgarian Orthodox Church, bishops and parliamentarians and managed to prevent the deportation to extermination camps of about 48,000 more Jews before the liberation of Bulgaria by the Kaiserliche deutsche Armee while the survival rate of the Jewish population in Bulgaria was among the highest of controlled Pact nations. On February 1, 1945, hundreds of Bulgarian Pact collaborators were executed by German forces in an event that received international condemnation and Bulgarian silence. Bulgaria emerged from the war with a terrible sense of loss.
The brief period of complete German military occupation ended sooner than expected, when both the Americans and the Germans reached agreements on the re-creation of the Tsardom with Macedonia once again returned to Bulgaria in the Treaty of Aachen. In those days, Bulgaria still needed German economic and military support to prevent anarchy and enable basic functioning and so it suffered after Operation Halfmoon despite not being classified as an enemy nation for the purposes of the operation. Therefore, it did not show any opposition to the American soldiers who came to manage and start the rehabilitation of the region, and cooperated with them as Secretary of State Grew was able to finally settle the territorial disputes that led to almost a century of tensions and wars in the region with virtually all (devastated) Balkan countries signed the Sofia Agreements in exchange for participation in the ''Grew plan'', as they formally committed to ceasing and ending any territorial claims and opened full diplomatic relations with each other.
“Efectul știrii este mai important decât adevărul ei.”
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In 1901, the Italian Guglielmo Marconi reached his great achievement – a telegraph transmission from Europe across the Atlantic Ocean to America.
The German-Jewish Gustav Ludwig Hertz has already proved that electricity can pass through electromagnetic waves, those waves whose frequencies span across the spectrum from X-ray waves to UV waves, microwaves, and radio waves. Hertz conducted an experiment on the subject, got the frequency unit named after him, and has been able to transmit sounds not only through an electric cable (ie telegraph) but through the air (wireless telegraph). The last breakthrough was made by a Serbian genius named Nikola Tesla who demonstrated the system to the public in 1903.
A wireless telegraph does what a cable telegraph does – it transmits a message from point to point. What will make it a world changer is the human understanding that this technological ability can be used not only from a transmitting point to a receiving point, but from a transmitting point to dozens of receiving points at the same time and later tens of millions of receiving points. This is how the radio was born. The radio and the wireless telegraph are technically very similar and thus the radio was a natural continuation of the telegraph with the help of inventors and entrepreneurs (a famous story is of David Sarnoff, an American Jew who worked for Marconi's telegraph company that also sold radios and insisted despite his boss's refusal to broadcast the 1920 World Series, which became the largest and most successful mass broadcast of that time and helped for the public to get used to the radio. It is also worth noting that he already suggested in 1915 that the company change its branding to the ''Radio Corporation of America'' and sell music boxes to consumers, but the process took place only after General Electric bought the company).
Telegraph connected points; The radio connected audiences. Those who sat on an isolated farm, those who worked in a factory, those who relaxed in the living room of their homes, suddenly everyone had the ability to hear at the same time leaders’ speeches, classical music (and later rock and roll), they heard dictators, declarations of war and peace. Historical events were reported as quickly as possible on the evening news. The world with the radio will become more accessible to the masses.
In 1925, Scottish inventor John Logie Baird managed to produce a device that transmitted images of moving figures clearly and not just voices. In 1937 the RCA conducted its first television broadcast, while the first television receivers sold were physically large and took up space in the home living room like a piece of furniture and the viewing screen was small. During this period there were still no long broadcast hours and on certain days there were only special broadcasts. These broadcasts content was scarce and included mainly news and coverage of special events, such as various sports events.
World War II significantly slowed down the development of the television broadcasting industry. All technological effort was directed to the war effort. Only after the war did the industry begin to gather momentum again. Starting in 1947, a dramatic development can be seen in the amount and variety of commercial television broadcasts in the US and, along with it, in the rest of the developed world (together with a significant reduction in the price of the television compared to the pre-war world). A variety of comedy, drama and thriller programs aired alongside editions of news, entertainment, and other leisure programs. The American people began to buy televisions in droves, and this only encouraged the industry to invest in more reliable models and more continuous broadcasts.