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Patriot Battery Metals Inc. (TSX-V: PMET) (OTCQB: PMETF) Strong as Lithium Miner Comes off Exceptional Summer Drill Program at the Corvette Lithium Property

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1 year ago

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Patriot Battery Metals Inc. (TSX-V: PMET) (OTCQB: PMETF) (FSE: R9GA) is one of the biggest runners of 2022 running from pennies in 2021 to recent highs of $5.45 per share. We covered the Patriot back in May when it was less than $2 reporting at the time: “Patriot Continues to rocket higher in recent trading moving up more every day and hardly ever retracing its steps. The stock has skyrocketed over 1000% in the past year as the Company makes remarkable grade Lithium discoveries in its 200 square kilometers newly discovered Corvette lithium Mine. Word is the Company most likely has discovered more than 100M tons of ore just in the Corvette lithium property alone.  

Several weeks ago, Patriot reported its best drill intercept ever; 159.7 meters at 1.65% Li20. Multiplying width x grade {159.7 x 1.65} yields a value, [263.5] Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” Drilling is anticipated to continue through to mid-October, at which time the 2022 drill program will conclude with final core processing on site and shipment to the lab for analysis. The Company is currently planning an aggressive 2023 drill campaign at Corvette and will announce details in the coming weeks. 

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Patriot Battery Metals Inc. (CSE: PMET) (OTCQB: PMETF) (FSE: R9GA) is a mineral exploration company focused on the acquisition and development of mineral properties containing battery, base, and precious metals. The Company’s flagship asset is the Corvette Property, located proximal to the Trans-Taiga Road and powerline infrastructural corridor in the James Bay Region of Québec. The Corvette Lithium Property is over 200 square kilometers of the newly discovered Corvette lithium district. The Company is aggressively advancing the Corvette Property with a 20,000 meter, two rig, drill program that commenced in March 2022. The land package hosts significant lithium potential highlighted by the CV5-1 spodumene pegmatite corridor with drill intercepts of 0.94% Li2O and 117 ppm Ta2O5 over 155.1 m (CF21-002), and 2.22% Li2O over 70.1 m, including 3.01% Li2O over 40.7 m (CV22-017). Additionally, the Property hosts the Golden Gap Trend with grab samples of 3.1 to 108.9 g/t Au from outcrop and 10.5 g/t Au over 7 m in drill hole, and the Maven Trend with 8.15% Cu, 1.33 g/t Au, and 171 g/t Ag in outcrop. 

The Company is led by President and CEO Mr. Blair Way; an experienced international executive with over 35 years’ experience within the resources and construction industry throughout Australasia, Canada, the United States and Europe. A highly respected project developer in the most challenging of environs Mr Way’s experience spans the complete mineral development cycle from early-stage exploration to project definition and studies culminating in implementation, commissioning and operations. Mr Way has experience in a wide range of commodities including gold, copper, nickel, zinc, magnesium, graphite, cobalt and lithium. 

Patriot properties include the Corvette in Quebec (Lithium, Tantalu, Copper, Gold and Silver) Freeman Creek, In Idaho (Gold, Silver and Copper) Lac de Beryl in Quebec (Gold and Lithium) Hidden Lake in Northwest Territories (Lithium) Eastmain in Quebec (Lithium) Golden Silica in British Colombia (Silica) Pontax in Quebec (Lithium, Tantalum and Gold). Already listed in France, Canada and the USA, Patriot Battery is looking to get listed in Australia too on the ASX.  The Company has commenced the process to dual list Patriot Battery Metals on the ASX. Patriot already has a strong number of shareholders based out of Australia on its register so it is the logical next step for the Company to provide greater ease of access to existing and new investors. 

The Company also holds 100% ownership of the Freeman Creek Gold Property in Idaho, USA which hosts two prospective gold prospects – the Gold Dyke Prospect with a 2020 drill hole intersection of 4.11 g/t Au and 33.0 g/t Ag over 12 m, and the Carmen Creek Prospect with surface sample results including 25.5 g/t Au, 159 g/t Ag, and 9.75% Cu. The Company’s other assets include the Pontax Lithium-Gold Property, QC; and the Hidden Lake Lithium Property, NWT, where the Company maintains a 40% interest, as well as several other assets in Canada. 

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PMETF

Patriot has been in consultation with the ASX to obtain in-principle approval to undertake a dual listing on the ASX and TSX-V. Following the successful relisting of Patriot on the TSX-V on 14 July 2022, the Company now anticipates it will receive in-principle approval along with the standard ASX Listing Rule waivers for a TSX-V company to dual list on the ASX shortly. The Company now expects to lodge its listing prospectus in October 2022. Subject to the successful completion of the conditions in the in-principle approval including successful closing of the prospectus, Patriot would commence trading on the ASX. This is expected to be prior to the end of 2022. 

Earlier this month Patriot entered into a subscription agreement with PearTree Securities Inc. for the issuance of 1,507,170 shares at a price of C$13.27 per share for aggregate gross proceeds of C$20 million. The FT shares will be subject to statutory four-month resale restrictions from the completion of the Offering. The gross proceeds received by the company from the sale of the shares will be used to incur Canadian exploration expenses (CEE) (as such term is defined in the Income Tax Act (Canada)) on the company’s Corvette Property in the James Bay area of Quebec, by Dec. 31, 2023 that qualify for the federal 30% Critical Mineral Exploration Tax Credit announced in the federal budget on April 7, 2022. The Company will renounce such expenditures to the subscribers effective Dec. 31, 2022. 

On September 19 Patriot provided an update on the 2022 drill campaign at its wholly owned Corvette Property located in the James Bay Region of Quebec. The primary drill area is the CV5 pegmatite corridor, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure with two drills currently coring. The Company has recently positioned the third drill rig at the CV13 pegmatite cluster for initial drill testing. 

Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” 

CV13 Pegmatite Cluster – The CV13 pegmatite cluster is characterized by two (2) contiguous trends, totalling approximately 2.3 km in combined strike length, and are situated on geological trend between the CV5 pegmatite corridor and the CV8-12 pegmatite cluster. The initial drill hole at CV13 (CV22-077) targeted the largest outcrop (~100 m long x 15 m wide) of the cluster, situated within the apex of a regional structural flexure – a highly favourable geological setting for lithium pegmatite emplacement. The hole was collard approximately 30 m back from the outcrop – at an azimuth of 200° and dip of -45° – and collared in spodumene pegmatite to a depth of approximately 25.5 m (starting from 3.1 m) (Figures 1 and 2). A second hole (CV22-081) was completed at the same pad and azimuth at a dip of -80° to catch the lower contact of the pegmatite before stepping further back from the outcrop for the third hole, which will target both the upper and lower contacts of the pegmatite. This second drill hole (CV22-081) also collared in spodumene pegmatite to a depth of approximately 18.4 m. 

A preliminary review of the core indicates that the mineralization style in both CV13 drill holes is similar to that of the principal pegmatite at the CV5 corridor, characterized by coarse-grained spodumene hosted within a quartz-feldspar pegmatite. The spodumene mineralization consists off-white to pale-green crystals of centimetre to decimetre scale, which are relatively free of inclusions (Figures 3, 4, and 5). A total of approximately 2,500 m is planned over ten (10) to fifteen (15) drill holes at the CV13 pegmatite cluster this fall, weather permitting, and will test several areas along the trend where spodumene outcrop is present. The Company intends to follow-up on the results in a winter 2023 drill program. 

CV5 Pegmatite Corridor – The Company continues to advance the drilling at the CV5 pegmatite corridor with two (2) drill rigs currently operating. Recent drill holes have targeted the westerly (CV22-074) and easterly (CV22-079) strike extensions of the mineralized body(s) with each intersecting spodumene pegmatite and, collectively, extend the strike length an additional 100 m for a total spodumene pegmatite strike length of approximately 2,100 m (Figure 6). Mineralization remains open along strike at both ends, and to depth. 

In addition, the Company has intersected the largest spodumene crystal to date in drill core at 1.8 m (Figures 7 and 8). The crystal was encountered at a depth of 225 m (core length) in drill hole CV22-066 within a wide interval (113.4 m) of mineralized pegmatite. All core samples from CV22-066 are currently enroute to SGS Canada’s analytical laboratory in Lakefield, ON, for geochemical analysis. Drill hole CV22-066 is located at the eastern end of the CV5 pegmatite corridor. A total of three (3) drill rigs are currently operating at the Corvette Property – two (2) targeting the CV5 pegmatite corridor and one (1) targeting the CV13 pegmatite cluster. As of September 15th, 2022, a total of approximately 19,199 m over sixty-five (65) holes have now been completed over the 2022 drill campaign – 4,345 m over 20 holes in the winter program, and 14,854 m over forty-five (45) holes in the summer program. 

Drilling is anticipated to continue through to mid-October, at which time the 2022 drill program will conclude with final core processing on site and shipment to the lab for analysis. The Company is currently planning an aggressive 2023 drill campaign at Corvette and will announce details in the coming weeks. 

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Currently trading at a $407 million market valuation Patriot Battery Metals Inc. has more than doubled since the last time we covered it. Patriot is one of the biggest runners of 2022 running from pennies in 2021 to recent highs of $5.45 per share. We covered the Patriot back in May when it was less than $2 reporting at the time: “Patriot Continues to rocket higher in recent trading moving up more every day and hardly ever retracing its steps. The stock has skyrocketed over 1000% in the past year as the Company makes remarkable grade Lithium discoveries in its 200 square kilometers newly discovered Corvette lithium Mine. Word is the Company most likely has discovered more than 100M tons of ore just in the Corvette lithium property alone. Several weeks ago, Patriot reported its best drill intercept ever; 159.7 meters at 1.65% Li20. Multiplying width x grade {159.7 x 1.65} yields a value, [263.5] Blair Way, CEO, President and Director, comments: “The summer drill program has been exceptional. I am at site this week with the team, including some of the board members, and look forward to going over in person what we have found to date this summer. It is an exciting time for the Company as we commence detailed planning for the winter drill program.” We will be updating on Patriot Battery Metals when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Patriot Battery Metals.

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Disclosure: we hold no position in Patriot Battery Metals either long or short and we have not been compensated for this article.

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Emerging Markets

Lucy Scientific Discovery’s (NASDAQ: LSDI) Game-Changing Move: A Closer Look at the High Times Acquisition

Published

3 weeks ago

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September 8, 2023

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On August 8th, 2023, Lucy Scientific Discovery Inc. (NASDAQ: LSDI), a leading developer in the psychedelic drug industry, witnessed an impressive surge in its stock value, gaining approximately 25% in combined trading, including after-hours (AH) trading. The British Columbia-based company made headlines by announcing its strategic move to acquire intellectual property (IP) from the renowned cannabis publication, High Times Holding Corp. (HHC).

Additional Background:

Under this agreement, Lucy will exchange 20% of its shares and a series of payments for access to HHC’s valuable IP portfolio, which includes the rights to generate licensing and royalty income from renowned brands like High Times, 420.com, and Cannabis Cup, along with their associated domain names.

Lucy’s commitment involves making semi-annual payments to HHC over a five-year period, structured around earnings before income, taxes, depreciation, and amortization (EBITDA) generated through the acquired IP. The flexibility exists for Lucy to fulfill these payments either in cash or through stock issuance and the announcement is generating considerable interest.

Furthermore, post-acquisition, Lucy will grant High Times the opportunity to operate retail outlets and distribute THC products bearing these prestigious brands within the United States. This privilege comes in exchange for an annual license fee of $1 million, set to double to $2 million annually once federal legalization of cannabis occurs in the country.

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Leveraging the brand rights secured from HHC, Lucy aims to bolster its revenue streams by expanding and enhancing its existing 18 licensing agreements, both domestically and internationally. These arrangements encompass a wide array of consumer products and merchandise, promising to further establish Lucy’s presence in the global market. The acquisition is expected to be finalized within the coming two weeks, marking a significant strategic move for Lucy Scientific Discovery Inc.

As a result of the acquisition, High Times is now a publicly-traded entity. Lucy anticipates that this agreement will contribute over $10 million in revenue to its financial results in the upcoming year, along with $5 million in EBITDA.

Adam Levin, the Executive Chairman of HHC, expressed optimism about the deal, noting, “This transaction will create exciting new growth opportunities for the High Times brand, under the leadership of Richard Nanula, a seasoned executive with extensive experience in major consumer brands and global corporations.”

Levin also emphasized High Times’ enthusiasm in becoming a significant shareholder of Lucy Scientific Discovery. Notably, Lucy completed its initial public offering and Nasdaq listing in February, offering 1,875,000 shares at $4.00 each.

Richard Nanula, CEO of the British Columbia-based company, shared his outlook on the acquisition, stating, “Lucy expects this acquisition to rapidly generate high-margin revenue within the global cannabis sector.”

In recent developments, Lucy introduced the sleep aid product “Twilight,” which includes amanita muscaria and reishi mushrooms. Additionally, the company joined forces with Wesana Health Holdings Inc. (OTCQB: WSNAF) in March to collaborate on the development of the CBD and psilocybin-based drug SANA-013, targeting conditions such as migraines, cluster headaches, and major depressive disorder.

High Times, founded in 1974, has a rich history, featuring works by renowned writers like Truman Capote and Hunter S. Thompson. Since 1988, its Cannabis Cup has stood as the most prestigious cannabis competition globally, with notable judges including Snoop Dogg, Joe Rogan, Tommy Chong, and other prominent figures in the cannabis industry.

While Lucy’s shares showed a nearly 16% increase to reach $0.68 on the Nasdaq exchange on Friday, it is worth noting that they have experienced a decline of over 77% over the past year.

Macro Trend:

In recent times, our articles have prominently featured cannabis-related topics, reflecting the growing popularity of stocks in this sector. LSDI’s acquisition aligns perfectly with the current climate, as the cannabis industry experiences a significant surge, coinciding with the Health and Human Services (HHS) exploring the possibility of reclassifying cannabis from Schedule I to Schedule III of the Controlled Substances Act.

While many countries around the world have already moved towards decriminalization and legalization, the United States has been relatively cautious in its approach. However, the consideration of such a reclassification represents a potential historic turning point. If such a change were to materialize, it would mark a substantial shift in the regulatory landscape, potentially revitalizing cannabis as an attractive investment opportunity. The industry is already showing signs of reestablishing its market presence and could once again become a noteworthy investment option.

We will update you on LSDI when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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WM Technology’s (NASDAQ: MAPS) Stock Surges 91% in Mysterious Rally: What’s Behind the Boom?

Published

4 weeks ago

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September 5, 2023

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WM Technology’s (NASDAQ: MAPS) stock has exhibited remarkable growth, surging by an impressive 91% since August 16th, 2023. Intriguingly, this surge occurred in the absence of any substantial news or filings from the company, with their most recent release dating back to August 23rd, 2023. This limited information raises the question: What is driving this impressive rally? We will delve into the details below to shed light on the matter.

Cannabis Industry:

If you’ve been following our newsletter, you may have noticed our recent article spotlighting Flora Growth Corp. (NASDAQ: FLGC), along with larger players like Cronos Group Inc. (NASDAQ: CRON), and Canopy Growth Corporation (NASDAQ: CGC).

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In case you haven’t had a chance to read it, you can find the article here, featuring a dedicated section on the broader trends shaping the cannabis industry.

For those seeking a quick summary, a significant development has emerged in the cannabis landscape. A high-ranking official at the Department of Health and Human Services (HHS) has proposed moving cannabis from Schedule I to Schedule III of the Controlled Substances Act. This shift marks a historic moment and comes after a comprehensive yearlong investigation requested by President Biden.

It’s worth noting the potential implications of this change for U.S.-based, plant-touching marijuana companies. Currently, these companies are restricted from trading on major exchanges like the NYSE or NASDAQ and are relegated to smaller markets such as the OTC, or smaller Canadian markets like the TSX, CSE, or NEO.

The CEO of Trulieve Cannabis Corp. (OTC: TCNNF), Kim Rivers delves into these implications in a podcast conversation with a Twitter user known as @stock_mj. She also recommends keeping a close eye on the AdvisorShares Pure US Cannabis ETF (MSOS) as the cannabis sector garners increasing attention from investors.

Weedmap’s Earnings:

To evaluate the potential of MAPS, it’s essential to examine their recent earnings and assess the fundamentals. Here’s a brief overview of the news release.

Revenue: Amounted to $50.9 million, representing a decline compared to the same period in the prior year when it reached $58.3 million.

Net Income: Recorded at $2.0 million for the second quarter of 2023, marking a significant decrease from the previous year’s figure of $19.8 million.

Adjusted EBITDA: Showed substantial improvement, totaling $10.2 million in the second quarter of 2023, as opposed to a negative figure of $(0.6) million in the same period of the prior year.

Cash: As of June 30, 2023, the company held $24.6 million in cash, noteworthy for being entirely debt-free.

WM Technology’s Executive Chair, Doug Francis, underscored the company’s dedication to reinforcing its financial position and delivering sustained growth.

Guidance for the third quarter of 2023:

Revenue: An estimated $47 million.

Non-GAAP Adjusted EBITDA: Approximately $4 million.

It’s important to note that these projections are subject to potential variations based on various factors and developments.

Furthermore, WM Technology announced the transition to Moss Adams LLP as its new independent registered public accounting firm, effective upon the filing of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, following the resignation of Baker Tilly US, LLP due to staffing constraints.

Although the company maintains a debt-free status, it’s crucial to recognize that there has been a substantial decline in both revenue and net income. Consequently, it is advisable to exercise caution when considering investment, as the current trajectory of their top-line figures does not exhibit a positive trend.

https://twitter.com/5teelersfan/status/1699102436672299134?s=20

Weedmap’s Strategic Partnership:

Furthermore, the company made another recent announcement regarding its strategic partnership with the producer of “The Freak Brothers,” a celebrated stoner comic series that has captivated audiences for over five decades.

The series follows the adventures of three stoner characters and their cat, who awaken from a 50-year slumber induced by a magical strain of weed in 1969, now navigating life in contemporary San Francisco.

Key highlights of this partnership include in-episode Weedmaps integrations in the upcoming second half of “Freak Brothers” season two, commencing on September 24th. Additionally, exclusive “Smoke & Screen” events will be held across the U.S., bringing together influential figures from both the cannabis and entertainment industries.

“The Freak Brothers” series, based on Gilbert Shelton’s cult classic comic, celebrates its 55th anniversary with a star-studded voice cast for Season 2, featuring Woody Harrelson, John Goodman, Pete Davidson, Tiffany Haddish, Adam Devine, Blake Anderson, Andrea Savage, La La Anthony, ScHoolboy Q, and a special guest appearance by Joe Sikora.

To watch Season 2 of “The Freak Brothers,” visit Tubitv.com, and for cannabis-related information, explore Weedmaps.com. For more on “The Freak Brothers,” visit the official website at www.thefreakbrothers.com.

We will update you on MAPS when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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Emerging Markets

Cannabis Industry Surges: Flora Growth Corp. (NASDAQ: FLGC) Leads the Way with 77% Intraday Jump

Published

1 month ago

on

August 31, 2023

By

Flora Growth Corp. (NASDAQ: FLGC) experienced a remarkable intraday surge of over 77%. While the company has made significant announcements recently, today’s surge occurred without any specific filings or press releases to explain it. There seems to be something substantial driving this trading frenzy, a broader force impacting the entire asset class.

It’s worth noting that established industry leaders like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) have faced significant downtrends in past years. However, today’s market activity also lifted their stocks along with others. To understand this trend, let’s take a closer look at the larger market dynamics at play.

 

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What Happened:

A top official at the Department of Health and Human Services (HHS) has recommended moving cannabis from Schedule I to Schedule III of the Controlled Substances Act, marking a historic shift. This move follows a comprehensive yearlong investigation requested by President Biden.

https://twitter.com/NotFinancialRep/status/1697189406665245149?s=20

In the short term, this won’t significantly impact the cannabis industry, as the Drug Enforcement Agency (DEA) needs to conduct its own review and the federal prohibition on marijuana remains. However, the HHS recommendation, if followed by the DEA, could happen within a year, possibly before the 2024 presidential election.

Long-term implications for the cannabis industry are uncertain, but a key immediate effect would be the elimination of Section 280e of the IRS tax code for cannabis businesses. This provision currently prevents them from claiming standard business deductions, a major financial burden.

While rescheduling won’t directly open up access to institutional banking, it may attract new capital sources due to reduced risk perception among investors. Smaller banks and lenders might become more willing to engage.

Eliminating 280e could also stimulate lending in an industry with high borrowing costs, as companies would have improved cash flow. This might lead to lower interest rates and greater access to operating and expansion capital.

Rescheduling could benefit publicly traded cannabis companies, potentially enticing more exchanges, like the Toronto Stock Exchange, to accept U.S.-based cannabis businesses. It could also encourage Congress to take further action, such as passing the SAFE Banking Act and broader reforms.

Overall, while the exact implications of rescheduling are uncertain, the HHS announcement signals progress toward a post-prohibition reality for the cannabis industry, which is a significant development.

https://twitter.com/S_Andreoni/status/1697289527180562880?s=20

Having set the stage with the broader cannabis industry context, let’s delve into Flora Growth’s recent developments and their implications for the company’s future. Is Flora Growth strategically positioned to leverage the potential easing of restrictions in the cannabis sector?

European Expansion:

Flora Growth just formed a partnership with TruHC Pharma GmbH, a leading medical cannabis expert based in Hamburg, Germany. TruHC holds key certifications for importing, distributing, and manufacturing medical cannabis and is awaiting an EU-GMP license for its cutting-edge cannabis laboratory.

Hendrik Knopp, a respected legal professional and entrepreneur, and his team from TruHC are joining Flora, bringing their extensive expertise in pioneering medical cannabis in Germany. This partnership is seen as very valuable, especially as Germany and the European Union move towards making medical cannabis more accessible to patients.

Clifford Starke, CEO of Flora, expressed excitement about the collaboration, recognizing the potential to contribute to the growth of the medical cannabis industry as regulations evolve. The partnership aims to capture a significant market share in Germany.

Hulk Hogan Partnership:

Flora Growth also just recently entered an exclusive worldwide partnership with WWE legend Hulk Hogan to launch a range of consumer products through Just Brands. These products will include CBD-infused items like pre-rolls, topicals, edibles, and more, which Flora will produce and sell globally. The partnership aims to capitalize on Hulk Hogan’s iconic status and Flora’s global distribution network. The initial agreement is for three years, with potential renewals, targeting $20 million in sales over the first 24 months. Flora will pay royalties and license fees for Hulk Hogan-branded products.

Conclusion:

In summary, the cannabis industry appears ready for a resurgence, buoyed by renewed investor optimism and shifting market dynamics. Our focus today was Flora Growth Corp. (NASDAQ: FLGC) but larger names like Canopy Growth Corporation (NASDAQ: CGC) and Cronos Group Inc. (NASDAQ: CRON) are among the many companies benefitting from this positive trend.

We will update you on FLGC when more details emerge, subscribe to Microcapdaily to follow along!

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Disclosure: We have not been compensated for this article/video. MicroCap Daily is not an investment advisor; this article/video does not provide investment advice. Always do your research, make your own investment decisions, or consult with your nearest financial advisor. This article/video is not a solicitation or recommendation to buy, sell, or hold securities. This article/video is our opinion, is meant for informational and educational purposes only, and does not provide investment advice. Past performance is not indicative of future performance.

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