Universal Stainless' Price Increases; Warrior Met Coal Ups Dividend; Idaho Strategic Buys Butte Gulch Property
Top Stories for Feb. 12, 2024:
1. Universal Stainless & Alloy Products, Inc. (NASDAQ:USAP) announced a base price increase of 7% to 12% for its premium products, effective immediately. Current material and energy surcharges will also remain in effect.
Vice President of Sales and Marketing Brian Kane commented, “The price adjustment is necessary to continue investments needed to support the demand from specialty steel markets.”
2. Warrior Met Coal, Inc. (NYSE:HCC) said its board of directors approved a 14% increase to its quarterly cash dividend.
On Feb. 9, 2024, the board declared a dividend of $0.08 to be paid to all shareholders as of the close of Feb. 20, 2024, on Feb. 26, 2024.
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3. Idaho Strategic Resources (NYSE:IDR) purchased the Butte Gulch property next to its Golden Chest Mine.
The Butte Gulch property includes approximately 169 acres of private land and mineral rights. Mineralized gold veins have also been reported on the property, suggesting the potential to host additional lode gold deposits.
As Idaho Strategic expands its operations in the Murray Gold Belt district, Butte Gulch could serve as a future shop and/or milling facility site.
Idaho Strategic recently purchased roughly $1 million of equipment for the new mill tailings paste backfill system that will result in cost savings of approximately $20 per ton of ore.
President and CEO John Swallow commented, “Our geologists are already making plans to better explore Butte Gulch’s lode deposit potential and to expand our exploration focus beyond the Golden Chest Mine across our greater Murray Gold Belt landholdings…. We consolidated the district for a reason, and strongly feel there are other veins similar to the H-Vein, Paymaster and Klondike in the MGB (comprised of over 7,000 acres), especially given the large number of historic mines and prospects within its borders as a base from which to build.
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