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Nextech3D.ai

Overview

Nextech3D.ai (CSE:NTAR, OTCQX:NEXCF, FSE:EP2) is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for e-commerce. The company’s primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.

The company also develops or acquires disruptive AI technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.

Notably, Nextech3D.ai successfully spun out ARway (OTCQB: ARWYF | CSE:ARWY | FSE:E65 ), its spatial computing platform, as a standalone public company on October 26, 2022. The company retains a 49 percent stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.

Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D (OTCQB: TGGLF | CSE:TGGL | FSE: Q0C ), an AI-powered 3D design studio aimed at competing with Adobe. The company retains a 44 percent stake with 13 million shares in Toggle3D.

As a preferred 3D model supplier for Amazon, Nextech3D.ai has “early access” to introduce its customers’ 3D models to the Amazon marketplace. This makes Nextech3D.ai one of only a handful of companies that can bring their e-commerce customers onto the online retail giant’s platform.

The company also expanded its 3D modeling business to include the gaming and manufacturing industries by partnering with renowned gaming giants such as Electronic Arts, Take-Two Interactive, Nintendo, Activision and Meta.

Nextech3D.ai has experienced rapid growth in its user base and revenue. In 2022, the company’s 3D modeling revenue rose more than 266 percent compared to 2021 revenue. The company also reported a 963 percent increase in users for its Toggle3D platform since its launch in Jan 2023.

Company Highlights

Driving shareholder value by Commercializing Disruptive AI, 3D, AR, ML Technologies

The company develops or acquires disruptive technologies that are subsequently spun out to shareholders as standalone public companies.On October 26, 2022, Nextech3D.ai spun out its spatial computing platform, ARway as a stand-alone public company, retaining a 49 percent stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.In June 2023, the company launched its second spin-out, Toggle3D, an AI-powered 3D design studio aimed at competing with Adobe. The company retains a 44 percent stake with 13 million shares in Toggle3D.

Diversified Technology Company

Nextech3D.ai is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence to create 3D experiences for ecommerce.The company’s unique AI technology sets Nextech apart from its competitors, allowing it to earn contracts from big companies like Target and Amazon.The 3D modeling market is expected to reach US$6.33 billion by 2028, growing by a CAGR of 15.49 percent from US$2.3 billion in 2021.Nextech3D.ai offers four unique technologies (ARitize3D, ARway, Toggle3D and Map D) to cater to the needs of small and medium ecommerce and enterprise companies.Nextech’s 3D and AR technologies provide spatial computing capabilities, including GPS components, scanners and indoor navigation systems.The company’s AR does not require any investment from consumers to put to use and instead works with any device equipped with a camera.Nextech has grown rapidly in recent years, reaching US$10.3 million in 2022, increasing the 3D modeling business by 266 percent from 2021, and achieving a 963-percent increase in users for its Toggle3D platform since its launch in Jan 2023.

Leadership Team

CEO Evan Gappelberg has a positive track record of creating shareholder value for over 20 years and is the single largest shareholder of Nextech3D.ai with a 10 percent stakeAn experienced team of technology innovators leads Nextech3D.ai to further develop and market its unique solutions.

Key Technologies

ARitize3D

ARitize3D is a solution that utilizes artificial intelligence to turn 2D models and CAD files into 3D models that can be viewed in AR. The technology gives companies a platform to enhance their e-commerce enterprise that operates at scale.

Highlights:

Existing Enterprise Clients: Nextech has industry-leading e-commerce enterprises using its ARitize3D platform, including Amazon, Kohl’s and NAPA.Crucial Competitive Advantage: The usage of AI within the ARitize3D platform is a unique offering that disrupts the existing 3D modeling market by providing reduced costs, improved quality and better scalability.AI Development Ongoing: The field of AI is rapidly advancing, and Nextech continues to stay at the forefront of its development. The ARitize3D platform is powerful in its current form and the company continues to leverage advancements in AI to optimize scalability.

ARway

ARway is an AI-powered spatial computing platform that provides augmented reality experiences for indoor spaces. The platform allows users to easily create experiences for navigation, tours, information sharing, notifications, advertising, and gamification. ARway leverages the power of mobile devices to create environments that can improve visitor experience, boost employee productivity, increase engagement, create new advertising space, and boost revenues. ARway was acquired in 2021 as a spatial computing platform and has since been further developed by Nextech3D.ai.

Highlights:

First-mover Advantage in Spatial Computing: ARway gives companies advanced capabilities to provide indoor navigation for events or other large spaces to create a powerful AR experience. Existing clients include the Dubai Mall, Restaurants Canada, and Saudi German Health Group and others.No-code and Hardware-free Platform: Companies can adopt ARway without installing hardware, and investing in development or infrastructure management, which can cost hundreds of thousands of dollars.Rapid Adoption Driven by Demand for AR: Consumers are starting to understand and experience the benefits of AR. This growing demand powers the continual growth of ARway as more organizations wish to accommodate consumer demand.

Toggle:3D.ai Your 3D Design Studio

Toggle3D is a self-serve platform enabling the conversion, texturing, customizing and sharing of the highest quality 3D models at scale, using CAD files. The platform allows users to rapidly create new models without learning in-depth design tools.

Highlights:

Significant Competitive Advantage: Toggle3D reduces or eliminates the learning curve in creating 3D models compared to legacy software, such as Adobe. The platform’s web-based and collaborative approach is a unique new way for businesses to approach 3D modeling.Spin-out Approval in 2023: Successful spinout in June 2023, now trading on the Canadian Securities Exchange under the ticker symbol TGGL.Disrupting Existing 3D Modeling Industry: The company’s breakthrough AI and machine learning platform allows manufacturers and design industries to sidestep the training and time-intensive processes traditionally used for 3D modeling and rapidly design and improve new models.

Map D

The company’s cloud-based event management solution strives to transform the US$50-billion event industry. The Map D platform is already generating revenue that is expected to grow throughout 2023.

Highlights:

Comprehensive End-to-end Management: The platform covers all aspects of event management, including generating interactive floorplans, handling ticket sales, AR activations, booth sales, indoor wayfinding, and a companion mobile app.Integrating Technologies to Transform Event Planning with AR: The company’s platform is transforming the established event planning industry by introducing AR experiences and integrating other Nextech technologies, such as ARway and ARitize3D.

Management Team

Evan Gappelberg – Founder and CEO

Evan Gappelberg attained his capital market expertise in the 1990s while working on Wall Street funding IPOs. Notably he was instrumental in funding Take Two Interactive, which has a recent valuation of about $20 billion (NASDAQ:TTWO). Gappelberg is an accomplished entrepreneur with extensive experience in creating, funding and running pioneering start-ups. He has global business experience both as a hands-on CEO and as a public company CEO.

He started as an entrepreneur while on Wall Street where he was co-founder and CEO of EG Products, which he self-funded. While CEO, he went to China to set up manufacturing for the first LED light-up toy which he patented, imported and distributed globally. He secured license deals from Disney, Universal Studios and others while he built a retail national sales channel.

He was also co-founder and CEO of an app development company which created and published over 200 successful apps for both the Apple iTunes store and Google Play store.

He is an accomplished entrepreneur with an expertise in creating, funding and running start-ups, and he has extensive experience both as a hands-on operating executive and well as a public market professional.

Andrew Chan – Chief Financial Officer

Andrew Chan has over 20 years of finance and accounting experience with half of his career serving high-growth, public technology companies. After over a decade in public accounting (including nine years at Ernst & Young), Chan moved into senior finance positions with Real Matters (TSX: REAL) and goeasy (TSX:GSY) – both offering technology solutions for the financial services industry – where he was involved in several financings, transactions and acquisitions with an aggregate value of well over a billion dollars. Chan has successfully integrated and led finance-related functional groups including treasury and banking, corporate reporting and budgeting and was instrumental in forging strong relationships with business unit leaders to enable successful revenue forecasting and delivery.

Reza Davariar – Chief Operating Officer

Reza Davariar is an experienced business strategist and cross-organizational leader with more than 20 years of professional experience across strategy consulting, business operations and sales management. Davariar has a broad range of experience working with executive leadership, reducing internal costs, and establishing methodologies to boost customer satisfaction through successful operational performances, CRM initiatives and KPI targeting.

Hareesh Achi – Head of Product Operations

Hareesh Achi brings with him substantial experience in operational leadership roles. He most recently led Meta’s Reality Labs product data operations, where he led the expansion of scaled operations for Meta’s Reality Labs product portfolio. Prior to that, Hareesh held a pivotal role at Microsoft, overseeing the multi-billion dollar Bing Ads operations. Hareesh also understands the DNA of Nextech having briefly worked at Nextech during COVID, before being recruited away by Meta.

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Brien Lundin: Mining Stocks at Turning Point, Biggest Opportunity Since 1999

Ahead of the New Orleans Investment Conference, which is scheduled to run from November 1 to 4, Brien Lundin, editor of Gold Newsletter, discussed sentiment in the gold sector and factors driving the precious metal.

Speaking about the ongoing Israel-Hamas war, he said that during this type of turbulence gold tends to experience a brief price spike that then subsides. However, it’s possible that this conflict might have a longer-lasting effect on the metal.

For that reason and others he thinks resource stocks may be approaching a turnaround.

‘I think this is really a crucial point in the mining and metals markets,’ Lundin explained during the conversation. ‘I think it’s a generational opportunity — I have not seen an opportunity like this since 1999 and 2000.’

Click here to learn more about the New Orleans Investment Conference.

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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More Investments in Exploration Companies to Secure Rare Earths Supply Outside China, DY6 Metals CEO Says

DY6 Metals (ASX:DY6) CEO Lloyd Kaiser says there needs to be more investment in smaller exploration companies as a way to build a secure and stable supply chain for critical minerals essential to global decarbonisation and electrification goals.

“A lot of exploration companies that are exploring for rare earths and developing rare earths are in the smaller end of the market. We are seeing some bigger players emerging in this area, but it has always relied on the smaller players,” he said.

‘If the rest of the world, end-user markets and governments are interested in creating these supply chains, there needs to be more investment in this area to the right companies to make sure that there’s adequate supply to reach targets that everyone talks about in 2030.”

Kaiser explained that investment can be in the form of debt facilities from government export credit agencies linked to the sourcing of critical metals in their jurisdictions. “There are facilities available to do that. I think the area that you’ll find that is more interesting for explorers is direct equity investment, whether it’s at the project level or at the company level, to help support the development. I think there’s not enough of that going on.”

Watch the full interview with DY6 Metals CEO Lloyd Kaiser above.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with DY6 Metals and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

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ARway.ai

Overview

Cutting Edge Technology

ARway.ai (CSE:ARWY, OTCQB:ARWYF, FSE:E65) is an AI-powered technology company with an augmented reality (AR) experience platform for the enterprise market. This company is revolutionizing AR navigation with a cutting-edge, no-code, no-beacon spatial computing solution enabled by visual marker tracking with centimeter precision. This technology is disrupting the $44-billion indoor positioning and navigation market by enabling enterprises to integrate a wide array of AR experiences. These include indoor AR navigation and wayfinding, 3D products and objects, analytics, audio, video, images, 3D text, hotspots, location pins and more in indoor environments.

The ARway.ai platform has diverse applications, particularly in indoor environments such as shopping malls, airports, hospitals, universities, sports arenas, museums, galleries, real estate, events and tradeshows. Augmented reality technology is particularly advantageous for navigation in these locations because it enables users to overlay digital information onto their physical surroundings, providing them with real-time directions and enhancing their situational awareness. This technology can also help users navigate complex spaces more efficiently, leading to a better overall user experience and quicker navigation to their desired point of interest.

The market for indoor positioning and navigation is a rapidly growing and promising investment opportunity, valued at $44 billion with a 42 percent CAGR from 2018 to 2025. The rising demand for indoor navigation and positioning services in various sectors, including retail, aviation, healthcare, manufacturing and the public sector, has contributed to the surge in the market’s popularity.

Additionally, the widespread adoption of emerging technologies has further fueled the demand for indoor navigation solutions. North America, Europe and APAC are anticipated to be major contributors to the overall market share, indicating vast opportunities for investors to explore this up-and-coming market.

As Apple (NASDAQ: AAPL) is set to launch its AR/VR glasses in 2023, the market for indoor wayfinding technology is expected to experience significant growth. ARway.ai is currently in discussions with various smart glasses manufacturers to explore potential collaboration opportunities. Furthermore, ARway.ai operates on a platform that is already accessible to over 3 billion users through their smartphones and tablets. The platform employs cutting-edge artificial intelligence (AI) technology to power its location intelligence service, which constantly tracks and enhances map functionality. Apple’s AR glasses have the potential to revolutionize augmented reality navigation through mass adoption, and ARway.ai is actively seeking to capitalize on this trend.

Arway.ai has launched its latest innovation in augmented reality hardware with AR smart glasses to empower users to do more, unlocking new possibilities of application. ARway.ai’s technology enables 6DoF (six degrees of freedom) by accessing the AR smart glasses’ sensors and cameras. It eliminates any errors in motion so the augmented digital objects look and move as if they were really there.

The AR smart glasses greatly enhance productivity, lower expenses and track performance for large-scale as well as small enterprises. AR smart glasses for the manufacturing industry involve learning at various stages of the manufacturing cycle, testing for quality assurance, as well as understanding and executing production.

ARway.ai is a spin-off company from Nextech3D.ai, which owns 50 percent of ARway and has an impressive client roster, including Amazon, Target, Dyson and Kohls, to name a few. ARway.ai is Nextech3D’s first technology that has been spun off into a new public company, which is already producing a 200-percent return to early investors as of this article.

ARway.ai solves current challenges with indoor wayfinding. Indoor wayfinding technologies currently in use suffer from various drawbacks, including costly hardware requirements and ongoing operational expenses. Venue owners and businesses that opt to implement their own wayfinding solutions face significant capital and operational expenditures. Moreover, these in-house solutions often suffer from connectivity issues that can considerably detract from the user experience. Legacy solutions require significant capex and opex for venues or enterprises to implement their own solutions.

Instead of incurring significant expenses for enterprises, ARway.ai is an end-to-end solution that works by simply scanning a QR code or image to navigate to a specific point of interest. No hardware, no capex or opex is required. In addition, the app-based solution does not require additional hardware, making it affordable for enterprises to implement and easy for any customer in the venue to use. ARway.ai’s current clients include Dubai Mall, Restaurants Canada and Saudi German Health Group. The company currently has over 25 pilot programs around the globe, which represent significant upside potential for shareholders.

Highlights:

Early Mover Advantage in Indoor Navigation: The company’s app-based applications allow enterprises to provide customers or visitors with indoor wayfinding to aid in navigating events, conferences, airports or healthcare facilities. ARway.ai’s existing clients include Restaurants Canada, Dubai Mall and Saudi German Health Group.No-code, No-beacon, No-hardware Platform: Legacy solutions require enterprises to invest significantly in hardware and in-house development to deploy an indoor wayfinding platform. ARway.ai, instead, allows organizations to adopt indoor wayfinding without investing in expensive hardware or development.Rapid Adoption Driven by Demand for AR: Consumers are starting to understand and experience the benefits of AR. This growing demand powers the continual growth of ARway.ai as more organizations wish to accommodate consumer demand.

Company Highlights

ARway.ai is a disruptive technology company providing indoor AR navigation solutions powered by leading-edge AI technology.The company’s no-code and no-beacon platform disrupts legacy solutions and allows enterprises to adopt indoor wayfinding without requiring significant upfront investment.ARway.ai’s app is a multi-purpose platform with use cases including shopping malls, airports, hospitals, universities, sports arenas and theme parks.Apple’s upcoming AR/VR glasses are expected to create a surge in interest in AR technologies. As a result, ARway.ai is poised to immediately capitalize on growing interest and demand for indoor AR navigation.ARway.ai is a spin-off company of Nextech3D.ai, an industry-recognized technology company with products focusing on other 3D, AI and AR applications.The company’s app-based platform is an end-to-end solution that does not require enterprises or consumers to invest in additional hardware.ARway.ai’s clients include Localiza, Saudi German Health Group, Dubai Mall and much more with 41+ pilot programs underway.

The company has launched its latest innovation in augmented reality hardware with AR smart glasses to empower users to do more, unlocking new possibilities of application. The company is now integrating with the world’s leading AR glasses including Magic Leap, Microsoft HoloLens, and Apple Vision Pro.ARway.ai CEO Evan Gappelberg has a 25-year successful track record of taking companies public and leads a team of experienced technology innovators.

Experienced Management Team

Evan Gappelberg – Chief Executive Officer

Evan Gappelberg attained his capital market expertise in the 1990s while working on Wall Street funding IPOs. Notably, he was instrumental in funding Take Two Interactive, which has a recent valuation of about $20 billion (NASDAQ:TTWO). Gappelberg is an accomplished entrepreneur with extensive experience in creating, funding and running pioneering start-ups. He has global business experience both as a hands-on CEO and as a public company CEO.

He started as an entrepreneur while on Wall Street where he was co-founder and CEO of EG Products, which he self-funded. While CEO, he went to China to set up manufacturing for the first LED light-up toy which he patented, imported and distributed globally. He secured license deals from Disney, Universal Studios and others while he built a retail national sales channel.

He was also co-founder and CEO of an app development company which created and published over 200 successful apps for both the Apple iTunes store and Google Play store.

He is an accomplished entrepreneur with expertise in creating, funding and running start-ups, and he has extensive experience both as a hands-on operating executive and well as a public market professional.

Reza Davariar – Chief Operating Officer

Reza Davariar Experienced business strategist and cross-organizational leader with 20+ years of professional experience across strategy consulting, business operations and sales management. He has a broad range of experience working with executive leadership, reducing internal costs, and establishing methodologies to boost customer satisfaction through successful operational performances, CRM initiatives, and KPI targeting.

Hareesh Achi – Head of Product Operations

Having worked at industry titans MSFT & META for over a decade Hareesh has a deep-rooted understanding of big technology, coupled with extensive experience in building efficient, scalable and profitable technology operations. Hareesh is poised to play a vital role in enhancing Nextech3D.ai’s profitability through operational effectiveness.

Shadnam Khan – Chief Product Officer

Shadnam Khan is a data-driven product, marketing and strategy leader who has pioneered multiple industry-first solutions in the world of 3D, AR, spatial computing and computer vision. With a decade of experience in scaling systems in both startups and enterprises, commercializing 0 to 1 products and advising c-suite executives on technology transformations, Khan leads ARway’s product, development, marketing and solution delivery services.

Nikhil Sawlani – Co-founder and Developer

Nikhil Sawlani is a highly experienced and accomplished professional in the AR industry, with more than seven years of experience managing engineering teams to deliver state-of-the-art tech products. With extensive research knowledge about AR, location/navigation, and computer vision/SLAM, and a mastery of Three.js/WebAR, Nikhil has won more than 15 awards for his work in the domain of augmented reality and published international research on the topic of AR.

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Numinus Completes First Extraction of its Psilocybe Mushrooms

Canada’s first legal extraction by a public company is a landmark moment for the global psychedelic-assisted psychotherapies landscape

Numinus Wellness Inc. (‘Numinus’ or the ‘Company’) (TSXV: NUMI), a company creating an ecosystem of solutions centred on the research, development, and delivery of safe, evidence-based, accessible psychedelic-assisted psychotherapies, has completed the first legal extraction of Psilocybe mushrooms in Canada by a public company for research and development purposes. This follows Numinus’ successful completion of the cultivation and harvest of the first legal flush of Psilocybe mushrooms at Numinus Bioscience, the Company’s 7,000 square foot analytics and research laboratory.

‘Completing the first legal extraction of Psilocybe mushrooms in Canada is a critical next step to providing a natural product for safe, evidence-based psilocybin-assisted psychotherapies to those in need,’ said Payton Nyquvest , CEO, Founder, and Chairman. ‘Numinus continues to be a vanguard of positive change for the industry, and this announcement demonstrates our ability to deliver yet another first.’

Numinus Bioscience is establishing itself at the forefront of analytical testing for psychedelic substances, as a centre of excellence for psychedelic product research and development, and as an ancillary for psychedelic therapy clinical trials. Health Canada licences, scientific expertise, and state-of-the-art technologies facilitate ongoing innovation, while revenue from high-throughput contract cannabis testing is reinvested to further its psychedelic initiatives.

‘This is an important milestone in our comprehensive research strategy, following our successful harvest announced in October,’ said Sharan Sidhu , Science Officer and General Manager. ‘In the extraction process, Numinus Bioscience’s goal is to optimize Psilocybe mushrooms to standardize psilocybin and multiple therapeutically important components, increasing the efficacy of the extract. To further our position as a centre of excellence in the space, we are in the process of submitting amendments to supply the extract for use in clinical trials and the Special Access Programme, which, when accepted, will mark a significant move forward in scaling the delivery of psychedelic-assisted therapies.’

‘While direct comparisons cannot be made, there is a clear recognition in the cannabis space that synthetic cannabinoids are far less attractive than naturally occurring cannabinoids,’ indicated Dr. Evan Wood , Numinus’ Chief Medical Officer. ‘Numinus is of the view that, ultimately, nature knows best, and we’re excited to be at the forefront of exploring the fascinating world of working with Psilocybe mushrooms as part of a focused drug development program.’

This announcement follows Numinus’ advocacy work that contributed to Health Canada’s groundbreaking announcement of its intention to revise the Special Access Programme (SAP) to permit access to MDMA and psilocybin-assisted psychotherapy in the same way other investigational medications are accessed in Canada . In addition, earlier this week Numimius announced the exciting acquisition of Montreal -based Mindspace Psychology Services Inc (DBA Mindspace Wellbeing) bringing together the capabilities of two leading Canadian organizations to develop and scale delivery of evidence-based psychedelic-assisted psychotherapy.

Health Canada’s Notice of Intent regarding the SAP will be open for public consultation and comments for the next 60 days, and Numinus strongly encourages the community to weigh in on the benefits of the revision. View the notice here: https://www.gazette.gc.ca/rp-pr/p1/2020/2020-12-12/html/notice-avis-eng.html#nb2 .

To share comments and thoughts related to the SAP, please email hc.csd.regulatory.policy-politique.reglementaire.dsc.sc@canada.ca .

About Psychedelic-Assisted Psychotherapy

Psychedelic-assisted psychotherapy has gained a great deal of interest within the medical community and general public as research results demonstrate its superior effectiveness for a range of mental health conditions. These results are contributing to a paradigm shift in both the understanding and treatment of mental health conditions.

Numinus has announced plans to embark upon open-label compassionate access clinical trials of psilocybin-assisted psychotherapy for substance use disorders and MDMA-assisted psychotherapy for PTSD , enabling it to implement, test and refine optimal protocols for delivery before these therapies are widely accessible. This includes developing physical and human resource infrastructure more broadly to deliver psychedelic-assisted psychotherapy including for Special Access Programme patients.

Numinus is uniquely positioned to provide patients with MDMA and psilocybin-assisted psychotherapy under the expanded SAP revision based on its international partnerships and extensive work completed on developing safe and evidence-based protocols for psychedelic-assisted psychotherapy. The Company is also a leader in the industry as the first public entity in Canada to receive a licence to produce and extract psilocybin from mushrooms, the first to complete a legal harvest of psilocybe mushrooms using this licence and the holder of a Health Canada dealer’s licence to import, export, possess, test and distribute MDMA, psilocybin and other psychedelics.

Applications for Numinus’s compassionate access trials and for access under the SAP, pending approval, are not yet open. To be advised of the status and procedures for applications when available, register for Numinus’s newsletter .

ON BEHALF OF THE BOARD OF Numinus Wellness Inc.
Payton Nyquvest
President, Chief Executive Officer and Chair

About Numinus
Numinus Wellness Inc. (TSXV: NUMI) is a mental health and wellness company creating an ecosystem of solutions centred around safe, evidence-based, accessible psychedelic-assisted psychotherapy to help people heal and be well.
Numinus Health is dedicated to delivering innovative treatments to address physical, mental, and emotional health, through clinics and virtual services.
Numinus R&D is conducting implementation science and leveraging partnerships to beta-test and refine optimal models of psychedelic-assisted psychotherapy delivery, setting the stage for approved routine use in mental health and wellness care.
Numinus Bioscience is focused on developing testing methods and effective formulas for the evolving psychedelics space. Health Canada licences, scientific expertise, and new technologies facilitate ongoing innovation, and high-throughput contract services generate established revenue.

Learn more at numinus.ca , and follow us on Facebook , Twitter , and Instagram .

Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are ‘forward-looking statements.’ Forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’ or ‘does not expect’, ‘is expected’, ‘estimates’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of such words and phrases or statements that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, municipal, local or other licences and any inability to obtain all necessary governmental approvals licences and permits to operate and expand the Company’s facilities; regulatory or political change such as changes in applicable laws and regulations, including federal and provincial legalization, due to inconsistent public opinion, perception of the medical-use and adult-use marijuana industry, bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; the Company’s limited operating history and lack of historical profits; reliance on management; the Company’s requirements for additional financing, and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

SOURCE Numinus Wellness Inc.

View original content to download multimedia: https://www.newswire.ca/en/releases/archive/December2020/17/c9072.html

News Provided by Canada Newswire via QuoteMedia

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Aether Global Innovations Corp. Signs Strategic Joint Venture Partnership MOU with RufDiamond, Ltd – a distributor and retrofitter of all-terrain vehicles

(TheNewswire)

Aether Global Innovations Corp. ( CSE:AETH ) ( OTC:AETHF ) ( Frankfurt:4XA ) ( WKN#A2N8RH ) (‘ Aether Global’ ‘ AETH ‘, or the ‘ Company ‘), a drone management and automation company announced today it has signed a strategic joint venture partnership memorandum of understanding (MOU) with RufDiamond Ltd. (‘RufDiamond’), a distributor and retrofitter of all-terrain vehicles and equipment built to withstand the harshest of conditions

The Aether Global and RufDiamond Joint Venture will look to identify business opportunities to exploit the development, integration and deployment of an automated drone solution from RufDiamond’s retrofitted all-terrain FatTruck® vehicle platforms.

‘We believe this is going to be a strong partnership between Aether Global and RufDiamond; expanding on our capabilities in the autonomous drone space through integration with RufDiamond’s  all-terrain vehicles,’ shared Phil Lancaster, CEO and president of Aether Global Innovations.  ‘Both companies will explore a myriad of applications directly from RufDiamond’s signature all-terrain vehicle the Fat Truck. This vehicle can access areas that are restrictive for many of today’s off-road vehicles. Several clients from each company’s sales pipeline have expressed an interest in an autonomous drone from an all-terrain vehicle platform, which makes this joint venture very interesting and opportunistic.’

‘We believe this joint venture with Aether Global makes perfect sense for our business and clients,’ shared Daryl Adams, CEO and founder of RufDiamond.  ‘Bringing innovative drone management and monitoring solutions onto one of our extreme, all-terrain Fat Truck mobile platforms is exciting. This integrated solution will allow many of our top clients in forestry and wildfire management, mining, energy, emergency response, government and military to expand their own coverage areas for monitoring vast properties as well as infrastructure assets, like pipelines, waterways, forests and mining sites.’

Aether Global and RufDiamond have begun working on the final details of the Joint Venture Partnership around integrating drone automation solutions onto the Fat Truck.   Both companies will update the marketplace, clients, partners and shareholders as market impacting achievements are delivered.

In other news, the Company announced that it has granted an aggregate of one million incentive stock options to a consultant of the Company with an exercise price of $0.05 CAD per share for a period of five years from the date of grant.

About Aether Global Innovations Corp.

Aether Global Innovations Corp. is an innovative UAV and drone management and operations services company that focuses in three areas for critical infrastructure and large public and private facilities. These three areas include (i) drone management and surveillance monitoring, (ii) automation and integration for flight planning, new, innovative sensor payloads, stand-alone power source and (iii) drone base station infrastructure and technology for autonomous self-landing, power charging, and take off. www.aethergic.com

About RufDiamond Ltd.

RufDiamond Ltd. is a distributor and retrofitter of all-terrain vehicles and equipment built to withstand the harshest of conditions.  The Company is committed to a green future and is working to achieve this through beginning work on developing an extreme, all-terrain battery electric vehicle (BEV).  RufDiamond service the following industries: mining, energy/power and utilities, military, emergency response and environmental/land management. Learn more at https://rufdiamond.com

ON BEHALF OF THE BOARD OF DIRECTORS


Philip Lancaster, CEO & President

Aether Global Innovations Corp.

info@aethergic.com

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as ‘plans’, ‘expects’, ‘is expected’, ‘budget’, ‘scheduled’, ‘estimates’, ‘forecasts’, ‘predicts’, ‘intends’, ‘targets’, ‘aims’, ‘anticipates’ or ‘believes’ or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions ‘may’, ‘could’, ‘should’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward – looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

Copyright (c) 2023 TheNewswire – All rights reserved.

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Could the Silver Price Really Hit US$100 per Ounce? (Updated 2023)

The silver price made waves in 2020 when it rose above US$20 per ounce for the first time in four years, and the precious metal has largely stayed above that level since, even reaching US$29.59 in 2021.

The metal has repeatedly tested the high US$20s since, including a high of US$29.59, and passed the US$26 mark again as recently as May of this year. However, it has yet to break through the US$30 mark.

Nonetheless, well-known figure Keith Neumeyer, CEO of First Majestic Silver (TSX:FR,NYSE:AG), has frequently said he believes the white metal could climb even higher, eventually reaching into the triple digits.

Neumeyer has voiced this opinion often in recent years. He put up a US$130 price target in a November 2017 interview with Palisade Radio, and has reiterated his triple-digit silver price forecast in multiple interviews with Kitco: in March 2018, at the top of 2020, in May 2021, in March 2022 and the latest in March 2023. He also discussed it in an August 2022 interview with Wall Street Silver.

At times he’s been even more bold, suggesting in 2016 that the white metal could reach US$1,000 if gold were to hit US$10,000. More recently, his expected timeline for US$100 silver has been pushed back, but he remains very bullish on the metal in the long term.

In order to better understand where Neumeyer’s opinion comes from and whether a triple-digit silver price is really in the cards, it’s important to take a look at the factors that affect the metal’s movements, as well as where prices have been in the past and where other industry insiders think silver could be headed. First, let’s dive a little deeper into Neumeyer’s US$100 prediction.

Why is Neumeyer calling for US$100 silver?

There’s a significant distance for silver to go before it reaches the success Neumeyer has boldly predicted. In fact, in order for the precious metal to jump to the US$100 mark, its price would have to increase from its current value by around 350 percent.

Neumeyer has previously stated that he expects a triple-digit silver price in part because he believed the market cycle could be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. He thinks it’s only a matter of time before the market corrects, like it did in 2001 and 2002, and commodities see a big rebound in pricing. It was during 2000 that Neumeyer himself invested heavily in mining stocks and came out on top.

“I’ve been calling for triple-digit silver for a few years now, and I’m more enthused now,” Neumeyer said at an event in January 2020, noting that there are multiple factors behind his reasoning. “But I’m cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening.”

In his August 2022 with Wall Street Silver, he reiterated his support for triple-digit silver and said he’s fortunately not alone in this optimistic view — in fact, he’s been surpassed in that optimism. ‘I actually saw someone the other day call for US$500 silver,’ he said. ‘I’m not quite sure I’m at the level. Give me US$50 first and we’ll see what happens after that.’

Another factor driving Neumeyer’s position is his belief that the silver market is in a deficit. In a May 2021 interview, when presented with supply-side data from the Silver Institute indicating the biggest surplus in silver market history, Neumeyer was blunt in his skepticism. “I think these numbers are made up,” he said. “I wouldn’t trust them at all.”

He pointed out that subtracting net investments in silver exchange-traded products leaves the market in a deficit, and also questioned the methodology behind the institute’s recycling data given that most recycled silver metal comes from privately owned smelters and refineries that typically don’t make those figures public.

‘I’m guessing the mining sector produced something in the order of 800, maybe 825 million ounces in 2022,’ Neumeyer said when giving a Q4 2022 overview for his company. ‘Consumption numbers look like they’re somewhere between 1.2 and 1.4 billion ounces. That’s due to all the great technologies, all the newfangled gadgets that we’re consuming. Electric vehicles, solar panels, windmills, you name it. All these technologies require silver … that’s a pretty big (supply) deficit.’

More controversially, Neumeyer is of the opinion that the white metal will eventually become uncoupled from its sister metal gold, and should be seen as a strategic metal due to its necessity in many everyday appliances, from computers to electronics, as well as the technologies mentioned above. He has also stated that silver production has gone down in recent years, meaning that contrary to popular belief, he believes the metal is actually a rare commodity.

Neumeyer’s March 2023 triple-digit silver call is a long-term call, and he explained that while he believes gold will break US$3,000 this year, he thinks silver will only reach US$30 in 2023. However, once the gold/silver ratio is that unbalanced, he believes that silver will begin to take off, and it will just need a catalyst.

‘It could be Elon Musk taking a position in the silver space,’ Neumeyer said. ‘There’s going to be a catalyst at some time, and headlines in the Wall Street Journal might talk about the silver supply deficit … I don’t know what the catalyst will be, but investors and institutions will wake up to the fundamentals of the metal, and that’s when it will start to move.’

In an August interview with SilverNews, Neumeyer discussed his belief that banks are holding the silver market down. He pointed to the paper market for the metal, which he said the banks have capped at US$30 even in times of high buying.

‘If you want to go and buy 100 billion ounces of silver (in the paper market), you might not even move the price because some bank just writes you a contract that says (you own that),’ he explained, saying banks are willing to get short, because once the buying stops, they push the price down to get the investors out of the market and buy the silver back. ‘… If the miners started pulling their metal out of the current system, then all of a sudden the banks wouldn’t know if they’re going to get the metal or not, so they wouldn’t be taking the same risks they’re taking today in the paper markets.’

The month after the interview, his company First Majestic launched its own 100 percent owned and operated minting facility, named First Mint.

What factors affect the silver price?

In order to glean a better understanding of the precious metal’s chances of trading around the US$100 range, it’s important to examine the elements that could push it to that level or pull it further away.

The strength of the US dollar and US Federal Reserve interest rate changes are factors that will continue to affect the precious metal, as are geopolitical issues and supply and demand dynamics. Although Neumeyer believes that the ties that bind silver to gold need to be broken, the reality is that most of the same factors that shape the price of gold also move silver.

For that reason, it’s helpful to look at gold price drivers when trying to understand silver’s price action. Silver is, of course, the more volatile of the two precious metals, but nevertheless it often trades in relative tandem with gold.

Looking first at the Fed and interest rates, it’s useful to understand that higher rates are generally negative for gold and silver, while lower rates tend to be positive. That’s because when rates are higher interest shifts to products that can accrue interest.

When the COVID-19 pandemic hit, the Fed cut rates down to zero from 1 to 1.25 percent. However, rising inflation has led the Fed and other central banks to hike rates, which has negatively impacted gold and silver. In February 2023, the Fed raised rates by just 25 basis points, the smallest hike since March 2022, as Chair Jerome Powell said the process of disinflation has begun. The Fed has continued these small rate hikes since, with the latest coming in July.

While central bank actions are important for gold, and by extension silver, a key price driver lately has been geopolitical uncertainty. The past few years have been filled with major geopolitical events such as tensions between the US and other countries such as North Korea, China and Iran. More recently, the huge economic impact of the COVID-19 pandemic, Russia’s war with Ukraine and the banking crisis earlier this year have been sources of concern for investors.

On a separate note, silver’s close ties to gold’s safe-haven status should be beneficial in the long term, and there is also a strong case to made for the metal’s industrial potential. According to CIBC analysts in mid-2021, higher industrial demand from emerging sectors due to factors like the transition to renewable energy will be highly supportive for the metal over the next few years.

Does historic price action support US$100 silver?

While not all silver market watchers anticipate a triple-digit silver price in the near future, there is support for Neumeyer’s belief that the metal is undervalued and that “ideal conditions are present for silver prices to rise.”

Many are on board with Neumeyer in the idea that silver’s prospects are bright, including Peter Krauth of Silver Stock Investor, who believes that ‘we are very likely going to experience the greatest silver bull market of our generation.’

So, if the silver price does rise, how high will it go?

Let’s look at silver’s recent history. The highest price for silver was just under US$50 in the 1970s, and it came close to that level again in 2011. The commodity’s price uptick came on the back of very strong silver investment demand.

After spending the latter half of the 2010s in the teens, the 2020s have seen silver largely hold above US$20. In August 2020, the price of silver reached nearly US$28.50 before pulling back again, and moved back up near those heights in February 2021. The price of silver saw a 2022 high point of US$26.46 in February, and passed US$26 again in May 2023.

What do other experts think about US$100 silver?

Many experts in the space expect silver to perform strongly in the years to come, but don’t necessarily see it reaching US$100 or more, especially given the current macroeconomic conditions.

However, 2022 didn’t shake out as many expected, and Morgan’s expectations are more muted for 2023. ‘We’ll have to see what happens,’ he said at the end of 2022. ‘Last time we got near US$30, very close to it, Rostin Behnam of the (Commodity Futures Trading Commission) came out and said they had to tamp down the silver market. What kind of a free market is that?’

From a longer-term lens, Matt Watson, founder of Precious Metals Commodity Management, thinks that over the next decade silver will benefit greatly from increased industrial demand, particularly from the electric vehicle, solar photovoltaic and electronics industries. This increasing demand for the white metal is happening in concert with decreasing mine supply, which has the potential to push the silver price to US$50 — just not in the short term.

‘As I was doing my research, and this goes back over several years already, I would get to that US$300 forecast for an ultimate high in the silver price in different ways,’ he said, and broke down what a low gold/silver ratio — like we’ve seen the previous times that silver has peaked — could mean for the metal’s price in the future.

FAQs for silver

Why is silver so cheap?

The primary reason that silver is sold at a significant discount to gold is supply and demand.

There is an abundance of silver — according to the US Geological Survey, to date 1,740,000 metric tons (MT) of silver have been discovered, while only 244,000 MT of gold have been found. In terms of output, 26,000 MT of silver were mined in 2022 compared to 3,100 MT for gold. However, looking at these numbers, that puts gold and silver production at about a 1:8.3 ratio, while the price ratio in at the beginning of August was around 1:82 — a huge disparity.

While silver does have both investment and industrial demand, the global focus on gold as an investment vehicle, including countries stockpiling gold, can overshadow silver. Additionally, jewelry alone is a massive force for gold demand.

Is silver really undervalued?

Many experts believe that silver is undervalued compared to fellow currency metal gold. As discussed, their production and price ratios are currently incredibly disparate. While investment demand is higher for gold, silver has seen increasing time in the limelight in recent years, including a 2021 silver squeeze that saw new entrants to the market join in.

Another factor that lends more intrinsic value to silver is that it’s an industrial metal as well as a precious metal. It has applications in technology and batteries — both growing sectors that will drive demand higher.

Silver’s two sides could both be seen last year: Silver demand hit record highs in 2022, according to the Silver Institute, with physical silver investment rising by 22 percent and industrial by 5 percent over 2021.

Can silver hit US$1,000?

In 2016, Neumeyer predicted that silver could hit US$1,000 per ounce if gold ever climbed to US$10,000 per ounce. This is related to the gold to silver production ratio discussed above, which at the time of the prediction was around 1 ounce of gold to 9 ounces of silver and last year was about 1:8.3.

If silver was priced according to production ratio today, when gold is at US$2,000 silver would be around US$240, or US$222 at 1:9. However, the gold to silver pricing ratio has actually sat around 1:80 to 1:90 recently, and when gold moved above US$2,000 in May, silver was around US$25. Additionally, even if pricing did change drastically to reflect production rates, gold would need to climb around 500 percent from its current price to hit the US$10,000 Neumeyer mentioned back in 2016.

As things are now, it seems unlikely silver will reach those highs.

Is silver better than gold?

There are merits for both metals, especially as part of a well-balanced portfolio. As many analysts point out, silver has been known to outperform its sister metal gold during times of economic prosperity and expansion.

On the other hand, during economic uncertainty silver values are impacted by declines in fabrication demand.

Silver’s duality as a precious and industrial metal also provides price support. As a report from the CPM Group notes, “it can be seen that silver in fact almost always (but not always) out-performs gold during a gold bull market.”

Should I buy silver in 2023?

Investors looking to buy silver in 2023 have a variety of factors to consider, including where the metal’s price will go and when they can get the best deal. Here’s a quick run down of the year so far, and what three experts think could happen.

Silver’s lowest price so far this year came on March 8, when it briefly dropped under US$20. Since that low, silver has performed strongly against a backdrop of economic uncertainty, including the banking crisis, peaking at a year-to-date high of over US$26 in early May. As of the beginning of August, the silver price was sitting at around US$23.50.

In April, Gareth Soloway said he thinks silver will see a subdued performance this year. While a break above US$30 could be possible, he believes a potential recession will weigh on silver’s industrial demand and thus its price as well.

How to invest in silver?

There are a variety of ways to get into the silver market. For example, investors may choose to put their money into silver-focused stocks by buying shares of companies focused on silver mining and exploration. As a by-product metal, investors can also gain exposure to silver through some gold companies.

There are also silver exchange-traded funds that give broad exposure to silver companies and the metal itself, while more experienced traders may be interested in silver futures. And of course, for those who prefer a more tangible investment, purchasing physical silver bullion in bar and coin form is also an option.

At what price did Warren Buffet buy silver?

Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) bought up 37 percent of global silver supply between 1997 and 2006. Silver ranged from US$4 to US$10 during that period.

In fact, between July 1997 and January 1998 alone, the company bought about 129 million ounces of the metal, much of which was for under US$5. Adjusted for inflation, the company’s purchases in that window cost about US$8.50 to US$11.50.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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World’s Largest Miners Confirmed For This Year’s Resourcing Tomorrow Event

Representatives from the world’s largest mining companies, Anglo American, BHP, Glencore, Rio Tinto and Vale have confirmed their attendance for this year’s Resourcing Tomorrow event and will join other leading mining companies including Anglo Gold Ashanti, Antofagasta Minerals, Barrick, B2 Gold, Eldorado Gold, Endeavour Mining, Freeport McMoRan, Newmont, Sibanye Stillwater, Teck Resources, and Wheaton Precious Metals.

As Europe’s largest mining event, Resourcing Tomorrow: Accelerating the Energy Transition takes place in London on the 28-30 November and is poised to be yet another agenda-setting edition for the industry, fostering collaboration and knowledge exchange among professionals in the field.

Resourcing Tomorrow unites all stakeholders in the mining industry, including global mining and energy companies, investors, government delegations, researchers, educators, regulators, suppliers, and operators.The conference programme will provide 100+ intelligent and forward-thinking sessions in which all of the aforementioned miners will participate, giving attendees the opportunity to engage and network with leaders and industry specialists from around the world.

150+ junior mining companies represented100+ exhibitors on display with the latest technologies for faster, cleaner, safer, and more efficient miningThe event will draw participants from more than 100 countries, including Australia, USA, UK, Canada, India, Brazil, South Africa, Ghana, Chile, Nigeria, Peru, and Germany, demonstrating its international appeal and the global significance of the mining industry.

With the increasing pace of change and emerging technologies in the mining industry, Resourcing Tomorrow will focus on the future of our industry and presents a unique opportunity for international representatives of the world’s leading resource economies to meet, find new partners, discuss current challenges, and share the latest research, technology and best practice.

For more information, see resourcingtomorrow.com.

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CVS Health to pull decongestants with phenylephrine off shelves

U.S. pharmacy chain CVS Health said on Thursday it is pulling some of the most common decongestants with phenylephrine as the only active ingredient from its shelves and will no longer sell them.

The move comes after a panel of advisers to U.S. health regulators raised doubts over the efficacy of the ingredient.

Last month, the panel refused to back the effectiveness of oral over-the-counter (OTC) medicines made with phenylephrine, adding that no more trials were required to prove otherwise.

CVS said “other oral cough and cold products will continue to be offered to meet consumer needs.”

Phenylephrine was substituted for pseudoephedrine in many non-prescription cold and allergy medicines after the latter was restricted amid reports of abuse.

Phenylephrine is a major component used in some of popular products like Benadryl, Sudafed, GSK’s Advil and Kenvue’s Tylenol.

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Mortgage demand falls to the lowest level since 1995 as interest rates near 8%

Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995.

Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

A for sale sign in San Mateo County, Calif., on Aug. 22, 2023.Liu Guanguan / China News Service via Getty Images file

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.70% from 7.67% and points decreased to 0.71 from 0.75 (including the origination fee) for loans with a 20% down payment. That is the highest rate since November 2000. The rate was 6.94% during the same week one year ago.

Applications for a mortgage to purchase a home dropped 6% week to week and were 21% lower than the same week one year ago.

Applications to refinance a home loan fell 10% for the week and were 12% lower than a year ago.

“Both purchase and refinance applications declined, driven by larger drops for conventional applications,” said Joel Kan, vice president and deputy chief economist at the MBA, in a release. He added that the adjustable-rate mortgage (ARM) share was 9.3%, the highest share in 11 months.

ARMs offer lower rates and can be fixed for up to 10 years before the rate resets. More borrowers are turning to these loan products to gain purchasing power, as both interest rates and home prices are rising.

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Mortgage rates moved even higher to start this week, with the 30-year fixed hitting 7.92% on Tuesday, according to Mortgage News Daily. That is a cyclical high. The increase was due to a much stronger-than-expected monthly retail sales report.

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