Home Archives - MiningFeeds

Goliath Resources Limited

Infographic 1

Infographic 2

Infographic 3

Drill Highlights:

GD-24-237 intercepted abundant visible gold from 4 mineralized zones with Surebet style mineralization, the Bonanza Shear, Golden Gate Zone as well as a mineralized porphyritic intrusive dyke for an aggregate of 105 meters (assays are pending).
- An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24d8faf0-b20e-4f92-8e1d-61fa800045c1
Collectively these four mineralized intervals equate to 105 meters of some of the strongest mineralization with the highest density of veining, stockwork and breccia observed to date in drill core from the property; the system remains wide open.
GD-24-237 represents a 111 meter step out from the main mineralized zone in GD-24-235 the first hole announced last week, which also intercepted the Bonanza Shear, Golden Gate and newly discovered Mothership Feeder Zone.
A 14.39 meter zone of altered porphyritic intrusive dyke, like that seen in GD-24-235 has been intercepted between 315.71 – 330.08 meters. It hosts multiple sheeted quartz veins and calc-silicate veins with albite/sericite alteration halos. Visible gold, molybdenite and trace bismuth was observed in veins at 316.05, 316.26, 326.10 meters and on vein margins.
- An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/69b3633f-fd1a-4dcd-8e21-400bca0ab0d1

Additionally, a 47 meter zone of the Bonanza Shear was intercepted from 425.00 – 472.00 meters with significant mineralized includes intervals characterized by intense quartz-sulphide stockwork and quartz veins between 5 and 15 cm thick with sphalerite (2%), pyrrhotite (1%), pyrite (2%), and minor galena hosted within the Lower Hazelton volcanic unit.
- An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c24e2ea-e824-4381-b101-a8e839ca3f55
A second 16.6 meter interval zone of Bonanza Shear hosting dense sulphide-rich calc-silicate veining and stockwork was intersected from 508.4 – 526.00 meters containing sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.
A 26.35 meter interval attributed to Golden Gate from 546.65 – 573.0 meters, which represents a 300 meter step out to the north. It hosts a high-density of veins and stockwork with substantial amounts of sulphides intercepted, including sphalerite (1%), galena (1%) and containing sections of semi-massive pyrrhotite and trace pyrite. A 1.11 meter vein between 569.29 – 570.04 meters was intercepted that contained visible gold, sphalerite (1%), galena (1%), pyrrhotite (2%) and pyrite (1%).

Results from the first couple of drill holes confirm the strong potential for additional discovery during the 2024 drill program that has just began.
Several deeper drill holes are planned to test the system to greater depth including a 700 meter hole that is currently underway.
The drill program on Surebet is focused on testing the potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expanding the known 10 vein footprint, and increasing continuity of veins/shears.

Surebet Highlights:

Colorado School of Mines study confirmed an extensive intrusive feeder source at depth for the high-grade gold mineralising fluids at Surebet in their report, this provides excellent potential for additional upside discovery and expansion at depth (see About CASERM below).
Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggests we are vectoring on an indicated porphyritic intrusive feeder source.
Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity and flotation, that includes 48.8% Free Gold from gravity alone at a 327-micron crush; no deleterious minerals or cyanide required to extract the gold.
The Golddigger property is fully permitted until 2029 for 199 drill pads.
66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).
44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.
11 holes to date are greater than 100 gram*meter AuEq and up to 513 grams*meter AuEq.
Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.
Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.
10 mineralized vein horizons have been identified to date and remain open.
The mineralized footprint of the Surebet discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields.

TORONTO, July 22, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report four substantially mineralized intercepts in drill hole GD-24-237 of dense quartz-sulphide breccia, stockwork and veining containing abundant visible gold, galena, and sphalerite. Inclusive of an interval containing visible gold, molybdenite and trace bismuth in veins at 316.05, 316.26, 326.10 meters and on vein margins within a porphyritic intermediate dyke at Surebet on its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

Collectively these four mineralized intervals equate to 105 meters of some of the strongest mineralization with the highest density of veining, stockwork and breccia observed to date in drill core from the property. The system remains wide open confirming excellent additional discovery potential.

An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/24d8faf0-b20e-4f92-8e1d-61fa800045c1

Drill hole GD-24-237 collared from Golden Gate Pad (140/-70, Total depth 848.0 m) intersected multiple strongly mineralized quartz-sulphide breccia and stockwork sections containing abundant visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization. The hole also intercepted a porphyritic intermediate intrusive unit containing visible gold, molybdenite and bismuth.The most significant mineralized interval is 47 meters long in a section from 425.00 to 472.00 meters, characterized by quartz-sulphide stockwork with sphalerite (2%), pyrrhotite (1%), pyrite (2%), and minor galena attributed to the Bonanza shear, located at the contact between the Upper Hazelton sedimentary and Lower Hazelton volcanic units. A section of quartz-sulphide breccia and stockwork directly attributed to the Bonanza Shear was intercepted from 449.69 to 452.52 meters and is characterized by visible gold, semi-massive galena (1%), sphalerite (1%), pyrite (1%), and pyrrhotite (1%) and makes up the contact between sediments and volcanic units. Within the andesite, from 452.52 to 472.00 meters, many closely spaced quartz and calc-silicate veins host sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.

A second 16.6 meter interval zone of Bonanza Shear hosting dense sulphide-rich calc-silicate veining and stockwork was intersected from 508.4 to 526.00 meters containing sphalerite (1%) and galena (1%) with trace quantities of pyrrhotite and pyrite.

Deeper in the hole, a 26.35 meter interval from 546.65 to 573.00 meters of closely spaced veining and stockwork with substantial amounts of sulphides was intercepted, including sphalerite (1%), galena (1%) with trace quantities of pyrrhotite and pyrite. A 1.11 meter vein between 569.29 – 570.04 was intercepted that contained visible gold, sphalerite (1%), galena (1%), pyrrhotite (2%) and pyrite (1%). Similar to what was intercepted in 2023 from GD-23-183 which ran 3.56 g/t AuEq over 8 meters including 6.54 g/t AuEq over 3.0 meters.

An accompanying infographic is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c24e2ea-e824-4381-b101-a8e839ca3f55

A 14.39 meter section of intrusive rock containing quartz veins with visible gold, molybdenite, and bismuth and displaying porphyritic textures similar to what was observed in drill hole GD-24-235 announced last week was intercepted from 315.71 to 330.08 meters. This intrusive is host to a handful of 1 to 10 centimeter sheeted quartz veins and sub-millimetric sulphide veinlets. These veins included minor vein-hosted calc-silicates with white albite/sericite alteration haloes.

Drill hole GD-24-237 was designed to intercept the Bonanza shear, expand the Golden Gate zone to the north, and target the newly discovered Mothership Feeder as well as additional veins identified at depth that remain wide open. Several intervals of mineralized core observed in hole GD-24-237 have the same mineralogy, textures and structures observed in drill hole from 2023, GD-23-183, suggesting that similar gold grades are expected from these intervals. Several deeper holes are planned to test this area to much greater depths during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

Several deeper holes are planned to test this area to greater depth during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

The current planned 2024 drill program includes 15,000 meters of diamond drilling on Surebet. The drill program on Surebet is focused on testing its potential feeder source at depth below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears. The Surebet Discovery will see the bulk of meters planned with the balance testing one new strongly mineralized gold-copper outcropping target at Treasure Island.

Over the first 3 drilling seasons, totaling only 8 months cumulative time drilling between 2021 – 2023, completed a total 66,930 meters on the Golddigger Property. In 2023, there was a 97% success hit rate where 86 holes of 92 totaling intercepted significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. Of these holes, 35% of them contained visible gold up to 11mm in size. This 1.8 square kilometer area also has mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity. The Surebet system remains wide open, with strong potential for additional discoveries as confirmed by the first drill holes of 2024.

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 kilometers of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

The Surebet discovery has exceptional continuity and excellent metallurgy with gold recoveries of 92.2% inclusive of 48.8% free gold from gravity alone at a 327-micrometer crush (no deleterious elements and no cyanide required to recover the gold based on metallurgical work completed to date).

It is in an excellent location in close proximity to the communities of Alice Arm and Kitsault where there is a permitted mill site on private property. It is situated on tide water with direct barge access to Prince Rupert (190 kilometers via the Observatory inlet/Portland inlet). The town of Kitsault is accessible by road (190 kilometers from Terrace, 300 kilometers from Prince Rupert) and has a barge landing, dock, and infrastructure capable of housing at least 300 people, including high-tension power.

Additional infrastructure in the area includes the Dolly Varden Silver Mine Road (only 7 kilometers to the East of the Surebet discovery) with direct road access to Alice Arm barge landing (18 kilometers to the south of the Surebet discovery) and high-tension power (25 kilometers to the East of Surebet discovery). The city of Terrace (population 16,000) provides access to railway, major highways, and airport with supplies (food, fuel, lumber, etc.), while the town of Prince Rupert (population 12,000) is located on the west coast and houses an international container seaport also with direct access to railway and an airport with supplies.

About CASERM (Center To Advance The Science Of Exploration To Reclamation In Mining)Goliath is a paying member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech aimed at transforming the way that geoscience data are used in the mineral resource industry. Research focuses on the integration of diverse geoscience data to improve decision making across the mine life cycle, beginning with the exploration for subsurface earth resources continuing through mine operation as well as closure and environmental remediation. As a CASERM member, the Company requested a study and written report to be performed by Colorado School of Mines analysing Surebet’s origin of mineralization that confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet.

Qualified Person

Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath Resource Limited projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release. Mr. Turna is also a director of the Company.

About Goliath Resources LimitedGoliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec. All of its projects are in world class geological settings and geopolitical safe jurisdictions amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen and Mr. Eric Sprott.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled.

Portable XRF (X-Ray Fluorescence) readings are semi-quantitative measurements and calibrations of the equipment in the field not always allow to compare results to certified reference materials but are used as guideline to augment the understanding of the mineralization observed. These measurements are not intended to be representative of the geochemical composition of the material measured. XRF readings are carried out using a handheld device and could be influenced by external factors.

Oriented HQ-diameter or NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX DepositTM. Drill holes were planned using Leapfrog GeoTM and QGISTM software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%.

Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.

All samples are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric, and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.

Widths are reported in drill core lengths and the true widths are estimated to be 80-90% and AuEq metal values are calculated using: AuEq metal values are calculated using: Au 1924.79 USD/oz, Ag 22.76 USD/oz, Cu 3.75 USD/lbs, Pb 2128.75 USD/ton and Zn 2468.50 USD/ton on December 23, 2023. There is potential for economic recovery of gold, silver, copper, lead, and zinc from these occurrences based on other mining and exploration projects in the same Golden Triangle Mining Camp where Goliath’s project is located such as the Homestake Ridge Gold Project (Auryn Resources Technical Report, Updated Mineral Resource Estimate and Preliminary Economic Assessment on the Homestake Ridge Gold Project, prepared by Minefill Services Inc. Bothell, Washington, dated May 29, 2020). Here, AuEq values were calculated using 3-year running averages for metal price, and included provisions for metallurgical recoveries, treatment charges, refining costs, and transportation. Recoveries for Gold were 85.5%, Silver at 74.6%, Copper at 74.6% and Lead at 45.3%. It will be assumed that Zinc can be recovered with the Copper at the same recovery rate of 74.6%. The quoted reference of metallurgical recoveries is not from Goliath’s Golddigger Project, Surebet Zone mineralization, and there is no guarantee that such recoveries will ever be achieved, unless detailed metallurgical work such as in a Feasibility Study can be eventually completed on the Golddigger Project.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors alike.

Many investors also have a go-to methodology that helps guide their buy and sell decisions. One way to find winning stocks based on your preferred way of investing is to use the Zacks Style Scores, which are indicators that rate stocks based on three widely-followed investing types: value, growth, and momentum.

Why Investors Should Pay Attention to This Value Stock

Finding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, and Price/Cash Flow to highlight the most attractive and discounted stocks.

Freeport-McMoRan (FCX)

Based in Phoenix, AZ, Freeport-McMoRan Inc., formerly Freeport-McMoRan Copper & Gold Inc., is engaged in mineral exploration and development; mining and milling of copper, gold, molybdenum and silver; as well as the smelting and refining of copper concentrates. The company conducts its operations primarily through its principal operating subsidiaries, PT Freeport Indonesia (PT-FI), Freeport Minerals Corporation and Atlantic Copper. PT Freeport Indonesia’s principal asset is Papua, Indonesia-based Grasberg mine, which contains the world’s largest copper and gold reserves.

FCX is a Zacks Rank #3 (Hold) stock, with a Value Style Score of B and VGM Score of B. Shares are currently trading at a forward P/E of 27.7X for the current fiscal year compared to the Mining – Non Ferrous industry's P/E of 20.5X. Additionally, FCX has a PEG Ratio of 1.1 and a Price/Cash Flow ratio of 15.4X. Value investors should also note FCX's Price/Sales ratio of 2.8X.

A company's earnings performance is important for value investors as well. For fiscal 2024, three analysts revised their earnings estimate higher in the last 60 days for FCX, while the Zacks Consensus Estimate has increased $0.00 to $1.66 per share. FCX also holds an average earnings surprise of 23.5%.

FCX should be on investors' short lists because of its impressive earnings and valuation fundamentals, a good Zacks Rank, and strong Value and VGM Style Scores.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Freeport-McMoRan (FCX) ended the recent trading session at $45.90, demonstrating a -0.04% swing from the preceding day's closing price. This move was narrower than the S&P 500's daily loss of 0.71%. Meanwhile, the Dow lost 0.93%, and the Nasdaq, a tech-heavy index, lost 0.81%.

Heading into today, shares of the mining company had lost 6.97% over the past month, lagging the Basic Materials sector's loss of 0.77% and the S&P 500's gain of 1.08% in that time.

The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's earnings report is expected on July 23, 2024. On that day, Freeport-McMoRan is projected to report earnings of $0.38 per share, which would represent year-over-year growth of 8.57%. Our most recent consensus estimate is calling for quarterly revenue of $6 billion, up 4.53% from the year-ago period.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.66 per share and revenue of $25.36 billion, which would represent changes of +7.79% and +10.97%, respectively, from the prior year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.92% lower. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.

Valuation is also important, so investors should note that Freeport-McMoRan has a Forward P/E ratio of 27.65 right now. Its industry sports an average Forward P/E of 20.54, so one might conclude that Freeport-McMoRan is trading at a premium comparatively.

Investors should also note that FCX has a PEG ratio of 1.07 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Mining – Non Ferrous industry stood at 0.71 at the close of the market yesterday.

The Mining – Non Ferrous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 24, this industry ranks in the top 10% of all industries, numbering over 250.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Freeport-McMoRan Inc. FCX is set to release second-quarter 2024 results before the opening bell on Jul 23.The mining giant’s earnings beat the Zacks Consensus Estimate in each of the last four quarters. It has a trailing four-quarter earnings surprise of roughly 23.5%, on average. While Freeport is expected to have gained from higher copper prices in the second quarter, increased costs and lower sales volumes are likely to have affected its results.The stock has gained 9.6% in the past year compared with the industry’s 25.9% rise.

Image Source: Zacks Investment Research

Let’s see how things are shaping up for this announcement.

Zacks Model

Our proven model predicts an earnings beat for FCX this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earning beat.Earnings ESP: Earnings ESP for Freeport is +2.21%. The Zacks Consensus Estimate for the second quarter is currently pegged at 38 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: Freeport currently carries a Zacks Rank #3.

What do the Estimates Indicate?

The Zacks Consensus Estimate for Freeport’s second-quarter consolidated revenues is currently pegged at $5,997 million, which suggests a year-over-year increase of 4.5%.

A Few Factors to Watch

Freeport’s second-quarter results are also expected to have been supported by the strength in copper prices. Copper prices have notched gains of roughly 10% so far this year, aided by supply concerns and signs of improving demand from top consumer China. A recovery in China’s industrial sector has led to an uptick in copper demand. Prices of copper were up around 9.5% in the second quarter. Our estimate for second-quarter average realized price for copper currently stands at $4.25, which indicates a year-over-year increase of 10.7% and a sequential rise of 7.9%.However, lower copper and gold sales volumes are expected to have impacted the company’s results. FCX, earlier this month, said that it expects to ship a portion of its second-quarter production in subsequent periods due to the delay in securing PT-FI's export license.

The company expects its consolidated sales for the second quarter to be roughly 5% lower than its April 2024 forecast of 975 million pounds of copper and around 30% lower than its prior view of 500,000 ounces of gold.Moreover, higher costs are likely to have weighed on Freeport’s performance in the quarter to be reported. The company now expects consolidated unit net cash costs for the second quarter to be about $1.77 per pound of copper, compared with its earlier expectation of $1.57 per pound. The expected increase is primarily due to decreased by-product credits as a result of shipment delays.

Freeport-McMoRan Inc. Price and EPS Surprise

Freeport-McMoRan Inc. price-eps-surprise | Freeport-McMoRan Inc. Quote

Stocks That Warrant a Look

Here are some companies in the basic materials space you may want to consider as our model shows they too have the right combination of elements to post an earnings beat this quarter:Agnico Eagle Mines Limited AEM, scheduled to release earnings on Jul 31, has an Earnings ESP of +5.93% and carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.The consensus estimate for AEM’s earnings for the second quarter is currently pegged at 82 cents.ATI Inc. ATI, slated to release earnings on Aug 6, has an Earnings ESP of +3.50% and carries a Zacks Rank #3 at present.The consensus mark for ATI’s second-quarter earnings is currently pegged at 58 cents.Kinross Gold Corporation KGC, scheduled to release second-quarter earnings on Jul 31, has an Earnings ESP of +18.85%.The Zacks Consensus Estimate for Kinross Gold's earnings for the second quarter is currently pegged at 12 cents. KGC currently carries a Zacks Rank #2. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

ATI Inc. (ATI) : Free Stock Analysis Report

Kinross Gold Corporation (KGC) : Free Stock Analysis Report

Agnico Eagle Mines Limited (AEM) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

We recently compiled a list of the 10 Best Materials Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where Freeport-McMoRan Inc. (NYSE:FCX) stands against the other materials stocks.

When compared to high growth technology stocks, materials stocks are among the most stable ones on the market. These are often sizeable firms whose performance is tied to the broader economic output. As a result, materials stocks offer investors a chance to ensure that their investments are not affected by the pitfalls of volatility that often accompanies high growth stocks. This volatility is often present in high growth sectors where firms face low barriers to entry, a high level of product diversification from peers which leads to more competition, and even though metals stocks fluctuate with the economy, their sizeable nature and high investment requirements mean that once they've set up shop, they can benefit from somewhat assured demand.

At the same time, their sizeable business operations also make materials stocks pay out handsome dividends. We took a look at some such stocks as part of our coverage of 12 Best Materials Dividend Stocks To Buy Now. Within this list, the top hedge fund materials dividend stocks had a dividend yield that ranged between 0.68% to 5.28%. The average dividend yield was 2% while the median yield among the 12 materials stocks was 1.88%. The top materials dividend stock, which had a yield of 5.28% ranked at 9th place, and it is one of the biggest chemicals companies in the world.

To analyze materials stocks' performance and see what the future might hold for them, a relevant approach is to check how the commodities market is performing. Broadly speaking, materials stocks can be divided into those that sell construction materials and those that deal in metals. Starting from construction materials, the broader construction industry's performance right now is somewhat mixed. The turmoil in the office real estate sector, driven by high interest and vacancy rates, continues to threaten contagion. Similarly, while the status of the residential sector isn't as troubling, higher rates have created some interesting trends. Median housing prices in America soared to a record high of $419,300 in May; however, at the same time, housing supply also grew to 1.28 million to mark an 18.5% annual growth. Higher rates lead to homeowners forking out more for their property, and data from Redfin shows that the value of US homes soared to $47.5 trillion by December 2023.

Overall, US construction spending fell by 0.1% in May to sit at $2.1 trillion. For materials stocks, a slowdown means that their share prices are depressed. However, when compared to other markets, such as agriculture, not all is doom and gloom in construction. Industrial construction for warehouses boomed in 2022 and tapered off in 2023 due to high interest rates. Now, the Dodge Momentum Index, which measures non residential building project planning, increased by 2.7% to 179 in May. However, this, like the broader industry, also came with a caveat. Sequentially, data center construction planning spurred by AI and retail projects led commercial planning to jump by 5.5%. However, the healthcare and public project slowdown led to institutional planning to drop by 3.4%. This data shows that businesses are investing in growth for 2025 as they expect interest rates to fall. At the same time, the Biden-Harris Administration's Inflation Reduction Act and the CHIPS And Science Act coupled with the Bipartisan Infrastructure Act allocate roughly $2.4 trillion to a wide variety of projects ranging from bridges, roads, semiconductor production, and EV production facilities.

In a similar vein, the Inflation Reduction Act is also expected to spur demand in America for some metals. As mentioned earlier, metals demand is the second aspect of materials stocks' valuation. Starting from lithium, data from Bloomberg shows that lithium iron phosphate battery cells in China now cost $54/kWh to mark a 43% annual drop. These prices are dropping since the lithium industry invested heavily in production, which flooded the market with batteries and led to the cost of a cathode falling to 30% of a battery's total cost as compared to the previous value of 50%. Lower prices mean that lithium miners struggle to maintain their margins, which naturally doesn't sit well with investors. Naturally, it's unsurprising that one of the biggest lithium producers in the world has lost 34% year to date and 54% over the past year. This stock ranked 1st on our list of the best 10 Best Lithium and Battery Stocks to Buy Now.

However, while lithium has tumbled, copper has soared. Copper futures that trade on the COMEX are up by 17.8% year to date and 21% over the past year. This surge has come on the back of several catalysts. One of these, unsurprisingly, is AI. AI and the global push to electrification can add 10 million tons of copper demand over the next decade with one third attributed to the electric vehicle industry. Another third is for electricity generation and associated use cases, while the remaining is expected to stem from AI and data centers. Copper stocks in LME registered warehouses dropped by 35% in May from October, and a tighter market leads to higher prices which are beneficial for copper companies.

The next two metals, aluminum and iron, are also interlinked with industrial production. This leaves them highly sensitive to interest rates, and also reduces the impact of the tailwind from electrification. Therefore, iron ore prices have continued to remain volatile this year, as after dropping by 4,1% on July 10th, it surged by 3.6% on the 11th. This surge came as Chinese homebuilding activity continues to decline, and Goldman Sachs isn't too optimistic for the prices as it expects them to sit at $100 per ton this year. The bank expects aluminum prices to sit at $1.27 per pound by 2024 end, up from the $1.24 per pound as of July.

Looking at the broader determinants of materials stock performance, while they offer the potential of earning dividends, a chance to 'peg' the portfolio to economic growth, and enable risk hedging, there can be some drawbacks as well. Materials stocks are highly sensitive to business cycles due to their close link with the broader economic performance (you can learn more about the different stages of the business cycle by checking out 10 Best Consumer Cyclical Stocks To Buy Now). These stocks are also tied to the price of materials, so if lithium prices fall due to a supply glut, then companies that mine lithium can suffer too. Finally, geopolitical crises (such as the one in the Middle East) and regulations on industries such as mining can also act as headwinds.

Adding to this performance, the current economic environment isn't particularly favorable for materials stocks. Not only are interest rates high, but estimates show that we might be in the late stages of the business cycle where economic activity tapers off. Taking a look at the performance of materials stock indexes made of stocks part of the S&P and Dow Jones, and one operated by Morningstar Financial shows limited gains. The three indexes are up by 6%, 3.99%, and 9.89% over the past 12 months, respectively. Year to date, these stock indexes have gained 3.13%, 1.32%, and 1.71%. All three materials stock indexes had bottomed out in October 2023. October was one of the most important months for the stock market, as it came with a fresh set of comments from Fed Chairman Jerome Powell who indicated that additional interest rate hikes might be needed to balance out the labor market and control inflation. Investors, on the other hand, had expected the Fed's interest rate hiking cycle to close. However, as Chair Powell's remarks turned out to be too cautious and no interest rate hikes followed, the materials stock indexes continued to post gains.

Summing it up, while Wall Street is far more pessimistic about the Fed's rate cuts in the second half of 2024 compared to the first half, the one thing that everyone can agree on is that rate cuts will take place. Considering the factors that affect materials stock performance that we've discussed above, it might be worth it to see what the hedge funds are doing. We've done so today, so read on below to see the best materials stocks to buy according to hedge funds.

Our Methodology

To make our list of the best materials stocks to buy according to hedge funds, we ranked the 40 most valuable materials stocks in terms of market capitalization by the number of hedge funds that had bought the shares in Q1 2024. Then, we looked at popular materials ETFs to further refine the list, and ranked the stocks in them by the number of hedge funds too. The materials stocks with the highest number of hedge fund investors were chosen.

We also mentioned the number of hedge funds that had bought these stocks during the same filing period. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

A large open-pit copper mine with heavy machinery extracting minerals from the earth.

Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Investors in Q1 2024: 86

Freeport-McMoRan Inc. (NYSE:FCX) is a metals miner that focuses primarily on copper. Its Grasberg mine is one of the world's biggest mines, which provides Freeport-McMoRan Inc. (NYSE:FCX) a great opportunity to capitalize on any growing demand. The site, coupled with others allows the firm to gain an early foothold in the market which is notorious for high set up costs and long lead times. These mean that Freeport-McMoRan Inc. (NYSE:FCX)'s potential customers might take years to reach profitability or production, allowing the firm to establish key industrial partnerships. At the same time, since the firm's markets are tied to economic output, while high rates affect end demand, any potential cuts also carry the potential to inject fresh life into the shares. This was evident in July 2024 when the June payrolls report showed that the data for May was revised downward by 54,000 – bolstering the view for a Fed interest rate cuts. As a result, Freeport-McMoRan Inc. (NYSE:FCX)'s stock jumped by more than 1%.

As for its copper projects, here's what Freeport-McMoRan Inc. (NYSE:FCX)'s management had to say during the Q1 2024 earnings call:

Moving to copper markets, starting on Slide 6, the growing intensity of use of copper in the global economy is supported by secular trends, particularly in electrification. Copper is a foundational, essential metal when it comes to electrification, and the world is becoming more and more focused on copper-intensive energy applications. New massive investment in the power grid, renewable generation, technology infrastructure and transportation are driving increased demand for copper and forecasts call for above-trend growth and demand for the foreseeable future.

This is occurring at a time when there are constraints on existing supplies, an absence of major new copper development projects and extended multiyear lead times for supply development, pointing to tight market conditions for an extended period of time. Copper producers, including us, at Freeport have been citing physical market tightness for some time. And in the last several weeks, the copper price has risen to reflect the reality of the market situation. Based on historical periods of above trend growth in demand, we may be in the early stages of a repricing for long-term copper prices. And we illustrate this on Slide 7, where we show how copper prices responded 20 years ago when China emerged as a major consumer of copper. You can see on this chart that within 12 months, the copper price increased by 40% and was up nearly four times within a three-year period.

During 2023, the secular drivers for copper demand provide a growth in demand despite weakness in some of the more cyclical drivers of copper demand. In the fourth quarter of last year, industry announcements of sizable supply disruptions tightened the market significantly. This is clearly evident when you look at the physical concentrate markets where smelters drop TC, treatment charges, sharply as a result of the shortage of concentrate supply. Notably, recent manufacturing data points also indicate that the global economy is recovering. Recently improved macroeconomic sentiment, combined with physical market conditions have driven prices higher, copper prices higher year-to-date, and many analysts are now projecting significantly higher copper prices in the future.

Overall FCX ranks 1st on our list of the best materials stocks to buy. You can visit 10 Best Materials Stocks to Buy According to Hedge Funds to see the other materials stocks that are on hedge funds’ radar. While we acknowledge the potential of FCX as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FCX but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Disclosure: None. This article is originally published at Insider Monkey.

Goliath Resources Limited

Infographic 1

Infographic 2

Infographic 3

Infographic 4

Infographic 5

Infographic 6

Infographic 7

NEWLY DISCOVERED TREASURE ISLAND 550 x 450 Meters – HIGHLIGHTS OF DRILL TARGET:

The planned 2024 program at Treasure Island includes 11 holes from 4 drill pad locations with one diamond drill rig for 1,600 meters; additional drill holes will be designed based on mineralized intercepts.
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/fd1be40c-a1a6-4bf1-afa5-5753d1993b65

Treasure Island is located on Golddiggers Cambria Icefields claim blocks, 36 km north of the Surebet discovery, and only has recently been exposed due to the result of glacial retreat and permanent snowpack abatement (see map below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/925e6c4d-d7f0-4ca9-885d-a66d5ab56b22

It's located 6 km east of, and on trend with, the Porter Idaho mine classified as a polymetallic vein deposit and/or possible VMS deposit that was operational in the early 1900’s. (see map below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/5b7aa486-be9e-4040-aedd-e927115275e6
The new Treasure Island discovery consists of multiple shear-hosted, polymetallic zones covering an area of approximately 550 by 450 meters and is NW-SE trending. The extent of mineralization is currently open in all directions.
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f0fe3206-9deb-4ddc-bd16-9c4f289347ae
Broad high-grade mineralized zones are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.
Channel samples collected assayed up to 20.60 over 0.85 meters or 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) (see images below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/75d81dfc-8b20-44a3-8c54-6e3a2cdc846a

Widespread grab and chip samples assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu) (see images below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/b184b6cb-a153-4658-a886-296ec878ab14
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/a55b7298-bae1-4e5c-92a3-351e51562558

A noteworthy 13 out of 19 grab and chip samples (68%) taken on Treasure Island over a wide area assayed >1.00 gpt AuEq.
An exceptional 15 out of 16 channel cuts (94%) assayed >1.00 gpt AuEq.
The new Treasure Island target demonstrates the excellent untapped potential for additional discoveries across the large Golddigger property, which encompasses 56 km of the “Red Line”, which is the name we use to describe a key geological contact between two regional stratigraphic packages (read more below – About Golddigger Property).
In the Golden Triangle the most important discoveries and mines are on either side of “Red Line” and within a 3 kilometers meters of either side. We consider this a critical exploration vector and the Golddigger project is within the sweet spot of the “Red Line.”

TORONTO, July 18, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report the maiden diamond drill program is underway at its newly discovered high-grade gold-copper Treasure Island outcropping mineralized target which remains open. Its located on the Cambria Icefields at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, British Columbia.

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We have been looking forward to drilling Treasure Island from the first time we saw this widespread outcropping target when flying over it in the helicopter. Once again, the team has done an excellent job finding this new highly mineralized drill target with massive sulphides in a vast sea of white and ground truthing it in preparation for its first ever drill program in 2024. The surface assay results, geology, geochemistry and its close proximity to the past producing Porter Idaho mine suggests it has all the makings of a VMS Eskay Creek type material discovery unlocking additional value to our shareholders. We look forward to announcing the assay results once received, complied and interpreted.”

The Treasure Island outcropping mineralized target is 36 km north of the Surebet discovery, 6 km to the east of, and on trend with, the Porter Idaho mine and 9 km east of Stewart, British Columbia. The target has recently been exposed as a result of glacial abatement and will be drill tested for the first time during the 2024 field season.

A total 15 out of 16 channel cuts assayed > 1.00 gpt AuEq, which corresponds to 94 % of channel cuts collected on Treasure Island to date. In addition, 13 out of 19 grab and chip samples assayed > 1.00 gpt AuEq, which corresponds to 68 % of chip and grab samples collected on Treasure Island to date. Channel samples collected on Treasure Island assayed up to 28.08 gpt AuEq (20.60 gpt Au, 63.60 gpt Ag and 5.04 % Cu) over 0.85 meters; and 3.54 gpt AuEq (0.13 gpt Au, 23.96 gpt Ag and 2.34 % Cu). Grab and chip samples collected on Treasure Island assayed up to 11.08 gpt AuEq (0.04 gpt Au, 126.00 gpt Ag and 7.15 % Cu); and 8.00 gpt AuEq (5.85gpt Au, 20.70 gpt Ag and 1.43 % Cu). See Table 1 and 2 below for complete assay results.

The new high-grade gold-copper Treasure Island target consists of new mineralized bedrock outcrops that have been exposed by glacial melt. This newly discovered mineralized area shows multiple shear-hosted, polymetallic zones over a 550 meter by 450 meter NW-SE trending area that remains open in all directions. Mineralized domains are up to 20 meters wide with sections of massive chalcopyrite and pyrite occupying shears and forming sulphide-rich mineralization at structural intersections and embayment zones within strongly folded and sheared mudstone, siltstone, and tuff units.

The Full Contact showing also located on the Cambria Icefields has been shelved for this year and no drilling is planned in 2024.

Table 1: 2023 grab and chip samples from Treasure Island.

Sample ID	Au (gpt)	Ag (gpt)	Cu (%)	Pb (%)	Zn (%)	AuEq (gpt)
ST115881	0.04	126.00	7.15	0.00	0.02	11.08
ST115879	0.04	89.30	5.61	0.00	0.02	8.59
ST116045	5.85	20.70	1.43	0.00	0.00	8.00
ST116174	0.43	66.70	4.85	0.00	0.01	7.70
ST116398	3.72	38.60	1.76	0.00	0.00	6.52
ST116388	0.37	56.80	4.11	0.00	0.00	6.52
ST115874	2.04	47.30	2.73	0.00	0.01	6.24
ST116038	0.34	47.70	2.47	0.00	0.00	4.20
ST116397	0.44	28.10	1.99	0.00	0.01	3.43
ST116399	0.60	25.20	1.58	0.00	0.00	3.00
ST116044	0.02	27.00	1.41	0.00	0.01	2.22
ST113101	0.91	14.15	0.80	0.00	0.00	2.14
ST115884	0.05	6.07	0.81	0.00	0.00	1.20
ST116391	0.03	10.95	0.56	0.00	0.01	0.90
ST115882	0.04	5.46	0.34	0.00	0.01	0.55
ST115872	0.02	5.12	0.29	0.00	0.00	0.47
ST115883	0.28	0.72	0.03	0.00	0.00	0.33
ST115873	0.01	2.56	0.21	0.00	0.00	0.33
ST115885	0.02	0.17	0.00	0.00	0.00	0.03

Table 2: 2023 channel samples from Treasure Island.

Channel ID		Length (m)	Au (gpt)	Ag (gpt)	Cu (%)	Pb (%)	Zn (%)	AuEq (gpt)
Treasure_RP_2	Interval	2.48	0.13	23.96	2.34	0.00	0.01	3.54
	Including	1.44	0.13	37.76	3.97	0.00	0.01	5.87
	Including	0.33	0.20	126.00	14.45	0.00	0.02	20.98
GD_CHA_15_JS	Interval	2.20	0.55	14.09	1.25	0.00	0.00	2.39
GD_CHA_15_JS	Including	1.00	0.78	24.30	2.24	0.00	0.00	4.06
GD_CHA_16_JS	Interval	1.50	0.59	17.57	1.51	0.00	0.01	2.83
GD_CHA_16_JS	Including	0.70	1.11	33.10	3.20	0.00	0.02	5.78
NN1	Interval	0.85	20.60	63.60	5.04	0.00	0.01	28.08
NN2	Interval	0.97	4.06	22.20	0.78	0.00	0.01	5.37
NN3	Interval	1.00	0.58	44.40	2.58	0.00	0.01	4.55
GD_CHA_18_JS	Interval	3.65	0.44	8.74	0.50	0.00	0.00	1.22
GD_CHA_18_JS	Including	0.60	1.89	36.80	1.98	0.00	0.00	4.97
GD_CHA_99_JS	Interval	1.05	0.77	28.79	1.84	0.00	0.00	3.57
GD_CHA_99_JS	Including	0.50	0.99	36.80	2.40	0.00	0.00	4.63
Treasure_RP_3	Interval	1.05	0.11	24.73	1.58	0.00	0.01	2.52
Treasure_RP_3	Including	0.58	0.12	31.40	2.31	0.00	0.01	3.58
Treasure_RP_1	Interval	1.01	0.11	19.58	1.46	0.00	0.01	2.28
NN5	Interval	1.00	0.37	22.40	1.16	0.00	0.00	2.18
GD_CHA_17_JS	Interval	0.80	0.66	15.60	1.26	0.00	0.00	2.53
NN4	Interval	0.52	3.47	3.12	0.05	0.00	0.00	3.58
Treasure_RP_4	Interval	0.64	0.23	26.70	1.72	0.00	0.00	2.84
Treasure_RP_5	Interval	0.44	0.42	37.00	2.07	0.00	0.01	3.62
Treasure_RP_99	Interval	0.81	0.17	0.44	0.01	0.00	0.01	0.19

Golddigger Property

The Golddigger Property is 100% controlled covering an area of 66,608 hectares (164,592 acres) and is in the world class geological setting of the Eskay Rift and within 3 km of the Red Line in the Golden Triangle of British Columbia. This area and proximity have hosted some of Canada’s greatest mines that include Eskay Creek, Premier and Snip. Other significant and well known deposits in the Golden Triangle include Brucejack, Copper Canyon, Galore Creek, Granduc, KSM, Red Chris, and Schaft Creek. Goliath controls 56 kilometers of the Red Line which is a geologic contact between Triassic age Stuhini rocks and Jurassic age Hazelton rocks that is used as a key marker when exploring for gold-copper-silver mineralization.

Qualified Person

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

The securities referred to herein have not been and will not be will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

The most recent trading session ended with Southern Copper (SCCO) standing at $109.89, reflecting a -1.71% shift from the previouse trading day's closing. This change lagged the S&P 500's 1.39% loss on the day. Elsewhere, the Dow gained 0.6%, while the tech-heavy Nasdaq lost 2.77%.

The miner's shares have seen an increase of 3.51% over the last month, surpassing the Basic Materials sector's gain of 2.27% and falling behind the S&P 500's gain of 4.43%.

The investment community will be paying close attention to the earnings performance of Southern Copper in its upcoming release. In that report, analysts expect Southern Copper to post earnings of $1.16 per share. This would mark year-over-year growth of 65.71%. In the meantime, our current consensus estimate forecasts the revenue to be $2.93 billion, indicating a 27.25% growth compared to the corresponding quarter of the prior year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $4.33 per share and a revenue of $11.46 billion, indicating changes of +39.23% and +15.77%, respectively, from the former year.

Any recent changes to analyst estimates for Southern Copper should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.96% higher. Southern Copper is currently sporting a Zacks Rank of #2 (Buy).

In the context of valuation, Southern Copper is at present trading with a Forward P/E ratio of 25.82. This valuation marks a premium compared to its industry's average Forward P/E of 22.29.

It is also worth noting that SCCO currently has a PEG ratio of 1.13. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. SCCO's industry had an average PEG ratio of 0.75 as of yesterday's close.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 27, which puts it in the top 11% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

(Bloomberg) — Two Chinese copper smelters have laid out plans to reduce production next year as an imbalance between mine supply and smelting capacity continues to drive down processing margins.

Most Read from Bloomberg

At a quarterly meeting of Chinese smelters in Shanghai last week, representatives from Daye Nonferrous Metals Group Holdings Co. and Baotou Huading Copper Industry Development Co. disclosed plans to cut smelting output that converts ore concentrate into blisters or anodes, the intermediate products for making refined copper, according to people familiar with the matter who asked not to be named citing private talks.

While it’s not definite the cuts will happen, they underscore the industry’s struggle with a shortage of feedstocks caused by recent mine production setbacks and continuous expansion of smelting in Asia. That’s been a factor in bullish calls that helped drive copper futures to a record high in May this year.

Representatives of Daye – a major smelter in Hubei province – told peers in last week’s meeting that the company aims to cut smelting output by 20% next year, the people said. Smaller reductions have already been implemented, leading to a decline in total refined copper production at the plant, which has an annual capacity of 930,000 tons, said one of the people.

Baotou Huading, a smaller firm, plans to cut smelting by 40% next year, having already made reductions this year. The company has an annual capacity of 200,000 tons of blister and 30,000 tons of refined copper, according to its website.

The overall impact on refined copper is still unclear, as production from scrap metal may be able to partially fill the gap, and blister supply from overseas is plentiful. But there are already signs of weakness – Chinese refined copper output has been receding from the record levels reached last year, with smelters’ profit margins being squeezed.

However, Chinese refined copper production rose around 4% in June from the previous moth to 1.13 million tons, according to data released Wednesday, after an increase in prices of by-product sulfuric acid mitigated refining losses.

Processing fees known as treatment charges have collapsed to near zero in the spot market. While most smelters still receive the majority of their supply at better annual terms, recent deals indicate that those are also set to drop sharply.

Baotou Huading lowered smelting output by 20% last month due to a concentrate shortage, while the production plan for next year will depend on market conditions, said Chen Ning, a media representative with the company. Daye didn’t respond to an email requesting comment, and calls to the company went unanswered.

On the Wire

Chinese metal tycoon Dai Guofang’s first steel empire was brought down by a government campaign to rein in market exuberance, tax evasion accusations and a spell behind bars. Two decades on, he’s once again fighting for survival.

China’s central bank is readying a bold new experiment in global monetary policy — taking a leaf out of the hedge fund playbook and arranging to short sell bonds.

Exiled Chinese tycoon Guo Wengui, whose crusade against the Communist Party attracted allies including Donald Trump associate Steve Bannon, was convicted for duping investors out of $1 billion to fund his luxury lifestyle.

This Week’s Diary

Wednesday, July 17:

China’s Third Plenum in Beijing, day 3
China June output data for base metals and oil products
CCTD’s weekly online briefing on Chinese coal, 15:00

Thursday, July 18:

China’s Third Plenum in Beijing, day 4
China’s 2nd batch of June trade data, including agricultural imports; LNG & pipeline gas imports; oil products trade breakdown; alumina, copper and rare-earth product exports; bauxite, steel & aluminum product imports

Friday, July 19:

China weekly iron ore port stockpiles
Shanghai exchange weekly commodities inventory, ~15:30

Saturday, July 20

China’s 3rd batch of June trade data, including country breakdowns for energy and commodities

(Update with June refined copper output data in 7th paragraph.)

Most Read from Bloomberg Businessweek

Futures for markets in Canada’s largest centre were flat on Tuesday, as gains in gold were offset by falling crude prices, while markets awaited the domestic inflation data for more clues on the next move by the Bank of Canada

The TSX Composite Index surged 78.16 points to conclude Monday at 22,751.68.

The Canadian dollar stayed put at 73.11 cents U.S.

September futures subsided 0.04% Tuesday.

In corporate news, Teck Resources on Monday amended its cash tender offers by increasing the maximum purchase amount to approximately $1.38 billion from $1.25 billion.

In the economic data Monday, Statistics Canada reported the consumer price index in June rose 2.7% on a year-over-year basis, down from a 2.9% gain in May. On a seasonally adjusted monthly basis, the CPI rose 0.1% in June.

Canada Mortgage and Housing Corporation reported the total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 9% in June (241,672 units) compared to May (264,929),

ON BAYSTREET

The TSX Venture Exchange edged ahead 0.85 points Monday to 594.55.

ON WALLSTREET

S&P 500 futures edged higher on Tuesday after Bank of America’s stronger-than-expected earnings report excited investors about what the the new reporting season would bring.

Futures for the Dow Jones Industrials gained 16 points to 40,530.

Futures for the much-broader index took on seven points, or 0.1%, at 5,690.

Read:

Futures for the NASDAQ Composite progressed 40.75 points, or 0.2% to 20,624.50.

Bank of America rose more than 1% before the bell after earnings came in ahead of analyst forecasts. It’s the latest household name to post quarterly financial results as the new reporting season kicks into gear.

Those moves follow a winning day on Wall Street that pushed the Dow to all-time highs. Investors bet that the unsuccessful assassination attempt on former President Donald Trump would be a tailwind for the Republican presidential candidate and his party in November’s election.

A victory for the GOP at the polls could pave the way for favorable tax and fiscal policies for investors.

Investors will watch for June retail sales data expected Tuesday morning. Economists polled by Dow Jones are anticipating a decline of 0.4% from May, but an increase of 0.1% when excluding auto sales.

Data on import prices and the housing market is also on the docket.

In Japan, the Nikkei 225 index returned to trading after a long weekend to gain 0.2%, while in Hong Kong, the Hang Seng fell 1.6%.

Oil prices declined $1.36 to $80.55 U.S. a barrel.

Gold prices brightened $15.80 to $2,444.70

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. With that in mind, we've noticed some promising trends at Freeport-McMoRan (NYSE:FCX) so let's look a bit deeper.

Understanding Return On Capital Employed (ROCE)

If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. Analysts use this formula to calculate it for Freeport-McMoRan:

Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets – Current Liabilities)

0.13 = US$6.2b ÷ (US$54b – US$6.3b) (Based on the trailing twelve months to March 2024).

Thus, Freeport-McMoRan has an ROCE of 13%. On its own, that's a standard return, however it's much better than the 8.8% generated by the Metals and Mining industry.

View our latest analysis for Freeport-McMoRan

roce

Above you can see how the current ROCE for Freeport-McMoRan compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like, you can check out the forecasts from the analysts covering Freeport-McMoRan for free.

What The Trend Of ROCE Can Tell Us

Freeport-McMoRan is displaying some positive trends. Over the last five years, returns on capital employed have risen substantially to 13%. Basically the business is earning more per dollar of capital invested and in addition to that, 27% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.

The Key Takeaway

A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Freeport-McMoRan has. Since the stock has returned a staggering 365% to shareholders over the last five years, it looks like investors are recognizing these changes. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.

One more thing, we've spotted 2 warning signs facing Freeport-McMoRan that you might find interesting.

While Freeport-McMoRan may not currently earn the highest returns, we've compiled a list of companies that currently earn more than 25% return on equity. Check out this free list here.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Wall Street expects a year-over-year increase in earnings on higher revenues when Freeport-McMoRan (FCX) reports results for the quarter ended June 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on July 23, 2024, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus Estimate

This mining company is expected to post quarterly earnings of $0.38 per share in its upcoming report, which represents a year-over-year change of +8.6%.

Revenues are expected to be $6 billion, up 4.5% from the year-ago quarter.

Estimate Revisions Trend

The consensus EPS estimate for the quarter has been revised 3.2% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Earnings Whisper

Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model — the Zacks Earnings ESP (Expected Surprise Prediction) — has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Freeport-McMoRan?

For Freeport-McMoRan, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +2.21%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Freeport-McMoRan will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?

While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Freeport-McMoRan would post earnings of $0.27 per share when it actually produced earnings of $0.32, delivering a surprise of +18.52%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom Line

An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Freeport-McMoRan appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Emperor Metals Inc.

Duquesne West Gold Project, Quebec

Figure 1: Location of Nip Zone relative to Ultimate Pit

Nip Zone – 3D Chargeability Model

Figure 2: Hole to Hole Resistivity/IP Survey Model

VANCOUVER, British Columbia, July 16, 2024 (GLOBE NEWSWIRE) — via IBN – Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) Emperor is exploring eastward from the Duquesne West, conceptual open pit model toward the Nip Zone, focusing on untested potentially high-grade gold targets after completing 30% (2,500 meters) of the ongoing 8,000-m drill program at the Duquesne West Gold Project in Quebec.

Robust thickness of high-grade gold intercepts at the Nip Zone of 16.0 m of 6.06 g/t Au with untested downhole IP/Resistivity anomalies in the vicinity, as well as defined structural lineaments, make this a top priority area to explore for additional ounces. Intercepts of 2.5 m of 52.88 g/t Au show the higher-grade potential of this project (see Table 1).

CEO John Florek said: “Early visuals of our current drilling campaign have been intriguing and we look forward to seeing the assay results. We have a significant opportunity to expand this deposit eastward to potentially double the footprint of this deposit with no sign of an outer limit at this stage.”

Nip Zone Target

The gap between the main Conceptual Open-Pit and the Nip Zone is relatively unexplored with very similar geology and larger thicknesses of Quartz-Feldspar Porphyry (QFP) intercalated with the volcanics. Mineralization at these rock boundaries is proven to be structurally controlled and host the high-grade gold mineralization.

The Nip Zone has very encouraging historical gold intercepts that will likely be very valuable towards the expansion and development of this property. It highlights the potential and the opportunity for expansion of the gold resources between these two areas (Figure 1).

Table 1 demonstrates the significant grade and thickness in the Nip Zone. The intercepts have continuous mineralization in broad zones of structurally brecciated rocks. These zones of broad high-grade mineralization are associated with IP/Resistivity anomalies forming “hot spots,” as displayed in Figure 2. Some of these hot spots are untested and need follow-up drilling to continue resource building and evaluation.

This is another example of the historical data revealing opportunities to expand resources at Duquesne West, at little to no cost to Emperor.

Emperor is well funded with approximately $4 million in working capital at the onset of this drilling program to advance the Duquesne West project towards an updated mineral resource.

Drill Program Update

The current drilling campaign follows up on the very successful results of Emperor’s 2023 program.

The initial 2,500 meters was focused within the Conceptual Ultimate Open Pit foot wall; focusing on building inferred ounces. Emperor is now extending the drilling 1.1 km east towards the Nip Zone (Figure 1) to understand how potential satellite open pits can be connected to increase inferred ounces and to follow up on a 2011 historical downhole IP/Resistivity borehole model that has untested chargeability and resistivity anomalies (Figure 2).

By concentrating on drilling near surface mineralization within an ultimate conceptual open pit, Emperor can add ounces more rapidly and mine at a significantly lower grade compared to an underground mining scenario.

Emperor plans on a mineral resource update scheduled for Q1 of 2025.

Nip Zone Significant Historical Intercepts
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t) – Weighted Averages
1DQ09-09	304	322	16.00	6.06

1DQ10-17	101	118	17.00	3.02

1DQ06-18	407.5	408.4	2.5	51.88

1DO-11-28	268.2	269.2	1.0	32.23

1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%.
Table 1: Significant Historical Intercepts from Nip Zone

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet, Quebec, Canada. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (CIM) guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

Multiple scenarios exist to expand additional resources which include:

Underground High-Grade Gold.

Open Pit Bulk Tonnage Gold.

Underground Bulk Tonnage Gold.

1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.

2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent CIM standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

QP Disclosure

The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

About Emperor Metals Inc.

Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”

John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

The Canadian Securities Exchange has not approved nor disapproved the content of this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”

Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Contact:Alex HorsleyDirector 778-323-3058alexh@emperormetals.com www.emperormetals.com

Corporate Communications:IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

Attachments

Investing.com– Most Asian stocks rose on Tuesday, tracking gains on Wall Street amid increasing expectations for a September interest rate cut, while Chinese markets lagged on concerns over a cooling economy and headwinds from U.S. politics.

Regional markets took positive cues from a strong finish on Wall Street, after dovish-leaning comments from Federal Reserve Chair Jerome Powell showed the central bank had more confidence that inflation was easing.

Increased speculation over a Donald Trump presidency also supported stock markets, on hopes that such a scenario will result in an easier regulatory environment.

U.S. stock index futures rose in Asian trade.

Chinese stocks lag on Trump fears, weak GDP

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved in a flat-to-low range, while Hong Kong’s Hang Seng index slid 1.5%.

Speculation over a second term for Trump dented Chinese stocks, given that the former president has maintained a strong rhetoric against China. Trump had imposed steep tariffs on China during his term, sparking a prolonged trade war between Washington and Beijing in the late-2010s.

Trump was seen gaining an edge over President Joe Biden in the 2024 presidential race, especially after a failed assassination attempt on Trump seemingly boosted the former president’s popularity.

Trump on Monday was officially nominated as the Republican presidential candidate, and picked Ohio Senator J.D. Vance as his running mate.

Chinese stocks were already reeling from fears of a renewed trade war with the west, after the European Union joined the U.S. in imposing steep import tariffs on key industries.

Underwhelming second-quarter gross domestic product data, released on Monday, also further dented sentiment towards China.

Focus is now on the ongoing Third Plenum of the Chinese Communist Party, amid growing pressure on Beijing to release more stimulus.

Broader Asian markets mostly advanced on Tuesday, with South Korea’s KOSPI adding 0.1%.

Japan’s Nikkei 225 and TOPIX were the best performers for the day, rising 0.5% and 0.8%, respectively, as they also caught up to their peers after a holiday on Monday.

Futures for India’s Nifty 50 index pointed to a positive open, after the index and the BSE Sensex 30 continued to notch record highs on optimism over the Indian economy.

Australian stocks stall below record highs as Rio Tinto weighs

Australia’s ASX 200 fell 0.2% from record highs, weighed chiefly by losses in heavyweight miner Rio Tinto Ltd (ASX:RIO).

Rio Tinto fell 2.3% after its second- quarter iron ore shipments missed estimates due to disruptions stemming from a train derailment.

While shipments still rose despite slowing demand in China, the firm’s outlook was somewhat clouded by increased uncertainty over the Chinese economy.

Weakness in China also bodes poorly for other Australian commodity stocks, given that China is the country’s biggest export destination.

Rio's peer BHP Group Ltd (ASX:BHP) fell 1.7%. BHP is also set to report its quarterly production figures this week.

Asian stocks drift higher as rate cut bets grow; China lags

Exclusive-In blow to Biden, Teamsters consider no endorsement in 2024 race

Asian shares fall as China drags, dollar in demand

Teck Resources Ltd

VANCOUVER, British Columbia, July 15, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced (i) the results of its previously announced six separate offers (the “Offers”) to purchase for cash the outstanding notes of the series listed in the table below (collectively, the “Notes”) and (ii) that it has amended the Offers by increasing the Maximum Purchase Amount from US$1.25 billion to approximately US$1.384 billion, an amount sufficient to accept all Notes in full.

The Offers were made upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 4, 2024 relating to the Notes (the “Offer to Purchase”) and the notice of guaranteed delivery attached as Appendix A thereto (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

The Offers expired at 5:00 p.m. (Eastern time) on July 15, 2024 (the “Expiration Date”). The Initial Settlement Date will be the second business day after the Expiration Date and is expected to be July 17, 2024. The Guaranteed Delivery Settlement Date will be the second business day after the Guaranteed Delivery Date and is expected to be July 19, 2024.

According to information provided by Global Bondholder Services Corporation, the Information and Tender Agent in connection with the Offers, US$1,367,481,000 combined aggregate principal amount of Notes were validly tendered prior to or at the Expiration Date and not validly withdrawn. In addition, US$16,311,000 combined aggregate principal amount of Notes were tendered pursuant to the Guaranteed Delivery Procedures and remain subject to the Holders’ performance of the delivery requirements under such procedures. The table below provides certain information about the Offers, including the aggregate principal amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Expiration Date and the aggregate principal amount of Notes reflected in Notices of Guaranteed Delivery delivered at or prior to the Expiration Date pursuant to the Tender Offer Documents.

Acceptance PriorityLevel(1)

Title of Security

CUSIP/ISIN

Principal AmountOutstanding

TotalConsideration (1)

PrincipalAmountTendered(2)

PrincipalAmountAccepted(2)

PrincipalAmountReflected inNotices ofGuaranteedDelivery

3.900% Notes due 2030

878742BG9 / US878742BG94

US$502,948,000

US$957.01

US$319,967,000

US$15,404,000

6.125% Notes due 2035

878742AE5 / US878742AE55

US$336,272,000

US$1,057.76

US$147,016,000

US$250,000

6.000% Notes due 2040

878742AS4 / US878742AS42

US$473,186,000

US$1,024.93

US$275,748,000

US$310,000

6.250% Notes due 2041

878742AW5 / US878742AW53

US$396,064,000

US$1,046.82

US$143,109,000

US$105,000

5.200% Notes due 2042

878744AB7 / US878744AB72

US$395,177,000

US$933.73

US$228,315,000

US$240,000

5.400% Notes due 2043

878742AZ8 / US878742AZ84

US$367,054,000

US$954.36

US$253,326,000

US$2,000

(1) The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase.

(2) The amounts exclude the principal amounts of Notes for which Holders have complied with certain procedures applicable to guaranteed delivery pursuant to the Guaranteed Delivery Procedures. Such amounts remain subject to the Guaranteed Delivery Procedures. Notes tendered pursuant to the Guaranteed Delivery Procedures are required to be tendered at or prior to 5:00 p.m. (Eastern time) on July 17, 2024.

Overall, US$1,367,481,000 principal amount of Notes have been accepted for purchase, excluding the Notes delivered pursuant to the Guaranteed Delivery Procedures. The Maximum Purchase Condition (after giving effect to the increase described above) has been satisfied with respect to the Offers in respect of each of the series of Notes. Accordingly, all Notes that have been validly tendered and not validly withdrawn at or prior to the Expiration Date have been accepted for purchase.

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes have been accepted for purchase in the Offers will receive the applicable Total Consideration specified in the table above for each US$1,000 principal amount of such Notes, which will be payable in cash on the applicable Settlement Date.

In addition to the applicable Total Consideration, Holders whose Notes have been accepted for purchase will be paid the Accrued Coupon Payment. Interest will cease to accrue on the Initial Settlement Date for all Notes accepted in the Offers, including those tendered pursuant to the Guaranteed Delivery Procedures. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by the Depository Trust Company (“DTC”) or its participants.

The Offers are subject to the satisfaction of certain conditions as described in the Offer to Purchase. Teck reserves the right, subject to applicable law, to waive any and all conditions to any Offer. If any of the conditions is not satisfied, Teck is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes, in each event subject to applicable laws, and may terminate or alter any or all of the Offers.

Teck retained BofA Securities, Inc. and RBC Capital Markets, LLC to act as the lead dealer managers (the “Lead Dealer Managers”) for the Offers and BMO Capital Markets Corp., TD Securities (USA) LLC, SMBC Nikko Securities America, Inc. and CIBC World Markets Corp. to act as co-dealer managers (the “Co-Dealer Managers” and, together with the Lead Dealer Managers, the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers should be directed to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-3907 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect).

Global Bondholder Services Corporation acted as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation in New York by telephone at +1 (212) 430-3774 (for banks and brokers only) or +1 (855) 654-2015 (for all others toll-free), or by email at contact@gbsc-usa.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: https://www.gbsc-usa.com/teck/.

If Teck terminates any Offer with respect to one or more series of Notes, it will give prompt notice to the Information and Tender Agent, and all Notes tendered pursuant to such terminated Offer will be returned promptly to the tendering Holders thereof. With effect from such termination, any Notes blocked in DTC will be released.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of Teck or any of its subsidiaries. The Offers were made solely pursuant to the Offer to Purchase. The Offers were not made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such jurisdiction. In any jurisdiction in which the securities laws or “blue sky” laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of Teck by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

No action has been or will be taken in any jurisdiction that would permit the possession, circulation or distribution of either this announcement, the Offer to Purchase or any material relating to us or the Notes in any jurisdiction where action for that purpose is required. Accordingly, neither this announcement, the Offer to Purchase nor any other offering material or advertisements in connection with the Offers may be distributed or published, in or from any such country or jurisdiction, except in compliance with any applicable rules or regulations of any such country or jurisdiction.

Forward-looking Statements This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the settlement dates of the Notes accepted for purchase; and the satisfaction or waiver of certain conditions of the Offers.

Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, conditions in financial markets, investor response to the Offers, and other risk factors as detailed from time to time in Teck’s reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.

Readers are cautioned against unduly relying on forward-looking statements. Forward-looking statements are made as of the date of the relevant document and, except as required by law, Teck undertakes no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information or future events or otherwise.

About TeckTeck is a leading Canadian resource company focused on responsibly providing metals essential to economic development and the energy transition. Teck has a portfolio of world-class copper and zinc operations across North and South America and an industry-leading copper growth pipeline. We are focused on creating value by advancing responsible growth and ensuring resilience built on a foundation of stakeholder trust. Headquartered in Vancouver, Canada, Teck’s shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources.

Investor Contact: Fraser PhillipsSenior Vice President, Investor Relations and Strategic Analysis 604.699.4621fraser.phillips@teck.com Media Contact:Dale SteevesDirector, Stakeholder Relations 236.987.7405dale.steeves@teck.com

Teck Resources Ltd

VANCOUVER, British Columbia, July 15, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) today announced the pricing terms of its previously announced six separate offers (the “Offers”) to purchase for cash up to US$1,250,000,000 aggregate principal amount of its outstanding notes of the series listed in the table below (collectively, the “Notes”).

The Offers are made upon the terms and subject to the conditions set forth in the Offer to Purchase dated July 4, 2024 relating to the Notes (the “Offer to Purchase”) and the notice of guaranteed delivery attached as Appendix A thereto (the “Notice of Guaranteed Delivery” and, together with the Offer to Purchase, the “Tender Offer Documents”). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

Set forth in the table below is the applicable Total Consideration for each series of Notes, as calculated as of 2:00 p.m. (Eastern time) today, July 15, 2024, in accordance with the Offer to Purchase.

Acceptance Priority Level(1)	Title of Security	CUSIP/ISIN	Par Call Date(2)	Maturity Date	Principal Amount Outstanding	Reference Security(3)	Reference Yield	Fixed Spread(3)	Total Consideration(2) (3)
1	3.900% Notes due 2030	878742BG9 / US878742BG94	04/15/2030	07/15/2030	US$502,948,000	4.250% U.S. Treasury due June 30, 2029	4.132%	+60 bps	$957.01
2	6.125% Notes due 2035	878742AE5 / US878742AE55	N/A	10/01/2035	US$336,272,000	4.375% U.S. Treasury due May 15, 2034	4.229%	+120 bps	$1,057.76
3	6.000% Notes due 2040	878742AS4 / US878742AS42	02/15/2040	08/15/2040	US$473,186,000	4.625% U.S. Treasury due May 15, 2044	4.555%	+120 bps	$1,024.93
4	6.250% Notes due 2041	878742AW5 / US878742AW53	01/15/2041	07/15/2041	US$396,064,000	4.625% U.S. Treasury due May 15, 2044	4.555%	+125 bps	$1,046.82
5	5.200% Notes due 2042	878744AB7 / US878744AB72	09/01/2041	03/01/2042	US$395,177,000	4.625% U.S. Treasury due May 15, 2044	4.555%	+125 bps	$933.73
6	5.400% Notes due 2043	878742AZ8 / US878742AZ84	08/01/2042	02/01/2043	US$367,054,000	4.625% U.S. Treasury due May 15, 2044	4.555%	+125 bps	$954.36

(1)	Subject to the satisfaction or waiver of the conditions of the Offers described in the Offer to Purchase, if the Maximum Purchase Condition is not satisfied with respect to every series of Notes, Teck will accept Notes for purchase in the order of their respective Acceptance Priority Level specified in the table above (with 1 being the highest Acceptance Priority Level and 6 being the lowest Acceptance Priority Level). It is possible that a series of Notes with a particular Acceptance Priority Level will not be accepted for purchase even if one or more series with a higher or lower Acceptance Priority Level are accepted for purchase.
(2)	For each series of Notes in respect of which a par call date is indicated, the calculation of the applicable Total Consideration (as defined below) has been performed to either the maturity date or such par call date, in accordance with standard market convention.
(3)	The total consideration for each series of Notes (such consideration, the “Total Consideration”) payable per each US$1,000 principal amount of such series of Notes validly tendered for purchase has been based on the applicable Fixed Spread specified in the table above for such series of Notes, plus the applicable yield based on the bid-side price of the applicable U.S. Treasury reference security as specified in the table above, as quoted on the applicable Bloomberg Reference Page as of 2:00 p.m. (Eastern time) today, July 15, 2024. See “Description of the Offers—Determination of the Total Consideration” in the Offer to Purchase. The Total Consideration does not include the applicable Accrued Coupon Payment (as defined below), which will be payable in cash in addition to the applicable Total Consideration.

The Offers will expire at 5:00 p.m. (Eastern time) on July 15, 2024, unless extended or earlier terminated (such date and time with respect to an Offer, as the same may be extended with respect to such Offer, the “Expiration Date”). Notes may be validly withdrawn at any time at or prior to 5:00 p.m. (Eastern time) on July 15, 2024, unless extended with respect to any Offer.

For Holders who deliver a Notice of Guaranteed Delivery and all other required documentation at or prior to the Expiration Date, upon the terms and subject to the conditions set forth in the Tender Offer Documents, the deadline to validly tender Notes using the Guaranteed Delivery Procedures (as defined in the Offer to Purchase) will be the second business day after the Expiration Date and is expected to be 5:00 p.m. (Eastern time) on July 17, 2024, unless extended with respect to any Offer (the “Guaranteed Delivery Date”).

The Initial Settlement Date will be the second business day after the Expiration Date and is expected to be July 17, 2024. The Guaranteed Delivery Settlement Date will be the second business day after the Guaranteed Delivery Date and is expected to be July 19, 2024. Each of the Initial Settlement Date and the Guaranteed Delivery Settlement Date is herein referred to as a “Settlement Date.”

Upon the terms and subject to the conditions set forth in the Offer to Purchase, Holders whose Notes are accepted for purchase in the Offers will receive the applicable Total Consideration for each US$1,000 principal amount of such Notes in cash on the applicable Settlement Date.

In addition to the applicable Total Consideration, Holders whose Notes are accepted for purchase will receive a cash payment equal to the accrued and unpaid interest on such Notes from and including the immediately preceding interest payment date for such Notes to, but excluding, the Initial Settlement Date (the “Accrued Coupon Payment”). Interest will cease to accrue on the Initial Settlement Date for all Notes accepted in the Offers, and Holders whose Notes are tendered pursuant to the Guaranteed Delivery Procedures and are accepted for purchase will not receive payment in respect of any interest for the period from and including the Initial Settlement Date. Under no circumstances will any interest be payable because of any delay in the transmission of funds to Holders by The Depository Trust Company (“DTC”) or its participants.

Teck has retained BofA Securities, Inc. and RBC Capital Markets, LLC to act as the lead dealer managers (the “Lead Dealer Managers”) for the Offers and BMO Capital Markets Corp., TD Securities (USA) LLC, SMBC Nikko Securities America, Inc. and CIBC World Markets Corp. to act as co-dealer managers (the “Co-Dealer Managers” and, together with the Lead Dealer Managers, the “Dealer Managers”) for the Offers. Questions regarding the terms and conditions for the Offers should be directed to BofA Securities, Inc. at (888) 292-0070 (toll-free) or (980) 387-3907 (collect), or RBC Capital Markets, LLC at (877) 381-2099 (toll-free) or (212) 618-7843 (collect).

Global Bondholder Services Corporation will act as the Information and Tender Agent for the Offers. Questions or requests for assistance related to the Offers or for additional copies of the Offer to Purchase may be directed to Global Bondholder Services Corporation in New York by telephone at +1 (212) 430-3774 (for banks and brokers only) or +1 (855) 654-2015 (for all others toll-free), or by email at contact@gbsc-usa.com. You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Offers. The Tender Offer Documents can be accessed at the following link: https://www.gbsc-usa.com/teck/.

Holders are advised to check with any bank, securities broker or other intermediary through which they hold Notes as to when such intermediary would need to receive instructions from a beneficial owner in order for that Holder to be able to participate in, or withdraw their instruction to participate in the Offers before the deadlines specified herein and in the Offer to Purchase. The deadlines set by any such intermediary and DTC for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Offer to Purchase.

This announcement is for informational purposes only. This announcement is not an offer to purchase or a solicitation of an offer to sell any Notes or any other securities of Teck or any of its subsidiaries. The Offers are being made solely pursuant to the Offer to Purchase. The Offers are not being made to Holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, “blue sky” or other laws of such jurisdiction. In any jurisdiction in which the securities laws or “blue sky” laws require the Offers to be made by a licensed broker or dealer, the Offers will be deemed to have been made on behalf of Teck by the Dealer Managers or one or more registered brokers or dealers that are licensed under the laws of such jurisdiction.

Forward-looking StatementsThis news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as “forward-looking statements”). Forward-looking statements include: statements regarding the terms and timing for completion of the Offers, including the acceptance for purchase of any Notes validly tendered and the expected Expiration Date and settlement dates thereof; and the satisfaction or waiver of certain conditions of the Offers.

Investor Contact:Fraser PhillipsSenior Vice President, Investor Relations & Strategic Analysis604.699.4621fraser.phillips@teck.com

Media Contact:Dale SteevesDirector, Stakeholder Relations236.987.7405 dale.steeves@teck.com

Shares of Teck Resources Limited TECK have gained 2% after the company sold its 77% stake in its steelmaking coal business, Elk Valley Resources (“EVR”), to Glencore plc GLNCY, signaling a full exit from coal. The $7.3 billion proceeds from the sale will be used to pay down debt, return cash to shareholders and invest in growing TECK's copper portfolio.

Background of the Sale

On Nov 13, 2023, Teck Resources announced that it agreed to sell its steelmaking coal business for an implied enterprise value of $9 billion. The majority stake (77%) was to be made to Glencore and 20% to Nippon Steel Corporation. The remaining 3% stake was agreed to be taken up by POSCO PKX. Per the agreement, on Jan 3, 2024, Nippon Steel acquired the 20% interest in EVR in exchange for its prior 2.5% interest in Elkview Operations and a payment of $1.3 billion in cash to Teck Resources on closing. Nippon Steel had also agreed to pay $0.4 billion to Teck Resources out of cash flows from EVR. Also, on the same date, Posco exchanged its previous 2.5% interest in Elkview Operations and its 20% interest in the Greenhills joint venture for a 3% stake in EVR.

Allocation of the Proceeds From the Deal

Debt Repayment & Share Buyback: From the sale proceeds, TECK will set aside $2 billion toward a debt reduction program. This includes the cash tender offer to purchase the $1.25 billion aggregate principal amount of its outstanding public notes. The company also intends to repurchase up to $2 billion of Class B subordinate voting shares.

Grow Copper Portfolio to Ride Energy Transition Trend: Teck Resources is a significant copper producer in the Americas, with four operating mines in Canada, Chile and Peru, and copper development projects in North and South America. Its main projects are Highland Valley Copper in Canada, and Quebrada Blanca (QB) and Carmen de Andacollo in Chile. The company also has an interest in the Antamina copper/zinc mine in Peru. With the ramp-up of QB this year, TECK expects to double its annual copper production to approximately 600,000 tons.

For the long term, Teck Resources has a pipeline of brownfield and greenfield development options, including the Galore Creek project in B.C. and the potential expansion of Trail Operations to include an electric vehicle battery recycling facility.

Teck Resources plans to use the balance of its proceeds from the sale of the steelmaking unit to advance its copper projects including the Highland Valley Copper Mine Life Extension, Zafranal Project, San Nicolas Project and QB debottlenecking. The current estimated capital cost attributable to the company for these projects is in the range of $3.3-$3.6 billion. With this funding, it expects to increase copper production by 30% by 2028.

The long-term outlook for copper is positive as demand for the metal is expected to grow, driven by electric vehicles, renewable energy and infrastructure investments. Yet, the fate of this metal’s supply remains uncertain and challenging, given the declining ore grades and the lack of major discoveries. Miners are, thus, focusing on increasing their exposure to future-facing commodities, such as copper and nickel, which are the key components for the green energy transition.

Price Performance

Shares of Teck Resources have risen 21.9% in the past year compared with the industry's 0.2% growth.

Zacks Investment Research

Image Source: Zacks Investment Research

Zacks Rank & a Stock to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the basic materials space is Carpenter Technology Corporation CRS, which currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.The Zacks Consensus Estimate for fiscal 2024 earnings indicates year-over-year growth of 281.6%, CRS beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company's shares have soared 92.7% in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

POSCO (PKX) : Free Stock Analysis Report

Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

Glencore PLC (GLNCY) : Free Stock Analysis Report

Teck Resources Ltd (TECK) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Goliath Resources Limited

Infographic 1

Infographic 2

Infographic 3

Infographic 4

Infographic 5

Infographic 6

Drill Highlights:

Discovery of a new deep zone, the “Mothership Feeder Zone” containing abundant visible gold and strong sulphide mineralization in quartz breccia at 648 meters downhole and 125 meters in elevation above the valley floor from GD-24-235, the first drill hole of 2024 (see image below).
Discovery of a new 24.4 meter porphyritic intrusion between 529.29 – 553.67 meters downhole containing veins with abundant visible gold, molybdenite up to 2 mm in size and bismuth indicates increased confidence in the proximity of the feeder source of the Surebet system that remains wide open. (see image below).
- An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/ff333166-8faf-461c-ad80-015c1e2a7f2d

Results from this first drill hole confirms the strong potential for additional discovery during the 2024 drill program that has just began.
Follow up on this newly discovered zone is underway with several deeper drill holes planned testing to greater depth inclusive of a 900 meter hole that is being drilled now.
GD-24-235 is the first drill hole of 2024 which has intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization in both the sedimentary and volcanic units.
GD-24-235 intersected a 12 meter interval of high vein density between 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units containing abundant visible gold, up to 2 % sphalerite, 1 % galena, 1 % chalcopyrite, 2 % pyrrhotite, and 3 % pyrite.
Within the andesite unit of GD-24-235, a 10 meter interval hosting a series of closely spaced quartz-sulphide veins have being observed between 550 and 650 meters downhole with abundant visible gold, up to 30 % pyrrhotite, 3 % chalcopyrite, 1 % sphalerite, and 1 % pyrite (see image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/26541823-6f87-4940-94f6-0d0047811ea2
Drill hole GD-24-235 was designed to intercept the Bonanza shear and volcanics below where drill hole GD-23-197 from 2023 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023.
The mineralization observed in hole GD-24-235 from the 445.4 – 447.39 meter downhole interval is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval; assays pending (see comparison image below).
- An accompanying infographic is available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/2efb2e24-8ee1-473b-92f7-0d15aa2f4ef7

The drill program on Surebet is focused on testing its potential feeder source at depth above and below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears.

Surebet Highlights:

Colorado School of Mines study confirmed in its report, an extensive porphyry feeder source at depth for the high-grade gold mineralising fluids at Surebet, this provides excellent potential for additional upside drill discovery and expansion at depth (see About CASERM below).
Several lines of evidence, including metals content and geochemical trace elements hot spots, zonation, type, origin of fluids and age of the mineralization strongly suggest vectoring in on a possible Porphyry Feeder Source.
Exceptional continuity and excellent metallurgical recoveries of 92.2% Gold from gravity & flotation, inclusive of 48.8% Free Gold from gravity alone at a 327 micron crush; no deleterious minerals or cyanide required.
The Golddigger property is fully permitted until 2029 for 199 drill pads.
66,930 meters have been drilled to date at the Golddigger property (2021 – 2023).
44 holes (or 35%) of 124 holes drilled in 2023 contained Visible Gold with nuggets up to 11 mm in size.
11 holes to date are greater than 100 and up to 513 gm AuEq.
Best hole drilled to date is GD-23-180 assaying 65.00 g/t AuEq (64.88 g/t Au and 8.03 g/t Ag) over 7.90 meters, including 86.99 g/t AuEq (86.84 g/t Au and 6.52 g/t Ag) over 5.90 meters.
Mineralization is exposed at surface for 1.0 kilometers of strike and 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.
10 mineralized vein horizons have been identified to date and remain open.
The mineralized footprint of the Surebet discovery corresponds to 1.8 km2, the equivalent in size to >336 NFL football fields.

TORONTO, July 15, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is very pleased to report the discovery of abundant visible gold and strong sulphide mineralization in quartz breccia, as well as a significant 22.4 meter intercept of a porphyritic intrusion containing veins with abundant visible gold, molybdenum and bismuth mineralization in GD-24-235 the first drill hole of 2024 (assays are pending). This increases the Company’s confidence in the proximity of the feeder source of the Surebet system that remains wide open at its 100% controlled Golddigger Property (the “Property”), Golden Triangle, B.C.

Dr. Quinton Hennigh, Technical and Geologic Director of strategic shareholder, Crescat Capital, commented: "Just recently, I explained why I think this is going to be a summer of discovery for Goliath. The Company rightly persists to test new ideas and targets that have consistently generated better and better results from Surebet and other targets across the Golddigger Project. And here we are, just one week into the program, with what appears to be a major new discovery of a gold-rich zone, possibly a root feeder to the Surebet and related structures. The abundant particles of visible gold observed in this new zone give reason for a lot of excitement, especially given that mineralization is spatially associated with what might prove to be a causative intrusion. Other indicators support this magmatic association including the presence of molybdenum and bismuth-rich minerals in the sulfide assemblage of the vein breccia. I think the team at Goliath has done a remarkable job of identifying this target using sound science, and they should be congratulated for this remarkable discovery."

Drill hole GD-24-235 collared from Golden Gate Pad (180/81/696m) intersected multiple strongly mineralized veins containing visible gold, galena, sphalerite, pyrrhotite and pyrite mineralization. The hole drilled through a sedimentary sequence of mudrocks, an intermediate intrusive unit, multiple intermediate dykes and andesite.

The first hole of the drilling season was designed and focused on intercepting the Bonanza shear and test below an area where drill hole GD-23-197 intersected 9 meters of 34.03 g/t AuEq or 1.09 oz/t AuEq (32.55 g/t Au and 65.71 g/t Ag) in 2023. The mineralization observed in hole GD-24-235 for the interval from 445.4 – 447.39 meters is reminiscent of what was observed from 449.37 – 458.40 meters in GD-23-197, suggesting that similar gold grades can be expected from this interval (see comparison image below).

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/81f62cab-1bbc-45ea-a9b7-abc7fb3a230a

GD-24-235 intersected a 12 meter interval of high vein density from 445 – 457 meters downhole, with multiple large quartz-sulphide veins at the contact between sedimentary and volcanic units. A quartz vein with significant mineralization occurs from 445.4 – 447.39 meters. The vein contains semi massive to massive pyrite (3%), sphalerite (2%) and pyrrhotite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout. A second quartz vein was intercepted from 450.17 – 450.64 meters and contains massive pyrrhotite (2%), sphalerite (2%) and pyrite (1%). The vein also has minor galena (<1%) and chalcopyrite (<<1%). There are multiple flecks of visible gold throughout.

Within the andesite unit, a series of closely spaced quartz-sulphide veins have been observed for 10 meters between 550 and 650 meters downhole. A quartz vein from 566.72 – 566.85 meters contain visible gold and semi massive pyrrhotite and sphalerite with trace chalcopyrite. Another milky white quartz vein from 600.23 to 601 meters contains massive pyrrhotite (8%), semi massive pyrite (2%) and minor chalcopyrite (<1%) and sphalerite (<<1%). Visible gold was also noted in a quartz vein from 604.53 – 604.83 meters that contains massive pyrrhotite, semi massive pyrite, minor chalcopyrite, trace sphalerite and galena. The vein shows the presence of one fleck of visible gold. Lastly, a quartz vein was intercepted with significant mineralization from 647.46 – 648.02 m. It hosts massive pyrrhotite (30%), semi massive chalcopyrite (3%) and trace sphalerite (<<1%).

The hole intercepted 24.4 meters of a light grey porphyritic intrusive unit, possibly tonalite from 529.29-553.67 meters downhole. This intrusive is host to a handful of cm-size quartz veins and sub-millimetric pyrite/pyrrhotite veinlets. These veins included minor vein-hosted calc-silicates with white (anorthite?) alteration haloes. A notable cm sized quartz vein at 531.1 meters hosted pyrite, pyrrhotite, and native bismuth. XRF measurements of the native bismuth occasionally gave gold and/or molybdenum readings. A second quartz vein at 535 meters included a 2 mm grain of molybdenite.

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/7fb3f08f-1f6d-46a4-8992-7bc623c48789

Several deeper holes are planned to test this area to greater depth during the 2024 season, as the system remains wide open and has excellent additional discovery potential.

The current 2024 drill plan consists of 15,000 meters of drilling in 62 drill holes from 22 drill pad locations. Two drill rigs are currently on site carrying out the program. The drill program on Surebet will focus on testing its potential feeder source at depth below the valley floor, discovering new additional veins/shears, expansion of the known 10 vein footprint, and increased continuity of veins/shears. The Surebet Discovery will see the bulk of meters planned with the balance testing two new strongly mineralized gold-copper outcropping targets: Jackpot and Treasure Island (see location map below).

An accompanying infographic is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2de8d85c-80fa-4df4-a629-829376ec8be5

The maiden drill campaign in 2021 totaling 5,338 meters intercepted significant widths and gold mineralization in 100% of the holes drilled. To date there has been an aggregate of 66,930 meters drilled that include the follow up campaigns in 2022 and 2023 at the Golddigger Property. In 2023, there was a 97% success hit rate where 86 holes of 92 totaling intercepted significant widths of high-grade gold over a 1.8 square kilometer area at Surebet. This 1.8 square kilometer area also has mineralization exposed at surface for 1.0 kilometers of strike, 1.1 kilometers down-dip extent with 700 meters of vertical relief with exceptional continuity.

Golddigger Property

Qualified Person

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

VANCOUVER, BC, July 15, 2024 /CNW/ – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") announces that field work has begun on the Nechako Copper-Gold-Silver Project.

Crews completed an initial small prospecting and soil sampling program on the Mystery Property targeting porphyry copper-gold-molybdenum targets.

Crews also completed additional field work on the Fox-Coconut Property. The field work included geological mapping, prospecting, rock and soil sampling to further characterize the exploration targets on the Fox-Coconut Property where channel samples collected in 2014 returned a highlighted value of 7,342 grams per tonne ("gpt") silver and 45.3 gpt gold over 1.0 meter. Additional planned field work on the Mystery Property aims to further refine and expand on the large porphyry alteration zone and coincident large copper in soil anomalies which is suggestive of a porphyry copper-gold environment. See Rokmaster News Release dated May 15, 2024.

On Rokmaster's 100% owned Selkirk Project, located 30 km north of Revelstoke, BC, the Company has applied for drilling permits for Downie Gold and Keystone Properties targeting gold-silver-zinc-copper mineralization. The Rokmaster website provides further details on the Downie Gold, Keystone, and Rift Properties which comprise the Selkirk Project.

Scientific and technical information presented above has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed and approved by Eric Titley, P.Geo., a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mining Projects, has reviewed and approved of the technical disclosure in this news release.

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term in defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," 'projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metal prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from Rokmaster's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future vents or results or otherwise.

SOURCE Rokmaster Resources Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/15/c1296.html

Key Insights

Significantly high institutional ownership implies BHP Group's stock price is sensitive to their trading actions
47% of the business is held by the top 25 shareholders
Using data from analyst forecasts alongside ownership research, one can better assess the future performance of a company

To get a sense of who is truly in control of BHP Group Limited (ASX:BHP), it is important to understand the ownership structure of the business. With 53% stake, institutions possess the maximum shares in the company. Put another way, the group faces the maximum upside potential (or downside risk).

Since institutional have access to huge amounts of capital, their market moves tend to receive a lot of scrutiny by retail or individual investors. As a result, a sizeable amount of institutional money invested in a firm is generally viewed as a positive attribute.

Let's delve deeper into each type of owner of BHP Group, beginning with the chart below.

View our latest analysis for BHP Group

ownership-breakdownWhat Does The Institutional Ownership Tell Us About BHP Group?

Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

We can see that BHP Group does have institutional investors; and they hold a good portion of the company's stock. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at BHP Group's earnings history below. Of course, the future is what really matters.

earnings-and-revenue-growth

Since institutional investors own more than half the issued stock, the board will likely have to pay attention to their preferences. We note that hedge funds don't have a meaningful investment in BHP Group. BlackRock, Inc. is currently the company's largest shareholder with 6.8% of shares outstanding. With 6.1% and 5.5% of the shares outstanding respectively, State Street Global Advisors, Inc. and The Vanguard Group, Inc. are the second and third largest shareholders.

On studying our ownership data, we found that 25 of the top shareholders collectively own less than 50% of the share register, implying that no single individual has a majority interest.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of BHP Group

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

Our data suggests that insiders own under 1% of BHP Group Limited in their own names. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. It is a very large company, so it would be surprising to see insiders own a large proportion of the company. Though their holding amounts to less than 1%, we can see that board members collectively own AU$51m worth of shares (at current prices). Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

General Public Ownership

The general public, who are usually individual investors, hold a 41% stake in BHP Group. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand BHP Group better, we need to consider many other factors. To that end, you should be aware of the 3 warning signs we've spotted with BHP Group .

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.

The earnings figure itself is key, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb even higher.

2 Stocks to Add to Your Watchlist

The Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate. The core of the ESP model is comparing the Most Accurate Estimate to the Zacks Consensus Estimate, where the resulting percentage difference between the two equals the Expected Surprise Prediction.

The last thing we will do today, now that we have a grasp on the ESP and how powerful of a tool it can be, is to look at a qualifying stock. Pan American Silver (PAAS) holds a Zacks Rank #2 at the moment and its Most Accurate Estimate comes in at $0.13 a share 26 days away from its upcoming earnings release on August 7, 2024.

PAAS has an Earnings ESP figure of 9.35%, which, as explained above, is calculated by taking the percentage difference between the $0.13 Most Accurate Estimate and the Zacks Consensus Estimate of $0.12.

PAAS is part of a big group of Basic Materials stocks that boast a positive ESP, and investors may want to take a look at Southern Copper (SCCO) as well.

Slated to report earnings on August 6, 2024, Southern Copper holds a #2 (Buy) ranking on the Zacks Rank, and it's Most Accurate Estimate is $1.27 a share 25 days from its next quarterly update.

Southern Copper's Earnings ESP figure currently stands at 9.96% after taking the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $1.16.

PAAS and SCCO's positive ESP figures tell us that both stocks have a good chance at beating analyst expectations in their next earnings report.

Find Stocks to Buy or Sell Before They're Reported

Use the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Pan American Silver Corp. (PAAS) : Free Stock Analysis Report

Southern Copper Corporation (SCCO) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Quarterly earnings season is about to quick start again, with key companies across the globe providing insights into how certain sectors are performing.

Investors will see updates from the mining world, with our focus staying on Anglo American, while Burberry will provide a gauge on the luxury goods industry after a slowdown in demand from China hit sales.

In Asia, semiconductor colossus TSMC is expected to come in above expectations, amid the artificial intelligence craze and ongoing demand for chips.

Across the pond, Netflix will try to convince investors it is as popular as ever, with revenue and earnings increases in the cards.

Here's what to look out for:

Anglo American (AAL.L) — Reports trading update on Thursday 18 July

Anglo-American was the target of a takeover bid by rival BHP (BHP.L) and it has announced its own restructuring plans in the aftermath of the failed mining mega-merger. So, investors will be sure to put the company’s first-half figures under the microscope.

Anglo is aiming to sell or separate its coal, platinum, nickel and diamond mining operations. What’s left will be a streamlined business that contains the company’s prized copper mines (BHP’s main target), its premium iron ore business and the Woodsmith fertiliser project in North Yorkshire.

Anglo is heavily exposed to copper and the industrial metal’s price is just starting to pull back after a strong run.

For the actual earnings report, AJ Bell tells investors to look for any hints on production costs.

“The details on the balance sheet, cash flow and profit and loss account will come with the actual first-half numbers, although do watch out for any changes in output forecasts and targets, as well as comments on cost of production and capital investment, since all of those will directly influence profits and cash flow,” Russ Mould, investment director, Danni Hewson, head of financial analysis, and Dan Coatsworth, investment analyst, all of AJ Bell, wrote.

“In the unlikely event that [CEO Duncan] Wanblad discusses annual profits or the dividend ahead of the first-half results in the following week, the current consensus forecast is for earnings before interest, taxes, depreciation and amortisation (EBITDA) to come in broadly flat in 2024, at $9.7bn, while a cut in the dividend to $0.83 per share from $0.96 is expected.”

The share price is still around 20% higher than it was before BHP’s interest became public on 25 April.

Burberry (BRBY.L) — Reports trading update on Friday 19 JulyA model presents a creation during a catwalk presentation for British fashion house Burberry’s Spring/Summer 2024 collection, at London Fashion Week in London. (HENRY NICHOLLS via Getty Images)

Trenchcoat-maker Burberry is not expected to impress investors next week, with retail same-store sales estimated to come in 16% lower in its fiscal first quarter, a slump made even starker by 18% growth in the same period last year.

UBS expects the focus to be on Chinese sales “as well as any signs of stabilisation/improvement among other consumer groups (i.e. Americans and Europeans)”.

JP Morgan has warned that the ‘re-acceleration’ of the luxury sector could be slower than anticipated, leading to downside risk for luxury stocks.

“The troubled times continue for Burberry, which has engaged in a round of sweeping job cuts in order to reduce costs. Sales fell 4% for the year to the end of March, and it looks like demand in the key market of China will continue to weaken,” IG said.

Shares in Burberry are down by more than half over the past year, to take them back to levels last seen in 2010.

Compared to its five-year average PE of 17 times earnings, Burberry now looks cheap at 11 times earnings. IG analysts warned that while the dividend yield is a solid 7%, investors should be aware that the payout may be cut should the group’s sales outlook continue to worsen.

For the year to March 2025, analysts currently expect sales to drop 6% to £2.8bn.

TSMC (TSM) — Reports quarterly update on Thursday 18 July

The AI craze has pushed Nvidia as other Magnificent 7 stocks to new heights but there is no AI without chips. And they are (almost) all being manufactured in Taiwan by TSMC.

Taiwan Semiconductor’s key tech giant clients such as Nvidia and Apple have almost nowhere else to turn for next-gen chip manufacturing.

TSMC’s anticipated order for next-generation two-nanometer technology will be a key catalyst in the second half, according to Citi analysts, who see AI and sovereign investment adding upside to the company’s 2030 revenue target of €44bn to €60bn, Bloomberg reported.

The Taiwan-based silicon giant disclosed in its latest monthly revenue report that net income for June was NT$207.87bn billion ($6.4bn), an increase of 32.9% compared with a year ago.

Figures for May and April were NT$229.62bn ($7.04bn/) and NT$236.02bnn (£5.41bn/$7.24bn), both up on the same period last year. TSMC is projected to grow sales by roughly 21% in FY24 and FY25.

“Taiwan Semiconductor is one of the most straightforward buy-and-hold options in all of technology alongside the likes of Nvidia and others because chips are the lifeblood of the economy and TSM is the semiconductor manufacturer,” according to Zachs Research.

“Any near-term pullback down to some of Taiwan Semiconductor stock’s key shorter-dated or longer-dated moving averages could mark a screaming buy signal for long-term investors,” Zachs’ analysts added.

Netflix (NFLX) — Reports second-quarter results on Thursday 18 July

Synonymous with streaming services, Netflix will show investors how it is fighting to stay on top and prove it can keep attracting new subscribers amid fierce competition.

Netflix expects its revenue to increase 16% year-over-year (YoY) to $9.49bn (£7.3bn) in the second quarter of 2024 but analysts predict Netflix's Q2 revenue will be slightly higher at $9.53bn. In the first quarter of 2024, Netflix's revenue was $9.37bn, up 15% from the prior year.

Morningstar equity analyst Matthew Dolphin provides a guide to what investors should focus on. “We're most interested in details on Netflix's ad-supported service, especially regarding how the firm is coming along in monetising it, as well as an update on the size of the ad-supported user base," he said.

“Generally, we'll be looking to see if subscriber growth is slowing substantially after Netflix passed the tailwind from its password-sharing crackdown, and whether it will stop regularly disclosing this metric in 2025.

“We will also be interested in international sales and subscriber growth. This will be a key driver for the company when/if domestic growth slows,” he wrote.

As AJ Bell writes, Netflix no longer gives specific guidance for quarterly net subscriber additions, although co-chief executive officers Greg Peters and Ted Sarandos did suggest at the first-quarter stage that net adds would come in below the first quarter’s bumper 9.3 million (the best first quarter since the pandemic and lockdowns in Q1 2020). That took the total subscriber base to a fraction under 270 million, up from 233 million in Q1 2023 and 167 million before the pandemic swept the globe.

Matt Britzman, equity analyst at Hargreaves Lansdown, is also keen to look at subscribers: “One thing to watch for is the number of new paid subscribers in the second quarter. Management has already warned it’ll be lower quarter-on-quarter due to the normal seasonal demand patterns. These have been a little skewed in recent years, but looking at 2018/19 numbers, net new subscribers were down 34% and 70% respectively across the first and second quarters – so don’t be surprised to see something in that range.

“Best in class content is one of the reasons Netflix has been able to consistently deliver sector leading churn rates. It’s expensive, but Netflix remains the only company set to increase content spend, giving a comparative advantage versus legacy media and its challengers.”

Other companies reporting next week include:

Monday 15 July

Robert Walters (RWA.L)

Orkla (ORK.OL)

Goldman Sachs (GS)

BlackRock (BLK)

Tuesday 16 July

Ocado (OCDO.L)

Intermediate Capital (ICG.L)

B&M European Value Retail (BME.L)

Bloomsbury Publishing (BMY.L)

McBride (MCB.L)

Richemont (CFR.SW)

NCC (NCC.L)

UnitedHealth (UNH)

Bank of America (BAC)

Morgan Stanley (MS)

Omnicom (OMC)

Wednesday 17 July

Renold (RNO.L)

HVIVO (HVO.L)

BHP (BHP.L)

ASML (ASML)

Assa Abloy (ASSA-B.ST)

Svenska Handelsbanken (SHB-B.ST)

Johnson & Johnson (JNJ)

CSX (CSX)

US Bancorp (USBC.VI)

Las Vegas Sands (LVS)

Citizens Financial (CZFS)

United Airlines (UAL)

Alcoa (AA)

Bank OZK (OZK)

Thursday 18 July

SSE (SSE.L)

Diploma (DPLM.L)

Dunelm (DNLM.L)

Kier (KIE.L)

QinetiQ (QQ.L)

ABB (ABBNY)

Atlas Copco (ATCO-A.ST)

Volvo (VOLV-A.ST)

EQT (EQT)

Publicis (PUB.PA)

Nokia (NOK)

Volvo Car (VOLCAR-B.ST)

SKF (SKF-B.ST)

Abbott Labs (ABL.MU)

Blackstone (BX)

DR Horton (DHI)

Tractor Supply (TSCO)

Domino’s Pizza (DPZ)

Interpublic (IPG)

American Airlines (AAL)

Alaska Airlines (ALK)

Friday 19 July

Bridgepoint (BPT.L)

Schindler (SHLRF)

Kone (KNEBV.HE)

Sandvik (SAND.ST)

Saab (SAABBS.XC)

Electrolux (ELUXY)

American Express (AXP)

Schlumberger (SLB)

Halliburton (HAL)

You can read Yahoo Finance's full calendar here.

Download the Yahoo Finance app, available for Apple and Android.

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One company value investors might notice is Amerigo Resources (ARREF). ARREF is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.

Investors should also recognize that ARREF has a P/B ratio of 1.95. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 3.68. ARREF's P/B has been as high as 2.34 and as low as 1.27, with a median of 1.58, over the past year.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. ARREF has a P/S ratio of 1.36. This compares to its industry's average P/S of 3.11.

Finally, investors will want to recognize that ARREF has a P/CF ratio of 8.95. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 21.67. Over the past 52 weeks, ARREF's P/CF has been as high as 10.75 and as low as 6.34, with a median of 8.42.

Another great Mining – Non Ferrous stock you could consider is Lundin Mining (LUNMF), which is a # 2 (Buy) stock with a Value Score of A.

Shares of Lundin Mining are currently trading at a forward earnings multiple of 12.45 and a PEG ratio of 0.26 compared to its industry's P/E and PEG ratios of 24.29 and 1.41, respectively.

LUNMF's price-to-earnings ratio has been as high as 18.82 and as low as 7.75, with a median of 12.34, while its PEG ratio has been as high as 1.98 and as low as 0.24, with a median of 1.07, all within the past year.

Additionally, Lundin Mining has a P/B ratio of 1.43 while its industry's price-to-book ratio sits at 3.68. For LUNMF, this valuation metric has been as high as 1.58, as low as 0.72, with a median of 1.04 over the past year.

These are only a few of the key metrics included in Amerigo Resources and Lundin Mining strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, ARREF and LUNMF look like an impressive value stock at the moment.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Amerigo Resources Ltd. (ARREF) : Free Stock Analysis Report

Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

(Bloomberg) — Lundin Mining Corp. has approached BHP Group about making a joint bid for copper miner Filo Corp., people with knowledge of the matter said, in a move that could solve fundraising needs for a neighboring project it wants to build.

Most Read from Bloomberg

Lundin has held preliminary discussions with BHP about teaming up on a possible deal for Filo, according to the people, who asked not to be identified as the information is private. Shares of Filo jumped as much as 12% on the news before giving back some gains. The stock traded 8% higher at 3:36 p.m. in Toronto, giving the company a market value of about C$3.7 billion ($2.7 billion).

It’s unclear how receptive BHP is to the proposal. The wealthy Lundin family, who own about 15% of their eponymously named miner, have a 32% stake in Filo while BHP holds nearly 6%, according to data compiled by Bloomberg.

Lundin has pitched the idea of buying out other shareholders in Filo and then combining the target’s Filo del Sol copper project — located on the Argentina-Chile border — with Lundin’s neighboring Josemaria operation, the people said. Bringing the two assets together would make it easier for Lundin to finance their development while bringing BHP much-needed growth in copper.

Talks are at a preliminary stage and there are no guarantees they will proceed with a bid, the people said. Representatives for BHP and Lundin declined to comment. Filo didn’t immediately respond to requests for comment.

Lundin is keen to develop the Josemaria project in Argentina, a vast copper and gold deposit in the Andes, and has said it is looking to bring in a partner. The company is considering a potential sale of two European zinc mines as it looks to raise funds and focus more on copper, Bloomberg reported last month.

The world’s biggest mining companies are all seeking to expand in copper, in anticipation of rising prices as demand for clean power and data centers is forecast to outstrip supply in future years.

BHP made a blockbuster $49 billion bid for Anglo American Plc earlier this year — primarily for its suite of South American copper mines — but was left frustrated when its target turned down its offer.

–With assistance from Thomas Seal.

(Updates with shares in second paragraph.)

Most Read from Bloomberg Businessweek

By Clara Denina and Anirban Sen

TORONTO/NEW YORK (Reuters) -Canada's Lundin Mining Corp and mining giant BHP Group are weighing a potential joint bid for Filo Corp, people familiar with the matter told Reuters on Friday.

The talks between Lundin and BHP are at an early stage, the sources said, adding that there is no guarantee that the two companies will team up on a bid for Filo.

Canada-listed shares of Filo jumped as much as 12% on the news on Friday. The shares pared some gains and closed at C$27.98, giving the company a market capitalization of C$3.44 billion ($2.52 billion).

The consideration for a possible takeover comes as there is ongoing work to merge the Josemaria project that belongs to Lundin Mining with the Filo del Sol project, one of the sources said, adding that combining the infrastructure between the mines would cost between $5 billion to $8 billion. The sources requested anonymity as the discussions are confidential.

The Lundin family holds a 32% stake in copper miner Filo Corp, while BHP holds a 6% stake in the company, according to recent regulatory filings and LSEG data. Filo is focussed on building the Filo del Sol project in the Chile-Argentina border.

Lundin, BHP and Filo Corp did not immediately respond to a Reuters request for comment.

The deal deliberations come weeks after BHP walked away from a blockbuster $49 billion bid to take over Anglo American, which rejected three proposed offers from its bigger rival over the course of six weeks.

The world's biggest miners are increasingly preferring to buy instead of building assets to grow, given rising costs for developing new mines and a blow-out in timelines for regulatory approvals.

The copper industry is expected to witness consolidation in the near term, as the world's biggest miners are attempting to increase access to a metal central to the global shift towards clean energy and electric vehicles, according to analysts.

Bloomberg News reported earlier on Friday that Lundin had pitched BHP on a joint bid for Filo.

($1 = 1.3634 Canadian dollars)

(Additional reporting by Divya Rajagopal in Toronto and Mrinalika Roy in Bengaluru; Editing by Maju Samuel and Josie Kao)

(Bloomberg) — Rio Tinto Group is studying proposals for potential bids for companies including Teck Resources Ltd., Sky News reported, citing people it didn’t identify.

Most Read from Bloomberg

The mining giant has drawn up a list of possible targets in the wake of BHP Group’s failed bid for Anglo American Plc, and has held talks with bankers, Sky said. It’s unclear whether Rio will choose to make a move on Teck, it said, also citing a person close to the company who said no offer was imminent.

Many in the industry expect a fresh wave of acquisitions following BHP’s bid, but mega deals between the biggest firms are likely to attract stiff regulatory scrutiny, particularly as Western governments sharpen their focus on supply chains for critical minerals such as copper. Last week, Canada said it would only approve foreign takeovers of its largest miners in “exceptional” circumstances.

Teck this week closed the sale of its coal business to Glencore Plc, leaving the company focused on copper and zinc mines. It’s viewed in the industry as an attractive takeover target, but any deal would need the support of controlling shareholder Norman Keevil. Glencore initially tried to buy all of Teck last year, but was strongly rejected by both the company and Keevil.

A spokesperson for Rio Tinto said it doesn’t comment on market rumors.

(Updates with response from Rio in final paragraph.)

Most Read from Bloomberg Businessweek

Key Insights

Freeport-McMoRan's estimated fair value is US$94.42 based on 2 Stage Free Cash Flow to Equity
Freeport-McMoRan is estimated to be 45% undervalued based on current share price of US$51.51
The US$55.24 analyst price target for FCX is 41% less than our estimate of fair value

Today we will run through one way of estimating the intrinsic value of Freeport-McMoRan Inc. (NYSE:FCX) by taking the expected future cash flows and discounting them to today's value. We will take advantage of the Discounted Cash Flow (DCF) model for this purpose. There's really not all that much to it, even though it might appear quite complex.

We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

Check out our latest analysis for Freeport-McMoRan

The Calculation

We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:

10-year free cash flow (FCF) forecast

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
Levered FCF ($, Millions)	US$4.03b	US$5.85b	US$6.27b	US$7.08b	US$7.68b	US$8.20b	US$8.64b	US$9.03b	US$9.38b	US$9.70b
Growth Rate Estimate Source	Analyst x6	Analyst x4	Analyst x1	Analyst x1	Est @ 8.54%	Est @ 6.69%	Est @ 5.40%	Est @ 4.49%	Est @ 3.86%	Est @ 3.42%
Present Value ($, Millions) Discounted @ 7.8%	US$3.7k	US$5.0k	US$5.0k	US$5.2k	US$5.3k	US$5.2k	US$5.1k	US$5.0k	US$4.8k	US$4.6k

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$49b

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.4%. We discount the terminal cash flows to today's value at a cost of equity of 7.8%.

Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$9.7b× (1 + 2.4%) ÷ (7.8%– 2.4%) = US$184b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$184b÷ ( 1 + 7.8%)10= US$87b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$136b. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of US$51.5, the company appears quite good value at a 45% discount to where the stock price trades currently. Valuations are imprecise instruments though, rather like a telescope – move a few degrees and end up in a different galaxy. Do keep this in mind.

dcfThe Assumptions

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. Part of investing is coming up with your own evaluation of a company's future performance, so try the calculation yourself and check your own assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Freeport-McMoRan as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.8%, which is based on a levered beta of 1.176. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

SWOT Analysis for Freeport-McMoRan

Strength

Debt is not viewed as a risk.

Weakness

Earnings declined over the past year.

Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market.

Opportunity

Annual earnings are forecast to grow faster than the American market.

Trading below our estimate of fair value by more than 20%.

Threat

Annual revenue is forecast to grow slower than the American market.

Looking Ahead:

Whilst important, the DCF calculation shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. What is the reason for the share price sitting below the intrinsic value? For Freeport-McMoRan, we've compiled three essential factors you should further research:

Risks: For example, we've discovered 2 warning signs for Freeport-McMoRan that you should be aware of before investing here.

Future Earnings: How does FCX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.

Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!

PS. Simply Wall St updates its DCF calculation for every American stock every day, so if you want to find the intrinsic value of any other stock just search here.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

Teck Resources Ltd

VANCOUVER, British Columbia, July 11, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today that its Board of Directors has declared an eligible dividend of $0.625 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on September 27, 2024 to shareholders of record at the close of business on September 13, 2024, consisting of the $0.125 per share base dividend and a one-time supplemental dividend of $0.50 per share.

Investor Contact:Fraser PhillipsSenior Vice President, Investor Relations & Strategic Analysis604.699.4621fraser.phillips@teck.com

Media Contact:Dale SteevesDirector, Stakeholder Relations 236.987.7405dale.steeves@teck.com

Freeport-McMoRan (FCX) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this mining company have returned +4.9% over the past month versus the Zacks S&P 500 composite's +5.1% change. The Zacks Mining – Non Ferrous industry, to which Freeport-McMoRan belongs, has gained 4.6% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings Estimates

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

Freeport-McMoRan is expected to post earnings of $0.40 per share for the current quarter, representing a year-over-year change of +14.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +3.2%.

For the current fiscal year, the consensus earnings estimate of $1.69 points to a change of +9.7% from the prior year. Over the last 30 days, this estimate has changed -1.2%.

For the next fiscal year, the consensus earnings estimate of $2.32 indicates a change of +37.3% from what Freeport-McMoRan is expected to report a year ago. Over the past month, the estimate has changed -0.3%.

With an impressive externally audited track record, our proprietary stock rating tool — the Zacks Rank — is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Freeport-McMoRan.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

12-month consensus EPS estimate for FCX _12MonthEPSChartUrl

Revenue Growth Forecast

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

In the case of Freeport-McMoRan, the consensus sales estimate of $6.22 billion for the current quarter points to a year-over-year change of +8.4%. The $25.31 billion and $26.06 billion estimates for the current and next fiscal years indicate changes of +10.8% and +3%, respectively.

Last Reported Results and Surprise History

Freeport-McMoRan reported revenues of $6.32 billion in the last reported quarter, representing a year-over-year change of +17.3%. EPS of $0.32 for the same period compares with $0.52 a year ago.

Compared to the Zacks Consensus Estimate of $5.66 billion, the reported revenues represent a surprise of +11.74%. The EPS surprise was +18.52%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.

Valuation

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Freeport-McMoRan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Conclusion

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Freeport-McMoRan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

(Bloomberg) — BHP Group Ltd. will close its loss-making nickel business in Australia until at least early 2027, after a global glut of the metal spread havoc through the market.

Most Read from Bloomberg

The company will place its Nickel West business on “care and maintenance” from October due to low prices of the metal used in electric-vehicle batteries, it said in a statement Thursday. It will also halt the development of its West Musgrave nickel mine.

BHP plans to spend A$450 million ($304 million) a year to support a potential restart should market conditions and the outlook for nickel improve.

Nickel prices have crashed in recent years as new, low-cost production from Indonesia floods the global market. Benchmark futures on the London Metal Exchange have slumped about 20% since hitting a peak in May, when several mine closures prompted a bump higher. LME nickel traded around $16,960 a ton on Thursday.

The overall price slump has damaged prospects for established producers. Anglo American Plc is the process of looking to either sell or shut its nickel unit, while Glencore has moved to halt operations on the islands of New Caledonia.

Traditionally, nickel has been split into two categories: low grade for making stainless steel, and high grade for batteries. A huge Indonesian expansion of low-grade production led to a surplus, and — crucially — processing innovations have allowed that glut to be refined into a high-quality product.

That upended long-held views on the commodity by many in the industry. BHP previously sought to make nickel a key pillar of its pivot away from fossil fuels.

Market Outlook

BHP and other Australian producers have historically been major suppliers of the forms of refined nickel that underpin prices on the LME. The country accounted for 72% of the nickel in the exchange’s warehousing network in January 2023.

By June this year that share had slipped to 29%, with a steady stream of deliveries of Russian and Chinese metal helping to fuel to a 45% decline in prices over the period. The market is now bracing for a further wave of deliveries from newly built metal refineries in Indonesia that could drag prices lower still.

BHP said Thursday it has a constructive view of nickel from 2030 onwards as demand continues to grow, though it will need to see a sustainable deficit in the market before restarting operations.

The suspension comes after BHP in February announced a $3.5 billion impairment to the Nickel West asset and launched a strategic review. BHP’s Australian nickel business includes open-cut and underground mines, concentrators, and a smelter in Kalgoorlie. It also includes a refinery in Kwinana as well as the West Musgrave project it inherited when it bought Oz Minerals Ltd. last year.

(Updates with LME nickel prices in fourth paragraph.)

Most Read from Bloomberg Businessweek

MELBOURNE (Reuters) — Australia's BHP Group will temporarily suspend its Nickel West operations and West Musgrave project from October, the miner said on Thursday, as it reels from a plunge in metal prices and an oversupply in the global market.

The world's largest listed miner intends to review its decision to temporarily suspend its Western Australia nickel operations by February 2027.

"We have not been able to overcome the substantial economic challenges driven by a global oversupply of nickel," said Geraldine Slattery, BHP's Australia president.

BHP will invest around $300 million every year after a transition period to support a possible re-start of the nickel business.

Nickel prices have recovered from three year lows below $16,000 touched at the start of the year, but they are still down by more than a quarter from year ago levels.

Global nickel producers have been squeezed by Indonesia's emergence as a supply powerhouse and by the move away from using nickel in batteries, which have contributed to a 40% price slump in the metal over the past year to around $16,800 a metric ton.

A tonne of nickel powder made by BHP Group sits in a warehouse at its Nickel West division, south of Perth

Australia has been trying to develop a processing industry to add value to mineral resources like copper, nickel and rare earths that are key to the transition away from fossil fuels, including moving downstream into battery chemicals production.

But producers are facing structural issues such as low prices and high construction and labour costs.

Australian battery metals producer IGO also said on Thursday it has paused a study to develop a plant to make precursor materials for battery chemicals amid low nickel prices.

BHP will release its quarterly production report next Wednesday.

(Reporting by Melanie Burton in Melbourne and Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu and Keith Weir)

CONNECT WITH US

Tweets

Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.

Tweets by MiningFeeds

MOST ACTIVE MINING STOCKS

Daily Gainers


New Age Exploration Limited	NAE.AX	+33.33%
Casa Minerals Inc.	CASA.V	+30.00%
Viking Ashanti Limited	VKA.AX	+28.57%
Citigold Corp. Limited	CTO.AX	+25.00%
Belo Sun Mining Corp	BSX.TO	+22.22%
Angkor Gold Corp.	ANK.V	+21.74%
Sparton Resources Inc.	SRI.V	+20.00%
Nevada Sunrise Gold Corp.	NEV.V	+20.00%
IBC Advanced Alloys Corp	IB.V	+18.18%
Standard Lithium	SLL.V	+16.42%

CONNECT WITH US

Tweets

MOST ACTIVE MINING STOCKS

Daily Gainers

Articles

FOUND POSTS

Blue Star Gold (TSXV:BAU) Intercepts Significant Sulphide Mineralization in New Discovery at Roma Project

Condor Resources (TSXV:CN) Charts New Course with Focus on High-Quality Gold Projects

Golden Cariboo Resources (CSE:GCC) Discovers Visible Gold in New Discovery at Halo Zone Near Quesnelle Gold Quartz Mine

Baselode Energy (TSXV:FIND) Discovers New Zone of Radioactivity Northeast of ACKIO

Solaris Resources (TSX:SLS) Announces Significant Mineral Resources Estimate for Warintza Project, Including Higher Grade Mineralization