Emperor Metals Inc.

Emperor has a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and delivering exceptional shareholder value.

VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) — via IBN — Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) announces the successful mobilization of a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

CEO John Florek said: “We are resuming drilling at the Duquesne West Gold Project and continuing our successful 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit. This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquesne West Project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

2024 Exploration Program

In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

  • Extending the footprint of the high-grade lenses within and outside the open-pit shells.

  • Expand ounces internally and externally to the open-pit shells.

  • Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.

  • Continue building quality ounces internally and externally.

Leveraging insights from the 2023 results, our advanced AI (Artificial Intelligence) models will guide targeting efforts for the upcoming drill season. The 2024 exploration program will predominantly concentrate on the open pit concept.

Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed within the open-pit conceptual model. 8,000 additional meters of core sampling from the historic core library are planned for this program.

In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit. Emperor used this model for a very successful 2023 drilling campaign of 8,579 m. In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02). This led to the envisioning of a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit. Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses. Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

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. 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 one hundred percent (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 October 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 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 Canadian Institute of Mining and Metallurgy (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.comwww.emperormetals.com

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

    Globex Mining Enterprises Inc.

    ROUYN-NORANDA, Quebec, May 21, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Emperor Metals Inc. (AUOZ-CSE, EMAUF-OTCQB, 9NH-FSE) has mobilized a drill rig to commence its 2024 exploration program on the Duquesne West Gold Property under option from Globex. The drill program will total 8,000 metres.

    The Duquesne West Gold property straddles the gold localizing Porcupine-Destor Break in Duparquet Township, Quebec and is located approximately 10 km east of the town of Duparquet. A historical resource of 727,000 ounces of gold (cut) at a grade of 5.42 g/t Au was calculated by Watts, Griffis and McOuat Consulting Geologists and Engineers, October 20, 2011 (click to access) in a report titled “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman property, Quebec, Canada for XMet Inc.”

    Emperor has taken a binary approach to exploration on the property seeking to outline an open-pittable, lower grade, large tonnage gold deposit in addition to the more conventional high-grade underground mine as was previously sought on the property. Current efforts by Emperor toward outlining these types of gold deposits consists among other things of new drilling and relogging, resampling, and assaying previous drill holes which Globex has maintained in Globex’s core library. As a matter of course, Globex stores most drill core from drill holes undertaken on our properties for just such occasions.

    For access to Emperors press release, click here.

    For access to Globex’s October 12, 2022 press release announcing the option to Emperor Metals, click here.

    This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

    We Seek Safe Harbour.

    Foreign Private Issuer 12g3 – 2(b)

     

    CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95

    For further information, contact:

    Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X 2J1

    Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com www.globexmining.com

     

     

    Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

    55,204,836 shares issued and outstanding

    Emperor Metals Inc.

    Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project.

    VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) — via IBN – Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) today announces that it has mobilized a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

    CEO John Florek said: “We are very excited to resume drilling at Duquesne West Gold Project and continue our success in 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit.  This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquese West project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

    2024 Exploration Program

    In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

    • Extending the footprint of the high-grade lenses within and outside the open-pit shells.

    • Expand ounces internally and externally to the open-pit shells.

    • Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.

    • Continue building quality ounces internally and externally.

    Leveraging insights from the 2023 results, our advanced AI (Artificial Intelligence) models will guide targeting efforts for the upcoming drill season. The 2024 exploration program will predominantly concentrate on the open pit concept.

    Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed within the open-pit conceptual model. 8,000 additional meters of core sampling from the historic core library are planned for this program.

    In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit.  Emperor used this model for a very successful 2023 drilling campaign of 8,579 m.  In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02).  This led to envisioning a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit.  Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses.  Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

    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. 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 one hundred percent (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 October 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 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 Canadian Institute of Mining and Metallurgy (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 STATEMENTSCERTAIN 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 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.comwww.emperormetals.com

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

    REE Automotive Ltd.

    Penske Class 4 EV Powered by REE

    The P7-C is the world’s first FMVSS certified full by-wire EV featuring all-wheel steer and all-wheel drive with a range of up to 169 miles and a driver-centric cab upfitted with a 16 foot Wabash DuraPlate® body with ramp

    –  The Powered by REE® Penske truck will be on display at the REE booth at ACT Expo in Las Vegas-  The P7-C is the world’s first FMVSS certified full by-wire EV featuring all-wheel steer and all-wheel drive with a range of up to 169 miles and a driver-centric cab upfitted with a 16 foot Wabash (NYSE: WNC) DuraPlate® body with ramp-  REE and Penske will hold a joint press conference to expand on the collaboration during ACT Expo in Las Vegas

    LAS VEGAS, May 15, 2024 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced that Penske Truck Leasing, a leading global transportation services provider, will begin to offer Powered by REE EVs to its customers interested in electrifying their fleets for demos and orders, adding further momentum to REE’s current $50 million order book value.

    “We are looking forward to adding REE’s by-wire vehicle to our electric truck lineup and giving our fleet customers the opportunity to demo the vehicle and experience the technology firsthand,” said Paul Rosa, Senior Vice President of Procurement & Fleet Planning at Penske.

    Paul Rosa and Daniel Barel, co-founder and CEO of REE, will hold a joint press conference to expand on the collaboration on May 22, 2024, at ACT Expo in REE’s booth #3723 at 12:45 p.m. PT.

    Penske’s customers will have the opportunity to experience the intended benefits of the world’s first U.S. Federal Motor Vehicle Safety Standards (FMVSS) certified, software-driven, electric vehicle powered by REEcorner® full by-wire technology including:

    • Superior maneuverability and all-wheel drive functionality

    • Enhanced safety with fail operational design via redundancies in hardware and software

    • Driver-centric cabin with excellent ergonomics and low chassis height

    • REEcorners designed for serviceability for low total cost of ownership (TCO)

    • Strong residual values

    • Future-proofed, autonomous-ready and over-the-air (OTA) upgrade capable

    • Modular design and quick time to market

    • Optimal energy efficiency

    “Today’s announcement is a testament to the synergy between REE's revolutionary technology and Penske's commitment to leading in the transportation and logistics industry,” said Daniel Barel, CEO and co-founder of REE Automotive. “This is the fruit of a long collaboration and incorporation of Penske’s voice of the customer. We are currently working on additional P7-C configurations to maximize utilization within Penske’s large product offering. By partnering with Wabash for this upfit, we believe that we were able to provide a superior product to Penske, meeting their requirements as well as expanding our roster of upfitters that can seamlessly integrate with REE’s platforms.”

    REE collaborated with Wabash (NYSE: WNC) to upfit the P7-C with a custom DuraPlate® truck body utilizing the unique low floor, all-wheel steer all-wheel drive full by wire P7-C characteristics. Wabash's DuraPlate technology's lightweight properties enhance the feasibility of electric chassis for fleets while maintaining durability. Vehicles Powered by REE are upfit ready and designed to offer considerable benefits for body installations, including:

    • No Drill: Integrated mounting weld nuts so that bodies can be secured directly to frame rails

    • Battery Maintenance: Accessible from under the chassis

    • Flat Floor with integrated ramp: Structural advantages and weight savings by reducing the need for additional body mounting kits, and independent suspension to reduce body stresses. The ramp takes advantage of the low floor box configuration.

    • Electrical Integration: Plug and play chassis harnesses for aftermarket electrical and ADAS systems

    • Driver Assistance Systems: Seamless integration of third-party systems; camera images can be viewed directly on infotainment screen

    To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.

    About REE AutomotiveREE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles Powered by REE® are equipped with the revolutionary REEcorner®, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel. As the first company to FMVSS certify a fully by-wire vehicle in the U.S., REE’s proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners® enables REE to make the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low total cost of ownership (TCO), and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.

    About Penske Truck LeasingPenske Truck Leasing is a Penske Transportation Solutions company headquartered in Reading, Pennsylvania. A leading provider of innovative transportation solutions, Penske operates and maintains more than 445,000 vehicles and serves its customers from more than 980 maintenance facilities and more than 2,650 rental locations across North America. Solutions from Penske include full-service truck leasing, fleet maintenance, truck rentals, used trucks, and a comprehensive array of technologies to keep the world moving forward. Visit PenskeTruckLeasing.com to learn more.

    Media ContactMalory Van GuilderSkyya PR for REE Automotive+1 651-335-0585ree@skyya.com

    Investor ContactKamal HamidVP Investor Relations | REE Automotive+1 303-670-7756investors@ree.auto

    Caution About Forward-Looking StatementsThis communication includes certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. For example, REE is using forward-looking statements when it discusses the benefits of its vehicle design, its intent to provide additional P7-C configurations, its intent to hold a press conference with Penske at ACT Expo, the potential for the demo to add further momentum to its current $50 million order book value and Penske’s intent to demo the P7-C to its customers. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships and objectives, including its ability to meet certification requirements, the impact of trends on and interest in our business, or product, intellectual property, REE’s expectation for growth, and its future results, operations and financial performance and condition.

    These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.

    Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024 and in subsequent filings with the SEC.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5a582bc2-e518-4f0b-8324-cef314eae769

    LONDON, May 14, 2024–(BUSINESS WIRE)–

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

    Rule 8.3 of the Takeover Code (the "Code")

    1. KEY INFORMATION

    (a) Full name of discloser:

    Elliott Investment Management, L.P

    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):

    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

    Elliott International, L.P.

    Elliott Associates, L.P

    The Liverpool Limited Partnership

    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:

    Use a separate form for each offeror/offeree

    BHP Group Limited

    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

    (e) Date position held/dealing undertaken:

    For an opening position disclosure, state the latest practicable date prior to the disclosure

    13th May 2024

    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?

    If it is a cash offer or possible cash offer, state "N/A"

    Anglo American Plc

    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security:

    Ordinary shs : AU000000BHP4

    Ordinary

    Interests

    Short positions

    Number

    %

    Number

    %

    (1) Relevant securities owned and/or controlled:

    10,000

    0.0002%

    6,636,224

    0.1309%

    (2) Cash-settled derivatives:

    8,508,361

    0.1678%

    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:

    TOTAL:

    10,000

    0.0002%

    15,144,585

    0.2986%

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b) Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:

    Details, including nature of the rights concerned and relevant percentages:

    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a) Purchases and sales

    Class of relevant security

    Purchase/sale

    Number of securities

    Price per unit

    (b) Cash-settled derivative transactions

    Class of relevant security

    Product description

    e.g. CFD

    Nature of dealing

    e.g. opening/closing a long/short position, increasing/reducing a long/short position

    Number of reference securities

    Price per unit

    Ordinary

    Equity swap

    Increasing a short position

    500,000

    A$43.1684

    (c) Stock-settled derivative transactions (including options)

    (i) Writing, selling, purchasing or varying

    Class of relevant security

    Product description e.g. call option

    Writing, purchasing, selling, varying etc.

    Number of securities to which option relates

    Exercise price per unit

    Type

    e.g. American, European etc.

    Expiry date

    Option money paid/ received per unit

    (ii) Exercise

    Class of relevant security

    Product description

    e.g. call option

    Exercising/ exercised against

    Number of securities

    Exercise price per unit

    (d) Other dealings (including subscribing for new securities)

    Class of relevant security

    Nature of dealing

    e.g. subscription, conversion

    Details

    Price per unit (if applicable)

    4. OTHER INFORMATION

    (a) Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

    None

    (b) Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:

    (i) the voting rights of any relevant securities under any option; or

    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

    If there are no such agreements, arrangements or understandings, state "none"

    None

    (c) Attachments

    Is a Supplemental Form 8 (Open Positions) attached?

    NO

    Date of disclosure:

    14th May 2024

    Contact name:

    Michael Cross

    Telephone number:

    0203 009 1306

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240514938138/en/

    Contacts

    Elliott Advisors (UK) Limited

    (Bloomberg) — BHP Group Chief Executive Officer Mike Henry said investors must decide whether his team or the rival one at Anglo American Plc is best positioned to deliver value from their respective restructuring plans.

    Most Read from Bloomberg

    Henry’s counterpart at Anglo, Duncan Wanblad, announced on Tuesday that the storied mining company will exit diamond, platinum and coal mining, as it fends off a £34 billion ($43 billion) bid from BHP. The BHP CEO said his company would remain “disciplined” in its pursuit of Anglo.

    “Shareholders must decide which plan creates the greatest value, soonest,” Henry said at a mining conference in Miami. “Which team has the better track record of execution.”

    Anglo has rejected two offers, saying that BHP’s condition to spin off South African assets before the takeover was unworkable. However, Anglo’s own plan to spin off its Anglo American Platinum Ltd. unit is “a pretty clear indicator that it is doable,” according to Henry, who cited previous spinoffs by both companies.

    Read More: Anglo Goes for Bold Breakup Plan in Move to Fend Off BHP

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    JOHANNESBURG/ LONDON (Reuters) -BHP Chief Executive Mike Henry said that Anglo American investors need to consider the merits of his company's bid for its smaller London-listed rival, seeking to drum up support for a proposal that has been rejected twice.

    The CEO of the world's biggest listed mining group told investors at a metals and mining conference in Miami that Anglo shareholders must make a "determination" on the benefits of a combination of the two companies and which team they think has a better track record of executing projects and delivering returns to investors.

    Anglo CEO Duncan Wanblad on Tuesday outlined plans to refocus on energy transition metal copper while spinning off or selling its less profitable coal, nickel, diamond and platinum businesses.

    Henry, meanwhile, emphasised the merits of BHP's $43 billion bid and dismissed concerns that the proposed deal would be complex to execute.

    "At the end of the day, it's going to be up to shareholders. They have to look at the plans, decide which one they believe is going to create the greatest value soonest," he said.

    "And they have to make a determination as to the likelihood of execution of those plans, including which team they believe is more capable and has a better track record of execution. It's that simple."

    The Anglo board argues that the proposed deal undervalues the company and is difficult to execute, with BHP planning to demerge two of Anglo's South African assets prior to a takeover.

    BHP chief Henry, however, says the company has sufficient experience to execute complex transactions, having divested South32 assets in South Africa.

    Henry said he was disappointed with the Anglo board's continued refusal to engage, adding that BHP would have preferred to continue talking in private.

    "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked."

    While BHP is intent on growing its copper business, it would maintain its disciplined approach to capital allocation, Henry said, adding that the copper industry remains fragmented.

    "We do not take capital discipline lightly, we will remain disciplined and we have demonstrated that in previous instances," he said.

    ($1 = 0.7953 pounds)

    (Reporting by Felix Njini and Clara DeninaEditing by David Goodman)

    The mining company raised its first offer after Anglo American said it “significantly undervalues” it.

    (Bloomberg) — Anglo American Plc will exit diamond, platinum and coal mining in a massive restructuring designed to fend off a £34 billion ($43 billion) bid from rival BHP Group and turn itself into a copper giant.

    Most Read from Bloomberg

    Anglo’s hand was forced by BHP’s approach — which it has twice rejected — but the move also responds to pressure from shareholders to shed less profitable businesses and focus on the copper assets that are the envy of the industry. It leaves a much simpler company — and a potentially more attractive one to suitors.

    The radical overhaul laid out by Anglo Chief Executive Officer Duncan Wanblad is to create a company much like the one his rival CEO Mike Henry proposed. As both men have a similar view of where value lies in Anglo’s sprawling empire, shareholders will now have to decide who they believe can best deliver.

    Anglo is pinning its hopes on shareholders supporting its plan — and backing management to deliver it, rather than pushing to accept an offer from BHP. Investors see copper as the crown jewel because of its role in the energy transition and today’s move addresses what some of them were calling for. Activists Elliott Investment Management are among Anglo’s shareholders.

    “There’s still a debate over whether this really offers shareholders more than BHP’s improved offer,” said Dawid Heyl, a Cape Town-based portfolio manager at Ninety One, a top shareholder. Heyl said that while it was a robust plan it would create a shrunken Anglo that “would be attractive to others as well.”

    Anglo’s shares fell 2.5% to £26.38 in London trading, below the £27.53 that BHP is offering, in a sign investors see a lower chance of a successful BHP bid. Amplats, as the platinum business is known, fell as much as 10% in Johannesburg.

    It’s now up to BHP to decide how to respond. Two offers have been rejected, though crucially its improved bid didn’t address one of the main obstacles: Anglo said BHP’s condition to spin off South African assets before the takeover was unworkable. Now Anglo is proposing to spin off Amplats, it could bolster BHP’s argument that it can be done.

    “The outcome of Anglo’s strategic review will not have changed BHP’s plans, but they are probably actively assessing where they are now in light of this,” said Lachlan Shaw, an analyst from UBS Group AG.

    Read More: What’s Anglo Worth? For Now It’s Less than the Sum of Its Parts

    Anglo is now set to focus on copper mines and iron ore, its two biggest and most consistent earners and the businesses that BHP is most attracted to. Perhaps controversially, it will also stick with its Woodsmith fertilizer project in the north of England that some investors have pushed for it to quit. Still, it will dramatically cut spending there.

    It will demerge or sell its De Beers diamond business, separate its Anglo American Platinum Ltd. unit and sell its coking coal mines in Australia.

    The company will also either sell or shutter its relatively small nickel business in Brazil.

    The move to dramatically shrink and simplify its business has been years in the making at Anglo, which has always been a hotchpotch of commodities. Yet the approach from BHP served as a catalyst for the company to speed up decisions it’s been sitting on for years.

    Getting rid of Amplats and De Beers marks a turnaround from less than a decade ago when Wanblad’s predecessor planned on making them the cornerstones of the business.

    Wanblad conceded today however that they are just too volatile. When they are good they are very good, but when they’re bad they drag down the entire company, hitting the returns shareholders get from the commodities they really covet such as copper. And the last year was especially tough for both.

    Why BHP Is Targeting Anglo in Mining Mega Deal: QuickTake

    De Beers — despite its status as a trophy asset — has looked increasingly out of place within the Anglo stable. The diamond market has become increasing volatile in recent years, whipsawing between boom and bust. The challenges posed by changing consumer habits require more and more spending on things like advertising, an area outside the comfort zone of many mining investors.

    It will break the almost 100-year link between the two companies, with Anglo first becoming a major shareholder in 1926. Sovereign wealth funds have in the past expressed interest in the storied diamond producer.

    Anglo will also look to exit Amplats, as its platinum unit is called. The business is currently listed in South Africa, with Anglo as a majority owner. Its coking coal business, which lies adjacent to BHP’s mines, will also be sold and Anglo said it has already received approaches.

    While Anglo’s new plan has similarities to the one proposed by BHP, Wanblad was keen to point out that they were not completely leaving South Africa. It will keep its Kumba iron ore subsidiary. BHP had wanted Anglo to shed the South African assets before the takeover.

    “They make us do the work then off they go,” Wanblad said. “We remain in South Africa, that’s a unique difference between what we and BHP are proposing to do.”

    That may have made a difference for South Africa’s government as the new plan has already received a warmer welcome than BHP’s proposal.

    Read: South Africa Minister Warms to Anglo Plan After Opposing BHP Bid

    Anglo will also slow spending on a $9 billion fertilizer mine in northern England that’s been a focal point for investors and analysts pushing for an overhaul.

    The company — which has been spending about $1 billion a year on the giant Woodsmith mine — will cut spending to about $200 million in 2025, and plans to spend nothing on it in 2026. It will also look to bring in one or more strategic partners. Investors are worried the mine will produce a relatively obscure fertilizer product called polyhalite, and Anglo will need to create a huge new global market for it almost from scratch.

    –With assistance from Mark Burton and Paul-Alain Hunt.

    (Updates with details)

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    (Bloomberg) — South Africa’s mines minister struck a conciliatory tone as Anglo American Plc announced plans to separate its platinum unit as part of a major shakeup following its rejection of two approaches from BHP Group.

    Most Read from Bloomberg

    “It is their strategy and they must do anything that will optimize value,” Mines Minister Gwede Mantashe said by phone.

    That marks a contrast with the senior official’s frostier reaction to rival BHP’s proposal, which involves spinning off both Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. before acquiring the miner’s prized assets outside South Africa.

    The platinum unit known as Amplats fell as much as 10% in Johannesburg trading, after Anglo unveiled its restructuring plan on Tuesday.

    The upheaval in South Africa’s key mining industry comes at a difficult time for the ruling African National Congress, which risks losing its majority in elections later this month for the first time since coming to power in 1994.

    Read more: Anglo To Exit Diamonds and Platinum in Bid To Fend Off BHP

    Under the turnaround plan outlined Tuesday by Anglo Chief Executive Officer Duncan Wanblad, the London-listed miner will exit platinum and diamond mines in South Africa, while retaining its Kumba iron ore subsidiary and a stake in a manganese business.

    Wanblad said the company would have liked to make its announcement after the South African election and that it was “completely disrespectful” to do so now. Still, he said BHP had forced his hand by making an approach.

    Anglo said it will demerge its 79% stake in Amplats “in a responsible and orderly way,” separate or sell its De Beers diamond business and divest its coking coal mines in Australia. The overhaul plans have been accelerated by BHP’s £34 billion ($43 billion) takeover proposal to acquire the 107-year-old firm.

    Anglo has long ties to South Africa and was built on the riches of the country’s gold mines before moving into diamonds. In recent decades, however, the company has rapidly accumulated assets overseas including the South American copper mines that are so coveted by BHP.

    Read More: BHP CEO Flies to South Africa to Push $39 Billion Takeover

    Mantashe had signaled his opposition to BHP’s twice-rebuffed proposal for Anglo to demerge its controlling interests in its South African platinum and iron ore units, telling Bloomberg on April 25 that he “wouldn’t support” the idea.

    Amplats – the world’s largest platinum producer – “will survive” as a standalone company, said Mantashe who also chairs the ANC. “It’s leading in the platinum business.”

    Shares of Amplats were down 7% as of 11:03 a.m. in Johannesburg.

    Anglo’s second-biggest shareholder, South Africa’s Public Investment Corp., will continue to engage with both companies after noting both Anglo’s accelerated strategy and its rejection of BHP’s improved offer, PIC Chairman David Masondo said by email. The PIC manages the pensions of South African government workers.

    “The PIC is a long-term investor and any transaction presented will be assessed to ensure value creation for our clients,” said Masondo, who is also South Africa’s deputy finance minister.

    The Congress of South African Trade Unions, the country’s biggest federation of labor groups, said it welcomed Anglo’s commitment to the country.

    “We need a commitment that whatever changes Anglo plans include the needs of its loyal employees,” Cosatu said in a response to queries. “Anglo’s professed commitment to South Africa is welcome.”

    The labor federation has previously said it opposed BHP’s bid.

    –With assistance from Thomas Biesheuvel and Antony Sguazzin.

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    Anglo American (AAL.L)

    Anglo American has announced a group restructuring that includes the sale of several assets to boost its portfolio, a day after rejecting a mega takeover bid from Australian rival BHP (BHP.L).

    As part of the split, the miner will divest or demerge its diamond unit De Beers, spin off its platinum-metals subsidiary Anglo American Platinum, and sell its steelmaking coal assets, while exploring options for putting its nickel operation on care and maintenance before divesting it.

    The reorganisation will reduce costs by $1.7bn (£1.36bn), it said.

    The announcement comes a day after the London-listed miner rejected a sweetened £34bn offer from BHP, saying it continued to significantly undervalue the company and was “highly unattractive” for its shareholders.

    “We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction,” chief executive Duncan Wanblad said.

    Read more: FTSE 100 LIVE: European markets cautious as traders look to key inflation data

    Investors still believe that BHP will lift its offer again and possibly add cash before 22 May, the deadline under UK rules to return with a binding offer or walk way.

    "The language in the release suggests it's not the best and final offer," Todd Warren, a portfolio manager at Tribeca Investment Partners, told Reuters.

    GameStop (GME)

    Shares in GameStop, the video game retailer whose popularity among pandemic-era traders helped coin the idea of a meme stock, were surging in pre-market trading after a single post by a social media account named “Roaring Kitty”.

    The internet persona, whose real name is Keith Gill, posted a picture on X of a video gamer leaning forward on their chair as if to indicate he’s taking the game seriously, making his first post on the platform since 2021.

    Read more: Strong UK pay growth puts interest rate cut path at risk

    Gill is a day trader whose videos during the meme-stock bubble encouraged millions of others into the market, in turn propelling stocks such as GameStop to record heights.

    The tweet was enough to drive a rally in GameStop on Monday which caused losses approaching $1bn for short sellers, according to data from S3 Partners.

    With GameStop soaring 74%, short-selling hedge funds suffered a mark-to-market loss of $838m in the brick-and-mortar video game retailer, data firm S3 Partners said.

    Vodafone (VOD.L)

    Vodafone has reported a 2.2% rise in organic earnings for 2024, meeting market forecasts, after it returned to top-line growth in the final quarter helped by gains in the UK and Germany.

    The UK-listed company revealed an 11.3% decline in underlying profits last year to €11bn (£9.5bn) and a 2.5% fall in revenue to €36.7bn (£31.5bn).

    It said revenues were hit by the disposals of Vantage Towers, Vodafone Hungary and Vodafone Ghana in the prior financial year and adverse exchange rate movements.

    Germany returned to growth with service revenue increasing by 0.2% for the full year and 0.6% for the fourth quarter, the company said, but adjusted core earnings dropped by 5.8% due to higher energy and other inflationary costs.

    "Much more still needs to be done in the year ahead," said chief executive Margherita Della Valle.

    Read more: Stocks that are trending today

    Free cash flow fell from €2.6bn to €1.8bn. Net debt, excluding the sold segments of Spain and Italy, was broadly flat at €33.2bn.

    Mark Crouch, analyst at eToro, said: "Vodafone investors may have been bracing themselves for another tumultuous earnings report this morning and while this might not have them jumping for joy, there are signs the business has turned a corner."

    Greggs (GRG.L)

    Greggs reported sales growth of 7.4% as the bakery chain remains on track to open between 140 and 160 new stores in 2024.

    The firm reported a 7.4% rise in like-for-like sales for the first 19 weeks of 2024, with total sales in the period hitting £693m.

    Greggs added that its new range of iced drinks was “performing well”, with plans to roll it out further from the current 300 shops to up to 700 in the coming months.

    Since the start of the year Greggs has opened 64 stores, and closed 37 — including relocations — giving a total of 2,500 shops trading nationwide.

    Novavax (NVAX)

    Shares of Novavax jumped as much as 50% as Wall Street cheered a new multibillion-dollar deal with French drugmaker Sanofi (SAN.PA) that kicked off a dramatic turnaround for the struggling vaccine maker.

    Novavax signed a $1.2bn licensing agreement with Sanofi that includes commercialising a combined COVID-19 and flu shot.

    The pharma company reported a first-quarter 2024 loss of $1.05 cents per share while revenues in the quarter came in at $94m, below expectations of $101m. Still, the top line rose 16% on a year-over-year basis.

    It recorded $11.5m of revenues from royalties and adjuvant sales to licensing partners compared with the year-ago quarter’s revenues of $1m.

    Watch: This has been a tough day for short sellers in GameStop: Charlie Gasparino

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

    (Bloomberg) — Pension giant AustralianSuper, BHP Group Ltd’s largest Australian shareholder, said capital discipline was of “utmost importance” for the mining industry as investors weigh the heavyweight’s twice-rebuffed efforts to woo smaller rival Anglo American Plc.

    Most Read from Bloomberg

    Luke Smith, the senior portfolio manager who oversees the fund’s Australian mining investments, declined to comment on whether or not it would support a takeover, but confirmed it had engaged “more than once” with BHP.

    The world’s biggest miner approached Anglo last month with a proposal aimed squarely at the iron-to-diamond producer’s Latin American copper deposits — only to be swiftly turned down. It has since tabled a sweetened $43 billion all-share bid but maintained a structure that would see Anglo doing much of the heavy lifting on a restructuring before the deal goes through — including spinning off two listed South African businesses.

    Anglo rejected the latest approach, arguing the non-binding offer continues to “significantly undervalue” the company and its future prospects, while creating “significant uncertainty” for shareholders. It has now laid out a bold self-help plan that would see it divest diamonds, platinum and coal.

    “If part of your strategy is copper then you follow and try and execute on that strategy,” Smith said in an interview in Melbourne. But capital discipline is “of utmost importance, and I think that’s at the forefront of people’s minds when it comes to any consolidation across the commodity landscape,” he said.

    BHP has long been clear on its desire to expand in copper, eager to take advantage of rising demand for a metal key for renewable energy installations, expanding grids and electric vehicles. But the mining industry is also emerging from more than a decade of purdah after a string of frenzied, ill-timed and overly expensive acquisitions that burnt billions of investor dollars and left even the largest firms saddled with debt.

    “I think we are in a much stronger environment from a capital allocation aspect of the mining industry,” Smith said. “There probably wasn’t the focus then that there is now on capital allocation. And not just from the companies, but from the stakeholders.”

    Read More: BHP Seeks to Break Mining’s M&A Curse With Thorny Anglo Deal

    Anglo’s shares ended Monday slightly below the value of BHP’s offer, indicating the market is not yet convinced a deal will get done. Still, among the miner’s smaller Australian investors, many said they saw room for maneuver that could yet help BHP clinch its prey.

    “Obviously they haven’t got there with a good enough offer yet, so watch this space,” said Matthew Haupt, portfolio manager at Wilson Asset Management in Sydney, who is underweight BHP. “Another 5% to 7.5% bump, with a cleaner structure, could get a deal done.”

    Jun Bei Liu at Tribeca Investment Partners in Sydney, also a BHP shareholder, said an increase of another 15% could make the difference and that she expected BHP to try to get there. Any short-term dip in the price as a consequence would be an opportunity to increase exposure.

    “They’re not buying for the next couple of years, they’re really looking into the future of the copper shortage,” she said. “Yes, there’s every chance of overpaying and mining companies haven’t had a great record on this, but what they’re saying is that they believe their strategy.”

    The company was unlikely to take an openly hostile approach, though.

    “It’s a big transaction, which requires a lot of regulatory approval across many jurisdictions. So I just think that being aggressive is going to be very costly,” she said. “There’s a lot more uncertainty with what is already a very complex deal.”

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    By Clara Denina and Felix Njini

    LONDON (Reuters) -Anglo American laid out plans on Tuesday to refocus on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off BHP Group's $43 billion takeover offer.

    The announcement comes a day after the London-listed miner rejected its Australian suitor for the second time in less than three weeks, saying an increased proposal continued to significantly undervalue the company.

    Anglo said on Tuesday it would divest its steelmaking coal assets, demerge its South African platinum unit, explore options for its nickel mines and divest or demerge diamonds business De Beers. The group expects the new configuration will lower costs by $1.7 billion.

    "We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction," Anglo CEO Duncan Wanblad said.

    Anglo shares fell 3.2% to close at 26.19 pounds, after trading at the bottom of the London stock market's benchmark index FTSE 100.

    Moving to drum up support for his proposal, BHP CEO Mike Henry said on Tuesday it was down to investors to weigh the merits of his company's offer for Anglo, adding he would have preferred to continue talking with Anglo in private.

    "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked."

    BHP's 27.53 pound per share approach, raised from an initial 25.08 pounds, would require Anglo to sell its iron ore and platinum assets in South Africa, where it employs more than 40,000 people.

    That has caused alarm in South Africa, where unemployment and a stagnant economy are major issues ahead of a May 29 election.

    Wanblad said BHP's bid had forced him to accelerate plans for a spin-off of Johannesburg-listed Anglo American Platinum (Amplats).

    Under Tuesday's plan, Anglo will keep its South African Kumba Iron Ore business, while Wanblad said the planned divestment of Amplats would be "completely different" in terms of time and complexity to the BHP proposal.

    South Africa's mines minister Gwede Mantashe said on Tuesday he had no problem with Anglo's proposal, and that he hoped it would continue to resist BHP's bid.

    Anglo is also exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. Anglo declined to comment.

    The company also said on Tuesday it would slow the development of its Woodsmith fertiliser project in northeast England and seek strategic partners. First production at Woodsmith will be pushed back from 2027, Wanblad said.

    The divestment of Anglo's steelmaking coal operations could move rapidly, he added, given available interest.

    SELF-HELP

    Anglo has been meeting investors since BHP's initial approach in April, and after a review of its assets initiated in February following a 94% plunge in annual profit.

    One top 20 investor at Anglo, who said a deal with BHP was likely to lead to less copper being produced rather than the increase needed to accelerate the world's energy transition, welcomed Tuesday's proposal.

    "At the moment, Anglo has lots of very interesting assets … but it is not a focused business, focused on a clear strategic goal," the shareholder said. "This plan offers clarity of purpose."

    MKP Advisers said however that the concern with the "self-help plan" will be that it is "too little, too late".

    "There is no timescale attached to most of the plans and it has been clear to most that many of the potential disposals across the portfolio are simply tough to execute," MKP said.

    Activist fund Elliott, one of Anglo's top 10 shareholders after building up a $1 billion stake, declined to comment on the plan. It is expected to put out a statement later in the day, sources say.

    Developments such as artificial intelligence and automation, and the energy transition that includes electric vehicles and renewable energy, have driven up demand prospects for copper cable used to conduct electricity.

    Copper prices have risen 25% from this year's Feb. 9 low to $8,127 a tonne.

    Ashwin Pillay, senior associate at law firm Charles Russell Speechlys, said the new plan addressed shareholder concerns that the value of Anglo's copper mines has been suppressed by less valuable operations such as the diamond division.

    "Intriguingly, there is still an opportunity for BHP to raise their offer further, including by adding a cash component, which would sweeten the pot," he added.

    ($1 = 0.7966 pounds)

    (Additional reporting by Melanie Burton in Melbourne, Sinead Cruise in London and Eva Mathews; Writing by Jan Harvey; Editing by Nivedita Bhattacharjee, Kirsten Donovan, Sonali Paul, Catherine Evans and Emelia Sithole-Matarise)

    *

    Anglo expects new structure to lower costs by $1.7 bln

    *

    Will keep South African Kumba Iron Ore business

    *

    Says revised BHP offer significantly undervalues Anglo

    *

    BHP CEO urges Anglo investors to consider takeover benefits

    (Updates share prices, adds BHP CEO comment on leaks, paragraphs 5,7)

    By Clara Denina and Felix Njini

    LONDON, May 14 (Reuters) – Anglo American laid out plans on Tuesday to refocus on energy transition metal copper while spinning out or selling its less profitable coal, nickel, diamond and platinum businesses, as it moves to fend off BHP Group's $43 billion takeover offer.

    The announcement comes a day after the London-listed miner rejected its Australian suitor for the second time in less than three weeks, saying an increased proposal continued to significantly undervalue the company.

    Anglo said on Tuesday it would divest its steelmaking coal assets, demerge its South African platinum unit, explore options for its nickel mines and divest or demerge diamonds business De Beers. The group expects the new configuration will lower costs by $1.7 billion.

    "We expect that a radically simpler business will deliver sustainable incremental value creation through a step change in operational performance and cost reduction," Anglo CEO Duncan Wanblad said.

    Anglo shares fell 3.2% to close at 26.19 pounds, after trading at the bottom of the London stock market's benchmark index FTSE 100.

    Moving to drum up support for his proposal, BHP CEO Mike Henry said on Tuesday it was down to investors to weigh the merits of his company's offer for Anglo, adding he would have preferred to continue talking with Anglo in private.

    "Our strong preference was to be able to hold these discussions with Anglo in private," Henry said. "Rather unfortunately, it got leaked."

    BHP's 27.53 pound per share approach, raised from an initial 25.08 pounds, would require Anglo to sell its iron ore and platinum assets in South Africa, where it employs more than 40,000 people.

    That has caused alarm in South Africa, where unemployment and a stagnant economy are major issues ahead of a May 29 election.

    Wanblad said BHP's bid had forced him to accelerate plans for a spin-off of Johannesburg-listed Anglo American Platinum (Amplats).

    Under Tuesday's plan, Anglo will keep its South African Kumba Iron Ore business, while Wanblad said the planned divestment of Amplats would be "completely different" in terms of time and complexity to the BHP proposal.

    South Africa's mines minister Gwede Mantashe said on Tuesday he had no problem with Anglo's proposal, and that he hoped it would continue to resist BHP's bid.

    Anglo is also exploring an initial public offering of its diamond business De Beers, two people familiar with the matter told Reuters on Tuesday, with one flagging London as the preferred venue. Anglo declined to comment.

    The company also said on Tuesday it would slow the development of its Woodsmith fertiliser project in northeast England and seek strategic partners. First production at Woodsmith will be pushed back from 2027, Wanblad said.

    The divestment of Anglo's steelmaking coal operations could move rapidly, he added, given available interest.

    SELF-HELP

    Anglo has been meeting investors since BHP's initial approach in April, and after a review of its assets initiated in February following a 94% plunge in annual profit.

    One top 20 investor at Anglo, who said a deal with BHP was likely to lead to less copper being produced rather than the increase needed to accelerate the world's energy transition, welcomed Tuesday's proposal.

    "At the moment, Anglo has lots of very interesting assets … but it is not a focused business, focused on a clear strategic goal," the shareholder said. "This plan offers clarity of purpose."

    MKP Advisers said however that the concern with the "self-help plan" will be that it is "too little, too late".

    "There is no timescale attached to most of the plans and it has been clear to most that many of the potential disposals across the portfolio are simply tough to execute," MKP said.

    Activist fund Elliott, one of Anglo's top 10 shareholders after building up a $1 billion stake, declined to comment on the plan. It is expected to put out a statement later in the day, sources say.

    Developments such as artificial intelligence and automation, and the energy transition that includes electric vehicles and renewable energy, have driven up demand prospects for copper cable used to conduct electricity.

    Copper prices have risen 25% from this year's Feb. 9 low to $8,127 a tonne.

    Ashwin Pillay, senior associate at law firm Charles Russell Speechlys, said the new plan addressed shareholder concerns that the value of Anglo's copper mines has been suppressed by less valuable operations such as the diamond division.

    "Intriguingly, there is still an opportunity for BHP to raise their offer further, including by adding a cash component, which would sweeten the pot," he added.

    ($1 = 0.7966 pounds)

    (Additional reporting by Melanie Burton in Melbourne, Sinead Cruise in London and Eva Mathews; Writing by Jan Harvey; Editing by Nivedita Bhattacharjee, Kirsten Donovan, Sonali Paul, Catherine Evans and Emelia Sithole-Matarise)

    By Melanie Burton

    MELBOURNE (Reuters) – BHP Group is likely to sweeten its $43 billion takeover offer for Anglo American for a second time and possibly add cash, investors in both companies said on Tuesday, after the London-headquartered target rejected a higher bid.

    Anglo said the improved all-share offer, up 10% from BHP's initial proposal, continued to significantly undervalue the company.

    Shares in BHP were trading 0.5% lower at A$43.03 on Tuesday.

    BHP has until May 22 to return with a binding offer or walk away under UK takeover rules. The revised bid again required Anglo to sell its shares in iron ore and platinum assets in South Africa, a structure Anglo says is unattractive.

    "The language in the release suggests it's not the best and final offer, said Todd Warren, a portfolio manager at Tribeca Investment Partners, which holds Anglo shares.

    Anglo said on Monday it had accelerated plans to deliver its standalone strategy and would update investors on Tuesday.

    "The market is waiting with baited breath for the details of Anglo's strategy day. There's not a lot Anglo can do to realise the immediate value that would be daylighted by accepting a BHP bid," Warren said.

    BHP CEO Mike Henry is due to present at Bank of America's global mining conference in Miami later on Tuesday.

    Several Australian fund managers holding BHP shares spoke to Reuters ahead of his presentation on condition of anonymity because of the sensitivity of the matter.

    One BHP investor said it would be reasonable for the miner to add a cash component to get the deal done, though the overall deal structure was complex, which raised risks around Anglo achieving acceptable prices for unwanted assets.

    A second BHP investor said he would be surprised if BHP did not come back with another offer, adding that it still had scope to add a cash component.

    "The copper is what we like," the investor said. "I think there is investor support broadly for another bid."

    Copper prices have climbed 12% in the past six weeks to hit two-year highs on Tuesday above $10,200 a metric ton.

    Anglo is attractive to its competitors for its prized copper assets in Chile and Peru, with demand expected to rise as the world moves to cleaner energy and wider use of artificial intelligence will drive power use. Copper is highly efficient at transporting power because of its conductive properties.

    Anglo's rejection was disappointing but BHP was in a difficult position given the need to balance a strong run in copper prices and the need to stay financially disciplined, said a third BHP investor.

    BHP's latest offer of 27.53 pounds per share, up from an initial 25.08 pounds, would lift Anglo shareholders' aggregate ownership in the combined group to 16.6% from 14.8%. Anglo shares closed 2.4% lower at 27.07 pounds on Monday.

    Jefferies analysts said it might need to raise its offer above 30 pounds per share to gain approval from Anglo's board.

    "We are just not sure that BHP is prepared to go that high. This latest offer could be final," Jefferies said.

    (Reporting by Melanie Burton; Editing by Jamie Freed)

    (Bloomberg) — As Anglo American Plc sets out a survival plan that echoes the vision of its suitor BHP Group, the rival mining bosses are now locked in a battle to convince shareholders they are the man for the job.

    Most Read from Bloomberg

    Anglo Chief Executive Officer Duncan Wanblad and his BHP counterpart Mike Henry took center stage on Tuesday, as the personalities behind two of the world’s biggest miners came to the fore. Wanblad presented his own radical turnaround plan to investors, before Henry made his first public remarks on BHP’s bid at a conference in Miami.

    “We don’t need BHP to deliver this strategy, we absolutely do not need them at all,” Wanblad said in an interview on Tuesday. “We can deliver this.”

    BHP wants Anglo to spin off its two listed South African businesses producing iron ore and platinum, before the world’s biggest miner acquires the rest of its assets. Anglo would also separate its Anglo American Platinum Ltd. unit, while exiting diamond mining and selling its coal business. Both CEOs see copper as the crown jewel.

    Read More: Anglo Goes for Bold Breakup Plan in Move to Fend Off BHP

    Hours after Wanblad made his pitch, BHP’s Henry told the same conference that Anglo’s shareholders must choose between the two management teams.

    “Shareholders must decide which plan creates the greatest value, soonest,” Henry said “Which team has the better track record of execution.”

    Henry, who has been at the helm of BHP since 2020, has had time to stamp his image on the company. In a series of sweeping reforms, he implemented the biggest shakeup at the company since its creation two decades earlier.

    BHP’s $39 Billion Bid for Anglo American Was Years in the Making

    But he also inherited a stronger company than Wanblad. In Australia, BHP has some of the most profitable iron ore operations and it also runs the world’s biggest copper mine. It has no exposure to commodities such as platinum and diamonds, which have caused Anglo problems as prices slumped.

    Still, there have also been missteps by Henry, such as betting on nickel before the market collapsed and wading into a South African election campaign when his approach for Anglo became public.

    Wanblad by contrast has faced a tougher start. While the company he inherited was riding high, buoyed by soaring commodity prices, some of Anglo’s key markets quickly soured, exposing flaws in some of the underlying businesses. That ultimately led Wanblad to launch the root-and-branch review of the business.

    Both Henry and Wanblad have been at their respective companies for decades, working their way up to the top job. Canadian Henry is described by those who work with him as incredibly detail driven, making decisions based on cold logic and hard facts. South African Wanblad, like his counterpart at BHP, is described by employees as deeply analytical but with a reputation for being more personable.

    The two disagreed on their respective plans for South Africa, which is turning into a key battleground. Henry said Anglo’s own plan to spin off its Amplats platinum business is “a pretty clear indicator that it is doable.”

    The “key difference” between the two proposals is that BHP’s plan involves securing simultaneous regulatory approval in South Africa for a pair of demergers and the top-level transaction, Anglo’s Wanblad said in an interview.

    Such an “unprecedented” undertaking would be “all potentially at the expense of Anglo shareholders,” he said.

    Wanblad, who like Henry is meeting investors in Miami this week, will hope those shareholders back his vision.

    “I don’t believe at all that BHP has a better management team than Anglo,” he said. “Our plan will make the company much stronger than we are today, especially at the bottom of cycles.”

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    VANCOUVER, BC, May 14, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report that it has filed its condensed interim consolidated financial statements for the three months ended March 31, 2024 and the corresponding management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results for the first quarter of 2024 ("Q1 2024") in comparison to the restated period in 2023 ("Restated Q1 2023") (all amounts in USD unless specified):

    • Revenue for Q1 2024 decreased to $15.7 million (Restated Q1 2023 – $18.0 million), representing a $2.3 million or -12.9% decrease.

    • Mine operating income increased by $1.8 million (or 49.5%) to $5.3 million in Q1 2024 (Restated Q1 2023 – $3.5 million) while gross margin increased from 19.6% in Restated Q1 2023 to 33.7% in Q1 2024.

    • Operating loss was $0.03 million in Q1 2024 compared to an operating income of $1.8 million in Restated Q1 2023.

    • Net loss attributable to equity shareholders was $0.9 million ($0.00 loss per share) in Q1 2024 versus net loss attributable to equity shareholders of $0.4 million ($0.00 loss per share) in Restated Q1 2023. The decrease in Q1 2024 net income was largely attributable to the increase in overall operating costs associated with the soft restart of the Zandfontein underground operations located at the Crocodile River Mine ("CRM") in South Africa and foreign exchange losses incurred in the period due to the strengthening of the U.S. dollar.

    • The Company had a working capital deficit (current assets less current liabilities) of $16.7 million as at March 31, 2024 (December 31, 2023 – working capital deficit of $15.5 million) and short-term cash resources of $20.7 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2023$21.3 million)

    Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We are encouraged by the first quarter results despite the challenging PGM market price environment. Our focus is on chrome recoveries from the remaining tailings resource as we approach the end of the retreatment project. We expect to start earning chrome and PGM revenue from the Zandfontein underground section at the CRM in June as we ramp up run-of-mine tonnages."

    Prior Period Error – Restatement of Comparatives

    Certain 2023 comparative numbers in the condensed interim consolidated financial statements and corresponding MD&A have been restated to correct an error in the condensed interim consolidated financial statements for the three months ended March 31, 2023, that was identified subsequent to the period-end and is discussed below.

    As discussed in the previous news release of May 3, 2024, in connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2023, an error was identified in the recognition of revenue related to a chrome concentrate sales transaction in fourth quarter of 2022 which impacted the Company's previously filed audited consolidated financial statements for the year ended December 31, 2022 and its unaudited condensed interim consolidated financial statements for the three months ended March 31, 2023. Chrome concentrate revenue is recognized when control is transferred to the buyer and payment is considered probable. A sales transaction that was included in deferred revenue at the end of 2022 and recognized as revenue in the first quarter of 2023 should have been recognized in fourth quarter of 2022 based on the fact that the Company had met all of its required performance obligations at the time, as supported by the underlying contract and bill of lading. Previously reported revenue for the first quarter of 2023 was overstated by $4.0 million, with associated errors in production costs, accumulated other comprehensive loss and deficit.

    The following table presents the effects of the restatement on the individual line items within the Company's unaudited Condensed Interim Consolidated Statement of Income (Loss), Condensed Interim Statement of Comprehensive Income (Loss) and Condensed Interim Statement of Financial Position, expressed in thousands of U.S. dollars, except for per share amounts. The corrected prior period error had no impact on cash flows.

    Three months ended March 31, 2023

    As previouslyreported

    Adjustment

    As restated

    $

    $

    $

    Revenue

    22,058

    (4,021)

    18,037

    Production costs

    (15,360)

    2,324

    (13,036)

    Mine operating income (loss)

    5,233

    (1,697)

    3,536

    Operating income (loss)

    3,497

    (1,697)

    1,800

    Net income (loss) for the period

    1,343

    (1,697)

    (354)

    Net income (loss) attributable to equityshareholders of the Company

    1,344

    (1,697)

    (353)

    Earnings (loss) per share, basic and diluted

    0.01

    (0.01)

    0.00

    Comprehensive income (loss) for the period

    (2,267)

    (1,766)

    (4,033)

     

    As at March 31, 2023

    As previouslyreported

    Adjustment

    As restated

    $

    $

    $

    Accumulated other comprehensive loss

    (321,406)

    (13)

    (321,419)

    Deficit

    (850,900)

    13

    (850,887)

    The Company's audited consolidated financial statements for the year ended December 31, 2023 reflected these changes. The unaudited interim consolidated financial statements and related financial information for the affected period contained in the Company's unaudited interim filings prior to May 13, 2024 should no longer be relied upon.

    The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited.

    The Company has filed the following documents, under the Company's profile on SEDAR+ at www.sedarplus.ca:

    • Condensed interim consolidated financial statements for the three months ended March 31, 2024; and

    • Management's discussion and analysis for the three months ended March 31, 2024.

    The condensed interim consolidated financial statements for the three months ended March 31, 2024 are available for download at https://www.eastplats.com/investors/quarterly-reports/F2024/  and are also available on the JSE's website at:

    https://senspdf.jse.co.za/documents/2024/JSE/ISSE/EPS/Q124.pdf.

    Operations

    The Company derived revenue from the processing of PGM and chrome concentrates during Q1 2024 and Q1 2023. Eastplats' majority of revenue (approximately 93% for Q1 2024) is from chrome concentrate sales to third parties.

    Summary of chrome production for the three months ended March 31, 2024 and 2023:

    Q1 2024

    Q1 2023

    Total Tailings Feed (Tons)

    385,299

    631,954

    Average grade Cr

     concentrate

    38.57 %

    38.65 %

    Tons of Cr concentrate

    79,882

    147,090

    Summary of PGM production for the three months ended March 31, 2024 and 2023:

    Q1 2024

    Q1 2023

    Tons of PGMconcentrate

    945

    1,156

    PGM ouncesproduced (6E)*

    1,475

    2,134

    *PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can take up to three months.

    About Eastern Platinum Limited

    Eastplats owns directly and indirectly a number of PGM and chrome assets in the Republic of South Africa. All of the Company's properties are situated on the western limb (Crocodile River Mine) and eastern limb (Kennedy's Vale, Spitzkop, Mareesburg) of the Bushveld Complex, the geological environment that hosts approximately 80% of the world's PGM-bearing ore.

    Operations at the Crocodile River Mine currently include re-mining and processing its tailings resource from the Barplats Zandfontein tailings dam and mining and processing ore from the Zandfontein underground section to both produce PGM and chrome concentrates.

    Cautionary Statement Regarding Forward-Looking Information

    This news release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation.  Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company.  Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "will," "plan," "intends," "may," "could," "expects," "anticipates" and similar expressions. Further disclosure of the risks and uncertainties facing the Company and other forward-looking statements are discussed in the Company's most recent Annual Information Form available under the Company's profile on www.sedarplus.ca.

    In particular, this press release contains, without limitation, forward-looking statements pertaining to: expected earnings from chrome and PGM revenue from the Zandfontein underground section at the CRM in June 2024 and ramping-up the Zandfontein underground operations. These forward-looking statements are based on assumptions made by and information currently available to the Company.  Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.  By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in the Company's production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

    All forward-looking statements in this news release are expressly qualified in their entirety by this cautionary statement, the "Cautionary Statement on Forward-Looking Information" section contained in the Company's most recent Management's Discussion and Analysis available under the Company's profile on www.sedarplus.ca. The forward-looking statements in this news release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    SOURCE Eastern Platinum Ltd.

    Cision

    View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/14/c1587.html

    Anglo American has rejected a second takeover offer from Australian mining rival BHP and promised to set-out a new plan for growth to convince shareholders to back its future as an independent business.

    The FTSE 100 mining group on Monday said it had rejected an improved £34bn takeover offer from BHP.

    The second bid was priced at £27.53 per share, 9.7pc higher than the £25.08 a share approach rejected last month.

    However, Anglo said the latest offer still “significantly undervalues” the group.

    Duncan Wanblad, Anglo chief executive, and chairman Stuart Chambers promised to unveil a new strategy on Tuesday in a bid to convince shareholders to reject the continued takeover advances. Shareholders had complained about the slow pace of the group’s review.

    Mr Chambers said the new plan would focus on “delivering against its strategic priorities of operational excellence, portfolio simplification and growth”

    It has sparked speculation that Anglo American could spin-off divisions including its planned fertiliser mine in Yorkshire.

    Deutsche Bank analysts said Anglo could simplify its sprawling empire by fully or partially selling luxury diamond brand De Beers and its fledgling polyhalite mine Woodsmith in North Yorkshire.

    The outcome of the review will be closely watched by politicians in both the UK and South Africa because of the number of jobs tied to Anglo’s mining assets.

    In the UK, Tory MP Sir Robert Goodwill has said he will seek assurances over the future of Woodsmith if the site changes hands.

    Sir Robert, whose Scarborough and Whitby constituency is home to the project, told The Telegraph last month that mothballing the site was not an option because of its advanced state of development.

    Analysts have suggested that Anglo American could simplify its structure by selling its Woodsmith site in North Yorkshire

    Anglo’s mining commitment to South Africa is also particularly sensitive given how many local workers rely on the company. Upcoming South African elections on May 29 will further heightened scrutiny of Anglo’s plans.

    Mr Chambers promised to “unlock value” at the group in light of the fresh BHP approach.

    Management are seeking to bolster the case for keeping Anglo independent amid expectations that BHP may yet return with a third bid. The Australian company has until May 22 to make a final binding bid.

    Other potential suitors such as Glencore and Rio Tino have all studied the possibility of making rival offers, according to reports.

    BHP chief executive Mike Henry said: “BHP put forward a revised proposal to the Anglo American board that we strongly believe would be a win-win for BHP and Anglo American shareholders. We are disappointed that this second proposal has been rejected.”

    Mr Henry’s offer involves a complex two-step process whereby Anglo shareholders would first receive shares in its subsidiaries Anglo American Platinum, known as Amplats, and Kumba Iron Ore. Both are listed on the South African stock market.

    After this demeger is completed, Anglo investors would then swap each share they own for 0.8132 BHP shares.

    It means investors would swap UK-listed Anglo shares for three separate non-UK listed shares: BHP, Amplats and Kumba.

    Anglo’s UK shareholders have previously criticised the takeover structure as unappealing.

    BHP offer is all stock. A cash element may prove more appealing to Anglo shareholders.

    Liberum analysts said: “Given the emphatic ‘no’ from Anglo American’s board on accepting execution risk of demergers pre-deal, it’s no surprise BHP’s revised offer was rejected.

    “Clearly, a successful bid probably requires a much higher premium – one that BHP is probably unwilling to pay.”

    By Clara Denina

    LONDON (Reuters) -Anglo American rejected a raised takeover offer of 34 billion pounds ($42.67 billion) from BHP Group on Monday, saying the world's largest listed miner "continues to significantly undervalue" the company.

    The London-listed miner had earlier rebuffed BHP's initial $39 billion all-share proposal made on April 25, dismissing it as opportunistic and saying it would dilute the upside value for its shareholders relative to BHP's.

    "The latest proposal from BHP again fails to recognise the value inherent in Anglo American," Chairman Stuart Chambers said on Monday.

    The new offer, made on May 7, was 10% higher than the first, or a 15% increase in the merger exchange ratio to lift Anglo American shareholders' aggregate ownership in the combined group to 16.6% from 14.8%.

    "We are disappointed that this second proposal has been rejected," BHP CEO Mike Henry said in a statement.

    "BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders."

    The revised bid again required Anglo to sell its shares in iron ore and platinum assets in South Africa, a structure Anglo says is unattractive.

    "The BHP proposal … leaves Anglo American, its shareholders and stakeholders, disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover," Chambers said.

    Anglo shares closed down 2.3% at 27.07 pounds, while BHP shares closed up 0.8% at A$43.25 before the announcement.

    Anglo is attractive to its competitors for its prized copper assets in Chile and Peru with demand expected to rise as the world moves to cleaner energy and wider use of artificial intelligence.

    Its portfolio also includes platinum, iron ore, steelmaking coal, diamonds and a fertiliser project.

    "We estimate that if Anglo divested its iron ore, diamonds, manganese and PGM portfolio, the remaining entity would have a c.70% exposure to copper," RBC Capital Markets analysts said in a note.

    "Adding our forecasts for the potential divestments, we calculate 31 pounds per share could be realised, 13% higher than today's revised offer."

    BHP had offered Anglo American shareholders 27.53 pounds per share, up from 25.08 previously. It has until May 22 to log a binding offer.

    Both Anglo and BHP have been meeting investors since April's initial approach, which followed a review of all of Anglo's assets initiated in February in response to a 94% plunge in annual profit and writedowns at its diamond and nickel operations.

    "Anglo has been trying to restructure for a long time and hasn't really achieved many of its own goals…There's no natural bigger party to come over and pay more for Anglo…they would struggle to find anyone better to do the deal with," said Daniel Sullivan, portfolio manager at Janus Henderson Investors.

    Anglo's investors are concerned that they stand to lose heavily by holding shares in the South African subsidiaries if they are spun out. BHP said their new proposal would bear the costs of the unbundling.

    "I'm intrigued why BHP are so obsessed with maintaining the original structure when it was flagged by many as an obstacle to the deal," said Nicholas Stein, a portfolio manager at Coronation Fund Managers, a top-20 investor in Anglo.

    Anglo in March picked investment bank RBC Capital Markets to begin a syndication process for its costly Woodsmith fertiliser project in northeast England, two sources previously said.

    Another source said Anglo was looking for partners for its De Beers diamonds business, which is among the assets BHP has said it would review after completion of any deal.

    The company said on Monday it had accelerated plans to deliver its standalone strategy and would update investors on them on Tuesday.

    The mining sector has seen a jump in M&A activity recently, with a total deal value of $26.4 billion in 2023, S&P Global Market Intelligence data shows.

    "The big miners all benchmark themselves to each other. They will be taking a keen interest," said SP Angel analyst John Meyer.

    ($1 = 0.7968 pounds)

    (Reporting by Clara Denina, Felix Njini, Pratima Desai, Eva Mathews; editing by Veronica Brown, Bernadette Baum, Catherine Evans and Jason Neely)

    *

    Had rejected a previous $39 billion all-share proposal in April

    *

    Offer again required Anglo to unbundle South Africa iron ore, platinum assets

    *

    Anglo to update investors on its standalone strategy on Tuesday

    *

    Anglo shares closed down 2.3%

    (Adds investors, analyst comments, share price close)

    By Clara Denina

    LONDON, May 13 (Reuters) – Anglo American rejected a raised takeover offer of 34 billion pounds ($42.67 billion) from BHP Group on Monday, saying the world's largest listed miner "continues to significantly undervalue" the company.

    The London-listed miner had earlier rebuffed BHP's initial $39 billion all-share proposal made on April 25, dismissing it as opportunistic and saying it would dilute the upside value for its shareholders relative to BHP's.

    "The latest proposal from BHP again fails to recognise the value inherent in Anglo American," Chairman Stuart Chambers said on Monday.

    The new offer, made on May 7, was 10% higher than the first, or a 15% increase in the merger exchange ratio to lift Anglo American shareholders' aggregate ownership in the combined group to 16.6% from 14.8%.

    "We are disappointed that this second proposal has been rejected," BHP CEO Mike Henry said in a statement.

    "BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders."

    The revised bid again required Anglo to sell its shares in iron ore and platinum assets in South Africa, a structure Anglo says is unattractive.

    "The BHP proposal … leaves Anglo American, its shareholders and stakeholders, disproportionately at risk from the substantial uncertainty and execution risk created by the proposed inter-conditional execution of two demergers and a takeover," Chambers said.

    Anglo shares closed down 2.3% at 27.07 pounds, while BHP shares closed up 0.8% at A$43.25 before the announcement.

    Anglo is attractive to its competitors for its prized copper assets in Chile and Peru with demand expected to rise as the world moves to cleaner energy and wider use of artificial intelligence.

    Its portfolio also includes platinum, iron ore, steelmaking coal, diamonds and a fertiliser project.

    "We estimate that if Anglo divested its iron ore, diamonds, manganese and PGM portfolio, the remaining entity would have a c.70% exposure to copper," RBC Capital Markets analysts said in a note.

    "Adding our forecasts for the potential divestments, we calculate 31 pounds per share could be realised, 13% higher than today's revised offer."

    BHP had offered Anglo American shareholders 27.53 pounds per share, up from 25.08 previously. It has until May 22 to log a binding offer.

    Both Anglo and BHP have been meeting investors since April's initial approach, which followed a review of all of Anglo's assets initiated in February in response to a 94% plunge in annual profit and writedowns at its diamond and nickel operations.

    "Anglo has been trying to restructure for a long time and hasn't really achieved many of its own goals…There's no natural bigger party to come over and pay more for Anglo…they would struggle to find anyone better to do the deal with," said Daniel Sullivan, portfolio manager at Janus Henderson Investors.

    Anglo's investors are concerned that they stand to lose heavily by holding shares in the South African subsidiaries if they are spun out. BHP said their new proposal would bear the costs of the unbundling.

    "I'm intrigued why BHP are so obsessed with maintaining the original structure when it was flagged by many as an obstacle to the deal," said Nicholas Stein, a portfolio manager at Coronation Fund Managers, a top-20 investor in Anglo.

    Anglo in March picked investment bank RBC Capital Markets to begin a syndication process for its costly Woodsmith fertiliser project in northeast England, two sources previously said.

    Another source said Anglo was looking for partners for its De Beers diamonds business, which is among the assets BHP has said it would review after completion of any deal.

    The company said on Monday it had accelerated plans to deliver its standalone strategy and would update investors on them on Tuesday.

    The mining sector has seen a jump in M&A activity recently, with a total deal value of $26.4 billion in 2023, S&P Global Market Intelligence data shows.

    "The big miners all benchmark themselves to each other. They will be taking a keen interest," said SP Angel analyst John Meyer.

    ($1 = 0.7968 pounds) (Reporting by Clara Denina, Felix Njini, Pratima Desai, Eva Mathews; editing by Veronica Brown, Bernadette Baum, Catherine Evans and Jason Neely)

    Anglo American has rejected a second takeover approach by its Australian rival BHP that values the London-listed mining company at £34bn.

    BHP said Anglo’s board had not engaged with its offer, which came after an initial £31bn offer was also rejected last month. Anglo rejected the second offer on Monday, BHP said.

    A takeover of Anglo, a member of the FTSE 100, would create a global player in markets for commodities including copper, potash, iron ore and metallurgical coal used for steelmaking. It would be the biggest takeover ever in the mining sector, and a large deal at a time when mergers and acquisitions have slowed.

    Copper in particular is in high demand as a crucial raw material in the low-carbon energy transition because it is essential in manufacturing components for renewable energy projects and electric vehicles. Anglo American’s key assets are copper mines in Peru and Chile.

    Related: Anglo American rejects second takeover approach from BHP worth £34bn; UK housebuilding tumbles 20% – business live

    Anglo American responded to BHP’s statement on Monday by saying that the latest offer “continues to significantly undervalue Anglo American and its future prospects” and that the board “unanimously rejected” the second proposal.

    The offer will increase pressure on Anglo American’s boss, Duncan Wanblad, to reveal plans to improve Anglo American’s performance and persuade shareholders that the company would be better off staying independent. Anglo said it would provide a detailed investor update of its “standalone strategy” on Tuesday.

    The new all-share offer is worth £27.53 for each Anglo American ordinary share, with BHP still proposing that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders.

    Anglo said the requirement from BHP to demerge the two businesses as part of a deal was “highly unattractive for Anglo American’s shareholders, given the uncertainty and complexity inherent, and significant execution risks”.

    BHP said it was a 50% premium to the value of the Anglo American assets it wants before the approach became public. BHP’s original proposal was worth £25.08 a share. But since the deal came to light last month, Anglo’s shares had surged to about £28 on Monday morning. Shares in Anglo were down 0.5% at £27.58 after BHP announced that a second bid had been rejected.

    In a statement to the London Stock Exchange, BHP said: “BHP is disappointed that the Anglo American board has chosen not to engage with BHP with respect to the revised proposal and the improved terms. BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders.”

    BHP has until 22 May to make a firm offer or walk away under UK takeover rules.

    Mike Henry, the BHP chief executive, said: “BHP put forward a revised proposal to the Anglo American board that we strongly believe would be a win-win for BHP and Anglo American shareholders. We are disappointed that this second proposal has been rejected.

    “BHP and Anglo American are a strategic fit and the combination is a unique and compelling opportunity to unlock significant synergies by bringing together two highly complementary, world-class businesses.”

    (Bloomberg) — Anglo American Plc rebuffed a sweetened takeover offer from BHP Group Ltd. that valued it at about £34 billion ($43 billion), leaving it up to the Australian miner to make a better bid or lose out on what could be the industry’s biggest deal in a decade.

    Most Read from Bloomberg

    BHP, the world’s largest miner, is seeking to buy Anglo for its South American copper assets. That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal. BHP’s initial approach was rejected by Anglo.

    BHP said Anglo rejected its latest offer, which was 15% higher than its first approach, on Monday. The new proposal — tabled on May 7 — still included the stipulation that Anglo must spin off its South African units before the acquisition. Anglo has dismissed that structure.

    The pressure is now on Anglo to show shareholders how it can deliver more value on its own, while BHP will need to improve its offer again for a deal to happen. Top executives of both companies are at a conference in Miami this week.

    Read More: Anglo Investors Tell Company to Move Faster to Survive BHP Bid

    If successful, a takeover would mark a return to large-scale dealmaking for BHP, which has revived its appetite for transformational acquisitions in the past couple of years under Chief Executive Officer Mike Henry.

    “BHP put forward a revised proposal to the Anglo American Board that we strongly believe would be a win-win for BHP and Anglo American shareholders,” Henry said in a statement on Monday. “We are disappointed that this second proposal has been rejected.”

    BHP presented its own vision for Anglo: separate two South African businesses and buy the rest, including the company’s copper mines, its crown jewels.

    Read More: What’s Anglo Worth? For Now It’s Less than the Sum of Its Parts

    BHP, which has a market value of about $145 billion, has made copper a central part of its strategy, betting that supply will struggle to keep pace with demand for metal to build electric vehicles, solar panels and high-voltage cables. But the company’s expansion options at its own assets are not enough to offset its retreat from fossil fuels, creating pressure to add new mines from outside.

    A successful takeover would make BHP the biggest copper producer with about 10% of the market. The offer is also sparking predictions that it will set off a wider wave of mining M&A, with many of BHP and Anglo’s rivals scouting for their own copper deals.

    Anglo shares fell 0.5% as 2:15 p.m. in London, while BHP’s London traded shares dropped 0.4%.

    (Updates with details throughout.)

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    (Bloomberg) — Anglo American Plc rejected a second approach from BHP Group that valued the miner at $43 billion, as pressure builds on the 107-year old company to lay out a compelling vision to survive on its own.

    Most Read from Bloomberg

    Anglo shareholders were already demanding the company accelerate a turnaround plan that it’s been working on since the middle of last year. Rejecting BHP’s latest overture will add more pressure on Anglo to explain how it would create more value than by just selling to the rival. It now plans on doing that on Tuesday.

    While BHP has raised its all-share offer, crucially it has maintained a structure that Anglo had already branded as unworkable, making it hard for the company to agree to talks under those terms. BHP will have to return with an improved offer, and possibly a new structure, if it wants to get a deal done.

    “BHP obviously want the prize, but are not willing to take on the execution risk,” said Ben Davis, an analyst at Liberum. “They’re hoping that Anglo shareholders are frustrated enough with management that they pressure them to go for this.”

    Anglo’s shares closed 2.4% lower at £27.07 — below the £27.53 that BHP is offering, in an indication investors don’t currently see the deal going ahead and aren’t banking on a better bid coming along. BHP’s London traded shares closed 0.7% lower

    The world’s largest miner is seeking to buy Anglo for its South American copper assets. That would make it the No. 1 copper producer, alongside its sprawling portfolio of iron ore and coal.

    BHP sweetened its proposal by almost 15%: offering 0.8132 of its shares for each one of Anglo’s, up from 0.7097 shares in its initial approach. But it still said that Anglo must spin off its two listed South African businesses first.

    Anglo said Monday that it’s confident in its own plans for the business and will update investors on Tuesday, after accelerating a review.

    The company also reiterated its rejection of BHP’s proposed deal structure, saying it leaves its holders with a disproportionate level of risk. It also still undervalues the company, Anglo said.

    The pressure is now on Anglo to show shareholders how it can deliver more value on its own. Those investors include Elliott Investment Management, the activist hedge fund that’s built a roughly $1 billion stake in Anglo. So far, it’s not made its view public.

    Read More: Anglo Investors Tell Company to Move Faster to Survive BHP Bid

    Anglo American has long been viewed as a potential target among the largest miners, particularly because it owns attractive South American copper operations at a time when most of the industry is eager to add reserves and production. However, suitors have been put off by its complicated structure and mix of other commodities from platinum to diamonds, and especially its deep exposure to South Africa.

    Anglo has faced a series of major setbacks over the past year as prices for some of its key products plunged, while operational difficulties have forced the company to slash its production targets — driving down its valuation and leaving the company vulnerable to potential bidders.

    Investors have since pushed for details of a business review that Chief Executive Officer Duncan Wanblad has been running since mid-2023, looking at every mine in its portfolio. Central to investor concerns are the future of diamond miner De Beers, the Woodsmith fertilizer mine that Anglo is building in the UK and its South African businesses.

    Read More: What’s Anglo Worth? For Now It’s Less than the Sum of Its Parts

    If successful, a takeover would mark a return to large-scale dealmaking for BHP, which has revived its appetite for transformational acquisitions in the past couple of years under CEO Mike Henry.

    BHP, which has a market value of about $145 billion, has made copper a central part of its strategy, betting that supply will struggle to keep pace with demand for metal to build electric vehicles, solar panels and high-voltage cables. But the company’s expansion options at its own assets are not enough to offset its retreat from fossil fuels, creating pressure to add new mines from outside.

    A successful takeover would give BHP about 10% of global copper output. The offer is also sparking predictions that it will set off a wider wave of mining M&A, with many of BHP and Anglo’s rivals scouting for their own copper deals.

    (Updates with shares in fifth paragraph.)

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    (Bloomberg) — Anglo American Plc’s shareholders are pushing the company to speed up the release of its turnaround plan as the 107-year-old miner seeks to present an alternative to BHP Group Ltd.’s takeover bid.

    Most Read from Bloomberg

    Anglo has been reviewing its business since mid-2023, looking at every mine in its portfolio to help reshape a company that’s fallen behind competitors in recent years. Yet that process was broadsided by a takeover approach last month from the world’s biggest miner.

    Now, Anglo shareholders have been urging the company to expedite that analysis and explain to investors how it would create more value than by just selling to the rival, according to conversations with five of Anglo’s biggest holders, who asked not to be identified as the discussions are private.

    Anglo may unveil the strategy as soon as the coming week, when the world’s top mining bosses attend Bank of America Corp.’s annual conference in Miami, according to people familiar with the matter.

    Still, the situation remains fluid and Anglo is weighing the best time to show its hand, with BHP expected to return with a fresh bid and activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders, potentially planning to make its views public too.

    An Anglo spokesman declined to comment.

    Read more: South African Unions Urge Anglo Holders To Reject BHP Bid

    Anglo Chief Executive Officer Duncan Wanblad told investors in February that while there was urgency about the company’s review, there was a danger of making decisions at a wrong point in the cycle.

    The mining industry has been captivated by BHP’s move, watching to see what comes next. BHP likely will return with a fresh offer, but sitting on the sidelines is Elliott.

    BHP presented its own vision for Anglo: separate two giant South African businesses and buy the rest, including the company’s copper mines, its crown jewels.

    Read more: BHP CEO Flies to South Africa to Push $39 Billion Takeover

    Anglo quickly dismissed BHP’s proposal, saying the value was too low and the spinoff plan was unworkable. Still, investors want to know what Anglo plans to do with the diamond business De Beers, the $9 billion Woodsmith fertilizer project underway in northern England, and those South African units.

    Investors have pushed the company to slow spending on Woodsmith, bring in a partner, or even halt development altogether, some of the people said. The company is currently spending about $1 billion a year on the project.

    In addition, some see De Beers as a strange fit for Anglo — diamonds are a discretionary product and require significant marketing in a way other commodities don’t — and its growth options are limited.

    Still, De Beers is seen as a trophy asset, so while diamonds are at a low point, Anglo won’t accept a lowball offer.

    –With assistance from Loukia Gyftopoulou and Jack Farchy.

    Most Read from Bloomberg Businessweek

    ©2024 Bloomberg L.P.

    TSMC (TSM)

    Taiwan Semiconductor Manufacturing Company’s April revenue jumped nearly 60% percent on-year, as the firm rides a wave of sustained demand for the advanced semiconductors used in artificial intelligence (AI) hardware.

    The world’s largest contract chipmaker said consolidated revenues for April were approximately TWD236.02bn (£5.7bn/$7.2bn), an increase of 59.6% from April 2023. This compares with a 34.3% on-year jump in March 2024.

    The company is Nvidia’s (NVDA) sole manufacturer for the most advanced training chips. TSMC also fabricates semiconductors for Apple (AAPL).

    Read more: FTSE 100 LIVE: European stocks climb as UK economy escapes recession

    Last month, TSMC announced its newest semiconductor process, advanced packaging, and other technologies for powering the next generation of AI innovations.

    "We are entering an AI-empowered world, where artificial intelligence not only runs in data centres, but PCs, mobile devices, automobiles and even the internet of things," said CEO C.C. Wei.

    Novavax (NVAX)

    Shares in Novavax were higher in pre-market trading as the pharmaceutical said it has signed a $1.2bn (£957m) deal with French drugmaker Sanofi (SAN.PA) to co-commercialise the company’s COVID vaccine starting next year.

    Novavax will receive $500m in upfront payments as well as $700m in development, regulatory and launch milestones, according to a statement.

    That total is roughly double Novavax’s current market cap of $627m.

    Sanofi is also taking a minority equity stake of about 5% in Novavax. Novavax will benefit from a double-digit percentage of royalties from the sales of its Covid jab as well as any combined shot using its technology.

    Novavax has had some turbulent times. Its market value boomed to more than $40bn at the height of the pandemic, propelled by investor excitement over its COVID shot. But it has since fallen by almost 99%.

    Anglo American (AAL.L)

    Shares in the miner were higher amid reports that rival Rio Tinto (RIO.L) had considered an offer for British miner Anglo American, which is now BHP’s (BHP.L) £31bn takeover target.

    Rio “management had not ruled out making a play for part or all of the mining group and continued to study the day-to-day situation", the Australian Financial Review reported.

    Anglo has turned down BHP’s proposal, saying it was opportunistic and significantly undervalued the British company. Under the UK’s takeover rules, BHP has until May 22 to make a formal offer.

    Read more: Bank of England holds interest rates but hints at summer cut

    “Shares in Anglo American are up on a report that Rio Tinto also considered a bid following BHP’s rejected offer. M&A speculation is helping to keep Anglo shares supported at the moment,” Victoria Scholar, head of investment at Interactive Investor, said.

    BHP and Rio have a close working relationship at Escondida and Resolution Copper. One option for Rio is to informally assist BHP’s bid for Anglo by acquiring the assets that BHP does not want, such as Anglo’s diamond business, AFR wrote.

    Glencore is also studying options for a possible approach for Anglo, Reuters reported earlier in the month, a move that could spark a bidding war.

    IAG (IAG.L)

    The owner of airlines British Airways and Aer Lingus has said its earnings have soared in recent months thanks to higher sales and lower fuel costs.

    International Airlines Group (IAG) reported an operating profit for the first three months of the year of €68m (£58.5m), up from the €9m (£7.7m) reported this time last year.

    Total revenues also jumped to €6.4bn (£5.5bn), up from €5.9bn (£5.1bn) last year, while fuel costs were about 5% lower than the previous year, due to lower average prices and more efficient aircraft deliveries.

    IAG said the improved profits and sales had been driven by stronger demand across its airlines, which also include Iberia and Vueling.

    It also highlighted that it was continuing to see a rebound in leisure travel.

    Watch: Market strategist sees dollar dip lifting non-US stocks

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

    South African shareholders of the mining company Anglo American have signalled they are open to a revised takeover offer from BHP, despite warnings from South African politicians and unions that a deal could be bad for the country.

    Investors, which collectively own more than 15% of the London-listed mining company, told the Financial Times that they were not opposed in principle to an acquisition by its Australian rival but said an improved and less complex offer would be needed.

    It comes after the ruling African National Congress has been publicly critical of BHP’s move, with its mining minister, Gwede Mantashe, saying South Africa’s experience with BHP “was not positive”.

    Last month, Anglo rejected a £31bn takeover offer from the Australian company, in what would have been the biggest deal in the mining sector for a decade.

    At the time, the board unanimously rejected the offer, saying it “significantly undervalued” the company and its future prospects.

    As part of the BHP proposal, Anglo’s South African platinum and iron ore businesses – Amplats and Kumba – would be excluded from the deal, which the board deemed “highly unattractive”.

    However, several local investors have now told the FT that they would be open to a revised offer, but stressed this would need to be at a higher price because of BHP’s desire to spin off the South African parts of the business.

    Dawid Heyl, a fund manager at Ninety One, which owns 2.1% of Anglo, said a deal along the lines proposed could be struck but the price would have to be substantially higher.

    He said: “It would be easier, though, if BHP were to come back with a higher and simpler offer, which removes the conditionality of getting rid of Amplats and Kumba, which would make it trickier.”

    Karl Leinberger, the chief investment officer at Coronation Fund Managers, which owns 1.2% of Anglo, said that it would “definitely” consider a deal but BHP would have to pay more if it wanted to exclude the South African businesses.

    This is at odds with the mining minister Mantashe, who has publicly stated that he is against the takeover.

    Speaking after the rejection of the first offer last month, Mantashe said BHP’s merger with the South African miner Billiton in 2001, “never did much for South Africa”.

    South Africa’s government-owned Public Investment Company is Anglo’s largest stakeholder and owns a 7% stake in the company.

    The Congress of South African Trade Unions, which includes the National Union of Mineworkers, has also urged local shareholders to reject a BHP bid, saying a deal would not be in the national interest.

    BHP now has until 22 May to make a formal offer for Anglo American under UK merger and acquisition rules. There is speculation that other global mining companies could also enter the race, with Rio Tinto and Glencore also reported to be eyeing up bids.

    LONDON, May 10, 2024–(BUSINESS WIRE)–

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

    Rule 8.3 of the Takeover Code (the "Code")

    1. KEY INFORMATION

    (a) Full name of discloser:

    Elliott Investment Management, L.P

    (b) Owner or controller of interests and short positions disclosed, if different from 1(a):

    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

    Elliott International, L.P.

    Elliott Associates, L.P

    The Liverpool Limited Partnership

    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:

    Use a separate form for each offeror/offeree

    Anglo American Plc

    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

    (e) Date position held/dealing undertaken:

    For an opening position disclosure, state the latest practicable date prior to the disclosure

    9th May 2024

    (f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?

    If it is a cash offer or possible cash offer, state "N/A"

    BHP Group Limited

    2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security:

    Ordinary

    Interests

    Short positions

    Number

    %

    Number

    %

    (1) Relevant securities owned and/or controlled:

    (2) Cash-settled derivatives:

    40,826,163

    3.0523%

    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:

    TOTAL:

    40,826,163

    3.0523%

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b) Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:

    Details, including nature of the rights concerned and relevant percentages:

    3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a) Purchases and sales

    Class of relevant security

    Purchase/sale

    Number of securities

    Price per unit

    (b) Cash-settled derivative transactions

    Class of relevant security

    Product description

    e.g. CFD

    Nature of dealing

    e.g. opening/closing a long/short position, increasing/reducing a long/short position

    Number of reference securities

    Price per unit

    Ordinary

    Equity swap

    Increasing a long position

    303,023

    £26.5508

    (c) Stock-settled derivative transactions (including options)

    (i) Writing, selling, purchasing or varying

    Class of relevant security

    Product description e.g. call option

    Writing, purchasing, selling, varying etc.

    Number of securities to which option relates

    Exercise price per unit

    Type

    e.g. American, European etc.

    Expiry date

    Option money paid/ received per unit

    (ii) Exercise

    Class of relevant security

    Product description

    e.g. call option

    Exercising/ exercised against

    Number of securities

    Exercise price per unit

    (d) Other dealings (including subscribing for new securities)

    Class of relevant security

    Nature of dealing

    e.g. subscription, conversion

    Details

    Price per unit (if applicable)

    4. OTHER INFORMATION

    (a) Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

    None

    (b) Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:

    (i) the voting rights of any relevant securities under any option; or

    (ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

    If there are no such agreements, arrangements or understandings, state "none"

    None

    (c) Attachments

    Is a Supplemental Form 8 (Open Positions) attached?

    NO

    Date of disclosure:

    10th May 2024

    Contact name:

    Michael Cross

    Telephone number:

    0203 009 1306

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240510108052/en/

    Contacts

    Elliott Advisors (UK) Limited

    (Reuters) -Mining giant Rio Tinto had considered an offer for British miner Anglo American, which is now BHP Group's $39 billion takeover target, the Australian Financial Review reported on Friday.

    Rio "management had not ruled out making a play for part or all of the mining group and continued to study the day-to-day situation", the AFR reported, citing sources close to Rio.

    The report did not mention why Rio did not make a proposal but said there is no suggestion that Rio is about to make an alternative bid. Rio declined to comment on the report.

    BHP shares were down 0.4%, while Rio Tinto was trading flat. The Australian mining index was also flat as of 0438 GMT.

    Anglo has turned down BHP's proposal, saying it was opportunistic and significantly undervalues the British company. BHP has until May 22 to make a formal offer under the UK's takeover rules.

    Glencore is also studying options for a possible approach for Anglo, Reuters reported earlier in the month, a move that could spark a bidding war.

    "Our policy is we don't speculate or comment on M&A activity," Rio's chair, Dominic Barton, said in reply to a question at a shareholder meeting last week on whether the company was considering a rival bid.

    BHP and Rio work closely together on the Escondida and Resolution Copper mines, in which they both own stakes.

    Rio should not stand against BHP but instead should look at smaller copper and lithium miners, said Daniel Sullivan, portfolio manager of Janus Henderson Investors' global natural resources fund that owns shares in Rio, the AFR report said.

    (Reporting by Rishav Chatterjee in Bengaluru and Melanie Burton in Melbourne; Editing by Savio D'Souza and Rashmi Aich)

    VANCOUVER, BC, May 9, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS)("Eastplats" or the "Company") is pleased to report that the temporary management cease trade order announced on April 4, 2024, has been revoked by the British Columbia Securities Commission and is no longer in effect. As reported on May 3, 2024, Eastplats has completed and filed all late filings.

    The Company has adopted polices and procedures to ensure timely filing in the future.

    Cautionary Statement Regarding Forward-Looking Information

    This press release contains "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable securities legislation. Such forward-looking statements in this press release include that proper procedures and processes are in place to avoid future filing delays. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the expectations and intentions expressed in such forward-looking statements. These factors include, but are not limited to, regulatory requirements, third-party assessments, and proper implementation of policies and procedures. All forward-looking statements in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements in this press release are made as of the date they are given and, except as required by applicable securities laws, the Company disclaims any intention or obligation, and does not undertake, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

    SOURCE Eastern Platinum Ltd.

    Cision

    View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2024/09/c7006.html

    By Melanie Burton and Yuka Obayashi

    MELBOURNE/TOKYO (Reuters) -Japanese steelmakers have raised concerns with Australian authorities that BHP Group could become too dominant in the global supply of coking coal if it goes ahead with a takeover of Anglo American.

    Australia is the world's biggest exporter of coking coal and top supplier to Japan, making up around 60% of its imports, with most of the steel-making ingredient coming from the state of Queensland, where BHP and Anglo American are the two largest producers.

    Steelmakers' concerns about BHP's coking coal market power could derail a deal if the Australian giant comes back with a revised bid for Anglo American, after being rebuffed with a $39 billion offer last month.

    "BHP already has a large share of the supply of high-quality hard coking coal in the seaborne trade, and we will take measures to ensure that further oligopolisation will not impede sound price formation and stable supply," a JFE Steel spokesperson said, declining to elaborate on what measures they could take.

    Representatives of Japanese steelmakers met with Queensland government officials raising alarm bells that if a deal went ahead it would concentrate the world's top quality coking coal mines in the state's Bowen Basin in the hands of BHP, two people familiar with the talks said.

    The combined group would control 44 million tons, or about 13%, of the seaborne coking coal market, data from consultants Wood Mackenzie shows. That comes even as BHP's production has fallen after sales of some mines in recent years.

    "In general, we are against the (BHP-Anglo) union as it would create a supplier with a huge market share, especially in the hard-coking coal market," said a source at a Japanese steel maker, adding that it was closely monitoring the situation.

    "We, for our part, would not want BHP to buy Anglo and gain a stronger price competition power."

    Queensland Deputy Premier and Treasurer Cameron Dick said BHP would need to ensure its coal remains competitive or risk losing state government support. "We work closely with our Japanese customers and are aware of their concerns," Dick told Reuters.

    "BHP needs to explain to Japanese steelmakers and the market more broadly how it will ensure the ongoing supply of steelmaking coal remains competitive," he said.

    BHP declined to comment for this story but has said expanding in high quality coking coal was a main driver of its tilt for Anglo.

    Anglo American declined to comment.

    COKING COAL SQUEEZE

    Japan's Fair Trade Commission has the authority to investigate a BHP-Anglo American transaction and could block a deal if it found it would harm Japanese companies, two anti-trust lawyers in Tokyo said.

    However, if a deal was deemed anti-competitive, the commission would likely ask BHP to offer a remedy, which could include a coal divestment, one of the two lawyers said. They both declined to be named due to the sensitivity of the issue.

    The Fair Trade Commission declined to comment whether it has received any request to examine the BHP-Anglo deal.

    Like JFE, Kobe Steel said it is keeping a close eye on the proposed deal and a potential increase in BHP's market power.

    Japan's biggest steelmaker Nippon Steel declined to comment on the deal, but said it had expressed concern to the Queensland government that its royalty rate hike could result in lower investment in mines and disrupt coking coal supply in the future.

    Key among steelmakers' concerns is that BHP has stressed it will not invest to expand production in Queensland after the state hiked coal royalties without industry consultation, a source familiar with the matter told Reuters.

    BHP CEO Mike Henry said last year the company "will not be investing any further growth dollars in Queensland under the current conditions".

    Anglo's Moranbah North and Grosvenor mines are effectively an extension of BHP's Goonyella mine, which produces a type of coal favoured by Japan and India.

    The Japanese are facing growing competition from India for that coal. BHP already sends 40% of its coking coal to India and expects the country's demand for the steel-making ingredient to double by the end of the decade, CFO Vandita Pant said in March.

    Japan could lobby anti-trust authorities in other jurisdictions to block a deal if it believes there will be an impact to the competitiveness of the global coking market, as it did when BHP made a bid for its iron ore rival Rio Tinto in 2007, one of the lawyers said.

    Queensland could also complicate a deal.

    "The transfer of mineral assets in Queensland are subject to a number of state government approvals. No resources company should take those approvals for granted," Treasurer Dick said.

    (Reporting by Melanie Burton in Melbourne and Yuka Obayashi in Tokyo; Additional reporting by Katya Golubkova in Tokyo; Editing by Sonali Paul)