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PHILADELPHIA, April 29, 2025 /PRNewswire/ —

FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, today announced the election of Steven Merkt to the company's Board of Directors, effective April 29, 2025. Merkt will serve on the Audit and Nominating and Corporate Governance Committees.

"We are pleased to welcome Steven to FMC's Board of Directors," said Pierre Brondeau, FMC chairman and chief executive officer. "His proven track record of driving growth and operational excellence for global manufacturing companies will be invaluable as we execute our strategy to return to growth. We look forward to benefiting from his insights and leadership as we continue to strengthen our position as a global leader in agricultural sciences."

Merkt brings over 30 years of experience in international manufacturing, operational excellence, cybersecurity and corporate governance. He most recently served as president of the Transportation Solutions segment at TE Connectivity from 2012 to 2024, where he drove significant profitability growth. During his tenure, Merkt was instrumental in developing a robust innovation pipeline and oversaw manufacturing operations in more than 20 countries.

Merkt was a member of the Board of Directors of Arcadium Lithium plc before its recent acquisition by Rio Tinto and was a member of the Board of Directors of one of Arcadium Lithium plc's predecessor companies, Livent Corporation, where he provided experience on successfully managing complex Board governance issues. Earlier in his career, he held multiple senior leadership roles, including president of TE Connectivity's global Automotive business, based in Germany, and vice president of the company's Asia Pacific Automotive business, based in China.

Merkt expressed enthusiasm about his new role, stating, "I'm honored to join FMC's Board and work alongside my fellow Board members and the management team. I look forward to accelerating FMC's mission, driving growth and ensuring operational excellence while building on FMC's impressive legacy of innovation."

About FMC

FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers and crop advisers to address their toughest challenges economically while protecting the environment. FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.

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SOURCE FMC Corporation

FMC Corporation FMC is set to release first-quarter 2025 results after the closing bell on April 30.The company beat the Zacks Consensus Estimate for earnings in each of the last four quarters. On average, FMC has a trailing four-quarter earnings surprise of around 20.2%. The company reported an earnings surprise of 11.1% in the last reported quarter.FMC is likely to have faced challenges from de-stocking and pricing pressures in the first quarter. The company's cost actions and new product launches are expected to have contributed to its performance.FMC’s shares have lost 29.5% in the past year compared with the Zacks Agriculture – Operations industry’s 6.7% decline.

Image Source: Zacks Investment Research

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

What Our Model Unveils for FMC Stock

Our proven model predicts an earnings beat for FMC this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earning beat.Earnings ESP: Earnings ESP for FMC is +34.04%. The Zacks Consensus Estimate for the first quarter is currently pegged at 8 cents. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.Zacks Rank: FMC currently carries a Zacks Rank #3.(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

What Do FMC’s Revenue Estimates Say?

The Zacks Consensus Estimate for first-quarter sales for FMC is currently pegged at $779 million, suggesting a 15.1% year-over-year decline.The consensus estimate for North America’s revenues is currently pegged at $224.2 million, suggesting a 13.4% year-over-year decline.The Zacks Consensus Estimate for Latin America sales is pegged at $137.9 million, indicating a 26.6% year-over-year decrease.The consensus estimates for Europe, the Middle East and Africa (EMEA) sales are pegged at $278.5 million, calling for a 9.2% year-over-year decline.The same for Asia is pinned at $144.8 million, indicating a 11.8% decline on a year-over-year basis.

Factors at Play for FMC Stock

FMC is expected to have gained from efforts to expand its product portfolio through new product launches and restructuring actions in the first quarter. FMC is committed to strengthening its product portfolio by investing in new technologies and launching new products, which are gaining significant traction in Europe, North America and Asia. These initiatives are expected to have supported the company's results. The company is seeing strong performance of its growth portfolio, including Cyazypyr active and new active ingredients fluindapyr and Isoflex Active, which are generating higher sales. FMC is also expected to have benefited from reduced input costs, a favorable product mix and cost-control actions. It is making progress with its global restructuring and cost-reduction program. It saw benefits from restructuring of $165 million on full-year 2024 adjusted EBITDA, with more than $225 million run rate savings expected by the end of 2025. The benefits of restructuring actions are expected to be reflected in the company's margins in the quarter to be reported.The company is likely to have faced headwinds from inventory de-stocking. Continued active inventory management is expected to have weighed on its volumes. The company is seeing channel de-stocking in India and Latin America. FMC projects revenues for the first quarter to be in the $750-$800 million range, indicating a 16% decrease at the midpoint from the same period in 2024. Volume is projected to fall as customers in various countries continue to cut inventories and retailers and growers make cautious purchases in an environment of low commodity prices.Weaker prices are also likely to weigh on the company’s revenues in the first quarter. It faced headwinds from weaker prices in the fourth quarter. The pricing headwind is expected to have continued in the first quarter. FMC sees mid-to-high-single digit price decline in the first quarter mainly due to the price adjustments for diamide partner contracts.

FMC Corporation Price and EPS SurpriseFMC Corporation Price and EPS Surprise

FMC Corporation price-eps-surprise | FMC Corporation Quote

Basic Materials Stocks That Warrant a Look

Here are some companies in the basic materials space you may want to consider as our model shows they too have the right combination of elements to post an earnings beat this quarter:CF Industries Holdings, Inc. CF, scheduled to release earnings on May 7, has an Earnings ESP of +3.67% and carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.The consensus estimate for CF’s earnings for the first quarter is currently pegged at $1.47.ATI Inc. ATI, slated to release earnings on May 1, has an Earnings ESP of +2.46% and carries a Zacks Rank #3 at present.

The consensus mark for ATI’s first-quarter earnings is currently pegged at 58 cents.Kinross Gold Corporation KGC, scheduled to release earnings on May 6, has an Earnings ESP of +11.07%.The Zacks Consensus Estimate for Kinross Gold's earnings for the first quarter is currently pegged at 22 cents. KGC currently carries a Zacks Rank #2.

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CF Industries Holdings, Inc. (CF) : Free Stock Analysis Report

Kinross Gold Corporation (KGC) : Free Stock Analysis Report

FMC Corporation (FMC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Release Date: April 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Southern Copper Corp (NYSE:SCCO) reported a 20% increase in net sales for the first quarter of 2025, reaching $3 billion.
Copper production remained stable at 240,226 tons, with positive results from Buena Vista SXCW cattle production and Toquepala concentrate production.
Molybdenum production rose 9% in the first quarter, driven by higher ore rates at Toquepala, Caridad, and Buena Vista mines.
The company expects to produce 968,200 tons of copper in 2025, a slight increase from the previous plan.
Southern Copper Corp (NYSE:SCCO) maintained a competitive cash cost of $0.77 per pound of copper, a 21% reduction from the previous quarter.

Negative Points

Copper production at La Caridad decreased due to a drop in ore grades and recovery rates.
Total operating costs and expenses increased by 12% compared to the first quarter of 2024, driven by higher inventory consumption and other material costs.
Refined zinc production dropped 11% in the first quarter compared to the same period in 2024.
The company faces challenges with illegal miners at the Los Chankcas project, impacting project development.
Concerns about a potential trade war between the US and China could negatively impact global copper demand.

Q & A Highlights

Warning! GuruFocus has detected 3 Warning Sign with OSTO:CCC.

Q: How should we think about cash costs evolving for the rest of the year, and what was the reasoning behind the increase in the proportion of the share dividend? A: Raul Jacob, CFO: We are prudent in managing cash flow, balancing operational funding and shareholder returns. The first quarter saw higher tax payments, impacting cash flow, but this is not expected to recur in the rest of the year. We anticipate cash costs to remain in the range of $0.75 to $0.80 per pound of copper for 2025, assuming stable byproduct prices.

Q: Can you provide details on the capital expenditure for Tia Maria and other projects? A: Raul Jacob, CFO: For Tia Maria, we expect to spend under $200 million in 2025, $980 million in 2026, and $460 million in 2027. Other projects like Michiquillay and Los Chancas will see increased spending as they progress from exploration to construction. Our forecasted capital expenditure is $1.5 billion for 2025, increasing to $2.3 billion in 2026 and $2.7 billion in 2027.

Q: How flexible are you in selling more copper concentrate instead of refined copper given current market conditions? A: Raul Jacob, CFO: We must comply with contracts, which are over 70% based on refined copper. While TCRCs are favorable for concentrate producers, our smelters are competitive, and we see minimal difference between selling concentrates and refined copper. Our focus remains on fulfilling contracts and delivering to our industrial customer base.

Q: What is the status of the Tia Maria project in terms of community acceptance and potential protests? A: Raul Jacob, CFO: The Tia Maria project has strong local support, with only a small group of protesters. The community is largely in favor, recognizing the project’s benefits. We are working closely with local stakeholders to ensure smooth progress.

Q: How does Southern Copper plan to respond to potential tariffs on copper imports to the US? A: Raul Jacob, CFO: If tariffs are imposed, we would reassign production to other markets to mitigate impact. We are hopeful that the US will continue to recognize copper’s importance and maintain zero duties on imports.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.

Freeport-McMoRan (FCX) is poised to take advantage of US copper tariffs as the company is the only p

VANCOUVER, BC, April 28, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") is pleased to announce the appointment of Ms. Margot Naudie to the Board of Directors, effective immediately.

Ms. Naudie is a seasoned capital markets professional with over 25 years of global investment experience managing long/short and global natural resource portfolios. She held senior roles at leading multi-billion asset management firms including TD Asset Management, Marret Asset Management and CPP Investment Board. Margot was cited as a Brendan Wood Top Gun (Platinum) for five consecutive years.

Ms. Margot serves as an Independent Director on public and private boards and has a broad range of experience across board roles. This includes serving as Audit Chair, Compensation Committee Chair, Lead Independent Director, HR and ESG Committees, and Chair of a Special Committee. Margot graduated with degrees in Political Science and Economics from McGill University and an MBA from the Ivey School of Business. She is a Chartered Financial Analyst charterholder. Margot will chair Bravo's audit committee.

The Company also announces that, at Bravo's upcoming 2025 Annual General and Special Meeting of Shareholders ("AGSM"), Mr. Stuart Comline is to retire and therefore will not stand for re-election. Mr. Comline has been a director of the Company since inception and has played a significant role in its creation, growth and success. Stuart will continue with Bravo in a technical advisory capacity.

"We are very pleased to welcome Margot to the Board. She brings a wealth of knowledge and experience in capital markets, and her strong track record in natural resource investment and governance will be invaluable to Bravo as we continue to unlock the potential of our Luanga Project," said Luis Azevedo, Chairman and CEO. "On behalf of the Board and management, I would also like to express our sincere appreciation to Stuart for his significant contributions since the Company's inception. With a successful track record in the development of platinum group metal (PGM) deposits, Stuart played a critical role in technically vetting the Luanga Project for acquisition by Bravo and developing our team's knowledge of PGM systems. His insight, dedication, and thoughtful guidance have been instrumental to our success, and we are pleased that his expertise will remain close to us in an advisory capacity."

Ms. Naudie stated: "Having spent my career assessing mining investments around the world, I recognize how rare it is to find a project like Luanga – an asset with scale, grade, growth, and discovery potential in critical metals, located in a top-tier jurisdiction. Bravo's highly experienced team, with a proven track record of successful local execution and a solid financial position, has the Company exceptionally well-placed for success. I am excited to join the Board and support Bravo as it advances this outstanding opportunity."

Stock Options

The Company's board of directors has approved the granting of 150,000 incentive stock options pursuant to the Company's Stock Option Plan to Margot Naudie. Such Options are exercisable into common shares of the Company at an exercise price of C$2.58 per common share, and vest as to 25% one year from the date of grant followed by 25% annually thereafter until fully vested.

2025 Director Nominees

In connection with the AGSM, the Company is pleased to announce that the Environment, Social and Governance Committee has recommended, and the Board of Directors (the "Board") has approved, four director nominees, including new independent director nominee Ms. Margot Naudie. In addition to Ms. Naudie, Luis Azevedo, Tony Polglase and Stephen Quin will stand for re-election.

2025 Annual General and Special Meeting of Shareholders

The Company invites shareholders to attend the virtual AGSM being held at 10:00 a.m. PT on Thursday, June 5, 2025. Shareholders of record as of the close of business on April 23, 2025, being the record date, will be eligible to vote in advance of the meeting.

Complete details of the AGSM are contained in the Company's 2025 Management Information Circular, which will be available on the Company's website and on SEDAR+ at www.sedarplus.ca on April 30, 2025.

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM+Au+Ni Luanga Project, as well as our Cu-Au +/- Ni exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil.

Bravo is one of the most experienced explorers in Carajás. The team, comprising of local and international geologists, has a proven track record of PGM, nickel, and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.

The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, ports, and hydroelectric grid power. Bravo's current Environmental, Social and Governance activities includes planting more than 35,000 high-value trees in and around the project area, while hiring and contracting locally.

In 2025, the Luanga Project was granted a preliminary licence (see news release dated March 3, 2025) for the development of the project. Combined with the recently updated Mineral Resource Estimate which increased both tonnes and grade (see news release dated February 18, 2025), this places Luanga at the forefront of potential future PGM+Au+Ni projects globally, while benefitting from extensive infrastructure (including road, rail and low cost, reliable hydro power), an experienced work force, shallow depths amenable to potential open pit extraction, and in a geopolitically favourable location close to end-user markets.

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

SOURCE Bravo Mining Corp.

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Teck Resources Limited (TSE:TECK.B) will pay a dividend of CA$0.125 on the 30th of June. The dividend yield is 1.0% based on this payment, which is a little bit low compared to the other companies in the industry.

We check all companies for important risks. See what we found for Teck Resources in our free report.

Teck Resources' Projections Indicate Future Payments May Be UnsustainableEstimates Indicate Teck Resources' Could Struggle to Maintain Dividend Payments In The FutureTeck Resources' Future Dividends May Potentially Be At Risk

If it is predictable over a long period, even low dividend yields can be attractive. Despite not generating a profit, Teck Resources is still paying a dividend. It is also not generating any free cash flow, we definitely have concerns when it comes to the sustainability of the dividend.

The next 12 months is set to see EPS grow by 141.1%. However, if the dividend continues along recent trends, it could start putting pressure on the balance sheet with the payout ratio getting very high over the next year.

TSX:TECK.B Historic Dividend April 27th 2025

Check out our latest analysis for Teck Resources

Dividend Volatility

Although the company has a long dividend history, it has been cut at least once in the last 10 years. Since 2015, the dividend has gone from CA$0.90 total annually to CA$0.50. Doing the maths, this is a decline of about 5.7% per year. A company that decreases its dividend over time generally isn't what we are looking for.

The Company Could Face Some Challenges Growing The Dividend

Dividends have been going in the wrong direction, so we definitely want to see a different trend in the earnings per share. Teck Resources has impressed us by growing EPS at 13% per year over the past five years. Even though the company isn't making a profit, strong earnings growth could turn that around in the near future. If the company can become profitable soon, continuing on this trajectory would bode well for the future of the dividend.

The Dividend Could Prove To Be Unreliable

Overall, it's nice to see a consistent dividend payment, but we think that longer term, the current level of payment might be unsustainable. While we generally think the level of distributions are a bit high, we wouldn't rule it out as becoming a good dividend payer in the future as its earnings are growing healthily. We don't think Teck Resources is a great stock to add to your portfolio if income is your focus.

It's important to note that companies having a consistent dividend policy will generate greater investor confidence than those having an erratic one. Meanwhile, despite the importance of dividend payments, they are not the only factors our readers should know when assessing a company. Earnings growth generally bodes well for the future value of company dividend payments. See if the 18 Teck Resources analysts we track are forecasting continued growth with our free report on analyst estimates for the company. Is Teck Resources not quite the opportunity you were looking for? Why not check out our selection of top dividend stocks.

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

When a single insider purchases stock, it is typically not a major deal. However, when multiple insiders purchase stock, like in Taranis Resources Inc.'s (CVE:TRO) instance, it's good news for shareholders.

While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, logic dictates you should pay some attention to whether insiders are buying or selling shares.

We've discovered 4 warning signs about Taranis Resources. View them for free.

The Last 12 Months Of Insider Transactions At Taranis Resources

Over the last year, we can see that the biggest insider purchase was by insider James Stuckert for CA$153k worth of shares, at about CA$0.51 per share. That means that an insider was happy to buy shares at above the current price of CA$0.20. It's very possible they regret the purchase, but it's more likely they are bullish about the company. We always take careful note of the price insiders pay when purchasing shares. Generally speaking, it catches our eye when insiders have purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price.

Taranis Resources insiders may have bought shares in the last year, but they didn't sell any. The average buy price was around CA$0.42. This is nice to see since it implies that insiders might see value around current prices. You can see the insider transactions (by companies and individuals) over the last year depicted in the chart below. If you want to know exactly who sold, for how much, and when, simply click on the graph below!

See our latest analysis for Taranis Resources

TSXV:TRO Insider Trading Volume April 26th 2025

There are always plenty of stocks that insiders are buying. If investing in lesser known companies is your style, you could take a look at this free list of companies. (Hint: insiders have been buying them).

Are Taranis Resources Insiders Buying Or Selling?

We saw some Taranis Resources insider buying shares in the last three months. insider James Stuckert bought CA$11k worth of shares in that time. It's good to see the insider buying, as well as the lack of recent sellers. However, in this case the amount invested recently is quite small.

Does Taranis Resources Boast High Insider Ownership?

Looking at the total insider shareholdings in a company can help to inform your view of whether they are well aligned with common shareholders. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Taranis Resources insiders own about CA$5.2m worth of shares. That equates to 26% of the company. This level of insider ownership is good but just short of being particularly stand-out. It certainly does suggest a reasonable degree of alignment.

So What Do The Taranis Resources Insider Transactions Indicate?

Our data shows a little insider buying, but no selling, in the last three months. Overall the buying isn't worth writing home about. But insiders have shown more of an appetite for the stock, over the last year. Insiders own shares in Taranis Resources and we see no evidence to suggest they are worried about the future. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing Taranis Resources. At Simply Wall St, we've found that Taranis Resources has 4 warning signs (3 can't be ignored!) that deserve your attention before going any further with your analysis.

But note: Taranis Resources may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt.

For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests.

Freeport-McMoRan (NYSE:FCX) First Quarter 2025 ResultsKey Financial Results

Revenue: US$5.73b (down 9.4% from 1Q 2024).
Net income: US$352.0m (down 26% from 1Q 2024).
Profit margin: 6.1% (down from 7.5% in 1Q 2024). The decrease in margin was driven by lower revenue.
EPS: US$0.24 (down from US$0.33 in 1Q 2024).

This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.

NYSE:FCX Earnings and Revenue Growth April 26th 2025

All figures shown in the chart above are for the trailing 12 month (TTM) period

Freeport-McMoRan Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 4.8%. Earnings per share (EPS) missed analyst estimates by 1.9%.

Looking ahead, revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Metals and Mining industry in the US.

Performance of the American Metals and Mining industry.

The company's shares are up 14% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on Freeport-McMoRan's balance sheet health.

Teck Resources Ltd

VANCOUVER, British Columbia, April 24, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today, in accordance with Toronto Stock Exchange requirements, the voting results from its Annual Meeting of Shareholders held on Thursday, April 24, 2025 (the “Meeting”). A total of 6,360,548 Class A common shares and 376,975,192 Class B subordinate voting shares were voted at the Meeting, representing 80.77% of the votes attached to all outstanding shares. Shareholder voting results are set out below.

1. Shareholders elected 11 directors, as follows:

Director	Votes in Favour (#)	Votes Against (#)	Votes in Favour (%)
A.J. Balhuizen	988,246,034	1,849,386	99.81
J.K. Gowans	977,858,085	12,236,992	98.76
N.B. Keevil, III	986,832,768	3,262,615	99.67
C.E. McLeod-Seltzer	981,328,907	8,766,470	99.11
S.A. Murray	987,172,872	2,922,503	99.70
U.M. Power	981,187,600	8,907,785	99.10
J.H. Price	988,425,489	1,669,895	99.83
P.G. Schiodtz	978,001,747	2,093,635	98.78
T.R. Snider	984,657,051	5,438,330	99.45
S.A. Strunk	958,817,924	31,277,459	96.84
Y. Yamato	988,557,385	1,538,002	99.84

2. Shareholders voted to re-appoint PricewaterhouseCoopers LLP as auditor of Teck, with 96.23% of all votes cast in favour.

3. Shareholders voted to approve the advisory resolution on Teck’s approach to executive compensation as described in the Circular, with 98.46% of all votes cast in favour.

Detailed voting results for the Meeting will be available on SEDAR+ at www.sedarplus.ca. Further information about Teck’s directors, corporate governance, and executive compensation practices are available in the management information circular for the Meeting, which is available under Teck’s profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov), and on www.Teck.com/reports along with our 2024 Annual and Sustainability Reports.

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

Investor Contact:Ellen LaiCoordinator, Investor Relations604.699.4257ellen.lai@teck.com

Media Contact:Dale SteevesDirector, External Communications236.987.7405 dale.steeves@teck.com

Southern Copper (SCCO) came out with quarterly earnings of $1.19 per share, beating the Zacks Consensus Estimate of $1.13 per share. This compares to earnings of $0.94 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 5.31%. A quarter ago, it was expected that this miner would post earnings of $1.02 per share when it actually produced earnings of $1.01, delivering a surprise of -0.98%.

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

Southern Copper , which belongs to the Zacks Mining – Non Ferrous industry, posted revenues of $3.12 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.67%. This compares to year-ago revenues of $2.6 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Southern Copper shares have added about 5.2% since the beginning of the year versus the S&P 500's decline of -6.8%.

What's Next for Southern Copper?

While Southern Copper has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Southern Copper: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.14 on $2.98 billion in revenues for the coming quarter and $4.47 on $11.91 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Non Ferrous is currently in the top 24% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Ero Copper Corp. (ERO), is yet to report results for the quarter ended March 2025. The results are expected to be released on May 5.

This company is expected to post quarterly earnings of $0.19 per share in its upcoming report, which represents a year-over-year change of +18.8%. The consensus EPS estimate for the quarter has been revised 94.2% higher over the last 30 days to the current level.

Ero Copper Corp.'s revenues are expected to be $158 million, up 49.3% from the year-ago quarter.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

Ero Copper Corp. (ERO) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

PHOENIX (AP) — PHOENIX (AP) — Southern Copper Corp. (SCCO) on Friday reported net income of $945.9 million in its first quarter.

On a per-share basis, the Phoenix-based company said it had profit of $1.19.

The miner posted revenue of $3.12 billion in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SCCO at https://www.zacks.com/ap/SCCO

Teck Resources Limited TECK reported first-quarter 2025 adjusted earnings per share (EPS) of 42 cents, beating the Zacks Consensus Estimate of 24 cents. It marked a substantial improvement from the loss of one cent per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc in concentrate.

The prior-year quarter’s earnings have been adjusted by Teck Resources to reflect the sale of the steelmaking coal business or Elk Valley Resources (“EVR”) in the third quarter of 2024. Including the business, earnings in the first quarter of 2024 were previously 56 cents per share.

Including one-time items, the company reported EPS of 51 cents in the quarter against the year-ago quarter’s loss of 18 cents per share.

Teck Resources Ltd Price, Consensus and EPS SurpriseTeck Resources Ltd Price, Consensus and EPS Surprise

Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote

(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

TECK Posts Y/Y Sales Growth & Solid Margin Expansion in Q1

Net sales amounted to $1.595 billion, surpassing the Zacks Consensus Estimate of $1.578 billion. The figure reflects a 33% year-over-year improvement over the prior year-quarter’s adjusted figure of $1.119 billion, aided by higher sales in both the copper and zinc segments.

Including EVR, the company’s sales in the year-ago quarter were around $2.96 billion.

The gross profit was CAD$536 million ($372 million), skyrocketing 217% from the year-ago quarter. The gross margin was 23.4% compared with the year-ago quarter’s 10.4%.

The adjusted EBITDA was CAD$927 million ($644 million), which soared 127% from the year-earlier period. The EBITDA margin was 40.5% in the quarter under review compared with the year-ago quarter’s 25.3%.

Teck Resources’ Q1 Segment Performances

The Copper segment’s net sales improved 40% year over year to CAD1.51 billion ($1.05 billion), attributed to higher production and copper prices.Total copper production was 106,100 tons, 7% higher than the first quarter of 2024. Copper in concentrate production from QB was 42,300 tons in the quarter, impacted by an extended shutdown in January, a national power outage in Chile and challenging weather, which reduced material movement needed to complete planned tailings lifts, ultimately reducing asset utilization. Copper sales in the quarter were 106,200 tons, up 11% year over year.

The segment’s gross profit skyrocketed 224% year over year to CAD$343 million ($238 million), attributed to higher copper prices and sales volume, and higher by-product and co-product revenues from molybdenum and zinc. These gains were partly offset by increased depreciation of QB assets and higher depreciation of capitalized stripping at Highland Valley Copper.

The Zinc segment’s net sales jumped 44% year over year to CAD$0.78 billion ($0.54 billion) on improved zinc prices and higher zinc concentrate sales volumes.

The segment’s gross profit marked a year-over-year surge of 206% to CAD$193 million ($134 million). This was attributed to increased zinc prices, lower zinc treatment charges and higher by-product revenues.

TECK’s Cash Flow & Balance Sheet

Teck Resources used CAD$515 million ($358 million) of cash in operating activities in the first quarter of 2025 against an inflow of CAD$42 million in the year-ago quarter.

The company had cash and cash equivalents of CAD$6.2 billion ($5.12 billion) at the end of the first quarter of 2025 compared with CAD$7.6 billion at the end of 2024.

So far this year, Teck Resources returned $505 million to shareholders through share buybacks. The company has completed $1.75 billion of its authorized share buyback program of $3.25 billion

Teck Resources’ Guidance for 2025

The company’s copper production is anticipated to be 490,000-565,000 tons. The zinc production is projected between 525,000 tons and 575,000 tons. Refined zinc output is estimated between 190,000 tons and 230,000 tons.

TECK Stock’s Price Performance

The company’s shares have lost 26.9% in the past year compared with the industry’s 11.3% decline.

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Teck Resources’ Peer Performances

Freeport-McMoRan Inc. FCX recorded earnings of 24 cents per share for first-quarter 2025, down around 25% from 32 cents in the year-ago quarter. EPS was in line with the Zacks Consensus Estimate.

Freeport-McMoRan’s revenues declined roughly 9.4% year over year to $5,728 million. The figure surpassed the consensus estimate of $5,307.6 million.Copper production declined around 20% year over year to 868 million pounds in the reported quarter. Sales declined around 21.2% year over year to 872 million pounds of copper. The company sold 128,000 ounces of gold, down around 77.5% year over year. FCX also sold 20 million pounds of molybdenum, stable year over year, in the reported quarter.

Southern Copper Corporation SCCO reported first-quarter EPS of $1.19, surpassing the Zacks Consensus Estimate of $1.13. The bottom line came in 25% higher than the year-ago quarter’s earnings of 95 cents per share.

Southern Copper’s net sales in the quarter were $3.122 billion, marking a 20.1% increase from the year-ago quarter. The improvement was attributed to higher sales volumes of copper (up 3.6%), molybdenum (9.9%), zinc (42.4%) and silver (14.1%) and an uptick in metal prices for all its products. Southern Copper mined 240,226 tons of copper in the reported quarter, flat year over year. Copper sales improved 3.6% year over year to 243,601 tons.

TECK’s Zacks Rank & A Stock to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A better-ranked stock from the basic materials space is Equinox Gold Corp. EQX, which sports a Zacks Rank of 1 at present.

Equinox Gold has an average trailing four-quarter earnings surprise of 1.07%. The Zacks Consensus Estimate for the company’s fiscal 2025 earnings is pegged at 82 cents per share, implying 310% year-over-year growth. Its shares have gained 29.6% in a year.

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Including one-time items, the company reported EPS of 51 cents in the quarter against the year-ago quarter’s loss of 18 cents per share.

Teck Resources Ltd Price, Consensus and EPS SurpriseTeck Resources Ltd Price, Consensus and EPS Surprise

Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote

(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

TECK Posts Y/Y Sales Growth & Solid Margin Expansion in Q1

Including EVR, the company’s sales in the year-ago quarter were around $2.96 billion.

The gross profit was CAD$536 million ($372 million), skyrocketing 217% from the year-ago quarter. The gross margin was 23.4% compared with the year-ago quarter’s 10.4%.

Teck Resources’ Q1 Segment Performances

The Zinc segment’s net sales jumped 44% year over year to CAD$0.78 billion ($0.54 billion) on improved zinc prices and higher zinc concentrate sales volumes.

TECK’s Cash Flow & Balance Sheet

Teck Resources used CAD$515 million ($358 million) of cash in operating activities in the first quarter of 2025 against an inflow of CAD$42 million in the year-ago quarter.

The company had cash and cash equivalents of CAD$6.2 billion ($5.12 billion) at the end of the first quarter of 2025 compared with CAD$7.6 billion at the end of 2024.

So far this year, Teck Resources returned $505 million to shareholders through share buybacks. The company has completed $1.75 billion of its authorized share buyback program of $3.25 billion

Teck Resources’ Guidance for 2025

TECK Stock’s Price Performance

The company’s shares have lost 26.9% in the past year compared with the industry’s 11.3% decline.

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Teck Resources’ Peer Performances

Freeport-McMoRan Inc. FCX recorded earnings of 24 cents per share for first-quarter 2025, down around 25% from 32 cents in the year-ago quarter. EPS was in line with the Zacks Consensus Estimate.

TECK’s Zacks Rank & A Stock to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A better-ranked stock from the basic materials space is Equinox Gold Corp. EQX, which sports a Zacks Rank of 1 at present.

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The Canadian stock market has shown resilience, with the TSX rising over 2% recently, even as global markets grapple with tariff uncertainties and economic pressures. Amidst this backdrop, penny stocks—often seen as smaller or newer companies—offer intriguing opportunities for growth at accessible price points. Despite being a somewhat outdated term, these stocks can still represent hidden gems when they possess strong financials and clear growth potential.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Westbridge Renewable Energy (TSXV:WEB)	CA$0.60	CA$56.64M	★★★★★★
NTG Clarity Networks (TSXV:NCI)	CA$1.56	CA$66.86M	★★★★★★
Thor Explorations (TSXV:THX)	CA$0.61	CA$399.18M	★★★★☆☆
Orezone Gold (TSX:ORE)	CA$1.22	CA$627.66M	★★★★★☆
Amerigo Resources (TSX:ARG)	CA$1.77	CA$287.36M	★★★★★☆
PetroTal (TSX:TAL)	CA$0.55	CA$512.47M	★★★★★☆
Pulse Seismic (TSX:PSD)	CA$2.50	CA$128M	★★★★★★
McCoy Global (TSX:MCB)	CA$3.36	CA$91.06M	★★★★★★
Findev (TSXV:FDI)	CA$0.49	CA$13.89M	★★★★★★
BluMetric Environmental (TSXV:BLM)	CA$1.21	CA$42.83M	★★★★★★

Click here to see the full list of 924 stocks from our TSX Penny Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Base Carbon

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Base Carbon Inc. provides capital, development expertise, and management resources to projects in voluntary carbon and broader environmental markets, with a market cap of CA$46.66 million.

Operations: The company generates revenue of $27.95 million from the development and deployment of its projects in voluntary carbon and environmental markets.

Market Cap: CA$46.66M

Base Carbon Inc., with a market cap of CA$46.66 million, has shown significant revenue growth of 335.4% over the past year, generating US$27.95 million from its environmental projects. Despite this growth, the company is currently unprofitable and reported a net loss of US$28.91 million for 2024, compared to a net income in the previous year. The absence of debt and strong asset coverage for liabilities are positive aspects; however, an auditor’s report expressed doubts about its ability to continue as a going concern due to financial challenges, highlighting risks associated with investing in such stocks.

NEOE:BCBN Revenue & Expenses Breakdown as at Apr 2025Forsys Metals

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Forsys Metals Corp. is involved in the acquisition, exploration, and development of mineral properties in Africa with a market cap of CA$101.13 million.

Operations: Forsys Metals Corp. does not report specific revenue segments.

Market Cap: CA$101.13M

Forsys Metals Corp., with a market cap of CA$101.13 million, is pre-revenue and currently unprofitable, with no forecasted profitability in the near term. The company has been actively engaged in its Norasa Uranium project, showing promising results from ore-sorting testwork aimed at enhancing processing efficiency and reducing costs. Recent drilling at the Valencia site indicates potential resource expansion. Despite having no long-term liabilities and sufficient short-term assets to cover liabilities, Forsys faces high volatility in its share price and limited cash runway, although recent capital raises may provide some relief.

TSX:FSY Debt to Equity History and Analysis as at Apr 2025Electric Metals (USA)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Electric Metals (USA) Limited focuses on acquiring, exploring, and developing mineral properties in the United States, Canada, and Australia with a market cap of CA$21.08 million.

Operations: Electric Metals (USA) Limited has not reported any revenue segments.

Market Cap: CA$21.08M

Electric Metals (USA) Limited, with a market cap of CA$21.08 million, is pre-revenue and currently unprofitable. The company focuses on the Emily Manganese Project in Minnesota, which aligns with recent U.S. policy shifts promoting domestic mineral production. This project could reduce reliance on foreign manganese supply for EV batteries and energy storage sectors. Despite being debt-free, Electric Metals faces challenges such as high share price volatility and insufficient short-term assets to cover liabilities. Recent agreements aim to enhance investor outreach in Chinese markets, potentially broadening its shareholder base amidst ongoing financial constraints.

TSXV:EML Debt to Equity History and Analysis as at Apr 2025Summing It All Up

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Looking For Alternative Opportunities? Trump has pledged to “unleash” American oil and gas and these 22 US stocks have developments that are poised to benefit.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include NEOE:BCBN TSX:FSY and TSXV:EML.

This article was originally published by Simply Wall St.

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

Brisbane, Queensland, Australia–(Newsfile Corp. – April 25, 2025) – Graphene Manufacturing Group Limited (TSXV: GMG) ("GMG" or the "Company") provides a quarterly update with respect to the Company's previously announced "at-the-market" equity program (the "ATM Program") launched on June 13, 2024. The ATM Program allows the Company to issue and sell, from time to time, up to C$20,000,000 of its ordinary shares ("Ordinary Shares") from treasury to the public, at the Company's discretion, pursuant to an equity distribution agreement between the Company and Cantor Fitzgerald Canada Corporation (the "Agent").

During the quarterly period ended March 31, 2025, the Company issued a total of 866,500 Ordinary Shares on the TSX Venture Exchange (the "TSXV") at an average price of C$0.7965 per share under the ATM Program, providing gross proceeds of C$690,196.80. Commissions of C$20,705.90 were paid to the Agent in relation to these distributions, resulting in net proceeds to the Company of C$669,490.90.

For further details on the ATM Program, see the Company's news release dated June 14, 2024.

About GMG www.graphenemg.com

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process.

GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications. The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications.

In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving paint), lubricants and fluids. In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of G+AI Batteries.

For further information please contact:

Craig Nicol, Chief Executive Officer & Managing Director of the Company at craig.nicol@graphenemg.com, +61 415 445 223
Leo Karabelas at Focus Communications Investor Relations, leo@fcir.ca, +1 647 689 6041

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249768

Participants

David Joint; Vice President – Investor Relations; Freeport-McMoRan Inc

Richard Adkerson; Chairman of the Board; Freeport-McMoRan Inc

Kathleen Quirk; President, Chief Executive Officer; Freeport-McMoRan Inc

Maree Robertson; Executive Vice President, Chief Financial Officer; Freeport-McMoRan Inc

Cory Stevens; Senior Vice President, and President of FM Technical Services; Freeport-McMoRan Inc

Carlos De Alba; Analyst; Morgan Stanley

Liam Fitzpatrick; Analyst; Deutsche Bank

Katja Jancic; Analyst; BMO Capital Markets

Timna Tanners; Analyst; Wolfe Research

Daniel Major; Analyst; UBS Equities

Christopher Lafemina; Analyst; Jefferies

Bob Brackett; Analyst; Sanford C. Bernstein & Co., LLC

Lawson Winder; Analyst; BofA Global Research

Brian MacArthur; Analyst; Raymond James

William Peterson; Analyst; JPMorgan

Presentation

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Freeport-McMoRan first quarter conference call.(Operator Instructions) I would now like to turn the conference over to Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.

David Joint

Thank you, Regina, and good morning, everyone. Welcome to the Freeport-McMoRan conference call. Earlier this morning, FCX reported first quarter 2025 operating and financial results. A copy of today's release with supplemental schedules and slides are available on our website, fcx.com.Today's conference call is being broadcast live on the internet. Anyone may listen to the conference call by accessing our website home page and clicking on the webcast link. In addition to analysts and investors, the financial press has been invited to listen to today's call. A replay of the webcast will be available on our website later today.Before we begin our comments, we'd like to remind everyone that today's press release and certain of our comments on the call include non-GAAP measures and forward-looking statements, and actual results may differ materially. Please refer to the cautionary language in our press release and slides and to the risk factors described in our SEC filings, all of which are available on our website.Also on the call with me today are Richard Adkerson, Chairman of the Board of FCX; Kathleen Quirk, President and Chief Executive Officer; Marie Robertson, Executive Vice President and Chief Financial Officer; and other senior members of our management team. Richard will make some opening remarks. Kathleen and Marie will review our slide materials and then we'll open up the call for questions. Richard?

Richard Adkerson

Thank you, David, and thank you all for joining us. Kathleen and our team will review the details of the quarter and our outlook. Team Freeport is executing well in a complex environment. Over the years, we've got a lot of experience in doing just that, facing problems with resilience and relentlessness and successfully executing our plans.Government policy and tariffs are dominating financial markets. At Freeport, we are focused on the basis to drive long-term value. Our strategy has been clear for many years, centered on being a global leader in copper. We have built our business with large-scale copper-producing assets and a long-term pipeline of organic growth projects supported by a strong balance sheet and a clearly articulated financial policy.This strategy places Freeport in a strong position with where the world is heading. Copper is an essential metal for the future and Freeport is foremost in copper. We also have significant financial exposure to gold in a world-class molybdenum business.Kathleen and our senior management team are engaged in important initiatives to support the strategy. As you will see, we're making significant positive progress. Our team is driving efficiencies and reducing costs while setting up the next generation of copper development projects, which will have attractive returns for shareholders, by delivering more copper to a world with increasing requirements.Our Freeport team's accomplishment in Indonesia are striking, in the upstream mining at the Grasberg district, and with our massively expanded downstream processing and refining. The smelter is progressing ahead of our earlier targets. We are honored that Indonesia's President Prabowo inaugurated our pressure metals refinery in March.PTFI celebrated its fifth anniversary in Indonesia this month. My first trip in Indonesia was 35 years ago. I am delighted with our current positive relationship with the government under President Prabowo's leadership, we are well positioned in working together to secure long-term operating rights for this incredible asset. It's the world's second largest copper mine in one of the world's largest gold mines. All of this would generate large values for all stakeholders for decades to come. Kathleen?

Kathleen Quirk

Thank you, Richard, and I'm going to start on slide 3 with our first quarter highlights, where production of copper and gold were in line with our expectations going into the year, incorporating planned maintenance activities at Grasberg. We exceeded expectations on copper sales. And as we flagged in our March 31 update, our gold shipments were impacted by timing.Unit costs were similar to what we guided to in January for the quarter and a bit better than our late March update and we generated $1.9 billion in EBITDA with expectations that margins and cash flows will benefit from improved results in the balance of the year. Importantly, our annual sales guidance is on track, and we expect operating and financial performance to improve significantly in the balance of the year.To put this in context, compared with the first quarter levels, our quarterly copper sales volumes are expected to average about 20% more in the balance of the year. Gold sales are expected to average nearly 4 times the first quarter rates and unit net cash costs are expected to be 30% lower on average in the remaining quarters. This will drive strong performance and free cash flow in the balance of 2025 and continuing over the next several years.Other notable highlights in the quarter include solid progress on the smelter with repairs tracking ahead of plan, continued momentum on our low-cost leach innovation projects in the US. The premium we are receiving on our US copper sales, which we'll talk more about, favorable gold pricing and the advancement of optionality in our organic growth portfolio.We're well positioned for the future as a leader in the global copper industry, and we remain focused on operational excellence and our innovative and exciting growth pipeline to drive our future results. We took advantage of recent market volatility, as you see, and year-to-date, have repurchased 2.3 million shares in the open market for approximately $80 million.On the next slide, slide 4, we are summarizing our priorities for 2025. We covered these on our January call, and these areas are defining our everyday pursuit of value creation. The first one is executing our plans safely and efficiently. That remains a top priority.Team Freeport has a history of strong execution, delivering on our planned volumes, cost targets and capital projects safely and efficiently while seeking opportunities to capture upside values. Given inflationary pressures in recent years, we're particularly focused on aggressive cost management and driving our costs lower, particularly in the US.A second key focus area is scaling the leach opportunity. We've talked a lot about that in recent years. Achievement of our targets will significantly enhance margins and profitability. We continue to target a 40% increase in our run rate to achieve 300 million pounds per annum by the end of the year and on our path to 800 million pounds per annum in the future.Third is the PTFI smelter. The team has expedited the repair process and set us up for start-up by the end of May. That's about one month sooner than the earlier schedule. Our startup has been de-risked and success here will be beneficial as we work to extend our operating rights long term in Indonesia.We see innovation as a major value driver for our business. We're pursuing aggressively new tools to enable better productivity and cost performance. And we're continuing to build optionality in our growth portfolio for the next generation of copper producing assets. We have key milestones identified at three major projects that we're pursuing in the Americas.Turning to the copper markets. We've got some commentary on slide 5. The market fundamentals remain positive, and that's underpinned by copper's increasing use in the global economy to drive electrification. Copper prices during the quarter traded between $3.94 per pound and $4.53 per pound on the London Metals Exchange and reached a new high of $5.22 per pound on the US COMEX exchange in March.US tariff policy has heavily influenced sentiment on the global economy in recent weeks, but the facts are that copper demand remains strong globally and benefits from the secular trends in major new investments in power infrastructure, technology, decarbonization and transportation.The US remains strong, supported by rising demand for electrical power and we are seeing improving demand trends in China, which has been particularly strong year-to-date and also green shoots in Europe. The fundamentals of the copper markets are among the most compelling of any commodity.While macro sentiment impact short-term pricing, we recognize that market analysts expect a tight market in 2025 and are projecting demand growth to outpace available supplies as we go forward. Freeport is in a great position to increase volumes in the coming years to meet rising demand.We'll talk about on slide 6, US copper pricing and the premiums currently priced in to the US copper market. We present information on regional premiums and the ongoing US investigation on copper for considering a potential tariff.In late February, the Trump administration issued an executive order identifying copper as a critical material and instructing the Secretary of Commerce to conduct an investigation into the copper market and the impact of imports on national security.The US currently imports approximately half of its copper requirements. The domestic supplies in the US, the rest of them are majority produced by Freeport. The investigation, which is expected to be completed by November and potentially sooner, we'll also cover recommendations to provide incentives to increase domestic production and policies to strengthen the US copper supply chain, including permitting reforms.While copper is currently exempt from the new tariffs, the outcome of this investigation may lead to tariffs on imported copper and markets have begun to price in a potential tariff, as you can see from the growing US premium. For background, the reference price for Freeport's international operations utilized the London Metals Exchange.And in the US, which comprises about one-third of our copper sales, our sales contracts are based on the COMEX exchange pricing. Historically, the pricing on the two exchanges have been similar, but in recent months, the US pricing has reflected market expectations for a tariff on US imports and this premium has widened over time, and is currently approximately 13% above LME.This equates to about $0.57 per pound as of yesterday, and that premium currently implies an approximate $800 million bottom line annual financial benefit on Freeport's US copper sales. For reference, the tariff on steel and aluminum is 25% compared to the current market premium of 13% for copper.As Freeport has not taken a position on whether or not copper tariffs should be imposed, but we have highlighted in our public comment submission, some of the items for consideration, including the potential broader impact of tariffs on the economy, inflation and where US domestic copper production is currently placed on the global cost curve.We also highlighted in our comments the importance of Freeport to US copper supply, the critical role we play in supplying 70% of the US domestically sourced refined copper and the opportunity we have at Freeport for US brownfield growth in copper supplies.In the next slide, we highlight Freeport as America's copper champion and we appreciate the administration's recognition of copper as a critical mineral, and the actions by the US government to provide permitting reforms and incentives to boost domestic production.Freeport is an iconic American copper producer and is by far the largest contributor to the US copper market with an established and successful franchise dating back to the late 1800s. We employ a large workforce of 39,000 people, including contractors, mostly in rural communities in the US and have earned the trust of the communities where we operate in the Southwestern United States and with our US copper customers, some of whom have placed trust in us to source all of their copper requirements.Our operations in the United States are fully integrated with mines and smelting and refining facilities and innovative leach processes that efficiently produce refined cathode. Freeport is well positioned to grow in the US, as you'll see from our pipeline, we've got sizable resource position and brownfield expansion opportunities.Turning to our global operations for the first quarter on slide 8, will provide some operating highlights by geographic region. Starting with the US, we continue to make progress on enhancing efficiencies and improving costs and margins. Our operating teams are benefiting from data analytics to identify the highest value opportunity for efficiency gains and to assist in decision-making to eliminate efficiency losses.On the cost front, improved retention of our workforce has allowed us to rebuild skills within our workforce with lower reliance on more expensive contractors. As an example, contractor hours at Morenci, our largest mine in the US, are down about 20% over the last few quarters.As we look forward, we expect production in the US to increase in 2025 compared to 2024 and also to increase further in 2026 and 2027, absent changes in commodity-based input costs, we're targeting unit cost to trend lower each year over this three year period.Our autonomous haul truck conversion at Bagdad is going very well. That is going to allow us to test the potential for this application for potential use at other locations in the US. At Bagdad, we've already converted 12 of 33 autonomous trucks. We have them in service now, and we expect to have the balance in service over the next several months.We are confident in further scaling in our innovative leach program. We've got several projects underway using existing technologies to achieve our targeted 40% increase in run rate to 300 million pounds per annum of low-cost copper by year-end 2025.We're also integrating new technology and automation to optimize performance in our basic mining functions and believe there is significant potential for value creation through meaningful cost reduction, which would enhance margins and expand reserves from known mineralization, which is currently economically limited under our current reserve pricing. We can do this through further using and integrating new technology into our basic operations.We're also continuing to follow and pursue the potential for US legislation to recognize copper as a critical mineral and bring eligibility consistent with other critical minerals for a potential tax credit of 10% of our operating costs in the US.Turning to South America. The team at our Cerro Verde operation posted another solid quarter with improved mill rates, better recoveries and higher molybdenum volumes that helped us mitigate the impact of lower ore grades. Our unit net cash costs in the quarter were $0.20 per pound lower than the comparable quarter last year.At El Abra, in Chile, we are positive about testing an initiative to add heat through our leach process, which has promised to provide incremental near-term production. And we continue to advance a major project at El Abra in partnership with Codelco, would capitalize on the large resource we have defined and bring substantial scale and operating efficiencies to this high-class mine.In Indonesia, as we've already discussed, our operating rates in the quarter were impacted by maintenance on one of our SAG mills. That resulted in a 25% reduction in mill rates during the quarter. The maintenance work was timed to coincide with our work to extend our export permit, which was received in mid-March.As we look forward, we expect strong production from Grasberg in the balance of the year with 2025 annual sales of 1.6 billion pounds of copper and 1.6 million ounces of gold at a net cash credit of $0.47 per pound, meaning our gold revenues will more than offset all of our production costs. The team has made outstanding progress in completing the smelter repairs. And as I mentioned, we're a bit ahead of schedule.The precious metals refinery, as Richard referenced, was inaugurated by the President of Indonesia in March and is ramping up to full capacity. The successful completion of these projects position us to advance approval for extension of our operating rights in the second half of this year.Turning to our growth, which we're really excited about. As we look forward, we see a world that will require additional copper supplies to support energy infrastructure, new technologies, and more advanced societies. And Freeport is really well positioned with an extensive copper resource position in a broad range of projects in various stages of development.These initiatives, as you can see from this chart on slide 9, totaled 2.5 billion pounds of copper per annum. And those can be developed from Freeport's known resources in jurisdictions where we have established history and experience. Our projects in Indonesia also have the benefit of high gold content that go along with the copper, so they really are supercharged from an economic standpoint.Because all of these projects are brownfield in nature, we benefit from leveraging existing infrastructure, experienced workforces and relationships with key stakeholders to move more quickly with less risk than a greenfield project.In the US, these projects include the incremental leach volumes of 600 million pounds per annum. As I mentioned, we've already hit the initial target of $200 million and are going to 800 million pounds per annum over the next three to five years. The Bagdad expansion, which we're currently evaluating and potential expansion to double the production in the Safford/Lone Star district, which is an enormous district with enormous amounts of copper that we're excited about the future on.In South America, we and our partner, Codelco, are planning a major expansion at lab through the addition of a new concentrator, which would provide 750 million pounds of incremental copper per annum. We're in the process of completing a permit application, and we expect to file the application by the end of this year.In Indonesia, after successfully developing several world-class underground ore bodies. We're now progressing development of the Kucing Liar development, and we expect to commence production here by the end of this decade by 2030. We're also conducting additional exploration below our existing DPM MLZ ore body and we expect that an extension of our operating rights beyond 2041, will set up for additional long-term development options in this highly attractive district.Our objective is to move quickly to define the opportunities and value potential and allocate capital on a risk-reward basis to provide profitable growth options for the future. There are additional details on these projects on slide 25 in the reference materials.As usual, we will continue to be disciplined in our approach, targeting opportunities that enhance long-term value. Several of these projects are in advanced stages, particularly the leach initiative where we can have near-term impacts we're providing near-term low-cost of incremental pounds. And then we've also have medium-term opportunities and longer-term optionality in our portfolio.I'd now like to ask Maree Robertson to review our financial outlook, and then we'll take your questions. Maree?

Maree Robertson

Thanks, Kathleen. Just moving to slide 10. We show our three year outlook for sales volumes of copper, gold and molybdenum. Our guidance for the three year period is consistent with our previous estimates. And for 2025, the US represents 33% of our consolidated copper sales.South America, around 27% and Indonesia approximately 40% and as Kathleen mentioned earlier, continued success in our leasing initiatives would provide upside to these estimates. On slide 22 of the reference materials, we provide quarterly forecasts, which shows sales in the balance of the year is substantially higher than first quarter levels.Our current estimate for net unit costs for the full year 2025 using $3,000 for gold and $20 per moly is approximately $1.50 per pound lower than our previous guidance of $1.60 per pound. Unit costs in the balance of the year reflect improved operating rates compared with the first quarter. The details of the costs by region are presented on slide 21 in the reference materials.Moving to slide 11. Putting together our projected volumes and cost estimates, we show model results for EBITDA and cash flow at various copper prices ranging from $4 per pound to $5 per pound. These modeled results using the average of 2026 and 2027 with current volume and cost estimates and holding gold flat at $3,000 per ounce and molybdenum flat at $20 per pound.Annual EBITDA would range from over $11 billion per annum at $4 copper to over $15 billion per annum at $5 copper with operating cash flows ranging from $8 billion per year at $4 for over $11 billion at $5 copper.These estimates assume no premium on our US copper sales. If we apply the current premium of 13%, our EBITDA and operating cash flows would increase by approximately $800 million per annum. We show sensitivities to various commodities on the rise.You will note, we are highly leveraged to copper prices with each $0.10 per pound change equating to approximately $425 million in annual EBITDA. We will also benefit from improving gold prices with each $100 per ounce cans in price approximating $150 million in annual EBITDA.With our long life reserves, and large-scale production, we are well positioned to generate substantial cash flow to fund future organic growth and cash returns under our performance-based payout framework.Slide 12 shows our current forecast for capital expenditures in 2025 and 2026. Again, capital expenditures are similar to our previous guidance, expected to approximate $4.4 billion in 2025 and 2026. The discretionary projects approximated $1 billion in 2024 and are expected to approximate $1.6 to $1.7 billion per year in 2025 and 2026, with roughly 50% related to the Kucing Liar development and the LNG project at Grasberg.The balance includes acceleration of tailings and other infrastructure to support the Bagdad expansion, the Atlantic Copper circular project, which is expected to be completed in the first half of 2026 and allocated capitalized interest. The discretionary category reflects the capital investments we're making in new value-enhancing projects, that under our financial policy are funded with the 50% of available cash that is not distributed.These projects, which are detailed on slide 30 in the reference materials, will benefit our results in the future and we'll continue to be disciplined in allocating capital to projects that enhance our position and generate attractive returns. This is consistent with our track record of efficient capital allocation and value-driven approach.On slide 13, we reiterate the financial policy priorities tented on its strong balance sheet, cash returns to shareholders and investments in value-enhancing growth projects. Our balance sheet is solid with investment-grade ratings, solid credit metrics and flexibility within our debt targets to execute on our projects. We do not have any significant debt maturities until 2027.In addition to paying our first quarter base and variable dividends, we have repurchased $80 million of FCF common stock in the open market year-to-date. In total, we have distributed $5 billion to shareholders through dividends and share purchases since adopting our financial policy of returning 50% of excess cash flow in 2021, and we have an attractive future long-term portfolio, as we've previously discussed that will enable us to continue to build long-term value for shareholders with the remaining 50%.We actively monitor current market conditions and carefully manage the timing of our projects to ensure our financial flexibility remains strong. Our global team is focused on driving value in our business, committed to strong execution of our plans, providing cash to invest in profitable growth and return cash to shareholders.And just on slide 14 and concluding today's presentation, Freeport's large scale, our proven producing assets, actionable low-risk growth, leadership in the global copper industry. significant exposure to a rising gold price and an advantageous US footprint, all provide a strong foundation for the future.Thanks for your attention. I'll now hand it back to Kathleen and we'll take your questions.

Question and Answer Session

Kathleen Quirk

Thank you, Maree. We're ready for questions.

Operator

(Operator Instructions).Carlos De Alba with Morgan Stanley.

Carlos De Alba

Yeah, good morning everyone. Thank you very much. Kathleen, I wanted to check with you, what is the expected cost reduction or efficiency gains in terms of volumes that you would expect for the Bagdad autonomous haulage system when it is fully in place and running at capacity? A range would be quite useful just to get a sense of the potential lift in results.

Kathleen Quirk

Thank you, Carlos. We're really excited about what the autonomous haulage will allow us to do with Bagdad. This was one of the sites that we had struggled with over the pandemic period in keeping staffing levels and with high rates of turnover there in this very remote location it affected our cost structure and our efficiencies.And so what we see here is with this project done it will reduce the amount of people we need to hire for an expansion, and it will leverage us to be able to get consistent and safe results without having to hire people. So the project itself has an attractive rate of return on its face.The capital costs that we're incurring for that project, and we've got some details in the back reference materials, but the capital cost itself is to convert these all trucks is in the $80 million range, and the project itself will produce a good rate of return and allow us, again, leverage to expand that operation in the future.So it's strategic for us. It's also very strategic from the perspective of allowing us potentially to adopt this at other sites within the US. And it could have meaningful impacts for us. In general, Carlos, in terms of the targets for our cash costs in the US, we have a target to get to within the 2027 time frame to get to an average cost of $2.50 range, we're currently around $3 and we've got projects underway now that will allow us to bring our costs in the US down.And so we're targeting over the next couple of years, to get to, on average, $2.50 per pound, and we're not going to stop there. So a big focus of ours in the US is on bringing down that unit cost to look more like it does in South America, even though we've got lower grades in the US.

Carlos De Alba

Thank you very much.

Operator

Liam Fitzpatrick with Deutsche Bank.

Liam Fitzpatrick

Good morning, Kathleen. My question is on Indonesia and the new smelter and how that links into the to the concentrate export permit. Are you aiming to proactively extend the allowance to export concentrate beyond the midyear point.Or could we again see a situation whether it delays to shipments in Q3? And then linked to that, can you give any sort of color or guidance on how long you expect the new smelter to take to ramp up towards full capacity? Thank you.

Kathleen Quirk

Okay. Thank you, Liam. I'm going to let Cory talk about the smelter ramp-up, Cory Stevens, and he's over there right now. But in terms of the first question, on our sales forecast. We have enough quota within the approved level that we got in March to meet our sales targets for this year.We're assuming that we export through the September time frame of the license. And then in the fourth quarter, we would be using our existing smelters, not just the new smelter at Manyar but also in the established smelter we have at PT smelting.So within our guidance that we show, that's within our permit limits if we need to get, for some reason, if we produce more, we need to get more flexibility. We'll go and speak with the government about it. But at this point in time, we have sufficient room under our permit to meet our sales targets for this year. The work we're doing on the start-up is comprehensive.We're fortunate that Freeport as an organization has a lot of experience with smelters. Of course, we have the smelter in Huelva, Spain that we've operated for some time. We have a smelter here in the US as well. And then we have in partnership with Mitsubishi, the smelter in Indonesia.So we're calling on resources, internal resources, external resources to plan an efficient startup. And Cory, if you want to add just some color on our startup plans and how this will play out.Smelters are complex, we understand that, and that's why we've done so much preplanning. They're complex to start up, and we recognize that. But Cory, why don't you cover how we're planning to sequence the start up.

Cory Stevens

Sure. Yes. So the mechanical repairs are essentially complete and pre-commissioning and commissioning activities in the area where the fire was are well underway. In the remainder of the facility, the teams have been refining their operating practices and going through drills, and we've been basically operating those facilities, those other unit operations in preparation to combine everything with the main smelter coming online.So both furnaces are hot, the boilers are ready, the teams have been practicing, we've got maintenance teams and a number of support from operations and contractors with experience. So in the May time frame, we're going to start the process up and we'll essentially ramp up to 100% capacity over a six month period and plan to run 2026 at 100% capacity throughout

Liam Fitzpatrick

Okay. That's great to hear. Thank you.

Operator

Katya Jancic with BMO Capital Markets.

Katja Jancic

Thank you for taking my question. Maybe on the potential Bagdad expansion. If I'm not mistaken, the feasibility study was completed in '23. So is the $3.5 billion CapEx still attainable in this environment, especially with tariffs and other inflationary pressures?

Kathleen Quirk

We are reviewing that now, and we do that with all of our projects to keep them fresh. And so we're going through a process to rereview all the economics associated with the project capital and operating costs.And so that will be part of the decision-making that we make to the end of this year, we want to get the autonomous trucks in place because that will allow us to manage the workforce that we have now. And as I said before, not have to rely on a big hiring program and less experienced people. So that's an important part of it.We're also doing some work, some infrastructure work. We've boosted housing. We're doing infrastructure work on our tailings facilities to put us in a position so that when we do make the decision, we can do it in a de-risked fashion, in a more fast tracked fashion, but we want to make sure that the economics are robust.This is an option for us. It is where the reserves are there, and this will allow us to bring forward those values and bring forward reserves, but it's not something we have to do and we can assess the right timing. We want to bring it to market at a time when we can do it efficiently and generate the return. So that will be part of our analysis, Katja, as we go through the balance of this year and to your point, to better understand the tariffs as well.

Katja Jancic

Thanks, Kathleen.

Operator

Timna Tanners with Wolfe Research.

Timna Tanners

Hey, good morning. I want to ask a bigger picture question, if I could. In light of the different levels of support being provided to the copper industry from the US government. Are there any measures that you can take to accelerate some of these efforts? Do you think about adding smelting?The world is oversupplied, clearly, but not in the US. Any update on the 45X benefits? Just like to hear about what incremental you might be able to do given the new initiatives that we hear about from the term administration. Thanks again.

Kathleen Quirk

Thanks, Timna. Actually, Freeport is in a terrific position to expand its US production. We already had several things underway. As we talked about, we're fully integrated.So we're producing concentrate and those go to our smelter in Arizona. We also, a big part of what we do in the US, as you know, is leach production where we don't need a smelter, and we can produce leach pounds very efficiently.We were already on that path to increase our leach production capacity and, again, produce refined copper. We've got innovation around leaching concentrate. We've got a facility which we're expanding in the US to leach concentrates. Again, that avoids big capital intensity of a smelter.And then potentially, longer run can look at potentially expanding the Miami smelter to produce more cathode.There even is a potential, one of the areas that the US is interested in is there's a lot of scrap produced in the US that ends up getting exported. We're going to look into can Freeport use existing infrastructure and low capital intensity projects to potentially process scrap material in the US.So of all the things out there that you hear about, Freeport really is in a good position, because our projects are brownfield in nature, we have infrastructure, we have the workforce in the area, we have community support. And so I feel, in many ways, a Freeport as the poster child when it comes to what the US is trying to achieve in bringing back, expanding copper production in the US.Now we recognize that the US has some real positives in its regulatory framework, but the resources, as you're aware, are generally lower grade are more mature and generally lower grade than some of the operations internationally. So that's where these incentives come in to really support not only the base production in the US, but incentivize new investments and new production.And that's why we're interested in the 45X potential credits, where the executive order already says that copper is a critical mineral, but we need to have legislation to modify the treasury regulations to allow for copper to be listed under 45X of the IRA to be eligible for the 10% production credit. That would be very, very helpful.But as you know, with tax policy, there's lots of pluses and minuses and give and takes going on and so we'll just have to keep advocating for the benefits to the US national security of having copper produced domestically, and that's something that we'll continue to work on.But Timna, we have great opportunities in the US. This Lone Star district has a huge resource. We have visions that the Lone Star/Safford district could be another Morenci with both leach production and concentrate production in the future.Of course, we talked about Bagdad. We talked about our leach initiative. So we're in a really good position to help the US and its objectives to bring more copper production into the US.

Timna Tanners

Okay. Thanks for the overview. We'll look forward to updates from you and from the administration.

Operator

Daniel Major with UBS.

Daniel Major

Hi, thanks for taking my questions. There is a question on the change in the cost guidance for North America. I noticed site production and delivery costs have increased somewhat, albeit not that much. But note in note 6 in the presentation, it said that this excludes the impact of additional tariff costs.Can you give us a sense of what those impacts are? I think you mentioned a 5% increase in cost of purchased inputs, how much of your cost base does that account for? And what's the upside to this number if you're unable to mitigate some of those impacts?

Kathleen Quirk

Thank you for the question. We did disclose in our earnings release when these tariffs came out, we began talking with our suppliers. The direct impacts that we have and where we're the vendor of record are material. And we are working to diversify our supply chain to mitigate those impacts.The bigger impact as we're working with our suppliers is potentially the costs that they incur on the various components that they purchase. And as you can imagine, it gets complicated because it's just not one supply chain, when they're fabricating something, they have multiple supply chains that are involved.And so they're going through an analysis themselves to understand what the potential impacts are and what they can do to potentially diversify their sources to mitigate these impacts. When we look at our overall costs in the US, about 40% of those costs are related to labor and services that wouldn't be subject to tariffs.So it's the balance, the other piece, that we applied the estimate of 5% to. Of that, when you look at the components of the potential 5% impact, the biggest driver is the 145% Chinese tariff.And while the dollar amount, as we've talked with our vendors, the dollar amount of Chinese purchase components in their supply chain, is not significant, the magnitude of 145% is what adds up quickly. And so if that's reduced and if we can mitigate that this tariff impact will be reduced significantly, potential impact will be reduced significantly.I'm confident that working with our suppliers, we can find ways to mitigate these impacts. We wanted to set up a system to really understand the various components so that when we get an attempt from a vendor to pass through something that we can confirm and verify and that we can work collaboratively with them to source products that do not have high tariffs with them.So I feel confident that we can mitigate this. We all would love to see more certainty and these issues get resolved because it does impact these conversations and trade flows, et cetera. But I do feel confident that we can find ways to mitigate these potential impacts.

Daniel Major

Okay. Sorry, just a quick follow-up on the same subject. What proportion of the cost base is exposed to energy, particularly oil, Obviously, we're seeing some benefit there?

Kathleen Quirk

We have not, we basically use the same oil price assumption in our guidance that we used at the start of the year. And you are right to say that there is benefit. We purchased about 100 million gallons of diesel in the US. And right now, the price is probably $0.20 a gallon or so less than what we assumed in our original forecast going into the quarter.Electricity is another component, and we have seen some pressures in that area. We have seen some slight tick up in electricity, but just in the oil component that is — and I'm talking about 100 million gallons, that's specific to North America.

Daniel Major

Great thanks a lot.

Operator

Chris Lafemina with Jefferies.

Christopher Lafemina

Hi, thanks for the opportunity. Hi Kathleen, Richard, Maree. Hope you're doing well. Just wanted to ask on the buybacks. So you've been running a net debt level that's well below your targeted net debt threshold.And you're kind of entering this period now where free cash flow should materially improve when you have this COMEX premium, you have high gold prices, you're going to have rising volumes, cost in the US coming down.I mean, everything is kind of heading in the right direction. And cash flow should get very strong, and your share price has been kind of a victim of the macro, and it's been relatively weak, recovering a little bit now, but still at a low level.And back when your stock was in the 50s and free cash flow was zero, it made sense to not be, maybe not be really accelerating the pace of the buybacks. But I would think where we are today and where you're heading the attractiveness of repurchasing your shares really almost can't be beat.And especially when you consider the focus is on kind of a pivot to growth, you can shrink your share count, you can grow your volumes on a per share basis in an accretive way, and you can use free cash flow to do that and maintain a very strong balance sheet, which is a pretty compelling combination of factors.So just really wondering how you think about potentially ramping up the buyback if market conditions continue to be as they are, I mean, back in the 30s, do you just buy back more aggressively now? Or do you want to save money for the capital projects you have in the pipeline?

Kathleen Quirk

Thank you for that, Chris. And we're balancing all those things. But we agree with what everything you just said, and particularly as we go through the balance of this year. In the first quarter, we had this maintenance and some timing in the numbers. But as we go through the balance of the year, our cash flow should improve.You highlighted the potential premium. If that continues, that will allow us to have more free cash flow, that goes right to the bottom line. And so we see the disconnect in the long-term outlook for the company in terms of what the value of these assets are relative to how our stock has performed relative to these macro issues.And so we really want to be aggressive about the buyback, but we also want to make sure we're balancing our objectives to maintain a strong balance sheet and to pursue our growth plans. So we're going to be balancing all that. We've got an established policy to direct free cash flow to shareholder returns.And as free cash flows increase, that will give us this opportunity. But in general, what everything you said, we agree with. And Richard, I don't know if you want to add anything to those comments?

Richard Adkerson

Chris, I'll just say I'm totally aligned with what you said as Chairman of the company and the shareholder, I agree totally with that, and we're going to be, history has taught us to be disciplined, but we're in such good shape and as the cash flows increase, we will talk with our board, and I believe we'll have great support for buying more shares back.

Christopher Lafemina

That's great, thank you for that.

Operator

Bob Brackett with Bernstein Research.

Bob Brackett

Thanks. Good morning. Returning back to Bagdad 2X expansion. If I think about the discretionary CapEx being put into Bagdad 2X expansion this year, it's almost $0.5 billion. You've stated a few hundred million, $300 million perhaps next year.If the price of admission is $3.5 billion, and you've effectively sunk approaching $800 million the investment decision is always going to be a money for a decision. And doesn't that make it more and more obvious that Bagdad 2X is going to move forward?

Kathleen Quirk

One thing to keep in mind on the money we're spending right now at Bagdad, A good bit of that is money that we would have to spend in any case in the future to build up the infrastructure for tailings. So at some point, you run out of tailings storage and you need the storage there that we need over time.So the money that we're spending now doesn't commit us to the project. It just accelerates when we would have otherwise had to spend the money.So it's really a low-risk investment that we're making to put us in a position that when the project is ready to go when the decision is made, we don't have to spend the money and we don't have to take the time to put the starter dam in.So this funding that we're doing now is not part of the $3.5 billion. There may be some small amounts as part of the $3.5 billion. But this funding is principally related to tailings infrastructure that we'd have to do anyway down the road.We're calling the discretionary because we don't have to do it now. So if we decided tomorrow not to move forward right now with Bag dead, we'd probably defer the spending on the tailings infrastructure.

Bob Brackett

Very clear. Thanks for that.

Operator

Lawson Winder with Bank of America Securities.

Lawson Winder

Thank you very much, operator. Good morning, Richard, Kathleen and Maree. Thank you for fitting me in. Just thinking about the US policy environment and the fact that Freeport is by far the largest player in the United States. And then looking at it from a merger and acquisition overlay point of view, I mean does it make sense for Freeport to potentially be accumulating assets in the US today?

Kathleen Quirk

We always look Lawson, we always look at opportunities. We have a very sizable resource position in the US. We have the leach stockpiles, which is a huge resource. And then we additionally have very significant undeveloped resources in our footprint. So we have a very long-term pipeline in the US, but if there are opportunities for synergies or things that we could enhance our position, we are certainly interested in looking at those things.And there's a lot more activity in the US, a lot more potential projects in the US than there has been in the past. Many of those don't have smelters. And while people have historically thought it's not great to invest money in smelters, we already have the smelter. We already have the tank house capacity to make refined copper.We already have the concentrate leach facilities that are expandable. So we have a lot of things that could provide potential synergies. And so we'll continue to look, but we already have a very strong position in the US.

Lawson Winder

Okay, great. Thank you so much.

Operator

Brian MacArthur with Raymond James.

Brian MacArthur

Good morning and thank you for taking my question. You talked about earlier in Indonesia, you have permits to the September 30, and you can use the smelter in the fourth quarter to meet your shipments this year. And you also took down your guidance for cost this year.Was that just the gold price being higher? Or did you make an assumption that the 7.5% export tax went away in the fourth quarter at Indonesia because the smelter is up and running? Or should I think of that duty going away as an upside as I go into 2026? Or how do you see that developing?

Kathleen Quirk

In terms of our Indonesian costs for the year, we had projected a net credit of $0.27, and now it's $0.40. Most of that is related to the change in byproduct credits. So that's what most of it is related to. We only pay a duty on sales that are exported, concentrate sales, and so in the fourth quarter, we don't have projected to pay a duty in the fourth quarter because we're using our internal smelters.But the timing may have changed from our last update, but as a whole, in our previous estimates only included duties for what we were exporting.

Brian MacArthur

Great. That's very clear.

Richard Adkerson

And I just want to say, Cory and his team have just done an outstanding job. It was unfortunately, we had that fire. It was a force majeure event. And we had a lot of uncertainties going into dealing with the repairs. And these guys have just done an incredible job of making the progress they've made to date.

Operator

Bill Peterson with JPMorgan.

William Peterson

Yeah, hi, good morning team, and thanks for speaking to the end. I might have missed it, but on leaching, you're recently our sustained 200 million per year. I guess you saw a modest decline in the first quarter, quarter on quarter.Was this decline just kind of typical variability? And maybe more importantly, looking ahead, what are the key areas to improve to reach your 75 million pound quarterly rate exiting the year? I guess how should we think about the trajectory?

Kathleen Quirk

In terms of getting to the 300 million pound per year run rate, we have several projects that are underway, these are not, these don't require new technologies. This is the scaling effort of essentially scaling up what we're already doing.Some examples of that include what we call leach everywhere where we already have identified areas within the stockpile that were difficult to get to physically. And so we've come up with a way to lay the irrigation lines using helicopters that we assemble along very long football field of irrigation lines and the helicopter goes and places these irrigation lines and areas that are very hard to get to.We are increasing the number of helicopter trips that we were doing previously. That was part of the reason why some of the projects that we had in the first quarter, we came in very close to what we thought, but we probably could have produced a little bit more if our projects have been on schedule. But by the end of the year, we're going to have more runs of helicopters and not just at Morenci, we're starting this technique at other sites.The other thing that we have had success with is what we call deep raffinate drilling, where instead of just letting the solutions drip from irrigation lines at the top of the stockpile. We're actually drilling and putting solutions, targeted solution at strategic places within the stockpile that our data analytics and sensors have told us would benefit from more direct application of solutions.And so we and with some third parties have figured out a way to scale the deep raffinate drilling and taking some pages from what's being used in other industries, we're able to apply the seat thrilling at a bigger scale. We've got several of those in place now to — that will boost production in the future.And this is separate from getting to the 300, but we also have some trials going on with new additives that we have successfully tested in a lab and are doing it at scale in some of those strategic stockpiles. And so we've got an additive test going on now. And the results of that will be very helpful for us to guide our future.The other thing that we're doing that will help us as we look into 2026 and beyond to get to the 400 level is heat trials where we started, it's been proven that the hotter the temperature within the stockpiles, the better the recovery of copper. And we started with insulating the stockpiles to retain heat.And now we've got a project to actually heat the raffinate injection the solution that's going into the stockpiles. We've got a project at El Abra that we expect will allow us to start testing keep there in 2026. And then we've got big opportunities at Morenci and one of the heat sources that we're pursuing that Morenci is geothermal steam which would be very low cost.So there are some new technologies that we're pursuing that would help us go from 300 beyond, but to get to $300 million, we feel confident we can do it with existing technologies, just doing it at scale.

William Peterson

Yes. If I can follow up on the leaching and also in the last part of your answer. I guess in terms of the supply chain, both the raw materials, additives, equipment, heating sources, are you using non-China sources for these, I guess, currently key projects?And I guess on the path to 800, are you able to achieve that with a non-China supply chain more to the point, can you achieve this with the US based supply chain?

Kathleen Quirk

We are testing a variety of additives, and that's a big point of what we're looking at is does the additive work, number one? And is there a robust supply chain for that additive? And to answer your question, what we've identified does not rely on China. And there is some of the product that's produced in the US. Some of the technology is not necessarily US technology.But that's part of what we're doing is making sure there's, you don't just go down a path and you don't have a supply chain for this additive and that there's efficient ways to recycle the additive as well, so you minimize the use of it.So there are a number of things going on, but we really excited, Bill, about the potential here and is no better company that can take advantage of this given we've got 40 billion pounds of copper sitting in the stockpiles that we thought was waste before and now we're very excited about essentially having a new mine in the US, a new low-cost mine in the US, producing 800 million pounds a year, essentially. So it's very, very exciting.

William Peterson

Terrific. Thanks again and nice job in a quarterly execution.

Operator

Now we will turn the call over to management for any closing remarks.

Kathleen Quirk

Thank you, everyone, for your participation, and we look forward to continuing to keep you updated if you have any follow-ups. David, is available to address them. Thanks so much for your attention and interest.

Richard Adkerson

Thank you all.

Operator

Ladies and gentlemen, that concludes our call for today. Thank you for your participation. You may now disconnect.

We recently compiled a list of the 11 Best Materials Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where Freeport-McMoRan Inc. (NYSE:FCX) stands against the other material stocks.

Materials stocks are those companies that produce chemicals, construction materials, and paper products. Businesses involved in the exploration and processing of commodities are also included in this sector.

Materials demand is cyclical, rendering sector players extremely vulnerable to economic fluctuations. The demand for basic materials tends to drop when economic conditions deteriorate, which lowers prices and impacts the profitability of material producers. However, the materials sector can be impacted by a variety of factors, including the economic cycle. Supply chain challenges, legislation, and inflation are just a few of the many factors that could impact demand, prices, and industry profitability in the materials industry.

After Russia invaded Ukraine in 2022, a new challenge arose in the industry. The region provides essential metals for steel production and exports minerals for fertilizer, such as potash; therefore, the war caused disruptions in the worldwide supply chain for resources. Most basic materials' costs increased due to supply constraints, which had a significant impact on both the industry and the overall economy.

Looking forward, a cautiously positive view for the materials sector in 2025 has been strengthened by long-term structural demand and improved macroeconomic conditions. Persistent economic concerns in the United States and a noticeable slowdown in China, two important markets for industrial materials, burdened the sector in 2024. However, according to Fidelity, the situation seems more favorable for growth in 2025 as China implements economic stimulus measures and central banks in major economies currently lean toward monetary easing. Some subsectors stand to benefit from both a short-term cyclical recovery and advantageous long-term supply-demand imbalances, especially those related to copper and other crucial inputs for infrastructure and electrification. Furthermore, the sector's rate-sensitive industries, such as chemicals, may gain from lower interest rates, while more robust, high-quality firms may provide defensive strength. The sector is positioned for a potentially better performance in 2025 due to a combination of financial assistance, a possible recovery in Chinese demand, and strategic exposure to growth-linked materials.

Currently, according to a strategist for equity derivatives at Barclays, Stefano Pascale, options traders are undervaluing the risks associated with materials stocks because the sector's predicted volatility is close to historic lows, making downside protection cheap. Steel and paper companies are among the materials stocks that are susceptible to tariffs because of their dependence on international supply chains, and additional tariffs are anticipated to be announced soon by President Trump.

Despite this, Pascale commented:

"The volatility market is giving you an exceptionally good opportunity here of cheap materials puts. Even if you didn’t have a trade war, this would be, historically speaking, a very attractive trade."

Materials underperformed in 2018 due to Trump's tariffs, and similar drops may be seen this year, with the Dow down 7%. According to statistics provided by Bloomberg Intelligence, sell-side analysts have lowered their expectations for the material sector, anticipating earnings to climb 5.9% this year, down from an estimate of 16% in January. However, traders must consider liquidity risks, as the bid-ask spread for materials options is $0.20, as opposed to $0.04 for broader market options.

Methodology

We sifted through the Materials ETFs and online rankings to form an initial list of the 25 materials stocks. From the resultant dataset, we chose 11 stocks with the highest number of hedge fund investors, using Insider Monkey’s database of 1009 hedge funds in Q4 2024 to gauge hedge fund sentiment for stocks.

Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

Freeport-McMoRan Inc. (FCX): Among Value Stocks in Ken Fisher’s Portfolio

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

Freeport-McMoRan Inc. (NYSE:FCX)

Number of Hedge Fund Holders: 88

Freeport-McMoRan Inc. (NYSE:FCX) is ranked second on our list of the best material stocks. It owns a stake in ten copper mines, including 49% of the Grasberg copper and gold operations in Indonesia, 55% of the Cerro Verde mine in Peru, and 72% of Morenci in Arizona. In 2024, it sold around 1.2 million metric tons of copper (its share), ranking among the biggest copper miners globally in terms of volume. Furthermore, it sold 70 million pounds of molybdenum and roughly 900,000 ounces of gold, primarily from Grasberg. The firm had around 25 years of copper reserves at the end of December 2024.

In 2024, Freeport-McMoRan Inc. (NYSE:FCX) improved its EBITDA by 14% to $10 billion. By increasing the leach opportunity, the company's 2025 projection aims to achieve a run rate of 300 million pounds by the end of 2025. Furthermore, the business is moving forward with several organic growth initiatives that should increase the value of its stock in the years to come. The brownfield expansions in South America and the United States are included in this. These events have resulted in a favorable forecast for the business in 2025.

Morgan Stanley increased its target price for Freeport-McMoRan Inc. (NYSE:FCX) from $44 to $45 per share. Global GDP continues to slow, and recession fears will continue to pose challenges for mining companies, according to the analyst, who still prefers base metal equities over iron ore names in the firm's Americas Metals and Mining coverage due to tighter supply outlooks.

Overall, FCX ranks 2nd on our list of the best materials stocks to buy according to hedge funds. While we acknowledge the potential of FCX as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than FCX but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.

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

Including one-time items, the company reported EPS of 51 cents in the quarter against the year-ago quarter’s loss of 18 cents per share.

Teck Resources Ltd Price, Consensus and EPS SurpriseTeck Resources Ltd Price, Consensus and EPS Surprise

Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote

(Find the latest EPS estimates and surprises on Zacks Earnings Calendar.)

TECK Posts Y/Y Sales Growth & Solid Margin Expansion in Q1

Including EVR, the company’s sales in the year-ago quarter were around $2.96 billion.

The gross profit was CAD$536 million ($372 million), skyrocketing 217% from the year-ago quarter. The gross margin was 23.4% compared with the year-ago quarter’s 10.4%.

Teck Resources’ Q1 Segment Performances

The Zinc segment’s net sales jumped 44% year over year to CAD$0.78 billion ($0.54 billion) on improved zinc prices and higher zinc concentrate sales volumes.

TECK’s Cash Flow & Balance Sheet

Teck Resources used CAD$515 million ($358 million) of cash in operating activities in the first quarter of 2025 against an inflow of CAD$42 million in the year-ago quarter.

The company had cash and cash equivalents of CAD$6.2 billion ($5.12 billion) at the end of the first quarter of 2025 compared with CAD$7.6 billion at the end of 2024.

So far this year, Teck Resources returned $505 million to shareholders through share buybacks. The company has completed $1.75 billion of its authorized share buyback program of $3.25 billion

Teck Resources’ Guidance for 2025

TECK Stock’s Price Performance

The company’s shares have lost 26.9% in the past year compared with the industry’s 11.3% decline.

Zacks Investment Research

Image Source: Zacks Investment Research

Teck Resources’ Peer Performances

Freeport-McMoRan Inc. FCX recorded earnings of 24 cents per share for first-quarter 2025, down around 25% from 32 cents in the year-ago quarter. EPS was in line with the Zacks Consensus Estimate.

TECK’s Zacks Rank & A Stock to Consider

Teck Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A better-ranked stock from the basic materials space is Equinox Gold Corp. EQX, which sports a Zacks Rank of 1 at present.

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VANCOUVER, BC, April 25, 2025 /CNW/ – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") is pleased to provide a permitting update for its 100% owned Selkirk Project.

The Selkirk Project is comprised of three properties: (a) the Keystone Property; (b) the Downie Gold Property; and (c) the Rift Property located north of Revelstoke in southeastern British Columbia (Figure 1). These three properties have been steadily advanced by Rokmaster since 2021 with positive results generated from geological mapping, prospecting, channel sampling, and soil sampling.

A three year Multi-year Area Based Exploration Permit ("MYAB Permit") has now been approved on the Keystone Property by the British Columbia Ministry of Mining and Critical Minerals. The MYAB Permit allows for up to 20 helicopter-supported drill sites and 7 helicopter pads. Both Replacement and vein-hosted sphalerite and galena mineralization has been discovered throughout the large Keystone Property during field work programs conducted between 2021 and 2024 (Figure 2). The rock grab samples have returned significant values of zinc, lead, silver and gold concentrated in two main areas of the Property where zones of dense quartz-galena-sphalerite veining is hosted in deformed dolostone. The northern extension of the mapped Akolkolex Thrust fault occurs within and proximal to the property, providing potential for orogenic-style gold mineralization.

Another separate three year MYAB Permit has also now been approved on the Downie Gold Property by the British Columbia Ministry of Mining and Critical Minerals. The MYAB Permit allows for up to 15 helicopter-supported drill sites and 6 helicopter pads. The Downie Gold Property hosts elevated gold in massive pyrrhotite-pyrite-galena mineralization associated with discordant stockwork veins and silicification in limestone rocks at the KJ Zone (Figure 3). In 2022, channel sample KJ6 returned 7.51 g/t Au, 616.14 g/t Ag, 7.93% Pb, and 1.72 % Zn over 3.50 meters (see news release dated December 19, 2022). At the Melt Zone in the western portion of the Downie Gold Property, skarn-style massive pyrrhotite and sphalerite mineralization locally hosts elevated gold proximal to the Goldstream Pluton.

Also included in the Selkirk Project is the 299 hectare Rift Property which hosts an exposure of a stratabound high-grade sphalerite-galena horizon with an intersection of high-grade zinc approximately 460 m to the east in drillhole M-85-2. See news release dated November 5, 2024 for more details on Selkirk Project.

John Mirko, President and CEO, comments:

"We are very pleased to receive exploration permits allowing for drill testing on the multiple targets Rokmaster has generated on the Selkirk Project with detailed work over a number of years. The Keystone and Downie Gold Properties feature impressive polymetallic gold, silver, lead, and zinc mineralization in surface exposures which have yet to be thoroughly drilled to test the high potential at depth."

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 and reviewed and approved by Eric Titley, P.Geo. who is independent of Rokmaster and who acts as Rokmaster's Qualified Person.

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer.

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

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

Keystone (CNW Group/Rokmaster Resources Corp.)Downie Gold (CNW Group/Rokmaster Resources Corp.)Rokmaster Resources Corp. logo (CNW Group/Rokmaster Resources Corp.) (CNW Group/Rokmaster Resources Corp.)

SOURCE Rokmaster Resources Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2025/25/c1987.html

Teck Resources Ltd

VANCOUVER, British Columbia, April 24, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”) announced today that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on June 30, 2025 to shareholders of record at the close of business on June 16, 2025.

Investor Contact:Emma ChapmanVice President, Investor Relations +44.207.509.6576emma.chapman@teck.com

Media Contact:Dale SteevesDirector, External Communications236.987.7405 dale.steeves@teck.com

Lundin Mining (LUNMF) shares ended the last trading session 6.4% higher at $8.47. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.1% loss over the past four weeks.

Lundin Mining got a boost on the back of a rise in gold and copper prices. Gold is currently at around $3,327 per ounce, gaining 27% so far this year. Copper futures rose to around $4.90 per pound, marking a three-week high as hopes for a de-escalation in US-China trade tensions boosted investor sentiment.

This base metals mining company is expected to post quarterly earnings of $0.11 per share in its upcoming report, which represents a year-over-year change of +83.3%. Revenues are expected to be $853.48 million, down 8.9% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Lundin, the consensus EPS estimate for the quarter has been revised 13.4% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on LUNMF going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Lundin is a member of the Zacks Mining – Non Ferrous industry. One other stock in the same industry, Ero Copper Corp. (ERO), finished the last trading session 5.9% higher at $11.89. ERO has returned -19.7% over the past month.

Ero Copper's consensus EPS estimate for the upcoming report has changed +94.2% over the past month to $0.22. Compared to the company's year-ago EPS, this represents a change of +37.5%. Ero Copper currently boasts a Zacks Rank of #3 (Hold).

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Canada's main stock index opened subdued on Thursday after rallying in the previous two sessions, as investors took a breather to assess the Trump administration's shifting positions on tariffs.

The TSX Composite Index gained 53.03 points to begin Thursday’s session at 24,525.71.

The Canadian dollar inched 0.10 cents to 72.16 cents U.S.

Teck Resources beat first-quarter expectations, helped by higher commodity prices and copper sales volumes. Teck shares prospered $2.06, or 4.3%, to $50.43.

On the economic agenda, Statistics Canada reports the number of employees receiving pay and benefits from their employer—measured as "payroll employment" in the Survey of Employment, Payrolls and Hours—decreased by 49,000 (-0.3%) in February, following an increase of 14,400 (+0.1%) in January.

On a year-over-year basis, payroll employment was up 124,300 (+0.7%) in February.

ON BAYSTREET

The TSX Venture Exchange added 3.68 points to 639.11.

Eight of the 12 subgroups were higher to begin the session, led by health-care, improving 2.2%, information technology, popping 1.6%, and energy, 0.5% more energetic.

The four laggards were weighed most by consumer staples, down 0.6%, while industrials and utilities each shed 0.2%.

ON WALLSTREET The S&P 500 was little changed Thursday as traders continued to look for signs of progress on the global trade front.

Read:

The Dow Jones Industrials gained 195.59 points to 39,802.16, despite a 6% drop in IBM shares.

The S&P index climbed 62.25 points, or 1.2%, to 5,438.48

The NASDAQ Composite climbed 275.86 points, or 1.7%, to 16,983.91

China said overnight that there were no trade talks taking place with the U.S., with Ministry of Commerce spokesperson He Yadong adding that “all sayings” regarding progress on bilateral talks should be dismissed. He also called for the cancelation of “unilateral” tariffs.

Those remarks came after President Donald Trump said he is willing to take a less confrontational approach toward trade talks with Beijing. Further, Treasury Secretary Scott Bessent said Wednesday that the U.S. has the “opportunity for a big deal” on trade. Chinese imports are subject to a U.S. tariff of 145%.

Prices for the 10-year Treasury gained ground Thursday, lowering yields to 4.32% from Wednesday’s 4.38%. Treasury prices and yields in opposite directions.

Oil prices inched higher 27 cents to $62.54 U.S. a barrel.

Prices for gold jumped $27.00 to $3,321.10 U.S.

Teck Resources Ltd (TECK) came out with quarterly earnings of $0.42 per share, beating the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.56 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 75%. A quarter ago, it was expected that this company would post earnings of $0.22 per share when it actually produced earnings of $0.33, delivering a surprise of 50%.

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

Teck Resources , which belongs to the Zacks Mining – Miscellaneous industry, posted revenues of $1.6 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 1.10%. This compares to year-ago revenues of $2.96 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Teck Resources shares have lost about 13.9% since the beginning of the year versus the S&P 500's decline of -8.6%.

What's Next for Teck Resources?

While Teck Resources has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

Ahead of this earnings release, the estimate revisions trend for Teck Resources: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.23 on $1.63 billion in revenues for the coming quarter and $1.42 on $7.33 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Miscellaneous is currently in the bottom 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Wheaton Precious Metals Corp. (WPM), is yet to report results for the quarter ended March 2025. The results are expected to be released on May 8.

This company is expected to post quarterly earnings of $0.51 per share in its upcoming report, which represents a year-over-year change of +41.7%. The consensus EPS estimate for the quarter has been revised 6.2% higher over the last 30 days to the current level.

Wheaton Precious Metals Corp.'s revenues are expected to be $404.02 million, up 36.1% from the year-ago quarter.

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(Reuters) -Canadian miner Teck Resources on Thursday reported first-quarter results that beat expectations due to higher commodity prices and copper sales volumes.

The company reported adjusted earnings per share from continuing operations of C$0.60, above expectations of C$0.32, according to data compiled by LSEG.

"Our profitability improved significantly … primarily as a result of higher base metal prices, increased copper and zinc in concentrate sales volumes, and the positive impact of a weaker Canadian dollar on our business," Teck said in a statement.

Teck's first-quarter copper sales volumes rose to 106,200 tonnes, an increase of 11% year-on-year.

Revenue rose to C$2.29 billion ($1.65 billion) from C$1.62 billion last year, beating expectations.

Teck also maintained its forecast for 2025.

In February, the company had said that U.S. President Donald Trump's tariffs on Canadian imports will not have any material impact on its business.

($1 = 1.3867 Canadian dollars)

(Reporting by Kanjyik Ghosh; Editing by Mrigank Dhaniwala)

Teck Resources Ltd

Strong quarterly EBITDA and resilient balance sheet

VANCOUVER, British Columbia, April 24, 2025 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited first quarter results for 2025.

"Our profitability improved significantly in the first quarter compared to a year ago as a result of higher commodity prices and copper sales volumes, and we continue to return significant cash to shareholders," said Jonathan Price, President and CEO. "We remain committed to our strategy of balancing value-accretive growth with returns to shareholders, and our strong balance sheet and commercial strategy provide us with resilience and the ability to continue to create value amidst market uncertainty."

Highlights

Adjusted EBITDA1 of $927 million in Q1 2025 more than doubled compared to the same period last year, primarily driven by higher copper and zinc prices, and increased sales volumes of copper and zinc in concentrate. Our profit from continuing operations before taxes was $450 million in Q1 2025.
Adjusted profit from continuing operations attributable to shareholders1 was $303 million, or $0.60 per share, in Q1 2025. Our profit from continuing operations attributable to shareholders was $370 million.
From January 1 through April 23, 2025, we returned $505 million to shareholders through share buybacks, and in total, have completed $1.75 billion of our authorized share buyback program of $3.25 billion.
Our strong balance sheet provides resilience to market uncertainty, with liquidity as at April 23, 2025 of $10.0 billion, including $5.8 billion of cash. We ended the quarter in a net cash1 position of $764 million.
QB successfully achieved the completion testing requirements under the US$2.5 billion project finance facility, another milestone for QB that further confirms the robustness of the design, construction and operational performance of the asset as we advance ramp-up to consistent full production.
Copper production increased by 7% to 106,100 tonnes in Q1 2025 with steady performance across our established operations. QB produced 42,300 tonnes as production was impacted by an extended shutdown in January, a national power outage in Chile, and challenging weather, which reduced material movement needed to complete planned tailings lifts, ultimately reducing asset utilization.
Our copper business generated gross profit before depreciation and amortization1 of $704 million in the first quarter, up 90% from a year ago, driven by higher copper prices and an increase in sales volumes of 11% to 106,200 tonnes. Gross profit from our copper business was $343 million in the first quarter.
Our zinc business generated gross profit before depreciation and amortization1 of $225 million in the first quarter, up 79% from a year ago, supported by a 16% increase in zinc prices, strong sales volumes at Red Dog, and improved profitability at Trail. Sales volumes from Red Dog were 90,800 tonnes, higher than our previously disclosed guidance range. Gross profit from our zinc business was $193 million in the first quarter.
QB's third labour union ratified a new three-year collective bargaining agreement in early April, completing all labour negotiations for QB's workforce. Labour agreements are now in place through 2028 across our QB operation.

Note:1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Financial Summary Q1 2025

Financial Metrics(CAD$ in millions, except per share data)	Q1 2025		Q1 2024
Revenue	$	2,290	$	1,619
Gross profit	$	536	$	169
Gross profit before depreciation and amortization1	$	929	$	497
Profit (loss) from continuing operations before taxes	$	450	$	(235	)
Adjusted EBITDA1	$	927	$	409
Profit (loss) from continuing operations attributable to shareholders	$	370	$	(125	)
Adjusted profit (loss) from continuing operations attributable to shareholders1	$	303	$	(6	)
Basic earnings (loss) per share from continuing operations	$	0.74	$	(0.24	)
Diluted earnings (loss) per share from continuing operations	$	0.73	$	(0.24	)
Adjusted basic earnings (loss) per share from continuing operations1	$	0.60	$	(0.01	)
Adjusted diluted earnings (loss) per share from continuing operations1	$	0.60	$	(0.01	)

Note:1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Key Updates

QB Ramp-Up

QB ramp-up continued in the quarter with production of 42,300 tonnes. Production during the quarter was impacted by the 18-day shutdown in January to conduct maintenance and reliability work, and complete additional tailings lifts as part of the development of the Tailings Management Facility (TMF), as previously disclosed. Production was also negatively impacted by a nationwide power outage in Chile at the end of February, which resulted in the site being without power causing several days of unplanned downtime.
In the first quarter, challenging weather impacted the material movement needed to complete the planned tailings lifts, ultimately reducing asset utilization and production. TMF development was also impacted by challenges with sand deposition in the first quarter of 2025 due to sand drainage times being longer than expected. This has resulted in a delay in completing the required tailings lifts associated with the development of the TMF. As a result, we expect to extend planned maintenance shutdowns in the second and third quarters to advance TMF development.
Despite factors impacting asset utilization at QB, outlined above, and excluding the extended shut-down in the quarter, the average daily plant throughput increased in the first quarter of 2025 compared to the fourth quarter of 2024, demonstrating continued improvement in operational stability. Higher levels of transition ore material were mined in the first quarter, leading to lower recoveries, consistent with our previously disclosed guidance. Higher grade ore mined in March increased the average grade in the first quarter. We continue to estimate average grades of approximately 0.60% for 2025, and grade variability is expected over the mine life.
The overall performance of QB continues to improve, as indicated by the average daily throughput rates, and recoveries and grades are in line with our expectations. Further validating the capability of the operations to operate at design levels and generate strong cash flow, we achieved the QB project financing completion testing requirements, which included a series of independently verified operational and technical tests. With this milestone now reached, Teck and the other sponsor guarantees of the project finance facility have been released.
We continue to expect to be within our previously disclosed 2025 annual copper and molybdenum production guidance ranges for QB of between 230,000 and 270,000 tonnes and between 3,000 and 4,500 tonnes, respectively, albeit at the lower end of the ranges as a result of the maintenance shutdowns, noted above. Our previously disclosed 2025 annual net cash unit cost1 guidance for QB of US$1.80 –$2.15 per pound is unchanged, although we expect to be at the higher end of the range.

Note:1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

Value-Driven Growth

In Q1, we continued to make progress in advancing our copper growth strategy, reinforcing our commitment to long-term value creation through a balanced approach of growth investments and shareholder returns. Our focus remains on advancing our near-term projects – Highland Valley Copper Mine Life Extension (HVC MLE), Zafranal, where we received the permit for Advanced Works in early April, and San Nicolás – for potential sanction decisions in 2025, and advancing optimization of QB, with a strong focus on identifying near-term opportunities for debottlenecking within the current asset base.
Our disciplined capital allocation framework and project sanction requirements address short term uncertainty in commodity pricing and enable prudent deployment of capital. All growth projects must meet stringent criteria, delivering attractive risk-adjusted returns and competing for capital in alignment with Teck’s capital allocation framework.

Safety and Sustainability Leadership

Our High-Potential Incident (HPI) Frequency rate remained low at 0.05, reflecting strong safety performance in the first quarter of 2025.
On March 21, 2025, we released our 24th annual Sustainability Report, outlining Teck’s 2024 environmental and social performance and continued commitment to responsible development.

Guidance

There has been no change to our previously disclosed guidance. Our guidance is outlined in summary below and our usual guidance tables, including three-year production guidance, can be found on pages 25–28 of Teck’s first quarter results for 2025 at the link below.

2025 Guidance – Summary	Current
Production Guidance
Copper (000’s tonnes)	490 – 565
Zinc (000’s tonnes)	525 – 575
Refined zinc (000’s tonnes)	190 – 230
Sales Guidance – Q2 2025
Red Dog zinc in concentrate sales (000’s tonnes)	25 – 35
Unit Cost Guidance
Copper net cash unit costs (US$/lb.)1	1.65 – 1.95
Zinc net cash unit costs (US$/lb.)1	0.45 – 0.55

Note:1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.

All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted.

Click here to view Teck’s full first quarter results for 2025.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q1/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on April 24, 2025. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com.

REFERENCE

Emma Chapman, Vice President, Investor Relations: +44 207.509.6576Dale Steeves, Director, External Communications: +1 236.987.7405

USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS

Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States.

The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards.

Adjusted profit (loss) from continuing operations attributable to shareholders – For adjusted profit from continuing operations attributable to shareholders, we adjust profit from continuing operations attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities.

EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit from continuing operations attributable to shareholders as described above.

Adjusted profit from continuing operations attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.

Adjusted basic earnings (loss) per share from continuing operations – Adjusted basic earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of shares outstanding in the period.

Adjusted diluted earnings (loss) per share from continuing operations – Adjusted diluted earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of fully diluted shares in a period.

Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations.

Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.

Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations.

Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts.

Total debt – Total debt is the sum of debt plus lease liabilities, including the current portions of debt and lease liabilities.

Net debt (cash) – Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance.

Profit (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit (Loss) from Continuing Operations Attributable to Shareholders

	Three months ended March 31,
(CAD$ in millions)		2025			2024

Profit (loss) from continuing operations attributable to shareholders	$	370		$	(125	)
Add (deduct) on an after-tax basis:
QB variable consideration to IMSA and Codelco		(50	)		10
Environmental costs		6			(11	)
Share-based compensation		10			25
Commodity derivatives		(20	)		2
Foreign exchange losses		—			22
Tax items		(28	)		44
Other		15			27

Adjusted profit (loss) from continuing operations attributable to shareholders	$	303		$	(6	)

Basic earnings (loss) per share from continuing operations	$	0.74		$	(0.24	)
Diluted earnings (loss) per share from continuing operations	$	0.73		$	(0.24	)
Adjusted basic earnings (loss) per share from continuing operations	$	0.60		$	(0.01	)
Adjusted diluted earnings (loss) per share from continuing operations	$	0.60		$	(0.01	)

Reconciliation of Basic Earnings (Loss) per share from Continuing Operations to Adjusted Basic Earnings (Loss) per share from Continuing Operations

	Three months ended March 31,
(Per share amounts)		2025			2024

Basic earnings (loss) per share from continuing operations	$	0.74		$	(0.24	)
Add (deduct):
QB variable consideration to IMSA and Codelco		(0.10	)		0.02
Environmental costs		0.01			(0.02	)
Share-based compensation		0.02			0.05
Commodity derivatives		(0.04	)		—
Foreign exchange losses		—			0.04
Tax items		(0.06	)		0.08
Other		0.03			0.06

Adjusted basic earnings (loss) per share from continuing operations	$	0.60		$	(0.01	)

Reconciliation of Diluted Earnings (Loss) per share from Continuing Operations to Adjusted Diluted Earnings (Loss) per share from Continuing Operations

	Three months ended March 31,
(Per share amounts)		2025			2024

Diluted earnings (loss) per share from continuing operations	$	0.73		$	(0.24	)
Add (deduct):
QB variable consideration to IMSA and Codelco		(0.10	)		0.02
Environmental costs		0.01			(0.02	)
Share-based compensation		0.02			0.05
Commodity derivatives		(0.04	)		—
Foreign exchange losses		—			0.04
Tax items		(0.05	)		0.08
Other		0.03			0.06

Adjusted diluted earnings (loss) per share from continuing operations	$	0.60		$	(0.01	)

Reconciliation of EBITDA and Adjusted EBITDA

	Three months ended March 31,
(CAD$ in millions)		2025			2024

Profit (loss) from continuing operations before taxes	$	450		$	(235	)
Finance expense net of finance income		129			196
Depreciation and amortization		412			345

EBITDA		991			306

Add (deduct):
QB variable consideration to IMSA and Codelco		(84	)		20
Environmental costs		9			(22	)
Share-based compensation		12			33
Commodity derivatives		(28	)		2
Foreign exchange (gains) losses		(1	)		18
Other		28			52

Adjusted EBITDA	$	927		$	409

Reconciliation of Gross Profit Before Depreciation and Amortization

	Three months ended March 31,
(CAD$ in millions)		2025		2024

Gross profit	$	536	$	169
Depreciation and amortization		393		328

Gross profit before depreciation and amortization	$	929	$	497

Reported as:
Copper
Quebrada Blanca	$	176	$	66
Highland Valley Copper		190		112
Antamina		233		197
Carmen de Andacollo		104		(4	)
Other		1		—

		704		371

Zinc
Trail Operations		80		25
Red Dog		139		108
Other		6		(7	)

		225		126

Gross profit before depreciation and amortization	$	929	$	497

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “should”, “believe” and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this news release.

These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; our ability to execute our copper growth strategy in a value accretive manner; the timing and format of any cash returns to shareholders; our expectations regarding cost, timing and completion of TMF development and installation of remaining permanent tailings infrastructure at our QB operations; the continued ramp-up to consistent full production and future optimization and debottlenecking of our QB operations; our expectations with respect to the occurrence, timing and length of required maintenance shutdowns; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures; expectations with respect to the potential impact of any tariffs, countervailing duties or other trade restrictions, including the impact on trade flows, demand for our products and general economic conditions and our ability to manage our sale arrangements to minimize any impacts or maintain compliance with any exemptions provided; expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization and amount of planned growth capital expenditures; expectations regarding advancement of our copper growth portfolio projects, including advancement of study, permitting, execution planning, detailed engineering and design, risk mitigation, and advanced early works, community and Indigenous engagement, completion of updated cost estimates, tendering processes, and timing for receipt of permits related to QB debottlenecking, the HVC MLE, San Nicolás, and Zafranal projects, as applicable; expectations with respect to timing and outcome of the regulatory approvals process for our copper growth projects, including with respect to the dispute resolution processes underway related to HVC MLE; expectations for copper growth capital expenditures to progress our medium- to long-term projects, including Galore Creek, Schaft Creek, NewRange, and NuevaUnion; expectations regarding our effective tax rate; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; expectations for our general and administration and research and innovation costs and costs related to the ERP system; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized production stripping, operating outlook, and other guidance under the headings “Guidance” and "Outlook" and as discussed elsewhere in the various reportable segment sections; our expectations regarding inflationary pressures and increased key input costs; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments.

These statements are based on a number of assumptions, including, but not limited to, assumptions disclosed elsewhere in this document and assumptions regarding general business and economic conditions, interest rates, commodity and power prices; acts of foreign or domestic governments and the outcome of legal proceedings; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; the continued operation of QB in accordance with our expectations; our ability to complete TMF development work in a timely manner; the possibility that our business may not perform as expected or in a manner consistent with historical performance; the supply and demand for, deliveries of, and the level and volatility of prices of copper and zinc and our other metals and minerals, as well as steel, crude oil, natural gas and other petroleum products; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally; the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; availability of letters of credit and other forms of financial assurance acceptable to regulators for reclamation and other bonding requirements; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar, Canadian dollar-Chilean Peso and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; our ability to develop technology and obtain the benefits of technology for our operations and development projects; closure costs; environmental compliance costs; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and statutory and effective tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits, licenses and leases in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners.

Statements regarding the availability of our credit facilities are based on assumptions that we will be able to satisfy the conditions for borrowing at the time of a borrowing request and that the facilities are not otherwise terminated or accelerated due to an event of default. Assumptions regarding the costs and benefits of our projects include assumptions that the relevant project is constructed, commissioned and operated in accordance with current expectations. Expectations regarding our operations are based on numerous assumptions regarding the operations. Our Guidance tables include disclosure and footnotes with further assumptions relating to our guidance, and assumptions for certain other forward-looking statements accompany those statements within the document. Statements concerning future production costs or volumes are based on numerous assumptions regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of legal proceedings; the imposition of tariffs, import or export restrictions, or other trade barriers or retaliatory measures by foreign or domestic governments; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of labour, materials and equipment); government action or delays in the receipt of government approvals; changes in royalty or tax rates; industrial disturbances or other job action; adverse weather conditions; unanticipated events related to health, safety and environmental matters; union labour disputes; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects; difficulty in obtaining permits; inability to address concerns regarding permits or environmental impact assessments; and changes or further deterioration in general economic conditions. The amount and timing of capital expenditures is depending upon, among other matters, being able to secure permits, equipment, supplies, materials and labour on a timely basis and at expected costs. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Certain of our other operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations. Ongoing monitoring may reveal unexpected environmental conditions at our operations and projects that could require additional remedial measures. Production at our QB and Red Dog Operations may also be impacted by water levels at site. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies, and normal production and operating risks.

We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2024 filed under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

Scientific and technical information in this quarterly report regarding our material properties was reviewed, approved and verified by Rodrigo Alves Marinho, P.Geo., a contractor of Teck and a Qualified Person as defined under National Instrument 43-101.

Freeport-McMoRan recently reported a 5.61% increase in its share price over the past week, a period marked by its first-quarter earnings release showing declines in sales and net income. The company also updated its ongoing share buyback program, having repurchased over 51 million shares. Despite the slight dips in financial performance, buoyant market conditions, with the Dow Jones and other indices surging, likely reinforced investor sentiment. The overall market rose by 2.3%, and this upward trend might have provided some tailwind to Freeport-McMoRan’s stock performance amidst mixed earnings and repurchase activities.

You should learn about the 1 possible red flag we’ve spotted with Freeport-McMoRan.

NYSE:FCX Revenue & Expenses Breakdown as at Apr 2025

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The recent 5.61% increase in Freeport-McMoRan’s share price following its first-quarter earnings suggests that the company’s ongoing share buyback program may be buoying investor confidence despite the reported declines in sales and net income. The buyback, coupled with broader positive market conditions, likely mitigated some of the negative sentiment from the financial performance data. Over the longer term, Freeport-McMoRan has delivered a very large total return of 303.26% including dividends over the past five years, highlighting its resilience and potential appeal to shareholders.

However, in the past year, Freeport-McMoRan underperformed the broader U.S. market, which experienced a 5.9% increase. The company’s price-to-earnings ratio at 26.9x currently compares unfavorably to both the peer average of 21x and the broader U.S. Metals and Mining industry, potentially indicating a premium valuation. The recent developments, such as efforts to implement technological innovations and classification as a critical mineral, could positively impact future revenue and earnings forecasts by reducing costs and improving production efficiency. Nonetheless, geopolitical and legislative uncertainties continue to pose risks. The current share price of US$34.06, while still below the consensus analyst price target of US$44.64, suggests room for appreciation if the company meets earnings expectations and market conditions remain favorable.

Gain insights into Freeport-McMoRan’s historical outcomes by reviewing our past performance report.

Companies discussed in this article include NYSE:FCX.

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

Freeport-McMoRan (FCX) reported $5.73 billion in revenue for the quarter ended March 2025, representing a year-over-year decline of 9.4%. EPS of $0.24 for the same period compares to $0.32 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $5.31 billion, representing a surprise of +7.92%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.24.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Freeport-McMoRan performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average realized price per pound – Copper: $4.44 compared to the $4.36 average estimate based on three analysts.
Production in millions of pounds – Molybdenum – South America (Cerro Verde): 6 Mlbs versus the three-analyst average estimate of 5.82 Mlbs.
Production in millions of pounds – Molybdenum – By-product – North America: 8 Mlbs compared to the 7.73 Mlbs average estimate based on three analysts.
Sales in thousands of Ounces – Gold – North America: 3 Koz versus the three-analyst average estimate of 3.87 Koz.
Sales in thousands of ounces – Gold – Consolidated basis: 128 Koz versus 126.13 Koz estimated by three analysts on average.
Revenues- Indonesia: $1.57 billion versus the three-analyst average estimate of $1.31 billion. The reported number represents a year-over-year change of -44.4%.
Revenues- Molybdenum: $177 million versus $261.94 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +22.1% change.
Revenues- South America copper mines: $1.38 billion versus $1.29 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +21.1% change.
Revenues- North America copper mines: $1.63 billion versus the three-analyst average estimate of $1.56 billion. The reported number represents a year-over-year change of +8.5%.
Revenues- Rod & Refining: $1.63 billion versus $1.49 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +8.9% change.
Revenues- Atlantic Copper Smelting & Refining: $755 million compared to the $708.34 million average estimate based on two analysts. The reported number represents a change of +12.2% year over year.
Revenues- Corporate, other & eliminations: -$1.41 billion versus -$1.32 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -3.2% change.

View all Key Company Metrics for Freeport-McMoRan here>>>Shares of Freeport-McMoRan have returned -15.2% over the past month versus the Zacks S&P 500 composite's -5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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

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Freeport-McMoRan Inc. FCX recorded net income (attributable to common stock) of $352 million or 24 cents per share for first-quarter 2025, down around 25.6% from $473 million or 32 cents in the year-ago quarter. Earnings per share were in line with the Zacks Consensus Estimate.Revenues declined roughly 9.4% year over year to $5,728 million. The figure surpassed the Zacks Consensus Estimate of $5,307.6 million.

Freeport-McMoRan Inc. Price, Consensus and EPS Surprise

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

FCX’s Operational Highlights

Copper production declined around 20% year over year to 868 million pounds in the reported quarter. The figure missed our estimate of 872 million pounds.Consolidated sales declined around 21.2% year over year to 872 million pounds of copper. The figure topped our estimate of 850 million pounds. The company sold 128,000 ounces of gold, down around 77.5% year over year. FCX also sold 20 million pounds of molybdenum, stable year over year, in the reported quarter.Consolidated average unit net cash costs per pound of copper were $2.07, up from $1.51 a year ago. The figure beat our estimate of $2.05.The average realized price for copper was $4.44 per pound, up around 12.7% year over year. The figure outpaced our estimate of $4.40. The average realized price per ounce for gold rose around 43.2% year over year to $3,072. The figure was above our estimate of $2,700.

FCX’s Financial Position

Cash and cash equivalents at the end of the quarter were $4,385 million, down around 15.8% year over year. The company’s total debt was $9,404 million, declining about 0.2% year over year.Cash flows provided by operations were around $1.1 billion for the reported quarter, down 42.1% year over year.

FCX’s Guidance

FCX expects its total operating cash flow for 2025 to be around $7 billion. This includes approximately $0.2 billion from working capital and other sources. Capital spending for 2025 is projected to be around $5 billion. This includes about $2.8 billion allocated to major mining projects and $0.6 billion for PTFI’s new downstream processing facilities, excluding capitalized interest, owner’s costs, or commissioning expenses.Freeport expects consolidated sales of around 4 billion pounds of copper, 1.6 million ounces of gold and 88 million pounds of molybdenum for 2025. These include 1 billion pounds of copper, 500,000 ounces of gold and 22 million pounds of molybdenum for second-quarter 2025.

FCX’s Price Performance

Freeport’s shares have declined 28.8% in the past year compared with a 26.9% decline of the industry.

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FCX’s Zacks Rank & Key Picks

FCX currently carries a Zacks Rank #3 (Hold).Better-ranked stocks worth a look in the basic materials space include Hawkins, Inc. HWKN, Osisko Gold Royalties Ltd OR and Intrepid Potash, Inc. IPI. While HWKN sports a Zacks Rank #1 (Strong Buy), OR and IPI carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Hawkins is expected to report first-quarter results on May 21. The consensus estimate for Hawkins’ earnings is pegged at 74 cents. HWKN beat the consensus estimate in one of the last four quarters while missing thrice, with the average earnings surprise being 6.1%. Osisko Gold is scheduled to release first-quarter results on May 7. The Zacks Consensus Estimate for OR’s first-quarter earnings is pegged at 15 cents. OR has a trailing four-quarter earnings surprise of 4.4%, on average. Intrepid Potash is slated to release first-quarter results on May 5. The consensus estimate for the first quarter is pegged at a loss of 12 cents, stable over the past 60 days.

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

Intrepid Potash, Inc (IPI) : Free Stock Analysis Report

Osisko Gold Royalties Ltd (OR) : Free Stock Analysis Report

Hawkins, Inc. (HWKN) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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Freeport-McMoRan (FCX) came out with quarterly earnings of $0.24 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.32 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this mining company would post earnings of $0.24 per share when it actually produced earnings of $0.31, delivering a surprise of 29.17%.

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

Freeport-McMoRan , which belongs to the Zacks Mining – Non Ferrous industry, posted revenues of $5.73 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 7.92%. This compares to year-ago revenues of $6.32 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Freeport-McMoRan shares have lost about 7.6% since the beginning of the year versus the S&P 500's decline of -8.6%.

What's Next for Freeport-McMoRan?

While Freeport-McMoRan has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

Ahead of this earnings release, the estimate revisions trend for Freeport-McMoRan: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.52 on $6.82 billion in revenues for the coming quarter and $1.61 on $26.33 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Non Ferrous is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Centrus Energy Corp. (LEU), is yet to report results for the quarter ended March 2025.

This company is expected to post quarterly loss of $0.10 per share in its upcoming report, which represents a year-over-year change of +73.7%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Centrus Energy Corp.'s revenues are expected to be $65.47 million, up 49.8% from the year-ago quarter.

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This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

(Reuters) -Copper miner Freeport-McMoRan reported a first-quarter profit on Thursday that slightly beat Wall Street's expectations but said tariffs proposed by U.S. President Donald Trump could increase the cost of materials needed for its U.S. mines by about 5%.

Shares of the Arizona-based company, which operates across the Americas, Indonesia and Europe, were 5.2% higher in midday trading.

Trump's sweeping tariffs on most U.S. imports and a rapidly intensifying trade war with China have sparked uncertainty across the mining industry and left companies scrambling to look for alternative supply chains.

The U.S. president in February had also ordered a probe into potential new tariffs on copper imports to rebuild U.S. production of the metal critical to electric vehicles, military hardware, power grid and many consumer goods.

Freeport has yet to directly comment on Trump's tariff plans, but both Chairman Richard Adkerson and CEO Kathleen Quirk repeated their concerns on Thursday about how broad levies could affect the global economy.

"Government policy and tariffs are dominating financial markets, yet at Freeport we are focused on the basics to drive long term value," Adkerson told investors on an earnings conference call.

Freeport's net income attributable to common shareholders fell to $352 million, or 24 cents per share, for the three months ended March 31, from $473 million, or 32 cents per share, a year earlier, as production in Indonesia fell sharply due to maintenance.

By that measure, analysts had expected earnings of 23.8 cents per share, according to IBES data from LSEG.

Phoenix-based Freeport operates one of two U.S. copper smelters and provides roughly 70% of the country's refined copper production. Company-wide copper output during the quarter declined 20% due to a major maintenance project in Indonesia.

Demand for copper in the U.S. and China – the world's largest markets for the red metal – remains strong, said Quirk, who became CEO last year.

"The fundamentals of the copper market are among the most compelling of any commodity," she said.

The company produced 868 million recoverable pounds of copper in the first quarter, compared with 1.09 billion recoverable pounds a year earlier.

The decrease in production, however, was partly offset by rising commodity prices. Copper prices on the London Metal Exchange jumped 10.7% during the January to March period, spurred by higher demand from China's economic stimulus and supply concerns sparked by Trump's tariffs.

The company's average realized price for copper rose 12.7% to $4.44 per pound.

Freeport's gold production in Indonesia dropped 77% due to maintenance, but the jump in the price of gold to more than $3,000 per ounce helped offset that dip.

(Reporting by Ernest Scheyder in Houston and Vallari Srivastava in Bengaluru; Editing by Shilpi Majumdar and Susan Fenton)

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