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(Bloomberg) — The world’s biggest miners, having cashed in on China’s once-rampant demand for iron ore, are starting to reel from the impact of their main customer’s economic struggles.

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BHP Group Ltd., Rio Tinto Group and Fortescue Ltd. in Australia, and Brazil’s Vale SA, all posted weaker profits this week, after prices of the steel-making staple beat a retreat in the face of China’s prolonged property crisis and its impact on construction demand in the world’s second-biggest economy. The firms most exposed to iron ore fared the worst.

Iron ore was one of the worst-performing major commodities in 2024, losing more than a quarter of its value, with the average price of benchmark futures falling about 7% from the previous year. The Singapore market peaked above $140 a ton before dropping to around $100 a ton, and analysts predict that further losses to below $90 a ton are likely by the end of 2025.

Demand for steel in China is now widely thought to have peaked, and its decline means less need for iron ore. Although the country still imports over 1 billion tons a year, an inflection point is overdue. Steel mills are under increasing financial pressure and the government is unlikely to inject stimulus that would significantly boost the construction sector. Rising protectionism around the world is also set to undermine the country’s steel exports.

Worsening demand isn’t the only weight on iron ore prices. Supply is also likely to ramp up, with Guinea’s giant Simandou project expected to come online later this year, augmented by expansions in both Australia and Brazil.

Smaller, higher-cost miners will be worst hit, said Jiang Mengtian, the Shanghai-based chief iron ore analyst at consultancy Horizon Insights.

“The profit-squeezing process will gradually shift upstream, especially as the production capacity of iron ore mines is expected to increase by about 46 million tons in 2025,” she said.

The biggest miners are relatively insulated by their lower costs, but they’re still feeling the pinch. BHP posted record earnings in the year to June 2022 as iron ore demand soared, but annual profits have since more than halved. Rio’s annual earnings from the steelmaking ingredient fell 19% from 2023, even though production remained flat.

The two Australian powerhouses have spent decades scaling up iron ore mines to allow them to turn a profit even if prices fall. They’re also more diversified than some of their peers, with most of BHP’s revenue and over 40% of Rio’s coming from other metals.

“Rio is positioned to continue to generate strong cash flow from its iron ore business while also retaining, and increasing, its leverage to rising prices for copper and aluminum when the next demand cycle kicks in,” Chris LaFemina, an analyst at Jefferies Financial Group, said in a research note.

BHP and Rio saw their headline profit numbers drop by 23% and 8% respectively, but miners more exposed to iron, like Vale and Australia’s Fortescue Ltd., were in a worse position. The Brazilian firm relies on iron ore for 80% of its revenue and saw one gauge of its latest quarterly profit slump by 41%, while Fortescue, a pure iron ore play, posted a 53% plunge in the first half.

–With assistance from Paul-Alain Hunt.

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REE Automotive Ltd.

REE’s software defined vehicles (“SDV”) deliver more real-time data than traditional commercial solutions

Geotab fleet management solution enables fleets to monitor REE’s SDVs and other vehicles seamlessly, while significantly enhancing the cache of data quality and volume

REE’s software defined vehicles (“SDV”) deliver more real-time data than traditional commercial solutions
Geotab to gain access to REEai Cloud for advanced data analytics aimed to reduce total cost of ownership (“TCO”) for expanding North American fleet
Geotab fleet management solution enables fleets to monitor REE’s SDVs and other vehicles seamlessly, while significantly enhancing the cache of data quality and volume

TEL AVIV, Israel, Feb. 20, 2025 (GLOBE NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced a collaboration with Geotab, a global leader in telematics and fleet management solutions. Through this collaboration, North American fleets purchasing REE’s SDV trucks will have access to Geotab’s data-driven intelligence that gives fleet operators actionable insights to help optimize fleet performance. The integration of REEai Cloud to the Geotab network enables fleets to monitor REE’s SDVs and other vehicles seamlessly, while significantly enhancing the cache of data quality and volume. This collaboration provides added visibility, strengthening the Geotab offering and streamlines the process for fleets to incorporate REE’s SDVs into their existing operations.

Geotab is the world's #1 commercial telematics provider, long recognized for its expertise in capturing essential, near real-time data through its compact, plug-and-play GO platform, which provides fleet operators with GPS data and telematics data driven insights. Through this compact device, Geotab processes essential fleet data such as speed, range, and other metrics, sending it directly to the cloud to support fleet optimization. With REE’s integration of data, fleets benefit from improved, near real-time actionable insights on both vehicle performance and condition, enabling seamless software updates and facilitating advanced customization options.

“We are always listening to our customers, and this collaboration exemplifies how we deliver beyond their expectations,” said Tali Miller, Chief Business Officer of REE. “By integrating Geotab’s industry-leading telematics with data generated from REEai Cloud, we’re equipping our fleet operators with the information they need in real time to enable smarter, data-driven decisions that maximize uptime and reduce costs. We’re providing a full-package solution that helps fleets easily transition for the future.”

REE and Geotab’s collaboration is aimed to provide a solution that meets the needs of modern fleet operators and benefits all stakeholders. REE’s sharing of real-time data with Geotab’s platform aims to allow fleet operators to view, analyze and act upon these insights both via the GO device and server-to-server connectivity. The integration aligns with fleet operators' existing systems, enabling customers to gain in-depth analysis of vehicle efficiency without additional complexity.

“At Geotab, our priority is helping customers unlock the full potential of their data to make informed, strategic decisions to run their business. By providing Geotab telematics to REE’s vehicle platform, we’re providing our mutual fleet customers with a seamless way to access and act on critical information. It’s about making data work smarter—helping fleet operators enhance efficiency, reduce costs, and stay ahead in an evolving industry,” said Rob Minton, Associate Vice President of Connected Car at Geotab.

As fleet demands evolve, REE and Geotab’s combined expertise will continue to expand the possibilities of data-driven management. Customers can expect an increasingly powerful set of tools to manage their fleets, from simple data monitoring to advanced diagnostics and proactive maintenance solutions.

To learn more about REE’s patented technology enabling the company to break new ground in e-mobility, visit www.ree.auto.

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

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

Investor ContactDana RubinsteinChief Strategy Officer for REE Automotiveinvestors@ree.auto

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

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

Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 27, 2024 and in subsequent filings with the SEC.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/204c073b-9356-4813-bdf5-0148c5ec52b7

GoGold Resources Inc.'s (TSE:GGD) robust earnings report didn't manage to move the market for its stock. Our analysis suggests that shareholders have noticed something concerning in the numbers.

View our latest analysis for GoGold Resources

TSX:GGD Earnings and Revenue History February 20th 2025How Do Unusual Items Influence Profit?

To properly understand GoGold Resources' profit results, we need to consider the US$2.7m gain attributed to unusual items. While we like to see profit increases, we tend to be a little more cautious when unusual items have made a big contribution. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. Which is hardly surprising, given the name. We can see that GoGold Resources' positive unusual items were quite significant relative to its profit in the year to December 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

Our Take On GoGold Resources' Profit Performance

As we discussed above, we think the significant positive unusual item makes GoGold Resources' earnings a poor guide to its underlying profitability. For this reason, we think that GoGold Resources' statutory profits may be a bad guide to its underlying earnings power, and might give investors an overly positive impression of the company. On the bright side, the company showed enough improvement to book a profit this year, after losing money last year. The goal of this article has been to assess how well we can rely on the statutory earnings to reflect the company's potential, but there is plenty more to consider. So if you'd like to dive deeper into this stock, it's crucial to consider any risks it's facing. While conducting our analysis, we found that GoGold Resources has 1 warning sign and it would be unwise to ignore it.

This note has only looked at a single factor that sheds light on the nature of GoGold Resources' profit. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

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.

The parties will establish a European joint-venture that controls Rock Tech's Guben Converter in Germany, as well as Arcore's Lopare project in Bosnia-Herzegovina.
The business combination will cover the entire value chain from mine to battery-grade Lithium products.
This fully integrated supply chain will ensure a reliable battery materials supply for Europe, create operational synergies, lower costs and substantially enhance international competitiveness.
The binding Business Combination Agreement has been signed on February 19, 2025. Rock Tech will hold 75% control of the newly created company. Closing is targeted for Q2/2025.

TORONTO, Feb. 20, 2025 /CNW/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FSE: RJIB) ("Rock Tech" or "the Company") is pleased to announce the signing of a binding Business Combination Agreement (BCA) to form a business combination with Arcore AG ("Arcore"), an arm's length Swiss-based mining company. The goal is to establish a fully integrated Lithium supply chain in Europe, reducing dependence on other regions for critical battery raw materials. Lithium is an essential mineral for the energy transition, and demand in Europe is expected to triple by 2030, driven by the increasing need for batteries in electric vehicles (EVs) and energy storage systems as estimated by McKinsey & Company's Battery Insight Demand Model.

Dirk Harbecke, Rock Tech CEO & Chairman, comments: "Strong European supply chains are essential to secure the regions' strategic autonomy, promote industrial competitiveness and enable the transformation to a climate-neutral economy. Europe is currently heavily dependent on imports of critical raw materials such as lithium. This is an important step for Rock Tech to become the European leader in battery raw materials supply."

Jeff Stone, Interim CEO Arcore, states: "Caring for this exceptionally vital asset of the Republic of Srpska is a fiduciary duty that we assume with the utmost responsibility. It is with that responsibility in mind that we formally submit our concession application. It is a privilege for Arcore alongside Rock Tech to play a defining role in the creation of an independent European supply chain of critical metals."

Vladimir Rudic, Managing Director of Arcore Doo in Bosnia-Herzegovina, adds: "The Lopare project, thanks to our collaboration and association with Rock Tech, and their cutting-edge technological innovations, will be the standard bearer of new trends in the development of sustainable mining in this traditional mining region."

Formation of NewCo

Rock Tech and Arcore will establish a new European entity (NewCo). Upon Closing, it is intended that (i) Rock Tech will contribute the shares of its wholly owned subsidiary Rock Tech Guben GmbH to NewCo and will hold shares in NewCo representing 75% of NewCo's registered share capital, and that (ii) ARCORE will contribute the shares of its wholly owned subsidiary AR CORE d.o.o to NewCo and hold shares representing 25% of NewCo's registered share capital.

The core assets of NewCo will include Rock Tech's fully permitted Lithium converter in Guben, Germany, and Arcore's lithium-boron-magnesium mining project in Lopare, Bosnia-Herzegovina. It is envisioned that the Lopare project will deliver Lithium Sulphate feedstock (produced at site) to the Guben Converter from 2030 onwards; in addition to the already secured spodumene supply from contracted partners. Utilizing Lithium Sulphate as future feedstock is a key step in establishing a circular Lithium economy and reducing production costs significantly. This approach aligns with Rock Tech's recycling flowsheet, for which Lithium Sulphate from black mass recycling is used and subsequently refined into battery-grade Lithium hydroxide at Rock Tech's converters. By processing Lithium raw material to Lithium Sulphate at-site in Lopare an important value-adding step will remain in-country.

As leading partner of the NewCo, Rock Tech will engage closely with the local communities as part of the permitting process, leveraging its expertise gained from developing its Georgia Lake lithium project in Canada. The Arcore deposit will be developed in cooperation with local stakeholders and in compliance with the strictest environmental, social, and governance (ESG) standards. The company plans to obtain certification under the Initiative for Responsible Mining Assurance (IRMA) standard.

The Projects

Guben Lithium Converter

The centerpiece of Rock Tech's European activities is its planned Lithium-Hydroxide Monohydrate ("LHM") Converter in the Brandenburg battery cluster, designed to produce battery-grade LHM for up to 500,000 electric vehicles per year. The project is currently in its final financing phase, with all relevant construction, environmental and operation permits and engineering studies completed. The state of Brandenburg supports the project due to its high strategic relevance. Engineering and project management firm Worley Ltd. has been selected as the EPCM provider for the Guben Converter, and LHM offtake agreements as well feedstock supply have been secured.

Lopare Lithium Project

Arcore's mineral deposit in the Lopare region of Bosnia-Herzegovina has the potential to become one of the largest lithium mines in Europe with estimated 600.000 tonnes of Lithium Carbonate Equivalent (LCE). According to the CSA Global Mineral Resource Estimate (MRE), the deposit contains an indicated resource of 426Mt grading 561ppm Li2O and 0.95% B2O3 and an inferred resource of 864Mt grading 579ppm Li2O and 0.67% B2O3, respectively. Beyond lithium and boron, the deposit contains significant concentrations of other valuable minerals. Internal estimates indicate that within the resource area, the material contains an average of 9.41% MgO, 2.3% K₂O, and 10.82% Al₂O₃. While these elements are not included in the reported Mineral Resource Estimate, they highlight the broader economic potential of the deposit.

CSA Global Mining Industry Consultants, an ERM Group Company, completed a Mineral Resource Estimate titled "Lopare-Boron-Lithium-Project" as finalized on November 30 2022 with report number R268.2022. The Mineral Resource Estimate is summarized below in Table 1. Note, Arcore AG being a privately-owned Switzerland-based lithium mining company opted to adhere to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate may not align fully with the reporting requirements of Canada's National Instrument 43-101.

(CNW Group/Rock Tech Lithium Inc.)

The Lopare deposit remains highly prospective, with significant potential to expand the existing resource through additional exploration and technical studies. While elements such as MgO, K₂O, and Al₂O₃ are not currently included in the Mineral Resource Estimate, ongoing geometallurgical and mineralogical studies will further assess their economic significance. Moreover, exploration beyond the defined Mineral Resource suggests geological continuity, with a significant exploration target. This exploration target highlights the opportunity for further resource growth and optimization through future drilling programs and study work.

Following the successful completion of the exploration phase, the project has now applied for a Mining Concession. The first important step in the new joint venture will be the finalization of the pre-feasibility study to further assess the technical scope and quantify the economic benefits of the project. In addition to developing possible mining and processing methods, this study will comprehensively examine the environmental and social compatibility of the project. The study will be carried out by an internationally experienced engineering consultancy company.

With this joint venture, Rock Tech and Arcore are taking a significant step toward securing a sustainable, efficient, and competitive lithium supply chain in Europe, reinforcing the continent's battery industry and energy transition goals.

—–

SCIENTIFIC AND TECHNICAL DISCLOSURE The scientific and technical disclosure included in this news release has been reviewed and approved by Cameron Andrews, P.Eng, General Manager Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.

CLOSING CONDITIONS The completion of this transaction remains subject to the fulfillment of all customary closing conditions, including but not limited to regulatory approvals, and compliance with applicable legal and tax requirements.

Neither the 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.

There are no finders' fees associated with this transaction.

ABOUT ROCK TECH

Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced Lithium, targeting a 100% recycling rate. To ensure resilient supply chains, the company plans to build Lithium converters at the doorstep of its customers, beginning with the Company's proposed Lithium-Hydroxide Converter in Guben, Brandenburg, Germany. Rock Tech Lithium plans to source spodumene from its own Georgia Lake project in the Thunder Bay Mining District of Ontario, Canada, and procure from other ESG-compliant mines, including sourcing intermediary Lithium products. Ultimately, Rock Tech's goal is to create a closed-loop Lithium production system. Rock Tech has gathered one of the strongest teams in the industry to close the most pressing gap in the clean mobility story. The Company has adopted strict environmental, social and governance standards and is developing a proprietary refining process to increase efficiency and sustainability further. Rock Tech Lithium Inc, 2400-333 Bay Street, Toronto ON M5H 2T6, CAN.

ABOUT ARCORE AG

Arcore is a privately-owned Switzerland-based lithium mining company with extensive lithium resources and a commitment to environmental and safety standards while seeking to accelerate Europe's energy transition reliably. https://arcore.ch/ Arcore AG, Steinhauserstr. 74, 6300 Zug, Switzerland.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION Certain statements contained in this news release constitute "forward-looking information" under applicable securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are forward-looking statements. When used in this news release, words such as "expects", "anticipates", "plans", "predicts", "believes", "estimates", "intends", "targets", "projects", "forecasts", "may", "will", "should", "would", "could" or negative versions thereof and other similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking information pertaining to expectations or predictions concerning the establishment of the joint venture company, the regulatory approvals, fulfilment of closing conditions, and/or about the mineral resource or reserve or outcome and proof of the expected potential of the Lopare Lithium project, the Company's and/or Arcore's intentions with respect to the development and timing thereof and statements regarding further exploration activities future plans, activities and schedules relating to such projects and related development including the design and features of the Guben Converter and/or the Lopare Lithium project, as well as the potential of the Lopare Lithium project and the expected costs, capital expenditures, timing and outcomes thereof; statements regarding the Company's future plans, estimates, and schedules relating to the joint venture company, the Guben Converter and/or the Lopare Lithium project, including the anticipated timing of future activities taken in support of the development thereof; Rock Tech's potential financing arrangements; the expected economic performance of the Guben Converter and/or the Lopare Lithium project and anticipated production of battery-grade Lithium Hydroxide and related processing methods employed and the exploration of the Lopare deposit; the estimated capital and operating costs of the Guben Converter and/or the Lopare Lithium project; the anticipated timing and outcomes of a final investment decision and regulatory approvals,construction activities and commissioning of the Guben Converter; the anticipated timing and outcome of the pre-feasibility study of the Lopare Lithium project; statements regarding the Company's sustainability and ESG related goals and strategy, including the benefits and achievement thereof and future actions taken by the Company in relation thereto; expected regulatory processes and final outcomes, permits and mining concessions; expectations regarding the electric vehicle industry, including the demand for and pricing of battery-grade Lithium Hydroxide and the benefits therefrom, expectations regarding the exploration targets and future drilling programs and the development of political and regulatory frameworks especially in Germany, Bosnia-Herzegovina and the European Union; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy, development and exploration opportunities and projects; and plans and objectives of management for the Company's operations and properties. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from the forward-looking statements, including the risks, uncertainties and other factors discussed in the Company's most recent management's discussion and analysis and annual information form filed with the applicable securities regulators. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and the Company cautions the reader not to place undue reliance upon any such forward-looking statements. The Company does not intend, nor does it assume any obligation to update or revise any of the forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

Rock Tech and Arcore Team attending the signing ceremony. From left to right: V. Rudic, Managing Director Arcore Doo; D. Harbecke, CEO & Chair Rock Tech Lithium; Jeff Stone, CEO Arcore AG. (CNW Group/Rock Tech Lithium Inc.)Cision

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SOURCE Rock Tech Lithium Inc.

Cision

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VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today announced that its Board of Directors has declared a regular quarterly dividend of Canadian Dollars ("CAD") $0.09 per share, payable on April 9, 2025, to shareholders of record at the close of business on March 21, 2025. This dividend qualifies as an 'eligible dividend' for Canadian income tax purposes. The declaration, timing, amount, and payment of future dividends remain at the discretion of the Board of Directors. View PDF

Dividends on shares traded on the Toronto Stock Exchange ("TSX") will be paid in CAD on April 9, 2024. Dividends on shares traded on Nasdaq Stockholm will be paid in Swedish kronor in accordance with Euroclear principles on April 14, 2024. To execute the payment of the dividend, a temporary administrative cross-border transfer closure will be applied by Euroclear from March 19, 2024, up to and including March 21, 2024, during which period shares of the Company cannot be transferred between TSX and Nasdaq Stockholm.

During the fourth quarter 2024, the Company purchased 3,245,000 common shares under its normal course issuer bid ("NCIB") representing approximately C$40 million. The Company will continue to monitor market activity and potentially make further purchases based on market conditions, share price and best use of available cash. Any common shares that are purchased under the NCIB will be cancelled.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:30 Pacific Time.

Cautionary Statement on Forward-Looking Information

Certain of the statements made and information contained herein are "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies; the Company's guidance on the timing and amount of future production and its expectations regarding the results of operations; expected costs; permitting requirements and timelines; timing and possible outcome of pending litigation; the results of any Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, or Mineral Resource and Mineral Reserve estimations, life of mine estimates, and mine and mine closure plans; anticipated market prices of metals, currency exchange rates and interest rates; the development and implementation of the Company's Responsible Mining Management System; the Company's ability to comply with contractual and permitting or other regulatory requirements; anticipated exploration and development activities at the Company's projects; the Company's integration of acquisitions and expansions and any anticipated benefits thereof, including the anticipated project development and other plans and expectations with respect to the 50/50 joint arrangement with BHP; the timing and completion of the sale of the Company's European assets; and expectations for other economic, business, and/or competitive factors. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking information.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, gold, zinc, nickel and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions and the realization of synergies and economies of scale in connection therewith; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, such information is inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking information and undue reliance should not be placed on such information. Such factors include, but are not limited to: dependence on international market prices and demand for the metals that the Company produces; political, economic, and regulatory uncertainty in operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; risks relating to mine closure and reclamation obligations; health and safety hazards; inherent risks of mining, not all of which related risk events are insurable; risks relating to tailings and waste management facilities; risks relating to the Company's indebtedness; challenges and conflicts that may arise in partnerships and joint operations; risks relating to development projects; risks that revenue may be significantly impacted in the event of any production stoppages or reputational damage in Chile; the impact of global financial conditions, market volatility and inflation; business interruptions caused by critical infrastructure failures; challenges of effective water management; exposure to greater foreign exchange and capital controls, as well as political, social and economic risks as a result of the Company's operation in emerging markets; risks relating to stakeholder opposition to continued operation, further development, or new development of the Company's projects and mines; any breach or failure information systems; risks relating to reliance on estimates of future production; risks relating to litigation and administrative proceedings which the Company may be subject to from time to time; risks relating to acquisitions or business arrangements; risks relating to competition in the industry; failure to comply with existing or new laws or changes in laws; challenges or defects in title or termination of mining or exploitation concessions; the exclusive jurisdiction of foreign courts; the outbreak of infectious diseases or viruses; risks relating to taxation changes; receipt of and ability to maintain all permits that are required for operation; minor elements contained in concentrate products; changes in the relationship with its employees and contractors; the Company's Mineral Reserves and Mineral Resources which are estimates only; payment of dividends in the future; compliance with environmental, health and safety laws and regulations, including changes to such laws or regulations; interests of significant shareholders of the Company; asset values being subject to impairment charges; potential for conflicts of interest and public association with other Lundin Group companies or entities; activist shareholders and proxy solicitation firms; risks associated with climate change; the Company's common shares being subject to dilution; ability to attract and retain highly skilled employees; reliance on key personnel and reporting and oversight systems; risks relating to the Company's internal controls; counterparty and customer concentration risk; risks associated with the use of derivatives; exchange rate fluctuations; the completion of the sale of the Company's European assets; and other risks and uncertainties, including but not limited to those described in the "Risks and Uncertainties" section of the Company's MD&A for the year ended December 31, 2024 and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2024, which are available on SEDAR+ at www.sedarplus.ca under the Company's profile.

All of the forward-looking information in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecasted or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.

Lundin Mining Announces Declaration of Regular Dividend and Provides Update on Share Buybacks (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

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VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the appointment of Ms. Victoria McMillan to the Company's Board of Directors (the "Board") effective today. The Company also announces that Director Ms. Juliana (Julie) Lam had advised us of her personal retirement decision and will not stand for re-election at the 2025 Annual Meeting.

Adam Lundin, Chair of Lundin Mining's Board of Directors, commented "On behalf of the Board and the Company's management team we wish to thank Ms. Lam for her service and contributions to the Company. We wish her all the best as she focuses her energy on her family and health."

"We are excited to welcome Victoria to the Lundin Mining Board" commented Adam Lundin. "Victoria's extensive finance knowledge, and recognized contributions make her an ideal addition to our Board. Her financial expertise and strategic leadership will be invaluable in guiding our Company's growth and financial stewardship in the future. We look forward to benefiting from her insights and experience to create long-term value for our stakeholders."

Ms. McMillan is a Chartered Professional Accountant (CPA, CA) and currently serves as the CFO of Versamet Royalties Corporation, a private company. Ms. McMillan also recently completed a 4-year term from 2021-2024 as a director on the board of BC Hydro, where she chaired the Audit and Finance Committee.

Ms. McMillan has over 20 years of financial experience working across a variety of sectors with a focus on mining and the royalty industry. During her career, Ms. McMillan has led financial reporting, regulatory, treasury, tax and risk management functions. Ms. McMillan has also held various other finance roles within the mining sector including at two mid-tier gold mining companies where she was involved in the execution of mergers and acquisitions, a U.S. listing, as well as the establishment and management of a gold sales function.

Ms. McMillan's experience includes eight years with a large global accounting firm in both London, United Kingdom, and Vancouver, where she was a senior manager within the assurance practice. Ms. McMillan holds a Bachelor of Management Studies from the University of Nottingham, England.

About Lundin Mining

Cautionary Statement on Forward-Looking Information

Lundin Mining Announces Changes to the Board of Directors (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

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VANCOUVER, BC, Feb. 19, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2024 financial results. Unless otherwise stated, results are presented in United States dollars on a 100% basis.

Jack Lundin, President and CEO commented, "2024 was highlighted by three transformative transactions, along with achieving record copper and zinc production which generated strong revenue and operating cashflow for the Company. Among these deals, the formation of Vicuña Corp. has positioned the Company on a clear path to becoming a top-tier copper producer. Vicuña is targeting a new and updated mineral resource estimate at Filo del Sol and Josemaria within the second quarter of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district in Argentina.

"Operationally, we met copper guidance for the second consecutive year, translating to over $870 million in annual free cash flow from operations1. Notwithstanding the $350 million purchase of an additional 19% at Caserones to bring our overall ownership to 70%, our net debt1 position at year end was just over $1.3 billion. Our debt is expected to be reduced significantly within the first half of this year pending the finalization of the sale of our European assets, Zinkgruvan and Neves-Corvo, making the Company net-debt free on a pro-forma basis. With our strong financial standing and well-positioned asset base, our operations will continue to drive returns, fueling the growth opportunities within our current portfolio of assets.

"Lastly, in 2024 we celebrated our 30th anniversary, reflecting our longstanding legacy of creating value in the base metals sector. We believe we are well positioned for the future at Lundin Mining and remain committed to executing within our targeted guidance ranges, enhancing margins through sustainable cost control, while upholding the highest health and safety standards to protect our workforce."

Fourth Quarter and Full Year Operational and Financial Highlights

On December 9th, 2024, the Company announced the sale of its European assets, Zinkgruvan and Neves Corvo, to Boliden. As a result of this, the financial results from these assets are reported as "discontinued operations" in the Company's financial statements and met the criteria to be classified as held-for-sale. The transaction is expected to close at the latest by mid-year 2025, subject to the completion of customary conditions and regulatory approvals.

Fourth Quarter Highlights

Copper Production: Consolidated production of 101,491 tonnes of copper in the fourth quarter.
Other Production: During the quarter, a total of 51,946 tonnes of zinc, 1,617 tonnes of nickel and approximately 46,000 ounces of gold were produced.
Revenue: $1,023.8 million in the fourth quarter, comprised of $858.9 million from continuing operations with a realized copper price1 of $3.75 /lb and a realized gold price1 of $2,643 /oz, and $165.0 million from discontinued operations.
Net Earnings and Adjusted Earnings1: During the quarter, net loss attributable to shareholders of the Company was $440.2 million, comprised of $195.3 million ($0.25 per share) net loss from continuing operations and $244.8 million net loss from discontinued operations. Net loss attributable to shareholders of the Company was impacted by non-cash impairments of goodwill and assets at Eagle, Suruca, Neves-Corvo and Alcaparossa. Adjusted earnings1 were $119.2 million, comprised of $94.8 million ($0.12 per share) from continuing operations and $24.4 million from discontinued operations.
Adjusted EBITDA1: $425.6 million for the quarter, $368.2 million from continuing operations and $57.4 million was generated from discontinued operations during the quarter.
Cash Generation: Cash provided by operating activities in the quarter was $620.3 million, comprised of $547.3 million from continuing operations and $73.0 million from discontinued operations. Free cash flow from operations1 was $466.0 million, comprised of $423.6 million from continuing operations and $42.5 million from discontinued operations, which was increased by a working capital release of $295.5 million from continuing operations.

__________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis ("MD&A") for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

Full Year 2024 Highlights

Copper Production: Record copper production of 369,067 tonnes of copper for the full year which is within the 2024 annual copper production guidance.
Other Production: During the year, record zinc production of 191,704 tonnes, 7,486 tonnes of nickel and approximately 158,000 ounces of gold were produced. Production for all metals was within revised guidance ranges.
Revenue: $4,117 million for the full year, comprised of $3,422.6 million from continuing operations with a realized copper price1 of $4.18 /lb and a realized gold price1 of $2,532 /oz, and $694.8 million from discontinued operations.
Adjusted EBITDA1: $1,707.0 million for the full year, comprised of $1,461.8 million from continuing operations and $245.2 million from discontinued operations.
Net Earnings and Adjusted Earnings1: Net loss attributable to shareholders of the Company was $203.5 million, comprised of $11.1 million ($0.01 per share) net earnings from continuing operations and $214.7 million net loss from discontinued operations. Net earnings from continuing operations was impacted by non-cash impairments of goodwill and assets relating to Eagle, Suruca, and Alcaparossa. Adjusted earnings was $358.9 million, $291.7 million ($0.38 per share) from continuing operations and $67.2 million from discontinued operations.
Cash Generation: During the year, cash provided by operating activities was $1,518.9 million, $1,300.8 million from continuing operations and $218.0 million from discontinued operations. Free cash flow from operations1 was $873.0 million, $797.1 million from continuing operations and $75.9 million from discontinued operations, which included a working capital release of $220.9 million from continuing operations.
Balance Sheet: To exercise the Caserones purchase option, the consideration of $350 million was fully funded through an increase to the Company's term loan from $800 million to $1.15 billion. As at December 31, 2024, the Company had a net debt1 balance of $1,332.3 million, excluding lease liabilities. Net debt1 is expected to reduce significantly with the closing of the sale of Neves-Corvo and Zinkgruvan.
Growth: During the year the Company announced three significant transactions:
- On July 2, 2024, the Company closed the option to increase ownership in Caserones to 70%, which adds approximately 24,000 tonnes of additional attributable copper production to the Company's production profile2.
- On July 29, 2024, Lundin Mining and BHP announced the joint acquisition of Filo Corp. ("Filo") and the concurrent formation of a 50/50 joint arrangement ("Joint Arrangement") to hold the Filo del Sol ("FDS") project and the Josemaria project. The partnership will create a multi-generational mining district with world-class potential that could support a globally ranked mining complex.
- On December 9, 2024, the Company announced the sale of Neves-Corvo and Zinkgruvan to Boliden for total consideration of up to $1.52 billion. The proceeds from the transaction will strengthen the Company's balance sheet and support its growth plans in the Vicuña District.
Assets and liabilities held for sale and discontinued operations: At December 31, 2024, the Neves-Corvo and Zinkgruvan reporting segments met the criteria to be classified as held-for-sale and discontinued operations. Accordingly, all assets and liabilities relating to the Neves-Corvo and Zinkgruvan reporting segments have been classified as current assets and current liabilities held for sale at December 31, 2024.

Total assets of $1,389.7 million and liabilities of $393.1 million have been classified as held for sale for this purpose. A net loss from discontinued operations of $214.7 million represents the loss after tax of $278.6 million and earnings after tax of $63.9 million from Neves-Corvo and Zinkgruvan, respectively, for the year ended December 31, 2024.

___________________

2 Based on Caserones 2024 revised production guidance as outlined in the outlook section of the MD&A for the year ended December 31, 2024.

Summary Financial Results

	Three months ended December 31,		Year ended December 31,
(US$ millions continuing operations except where noted, except per share amounts)	2024	2023	2024	2023
Revenue	858.9	893.4	3,422.6	2,743.4
Gross profit	250.6	177.8	942.9	601.5
Attributable net earningsa	(195.3)	12.5	11.1	203.2
Net earnings	(159.6)	40.4	153.4	276.9
Adjusted earningsa,b (all operations)	119.2	79.7	358.9	336.2
Adjusted earningsa,b — continuing operations	94.8	72.4	291.7	287.5
Adjusted earningsa,b — discontinued operations	24.4	7.3	67.2	48.7
Adjusted EBITDAb (all operations)	425.6	419.7	1,707.0	1,363.5
Adjusted EBITDAb — continuing operations	368.2	367.6	1,461.8	1,145.6
Adjusted EBITDAb — discontinued operations	57.4	52.1	245.2	217.9
Basic earnings per share ("EPS")a (all operations)	(0.57)	0.05	(0.26)	0.31
Basic earnings per share ("EPS")a — continuing operations	(0.25)	0.02	0.01	0.26
Basic earnings per share ("EPS")a — discontinued operations	(0.32)	0.03	(0.27)	0.05
Adjusted EPSa,b (all operations)	0.15	0.10	0.46	0.44
Adjusted EPSa,b — continuing operations	0.12	0.09	0.38	0.37
Adjusted EPSa,b — discontinued operations	0.03	0.01	0.09	0.06
Cash provided by operating activities (all operations)	620.3	306.1	1,518.9	1,016.6
Cash provided by operating activities related to continuing operations	547.3	249.9	1,300.8	827.2
Cash provided by operating activities related to discontinued operations	73.0	56.2	218.0	189.4
Adjusted operating cash flowb (all operations)	313.9	362.0	1,302.6	1,024.2
Adjusted operating cash flowb — continuing operations	251.8	305.4	1,080.0	847.3
Adjusted operating cash flowb — discontinued operations	62.1	56.7	222.6	176.9
Adjusted operating cash flow per shareb (all operations)	0.40	0.47	1.68	1.33
Adjusted operating cash flow per shareb — continuing operations	0.32	0.39	1.39	1.10
Adjusted operating cash flow per shareb — discontinued operations	0.08	0.08	0.29	0.23
Free cash flowb (all operations)	397.9	61.2	571.2	13.5
Free cash flowb — continuing operations	360.0	43.6	508.2	(19.9)
Free cash flowb — discontinued operations	37.9	17.6	63.0	33.4
Free cash flow from operationsb (all operations)	466.0	116.8	873.0	345.1
Free cash flow from operationsb — continuing operations	423.6	95.7	797.1	300.0
Free cash flow from operationsb— discontinued operations	42.5	21.0	75.9	45.1
Cash and cash equivalents	357.5	268.8	357.5	268.8
Net debt excluding lease liabilitiesb	(1,332.3)	(946.2)	(1,332.3)	(946.2)
Net debtb	(1,597.8)	(1,223.4)	(1,597.8)	(1,223.4)

a Attributable to shareholders of Lundin Mining Corporation.
b These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its Management's Discussion and Analysis for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

For the year ended December 31, 2024, the Company generated annual revenue from continuing operations of $3.4 billion (2023 – $2.7 billion). Revenue from discontinued operations was $694.8 million (2023 – $648.6 million), and the combination of revenue from continuing operations and discontinued operations ("all operations") was an annual record for the Company of $4.1 billion (2023 – $3.4 billion). The Company achieved record production of 369,067 tonnes of copper, record production of 191,704 tonnes of zinc, and 158 thousand ounces ("koz") of gold, which achieved the most recently disclosed annual guidance for all metals.
For the quarter ended December 31, 2024, the Company generated revenue from continuing operations of $858.9 million (Q4 2023 – $893.4 million). Net loss in the quarter from continuing operations was $159.6 million (Q4 2023 – net earnings of $40.4 million) and adjusted EBITDA1 (all operations) was $425.6 million (Q4 2023 – $419.7 million).
Net loss for the year was $61.3 million, comprised of a net earnings of $153.4 million from continuing operations and $214.7 million net loss from discontinued operations, a decrease in earnings from the prior year comparable period of $276.9 million from continuing operations and a decrease from net earnings of $38.4 million from discontinued operations, primarily due to non-cash impairments of goodwill and assets relating to Neves-Corvo, Eagle, Suruca and Alcaparrosa during the year, partially offset by higher gross profit.
Adjusted earnings1 from continuing operations attributable to shareholders of the Company for the year were $291.7 million or $0.38 per share. Adjusted earnings1 from discontinued operations attributable to shareholders of the Company for the year were $67.2 million or $0.09 per share.
Cash and cash equivalents at continuing operations as at December 31, 2024 were $357.5 million. As indicated above, cash provided by operating activities related to continuing operations of $1,300.8 million in the year was used to fund investing activities from continuing operations of $855.4 million, which primarily includes $807.3 million investment in mineral properties, plant and equipment, $41.7 million subscription for Filo shares to provide interim financing to Filo and the final $25.0 million payment of contingent consideration for the acquisition of Chapada. Cash used in financing activities related to continuing operations of $349.8 million was comprised primarily of funds used to exercise the Company's option to acquire an additional 19% interest in Caserones for $350.0 million, which was funded by debt proceeds, $202.5 million dividends paid to shareholders and $152.0 million in distributions paid to non-controlling interests.
Free cash flow1 from continuing operations for the year was $508.2 million and free cash flow1 from discontinued operations for the year was $63.0 million.
As at February 19, 2025, the Company had cash of approximately $407.1 million and net debt excluding lease liabilities of approximately $1,322.4 million. Net cash in Vicuña is included on a 50% basis to represent Lundin Mining's attributable share. Cash and net debt balances include assets and liabilities classified as held-for-sale.

Operational Performance

Total Production

(Contained metal)a	2024					2023
(Contained metal)a	YTD	Q4	Q3	Q2	Q1	Total	Q4	Q3	Q2	Q1
Copper (t)b	369,067	101,491	99,855	79,708	88,013	314,798	103,337	89,942	60,057	61,462
Zinc (t)	191,704	51,946	46,610	47,460	45,688	185,161	50,719	49,774	36,115	48,553
Nickel (t)	7,486	1,617	893	1,721	3,255	16,429	3,729	4,290	4,686	3,724
Gold (koz)b	158	46	47	32	33	149	44	35	34	36
Molybdenum (t)b	3,183	912	693	714	864	2,024	928	1,096	—	—

a. Tonnes (t) and thousands of ounces (koz)
b. Candelaria and Caserones production is on a 100% basis. Caserones results are from July 13, 2023.

Candelaria (80% owned): Candelaria produced, on a 100% basis, 162,487 tonnes of copper, approximately 93,000 ounces of gold and 2.0 million ounces of silver during the year. Copper and gold production benefited from planned higher grade ore from Phase 11 and in the second half of the year, the operation produced 98,970 tonnes of copper which was one of its best second-half performances in its 30-year history. In late 2024, production from Phase 11 shifted to lower average grades, resulting in annual copper production slightly below the most recently published guidance range. In 2025, production will continue to be sourced primarily from Phase 11 with a planned reduction in average copper grades from those realized in the second half of 2024. Annual gold production was within the most recently disclosed annual guidance range. Copper cash cost2 of $1.73/lb was within the most recently disclosed 2024 cash cost guidance range and benefitted from higher sales volumes, favourable foreign exchange, and higher by-product credits.

Caserones (70% owned): Caserones produced, on a 100% basis, 124,761 tonnes of copper and 3,183 tonnes of molybdenum, both within the most recently disclosed 2024 annual production guidance ranges. Production during the year was impacted by labour action in August which reduced throughput to approximately 50% capacity over a 14-day period. Mine sequencing changes as a result of hydrogeologic conditions in Phase 5 reduced grades and impacted recoveries in the mill during the quarter. Copper cathode production was positively impacted by increased irrigation pattern on the dump leach pad. Copper cash cost2 of $2.51/lb was below the low end of the most recently disclosed cash cost guidance range and benefitted from higher by-product credits and favourable foreign exchange.

______________________

1 These are non-GAAP measures. Please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP measures section at the end of this news release.

2 This is a non-GAAP measure – see section "Non-GAAP and Other Performance Measures" of the MD&A for discussion and the Reconciliation of Non-GAAP measures section at the end of this news release.

Chapada (100% owned): Chapada produced 43,261 tonnes of copper and approximately 65,000 ounces of gold during the year, both metals were within the most recently disclosed 2024 production guidance ranges. An optimized mine plan led to a significant reduction in overall material movement, including waste and ore, and contributed to lower production costs. Increased processing of ore from the older low-grade stockpile and North pit resulted in lower copper production due to lower grades and recoveries. Gold production benefited from higher grades and throughput as emphasis was placed on gold in the current elevated gold price environment. Production costs during the year also benefited from a weakening of the BRL against the USD. Copper cash cost1 of $1.58/lb was within the most recently disclosed 2024 cash cost guidance range and benefited from higher by-product credits and favourable foreign exchange.

Eagle (100% owned): Eagle produced 7,486 tonnes of nickel and 6,366 tonnes of copper during the year. Production was impacted by reduced mining rates following a fall of ground in the lower ramp in May, which limited access to Eagle East while ramp rehabilitation was completed. During the quarter mining re-commenced at Eagle East and normal throughput is expected to resume in Q1 2025. Both metals were within the most recently disclosed 2024 production guidance ranges. Production costs decreased in line with lower production and sales. Nickel cash cost1 of $4.20/lb was above the most recently disclosed 2024 cash cost guidance range due to mining rates not recovering as quickly as expected in the quarter.

Neves-Corvo (100% owned): Neves-Corvo produced 28,228 tonnes of copper and a record 109,571 tonnes of zinc during the year. Copper production was within the most recently disclosed production guidance range and zinc production benefited from higher throughput as a result of the zinc expansion project, although was slightly below the most recently disclosed annual production guidance range. Production costs during the year decreased in line with sales volumes. Annual copper cash cost1 of $2.19/lb benefited from higher by-product credits but exceeded the most recently disclosed 2024 cash cost guidance range as a result of lower than expected sales volumes.

Zinkgruvan (100% owned): Record zinc production of 82,133 tonnes and lead production of 30,888 tonnes during the year were driven by higher throughput, grades and recoveries. Annual zinc production was within the most recently disclosed 2024 production guidance range. Production costs during the year increased in line with higher zinc and lead production and sales volumes. Zinc cash cost1 of $0.41/lb was within the most recently disclosed 2024 cash cost guidance range.

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1 This is a non-GAAP measure – see section "Non-GAAP and Other Performance Measures" of this MD&A for discussion.

Outlook

On January 16, 2025, the Company announced its production, cash cost, capital expenditures and exploration investment guidance for 2025.

2025 Production and Cash Cost Guidancea

		Revised Guidance
(contained metal)		Production	Cash Cost ($/lb)b
Copper (t)	Candelaria (100%)	140,000 – 150,000	1.80 – 2.00c
	Caserones (100%)	115,000 – 125,000	2.40 – 2.60
	Chapada	40,000 – 45,000	1.80 – 2.00d
	Eagle	8,000 – 10,000
	Total	303,000 – 330,000	2.05 – 2.30
Gold (koz)	Candelaria (100%)	78 – 88
	Chapada	57 – 62
	Total	135 – 150
Nickel (t)	Eagle	8,000 – 11,000	3.05 – 3.25

a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025.

b. 2025 cash costs are based on various assumptions and estimates, including but not limited to: production volumes, commodity prices (Cu: $4.40/lb, Au: $2,500/oz, Mo: $17.00/lb, Ag: $30.00/oz), foreign exchange rates (USD/CLP:900, USD/BRL:5.50) and operating costs. Cash cost is a non-GAAP measure – see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

c. 68% of Candelaria's total gold and silver production are subject to a streaming agreement. Cash costs are calculated based on receipt of approximately $433/oz gold and $4.32/oz silver.

d. Chapada's cash cost is calculated on a by-product basis and does not include the effects of its copper stream agreements. Effects of the copper stream agreements are reflected in copper revenue and will impact realized price per pound.

2025 Capital Expenditure Guidancea

	($ millions)	Guidanceb
	Candelaria (100% basis)	205
	Caserones (100% basis)	215
	Chapada	85
	Eagle	25
	Total Sustaining	530
	Expansionary – Candelaria (100% basis)	50
	Expansionary – Vicuña Joint Arrangement (50% basis)	155
	Total Capital Expenditures	735

a. Guidance as outlined in the news release 'Lundin Mining Announces Record Production Results for 2024 and Provides 2025 Guidance' dated January 16, 2025.

b. Sustaining capital expenditure is a supplementary financial measure, and expansionary capital expenditure is a non-GAAP measure – see section 'Non-GAAP and Other Performance Measures' of the Company's MD&A for the year ended December 31, 2024 and the Reconciliation of Non-GAAP Measures section at the end of this news release.

2025 Exploration Investment Guidance

Total exploration expenditure guidance for 2025 is $40 million.

Exploration

During the quarter, exploration activity focused on in-mine and near-mine targets at the Company's operations. Exploration drilling at Candelaria was focused on Candelaria South, La Portuguesa and La Espanola.

At Caserones, exploration drilling was completed in the lower portion of the mineral resource in search of higher-grade copper breccia bodies that could improve the average grade of the resource and potentially expand it. The drilling program at Angelica, in search of copper sulphides, was also completed during the quarter.

Drilling at Chapada concentrated on adding high grade resources to Sauva and testing near-mine geochemical anomalies.

At Josemaria, the drilling campaign restarted at Cumbre Verde.

Drilling continued at Eagle during the quarter with one surface hole targeting a geophysical anomaly east of Eagle East. At Neves-Corvo, the 2024 drilling program focused on extending inferred resources at Lombador North and near-mine drilling at Neves Southwest concluded at the end of the quarter. Drilling at Zinkgruvan was focused on resource expansion.

All 2024 drilling campaigns were successfully completed by the end of the quarter.

Vicuña

During the quarter, the Company focused on preparing for the completion of the acquisition of Filo and formation of the 50/50 Joint Arrangement with BHP, initially announced on July 29, 2024. The work plan associated with the transaction with BHP progressed as expected. Subsequent to year-end on January 15, 2025, the Company completed the Filo acquisition and the Joint Arrangement with BHP, resulting in the Company indirectly holding a 50% interest in Vicuña Corp. ("Vicuña"), which owns the FDS project and Josemaria project. BHP indirectly owns the remaining 50% interest in Vicuña.

As part of the Joint Arrangement, the 2024 work scope was changed to include incorporation of new studies and preparation of a resource model relating to FDS, a joint development concept pertaining to the Josemaria and FDS ore bodies as well as processing facilities and infrastructure. An action plan was developed for the combined project, including a 2025 budget that included advancement of studies associated with the synergies between the FDS and Josemaria projects, continuation of the drilling program and advancing the Josemaria project.

Capital expenditures for the Joint Arrangement are forecast to total $312 million on a 100% basis for 2025. The workplan will focus on FDS drilling, FDS mineral resource estimation, Josemaria mineral resource estimation update, mine planning, metallurgy, hydrology wells and studies, commencement of access road construction, and exploration at the Cumbre Verde target. In parallel, engineering studies and trade off analysis will be completed in preparation for future permitting and a technical report outlining an integrated project plan for development and operation.

Vicuña is targeting a new mineral resource estimate at FDS and an update to the resource estimate at Josemaria within the first half of 2025. These resource estimates will form the basis of an integrated technical report which will outline the development plan for the phased construction of the district.

Drilling is currently underway at FDS and Cumbre Verde. Drilling at FDS will continue throughout the year. The drill program at FDS will focus on resource growth with multiple step-out targets in all directions from zones of known mineralization, including both the Bonita and Aurora Zones along with infill drilling to support an initial sulphide mineral resource estimate. Drilling at Cumbre Verde will follow up on the initial results from last year and target the same mineralized system and structures discovered to the north of the project.

During the quarter, Josemaria activities were focused on continuing the Environmental Impact Assessment ("EIA") update and maintaining progress on the water program. Field activities continued with the water program, geotechnical studies, road maintenance, wetlands biodiversity offset and exploration drilling at Cumbre Verde.

Senior Leadership Appointments

The Company would also like to announce the executive appointments of Eduardo Cortes as Vice President, Mining & Mineral Resources and Andre Gagnon as Vice President, Geotechnics & Water.

Eduardo Cortes

Eduardo Cortés is the Vice President, Mining & Resources at Lundin Mining Corporate, leading mine planning, reserves, geology, and metallurgy across the company's global operations. With more than 12 years of experience across the Americas, he has a strong track record of mine optimization, cost reduction, and strategic growth.

Previously, at Lundin Mining Corporate, he served as Director, Reserves & Mine Planning, overseeing reserve estimation and technical assurance, and before that, as Senior Mining Engineer, leading high-impact optimization projects at Candelaria, Caserones, and Chapada.

Before joining Lundin Mining, Eduardo was a core member of the Fruta del Norte project at Lundin Gold, developing the mine from feasibility through commercial production. Following this, he served as Chief Engineer at Bluestone Resources, overseeing mine planning efforts. Earlier, at NCL SPA, he worked on major underground projects for Codelco and Anglo American.

Eduardo holds a Mining Engineering degree from Universidad de Santiago de Chile and is fluent in Spanish and English, with intermediate Portuguese.

Andre Gagnon

Andre Gagnon was appointed Vice President, Geotechnics & Water. Mr. Gagnon joined Lundin Mining in 2017 and has served in increasingly senior roles, starting as Senior Tailings & Geotechnical Engineer before progressing to Director, Tailings. Mr. Gagnon is responsible for leading a team of functional experts focused on tailings, water, geotechnical engineering, and hydrogeology. Mr. Gagnon has more than 18 years of experience in the mining industry.

Prior to joining Lundin Mining, he served as Manager, Tailings at Goldcorp and as a consultant focused on tailings and geotechnical engineering, and water management.

Mr. Gagnon holds a B.A.Sc. in Geological Engineering from Queen's University, and an M.Sc. in Engineering Geology from Imperial College London. He is a registered Professional Engineer in Ontario and British Columbia.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with projects or operations focused in the Americas and primarily producing copper, gold and nickel.

The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on February 19, 2025 at 18:35 Vancouver Time.

Technical Information

The scientific and technical information in this press release has been prepared in accordance with the disclosure standards of National Instrument 43-101 ("NI 43-101") and has been reviewed by Patrick Merrin, P.Eng., Executive Vice President, Technical Services, a "Qualified Person" under NI 43-101. Mr. Merrin has verified the data disclosed in this release and no limitations were imposed on his verification process.

Reconciliation of Non-GAAP Measures

The Company uses certain performance measures in its analysis. These performance measures have no standardized meaning within generally accepted accounting principles under International Financial Reporting Standards and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. For additional details please refer to the Company's discussion of non-GAAP and other performance measures in its MD&A the year ended ended December 31, 2024 which is available on SEDAR+ at www.sedarplus.ca.

Cash Cost per Pound and All-in Sustaining Costs per pound can be reconciled to Production Costs as follows:

	Three months ended December 31, 2024
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total – continuing operations	(Cu)	(Zn)	Total – discontinued operations
Sales volumes (Contained metal):
Tonnes	49,052	26,750	10,200	1,088		5,230	18,627
Pounds (000s)	108,141	58,973	22,487	2,399		11,531	41,066
Production costs					486,877			102,300
Less: Royalties and other					(27,839)			(20)
					459,038			102,280
Deduct: By-product credits					(137,021)			(75,716)
Add: Treatment and refining					27,483			12,128
Cash cost	165,039	147,826	24,107	12,528	349,500	21,230	17,462	38,692
Cash cost per pound ($/lb)	1.53	2.51	1.07	5.22		1.84	0.43
Add: Sustaining capital	55,526	42,988	32,916	5,224		12,680	22,470
Royalties	4,692	7,663	2,689	696		793	—
Reclamation and other closure accretion and depreciation	2,129	(4,457)	2,373	1,734		1,184	747
Leases & other	1,449	17,229	1,080	2,691		2,917	74
All-in sustaining cost	228,835	211,249	63,165	22,873		38,804	40,753
AISC per pound ($/lb)	2.12	3.58	2.81	9.53		3.37	0.99

	Three months ended December 31, 2023
Operations	Candelaria	Caserones	Chapada	Eagle	Total -continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total -continuing operations	(Cu)	(Zn)	Total – discontinued operations
Sales volumes (Contained metal):
Tonnes	38,888	35,690	13,080	3,105		9,054	17,316
Pounds (000s)	85,733	78,683	28,836	6,845		19,961	38,176
Production costs					533,783			114,254
Less: Royalties and other					(22,221)			(2,299)
Inventory fair value adjustment					(7,760)			—
					503,802			111,955
Deduct: By-product credits					(136,641)			(67,523)
Add: Treatment and refining					39,139			18,799
Cash cost	152,276	183,687	54,108	16,229	406,300	39,218	24,013	63,231
Cash cost per pound ($/lb)	1.78	2.33	1.88	2.37		1.96	0.63
Add: Sustaining capital	79,316	55,031	19,858	6,548		28,070	10,546
Royalties	—	8,270	2,174	5,003		1,081	—
Reclamation and other closure accretion and depreciation	2,158	1,427	2,047	2,620		1,305	933
Leases & other	2,901	25,715	1,131	1,101		106	103
All-in sustaining cost	236,651	274,130	79,318	31,501		69,780	35,595
AISC per pound ($/lb)	2.76	3.48	2.75	4.60		3.50	0.93

	Year ended December 31, 2024
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total – continuing operations	(Cu)	(Zn)	Total – discontinued operations
Sales volumes (Contained metal):
Tonnes	158,017	113,867	39,615	5,662		26,721	68,086
Pounds (000s)	348,367	251,033	87,336	12,483		58,910	150,104
Production costs					1,898,627			445,227
Less: Royalties and other					(84,501)			(4,785)
					1,814,126			440,442
Deduct: By-product credits					(504,431)			(305,479)
Add: Treatment and refining					113,565			55,407
Cash cost	603,533	629,582	137,714	52,431	1,423,260	129,128	61,242	190,370
Cash cost per pound ($/lb)	1.73	2.51	1.58	4.20		2.19	0.41
Add: Sustaining capital	275,720	143,965	107,843	21,222		89,302	65,658
Royalties	15,730	32,106	8,580	7,442		3,961	—
Reclamation and other closure accretion and depreciation	8,570	(1,262)	10,153	6,767		5,220	4,033
Leases & other	9,133	69,002	3,576	6,949		3,322	309
All-in sustaining cost	912,686	873,393	267,866	94,811		230,933	131,242
AISC per pound ($/lb)	2.62	3.48	3.07	7.60		3.92	0.87

	Year ended December 31, 2023
Operations	Candelaria	Caserones	Chapada	Eagle	Total – continuing operations	Neves-Corvo	Zinkgruvan	Total – discontinued operations
($000s, unless otherwise noted)	(Cu)	(Cu)	(Cu)	(Ni)	Total – continuing operations	(Cu)	(Zn)	Total – discontinued operations
Sales volumes (Contained metal):
Tonnes	144,473	66,075	43,761	13,339		32,054	65,344
Pounds (000s)	318,508	145,670	96,476	29,407		70,667	144,059
Production costs					1,644,037			442,071
Less: Royalties and other					(60,916)			(5,321)
Inventory fair value adjustment					(39,945)			—
					1,543,176			436,750
Deduct: By-product credits					(428,208)			(271,707)
Add: Treatment and refining					118,480			64,848
Cash cost	660,160	290,553	219,278	63,457	1,233,448	167,424	62,467	229,891
Cash cost per pound ($/lb)	2.07	1.99	2.27	2.16		2.37	0.43
Add: Sustaining capital	380,112	83,880	72,291	22,201		102,621	53,358
Royalties	—	15,820	8,568	22,994		3,949	—
Reclamation and other closure accretion and depreciation	9,258	2,560	7,836	11,331		5,387	3,744
Leases & other	13,325	47,944	4,999	4,100		553	427
All-in sustaining cost	1,062,855	440,757	312,972	124,083		279,934	119,996
AISC per pound ($/lb)	3.34	3.03	3.24	4.22		3.96	0.83

Adjusted EBITDA can be reconciled to Net Earnings (Loss) as follows:

	Three months ended December 31,		Year ended December 31,
($thousands)	2024	2023	2024	2023	2022
Net earnings (loss) — continuing operations	(159,618)	40,444	153,354	276,850	316,772
Add back:
Depreciation, depletion and amortization	148,033	181,865	607,744	497,873	416,204
Finance costs, net	38,282	32,023	141,455	91,429	51,317
Income taxes expense	34,767	101,858	229,973	214,366	104,113
EBITDA — continuing operations	61,464	356,190	1,132,526	1,080,518	888,406
Unrealized foreign exchange loss (gain)	(10,808)	2,693	(10,994)	1,804	16,491
Unrealized losses (gains) on derivative contracts	85,986	(2,592)	85,168	8,464	(62,971)
Ojos del Salado sinkhole expenses (recoveries)	(10,042)	1,687	(9,492)	16,922	63,271
Revaluation loss (gain) on marketable securities	(911)	(1,393)	(7,383)	(1,846)	(5,201)
Caserones inventory fair value adjustment	—	7,760	—	39,945	—
Partial suspension of underground operations at Eagle	11,436	—	36,073	—	—
Revaluation of Caserones purchase option	—	2,556	(11,728)	2,556	—
Write-down of assets	4,160	—	22,129	—	5,783
Goodwill and asset impairment	254,218	—	254,218	—	4,280
Inventory write-down (reversal)	(26,626)	—	(26,626)	—	62,546
Gain on disposal of subsidiary	—	—	—	(5,718)	(16,828)
Other	(637)	732	(2,085)	2,958	(2,133)
Total adjustments — EBITDA	306,776	11,443	329,280	65,085	65,238
Adjusted EBITDA — continuing operations	368,240	367,633	1,461,806	1,145,603	953,644
Including discontinued operations:
Net earnings (loss) — discontinued operations	(244,816)	26,309	(214,671)	38,399	146,761
Add back:
Depreciation, depletion and amortization	32,831	41,191	155,344	155,723	138,546
Finance costs, net	1,813	2,868	9,793	11,270	12,868
Income taxes expense	(22,173)	758	(13,711)	2,233	30,515
EBITDA — discontinued operations	(232,345)	71,126	(63,245)	207,625	328,690
Unrealized foreign exchange loss (gain)	(960)	76	(200)	(580)	4,673
Unrealized losses (gains) on derivative contracts	(466)	(16,717)	18,597	13,468	—
Goodwill and asset Impairment	291,178	—	291,178	—	(19)
Other	(22)	(2,388)	(1,114)	(2,568)	5,518
Total adjustments — EBITDA discontinued operations	289,730	(19,029)	308,461	10,320	10,172
Adjusted EBITDA — discontinued operations	57,385	52,097	245,216	217,945	338,862
Adjusted EBITDA (all operations)	425,625	419,730	1,707,022	1,363,548	1,292,506

Adjusted Earnings and Adjusted EPS can be reconciled to Net Earnings (Loss) Attributable to Lundin Mining Shareholders as follows:

	Three months ended December 31,		Year ended December 31,
($thousands, except share and per share amounts)	2024	2023	2024	2023	2022
Net (loss) earnings attributable to Lundin Mining shareholders — continuing operations	(195,343)	12,488	11,144	203,163	277,198
Add back:
Total adjustments – EBITDA	306,776	11,443	329,280	65,085	65,238
Tax effect on adjustments	(57,600)	(2,987)	(59,519)	(26,925)	2,882
Deferred tax expense due to change in tax rate	—	14,500	—	40,200	—
Deferred tax arising from foreign exchange translation	45,065	41,168	12,712	28,841	(20,733)
Non-controlling interest on adjustments	(4,077)	(4,221)	(1,912)	(22,886)	2,026
Total adjustments	290,164	59,903	280,560	84,315	49,413
Adjusted earnings — continuing operations	94,821	72,391	291,704	287,478	326,611
Including discontinued operations:
Net earnings attributable to Lundin Mining shareholders – discontinued operations1	(244,816)	26,309	(214,671)	38,399	149,652
Add back:
Total adjustments – EBITDA – discontinued operations	289,730	(19,029)	308,461	10,320	10,172
Tax effect on adjustments	(20,544)	—	(26,547)	—	(3,679)
Total adjustments	269,186	(19,029)	281,914	10,320	6,493
Adjusted earnings — discontinued operations	24,370	7,280	67,243	48,719	156,145
Adjusted earnings (all operations)	119,191	79,671	358,947	336,197	482,756

Basic weighted average number of shares outstanding	776,720,828	773,476,216	774,825,230	772,532,260	762,518,753

Net (loss) earnings attributable to Lundin Mining shareholders – continuing operations	(0.25)	0.02	0.01	0.26	0.36
Total adjustments	0.37	0.08	0.36	0.11	0.06
Adjusted EPS — continuing operations	0.12	0.09	0.38	0.37	0.43

Net (loss) earnings attributable to Lundin Mining shareholders – discontinued operations	(0.32)	0.03	(0.28)	0.05	0.20
Total adjustments	0.35	(0.03)	0.36	0.01	0.01
Adjusted EPS — discontinued operations	0.03	0.01	0.09	0.06	0.20

Net (loss) earnings attributable to Lundin Mining shareholders	(0.57)	0.05	(0.26)	0.31	0.56
Total adjustments	0.72	0.05	0.73	0.12	0.07
Adjusted EPS (all operations)	0.15	0.10	0.46	0.44	0.63

1 Represents Net (loss) earnings attributable to Lundin Mining Corporation shareholders less Net earnings from continuing operations attributable to Lundin Mining Corporation shareholders.

Free Cash Flow from Operations and Free Cash Flow can be reconciled to Cash provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

	Three months ended December 31,		Year ended December 31,
($thousands)	2024	2023	2024	2023	2022
Cash provided by operating activities related to continuing operations	547,267	249,875	1,300,848	827,244	615,986
Sustaining capital expenditures	(136,674)	(165,211)	(549,100)	(571,245)	(520,465)
General exploration and business development	12,974	11,062	45,352	44,010	135,213
Free cash flow from operations — continuing operations	423,567	95,726	797,100	300,009	230,734
General exploration and business development	(12,974)	(11,062)	(45,352)	(44,010)	(135,213)
Expansionary capital expenditures	(50,607)	(41,082)	(243,566)	(275,913)	(171,094)
Free cash flow — continuing operations	359,986	43,582	508,182	(19,914)	(75,573)
Cash provided by operating activities related to discontinued operations	73,014	56,206	218,009	189,368	260,903
Sustaining capital expenditures	(35,150)	(38,616)	(154,960)	(155,979)	(119,366)
General exploration and business development	4,614	3,438	12,843	11,682	9,140
Free cash flow from operations — discontinued operations	42,478	21,028	75,892	45,071	150,677
General exploration and business development	(4,614)	(3,438)	(12,843)	(11,682)	(9,140)
Expansionary capital expenditures	—	—	—	—	(31,899)
Free cash flow — discontinued operations	37,864	17,590	63,049	33,389	109,638
Free cash flow from operations (all operations)	466,045	116,754	872,992	345,080	381,411
Free cash flow (all operations)	397,850	61,172	571,231	13,475	34,065

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share can be reconciled to Cash Provided by Operating Activities on the Company's Consolidated Statement of Cash Flows as follows:

	Three months ended December 31,		Year ended December 31,
($thousands, except share and per share amounts)	2024	2023	2024	2023	2022
Cash provided by operating activities related to continuing operations	547,267	249,875	1,300,848	827,244	615,986
Changes in non-cash working capital items	(295,508)	55,518	(220,880)	20,032	124,087
Adjusted operating cash flow — continuing operations	251,759	305,393	1,079,968	847,276	740,073
Cash provided by operating activities related to discontinued operations	73,014	56,206	218,009	189,368	260,903
Changes in non-cash working capital items	(10,895)	447	4,615	(12,427)	(8,031)
Adjusted operating cash flow — discontinued operations	62,119	56,653	222,624	176,941	252,872
Adjusted operating cash flow (all operations)	313,878	362,046	1,302,592	1,024,217	992,945

Basic weighted average number of shares outstanding	776,720,828	773,476,216	774,825,230	772,532,260	762,518,753

Adjusted operating cash flow per share — continuing operations	$ 0.32	0.39	1.39	1.10	1.00
Adjusted operating cash flow per share — discontinued operations	$ 0.08	0.08	0.29	0.23	0.30
Adjusted operating cash flow per share (all operations)	$ 0.40	0.47	1.68	1.33	1.30

Net debt and net debt excluding lease liabilities can be reconciled to Debt and Lease Liabilities, Current Portion of Debt and Lease Liabilities and Cash and Cash Equivalents on the Company's Consolidated Balance Sheets as follows:

($ thousands), continuing operations	December 31, 2024	December 31, 2023	December 31, 2022
Debt and lease liabilities	(1,610,925)	(1,273,162)	(27,179)
Current portion of debt and lease liabilities	(395,232)	(212,646)	(170,149)
Less deferred financing fees (netted in above)	(7,656)	(6,374)	(4,926)
Add debt and lease liabilities related to liabilities classified as held-for-sale	(16,266)	–	–
	(2,030,079)	(1,492,182)	(202,254)

Cash and cash equivalents	357,478	268,793	191,387
Add cash and cash equivalents related to assets classified as held-for-sale	74,801	–	–
Net debt	(1,597,800)	(1,223,389)	(10,867)

Lease liabilities	249,185	277,208	27,166
Lease liabilities related to liabilities classified as held-for-sale	16,266	–	–
Net debt excluding lease liabilities	(1,332,349)	(946,181)	16,299

Cautionary Statement on Forward-Looking Information

Lundin Mining Fourth Quarter and Full Year 2024 Results (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/19/c4990.html

VANCOUVER, British Columbia (AP) — VANCOUVER, British Columbia (AP) — Lundin Mining Corp. (LUNMF) on Wednesday reported a loss of $440.2 million in its fourth quarter.

The Vancouver, British Columbia-based company said it had a loss of 57 cents per share. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 12 cents per share.

The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 19 cents per share.

The base metals mining company posted revenue of $858.9 million in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $1.13 billion.

For the year, the company reported a loss of $203.5 million, or 26 cents per share. Revenue was reported as $3.42 billion.

_____

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

Lundin Mining (LUN.TO) late on Wednesday reported an increase in fourth-quarter 2024 adjusted earnin

(Updates shares.) Lundin Mining (LUN.TO) late on Wednesday reported higher fourth-quarter adjuste

(Bloomberg) — Glencore Plc said it’s studying whether to move its primary listing away from London, potentially becoming the latest major miner to leave what has for decades been the industry’s global hub.

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“Ultimately, what we want to ensure is that our securities are traded on the right exchange where we can get the right and optimal valuation for our stock,” Glencore Chief Executive Officer Gary Nagle said on a call with reporters. “There have been questions raised previously around whether London is the right exchange.”

Glencore began trading on the London Stock Exchange in 2011, in what was the bourse’s largest ever IPO at the time. The company said in a presentation on Wednesday that it was studying the best location for its primary listing.

Glencore joins some of the world’s biggest companies in weighing a London exit, as they look enviously at the deeper pools of capital, higher multiples and greater appetite for fossil fuels in the US. Oil major Shell Plc has been considering a move to the US, while miner Rio Tinto Plc is under pressure to collapse its London listing to focus on Australia. BHP Group Ltd. has already done so.

Losing Glencore would be a blow to London, which has lost 25% of its companies in the past decade.

Why London’s Once-Vibrant Stock Market Is in a Rut: QuickTake

After buying a majority stake in Teck Resources Ltd.’s coal business in 2023, Glencore floated the idea of putting the combined coal operations into a new company listed on the New York Stock Exchange. Mutual-fund data shows the US market is more supportive of companies involved in fossil fuels.

Nagle said the review had nothing to do with the new US administration or its views on fossil fuels. However, the US was the leading candidate for a change, he added.

“We’re looking at all relevant exchanges that would make sense for Glencore,” Nagle said. “London is one — where we are and where we’re happy — but if there’s a better one, and those include the likes of the New York Stock Exchange, we have to consider that.”

While coal miners globally have come under pressure as prices have fallen, US investors have warmed to the sector as Donald Trump has made clear that the dirtiest fossil fuel will have a central role to play in his campaign to overhaul America’s energy policy.

“We believe re-domiciling to the US would be a positive catalyst for these shares if the company decides to go down that path,” said Christopher LaFemina, an analyst at Jefferies LLC.

The discussions come as London battles to stem a flux of companies moving their listings overseas in search of deeper liquidity and heftier valuations. Plumbing products distributor Ferguson Enterprises Inc., construction materials group CRH Plc and betting firm Flutter Entertainment Plc are among those that have moved their primary listing to the US in recent years, while equipment rental firm Ashtead Group Plc is in the process of switching to New York.

In 2022, rival miner BHP switched its main listing to Sydney, ending a dual arrangement with London. Most of the trading in BHP shares was already done in Australia.

In addition to the defections, the British capital is also having to contend with a relentless wave of takeovers that reached 14-year peak last year, as well as a dearth of initial public offerings with just $1 billion raised in all of 2024, according to data compiled by Bloomberg.

–With assistance from Mark Burton.

(Updates with CEO comment in seventh paragraph, background on London listings in 11th)

Most Read from Bloomberg Businessweek

Production Growth: Over 5% increase in major commodities production, excluding divestments and suspensions.
Unit Cost Reduction: Close to 4% reduction in unit costs for major assets.
Inflation Impact: Almost a 4% inflation headwind, successfully overcome.
Interim Dividend: USD 0.50 per share.

Release Date: February 18, 2025

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

Positive Points

BHP Group Ltd (NYSE:BHP) reported a strong operational and financial performance for the December 2024 half-year, with a production increase of over 5% in major commodities.
The company achieved a close to 4% reduction in unit costs for major assets, overcoming a 4% inflation headwind.
BHP Group Ltd (NYSE:BHP) declared an interim dividend of USD0.50 per share, reflecting strong underlying operational performance.
The company is advancing attractive organic growth projects, including a joint venture with Lundin Mining in Argentina for a significant copper discovery.
BHP Group Ltd (NYSE:BHP) is well-positioned with strong demand for its products, supported by early signs of recovery in China, resilient US economic performance, and strong growth in India.

Negative Points

BHP Group Ltd (NYSE:BHP) faces challenges in mergers and acquisitions (M&A) due to market circumstances, making it difficult to find value in large global deals.
The company has not yet provided a timeline for the CapEx announcement or investment decision on the Waikuna project.
BHP Group Ltd (NYSE:BHP) is cautious about the iron ore market, anticipating a contracting market towards the end of the decade due to plateauing Chinese steel demand.
The nickel market remains uncertain, with BHP Group Ltd (NYSE:BHP) suspending operations and planning to review the decision to restart in early 2027.
The company is dealing with ongoing legal challenges related to the Samarco disaster, with claimants in the UK case and potential liabilities still unresolved.

Q & A Highlights

Q: Can you provide an update on the timing for the Waikuna project, including CapEx announcements and investment decisions? A: We haven’t specified exact timings yet, but we plan to provide resource updates and outline key milestones, including potential FID completion, in the first half of the year. – Mike Henry, CEO

Q: How does BHP view M&A opportunities given current market conditions? A: M&A is challenging due to market circumstances, and our focus remains on organic growth, particularly in copper and potash. We are committed to delivering on our existing projects. – Mike Henry, CEO

Q: Does the medium-term CapEx guidance include the Escondida recapitalization? A: Yes, the $10 billion to $11 billion per year guidance includes Escondida recapitalization but excludes future nickel CapEx and certain other projects. – Mike Henry, CEO

Q: What gives you confidence in ramping up copper production in South Australia given past underperformance? A: Improved performance at Olympic Dam, investment in asset integrity, and synergies from consolidating assets give us confidence in future growth. – Mike Henry, CEO

Q: Do you see the market needing an extra 25 million tonnes of iron ore with the Way 330 expansion? A: We don’t see a need for more tonnes due to plateauing Chinese demand, but we are evaluating the potential returns from expanding our best-performing asset. – Mike Henry, CEO

Q: Will the nickel asset be put up for sale in the near term? A: We are optimistic about the nickel market’s potential improvement but will review the decision to restart in early 2027. – Mike Henry, CEO

Q: Is the current net debt target range still appropriate given potential growth phases? A: We believe a firm net debt range is the best metric for ensuring a robust balance sheet and disciplined capital allocation. – Mike Henry, CEO and Vandita Pant, CFO

Q: Are there concerns about time slippage or cost implications for the Jansen project? A: No concerns, as we have a well-defined contract with West Shore, and the project is progressing well. – Mike Henry, CEO

Q: How low do you think iron ore prices can go in the next 5 to 10 years? A: Prices could be pressured by new supply, but we focus on being at the low end of the cost curve and improving product quality to maintain resilience. – Mike Henry, CEO

Q: Can you provide an update on the Samarco UK class action and other legal matters? A: Our position remains that the Brazilian system is the most appropriate recourse for claimants, and some have migrated to it for faster resolution. – Mike Henry, CEO

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

This article first appeared on GuruFocus.

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10.4 million ounces ("Moz") Palladium Equivalent ("PdEq1") Measured + Indicated, and 5.0 Moz PdEq1 Inferred

VANCOUVER, BC, February 18, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") is pleased to report the results of its 2025 Mineral Resource Estimate ("MRE") at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga deposit" or "Luanga PGM+Au+Ni deposit"), located in the Carajás Mineral Province, Pará State, Brazil. The 2025 MRE shows substantial improvements over the previously reported 2023 MRE (See press release October 22, 2023) using the same metal prices and similar other assumptions.

Highlights of Bravo's 2025 MRE at a 0.50 g/t PdEq1 cut-off grade:

- 154% increase in Measured + Indicated contained PdEq1 ounces
- 117% increase in Measured + Indicated tonnes
- 17% increase in Measured + Indicated PdEq1 grades
- 34% increase in Inferred PdEq1 grade
- Measured & Indicated Resources now make up 67% of total resources
Measured + Indicated resources total 158 million tonnes ("Mt") grading 2.04 grams per tonne ("g/t") PdEq1, for a total of 10.4 Moz of PdEq1 contained.The MRE introduces Measured mineral resource for the first time. The combined Measured + Indicated tonnes have improved by 117% as compared to the Indicated tonnes in the 2023 MRE, while grade has improved by 17%, resulting in a 154% increase in contained PdEq1 ounces.
Inferred Resources of 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1.Tonnes of Inferred resources decreased, as most of previous Inferred tonnages were reclassified to higher-confidence categories while new Inferred resources were added beyond the limits of the prior MRE, and grades improved by 34% in the Inferred category.
Measured & Indicated Resources now make up 67% of total MRE, a significant improvement from the 2023 MRE where 38% of the mineral resource was in the Indicated category.
Relative percentages of each metal by PdEq1 value contribution to the MRE, are estimated at: 47% Pd, 25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au.
2025 MRE outcome was achieved using the same metal prices as the prior MRE, somewhat more conservative metallurgical recoveries and otherwise similar modifying factors.
The MRE remains open at depth along the 8.1km strike of the deposit, with many of the areas below current drilling depths are considered l within potential open pit extraction depths.

"The delivery of our 2025 MRE update is a significant achievement by our team. We have exceeded our own expectations for resource growth in declared tonnes, grade and contained metal, with a considerable increase to the confidence levels in resource categories. The 2025 MRE firmly establishes our Luanga Project as one of the few large-scale, multi-million-ounce, open-pit PGM deposits available globally, in mining friendly, geopolitically favourable locations", said Luis Azevedo, Chairman and CEO. "Centrally located in the Americas and within reach of major PGM consumers, Luanga also stands out for having access to all essential infrastructure for mining development and operations, including access to cost-efficient renewable power, highways, rail, ports and a skilled mining workforce. With strong community support, as evident in our successful recent public hearing for the permitting process, Bravo Mining is well positioned for continued success, complemented by our continuing copper exploration."

_________________________________
1	For grades by individual metals, see Table 1 below, where the footnotes also detail the basis of the PdEq1 calculation

2025 MRE Details:

Bravo's 2025 pit constrained MRE has an effective date of February 18, 2025, and it is comprised of 158 Mt grading 2.04 g/t PdEq1 for a total of 10.4 Moz of PdEq1 in the Measured + Indicated category, and 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1 in the Inferred category. Table 1 shows a breakdown of the MRE by tonnage, grade and metal content for each metal, weathering type, and resource classification category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will be converted into mineral reserves. This MRE includes Inferred Mineral Resources which have had insufficient work to classify them as Indicated mineral resources. It is uncertain but reasonably expected that Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

Resource Classification	Weathering	Average Grades and Contained Metal Estimates
		Tonnes	PdEq1		Pd		Pt		Rh		Au		Ni
		Mt	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	%	Tonnes
Measured	Oxide	4	1.51	197	0.90	117	0.88	115	0.12	15	0.05	7	—	—
	High talc	—	—	—	—	—	—	—	—	—	—	—	—	—
	Fresh Rock	32	2.06	2,144	0.97	1,009	0.67	694	0.08	88	0.04	46	0.11	35,282
	Total	36	2.00	2,340	0.96	1,126	0.69	809	0.09	104	0.04	53	0.10	35,282
Indicated	Oxide	6	1.51	314	0.97	200	0.73	151	0.11	23	0.04	9	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	113	2.09	7,599	0.99	3,583	0.59	2,133	0.09	318	0.05	193	0.14	156,406
	Total	122	2.06	8,058	0.99	3,872	0.59	2,326	0.09	348	0.05	210	0.13	159,566
Measured + Indicated	Oxide	10	1.51	510	0.94	317	0.79	266	0.11	38	0.04	15	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	145	2.08	9,743	0.98	4,592	0.60	2,827	0.09	407	0.05	239	0.13	191,688
	Total	158	2.04	10,399	0.98	4,998	0.62	3,135	0.09	451	0.05	262	0.12	194,848
Inferred	Oxide	3	1.57	130	0.88	73	1.04	86	0.13	11	0.05	4	—	—
	High talc	0.1	1.76	5	1.08	3	0.53	2	0.07	0	0.10	0	0.14	133
	Fresh Rock	75	2.02	4,878	0.97	2,344	0.58	1,389	0.08	191	0.05	123	0.13	97,586
	Total	78	2.01	5,013	0.97	2,421	0.59	1,476	0.08	202	0.05	128	0.13	97,719

Table 1: MRE Declaration at a Cut-off of 0.5g/t PdEq1*

* Notes:
1.	The MRE has been prepared by Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualified Person ("QP") for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The effective date of the MRE is 18 February 2025.
2.	Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
3.	The MRE Estimate is reported/confined within an economic pit shell generated by Dassault Geovia Whittle software, using the following assumptions:
	Generated from work completed by Bravo and historical test work: Metallurgical recovery in sulphide material of 77% Pd, 81% Pt, 51% Rh, 48% Au, 50% Ni to a Ni-PGM concentrate. Metallurgical recovery in oxide material of 81% Pd, 23% Pt, 54% Rh, 90% Au to a PGM ash residue (Ni not applicable). Metallurgical recovery in high-talc sulphide material of 51% Pd, 55% Pt, 27% Rh, 27% Au, 50% Ni to a Ni-PGM concentrate. Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock. Densities are based on 27,170 drillhole core and 112 in situ samples density measurements. The Mineral Resources are reported on a dry density basis. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing, with operating costs for downstream processing included in the calculation of the 0.5g/t PdEq1 cut-off used for the declared MRE. Payable royalties of 2%. Metal Pricing For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model (a 10-year trailing average – 2014-2023): Pd price of US$1,380/oz, Pt price of US$1,100/oz, Rh price of US$6,200/oz, Au price of US$1,500/oz, Ni price of US$7.10/lb. Palladium Equivalent ("PdEq1") Calculation: The PdEq equation is: PdEq1 = Pd g/t + F1 + F2 + F3 + F4 Where: F1 = (PtpPtR)/(PdpPdR) Ptt F2 = (RhpRhR)/(PdpPdR) Rht F3 = (AupAuR)/(PdpPdR) Aut F4 = (NipNiR)/(PdpPdR) Nit P = Metal Price R = Metallurgical Recover Costs are taken from comparable projects in GE21's extensive database of mining operations in Brazil, which includes not only operating mines, but recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10Mtpa. Mining costs: US$2.00/t oxide, US$3.00/t Fresh Rock. Processing costs: US$9.00/t fresh rock, US$7.50/t oxide. US$1.50/t processed, for General & Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation. Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore PdEq1 calculations should be regarded as preliminary in nature.
4.	The current MRE supersedes and replaces the Previous Estimate (2023), which should be no longer relied upon.
5.	The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those typical for mining projects at this stage of development, including those listed in the Technical Report dated October 22nd, 2023 and in the Company's Annual Information Form dated April 22nd, 2024.
6.	Totals may not sum due to rounding.

Luanga Mineral Resource Estimate

The Luanga deposit mineral resource database consists of 531 drillholes (Bravo + historic drilling) inside the Luanga deposit, with 108,343 metres of drilling between 1992 to 2025. This database includes 107,516 metres of assayed drill intervals at an average interval of approximately 1m per assay interval.

All assayed drill interval lengths of core used in the mineralized domains are HQ diameter diamond drill core in the oxide and NQ2 diameter diamond drill core in fresh rock.

All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned drillholes, extensive re-sampling and assaying of historic drill core, statistical comparison of historical data with Bravo drilling, and by field validation of collar locations. In addition, the MRE included sample assay results from 45 trenches for 8,714 metres and 9,355 assays at an average sampling interval approximately to 1m.

Thirteen mineralized style domains were generated based on position in deposit and geological and metallurgical behaviour, with most of the tonnage contained within the Main Sulphide Zone.

There are no known issues that materially affect the MRE, other than the usual risks faced by any mining project in Brazil or other jurisdictions, such as the risks and uncertainties inherent in mineral exploration and development, environmental, permitting, taxation, socio-economic, marketing, political factors or any additional risks listed in the Technical Report dated October 22nd, 2023, the Company's Annual Information Form April 22nd, 2024 and "Forward-Looking Statements" section in this news release.

The metallurgical recovery assumptions for the 2025 MRE have been based on results generated from multiple phases of laboratory-scale metallurgical test work including approximately 150 flotation tests conducted for Bravo Mining (2022 – 2025) at independent laboratories in Brazil and Canada.

Oxide recoveries used in the MRE calculation are based on results generated from exploratory and detailed parameter leaching programs (2022 – 2024) performed for Bravo through independent laboratories in Brazil. Refer to Schedule 2 of this press release for further details.

Metal price assumptions were previously derived in the 2023 MRE from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals. For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model.

The current 2025 MRE supersedes and replaces the previous estimate (2023), which should be no longer relied upon.

For illustration purposes, the pie chart below (Figure 1) shows the relative percentages of metal value contribution to the Luanga MRE using 'grade x metallurgical recovery x metal price' for each metal.

Figure 1: Metal Value Contribution Per Element in the 2025 MRE. (CNW Group/Bravo Mining Corp.)

Based on recoveries and GE21's estimates of costs, a cut-off grade ("COG") of 0.5 g/t PdEq1 was determined for reporting the base case of the MRE. Refer to Schedule 1 of this press release for further details on the factors contributing to the COG estimate. A sensitivity analysis of the COG on the MRE, from 0.1 to 1.0 g/t PdEq1, in increments of 0.1 g/t is shown in Table 2.

MEASURED + INDICATED			INFERRED
PdEq1 Cut-off grade	Tonnes	Recovered Pd/Eq1	PdEq1 Cut-off grade	Tonnes	Recovered Pd/Eq1
(g/t)	Mt	(g/t)	(g/t)	Mt	(g/t)
0.1	165	1.97	0.1	80	1.96
0.2	164	1.99	0.2	79	1.97
0.3	162	2.00	0.3	79	1.98
0.4	161	2.02	0.4	79	1.99
0.5	158	2.04	0.5	78	2.01
0.6	147	2.15	0.6	74	2.07
0.7	134	2.30	0.7	67	2.23
0.8	124	2.43	0.8	57	2.48
0.9	118	2.52	0.9	54	2.59
1.0	115	2.55	1.0	53	2.61

Table 2: MRE Sensitivity (grade/tonnes/cut-off) with a 0.5g/t PdEq1 selected for the base case.

*Notes:
	See footnotes below Table 1 on Page 2. The PdEq1 calculation (as defined by the formula in the footnotes below Table 1) includes metallurgical recovery for each metal. Therefore, the PdEq1 grade is one that has a reasonable expectation of what can be recovered after allowing for mining and processing costs and recoveries.

Figure 2: Oblique View of Luanga 2025 MRE PdEq1 grade distribution within constraining pit shell, over 8.1km of Strike. (CNW Group/Bravo Mining Corp.)Figure 3: Oblique View of Luanga 2025 MRE within Constraining pit shell, showing resource classification distribution over 8.1km of Strike. (CNW Group/Bravo Mining Corp.)

Mineral Resource growth potential

The Company believes that there is further potential to increase this updated MRE at Luanga, as follows:

The mineralization is open at depth along the entire 8.1km of strike.
The 2025 MRE generally extends to drilled depths that align with the depths of the Phase 1, 2, 3 and 4 drilling, typically up to 400m below surface in the Central Sector (Figure 4) and approximately 250 metres from surface in the North (Figure 4) and Southwest Sectors and is largely untested below those depths.
This depth potential can be seen in section in Figure 4, where modelling of Inferred resource block on this section is supported by deeper drilling on the sections on either side, leaving opportunity to further extend mineralization at depth and, on this section (Figure 4), the opportunity to convert Inferred resources to a higher category with infill drilling.
There are few drill holes that extend below the 2025 MRE constraining pit shell. Drilling in the Phase 1 (completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the Phase 2, 3 and 4 programs tested the extensions of mineralization to >250m below surface. To date, only the Central Sector drilling has reached depths of >300m below surface, with the constraining pit shell still reaching or passing the limit of the drill data (Figure 4). The section shown in Figure 4 in the Central Zone is one of the deepest parts of the 2025 MRE constraining pit shell.
The cross-section in Figure 5 (Southwest Sector) also shows how the lack of data at depth is restricting the potential for MRE extensions at depth.
Similarly, in Figure 3, the interpreted continuation of mineralization at depth (unclassified, coloured grey) also demonstrates where deeper drilling is required.

Figure 4: 2025 MRE Section Central Sector. Deepest part of the MRE, showing opportunity to convert additional high-grade Inferred blocks at depth in the MSZ, where blocks are supported by deeper drilling on adjacent sections. Mineralization remains open at depth. (CNW Group/Bravo Mining Corp.)

Many of the deeper drill holes completed by Bravo, the deepest on their individual sections (See examples in press release February 10, 2025), intersected wider and higher-grade mineralization intervals than typical of the MRE. This indicates potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage.
Some of Bravo's drilling has also intersected mineralized horizons stratigraphically above or below the Main Sulphide Zone ("MSZ"). However, existing drilling in the 2025 MRE does fully test some of these other zones, or their extensions at depth (Figure 5). As a result, they are relatively minor contributors to the 2025 MRE, and present further opportunity, as these mineralized zones may develop into more significant contributors in the future.

Figure 5: 2025 MRE Section Southwest Sector, showing MRE constraining pit shell reaching the limit of drilling data, and the presence of additional mineralized zones stratigraphically higher. (CNW Group/Bravo Mining Corp.)

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 exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil.

Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists and engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere. The individuals in the team 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 30,000 high-value trees in and around the project area in the past 30 months, while hiring personnel and contracting services locally.

Technical Disclosure

Technical Disclosure and Qualified Persons

Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both are an Independent QP as defined in NI 43-101 and are responsible for the MRE. Independent peer reviews were carried out internally within the GE21 Group, over the complete MRE process.

The technical assurance program developed and implemented for the 2023 MRE process (See press release for details October 22, 2023), has operated continuously, with the same procedures and protocols in practice since implementation, and thus applied here to the 2025 MRE.

Mr. Cabaleiro has reviewed and approved the scientific and technical information related to the MRE contained in this news release.

Technical information in this news release has been reviewed and approved by Simon Mottram, F.AusIMM (Fellow Australia Institute of Mining and Metallurgy), President of Bravo Mining Corp. who serves as the Company's "qualified person" as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. Mottram has verified the technical data and opinions contained in this news release.

Details of the MRE will be provided in a technical report with an effective date of February 18, 2025, prepared in accordance with NI 43-101, which will be filed under the Company's SEDAR+ profile within 45 days of this news release.

For further information about Bravo, please visit www.bravomining.com.

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.

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "believes", "substantial", ''improve", ''increase", ''significant", ''expectations ", ''considerable", ''increase", ''favourable", ''well-positioned", ''success ", ''potential ", ''opportunity", variants of these words and other similar words, phrases, or statements that certain events or conditions "could", "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's 2025 MRE update; that the mineral resource remains open at depth, the potential for future MRE growth from deeper drilling, and/or additional zones and/or drilling of geophysical targets; potential repeatability and improvements to the economic assumptions and/or to metallurgical recoveries used in the MRE; the potential to convert some or all of the MRE to mineral reserves through economic studies and the results of any such studies; the assumption that onsite downstream processing will be technically and economically feasible; the outcomes of future economic studies and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open at depth, that PGM and/or Ni grades and mineralized thicknesses are improving at depth; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Cautionary Note for U.S. Investors Concerning Mineral Resources

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under the U.S. Securities and Exchange Commission ("SEC") modernization rules, known as "S-K 1300", and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of an "measured mineral resource", "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category or converted into mineral reserves in accordance with S-K 1300. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC S-K 1300 standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this News Release contain descriptions of the Company's mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Schedule 1: Key Assumptions and Methods Used for the MRE

Variography and Interpolations

Grade estimation for sulphide material was completed using the E-type post-processing of the conditional TBS for each element and each domain. 50 simulations with 400 bands were performed. Raw Variography and raw histogram were validated according to the TBS simulation. No grade variables were capped. The simulations are compared and validated with the OK methodology and Nearest Neighbor Estimation.

The conditional TBS was performed in a block size of 2.5mx2.5mx2.5m and was upscaled for a parental block model of 25mx25mx5m. The parental block model was then sub-blocked with a minimum block size of 3.125m m x 3.125 m x 1.25 m. Grade estimation for oxide material was completed using the OK technique for each element and each domain in the parental block size.

Cut-off Grade

The PdEq1 COG of 0.5 g/t was calculated by taking the all-in cost (oxide and fresh rock) and dividing them by the value of one gram of Pd multiplied by metallurgical recovery. From this a global average COG of 0.5 g/t PdEq1 was calculated.

COG (PdEq1)
Oxide		Units
Costs	14.0	US$/t
DGV1	31.95	US$/g
Cut-Off	0.43	PdEq1/ g/t
Downstream OPEX allowance	14	%
2025 Cut-off	0.49	PdEq1/ g/t
High Talc		Units
Costs	16.0	US$/t
DGV1	35.5	US$/g
Cut-Off	0.44	PdEq1/ g/t
Downstream OPEX allowance	14	%
2025 Cut-off	0.50	PdEq1/ g/t
Fresh		Units
Costs	16.0	US$/t
DGV1	35.5	US$/g
Cut-Off	0.44	PdEq1/ g/t
Downstream OPEX allowance	14	%
2025 Cut-off	0.50	PdEq1/ g/t
Avg Cut-off	0.5	PdEq1/ g/t

1 Deposit Grade Value ("DGV") = (P-Pd/31.1035) * R-PdWhere: P-Pd = Palladium Price in US$/oz,R-Pd = Palladium Metallurgical Recovery

Classification of Mineral Resource

A study of spatial continuity for Pd was conducted using variography and conditional simulation to classify mineral resources.

This study established a continuity zone suitable to consider as "Measured Mineral Resources," with a drilling grid of approximately 45m x 45m, requiring a minimum of 3 drillholes in perpendicular sections.

Establishing a continuity zone of "Indicated Mineral Resources" was considered with a drilling grid of approximately 75m x 75m, with a minimum of 2 drillholes in perpendicular sections. Subsequently, manual post-processing was undertaken to construct wireframes representing the volumes categorized as Measured and Indicated while considering the blocks within the resource pit shell. Any remaining blocks within the resource-limiting pit were classified as "Inferred Mineral Resources."

Reasonable Prospect for Eventual Economic Extraction

The reported MRE is pit-constrained, using Whittle software to create a pit shell with reasonable prospects for eventual economic extraction. Relevant parameters used in the MRE are shown below the MRE table and include commodity prices used, metallurgical recoveries, geotechnical assumptions, and cost structures.

Further, no known environmental or community matters are likely to constrain the future extraction of the reported MRE.

Schedule 2: Metallurgical Analysis

Metallurgical recoveries used in the MRE calculation are as follows:

Sulphide (Fresh rock) recovery inputs: Pt 81%, Pd 77%, Rh 51%, Au 48%, Ni 50% (for an ≥80g/t concentrate).
High talc recovery inputs: Pt 55%, Pd 51%, Au 27%, Rh 27%, (for an ≥80g/t concentrate).
Oxide recovery inputs: Au 90%, Pd 81%, Rh 54%, Pt 23% (for an ≥80g/t concentrate).

Fresh rock recoveries used in the 2025 MRE calculation are based on results generated from multiple phases of laboratory flotation testwork performed by Bravo (117 flotation tests) and three programs of historical flotation testwork, including two historical pilot plant tests. Results indicate that Luanga mineralization has the metallurgical character to potentially produce saleable PGM + sulphide Ni concentrates at grades in line with grades achieved for PGM operators in established jurisdictions around the world, including concentrate grades of ≥80g/t PGM, 5-10% Ni + Sulphur of 15–20%, at the feed grade range of 2g/t PGM.

Bravo testwork considered geospatially representative samples with feed grades ranging from 0.9 – 7.0 g/t PdEq1. Final concentrate grades produced in the Bravo test work ranged from 37–475 g/t PGM. Metallurgical recovery assumptions are based on target concentrate grade of 80g/t.

Input assumptions for the generation of the MRE constraining pit were derived from a grade-recovery curve based on relevant results generated from the 2022 – 2024 test work programs. Where applicable, specific recoveries have been assigned to geological domains that demonstrate materially different metallurgical character and performance relative to the general mineralization observed across the Luanga deposit.

Mini plant tests were also conducted to generate a wide spectrum of concentrate chemistries for pyrometallurgical evaluation. Metallurgical data generated from the mini plant tests were further incorporated into the MRE assumptions. The sample source for the mini plant were inherited, historical, large diameter diamond cores, drilled into a localized, high talc zone in the SW sector of the Luanga deposit. Recoveries achieved were broadly in line with current assumptions (73% 4E PGM) but due to high talc contamination, target concentrate grade was not achieved under the utilised circuit configuration (35g/t). Recovery assumptions for the high talc zone were domained separately, while recoveries for all other zones are based on an 80g/t concentrate.

The resultant reduced metallurgical recovery assumption of 51% (4E PGM) was assigned to the high talc domain.

Oxide recoveries used in the MRE calculation are based on results generated from two programs (2022 – 2024) of conventional leaching test work performed for Bravo.

The conceptual oxide processing flowsheet has been validated at each processing stage through testwork, including: PGM and Au solubility in the presence of cyanide at ambient temperature/pressure and within reasonable reagent dosage conditions; PGM and Au adsorption onto carbon; Final product generation as saleable high grade PGM ash residue ("ashing" or "ashed" is the burning of the loaded carbon for final mass reduction to an ultra-high grade ash residue) with an assayed average grade of 119,100g/t PGM (or 11.91% PGM). Bravo's current data demonstrates a reasonable probability for economic recovery of PGM from oxide material at Luanga through conventional cyanide leaching, carbon-in-leach extraction, and high grade 'ashed' residue production. The recommendations for oxide metallurgical input into the MRE are based on laboratory-generated data for each stage of processing to a final product, from the Luanga 2022 – 2024 programs. Key factors that have contributed to successful recovery of PGM from oxide material include:

Intense host rock weathering in oxide and a high degree of naturally liberated PGM, contributing to lower mining and comminution costs.
High degree of solubility in cyanide, particularly for Pd and Au.
High PGM absorption kinetics and recovery for PGM onto carbon.

Details of the metallurgical programs and their results will be documented in the Technical Report prepared in accordance with NI 43-101, which will be filed under the Company's SEDAR profile within 45 days of this news release.

Schedule 3: Geological Interpretation

The Luanga Complex is a 6km long and up to 3.5km wide (~18km²) mafic-ultramafic layered intrusion that belongs to the Neoarchean Large Igneous Province ("LIP") of the Carajás Mineral Province. Host rocks of the Luanga Complex consist of highly foliated gneisses and migmatites of the Xingu Complex and mafic volcanics plus iron formations of the Grão Pará Group. The igneous layers have consistent steep dips to the SE in the Central and Southwestern portions of the complex, indicating that the layered sequence is tectonically overturned. The Luanga complex is up to 3,500m thick in the central portion of the complex, which is likely to represent the axial portion of the original magma chamber. Metamorphic assemblages are at the transition of greenschist to amphibolite facies and commonly replace the primary igneous minerals of the Luanga complex. This metamorphic alteration is heterogeneous, largely preserving primary textures, bulk rock compositions and the compositional domains of igneous minerals, thus allowing the identification of primary rocks throughout the intrusion. The layered sequence is subdivided based on the different type and/or proportion of cumulus minerals in three zones, Ultramafic Zone ("UZ"), Transition Zone ("TZ") and Mafic Zone ("MZ").

The UZ is up to 800m thick and consists of wehrlite (Olivine ("Ol") + Clinopyroxene ("Cpx") cumulates) and lesser dunite and Cpx. The contact of the UZ with the stratigraphically overlying TZ is indicated by a few meters thick upward transition from Cpx bearing cumulates to Opx bearing cumulates (orthopyroxenite ("Opx") and minor harzburgite("Hz")) in the TZ. Typically, ultramafic rocks of the TZ are partially to extensively altered, consisting mainly of serpentinites. The UZ follows the stratigraphy of the Luanga complex but at the northern portion the UZ occurs as discordant irregular zones of variably altered ultramafic cumulates within host rocks.

The TZ consists of an up to 500m thick pile of interlayered ultramafic and mafic cumulate rocks. Interlayering of different rock types is a distinctive feature of the TZ. Cumulate rocks have variable textures, from adcumulate to orthocumulate, and variable assemblages of cumulus and intercumulus minerals. The most common rock types are Opx and lesser interlayered norite and Hz. Chromitite layers with variable thickness (commonly 10cm but up to 60cm) and textures occur mainly in the upper portions of the TZ and the lowermost portion of the MZ. Chromitites are fine- to medium-grained chromite cumulates with variably altered intercumulus plagioclase ("Pl") and orthopyroxene.

The MZ, about 5km long and up to 1.5km thick, comprises a thick monotonous pile of noritic rocks. Norite (Opx + Pl cumulate) consists of medium-grained massive rocks variably altered to fine-grained aggregates consisting mainly of amphiboles (hornblende-actinolite), chlorite and epidote-group minerals. Minor interlayered ultramafic rocks in the MZ, including Opx and minor chromitite, have petrographic features like those described in the TZ.

The Luanga mineralized envelope is continuous along the arc-shaped structure of the mafic-ultramafic complex, striking for approximately 8.1km. The deposit is subdivided into three separate mineralized sectors, named North, Central and Southwestern. The mineralized envelope of the Luanga Complex hosts several PGM mineralized zones, including the Main Sulphide Zone ("MSZ"), which hosts the bulk of current mineral resources. Other mineralized zones are identified within the UZ, the TZ, as well as mineralization hosted in chromitites layers or lenses distributed within the TZ and the immediate contact with the overlying MZ.

Mineralized zones of the Luanga complex are grouped into six different styles of PGM mineralization: (1) MSZ; (2) Low Sulphide Zone ("LSZ"); (3) Chromite-associated Zone ("Chr-PGM"); (4) Ni-Rh Sulphide Zone ("Ni-Rh"); (5) Sulphide Zone ("SZ") and (6) Massive Sulphides ("MASU").

MSZ: PGM mineralization associated with disseminated sulphides in the MSZ hosts the bulk of PGM+Au+Ni mineral resources of the Luanga complex. The stratigraphic interval hosting the MSZ consists of a 10–50m thick interval with disseminated sulphides located along the contact of the UZ and TZ. The MSZ is stratabound-style PGM mineralization consisting of interstitial sulphides (~1-5 vol.%) hosted by Opx and minor Hz. The MSZ is characterized by very high Ni tenors (10-15%) and Pt-Pd (up to 100 ppm) tenors (content of 100% sulphides), Pt/Pd < 0.5, and Pd/Rh ~0.05.

Low Sulphide Zone ("LSZ"). The LSZ style of mineralization comprises PGM-mineralized rocks devoid of base metal sulphides and/or abundant chromite. The LSZ mineralization of the Luanga Complex consists of up to 30m thick stratabound zones across the TZ. These zones do not show extensive lateral continuity and commonly occur at the contact between layers of distinct cumulate rocks. The host rocks, mainly Hz and Opx, do not show any distinctive texture or change in modal composition that characterizes the PGM enrichment. The LSZ is characterized by very low Ni content, Pt-Pd contents < 1-2 ppm, and Pt/Pd ~ 1.0-2.0. Pt-Pd show moderate to strong positive correlation.

Chromite-associated Zone ("Chr-PGM"). Chr-PGM mineralization occurs as chromitite pods (< 60cm thick) closely associated with intersections containing disseminated clusters of chromite within Opx, Hz and norite. The Chr-PGM style of mineralization is characterized by very low Ni content, high Pt/Pd ratio (~4.0), and Rh/Pt ~0.3.

Ni-Rh Sulphide Zone ("Ni-RhZ"). The Ni-RhZ mineralized zone has been identified only within the UZ and occurs as lenses of disseminated to net-textured sulphides (up to 25%) interstitial to cumulus Cpx and Ol or their pseudomorphs. Ni-Rh zones have variable thicknesses (up to 40 m) and are commonly hosted by interlayered wehrlite and dunite, and minor clinopyroxenite. Ni-RhZ mineralization has Pt/Pd and Rh/Pd ratios of around 0.15 and 0.20, respectively. The high modal percentage of pentlandite (i.e. around 30-40% of the total sulphides) indicates very high Ni tenor (~10-12%) for the Ni-Rh zones.

Sulphide Zone ("SZ"). The SZ mineralization style is recognized exclusively in the Northern sector, characterized by mineralized bands of variable thickness hosted in rocks of the TZ. SZ occurs as several irregular north-south trending zones of disseminated sulphides hosted mainly in Opx. The SZ is characterized by moderate to high PGM contents (30-40 m intercepts with 2-3 g/t of Pt + Pd) with predominantly low Pt/Pd ratios (commonly < 0.5, but up to 1.0) and variable Ni contents (up to 0.20%). Weak positive correlation between Pd-Ni and Pd-Rh possibly results from variably altered sulphides.

(vI) Massive Sulphide Zone ("MASU"). The MASU is a new zone and style of mineralization identified by Bravo during infill drilling. A robust intercept of MASU (DDH22LU047 – 11m at 4.24 g/t 3PGM+Au, 2.04% Ni, 1.23% Cu) occurs within a hydrothermal alteration zone at the eastern border of the North sector. Host rocks and the footwall sequence of the MASU intercepted in DDH22LU047 consist of massive rocks with variable proportions of amphibole-garnet-biotite-magnetite, and banded iron formation. Sulphide-bearing Opx and interlayered norite occur above the MASU and in adjacent drill holes. Cumulate rocks close to the alteration zone are partially to pervasively replaced by Fe-Ca-K hydrothermal minerals, including MASU to semi-MASU breccias. Sulphides consist mainly of pyrrhotite (~80-90%) and pentlandite (~10-20%) with local chalcopyrite-rich domains (up to 60-70% cpy). Pentlandite occurs mainly associated with po as fine-grained exsolutions (e.g., flames, flakes). MASU has variable contents of Ni, Cu and PGM, generally with Ni>Cu and Pd>Pt. Except for the broad positive correlation between Ni and Pd, correlations between metals are only subtle, including Pd-Pt, Ni-Cu and Pd-Rh. Contents of Ni (< 6.0%), Pd (< 6.0 ppm), Pt (< 2.5 ppm) and Rh (0.2 ppm) in samples of MASU provide approximate tenors for these metals in this style of mineralization.

The bulk of the world's PGM resources are mined from mafic-ultramafic layered intrusions, commonly from stratiform mineralized layers located near the transition from mafic to ultramafic cumulate rocks. Magmatic Ni-Cu-PGM sulphides formed by the accumulation of immiscible sulphide liquid, that scavenged chalcophile elements from a coexisting silicate magma. Textural relationships between sulphides and their host silicates are key evidence for their origin as immiscible sulphide liquids. The magmatic origin of the Luanga deposit is supported by textural and mineralogical features described in different styles of PGM mineralization, particularly the MSZ, Ni-Rh and SZ. In these different PGM zones, sulphide blebs consisting of pyrrhotite + pentlandite ± chalcopyrite are interstitial to cumulus olivine and/or pyroxene. In addition, sulphide blebs enclosed in cumulate crystals, as well as their rounded/corroded faces, provide unequivocal evidence for a magmatic origin of sulphides and PGM. Variable litho-chemical features in PGM zones located in distinct stratigraphic horizons of the Luanga complex, including different metal tenors, as well Pt/Pd and Rh/Pd ratios, indicate that several events of mineralization occurred during the magmatic evolution of the Luanga complex. The occurrence of several mineralized horizons in the Luanga complex, including PGM mineralization hosted in chromitites, has remarkable similarity with reef-type productive deposits (e.g., Bushveld and Stillwater).

The widespread alteration of rocks from the Luanga complex has partially disrupted their primary magmatic features. In the Luanga complex, magmatic silicates are partially altered and commonly occur as pseudomorphs. The magmatic sulphides have also been partially altered during the widespread alteration. The most common alteration of primary sulphides (pyrrhotite – pentlandite – chalcopyrite) consists of their replacement by magnetite and Fe-hydroxides. Because this alteration is heterogeneous at different scales (from mineral crystals up to several hundred meters thick zones) and largely preserves primary textures and compositions of cumulate rocks and PGM mineralized zones, magmatic features can be recognized throughout the layered intrusion.

Schedule 4: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known. Historical drilling used a similar QAQC procedure, and as described in the section "Luanga Mineral Resource Estimate". Data generated by this work has been validated statistically to show no significant bias, prior to inclusion.

Quality Assurance and Quality Control ("QAQC") is maintained internally at the lab through rigorous use of internal certified reference materials, blanks, and duplicates. An additional QAQC program is administered by Bravo using certified reference materials, duplicate samples and blank samples that are blindly inserted into the sample batch. If a QAQC sample returns an unacceptable value an investigation into the results is triggered and when deemed necessary, the samples that were tested in the batch with the failed QAQC sample are re-tested.

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B
Historic Drill Assaying SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	TOTAL Ni	Trace Elements
Crushed to <200 mesh	FA30A	FA30B	ICP-117	ICP-117

Bravo Mining Corp. Logo (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/18/c7237.html

(Reuters) – BHP Group, the world's largest listed miner, on Wednesday said it raised $3 billion through an issue of senior unsecured bonds in the United States.

The bonds will be issued in three tranches by BHP's subsidiary in the United States and will be guaranteed by the miner. It will use the proceeds from the bonds for general corporate purposes, BHP said.

The principal amounts on the three tranches range from $750 million to $1.25 billion with a tenor ranging from five years to a decade. It will pay a fixed coupon rate between 5.0% and 5.30% on the bonds.

(Reporting by Sameer Manekar in Bengaluru; Editing by Anil D'Silva)

BHP Group BHP reported underlying attributable profit from continuing operations of around $5.1 billion in the first half of fiscal 2025 (ended Dec. 31, 2024). The figure was 23% lower than a year ago, reflecting BHP’s productivity initiatives and cost discipline, and higher copper prices offset by lower iron ore and steelmaking coal prices as well as labor costs. Underlying earnings per share were $1.00 in the first half of fiscal 2025 compared with $1.30 in the prior-year period. Earnings per American Depositary Share (ADS) were $2.00 for the first half of fiscal 2025 compared with $2.59 in the first half of the previous fiscal. BHP’s ADS represents two fully-paid ordinary shares.

Find the latest earnings estimates and surprises on Zacks Earnings Calendar.

In the period under discussion, BHP’s attributable profit (for total operations) surged 376% year over year to $4.4 billion, driven by disciplined cost control and strong operational performance. The company had reported an attributable profit of $927 million in the first half of fiscal 2024. The figure included an exceptional item of around $2.9 billion.

Low Iron Ore Prices Hurt BHP’s 1H25 Revenues

Revenues in the first half of fiscal 2025 totaled $25.18 billion, down 8% year over year. This reflected lower iron ore and steelmaking coal prices, partially offset by higher realized copper prices.

The Iron ore segment’s revenues were down 18.2% year over year to $11.5 billion, due to lower iron ore prices. The Copper segment reported revenues of $10.27 billion, up 18.6% year over year on higher copper prices.

Revenues in the Coal segment slumped 26% year over year to $2.8 billion, reflecting lower Steelmaking coal prices.

BHP’s Underlying EBITDA Down 11%

Profit from operations was $9.1 billion in the first half of fiscal 2025 compared with $4.8 billion in the last fiscal year’s comparable period.

Underlying earnings before interest, taxes, depreciation, and amortization (EBITDA) declined 11% year over year to $12.36 billion owing to lower revenues. The underlying EBITDA margin was 49.1% compared with 51% in last year’s comparable period.

For the Iron ore segment, underlying EBITDA slumped 25.6% year on year to $7.2 billion. The Copper segment’s underlying EBITDA was up 44.3% to $5 billion on higher sales and volumes. The Coal segment’s underlying EBITDA was $0.57 billion, which marked a substantial drop from $0.98 billion in the first half of fiscal 2024.

BHP’s Financial Position

As of Dec. 31, 2024, BHP Group had cash and cash equivalents of $9.56 billion, down from $12.4 billion as of June 30, 2024. In the half year ended Dec. 31, 2024, the company generated $11.8 billion of net operating cash flow, lower than the $12.4 billion recorded in the prior-year comparable period. The decline was due to lower realized prices, particularly in iron ore.

Free cash flow for the period under discussion was $2.6 billion.Net debt was $11.8 billion at the end of the first half of fiscal 2025, lower than $12.6 billion at the end of the first half of fiscal 2024.BHP’s board has announced an interim dividend of 50 cents per share, which is equivalent to a total payout of $2.5 billion (payout ratio of 50%).Capital and exploration spending was $5.2 billion in the first half of fiscal 2025, which was 10% higher year over year. BHP has earmarked capital and exploration expenditures of $10 billion for fiscal 2025 and $11 billion for fiscal 2026.

BHP’s FY25 Production Guidance

BHP’s iron ore production guidance for fiscal 2025 is 255-265.5 Mt. WAIO's production is expected in the band of 250-260 Mt (282-294 Mt on a 100% basis).

The company expects copper production to be within the range of 1,845-2,045 kt in fiscal 2025.

Steelmaking coal production in fiscal 2025 is now expected to be in the upper half of the range of 16.5-19 Mt (33 -38 Mt on a 100% basis). Energy coal production is also expected to be in the upper half of the company’s range of 13 – 15 Mt.

BHP’s Cost Guidance for FY25

Unit cost guidance for WAIO is in the range of $18.00-$19.50 per ton. Escondida unit cost is estimated to be in the band of $1.30-$1.60 per pound. Spence unit costs are expected to be between $2.00 and $2.30 per pound. Copper South Australia’s unit cost is anticipated to be between $1.30 and $1.80 per pound. BMA unit cost is expected to be between $112 and $124 per ton.

BHP’s Price Performance

BHP Group's shares have lost 14.6% over the past year compared with the industry’s 8.7% decline.

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BHP’s Zacks Rank & Stocks to Consider

BHP currently carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Earnings Performances of BHP’s Peers

Freeport-McMoRan Inc. FCX recorded net income of $274 million or 19 cents per share for fourth-quarter 2024, down around 29.3% from $388 million or 27 cents per share in the year-ago quarter.

Revenues declined nearly 3.1% year over year to $5,720 million. The figure missed the Zacks Consensus Estimate of $5,921.9 million. The company witnessed lower copper sales in the reported quarter.

Southern Copper Corporation SCCO reported fourth-quarter 2024 earnings of $1.01 per share, which marginally missed the Zacks Consensus Estimate of $1.02. The bottom line, however, marked a 74% surge from the year-ago quarter. Results were driven by higher sales volumes for copper, zinc and silver as well as improved prices. SCCO’s fourth-quarter performance was partially hurt by a decline in the molybdenum sales volume.

The company posted sales of $2.784 billion, which beat the consensus estimate of $2.780 billion. The top line increased 21.3% year over year.

BHP’s Peer Awaiting Results

Vale S.A VALE is set to report fourth-quarter 2024 results on Feb. 19, after market close. The Zacks Consensus Estimate for Vale’s sales is pegged at $10.08 billion, indicating a 23% decrease from the year-ago quarter's figure. The consensus mark for earnings has moved down 13% over the past 60 days to 53 cents per share. The figure indicates a 5.4% year-over-year decline.

VALE's earnings missed the Zacks Consensus Estimate in two of the trailing four quarters and beat the mark in the other two, delivering an average negative surprise of 0.98%.

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BHP Group Limited Sponsored ADR (BHP) : Free Stock Analysis Report

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Nvidia (NVDA)

Chipmaker Nvidia (NVDA) was in focus on Tuesday, after South Korea announced it was looking to secure 10,000 high-performance graphics processing units (GPUs) this year for its national AI computing centre.

In a statement on Monday, South Korea's acting president Choi Sang-mok said: "As competition for dominance in the AI industry intensifies, the competitive landscape is shifting from battles between companies to a full-scale rivalry between national innovation ecosystems."

Nvidia (NVDA) holds around an 80% share of the global GPU market, according to Reuters.

Shares in the chipmaker were flat in pre-market trading on Tuesday, with US markets set to re-open later in the day after a closure on Monday for President's Day.

Matt Britzman, senior equity analyst at Hargreaves Lansdown (HL.L), said that South Korea's announcement "should be seen as another proof point that Nvidia’s (NVDA) demand extends well beyond the giant US tech companies.

"We’ve now seen several countries express an appetite for building their own computing clusters, with the massive US Stargate project grabbing the most headlines," he said. "This is supportive to the Nvidia investment case and presents a relatively new and scalable demand avenue for its market leading chips."

Tesla (TSLA)

Investors were also keeping an eye on Tesla (TSLA) stock after the Financial Times reported on Monday that the company was bracing for a potential delay in getting approval for its autonomous driving technology in China.

The electric vehicle maker has reportedly been told there is no set timetable for regulators in China to approve a licence for it to start training its "full-self-driving" technology. The FT's report said this was despite an earlier suggestion that it could get approval in the second quarter of this year.

The news comes as trade tensions escalate between the US and China, with president Donald Trump having imposed a 10% tariff on the latter's imports and Beijing announcing retaliatory duties.

Tesla (TSLA) CEO Elon Musk is a close adviser to Trump, and China is a key market for the EV maker.

Spokespeople for Tesla (TSLA), and China's Ministry of Industry and Information Technology, had not responded to Yahoo Finance UK's request for comment at the time of writing.

Oatly Group (OTLY)

Share in dairy-alternatives producer Oatly (OTLY) rocketed on Friday, after the release of its latest results, though the stock is still down nearly 60% over the past year.

The oat drink maker posted revenue of $824m (£653m) for 2024, up from $783m for the previous year. Oatly also reported a larger gross margin of 29% and a lower adjusted loss of $35m.

However, Oatly said it expected to drive its first full year of profitable growth in 2025. The company guided to revenue growth of 2% to 4% and earnings before interest, tax, depreciation and amortisation of $5m to $15m.

In addition, Oatly said it would look to continue "aggressively" pursuing cost efficiencies this year to simplify its business and generate fuel for additional investments.

BHP Group (BHP.L)

Miner BHP Group (BHP.L) posted a 23% fall in underlying attributable profit to $5.1bn in the first half of its fiscal year, in results released on Tuesday.

The company also reduced its interim dividend to $0.50 per share, down from $0.72 for the same period last year.

Russ Mould, investment director at AJ Bell (AJB.L), said: "BHP has reminded the market why miners are not reliable dividend payers.

“The mining sector historically ploughed spare cash into acquisitions, but the narrative changed in 2013 when the commodities cycle went into a downturn."

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"Miners leant on dividends to keep shareholders happy, effectively paying them to wait for the rebound in commodity prices," he added. "Unfortunately for these companies, investors got too accustomed to those juicy dividends, and the mining sector became a popular source of high yields.

"Fundamentally, that’s the last thing miners wanted to happen as the cyclical nature of their industry meant they would ultimately disappoint on dividends down the line."

Mould said that commodity prices had been particularly volatile in recent years, seeing miners cut back on dividend payments. He said this latest cut from BHP (BHP.L) came after the miner suffered lower iron ore and coking coal prices.

Despite this update from the company, shares in BHP (BHP.L) were trading less than 1% in the red on Tuesday morning.

BT Group (BT-A.L)

British telecoms company BT (BT-A.L) slumped to the bottom of the FTSE 100 (^FTSE) on Tuesday, with shares down 6% in morning trading.

Shares were down after it emerged that US investment bank Morgan Stanley had cut its stake in the business.

This comes just a few weeks after BT (BT-A.L) issued a third quarter trading update, in which it posted a 3% dip in adjusted revenue to £5.2bn ($6.55bn). Reported profit before tax rose just 1% to £427m in the third quarter.

However, BT reconfirmed its financial outlook for the 2025 fiscal year and its mid-term guidance. BT said it was aiming for a cash flow inflection of around £2bn in 2027 and around £3bn by the end of the decade.

Other companies in the news on Tuesday 18 February:

Glencore (GLEN.L)

InterContinental Hotels (IHG.L)

Baidu (9888.HK)

Capgemini cap.pa (CAP.PA)

Kerry Group (KRZ.IR)

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(Bloomberg) — Anglo American Plc said it’s agreed to sell its nickel business in Brazil to MMG Ltd. for as much as $500 million.

Most Read from Bloomberg

The deal is part of a wider restructuring used to fend off an unsolicited $49 billion takeover proposal by BHP Group Ltd. Anglo plans to focus on copper while keeping iron ore and fertilizer assets in its portfolio. The company is exiting diamond, platinum, nickel and coal mining.

“The sale of our nickel business after a highly competitive process marks a further important milestone towards simplifying our portfolio to create a more highly valued copper, premium iron ore, and crop nutrients business,” Anglo Chief Executive Officer Duncan Wanblad said in a statement on Tuesday.

The transaction involves an upfront cash payment of $350 million at completion, plus the potential for up to $100 million in a price-linked earnout and a further $50 million depending on future investment projects.

MMG is Hong Kong-listed but its controlling shareholder is state-owned mining-to-trading giant China Minmetals Corp. The acquisition of the Anglo business reinforces the strong grip of Chinese companies over global nickel supply.

Most Read from Bloomberg Businessweek

Underlying EBITDA: $12.4 billion with a margin of 51%.
Underlying Attributable Profit: $5.1 billion.
Return on Capital: 20%.
Interim Dividend: USD0.50 per share, payout ratio of 50%.
Net Operating Cash Flow: Over $8 billion for the half-year.
Net Debt: $11.8 billion.
Iron Ore EBITDA Margin: More than 60% for Western Australia iron ore.
Copper EBITDA Margin: 54% with a 22% increase in volumes at Escondida.
C1 Cost for Iron Ore: USD17.50 per ton for Western Australia iron ore.
Capital and Exploration Expenditure: $5.2 billion for the half-year.

Warning! GuruFocus has detected 6 Warning Signs with ASX:CGF.

Release Date: February 17, 2025

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

Positive Points

BHP Group Ltd (NYSE:BHP) delivered a strong operational and financial performance for the first half of the 2025 financial year, with a focus on operational excellence and capital discipline.
The company achieved an underlying EBITDA of $12.4 billion with a healthy margin of 51%, maintaining industry-leading performance.
Copper production grew by 10% this half, contributing to a 24% growth over a three-year period, with significant advancements in copper and potash projects.
BHP Group Ltd (NYSE:BHP) maintained strong cost control, achieving a 4% reduction in unit costs at major assets despite inflationary pressures.
The company declared an interim dividend of USD0.50 per share, reflecting a payout ratio of 50%, supported by strong cash generation and a resilient balance sheet.

Negative Points

BHP Group Ltd (NYSE:BHP) experienced an 11% decline in EBITDA due to external factors, including a significant drop in iron ore and steelmaking coal prices.
Labor costs have been impacted by inflation, with lingering tightness in the labor market expected to affect the cost base for the rest of the financial year.
The company faced unforeseen external challenges, including a weather-related power outage affecting Olympic Dam’s operations.
Realized prices for Western Australia Iron Ore (WAIO) were weaker than expected, attributed to quality variability and timing issues.
The net debt is expected to increase towards the top end of the target range by the end of the financial year, raising concerns about capital allocation amidst growth opportunities.

Q & A Highlights

Q: Can you provide details on the capital intensity for the copper growth projects, particularly in South Australia? A: Mike Henry, CEO, stated that while specific numbers for capital intensity are not yet available, BHP is pleased with the progress in developing attractive growth options in both Australia and South America. The projects will compete within BHP’s capital allocation framework, and those offering the best returns will be prioritized.

Q: How is BHP managing net debt and capital allocation in light of recent external challenges like the tropical cyclone at Port Hedland? A: Vandita Pant, CFO, explained that BHP’s capital allocation framework is designed to handle volatility, ensuring balance sheet resilience. Despite recent challenges, BHP maintains its guidance and is confident in managing impacts. The balance sheet remains conservative, with a net debt to EBITDA ratio of 0.4 times, allowing for growth and shareholder returns.

Q: With significant growth opportunities ahead, how does BHP plan to manage its net debt range and dividend policy? A: Vandita Pant emphasized that BHP is comfortable with its net debt range and does not see it as a constraint. The company prioritizes projects that compete well within its capital allocation framework. BHP is open to adjusting its net debt range for attractive opportunities while maintaining shareholder returns.

Q: How is BHP addressing potential supply-side reforms in China and their impact on iron ore pricing? A: Mike Henry noted that BHP has improved the average quality of its iron ore products and remains the lowest-cost producer globally. The company is well-positioned to handle market disruptions due to its strong cost position and focus on operational excellence.

Q: What is BHP’s stance on potential large-scale M&A, specifically regarding Anglo American? A: Mike Henry stated that while BHP occasionally evaluates opportunities, the focus remains on advancing its attractive organic growth projects in copper and potash. The company is committed to increasing shareholder value and is currently concentrating on its own growth opportunities.

Q: Can you provide more details on the development plans for the Vicuna joint venture in Argentina? A: Mike Henry mentioned that more information will be released in the coming months, including resource updates and development milestones. The long-term development will likely require desalination, and BHP is exploring various options for this.

Q: How does BHP plan to manage its decarbonization efforts and related capital expenditures? A: Mike Henry explained that decarbonization capital competes for allocation within BHP, and the company seeks positive returns from these investments. BHP is on track to meet its 2030 emissions reduction targets, and future capital deployment will depend on equipment manufacturers’ progress.

Q: What are BHP’s plans for shareholder returns given the current dividend payout ratio? A: Vandita Pant highlighted that BHP focuses on operational and capital productivity to enhance shareholder returns. The company is committed to maintaining a strong balance sheet while exploring options for capital recycling and other value-driven initiatives.

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

This article first appeared on GuruFocus.

(Bloomberg) — BHP Group Ltd. said first-half profit slumped 23% as China’s faltering economy dampened demand for iron ore, prompting the miner to trim its interim dividend to an eight-year low.

Most Read from Bloomberg

The biggest miner posted underlying attributable profit for the six months to Dec. 31 of $5.08 billion, it reported Tuesday. That was below analyst estimates of $5.39 billion. Steelmaking ingredient iron ore remains the company’s biggest earner — but only just — with copper now accounting for 44% of its revenue.

BHP’s move to cut its dividend to 50 cents a share, down from 72 cents the year before, will reinforce speculation the board has a renewed focus on capital management as it pursues growth. Analysts were anticipating a dividend of 53.3 cents.

The slip in profits continues a trend for BHP since it posted record earnings of $33.1 billion for the year to June 2022 as iron ore demand soared. Annual profits have since more than halved, with declining capital returns and rising capital expenditure weighing on its shares.

Still, Chief Executive Officer Mike Henry struck a positive tone in Tuesday’s statement. “The demand for BHP products remains strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the US and strong growth in India,” he said.

BHP’s shares in Sydney were up 0.2% at 3:18 p.m. local time.

Benchmark iron ore prices dipped 5% during the reporting period, while copper fell 9%.

The mining giant’s iron ore mines in Western Australia’s Pilbara were hit by Tropical Cyclone Zelia last week. The company said that while it was maintaining its forecast output of the steelmaking material from the region of between 282 million tons and 294 million tons for the year to June 30, it no longer expects production to be in the upper half of the range due to the impact of the storm.

Analysts from Citigroup Inc. and Jefferies Financial Group Inc. have flagged that this year will be one where major miners’ primary focus will be on capital allocation, with a particular emphasis on expanding portfolios of commodities central to the energy transition, such as copper.

Ongoing capital expenditure pressures will be a key focus of incoming chairman Ross McEwan, who will succeed outgoing Ken MacKenzie after he served in the role since September 2017.

During MacKenzie’s tenure, BHP focused on higher investor returns to ensure investor confidence, overseeing the divestment of a vast oil and gas portfolio and a large chunk of the company’s coal business. More recently, he steered the company back to inorganic growth with the acquisition of Australian copper play OZ Minerals Ltd. in 2022 and last year’s failed $49 billion takeover attempt of Anglo American Plc.

Adding pressure to the iron ore business are ongoing macroeconomic challenges in China. Despite attempts by Beijing to stabilize its debt-ridden property sector, the nation’s economic recovery remains brittle.

The top metals consumer is also yet to feel the sting of tariffs leveled by the US. Just two weeks ago, President Donald Trump signed executive orders imposing tariffs of 10% across the board on all imports from China.

“There have been some overall economic challenges and headwinds in China, but the sectors of the economy that are important to BHP’s commodity demand, for the most part, have been performing strongly,” Henry said in an interview on Bloomberg TV.

Meanwhile, India continues to be a “bright spot” for commodity demand, BHP said in the statement.

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BHP sees copper as one of its most important growth areas, along with potash used to manufacture fertilizer, as China’s demand for steelmaking material iron ore plateaus.

During the reporting period, BHP announced it would spend at least $10 billion to maintain and grow copper production across its Chilean portfolio over the next decade and a half. It will spend at least $4 billion at its Escondida copper mine alone.

Mines such as Escondida, where BHP has an operational 57.5% interest alongside Rio Tinto Group, are aging and deposits of such size and scale are rare. In January, BHP completed its acquisition of Filo Corp. with partner Lundin Mining Corp., which owns the Filo Del Sol mine in Chile. BHP’s 50% stake in Filo cost around $2.1 billion.

“BHP will never be reliant on acquisitions or external opportunities,” Henry told Bloomberg TV when questioned about the company’s appetite for inorganic growth. “In the current market, it has become increasingly difficult for companies to pursue large-scale M&A for value.”

–With assistance from Andy Clarke and Haidi Lun.

(Updates with comments from Mike Henry interview with Bloomberg TV)

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Alphamin Resources Corp.

GRAND BAIE, MAURITIUS, Feb. 18, 2025 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX) (the “Company”) notes recent news reports that insurgents have further continued their advance and seized the city of Bukavu, the second largest city in eastern Democratic Republic of the Congo (DRC), following its seizure of the city of Goma in late January. The Company’s mine is located in a remote area and, at this time the Company continues to operate within guidance parameters. As a result of the continued advance of the insurgents, the operating risk profile of the Company has increased and any further significant escalation of the conflict could result in mining operations being affected. The safety of the Company’s employees and contractors and compliance with the DRC and international laws remains its committed focus. The Company is closely monitoring the situation as it continues to progress, and will provide further updates if required.

By order of the Board

Maritz Smith‎CEO‎Alphamin Resources Corp.‎Tel: +230 269 4166‎E-mail: msmith@alphaminresources.com

CAUTION REGARDING FORWARD LOOKING STATEMENTS

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Forward-looking statements contained herein include, without limitation, statements relating to possible interuptions to the Company’s mining operations as a result of civil unrest in eastern Democratic Republic of the Congo. Forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: the uncertainty of developments in and the outcome of the current civil unrest and security situation in the eastern Democratic Republic of the Congo as well as those risk factors set out in the Company’s most recent annual Management Discussion and Analysis and other disclosure documents available under the Company’s profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and Alphamin disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

TSMC (TSM, 2330.TW)

Shares in TSMC (TSM, 2330.TW) rose more than 2% on Monday, after it was reported that the chipmaker was considering taking a controlling stake in Intel's (INTC) US factories.

Bloomberg reported late on Friday that this had come at the request of officials from US president Donald Trump's administration.

Officials reportedly raised the idea in recent meetings, with talks said to be in very early stages, and come after a challenging period for Intel (INTC).

Meanwhile, Bloomberg reported separately on Sunday that chipmaker Broadcom (AVGO) was considering making a bid for Intel's chip-design and marketing business.

Spokespeople for TSMC (TSM, 2330.TW), Broadcom (AVGO) and Intel (INTC) had not responded to Yahoo Finance UK's request for comment at the time of writing.

Tencent (0700.HK)

Shares in Chinese technology conglomerate Tencent (0700.HK) surged to their highest point since July 2021, after the company launched a beta test for search using DeepSeek in its Weixin messaging app.

The test is allowing some users of the messaging app to search via DeepSeek's artificial intelligence model.

Tencent (0700.HK) is looking at integrating DeepSeek with other products, including Tencent Cloud AI Code Assistant and Tencent Yuanbao.

Fellow Chinese tech firm Baidu (9888.HK) reportedly said separately that it would connect its search engine to DeepSeek.

These latest developments come just a few weeks after DeepSeek's release of a lower-cost AI model rattled markets, as it sparked concerns about the level of spending by major US tech companies in this space.

Alibaba (9988.HK, BABA)

Another Chinese tech firm in focus on Monday morning was Alibaba (9988.HK, BABA), after the company's co-founder Jack Ma was among the top executives spotted meeting China's leader Xi Jinping in Beijing.

Other tech executives said to be in attendance at the meeting included Huawei founder Ren Zhengfei, and BYD (1211.HK) CEO Wang Chuanfu.

The rare meeting with business leaders suggested that the government could be steering towards a more supportive approach to the tech sector, as China faces escalating trade tensions with the US.

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Alibaba (9988.HK, BABA) shares are already up nearly 48% since the start of the year, as investors have cheered the company's AI push.

Last week, Alibaba's (9988.HK, BABA) chairman Joseph Tsai confirmed reports that the company was partnering with Apple (AAPL) to bring AI to iPhones in China.

Investors will be looking to Alibaba's (9988.HK, BABA) third quarter results on Thursday, for further information how its AI-related product business is faring.

GSK (GSK.L)

Pharmaceuticals giant GSK (GSK.L) said on Saturday that its five-in-one meningococcal vaccine, Penmenvy, had been approved by the US Food and Drug Administration (FDA).

Matt Britzman, senior equity analyst at Hargreaves Lansdown, said: "While this approval is a solid win for GSK, it also signals broader optimism for the industry, despite some lingering nerves around pending approvals given the shakeup that’s expected under the Trump administration, including layoffs at the FDA.

"Recent developments at GSK have significantly reduced key risks," he said. "But with forecasts largely unchanged, the valuation pressures look overdone, and this could present an attractive entry point for an impressive business trading at a 42% discount to the sector."

Despite this news, shares dipped more than 1% on Monday morning, following reports that the world's most profitable hedge fund had built a short position in GSK.

The Times reported on Friday that Citadel had built a net short position equating to 0.51% of GSK's issued share capital. A spokesperson for Citadel had not responded to Yahoo Finance UK's request for comment at the time of writing.

BAE Systems (BA.L)

Aerospace and defence company BAE Systems (BA.L) was the biggest riser in the FTSE 100 (^FTSE) on Monday morning, with shares surging 6%, on expectations of greater defence spending.

"Comments by secretary general Mark Rutte that NATO members will have to boost their defence spending by 'considerably more than 3%' of GDP put a rocket underneath defence stocks," said Russ Mould, investment director at AJ Bell (AJB.L).

"Shares in defence companies had already rallied hard since Russia invaded Ukraine as investors took the view that the shocking events would spur governments around the world to fortify their own defences," he said.

"Rutte’s comments effectively confirm this line of thinking and have acted as another share price catalyst, even though markets had already priced in a stronger earnings environment for the sector. That Donald Trump is keen for European allies to spend as much as 5% of GDP on defence adds to the narrative supporting the sector."

Chemring Group (CHG.L) was another UK-listed defence firm on the rise on Monday morning, up 5%. French firm Thales (HO.PA) and Italy's Leonardo (LDO.MI) were also trading more than 5% in the green.

Other companies in the news on Monday 17 February:

Wilmington (WIL.L)

BHP (BHP.L)

Transocean (RIG)

Anglo American Platinum (AGPPF)

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By Melanie Burton and Sameer Manekar

MELBOURNE (Reuters) -BHP sees signs of economic recovery in China and central bank rate cuts reviving demand for steel and copper but flagged risks to global growth from potential trade tensions, as it logged its lowest first-half profit in six years.

After scrapping a $49 billion bid to acquire Anglo American, which last year rebuffed its bigger rival's effort to snare control of prized copper assets in Latin America, BHP CEO Mike Henry said the company was not looking at acquisitions now.

"Our current focus is 100% on organic growth options," Henry told reporters.

The world's largest listed miner on Tuesday reported an underlying attributable profit of $5.08 billion for the six months ending December 2024, down 23% from a year earlier but slightly ahead of the Visible Alpha consensus estimate of $5.01 billion. Its shares eased 0.3 % in line with other major miners.

It declared an interim dividend of 50 cents per share, its lowest since 2017, down from 72 cents per share a year earlier but in line with consensus at the bottom end of the miner's payout policy.

"The in-line results and dividend exceeded our expectations," said Macquarie analyst Rob Stein in a note.

For the first-half, underlying operating earnings from iron ore, its biggest profit-generating commodity, declined 26% to $7.2 billion as the average realised price fell to $81.11 per wet metric ton from $103.7 a year ago.

Following a string of cyclones that have hit Australia's west coast and snarled iron ore shipments, BHP warned its full-year iron ore output from Western Australia would no longer be in the upper half of the expected range of between 282 million and 294 million metric tons.

However, the miner pointed to global monetary easing potentially reviving demand prospects for its two main products, steel ingredient iron ore, and copper, which has grown to account for nearly half of its profits.

"Central banks' ongoing rate cuts are expected to translate into a recovery for steel and copper demand across the OECD (Organisation for Economic Co-operation and Development) in the near term," it said.

"However, potential trade tensions present a risk to the recovery in developed economies and across the globe."

Henry said BHP's exposure to U.S. tariffs was muted given the market accounts for only 3% of its revenue.

"To the extent there is a constraint on Canadian potash into the U.S. … then we would expect to see the global market reorder," he said on an earnings call. BHP expects to start shipping the fertiliser at the end of next year.

Demand for BHP's products remained strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the U.S. and strong growth in India, Henry said.

BHP's copper operations earned $5 billion over the first half, growing by 44% as tight fundamentals, Chinese stimulus plans and interest rate cuts in the United States kept copper prices elevated.

It expects to spend $4.7 billion in fiscal 2025 on expanding its copper operations, which by June will have grown by 24% or some 300,000 tonnes over the past three years.

(Reporting by Sameer Manekar and Rishav Chatterjee in Bengaluru and Melanie Burton in Melbourne; Editing by Lisa Shumaker and Sonali Paul)

By Sameer Manekar and Melanie Burton

(Reuters) -BHP sees signs of economic recovery in China and central bank rate cuts reviving demand for steel and copper but flagged risks to global growth from potential trade tensions, as it logged its lowest first-half profit in six years.

"Our current focus is 100% on organic growth options," Henry told reporters.

It declared an interim dividend of 50 cents per share, its lowest since 2017, down from 72 cents per share a year earlier but in line with consensus at the bottom end of the miner's payout policy.

BHP warned its full-year iron ore production from Western Australia operations would no longer be in the upper half of the expected range of between 282 million and 294 million metric tons due to the impact of Tropical Cyclone Zelia which hit the Pilbara region earlier this month.

Underlying operating earnings from iron ore, its biggest profit-generating commodity, declined 26% to $7.2 billion as the average realised price fell to $81.11 per wet metric ton from $103.7 a year ago.

"However, potential trade tensions present a risk to the recovery in developed economies and across the globe."

Demand for BHP products remained strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the U.S. and strong growth in India, Chief Executive Officer Mike Henry said.

BHP's copper operations earned $5 billion over the first half, growing by 44% as tight fundamentals, Chinese stimulus plans and interest rate cuts in the United States kept copper prices elevated.

It expects to spend $4.7 billion in fiscal 2025 on expanding its copper operations.

(Reporting by Sameer Manekar Rishav Chatterjee in Bengaluru, Melanie Burton in Melbourne; Editing by Lisa Shumaker and Sonali Paul)

Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Zimplats Holdings Limited (ASX:ZIM) shareholders have had that experience, with the share price dropping 54% in three years, versus a market return of about 29%. And over the last year the share price fell 43%, so we doubt many shareholders are delighted. Shareholders have had an even rougher run lately, with the share price down 17% in the last 90 days.

With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

View our latest analysis for Zimplats Holdings

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Zimplats Holdings saw its EPS decline at a compound rate of 76% per year, over the last three years. This fall in the EPS is worse than the 23% compound annual share price fall. So the market may not be too worried about the EPS figure, at the moment — or it may have previously priced some of the drop in. With a P/E ratio of 99.85, it's fair to say the market sees a brighter future for the business.

You can see below how EPS has changed over time (discover the exact values by clicking on the image).

ASX:ZIM Earnings Per Share Growth February 16th 2025

Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.

What About The Total Shareholder Return (TSR)?

We'd be remiss not to mention the difference between Zimplats Holdings' total shareholder return (TSR) and its share price return. The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Dividends have been really beneficial for Zimplats Holdings shareholders, and that cash payout explains why its total shareholder loss of 46%, over the last 3 years, isn't as bad as the share price return.

A Different Perspective

While the broader market gained around 15% in the last year, Zimplats Holdings shareholders lost 43%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 6%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. To that end, you should learn about the 2 warning signs we've spotted with Zimplats Holdings (including 1 which is a bit concerning) .

Of course Zimplats Holdings may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

As U.S. stock markets approach record highs, driven by a deceleration in wholesale inflation and a tempered approach to tariffs, investors are keenly observing opportunities for potential value investments. In this environment, identifying stocks that may be trading below their estimated value can offer strategic entry points for those looking to capitalize on market inefficiencies and long-term growth prospects.

Top 10 Undervalued Stocks Based On Cash Flows In The United States

Name	Current Price	Fair Value (Est)	Discount (Est)
Provident Financial Services (NYSE:PFS)	$18.93	$37.03	48.9%
Atour Lifestyle Holdings (NasdaqGS:ATAT)	$29.57	$58.94	49.8%
Old National Bancorp (NasdaqGS:ONB)	$23.86	$45.68	47.8%
Incyte (NasdaqGS:INCY)	$70.01	$135.22	48.2%
DiDi Global (OTCPK:DIDI.Y)	$4.97	$9.60	48.2%
Advanced Micro Devices (NasdaqGS:AMD)	$111.81	$214.70	47.9%
Constellium (NYSE:CSTM)	$9.53	$18.34	48%
First Advantage (NasdaqGS:FA)	$20.01	$38.21	47.6%
Marcus & Millichap (NYSE:MMI)	$37.27	$73.76	49.5%
Kyndryl Holdings (NYSE:KD)	$41.54	$82.14	49.4%

Click here to see the full list of 164 stocks from our Undervalued US Stocks Based On Cash Flows screener.

Let’s uncover some gems from our specialized screener.

Advanced Micro Devices

Overview: Advanced Micro Devices, Inc. is a global semiconductor company with a market capitalization of approximately $181.04 billion.

Operations: The company’s revenue is derived from four main segments: Client ($7.05 billion), Gaming ($2.60 billion), Embedded ($3.56 billion), and Data Center ($12.58 billion).

Estimated Discount To Fair Value: 47.9%

Advanced Micro Devices (AMD) is trading significantly below its estimated fair value, suggesting potential undervaluation based on cash flows. The company has demonstrated robust earnings growth, with a 95.4% increase over the past year and forecasts of 32% annual growth. Recent strategic alliances, such as collaborations with CEA and Ocient, enhance AMD’s technological capabilities in AI computing and data analytics. These factors contribute to AMD’s strong position for future revenue expansion amidst ongoing buybacks totaling US$3.31 billion.

NasdaqGS:AMD Discounted Cash Flow as at Feb 2025Sociedad Química y Minera de Chile

Overview: Sociedad Química y Minera de Chile S.A. operates as a global mining company with a market cap of $10.71 billion.

Operations: The company’s revenue segments include Potassium ($255.71 million), Industrial Chemicals ($79.76 million), Iodine and Derivatives ($960.89 million), Lithium and Derivatives ($2.50 billion), and Specialty Plant Nutrition ($941.07 million).

Estimated Discount To Fair Value: 41%

Sociedad Química y Minera de Chile (SQM) is trading at US$40.17, significantly below its estimated fair value of US$68.1, indicating potential undervaluation based on cash flows. Despite a challenging period with declining sales and earnings, the company is forecast to achieve above-average market growth and become profitable in three years. However, current dividends are not well covered by earnings or free cash flows, and debt coverage by operating cash flow remains a concern.

NYSE:SQM Discounted Cash Flow as at Feb 2025TransUnion

Overview: TransUnion is a global consumer credit reporting agency offering risk and information solutions, with a market cap of $18.22 billion.

Operations: The company’s revenue segments include U.S. Markets at $2.48 billion, International at $1.14 billion, and Consumer Interactive at $1.59 billion.

Estimated Discount To Fair Value: 34.6%

TransUnion, trading at US$100.25, is significantly undervalued with a fair value estimate of US$153.25. Despite its debt not being well covered by operating cash flow, the company’s earnings are expected to grow substantially at 29% per year, outpacing the broader market. Recent initiatives include a new consumer platform with Credit Sesame and a share repurchase program worth up to US$500 million, potentially enhancing shareholder value and operational reach in the U.S.

NYSE:TRU Discounted Cash Flow as at Feb 2025Key Takeaways

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Companies discussed in this article include NasdaqGS:AMD NYSE:SQM and NYSE:TRU.

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FMC Corporation's (NYSE:FMC) earnings announcement last week didn't impress shareholders. However, our analysis suggests that the soft headline numbers are getting counterbalanced by some positive underlying factors.

See our latest analysis for FMC

NYSE:FMC Earnings and Revenue History February 14th 2025The Impact Of Unusual Items On Profit

Importantly, our data indicates that FMC's profit was reduced by US$238m, due to unusual items, over the last year. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect FMC to produce a higher profit next year, all else being equal.

An Unusual Tax Situation

Having already discussed the impact of the unusual items, we should also note that FMC received a tax benefit of US$151m. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. The receipt of a tax benefit is obviously a good thing, on its own. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.

Our Take On FMC's Profit Performance

In its last report FMC received a tax benefit which might make its profit look better than it really is on a underlying level. But on the other hand, it also saw an unusual item depress its profit. Considering the aforementioned, we think that FMC's profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. So while earnings quality is important, it's equally important to consider the risks facing FMC at this point in time. Every company has risks, and we've spotted 3 warning signs for FMC (of which 1 is concerning!) you should know about.

Our examination of FMC has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

We recently published a list of 10 Best Mineral Stocks to Buy Right Now. In this article, we are going to take a look at where BHP Group (NYSE:BHP) stands against other best mineral stocks to buy right now.

At the heart of industrial growth lies the global mineral market, as there is a strong demand for essential metals in technology, clean energy, and infrastructure. The global mineral market is projected to grow from $2,260 billion in 2024 to $2,402 billion in 2025, demonstrating a CAGR of 6.2%, according to The Business Research Company. Lithium, cobalt, and copper are leading the market with their essential roles in battery storage and electrification, while gold and silver, on the other hand, remain key assets for hedging against inflation and economic uncertainty.

At the heart of industrial growth lies the global mineral market, as there is a strong demand for essential metals in technology, clean energy, and infrastructure. The global mineral market is projected to grow from $2,260 billion in 2024 to $2,402 billion in 2025, demonstrating a CAGR of 6.2%, according to The Business Research Company. For investors looking to capitalize on this growing sector, opportunities to buy mineral rights offer a strategic way to gain exposure to valuable resources and long-term revenue streams.

The U.S. mineral market, which generated $106 billion worth of mineral production in 2024, is experiencing stable demand for industrial minerals such as crushed stone, sand, and cement, according to the U.S. Geological Survey. These industrial minerals accounted for 68% of the total production of minerals in the U.S. in 2024, while crushed stone accounted for 24% of the total production, indicating a high demand for the category. Recycling activity was also strong, with $48 billion worth of metals and minerals recycled, signaling an increasing focus on sustainability.

On the other hand, rising investor and industrial demand have pushed gold and silver prices to record highs in 2024, a year that marked a 9% increase in the United States gold production, according to the USGS.Gov. Gold prices have risen by 19.7% over the past six months, reaching $2,888.3 on February 6, 2025. Moreover, silver prices have increased by 25% in 2024 due to an increased demand for solar panels and electronics. Furthermore, continued central bank purchases and inflationary concerns mean gold and silver prices will be on an upward trend in 2025 as well.

Lithium experienced a challenging 2024, as its prices fell by 22% in 2024 due to oversupply and weakened demand, as discussed in our recent article. As production cuts are made, and the market stabilizes, analysts project lithium’s surplus decreasing from 84,000 metric tons in 2024 to 33,000 metric tons in 2025. Nevertheless, the lithium market’s long-term growth prospects are still bright and clear with analysts projecting it to grow and reach $134.02 billion by 2032 at a CAGR of 22.1%.

Similarly, cobalt, another key battery raw material, is suffering from decreasing prices due to oversupply in the market, especially from China. However, its long-term prospects are strong as the global cobalt market is projected to grow from $10.8 billion in 2023 to $24.9 billion by 2030. This potential growth is tied to increasing demand for energy storage solutions and tighter supply chain regulations.

Another key component of the mineral market is copper, which is a highly sought-after metal in the renewable energy sector. The metal’s demand is attributed to rising adoption of renewables across the globe. In the U.S., the imposition of tariffs on Chinese imports could affect copper prices in the U.S., and could also increase investment in the exploration sector.

Thus, 2025 is expected to be an eventful year for the copper market as well as the mining sector overall, according to analysts. China controls over 90% of global rare earth metals, putting the U.S. in a vulnerable state, especially as China imposes export controls on 25 metal products. Instead of relying on China, the U.S. is turning toward alternative sources like Ukraine, which has access to 22 out of 50 critical minerals identified by the U.S., including graphite, lithium, and Uranium. In exchange for offering military support, the U.S. is seeking Ukraine’s mineral deposits to strengthen the U.S. mineral supply landscape. Thus, this deal has a tremendous potential to benefit local miners in the U.S. in accelerating the growth of critical minerals like graphite and lithium in the future.

As discussed, the minerals sector is at the heart of the global economy. Thus, we must shed light on the top players in the mineral sector. With this, let’s now move on to our list of the 10 Best Mineral Stocks to Buy Right Now.

Methodology

To compile the list of the 10 Best Mineral Stocks to Buy Right Now, we used the Yahoo Finance stock screener. Using the screener we compiled a list of mineral stocks sorted by market capitalization. Next, we ranked these stocks based on the number of hedge fund holders as per Insider Monkey’s third-quarter 2024 database.

Why do we care about what hedge funds do? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).

Is BHP Group (BHP) the Best Mineral Stock to Buy Right Now?

An aerial view of a mining operation in action, with large trucks and yellow diggers.

BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holders: 22

BHP Group (NYSE:BHP) is a leading global miner that operates within the segments of iron ore, copper, steelmaking coal, energy coal, and nickel. The company maintains leadership in iron ore whilst strategically expanding into commodities like copper. This strategy perfectly aligns with BHP Group’s plan for long-term success. It is one of the best material stocks on our list.

For the year ending June 30, 2024, BHP Group (NYSE:BHP) reported an impressive revenue of $55.7 billion. This was a 3% increase from last year’s revenue of $53.8 billion. The increase in revenue was mainly attributable to high prices of iron ore and copper. However, lower energy coal and nickel prices led to a massive decline in profits. Accordingly, attributable profit dropped sharply by almost 39%, from $12.9 billion in 2023 to $7.9 billion in 2024.

As for the first half of 2025, BHP Group (NYSE:BHP) has experienced busy operations. Copper production increased by 10% year-over-year and iron ore production improved by 2% quarter-over-quarter. Higher production of iron ore was aided by enhanced supply chain management; however, weaker demand from China remains a prominent concern. In contrast to improved copper and iron ore production, production for nickel took a hit due to the temporary suspension of operations. This temporary suspension was a result of an oversupply of nickel in the market.

Despite a few temporary setbacks, BHP Group (NYSE:BHP) is poised for continued growth. The company’s copper operations, especially the Vicuña Corp project, are gaining momentum. This will help the company establish a strong presence in the growing and high-demand sector. Moreover, the Jansen Stage 1 potash project is expected to begin production in late 2026. This will further help BHP unlock significant long-term value. Despite a major hit to the company’s profits, BHP’s stock has climbed 6.14% year-to-date. Analysts expect a further increase of 2.6% with a 12-month target price of $53.2.

Overall, BHP ranks 10th on our list of best mineral stocks to buy right now. While we acknowledge the potential of BHP, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BHP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

Trade tariffs and economic data continue to capture much of the market's attention, there are also a number of company earnings due out in the coming week.

Alibaba (BABA) is due to release its latest quarterly results, with investors focused on growth in its cloud business, in light of recent developments around the company's artificial intelligence (AI) push.

Quarterly results from retailer Walmart (WMT) will offer investors some insight into shopper sentiment, as inflation ticks up in the US.

In the UK, earnings releases from major banks continue with HSBC (HSBA.L) on Wednesday, with investors looking out for more details on the new CEO's restructuring plans.

Earnings from FTSE-listed (^FTSE) miners will also be in focus this week, with Rio Tinto (RIO.L) among those due to report.

Lloyds (LLOY.L) is another major UK-listed bank set to report this week, though analysts are expecting a fall in pre-tax income.

Here's more on what to look out for:

Alibaba (9988.HK, BABA) – Releases third quarter results on Thursday 20 February

Shares in Alibaba (9988.HK, BABA) have already surged nearly 50% since the start of the year, as investors cheer the company's drive in AI.

Alibaba's chairman Joseph Tsai confirmed reports on Thursday that the company was partnering with Apple (AAPL) to bring AI to iPhones in China.

"Apple has been very selective. They talked to a number of companies in China, and in the end they choose to do business with us," Tsai reportedly said in an an interview at the World Government Summit in Dubai. "They want to use our AI to power their phones."

Earlier this week, it was reported that Alibaba had denied rumours that it planned to invest in Chinese AI developer DeepSeek. The reports came after Alibaba recently released a new version of its AI-model Qwen 2.5, claiming that it surpassed the DeepSeek-V3 model.

In the second quarter, Alibaba (9988.HK, BABA) said that AI-related product revenue within its cloud business grew at triple-digits year-on-year for the fifth consecutive quarter. Overall revenue for this part of the business grew 7% year-on-year to 29.6 billion Chinese yuan (£3.2bn).

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Derren Nathan, head of equity analysis at Hargreaves Lansdown, said: "The cloud business hasn’t quite reached the heights of its American peers but saw strong profit growth last quarter."

"AI is a key driver of cloud consumption and the emergence of Chinese wannabe, DeepSeek, has caused quite a stir," he said. "The company’s denied its intention to take a stake in the start-up but has also released its own updated AI-engine alongside some punchy performance claims. Against this backdrop, investor sentiment has strengthened materially, so there is some pressure to deliver."

Nathan said that Alibaba (9988.HK, BABA) is expected to report revenue growth of 9% in the cloud business for the third quarter.

Alibaba's total revenue in the second quarter rose 5% year-on-year to 236.5 billion Chinese yuan (£25.8bn) and Nathan said this figure is expected to have grown by 7% to 280 billion Chinese yuan in the third quarter.

"Markets find out next week how the eCommerce giant’s core business has performed against a background of strengthening Chinese retail sales," he said.

Walmart (WMT) – Releases fourth-quarter earnings on Thursday 20 February

As one of the world's largest retailers by sales, Walmart's (WMT) results are closely watched on Wall Street, particularly as inflationary pressures persist.

Data released on Wednesday showed that US inflation grew by more than expected in January, with the consumer price index (CPI) rising 3% year-on-year compared to economist estimates of 2.9%.

Investors will, therefore, be looking to Walmart's results to get an idea of consumer health in the US.

Shares closed Thursday's session at a fresh all-time high of $105.05 (£83.25) per share, with the stock up 86% over the past year.

In the third quarter, Walmart posted sales of $169.59bn, besting estimates of $167.5bn. Adjusted earnings per share of $0.58 also beat expectations of $0.53.

Foot traffic grew by 3.1% in the third quarter, compared to estimates of 2.82% and e-commerce sales were up 22%, which was much higher than expectations of 2.22%.

On the back of these strong results, Walmart raised its guidance for the full-year, saying it now expected net sales to grow by between 4.8% and 5.1%.

The retailer guided to adjusted earnings per share of between $2.42 and $2.47, which was up from previous estimates in the range of $2.35 and $2.43.

HSBC (HSBA.L) – Releases full-year results on Wednesday 19 February

Georges Elhedery unveiled an overhaul of HSBC's (HSBA.L) structure in October, shortly after taking over as the bank's CEO.

The restructure divided the bank into four businesses as of the start of the year: Hong Kong, UK, corporate and institutional banking, as well as international wealth and premier banking.

HSBC (HSBA.L) said this was aimed at reducing the "duplication of processes and decision making" in the business.

Investors will be looking for more details on the changes when the bank releases its full-year results on Wednesday.

The Financial Times reported on Friday that the bank was preparing to unveil $1.5bn of annual cost savings from the restructuring in this week's results.

Meanwhile, Bloomberg reported that HSBC (HSBA.L) was planning to start a new round of job cuts at its investment bank this week.

A spokesperson for HSBC (HSBA.L) had not responded to Yahoo Finance UK's request for comment at the time of writing.

In the third quarter, HSBC posted a 10% jump in quarterly pre-tax profits to $8.5bn and announced an additional $3bn share buyback plan.

However, the bank's net interest income (NII) — the gap between what it pays out to savers and borrowers in interest — fell 17% compared to the same quarter last year and its net interest margin declined by 1.46%.

Looking to the upcoming results, Matt Britzman, senior equity analyst at Hargreaves Lansdown (HL.L), said: "Deposit trends are worth keeping in mind, savers have been easing off their transition to longer term accounts, but HSBC is more sensitive to migration than its peers.

"Loan defaults will also be a hot topic with HSBC seeing its market leading credit quality slip a little of late."

"To the 2024 numbers, $65.2bn in net operating income is expected to generate around $31.7bn of profit before tax," he added.

Rio Tinto (RIO.L) – Releases full-year results on Wednesday 19 February

Rio Tinto (RIO.L) is one of three major FTSE-listing (^FTSE) mining companies reporting this week, along with Antofagasta (ANTO.L) and Glencore (GLEN.L).

AJ Bell's investment experts Russ Mould, Danni Hewson and Dan Coatsworth said that concerns around China's economy and its demand for raw materials, as well as cost price inflation and mixed commodity prices have weighed on the mining sector over the past year.

"Rio Tinto’s biggest earner is iron ore where the price is down by nearly a fifth in the past 12 months, a trend that swamps gains in its other key metals of aluminium and copper," they said.

One story that has been in focus for investors recently has been reports that Rio Tinto and Glencore had held talks about a potential merger, though it was said discussions did not progress.

AJ Bell's Mould, Hewson and Coatsworth said: "Rio Tinto’s management will doubtless be keen to keep any such advances at more than an arm’s length … and shareholders seem happier for miners to keep a tight rein on spending and mergers and acquisitions, even after the substantial reductions in debt and improvements in balance sheets of the past decade or so."

That said, investors will be looking for an update on how Rio Tinto's $6.7bn acquisition of Arcadium Lithium is progressing.

As for company performance, AJ Bell's investment experts said that Rio Tinto's earnings before interest, tax, depreciation and amortisation (EBITDA) in 2024 and 2025 is expected to come in broadly flat at $23bn to $24bn. Meanwhile, the miner's full-year dividend for last year is expected to fall to $3.86, which would be its lowest level since 2018.

"No increase is expected in 2025 either, as Rio digests Arcadium and works on several major projects, including Pilbara, the Oyu Tolgoi copper mine in Mongolia, the Simandou iron ore venture in Guinea and expansion at the Argentinian Rincon lithium mine, where first production began last November and Rio’s board has approved a $2.5bn budget to ramp up production to 60,000 tonnes of battery-grade lithium carbonate a year," they said.

"As a final point, Palliser Capital has been agitating for Rio Tinto to shift its primary stock market listing to New York, they added. "Little has come of this campaign, but it will be interesting to see if [CEO Jakob] Stausholm acknowledges it in his commentary."

Lloyds (LLOY.L) – Releases full-year results on Thursday 20 February

Barclays (BARC.L) and NatWest (NWG.L) both beat expectations with their results this week, though share price falls following their releases suggest this wasn't enough to impress investors.

Investor attention now turning to Lloyds, which is expected to report a fall in pre-tax income for the year to £6.4bn ($8.07bn), down from £7.5bn in 2023, with a further drop to £5.5bn forecast for 2025.

AJ Bell's Mould, Hewson and Coatsworth said the expected fall is "thanks in part to a decline in net interest margins (as the Bank of England slowly cuts headline rates) and provisions relating to the Financial Conduct Authority’s investigation into the car financing market."

They said that analysts believe NII for the year will come in at £12.8bn, which would be down from £13.8bn in 2023 and expect Lloyds to report a figure of £13.4bn for 2025.

"Litigation and conduct costs have also been minimal in 2024, but analysts and investors will be on the look-out here for any comments on the car financing market, where Lloyds took a £450m provision in the final period of 2023," they said. "The government has sought to intervene to cap any fine, but the Supreme Court will sit in judgement here in early April."

"Analysts expect another hit in 2025, when conduct costs are seen rising to £1.5bn from £440m in 2024 and £675m in 2023," they added.

As for cash returns, analysts are expecting Lloyds to declare a total dividend of 3.09p for 2024, which would be up from 2.65p in 2023, as well as a £2bn buyback.

"Such bumper cash returns, with the prospect of more to come in 2025, may be the biggest reason of all behind the storming share price performance across all of the FTSE 100’s (^FTSE) Big Five banks, although it will be interesting to see if the torrent of buybacks abates now the shares are no longer as cheap as they were," they said.

Other companies reporting this week include:

Monday 17 February

Wilmington (WIL.L)

BHP (BHP.L)

Transocean (RIG)

Anglo American Platinum (AGPPF)

Tuesday 18 February

Glencore (GLEN.L)

InterContinental Hotels (IHG.L)

Springfield Properties (SPR.L)

Baidu (9888.HK)

Capgemini cap.pa (CAP.PA)

Kerry Group (KRZ.IR)

Medtronic (MDT)

Cadence Design (CDNS)

Occidental Petroleum (OXY)

Toll Brothers (TOL)

Wednesday 19 February

BAE Systems (BA.L)

Philips (PHIA.AS)

Tenaris (TEN.MI)

Hochtief (HOT.DE)

Carrefour (CA.PA)

Analog Devices (ADI)

Carvana (CVNA)

CF Industries (CF)

AngloGold Ashanti (AU)

Alamos Gold (AGI)

Bausch & Lomb (BLCO)

Thursday 20 February

Centrica (CNA.L)

Mondi (MNDI.L)

Indivior (INDV.L)

Safestore (SAFE.L)

Lenovo (0992.HK)

Singapore Airlines (SIA1.SG)

Telstra (TLS.AX)

Schneider (SU.PA)

Airbus (AIR.PA)

Zurich (ZURN.SW)

Mercedes Benz (MBG.DE)

Renault (RNO.PA)

Repsol (REP.MC)

Accor (AC.PA)

Aegon (AGN.AS)

BE Semiconductor (BESI.AS)

Krones (KRN.DE)

Mercado Libre (MELI)

Nu (NU)

Newmont (NEM)

Cameco (CCJ)

Rivian (RIVN)

Baxter (BAX)

Life Nation (LYV)

Birkenstock (BIRK)

Dropbox (DBX)

Hasbro (HAS)

Shake Shack (SHAK)

Friday 21 February

Standard Chartered (STAN.L)

Air Liquide (AI.PA)

EDF (EDF)

Sika (SKFOF)

Kingspan (KGSPF)

Constellation Energy (CEG)

You can read Yahoo Finance's full calendar here.

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

We recently published a list of 10 Best Mineral Stocks to Buy Right Now. In this article, we are going to take a look at where Compass Minerals International, Inc. (NYSE:CMP) stands against other best mineral stocks to buy right now.

Methodology

Is Compass Minerals International, Inc. (CMP) the Best Mineral Stock to Buy Right Now?

A close up of an essential mineral being extracted from a large rock wall.

Compass Minerals International, Inc. (NYSE:CMP)

Number of Hedge Fund Holders: 24

A producer of essential minerals, Compass Minerals International, Inc. (NYSE:CMP), specializes in salt and plant nutrition products. Major assets operated by the company include the Goderich mine in Ontario, which is the world’s largest underground salt mine, and the Ogden facility in Utah, which is North America’s top producer of sulfate of potash.

For Q4 ended September 30, 2024, Compass Minerals International, Inc. (NYSE:CMP) reported an 11% year-over-year decline in revenue. Due to mild winter conditions that reduced salt demand and prefill activity, the company’s revenue fell to $208.8 million, and adjusted EBITDA came in at $15.6 million for the quarter. However, for the full year, despite weather challenges, the salt segment saw a 10% increase in revenue per ton. This brought the full-year revenue to $1.1 billion, while adjusted EBITDA rose to $228 million.

Aside from reduced salt demand, a major reason for the depressed financial performance in 2024 was the termination of the company’s lithium project. Even though the decision for a strategic shift allowed the company to refocus on its core business, it also incurred associated costs and impairments.

For the year 2025, Compass Minerals International, Inc. (NYSE:CMP) plans to increase sales volume by 9%. The company has projected adjusted EBITDA to range between $225 million and $250 million. Cash flows would also be improved through the company’s efforts to restore the Ogden Plant Nutrition complex. This will improve SOP production consistency and lower all-in product costs. Additionally, to strengthen cash flow during mild winter conditions, the company is exploring debt refinancing and a more flexible covenant structure.

Overall, CMP ranks 9th on our list of best mineral stocks to buy right now. While we acknowledge the potential of CMP, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CMP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

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