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If you want to compound wealth in the stock market, you can do so by buying an index fund. But if you pick the right individual stocks, you could make more than that. To wit, the Aurelia Metals Limited (ASX:AMI) share price is 71% higher than it was a year ago, much better than the market return of around 18% (not including dividends) in the same period. That's a solid performance by our standards! In contrast, the longer term returns are negative, since the share price is 57% lower than it was three years ago.

Now it's worth having a look at the company's fundamentals too, because that will help us determine if the long term shareholder return has matched the performance of the underlying business.

View our latest analysis for Aurelia Metals

Because Aurelia Metals made a loss in the last twelve months, we think the market is probably more focussed on revenue and revenue growth, at least for now. Shareholders of unprofitable companies usually desire strong revenue growth. Some companies are willing to postpone profitability to grow revenue faster, but in that case one would hope for good top-line growth to make up for the lack of earnings.

Aurelia Metals actually shrunk its revenue over the last year, with a reduction of 16%. Despite the lack of revenue growth, the stock has returned a solid 71% the last twelve months. To us that means that there isn't a lot of correlation between the past revenue performance and the share price, but a closer look at analyst forecasts and the bottom line may well explain a lot.

You can see how earnings and revenue have changed over time in the image below (click on the chart to see the exact values).

ASX:AMI Earnings and Revenue Growth November 11th 2024

It's good to see that there was some significant insider buying in the last three months. That's a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. So we recommend checking out this free report showing consensus forecasts

A Different Perspective

It's good to see that Aurelia Metals has rewarded shareholders with a total shareholder return of 71% in the last twelve months. Notably the five-year annualised TSR loss of 9% per year compares very unfavourably with the recent share price performance. The long term loss makes us cautious, but the short term TSR gain certainly hints at a brighter future. If you want to research this stock further, the data on insider buying is an obvious place to start. You can click here to see who has been buying shares – and the price they paid.

If you like to buy stocks alongside management, then you might just love this free list of companies. (Hint: most of them are flying under the radar).

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

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 board of Lundin Mining Corporation (TSE:LUN) has announced that it will pay a dividend on the 11th of December, with investors receiving $0.09 per share. This payment means that the dividend yield will be 2.6%, which is around the industry average.

Check out our latest analysis for Lundin Mining

Lundin Mining's Payment Could Potentially Have Solid Earnings Coverage

Solid dividend yields are great, but they only really help us if the payment is sustainable. The last dividend made up a very large portion of earnings and also represented 90% of free cash flows. This is usually an indication that the focus of the company is returning cash to shareholders rather than reinvesting it for growth.

Over the next year, EPS is forecast to expand by 166.7%. Under the assumption that the dividend will continue along recent trends, we think the payout ratio could be 46% which would be quite comfortable going to take the dividend forward.

TSX:LUN Historic Dividend November 10th 2024Lundin Mining's Dividend Has Lacked Consistency

Lundin Mining has been paying dividends for a while, but the track record isn't stellar. This suggests that the dividend might not be the most reliable. The annual payment during the last 8 years was $0.0882 in 2016, and the most recent fiscal year payment was $0.258. This works out to be a compound annual growth rate (CAGR) of approximately 14% a year over that time. Dividends have grown rapidly over this time, but with cuts in the past we are not certain that this stock will be a reliable source of income in the future.

Lundin Mining's Dividend Might Lack Growth

With a relatively unstable dividend, it's even more important to see if earnings per share is growing. It's encouraging to see that Lundin Mining has been growing its earnings per share at 21% a year over the past five years. EPS is growing rapidly, although the company is also paying out a large portion of its profits as dividends. If earnings keep growing, the dividend may be sustainable, but generally we'd prefer to see a fast growing company reinvest in further growth.

In Summary

In summary, while it's good to see that the dividend hasn't been cut, we are a bit cautious about Lundin Mining's payments, as there could be some issues with sustaining them into the future. In general, the distributions are a little bit higher than we would like, but we can't ignore the fact the quickly growing earnings gives this stock great potential in the future. We don't think Lundin Mining is a great stock to add to your portfolio if income is your focus.

Market movements attest to how highly valued a consistent dividend policy is compared to one which is more unpredictable. At the same time, there are other factors our readers should be conscious of before pouring capital into a stock. Taking the debate a bit further, we've identified 2 warning signs for Lundin Mining that investors need to be conscious of moving forward. If you are a dividend investor, you might also want to look at our curated list of high yield dividend stocks.

Eastern Platinum (TSE:ELR) Third Quarter 2024 ResultsKey Financial Results

Revenue: US$11.0m (down 50% from 3Q 2023).
Net loss: US$3.39m (down by 209% from US$3.13m profit in 3Q 2023).
US$0.017 loss per share (down from US$0.015 profit in 3Q 2023).

TSX:ELR Earnings and Revenue History November 9th 2024

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

Eastern Platinum shares are down 10% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 3 warning signs for Eastern Platinum you should be aware of.

VANCOUVER, BC, Nov. 8, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report that it has filed its condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 and the corresponding management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results for the third quarter of 2024 ("Q3 2024") and for the nine months ended September 30, 2024 ("YTD 2024") in comparison to the same respective period in in 2023 ("Q3 2023" and "YTD 2023") (all amounts in USD unless specified):

Revenue for Q3 2024 decreased to $11.0 million (Q3 2023 – $21.8 million), representing a $10.8 million or 49.5% decrease. Revenue for YTD 2024 decreased to $45.5 million (YTD 2023 – $76.5 million), representing a $31.0 million or 40.5% decrease.
Mine operating income decreased by $8.0 million (or -114.3%) to a mine operating loss of $1.0 million in Q3 2024 (Q3 2023 – mine operating income of $7.0 million) as gross margin declined to -9.4% in Q3 2024 from 32.1% in Q3 2023. Mine operating income in YTD 2024 decreased by $15.1 million (or -63.4%) to $8.7 million (YTD 2023 – $23.8 million), resulting from a reduced gross margin of 19.1% in YTD 2024 from 31.1% in YTD 2023.
Eastplats incurred an operating loss of $5.7 million in Q3 2024 compared to operating income of $3.6 million in Q3 2023. Operating loss was $4.1 million in YTD 2024 compared to operating income of $15.8 million in YTD 2023.
Net loss attributable to equity shareholders was $3.4 million ($0.02 loss per share) in Q3 2024 versus net income attributable to equity shareholders of $3.1 million ($0.02 earnings per share) in Q3 2023. The decrease in Q3 2024 net income was largely attributable to lower chrome sales in the quarter offset by a decrease in finance costs and a foreign exchange gain in the period due to the strengthening of the South African Rand.
Net loss attributable to equity shareholders was $0.8 million ($0.00 loss per share) in YTD 2024 compared to net income attributable to equity shareholders of $10.4 million ($0.06 earnings per share) in YTD 2023. The decrease of YTD 2024 net income was mainly attributable to lower gross margins earned on year-to-date chrome sales offset by a decrease in finance costs and a foreign exchange gain in the period due to the strengthening of the South Africa Rand.

The Company had a working capital deficit (current assets less current liabilities) of $26.6 million as at September 30, 2024 (December 31, 2023 – working capital deficit of $15.5 million) and short-term cash resources of $8.5 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2023 – $21.3 million).

Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We continue to ramp up tonnages at the Zandfontein underground section at the Crocodile River Mine to produce high grade PGM and metallurgical chrome concentrate. As we approach the end of 2024 and plan for 2025, we are focussed on improving recoveries and operating efficiently."

Operations

The Company derived revenue from the processing of PGM and chrome concentrates at the Crocodile River Mine ("CRM"). Eastplats' majority of revenue (approximately 84% and 92% for Q3 2024 and YTD 2024, respectively) is from chrome concentrate sales.

Retreatment Project – Chrome recovery

Summary of chrome production for the three and nine months ended September 30, 2024 and 2023:

	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Total Tailings Feed (Tons)	294,246	519,914	961,412	1,766,928
Average grade Cr concentrate	38.1 %	38.6 %	38.4 %	38.7 %
Tons of Cr concentrate	45,988	102,898	198,175	377,110

The Company continues the tailings storage facility ("TSF") wall building program, utilizing waste rock and paddocking, to raise the wall to facilitate continued depositing of reprocessed tailings. The reprocessing of the original CRM tailings (the "Retreatment Project") is expected to be completed by early 2025.

PGM Circuits

Summary of PGM production from processing historic tailings resource through the PGM circuits for the three and nine months ended September 30, 2024 and 2023:

	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Tons of PGM concentrate	223	854	1,976	2,969
PGM ounces produced (6E)*	273	1,187	2,827	5,294

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

Year-over-year production decreased between Q3 2023 and Q3 2024 due to operational challenges in the current period, as lower grade sections of the TSF, containing vegetation and other impediments, were being processed.

Underground Operations

In Q3 2024, while commissioning of the processing plant continued, the Company began processing run-of-mine ("ROM") UG2 ore produced from the Zandfontein underground section at the CRM. A total of 75,000 tons of ROM ore was blasted up to October 1, 2024, with approximately 22,000 tons of the ROM ore processed in September.

Summary of PGM and chrome production from underground operations for the three and nine months ended September 30, 2024:

	Q3 2024	YTD 2024
Tons of chrome concentrate	4,354	4,354
Tons of PGM concentrate	242	242
PGM ounces produced (6E)*	1,211	1,211

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

Prior Period Restatement of Comparatives

Certain 2023 comparative numbers in the condensed interim consolidated financial statements and corresponding MD&A have been restated to show the impact of an error that was identified and reported during the 2023 year end process, as discussed below.

As discussed in the previous news release of May 3, 2024, in connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2023, an error was identified in the recognition of revenue related to a chrome concentrate sales transaction in the fourth quarter of 2022 which impacted the Company's previously filed audited consolidated financial statements for the year ended December 31, 2022 and its unaudited condensed interim consolidated financial statements up to and including the three and nine months ended September 30, 2023.

A sales transaction that was included in deferred revenue at the end of 2022 and recognized as revenue in the first quarter of 2023 should have been recognized in the fourth quarter of 2022 based on the fact that the Company had met all of its required performance obligations at the time, as supported by the underlying contract and bill of lading. Previously reported revenue for the first quarter of 2023 was overstated by $4.0 million, with associated adjustments in production costs, accumulated other comprehensive loss and deficit. These adjustments carried forward into the year-to-date figures reported as comparatives in the Company's quarterly financial statements.

The following table presents the effects of the restatement on the individual line items within the Company's unaudited Condensed Interim Consolidated Statement of Income, Condensed Interim Statement of Comprehensive Income, Condensed Interim Statement of Financial Position and Condensed Interim Consolidated Statements of Cash Flow, expressed in thousands of U.S. dollars, except for per share amounts.

	Nine months ended September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Revenue	80,501	(4,021)	76,480
Production costs	(50,197)	2,324	(47,873)
Mine operating income	25,490	(1,697)	23,793
Operating income	17,474	(1,697)	15,777
Net income for the period	12,125	(1,697)	10,428
Net income attributable to equity shareholders of the Company	12,134	(1,697)	10,437
Earnings per share, basic and diluted	0.07	(0.01)	0.06
Comprehensive income for the period	3,890	(1,766)	2,124

	As at September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Accumulated other comprehensive loss	(326,032)	(13)	(326,045)
Deficit	(840,110)	13	(840,097)

	Nine months ended September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Net changes in non-cash working capital items
Inventories	2,092	(2,324)	(232)
Deferred revenue	(4,677)	4,021	(656)

The Company's audited consolidated financial statements for the year ended December 31, 2023 reflected these changes. The unaudited interim consolidated financial statements and related financial information for the affected period contained in the Company's unaudited interim filings prior to August 12, 2024 should no longer be relied upon.

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

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

Condensed interim consolidated financial statements for the three and nine months ended September 30, 2024; and
Management's discussion and analysis for the three and nine months ended September 30, 2024.

The condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 are available for download at https://www.eastplats.com/investors/quarterly-reports/F2024/ and are also available on the JSE's website at:

https://senspdf.jse.co.za/documents/2024/JSE/ISSE/EPS/Q324.pdf.

About Eastern Platinum Limited

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

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

Cautionary Statement Regarding Forward-Looking Information

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

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

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

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

SOURCE Eastern Platinum Ltd.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/08/c4232.html

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Zimplats Holdings (ASX:ZIM) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

Understanding Return On Capital Employed (ROCE)

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Zimplats Holdings, this is the formula:

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

0.033 = US$75m ÷ (US$2.5b – US$245m) (Based on the trailing twelve months to June 2024).

Therefore, Zimplats Holdings has an ROCE of 3.3%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 10%.

See our latest analysis for Zimplats Holdings

ASX:ZIM Return on Capital Employed November 8th 2024

Historical performance is a great place to start when researching a stock so above you can see the gauge for Zimplats Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zimplats Holdings.

The Trend Of ROCE

On the surface, the trend of ROCE at Zimplats Holdings doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.3% from 13% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

The Bottom Line On Zimplats Holdings' ROCE

From the above analysis, we find it rather worrisome that returns on capital and sales for Zimplats Holdings have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these concerning fundamentals, the stock has performed strongly with a 99% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

On a final note, we found 2 warning signs for Zimplats Holdings (1 is potentially serious) you should be aware of.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

Toronto, Ontario–(Newsfile Corp. – November 8, 2024) – CEO.CA Technologies Ltd. ("CEO.CA"), the leading investor social network in junior resource and venture stocks, shares exclusive updates with CEOs of junior mining explorers.

Founded in 2012, CEO.CA, a wholly owned subsidiary of EarthLabs, Inc., is one of the most popular free financial websites and apps in Canada and for investors globally – with industry leading audience engagement and mobile functionality. Millions of people visit CEO.CA each year to connect with investors from around the world, share knowledge and view impactful stories about stocks, commodities, and emerging companies.

Meet the Executives Shaping the Junior Landscape

'Inside the Boardroom' is more than just an interview series – it's a chance to gain firsthand knowledge from industry leaders, understanding their vision, challenges, and strategy.

This week, CEO.CA had the opportunity to sit down with Michael Rowley, President & CEO of Stillwater Critical Minerals to discuss their latest results at Stillwater West.Stillwater Critical Minerals(TSXV: PGE) (OTCQB: PGEZF)

Cannot view this video? Visit:https://www.youtube.com/watch?v=VeDmgLt1DpQ

Tune in to 'Inside the Boardroom' each week and be part of the conversation that's shaping the business landscape. Visit CEO.CA or our YouTube page for hundreds more executive interviews from CEO.CA here.

Interested in showcasing your company on 'Inside the Boardroom'? Get in touch with our team at james@ceo.ca for further details and opportunities.About CEO.CA

The leading community for investors & traders in junior resource & venture stocks. CEO.CA is one of the most popular free financial websites and apps in Canada and for small-cap investors globally — with industry leading audience engagement and mobile functionality. Since 2012, CEO.CA has brought millions of investors together from over 164 countries to discuss their portfolio holdings and find new investment opportunities. Download our App on iOS or Android marketplace or visit us today at CEO.CA to set up your free account.

CEO.CA is a wholly owned subsidiary of EarthLabs, Inc.

For further information please contact:

CEO.CAEmail: james@ceo.caWebsite: CEO.CA

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

Cautionary Statement

The information regarding any issuer contained or referred to in any interviews conducted by CEO.CA has been furnished by such issuer directly, and neither CEO.CA nor any of its affiliates or principals assumes any responsibility for the accuracy or completeness of such information or for any failure by an issuer to ensure disclosure of events or facts which may affect the significance or accuracy of any such information.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the objectives, goals, future plans, statements regarding exploration results and exploration and/or development plans of companies featured on the CEO.CA platform. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects, currency risk and the other risks involved in the applicable exploration and development industry, and those risks set out in the public documents of such companies filed on SEDAR or elsewhere from time to time. Undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CEO.CA disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229260

Investors in FMC Corporation FMC need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 15, 2024 $40.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?

Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?

Clearly, options traders are pricing in a big move for FMC shares, but what is the fundamental picture for the company? Currently, FMC is a Zacks Rank #3 (Hold) in the Agriculture – Operations industry that ranks in the Bottom 43% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while three have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of $1.71 per share to $1.67 in that period.Given the way analysts feel about FMC right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Looking to Trade Options?

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FMC Corporation (FMC) : Free Stock Analysis Report

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(Bloomberg) — Rio Tinto Group Chief Commercial Officer Bold Baatar has called on US President-elect Donald Trump to overhaul approvals processing for its Resolution copper mine in Arizona.

Most Read from Bloomberg Businessweek

Methanex (MEOH) came out with quarterly earnings of $1.21 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 175%. A quarter ago, it was expected that this methanol supplier would post earnings of $0.49 per share when it actually produced earnings of $0.62, delivering a surprise of 26.53%.

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

Methanex , which belongs to the Zacks Chemical – Diversified industry, posted revenues of $935 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.62%. This compares to year-ago revenues of $823 million. The company has topped consensus revenue estimates three times over the last four quarters.

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

Methanex shares have lost about 16.9% since the beginning of the year versus the S&P 500's gain of 21.2%.

What's Next for Methanex?

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

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

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

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

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.89 on $1.07 billion in revenues for the coming quarter and $2.60 on $3.92 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical – Diversified is currently in the bottom 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Compass Minerals (CMP), another stock in the same industry, has yet to report results for the quarter ended September 2024.

This minerals producer is expected to post quarterly loss of $0.47 per share in its upcoming report, which represents a year-over-year change of -683.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Compass Minerals' revenues are expected to be $209.38 million, down 10.4% from the year-ago quarter.

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Methanex Corporation (MEOH) : Free Stock Analysis Report

Compass Minerals International, Inc. (CMP) : Free Stock Analysis Report

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Wallbridge Mining Company Limited

TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) — Wallbridge Mining Company Limited (TSX:WM, OTCQB:WLBMF) (“Wallbridge” or the “Company”) today announced the results of the Phase 2 exploration drilling program at its 100% owned Martiniere gold project (“Martiniere”) which returned multiple high grade gold intercepts from three exploration targets along the Bug Lake (“BL”) deformation zone located within 500 metres (“m”) of the currently delineated mineral resource.

Highlights

Significant high grade gold intercepts returned from the Phase 2 drilling program at Martiniere include:

BL North	5.78 g/t Au over 3.9 m including 21.56 g/t Au over 0.9 m in hole MR-24-099
Horsefly	15.63 g/t Au over 11.0 m including 15.18 g/t over 2.3 m, 37.13 g/t Au over 1.8 m, 41.68 g/t Au over 1.2 m & 23.18 g/t Au over 0.8 m, and 7.24 g/t Au over 6.9 m including 17.56 g/t Au over 1.9 m & 6.88 g/t Au over 1.3 m in hole MR-24-100
Dragonfly	4.22 g/t Au over 4.5 m including 7.99 g/t Au over 1.1 m & 8.97 /t over 1.1 m in hole MR-24-0893.93 g/t Au over 6.0 m including 12.15 g/t Au over 0.9 m & 5.02 g/t Au over 2.2 m in hole MR-24-09215.02 g/t Au over 0.7 m & 206.00 g/t over 0.6 m in hole MR-24-10227.60 g/t Au over 2.3 m including 9.99 g/t Au over 0.6 m & 86.30 g/t Au over 0.7 m in hole MR-24-110

“We are very pleased with the positive results from the Martiniere Phase 2 drilling program, as this marks another significant milestone in advancing the project,” commented Brian W. Penny, Wallbridge CEO. “The phase 2 program was targeted at zones of high grade gold mineralization along the Bug Lake deformation zone that were identified as an outcome of a detailed re-interpretation of deposit geology completed as part of the Phase 1 program earlier this year (see Wallbridge news release dated July 31, 2024).

“Various high grade gold intercepts returned from the three targets (Horsefly, Bug Lake North and Dragonfly) clearly demonstrate that the limits of the Martiniere deposit remain to be fully delineated, offering a substantial resource growth opportunity through continued exploration.

“Wallbridge’s 2024 exploration results underscore the significant potential of the Martiniere project for future growth. The results of the 2024 drilling program will be incorporated into an updated mineral resource estimate, which the company plans to complete in Q1 2025. The Wallbridge team is eagerly anticipating following up on the positive results from this year’s program as we look forward into 2025,” concluded Mr. Penny.

Webinar

For additional context to this news release, join Brian W. Penny, CEO, and Mark Peterson, Senior Geological Consultant Thursday, November 7th, 2024 at 2:00 PM ET for a live webinar here.

Martiniere Phase 2 Exploration Analysis

The Martiniere Phase 2 drilling program completed in September 2024, was comprised of 22 diamond drill holes totaling 8,141 m. Together with the Phase 1 program, the company has drilled 17,140 m in 51 exploration holes at Martiniere during 2024.

Building on findings from the Phase 1 program, the strategy for the Phase 2 program was to target potential lateral and vertical extensions of gold mineralization beyond the limits of the currently defined mineral resource. Gold mineralization occurs within a northwest-southeast trending corridor of sub-parallel structures and intrusive dikes and sills that host pyritic silicification and quartz-carbonate veining. To date exploration drilling along the Bug Lake zone has delineated gold mineralization over an approximate 1,500 m by 700 m area, and to an average vertical depth of approximately 350 to 400 m below surface. The Bug Lake zone remains open to further expansion along strike to the northwest and southeast and at depth.

At the Bug Lake North target, two of three drill holes intercepted significant gold grades along the down plunge projection of a strongly mineralized shoot as it extends beyond the currently defined gold resource. At the Horsefly target, roughly 300 m to the northeast of the Bug Lake North target, drilling has likewise returned multiple high grade gold intercepts along structures related to the Martiniere North zone, with three of seven drill holes intersecting significant gold grades beginning within 40 m of surface and outboard of the currently defined mineral resource. Exploration drilling in the Dragonfly area, a satellite target located approximately 600 m southeast of Horsefly and beyond the current resource limits, returned multiple high grade gold intercepts along a zone covering an area measuring approximately 500 m long, 150 m wide, and drill-tested over a vertical depth profile of 75 to 200 m from surface. The Dragonfly zone remains open to further expansion in both directions along strike and at depth below 200 m.

Martiniere Plan View

Click to enlarge.

For more information including representative cross-sections, long-sections and assay summaries of complete drill holes please refer to the links below.

Martiniere Gold Project: 2024 Phase 2 Cross-Sections

Martiniere Gold Project: 2024 Phase 2 Long-Sections

Martiniere Gold Project: Q3 2024 Drill Assay Summary and Drill Hole Location Information

Martiniere Project 2024 Phase 2 Drill Assay Highlights1
			From	To	Length3	Au4
Drill Hole		VG* 2	(m)	(m)	(m)	(g/t)
BUG LAKE NORTH
	MR-24-096	No Intercepts with Metal Factor > 5 g/t Au * m
	MR-24-098		389.4	390.2	0.8	11.30
			532.1	537.8	5.7	1.88
		Including	532.1	533.4	1.3	2.39
			533.4	534.4	1.0	1.05
			534.4	535.5	1.1	3.29
			535.5	536.8	1.3	0.65
			536.8	537.8	1.0	2.06
	MR-24-099		94.0	97.1	3.1	2.91
		Including	94.0	95.1	1.1	3.97
			95.1	96.0	0.9	0.71
			96.0	97.1	1.1	3.81
			136.5	140.4	3.9	5.78
		Including	136.5	137.1	0.6	0.71
			137.1	138.0	0.9	21.56
			138.0	140.4	2.4	1.14
HORSEFLY
	MR-24-095	No Intercepts with Metal Factor > 5 g/t Au * m
	MR-24-100	*	57.8	68.8	11.0	15.63
		Including *	57.8	60.1	2.3	15.18
			60.1	62.3	2.2	0.58
			62.3	64.1	1.8	37.13
			64.1	65.9	1.8	0.42
			65.9	67.1	1.2	41.68
			67.1	68.0	0.9	0.34
			68.0	68.8	0.8	23.18
		*	114.4	121.3	6.9	7.24
		Including	114.4	115.4	1.0	2.05
		*	115.4	117.3	1.9	17.56
			117.3	119.0	1.7	2.08
		*	119.0	120.3	1.3	6.88
			120.3	121.3	1.0	1.76
MR-24-100 (cont’d)			124.4	130.0	5.6	3.70
		Including	124.4	124.9	0.5	3.18
			124.9	125.5	0.6	20.10
			125.5	127.7	2.2	0.28
			127.7	130.0	2.3	2.45
			155.0	155.5	0.5	10.80
	MR-24-101A		167.4	170.5	3.1	2.05
		Including	167.4	167.9	0.5	2.35
			167.9	168.4	0.5	0.03
			168.4	169.0	0.6	4.92
			169.0	170.0	1.0	0.32
			170.0	170.5	0.5	3.99
	MR-24-106		233.0	234.0	1.0	9.30
	MR-24-107	No Intercepts with Metal Factor > 5 g/t Au * m
	MR-24-108	No Intercepts with Metal Factor > 5 g/t Au * m
	MR-24-109		124.0	125.5	1.5	4.35
		Including	124.0	125.0	1.0	1.52
			125.0	125.5	0.5	>10
			402.0	404.0	2.0	2.89
		Including	402.0	403.0	1.0	0.48
			403.0	404.0	1.0	5.31
			473.5	476.5	3.0	3.67
		Including	473.5	475.0	1.5	6.88
			475.0	476.5	1.5	0.47
			517.0	521.5	4.5	2.62
		Including	517.0	518.5	1.5	0.46
			518.5	521.5	3.0	3.69
			558.0	573.5	15.5	1.00
		Including	558.0	559.0	1.0	2.60
			559.0	559.7	0.7	0.72
			559.7	560.5	0.8	2.85
			560.5	561.3	0.8	0.33
			561.3	562.0	0.7	1.95
			562.0	568.0	6.0	0.54
			568.0	569.0	1.0	2.34
			569.0	572.0	3.0	0.36
			572.0	573.5	1.5	1.22
DRAGONFLY
	MR-24-089		220.5	225.0	4.5	4.22
		Including	220.5	221.6	1.1	7.99
			221.6	223.9	2.3	0.15
			223.9	225.0	1.1	8.97
			294.6	295.8	1.2	5.59
	MR-24-090		143.5	144.5	1.0	10.42
			224.8	226.3	1.5	3.62
			374.6	375.9	1.3	9.38
	MR-24-091		85.5	88.0	2.5	3.03
		Including	85.5	87.0	1.5	0.59
			87.0	88.0	1.0	6.70
	MR-24-092		273.0	279.0	6.0	3.93
		Including	273.0	273.9	0.9	12.15
			273.9	275.3	1.4	1.11
			275.3	276.8	1.5	0.04
			276.8	279.0	2.2	5.02
			475.8	477.0	1.2	6.15
	MR-24-093		148.1	149.4	1.3	25.01
	MR-24-094		210.2	213.2	3.0	1.61
		Including	210.2	210.7	0.5	5.34
			210.7	212.2	1.5	0.02
			212.2	213.2	1.0	2.12
	MR-24-102	*	220.8	221.5	0.7	15.02
		*	422.8	423.4	0.6	206.00
	MR-24-103		82.5	83.2	0.7	6.67
			156.0	157.0	1.0	8.57
			170.0	171.0	1.0	6.26
	MR-24-110		79.3	80.6	1.3	>10.00
		*	143.0	145.3	2.3	27.60
		Including	143.0	143.6	0.6	9.99
		*	143.6	144.3	0.7	86.30
			144.3	145.3	1.0	2.16
BERMUDA
	MR-24-097		223.0	224.7	1.7	4.36
	MR-24-104	No Intercepts with Metal Factor > 5 g/t Au * m
	MR-24-105	No Intercepts with Metal Factor > 5 g/t Au * m
Notes
1	Highlighted assay composites have been selected based on a Metal Factor >5 gmm and/or includes a result >5 g/t (MF = Au g/t Interval length).
2	Asterisk * denotes visible gold (VG) observed in drill core.
3	True widths are estimated to be 60-90% of the reported core length intervals.
4	Gold results >10g/t Au are pending follow-up overlimit assay analysis. Affected composite Au grades are calculated using 10 g/t Au for the overlimit sample value.

The Martiniere project is a key component of the Company’s 830 square km Detour-Fenelon Trend property package located in Northern Abitibi, Quebec, 30 km west of the Company’s flagship Fenelon gold project and 50 km east of Canada’s largest gold mine, Agnico Eagle’s Detour Lake gold mine. Exploration and resource delineation drilling completed at Martiniere has so far intercepted multiple zones of vein-hosted gold mineralization over an approximate 1.5 km by 700 m area along the northwest-southeast trending Bug Lake Zone, and over an approximate 1.5 km by 250 m area along the northeast-southwest trending Martiniere West and Central corridor.

Wallbridge Mining Detour – Fenelon Gold Trend Properties

Quality Assurance / Quality Control

Wallbridge maintains a Quality Assurance/Quality Control ("QA/QC") program for all its exploration projects using industry best practices. Key elements of the QA/QC program include verifiable chain of custody for samples, regular insertion of blanks and certified reference materials, and completion of secondary check analyses performed at a separate independent accredited laboratory. Drill core is halved and shipped in sealed bags to SGS in Val d’Or, Quebec where they are re-distributed to other SGS laboratory facilities according to the analytical method being requested by Walbridge. Gold analyses are routinely performed via fire assay with ICP-OES finish methods. For greater precision and accuracy, samples assaying 10 g/t Au or greater are re-assayed via metallic screen fire assay method or fire assay/gravimetric finish, depending on the amount of sample material remaining available. Samples containing visible gold are submitted directly for analysis by metallic screen fire assay method.

SGS Natural Resources analytical laboratories operate under a Quality Management System that conforms to the requirements of ISO/IEC 17025. All of SGS’ Canadian analytical sites are accredited by the Standards Council of Canada (SCC) for specific mineral tests listed on the scope of accreditation to the ISO/IEC 17025 standard. ISO/IEC 17025 addresses both the quality management system and the technical aspects of operating a testing laboratory. Physical sample preparation involving accredited test methods as listed on the scope of accreditation may be performed at other sites listed on the SGS Canada Inc – Natural Resources – Minerals group accreditation or at offsite sample preparation laboratories that are monitored regularly for quality control and quality assurance practices, including SGS Canada Inc, Garson, SGS Canada Inc, Val d’Or and SGS Canada Inc, Grand Falls-Windsor.

Qualified Person

The Qualified Person responsible for the technical content of this news release is Mr. Mark A. Petersen, M.Sc., P.Geo., Senior Exploration Consultant for Wallbridge.

About Wallbridge Mining

Wallbridge is focused on creating value through the exploration and sustainable development of gold projects along the Detour-Fenelon Gold Trend in Québec’s Northern Abitibi region while respecting the environment and communities where it operates.

Wallbridge’s most advanced projects, Fenelon Gold (“Fenelon”) and Martiniere Gold (“Martiniere”) incorporate a combined 3.05 million ounces of indicated gold resources and 2.35 million ounces of inferred gold resources. Fenelon and Martiniere are located within an 830 square km exploration land package in the Northern Abitibi region of Quebec.

Wallbridge has reported a positive Preliminary Economic Assessment (“PEA”) at Fenelon that estimates average annual gold production of 212,000 ounces over 12 years.

Wallbridge also holds a 15.8% interest in the common shares of NorthX Nickel Corp. (formerly “Archer Exploration Corp”) subsequent to the sale of the Company’s portfolio of nickel assets in Ontario and Québec.

For further information please visit the Company’s website at https://wallbridgemining.com/ or contact:

Wallbridge Mining Company Limited

Brian Penny, CPA, CMAChief Executive OfficerEmail: bpenny @wallbridgemining.comM: +1 416 716 8346

Tania Barreto, CPIRDirector, Investor RelationsEmail: tbarreto@wallbridgemining.comM: +1 289 819 3012

Cautionary Note Regarding Forward-Looking Information

The information in this document may contain forward-looking statements or information (collectively, “FLI”) within the meaning of applicable Canadian securities legislation. FLI is based on expectations, estimates, projections and interpretations as at the date of this document.

All statements, other than statements of historical fact, included herein are FLI that involve various risks, assumptions, estimates and uncertainties. Generally, FLI can be identified by the use of statements that include, but are not limited to, words such as “seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”, “scheduled”, “estimates”, “expects”, “forecasts”, “intends”, “projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that certain actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved.”

FLI in this document may include, but is not limited to: statements regarding the results of the PEA; the potential future performance of the Common Shares; future drill results; the Company’s ability to convert inferred resources into measured and indicated resources; environmental matters; stakeholder engagement and relationships; parameters and methods used to estimate the MRE’s at Fenelon and Martiniere (collectively the “Deposits”); the prospects, if any, of the Deposits; future drilling at the Deposits; and the significance of historic exploration activities and results.

FLI is designed to help you understand management’s current views of its near- and longer-term prospects, and it may not be appropriate for other purposes. FLI by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such FLI. Although the FLI contained in this document is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such FLI, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such FLI. Except as required by law, the Company does not undertake, and assumes no obligation, to update or revise any such FLI contained in this document to reflect new events or circumstances. Unless otherwise noted, this document has been prepared based on information available as of the date of this document. Accordingly, you should not place undue reliance on the FLI, or information contained herein.

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in FLI.

Assumptions upon which FLI is based, without limitation, include: the results of exploration activities, the Company’s financial position and general economic conditions; the ability of exploration activities to accurately predict mineralization; the accuracy of geological modelling; the ability of the Company to complete further exploration activities; the legitimacy of title and property interests in the Deposits; the accuracy of key assumptions, parameters or methods used to estimate the MREs and in the PEA; the ability of the Company to obtain required approvals; geological, mining and exploration technical problems; failure of equipment or processes to operate as anticipated; the evolution of the global economic climate; metal prices; foreign exchange rates; environmental expectations; community and non-governmental actions; and, the Company’s ability to secure required funding. Risks and uncertainties about Wallbridge's business are discussed in the disclosure materials filed with the securities regulatory authorities in Canada, which are available at www.sedarplus.ca.

Cautionary Notes to United States Investors

Wallbridge prepares its disclosure in accordance with NI 43-101 which differs from the requirements of the U.S. Securities and Exchange Commission (the "SEC"). Terms relating to mineral properties, mineralization and estimates of mineral reserves and mineral resources and economic studies used herein are defined in accordance with NI 43-101 under the guidelines set out in CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the Canadian Institute of Mining, Metallurgy and Petroleum Council on May 19, 2014, as amended. NI 43-101 differs significantly from the disclosure requirements of the SEC generally applicable to US companies. As such, the information presented herein concerning mineral properties, mineralization and estimates of mineral reserves and mineral resources may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/85750a3d-7c00-48fc-a5c7-d9c39819c17f

https://www.globenewswire.com/NewsRoom/AttachmentNg/67885748-3e06-4950-a59d-8674c0fb3190

Alphamin Resources Corp.

Grand Baie, MAURITIUS, Nov. 06, 2024 (GLOBE NEWSWIRE) — Alphamin Resources Corp. (AFM:TSXV, APH:JSE AltX)( “Alphamin” or the “Company”) announced today the filing of its unaudited condensed consolidated financial statements and accompanying Management’s Discussion and Analysis (“MD&A”) for the quarter ended 30 September 2024 on SEDAR+ at www.sedarplus.ca. EBITDA and AISC for the quarter are in line with guidance announced on 3 October 2024.

Highlights:

Interim FY2024 dividend increased to CAD$0.06 per share (previously CAD$0.03 per share) and paid on 4 November 2024
Record quarterly tin production of 4,917 tonnes, up 22% from the prior quarter
Q3 EBITDA3 of US$91.6m (Guidance: US$91.5m), up 69% from the prior quarter
AISC per tonne of tin sold of US$15,728 (Guidance US$15,700), in line with the prior quarter

Operational and Financial Summary for the Quarter ended September 20241

Description	Units	Quarter ended September 2024	Quarter ended June 2024	Change
Ore Processed	Tonnes	229,107	166,676	37	%
Tin Grade Processed	% Sn	2.9	3.2	-9	%
Overall Plant Recovery	%	73.5	75.4	-3	%
Contained Tin Produced	Tonnes	4,917	4,028	22	%
Contained Tin Sold	Tonnes	5,552	3,245	71	%
EBITDA2	US$'000	91,567	54,242	69	%
AISC2	US$/t sold	15,728	15,556	1	%
Average Tin Price Achieved	US$/t	31,757	32,314	-2	%

1Information is disclosed on a 100% basis. Alphamin indirectly owns 84.14% of its operating subsidiary to which the information relates. 2This is not a standardized financial measure and may not be comparable to similar financial measures of other issuers.See “Use of Non-IFRS Financial Measures” below and “Selected Consolidated Financial Information” in Company’s Q3 2024 MD&A for the composition and calculation of this financial measure and a reconciliation to its most comparable IFRS measure.

FOR MORE INFORMATION, PLEASE CONTACT:

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

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.

USE OF NON-IFRS FINANCIAL PERFORMANCE MEASURES

This announcement refers to the following non-IFRS financial performance measures:

EBITDA

EBITDA is profit before net finance expense, income taxes and depreciation, depletion, and amortization. EBITDA provides insight into our overall business performance (a combination of cost management and growth) and is the corresponding flow driver towards the objective of achieving industry-leading returns. This measure assists readers in understanding the ongoing cash generating potential of the business including liquidity to fund working capital, servicing debt, and funding capital expenditures and investment opportunities.

This measure is not recognized under IFRS as it does not have any standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other issuers. EBITDA data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

CASH COSTS

This measures the cash costs to produce and sell a tonne of contained tin. This measure includes mine operating production expenses such as mining, processing, administration, indirect charges (including surface maintenance and camp and head office costs), and smelting, refining and freight, distribution and royalties. Cash Costs do not include depreciation, depletion, and amortization, reclamation expenses, capital sustaining, borrowing costs and exploration expenses. On mine costs, exclusive of stock movement, are calculated on a cost per tonne produced basis, off mine costs are calculated on a cost per tonne sold basis.

AISC

This measures the cash costs to produce and sell a tonne of contained tin plus the capital sustaining costs to maintain the mine, processing plant and infrastructure. This measure includes the Cash Cost per tonne and capital sustaining costs together divided by tonnes of contained tin produced. All-In Sustaining Cost per tonne does not include depreciation, depletion, and amortization, reclamation, borrowing costs, foreign exchange gains and losses, exploration expenses and expansion capital expenditures.

Sustaining capital expenditures are defined as those expenditures which do not increase payable mineral production at a mine site and excludes all expenditures at the Company’s projects and certain expenditures at the Company’s operating sites which are deemed expansionary in nature.

VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") is pleased to provide an update for its 100% owned Selkirk Project.

The Selkirk Project is comprised of three properties: (a) the Keystone Property; (b) the Rift Property; and (c) the Downie Gold Property located north of Revelstoke in southeastern British Columbia (Figure 1). These three properties have been advanced by Rokmaster since 2021 with positive results generated from geological mapping, prospecting, channel sampling, and soil sampling. A field work program was completed in August 2024 on the Keystone Property and the Rift Property. Further encouraging assay results1 have been returned from the rock and soil samples collected in 2024 and are described below.

The 5,276 hectare Keystone Property is underlain by early Paleozoic sedimentary and volcanic rocks of the Index Formation. The northern extension of the mapped Akolkolex Thrust fault occurs within and proximal to the property, providing potential for orogenic-style gold mineralization. During one of the Company's first visits to the Keystone Property in 2021, a historical trench was found which exposes arsenopyrite mineralization grading 4.51 g/t Au, 274 g/t Ag, and 2.92% Zn in a grab sample. Replacement and vein-hosted sphalerite and galena mineralization has been discovered throughout the large property during later field work programs collecting grab samples (Figure 2). The 2024 field work found further high-grade silver, lead, and zinc mineralization with grab samples in two new areas of the property, termed the Western and Eastern Expansion areas, where zones of dense quartz-galena-sphalerite veining is hosted in deformed dolostone.

Table 1: Keystone Property Highlighted 2024 Rock Sample Results1

2024 Sample	Area	Easting	Northing	Pb+Zn %	Ag g/t	Pb %	Zn %	Au g/t
BD0093	Western Expansion	410605	5700759	26.07	657.0	14.61	11.46	0.107
JD03	Western Expansion	410444	5700960	7.66	177.0	7.58	0.08	0.106
BD0089	Western Expansion	410275	5701000	6.54	229.0	6.51	0.03	0.16
BD0088	Western Expansion	410309	5700931	3.95	76.7	3.77	0.18	0.034
BD0086	Western Expansion	410273	5700824	3.29	49.7	2.14	1.15	0.18
CM13	Eastern Expansion	411347	5701216	32.48	459.0	28.10	4.38	0.024
CM11	Eastern Expansion	411461	5701564	20.62	327.0	19.37	1.25	0.053
CM05	Eastern Expansion	411487	5700484	15.18	103.0	5.14	10.04	1.44
BD0082	Eastern Expansion	411677	5701290	13.68	54.5	2.91	10.77	0.029
BD0083	Eastern Expansion	411416	5701203	3.13	58.1	2.49	0.64	0.043
BD0085	Eastern Expansion	411246	5701320	2.16	27.4	2.02	0.14	0.0025
CM06	Eastern Expansion	411487	5700484	4.98	82.3	1.81	3.17	3.07

The 299 hectare Rift Property hosts the Rift Showing where grab samples collected in 2022 assayed up to 35.25% Zn, 8.60% Pb from a stratabound massive sphalerite-galena horizon in pelitic schist. The sulphide mineralization averages 1.0 metre in thickness and is exposed for approximately 25 metres of strike length in the incised creek gully of Rift Creek, before being lost under cover (Figure 3). Drillhole M-85-2 was completed in 1985 approximately 460 m east of the Rift Showing and encountered 22.21% Zn and 4.82% Pb over 1.82 m and may represent the on-strike continuity of the Rift stratiform zinc-lead massive sulphide horizon2,3. Soil sampling in 2024 tested the eastern continuation of a soil anomaly generated in 2022. Although the soil anomaly was not extended, the results give credence to the theory that the mineralization encountered in drillhole M-85-2 represents a blind extension of the massive sphalerite-galena mineralization outcropping at the Rift Showing.

The third property which was not visited in 2024 but there are plans to return in 2025 is the 1,367 hectare Downie Gold Property which covers a package of Index and Aklolkolex Formation rocks situated between the Goldstream Pluton and Long Creek Stock. The property hosts elevated gold in massive pyrrhotite-pyrite-galena mineralization associated with discordant stockwork veins and silicification in limestone rocks at the KJ Zone. In 2022, channel sample KJ6 returned 7.51 g/t Au, 616.14 g/t Ag, 7.93% Pb, and 1.72 % Zn over 3.50 meters. At the Melt Zone in the western portion of the Downie Gold Property, skarn-style massive pyrrhotite and sphalerite mineralization locally hosts elevated gold proximal to the Goldstream Pluton. In 2023, a grab sample was collected from a 3.0 m wide garnet-diopside skarn horizon assayed 0.36% tungsten which is located the northern limit of the 3.0 km long historically mapped "FIM" skarn horizon on the east side of the Downie Gold Property (Figure 4).

Exploration permits for low-impact helicopter-supported diamond drilling were applied for the Keystone and Downie Gold properties in December 2023. Both permits have now reached the final stages of the permitting process.

Footnote 1: Rock and soil samples were prepared and analyzed by MSALABS in Langley BC. Rock samples were dried, crushed to <2mm, and 250g was split and pulverized to 85% -75μm. Soil samples were dried, and 500 g was screened to 80 mesh and the minus fraction was assayed. Rock samples were analyzed for Au by fire assay of a 30 g sample with an AAS finish (MSA method FAS-111) and for 34 elements including Ag, Pb and Zn by 4-acid digestion of a 0.25 g sub-sample with ICP-ES finish (MSA method ICP-230). Overlimits by this method, including Ag >100 ppm, Pb >10,000 ppm and Zn >10,000 ppm, were re-analyzed by an ore grade 4-acid digestion single element ICP-ES method (MSA method code ICF-6xx where xx is the element). Pb values >20% were further analyzed by volumetric titration. Soil samples were analyzed for 39 elements including Au by aqua regia digestion of a 20 g sample with an ICP-ES/MS finish (MSA method IMS-128).

Footnote 2: Bellamy, J. 1985. 1985 Drilling report, Mica Project. Assessment Report for E&B Exploration. BC Assessment Report Database #14163.

Footnote 3: MacIntyre, D. 2010. Results of an Airborne VTEM and Magnetometer Geophysical Survey and Follow-up Geochemical Sampling, Columbia Belle Property, Southeast British Columbia, Canada. Assessment Report for Goldstar Minerals Inc. BC Assessment Report Database #31824.

John Mirko, President and CEO, comments:

"Every time field work is completed on the Selkirk Project, positive results are returned from these underexplored properties. The 2024 field work was limited due to challenging market conditions but still gathered valuable information including high-grade Ag-Pb-Zn mineralization. The metal prices are actively catching up and the Selkirk project remains a fantastic opportunity for the discovery of significant mineralization"

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

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer.

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

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

Keystone Property (CNW Group/Rokmaster Resources Corp.)Rift Property (CNW Group/Rokmaster Resources Corp.)Downie Property (CNW Group/Rokmaster Resources Corp.)Rokmaster Resources Corp. Logo (CNW Group/Rokmaster Resources Corp.)

SOURCE Rokmaster Resources Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/05/c8133.html

Highlights include 21m at 9.34g/t PGM+Au, 116m at 1.59g/t PGM+Au,5m at 16.40g/t PGM+Au, and 42m at 2.41g/t PGM+Au, 0.12% Ni

VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") received assay results from twenty-five diamond drill holes ("DDH") from its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga deposit" or "Luanga PGM+Au+Ni deposit"), located in the Carajás Mineral Province, state of Pará, Brazil.

"Today's drilling results mark another step forward as Bravo progresses towards completing the 2024 PGM definition drilling program to support future MRE updates. These results continue to intercept high grades over thick intersections, including those in the Oxide and Low Sulphide zones that have high platinum to palladium ratios.", said Luis Azevedo, Chairman and CEO. "The Luanga Project's consistent delivery of robust results and advancements across various potential development tracks solidify its position as a leading candidate to become a major new Western supplier of these essential metals through market cycles and away from sources affected by geopolitical risks and deep operational challenges. The Project's potential benefits from the substantial infrastructure of the Carajás District, including cost-effective hydro power as well as ready access to power lines, highways, rail, water, labour, and suppliers."

Highlights Include:

Infill and extensional drilling in the Central Sector continue to reveal improved mineralized grades and thicknesses as compared to previous 100m spaced sections.
Much of the mineralization intersected in the new drilling lies within 150m of surface and remains open for further extension to depth.
Drilling in the North Sector of the Luanga deposit continues to demonstrate high-grade supergene mineralization in the oxide zone (e.g. 21m at 9.34g/t PGM+Au in DDH24LU264) and wide zones of mineralization in the fresh rock (e.g. 116m at 1.59g/t PGM+Au in DDH24LU266).
Drilling at T5 target continues to extend mineralization eastward. Testing of the Bore Hole Electromagnetic ("BHEM") anomaly at T1 will commence soon, as well as drill testing of a new copper/gold target west of T5.

HOLE-ID	From (m)	To (m)	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE	Sector
HOLE-ID	From (m)	To (m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE	Sector
DDH24LU264	0.00	21.00	21.00	1.05	8.14	0.08	0.07	9.34	NA	Ox	North
DDH24LU265	128.30	164.60	36.30	0.45	1.36	0.04	0.01	1.87	0.01	FR/LS	North
And	201.60	228.60	27.00	1.64	0.93	0.18	0.04	2.78	0.07	FR	North
DDH24LU266	29.70	146.00	116.30	0.54	1.01	0.03	0.01	1.59	0.02	FR	North
DDH24LU269	49.65	54.65	5.00	10.46	5.09	0.77	0.08	16.40	0.04	FR	Central
DDH24LU271	69.20	81.20	12.00	2.09	0.92	0.14	0.01	3.16	0.12	FR	Central
DDH24LU275	25.80	46.90	21.10	2.34	0.81	0.15	0.03	3.33	0.10	FR	Central
DDH24LU277	86.90	89.90	3.00	22.13	8.56	1.01	0.06	31.65	0.03	FR	Central
And	175.90	179.90	4.00	3.21	13.93	0.62	0.01	17.77	0.02	FR/LS	Central
DDH24LU278	23.00	27.00	4.00	4.13	2.18	0.31	0.03	6.64	0.02	FR	Central
DDH24LU280	150.50	184.50	34.00	1.71	0.56	0.08	0.17	2.52	0.29	FR	Central
DDH24LU281	102.80	142.80	40.00	1.43	0.51	0.07	0.14	2.16	0.23	FR	Central
DDH24LU282	170.65	213.30	42.65	1.67	0.61	0.09	0.04	2.41	0.28	FR	Central

Notes: All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material. Given the orientation of drilling and mineralization, intercepts are estimated at 115% to 135% of true thickness in the Central Sector, and 135% to 155% of true thickness in the North Sector. Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization. * Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.

Luanga Drilling Update

Results from twenty-five diamond drill holes have been received, eight from the North Sector and seventeen from the Central Sector of the Luanga PGM+Au+Ni deposit. All the drill holes reported herein are angled holes (-60 degrees), towards an azimuth of 090° in the North Sector and 330° in the Central sector. Together, this set of drill holes comprise a total of 4,994.6 metres of diamond drilling.

Section 1 (Figure 1) in the Central Sector shows an infill section, with DDH24LU282 being the deepest drill hole on the section, exhibiting a wide zone of mineralization, open at depth, within 150m from surface, and consistently increasing in grade from DDH23LU230 to DDH24LU237 to DDH24LU282. These results continue to support the mineralization defined on Bravo's earlier 100m spaced sections. This work continues to bode well for potential future project studies.

Figure 1: Central Sector (Section 1 on Figure 4). Mineralized Grades and thicknesses continue to increase with depth. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) shows infill hole DDH24LU280, in the Central Sector, aimed at increasing classification confidence in the next MRE update. Drilling also shows mineralized grades and thicknesses that are similar to, or better than, drilling from earlier Bravo phases on either side of this drill hole (DDH23LU058 and DDH23LU136). Trenching (TRC24LU031A/B) on this section also demonstrates the more significant volume of near surface oxide mineralization (due to dispersion) compared to more discrete thicknesses intersected by drilling in the fresh rock below. These results will support future Mineral Resource Estimate ("MRE") updates.

Figure 2: Central Sector (Section 2 on Figure 4). Infill drilling continues to support previous drilling results by Bravo. (CNW Group/Bravo Mining Corp.)

Section 3 (Figure 3) is an infill section in the Central Sector. Drilling (DDH24LU275, and DDH22LU059) also shows clear evidence of better mineralized grades and thicknesses compared to historic drilling (PPT-LUAN-FD0121) between the Bravo drill holes, again with mineralization defined to date less to ~150m from surface and still open at depth.

Figure 3: Central Sector (Section 3 on Figure 4). Better mineralized grades and thicknesses compared to historic drilling. (CNW Group/Bravo Mining Corp.)

HeliTEM (Helicopter borne EM) and Copper/Gold Exploration Update

Exploration is progressing on both BHEM targets and HeliTEM targets. Drilling continues at T5, the previously reported massive sulphide Cu-Ni discovery (see news release dated May 28, 2024), expanding mineralization to the east. Drilling to follow up BHEM at T1 will commence soon, along with drill testing of a new copper target located west of T5.

Drill Results Status Update

A total of 338 drill holes have been completed by Bravo to date, for 72,006 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 297 Bravo drill holes to date. Assay results for 33 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes). A total of 42 trenches have been completed to date (for 8,317 metres), with results for 37 trenches reported and results for 5 trenches pending.

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE
DDH24LU260	119.90	123.90	4.00	2.68	4.24	2.22	0.52	9.66	0.01	FR/LS
DDH24LU261	0.00	41.50	41.50	0.44	0.77	0.03	0.01	1.24	NA	Ox
And	53.90	73.90	20.00	0.27	0.59	0.08	<0.01	0.94	0.02	FR/LS
And	88.90	90.90	2.00	0.31	0.89	0.13	0.01	1.34	0.02	FR/LS
And	111.90	113.90	2.00	0.95	2.53	0.49	0.02	4.00	0.02	FR/LS
And	181.90	192.90	11.00	0.39	0.23	0.04	0.01	0.66	0.03	FR
DDH24LU262	0.00	35.00	35.00	0.33	0.68	0.03	0.01	1.05	NA	Ox
And	35.00	49.00	14.00	0.16	0.46	0.05	0.01	0.66	0.01	FR/LS
And	58.00	63.00	5.00	1.16	4.61	0.92	0.03	6.71	0.02	FR/LS
And	146.00	152.00	6.00	0.91	2.62	0.42	0.15	3.96	0.15	FR
DDH24LU263	0.00	29.90	29.90	0.64	0.68	0.02	<0.01	1.34	NA	Ox
And	62.50	68.55	6.05	0.35	0.76	0.03	0.01	1.15	0.01	FR/LS
And	72.55	104.60	32.05	0.27	0.60	0.04	<0.01	0.91	0.01	FR/LS
And	147.60	151.60	4.00	0.64	0.63	0.11	0.03	1.40	0.14	FR
And	177.60	192.60	15.00	0.39	0.18	0.02	0.05	0.64	0.09	FR
DDH24LU264	0.00	21.00	21.00	1.05	8.14	0.08	0.07	9.34	NA	Ox
And	31.25	85.30	54.05	0.37	0.71	0.02	<0.01	1.10	0.01	FR/LS
DDH24LU265	128.30	164.60	36.30	0.45	1.36	0.04	0.01	1.87	0.01	FR/LS
And	201.60	228.60	27.00	1.64	0.93	0.18	0.04	2.78	0.07	FR
DDH24LU266	0.00	7.85	7.85	0.30	1.01	0.04	0.01	1.35	NA	Ox
And	29.70	146.00	116.30	0.54	1.01	0.03	0.01	1.59	0.02	FR
And	186.00	194.00	8.00	0.59	0.42	0.08	0.01	1.10	0.10	FR
DDH24LU267	67.00	92.00	25.00	0.21	0.49	0.03	<0.01	0.73	0.01	FR
And	236.80	242.80	6.00	0.54	0.37	0.05	<0.01	0.97	0.06	FR
And	269.80	277.80	8.00	0.23	0.10	0.04	<0.01	0.37	0.21	FR
DDH24LU268	0.00	12.00	12.00	0.31	0.62	0.07	0.01	1.02	NA	Ox
DDH24LU269	49.65	54.65	5.00	10.46	5.09	0.77	0.08	16.40	0.04	FR
And	107.30	149.30	42.00	0.31	0.25	<0.01	<0.01	0.57	0.03	FR
DDH24LU270	47.00	88.00	41.00	0.27	0.22	0.01	<0.01	0.51	0.02	FR
DDH24LU271	0.00	5.15	5.15	0.84	0.33	0.03	0.03	1.25	NA	FR
And	69.20	81.20	12.00	2.09	0.92	0.14	0.01	3.16	0.12	FR
And	181.20	249.20	68.00	0.31	0.29	0.01	<0.01	0.61	0.02	FR
DDH24LU272	0.00	2.70	2.70	0.49	0.29	0.06	0.02	0.87	NA	Ox
And	20.10	28.35	8.25	0.44	0.18	0.03	0.02	0.67	NA	Ox
And	31.00	38.00	7.00	1.01	0.41	0.08	0.03	1.54	0.19	FR
And	48.00	58.00	10.00	1.48	0.54	0.09	0.18	2.29	0.21	FR
And	136.00	191.00	55.00	0.34	0.31	0.01	<0.01	0.66	0.01	FR
DDH24LU273	0.00	12.75	12.75	1.21	0.49	0.08	0.02	1.80	NA	Ox
And	86.60	110.60	24.00	0.29	0.24	0.01	<0.01	0.53	0.01	FR
And	122.60	125.60	3.00	0.20	0.61	0.10	<0.01	0.92	0.01	FR/LS
DDH24LU274	0.00	6.00	6.00	0.33	0.21	0.01	0.01	0.56	NA	Ox
And	20.50	52.70	32.20	0.32	0.26	0.01	<0.01	0.59	0.01	FR
DDH24LU275	0.00	5.80	5.80	0.50	0.34	0.05	0.03	0.92	NA	Ox
And	25.80	46.90	21.10	2.34	0.81	0.15	0.03	3.33	0.10	FR
And	131.90	174.90	43.00	0.31	0.24	0.01	<0.01	0.57	0.02	FR
DDH24LU276	0.00	4.00	4.00	0.60	0.26	0.03	0.01	0.89	NA	Ox
And	84.50	96.50	12.00	0.33	0.20	0.01	<0.01	0.54	0.02	FR
DDH24LU277	0.00	1.79	1.79	0.49	0.22	0.28	0.02	1.01	NA	FR
And	75.90	80.90	5.00	0.67	0.39	0.04	0.02	1.11	0.05	FR
And	86.90	89.90	3.00	22.13	8.56	1.01	0.06	31.65	0.03	FR
And	149.90	161.90	12.00	0.18	0.38	0.01	0.01	0.58	0.01	FR/LS
And	175.90	179.90	4.00	3.21	13.93	0.62	0.01	17.77	0.02	FR/LS
DDH24LU278	14.00	17.00	3.00	2.28	0.93	0.16	0.02	3.38	NA	Ox
And	23.00	27.00	4.00	4.13	2.18	0.31	0.03	6.64	0.02	FR
And	120.50	126.77	6.27	0.20	0.33	0.01	0.01	0.54	0.01	FR
DDH24LU279	39.50	44.50	5.00	0.35	0.33	0.01	0.01	0.69	0.02	FR
DDH24LU280	107.95	112.75	4.80	0.59	0.20	0.03	0.06	0.88	0.31	FR
And	150.50	184.50	34.00	1.71	0.56	0.08	0.17	2.52	0.29	FR
And	206.50	237.50	31.00	0.25	0.24	<0.01	0.01	0.51	0.02	FR
DDH24LU281	15.90	19.60	3.70	0.60	0.26	<0.01	0.32	1.18	NA	Ox
And	56.80	60.80	4.00	0.45	0.15	<0.01	0.09	0.68	0.19	FR
And	63.80	66.80	3.00	0.61	0.24	<0.01	0.11	0.97	0.12	FR
And	79.80	87.80	8.00	0.29	0.11	0.01	0.10	0.50	0.11	FR
And	93.80	96.80	3.00	0.23	0.10	0.01	0.02	0.36	0.20	FR
And	102.80	142.80	40.00	1.43	0.51	0.07	0.14	2.16	0.23	FR
And	146.80	171.80	25.00	0.24	0.22	0.02	0.01	0.47	0.02	FR
DDH24LU282	170.65	213.30	42.65	1.67	0.61	0.09	0.04	2.41	0.28	FR
And	218.30	252.30	34.00	0.32	0.23	0.01	0.01	0.57	0.01	FR
And	295.30	299.30	4.00	1.80	1.75	0.27	0.14	3.97	0.04	FR
And	306.30	310.30	4.00	0.15	0.40	0.02	<0.01	0.61	0.02	FR
DDH24LU283	22.10	27.80	5.70	0.60	0.23	0.02	0.01	0.86	0.01	FR
DDH24LU284	109.38	113.97	4.59	0.25	0.31	0.01	<0.01	0.57	0.01	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given the orientation of drilling and mineralization, intercepts are estimated at 115% to 135% of true thickness in the Central Sector, and 135% to 155% of true thickness in the North Sector.
	Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 4: Location of Bravo Drilling and Sections Reported in this News Release (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 Luanga PGM+Au+Ni Project in the world-class Carajás Mineral Province of Brazil.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded +70,000 infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

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.

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 "continues", "significant", "critical", "undoubtedly", "robust", "potential", "solidify", "essential", "substantial", "improved", "further extension", "high-grade", "consistently increasing", "better", "wide", "bode well", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and/or prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth; the impact of current and future drilling on future mineral resource estimates, after taking into account other modifying factors; whether or not the mineralization is amenable to open pit mining and, if so, to what extent; potential economic outcomes, including strip ratios, in 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 to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management's expectations; 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.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH24LU260	Bravo	659449.835	9343124.194	258.596	SIRGAS2000_UTM_22S	165.25	90.00	-60.00	North
DDH24LU261	Bravo	659398.590	9343123.961	255.949	SIRGAS2000_UTM_22S	245.40	90.00	-60.00	North
DDH24LU262	Bravo	659539.417	9342814.041	273.110	SIRGAS2000_UTM_22S	190.60	90.00	-60.00	North
DDH24LU263	Bravo	659451.586	9342974.382	267.848	SIRGAS2000_UTM_22S	260.55	90.00	-60.00	North
DDH24LU264	Bravo	659387.575	9343074.446	252.390	SIRGAS2000_UTM_22S	160.35	90.00	-60.00	North
DDH24LU265	Bravo	659297.480	9343074.500	237.800	SIRGAS2000_UTM_22S	260.30	90.00	-60.00	North
DDH24LU266	Bravo	659356.430	9343124.000	249.810	SIRGAS2000_UTM_22S	245.75	90.00	-60.00	North
DDH24LU267	Bravo	659655.160	9342616.070	254.510	SIRGAS2000_UTM_22S	350.35	90.00	-60.00	North
DDH24LU268	Bravo	658508.010	9340906.000	235.950	SIRGAS2000_UTM_22S	105.70	330.00	-60.00	Central
DDH24LU269	Bravo	658730.170	9340927.830	237.050	SIRGAS2000_UTM_22S	165.80	330.00	-60.00	Central
DDH24LU270	Bravo	658731.530	9341015.780	229.700	SIRGAS2000_UTM_22S	100.45	330.00	-60.00	Central
DDH24LU271	Bravo	658755.370	9340883.910	238.040	SIRGAS2000_UTM_22S	250.20	330.00	-60.00	Central
DDH24LU272	Bravo	658655.830	9340855.020	245.410	SIRGAS2000_UTM_22S	205.45	330.00	-60.00	Central
DDH24LU273	Bravo	658630.870	9340898.340	242.680	SIRGAS2000_UTM_22S	150.15	330.00	-60.00	Central
DDH24LU274	Bravo	658604.230	9340944.550	238.180	SIRGAS2000_UTM_22S	100.10	330.00	-60.00	Central
DDH24LU275	Bravo	658693.880	9340890.480	239.010	SIRGAS2000_UTM_22S	185.35	330.00	-60.00	Central
DDH24LU276	Bravo	658700.910	9340978.290	237.550	SIRGAS2000_UTM_22S	105.55	330.00	-60.00	Central
DDH24LU277	Bravo	658830.010	9340945.250	239.620	SIRGAS2000_UTM_22S	220.75	330.00	-60.00	Central
DDH24LU278	Bravo	658802.200	9340993.410	230.410	SIRGAS2000_UTM_22S	150.25	330.00	-60.00	Central
DDH24LU279	Bravo	658774.840	9341040.260	221.600	SIRGAS2000_UTM_22S	85.10	330.00	-60.00	Central
DDH24LU280	Bravo	658485.620	9340648.530	283.830	SIRGAS2000_UTM_22S	295.10	330.00	-60.00	Central
DDH24LU281	Bravo	658333.870	9340511.980	280.550	SIRGAS2000_UTM_22S	275.20	330.00	-60.00	Central
DDH24LU282	Bravo	658405.280	9340488.590	285.330	SIRGAS2000_UTM_22S	340.25	330.00	-60.00	Central
DDH24LU283	Bravo	658090.780	9340435.240	232.570	SIRGAS2000_UTM_22S	180.45	330.00	-60.00	Central
DDH24LU284	Bravo	658051.730	9340402.830	245.820	SIRGAS2000_UTM_22S	200.20	330.00	-60.00	Central

Schedule 2: 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.

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, Cu	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B

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

SOURCE Bravo Mining Corp.

Cision

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DuPont de Nemours (DD) came out with quarterly earnings of $1.18 per share, beating the Zacks Consensus Estimate of $1.04 per share. This compares to earnings of $0.92 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 13.46%. A quarter ago, it was expected that this specialty chemicals maker would post earnings of $0.85 per share when it actually produced earnings of $0.97, delivering a surprise of 14.12%.

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

DuPont de Nemours , which belongs to the Zacks Chemical – Diversified industry, posted revenues of $3.19 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.22%. This compares to year-ago revenues of $3.06 billion. The company has topped consensus revenue estimates two times over the last four quarters.

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

DuPont de Nemours shares have added about 6.4% since the beginning of the year versus the S&P 500's gain of 19.8%.

What's Next for DuPont de Nemours?

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

Ahead of this earnings release, the estimate revisions trend for DuPont de Nemours: favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1 on $3.14 billion in revenues for the coming quarter and $3.76 on $12.44 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical – Diversified is currently in the bottom 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Compass Minerals (CMP), another stock in the same industry, has yet to report results for the quarter ended September 2024.

Compass Minerals' revenues are expected to be $210.07 million, down 10.1% from the year-ago quarter.

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Investors with an interest in Mining – Gold stocks have likely encountered both Harmony Gold (HMY) and Franco-Nevada (FNV). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.

The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Harmony Gold and Franco-Nevada are sporting Zacks Ranks of #1 (Strong Buy) and #2 (Buy), respectively, right now. This means that HMY's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.

HMY currently has a forward P/E ratio of 8.16, while FNV has a forward P/E of 40.54. We also note that HMY has a PEG ratio of 0.50. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. FNV currently has a PEG ratio of 22.03.

Another notable valuation metric for HMY is its P/B ratio of 3.05. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, FNV has a P/B of 4.34.

These metrics, and several others, help HMY earn a Value grade of A, while FNV has been given a Value grade of F.

HMY stands above FNV thanks to its solid earnings outlook, and based on these valuation figures, we also feel that HMY is the superior value option right now.

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If you're looking for a multi-bagger, there's a few things to keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Eastern Platinum (TSE:ELR) and its trend of ROCE, we really liked what we saw.

Return On Capital Employed (ROCE): What Is It?

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

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

0.083 = US$7.9m ÷ (US$164m – US$69m) (Based on the trailing twelve months to June 2024).

So, Eastern Platinum has an ROCE of 8.3%. On its own that's a low return, but compared to the average of 3.3% generated by the Metals and Mining industry, it's much better.

See our latest analysis for Eastern Platinum

TSX:ELR Return on Capital Employed November 4th 2024

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Eastern Platinum's past further, check out this free graph covering Eastern Platinum's past earnings, revenue and cash flow.

What The Trend Of ROCE Can Tell Us

It's great to see that Eastern Platinum has started to generate some pre-tax earnings from prior investments. Historically the company was generating losses but as we can see from the latest figures referenced above, they're now earning 8.3% on their capital employed. At first glance, it seems the business is getting more proficient at generating returns, because over the same period, the amount of capital employed has reduced by 37%. This could potentially mean that the company is selling some of its assets.

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 42% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.

Our Take On Eastern Platinum's ROCE

From what we've seen above, Eastern Platinum has managed to increase it's returns on capital all the while reducing it's capital base. Astute investors may have an opportunity here because the stock has declined 33% in the last five years. So researching this company further and determining whether or not these trends will continue seems justified.

Eastern Platinum does have some risks though, and we've spotted 2 warning signs for Eastern Platinum that you might be interested in.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

Huntsman (HUN) came out with quarterly earnings of $0.10 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 11.11%. A quarter ago, it was expected that this chemical company would post earnings of $0.12 per share when it actually produced earnings of $0.14, delivering a surprise of 16.67%.

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

Huntsman , which belongs to the Zacks Chemical – Diversified industry, posted revenues of $1.54 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 0.69%. This compares to year-ago revenues of $1.51 billion. The company has topped consensus revenue estimates just once over the last four quarters.

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

Huntsman shares have lost about 13.2% since the beginning of the year versus the S&P 500's gain of 20.1%.

What's Next for Huntsman?

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

Ahead of this earnings release, the estimate revisions trend for Huntsman: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.02 on $1.51 billion in revenues for the coming quarter and $0.19 on $6.08 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical – Diversified is currently in the bottom 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Compass Minerals (CMP), another stock in the same industry, has yet to report results for the quarter ended September 2024.

Compass Minerals' revenues are expected to be $210.07 million, down 10.1% from the year-ago quarter.

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Gold (GC=F) was hovering at a record high around $2,700 per ounce on Wednesday and silver was trading near 12-year highs, with the US presidential election between Kamala Harris and Donald Trump just days away and most investors expecting another rate cut at the Federal Reserve's next meeting on Nov. 7.

Gold

This week, Goldman Sachs analysts predicted gold will rise about 10% to $3,000 by December 2025 due to physical gold demand from central banks, investors pouring into exchange-traded funds (ETFs) backed by physical gold, and speculative positioning.

"History suggests that gold positioning tends to rise with uncertainty and when investors seek safe havens," wrote Goldman Sachs' Lina Thomas and Daan Struyven.

Retail investors wanting to get in on the precious metals action have several options, from owning physical gold to investing in mining companies. Here are some:

Physical gold and silver

"For gold, as well as silver, buying the physical asset is the safest and most reliable way," said Alex Ebkarian, co-founder and COO of Allegiance Gold.

Ebkarian said investors should have a mid- to long-term outlook for their return on investment, as well as understand there are storage and transportation fees if the gold is stored outside the home such as at a secure depository. There is also an upfront premium cost paid during acquisition.

"When it comes to investing in bars, I suggest starting at the 1 oz with well-known brands such as PAMP Suisse, Valcambi," he said.

Physical purchases can be made from local dealers, online platforms, and even big box retailer Costco (COST), though the latter doesn't purchase any back from customers.

Buying coins also carries a premium — from the most common ones to the rarest collectibles.

"When it comes to coins, it is best to focus on products from the world’s top four sovereign mints: US Mint, the Royal Canadian Mint, the Perth Mint, and the Royal Mint. They produce investment-grade coins that are highly sought after and extremely liquid. Diversifying your holdings provides you more flexibility and options in the future," said Ebkarian.

The most popular for both gold and silver is the 1 oz. American Eagle.

"American Eagle 1 oz. coins are the most liquid, traded, and recognized bullion coins in the world. Those are in great demand,” said Scott Travers, executive editor of COINage Magazine and author of the Coin Collector's Survival Manual.

Travers said consumers should make sure coins are verified through one of the industry's main three grading agencies or buy a tester to verify them.

Gold bars on display at a gold jewelry store in Oct. 1, Hangzhou, Zhejiang Province of China. (Ni Lifang/VCG via Getty Images) (VCG via Getty Images)Gold and silver ETFs

Another way to gain exposure to gold or silver is through ETFs that track the price of the commodity.

The iShares Silver Trust (SLV) and Physical Silver Shares ETF (SIVR) are both up about 42% since the start of the year, while SPDR Gold Shares (GLD) and iShares Gold Trust (IAU) are each up about 34% year to date.

Global physically backed gold ETFs saw their fifth consecutive monthly inflow in September, attracting $1.4 billion, according to the World Gold Council.

"The main advantage of gold ETFs is that they closely follow gold prices, making them simple to buy and sell, and don’t require physical storage. But ETFs charge management fees, and their prices can fluctuate with market conditions beyond just the changing value of gold," Peter C. Earle, senior economist at the American Institute for Economic Research, told Yahoo Finance.

Gold and silver mining stocks

"There is a case to be made for retail investors to invest in gold and silver through mining stocks," said Warwick Smith, CEO and director of American Pacific Mining Corp (USGD.CN).

"Even with competition from critical metals like copper, gold remains everyone’s top pick in 2024 and will continue to be the best-performing asset in the commodity markets into next year," he added.

Year to date, the VanEck Gold Miners ETF (GDX), composed of companies involved in discovering, mining, and refining gold or silver, is up 33% versus gold's 29% rise during the same period. Miners have played catch-up this year as a broader five-year period shows physical gold has performed far better.

Some experts warn the tangential route to investing in gold adds an element of company risk beyond what comes with the commodity itself.

"Shares of gold-related companies carry all of the risk of adverse movements in the price of gold in addition to the risks of corporate management: operational challenges and company-specific factors," said Earle.

The largest miner, New Gold (NGD), is up roughly 95% year to date, while Chicago-based Coeur Mining (CDE) is up roughly 110% during the same period. South African Harmony Gold (HMY) is up about 85% since the start of 2024.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

Click here for in-depth analysis of the latest stock market news and events moving stock prices

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SCCO showcases robust net income growth, signaling strong operational efficiency.
Increased net sales reflect a positive market demand and pricing for SCCO's products.
Strategic investments in exploration and development projects indicate future growth potential.
Market volatility and regulatory changes pose potential risks to SCCO's performance.

Warning! GuruFocus has detected 6 Warning Signs with RBLX.

On October 31, 2024, Southern Copper Corp (NYSE:SCCO) released its 10-Q filing, providing a detailed financial snapshot of the company's performance. As an integrated producer of copper and other minerals, SCCO operates mining, smelting, and refining facilities in Peru and Mexico. The company's recent financials show a significant increase in net sales, from $2,505.6 million in Q3 2023 to $2,930.9 million in Q3 2024, and a notable rise in net income attributable to SCC, from $619.5 million to $896.7 million over the same period. These figures underscore SCCO's ability to capitalize on favorable market conditions and operational efficiencies. The following SWOT analysis delves into the strengths, weaknesses, opportunities, and threats as revealed by the latest SEC filing.

Decoding Southern Copper Corp (SCCO): A Strategic SWOT InsightStrengths

Financial Performance and Market Position: Southern Copper Corp (NYSE:SCCO) has demonstrated a robust financial performance, with a significant increase in net income attributable to SCC, from $619.5 million in Q3 2023 to $896.7 million in Q3 2024. This growth reflects the company's operational efficiency and ability to leverage its market position to capitalize on favorable pricing and demand for its products. The increase in net sales, from $2,505.6 million to $2,930.9 million over the same period, further solidifies SCCO's strength in the market. The company's financial health is also evident in its earnings per share, which rose from $0.80 to $1.15, showcasing its profitability and return on investment for shareholders.

Operational Efficiency and Cost Management: SCCO's operational efficiency is highlighted by its ability to manage operating costs and expenses effectively. Despite a slight increase in total operating costs and expenses from $1,436.4 million in Q3 2023 to $1,480.6 million in Q3 2024, the company has maintained a strong operating income of $1,450.3 million. This indicates SCCO's strategic cost management and its ability to maintain profitability even with rising costs. The company's focus on efficiency is crucial in the cyclical nature of the mining industry, where cost control is a key determinant of success.

Weaknesses

Dependence on Commodity Prices: While SCCO has benefited from favorable commodity prices, its reliance on the volatile market for copper and other metals is a weakness. The fluctuating prices of metals can significantly impact the company's financial performance, as seen in the decline of molybdenum prices, which partially offset the positive performance in Q3 2024. This dependence on commodity prices exposes SCCO to market risks that are beyond its control, potentially affecting its revenue and profitability.

Regulatory and Political Risks: Operating in multiple jurisdictions, SCCO faces regulatory and political risks that could impact its operations. Changes in mining laws, environmental regulations, and political instability in the regions where SCCO operates can pose challenges to its business model. For instance, the recent legislative changes in Mexico affecting the mining industry could introduce new restrictions and conditions that may affect SCCO's operational freedom and cost structure.

Opportunities

Strategic Exploration and Development Projects: SCCO's investment in exploration and development projects presents significant opportunities for growth. The company's initiatives, such as the Los Chancas and Michiquillay projects in Peru, demonstrate its commitment to expanding its resource base and production capabilities. These projects are expected to contribute to future production increases, enhancing SCCO's long-term prospects and ability to meet growing global demand for copper and other minerals.

Increasing Demand for Copper and Other Metals: The global transition towards renewable energy and electrification is driving demand for copper and other metals used in technology and infrastructure. SCCO, with its extensive operations and reserves, is well-positioned to capitalize on this trend. The company's ability to increase production and sales volumes, as indicated by the positive performance in Q3 2024, aligns with the market's growing needs, presenting an opportunity to further strengthen its market position.

Threats

Market Volatility and Economic Uncertainty: The cyclical nature of the mining industry means that SCCO is subject to market volatility and economic uncertainty. Fluctuations in global economic conditions, trade tensions, and other external factors can lead to unpredictable metal prices and demand, which can adversely affect SCCO's financial performance. The company must navigate these uncertainties while maintaining operational resilience and financial stability.

Environmental and Social Governance (ESG) Challenges: As environmental and social governance becomes increasingly important to investors and stakeholders, SCCO faces the challenge of meeting higher ESG standards. The company must continue to invest in sustainable practices, reduce its environmental footprint, and engage with local communities to maintain its social license to operate. Failure to address these ESG challenges could result in reputational damage and financial risks.

In conclusion, Southern Copper Corp (NYSE:SCCO) exhibits a strong financial foundation and market position, bolstered by its operational efficiency and strategic investments. However, the company must navigate the inherent risks associated with commodity price dependence, regulatory changes, and market volatility. The opportunities presented by the increasing demand for copper and strategic development projects are promising, but SCCO must remain vigilant against the threats posed by economic uncertainty and ESG challenges. Overall, SCCO's

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.

Investors interested in Basic Materials stocks should always be looking to find the best-performing companies in the group. Harmony Gold (HMY) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? Let's take a closer look at the stock's year-to-date performance to find out.

Harmony Gold is a member of the Basic Materials sector. This group includes 235 individual stocks and currently holds a Zacks Sector Rank of #11. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. Harmony Gold is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for HMY's full-year earnings has moved 7.9% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the most recent data, HMY has returned 76.3% so far this year. Meanwhile, the Basic Materials sector has returned an average of -0.8% on a year-to-date basis. This means that Harmony Gold is performing better than its sector in terms of year-to-date returns.

Another stock in the Basic Materials sector, New Gold (NGD), has outperformed the sector so far this year. The stock's year-to-date return is 88.4%.

Over the past three months, New Gold's consensus EPS estimate for the current year has increased 7.8%. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Harmony Gold belongs to the Mining – Gold industry, which includes 38 individual stocks and currently sits at #11 in the Zacks Industry Rank. On average, stocks in this group have gained 25.5% this year, meaning that HMY is performing better in terms of year-to-date returns. New Gold is also part of the same industry.

Investors with an interest in Basic Materials stocks should continue to track Harmony Gold and New Gold. These stocks will be looking to continue their solid performance.

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Some investors rely on dividends for growing their wealth, and if you're one of those dividend sleuths, you might be intrigued to know that Southern Copper Corporation (NYSE:SCCO) is about to go ex-dividend in just four days. The ex-dividend date is usually set to be one business day before the record date which is the cut-off date on which you must be present on the company's books as a shareholder in order to receive the dividend. The ex-dividend date is an important date to be aware of as any purchase of the stock made on or after this date might mean a late settlement that doesn't show on the record date. Meaning, you will need to purchase Southern Copper's shares before the 6th of November to receive the dividend, which will be paid on the 21st of November.

The company's next dividend payment will be US$0.70 per share, and in the last 12 months, the company paid a total of US$2.80 per share. Based on the last year's worth of payments, Southern Copper has a trailing yield of 2.6% on the current stock price of US$109.55. Dividends are a major contributor to investment returns for long term holders, but only if the dividend continues to be paid. So we need to check whether the dividend payments are covered, and if earnings are growing.

Check out our latest analysis for Southern Copper

Dividends are typically paid from company earnings. If a company pays more in dividends than it earned in profit, then the dividend could be unsustainable. Southern Copper paid out more than half (61%) of its earnings last year, which is a regular payout ratio for most companies. A useful secondary check can be to evaluate whether Southern Copper generated enough free cash flow to afford its dividend. It paid out more than half (73%) of its free cash flow in the past year, which is within an average range for most companies.

It's positive to see that Southern Copper's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut.

Click here to see the company's payout ratio, plus analyst estimates of its future dividends.

historic-dividendHave Earnings And Dividends Been Growing?

Businesses with strong growth prospects usually make the best dividend payers, because it's easier to grow dividends when earnings per share are improving. If earnings decline and the company is forced to cut its dividend, investors could watch the value of their investment go up in smoke. For this reason, we're glad to see Southern Copper's earnings per share have risen 14% per annum over the last five years. Southern Copper has an average payout ratio which suggests a balance between growing earnings and rewarding shareholders. This is a reasonable combination that could hint at some further dividend increases in the future.

Another key way to measure a company's dividend prospects is by measuring its historical rate of dividend growth. In the past 10 years, Southern Copper has increased its dividend at approximately 15% a year on average. Both per-share earnings and dividends have both been growing rapidly in recent times, which is great to see.

Final Takeaway

From a dividend perspective, should investors buy or avoid Southern Copper? Higher earnings per share generally lead to higher dividends from dividend-paying stocks over the long run. That's why we're glad to see Southern Copper's earnings per share growing, although as we saw, the company is paying out more than half of its earnings and cashflow – 61% and 73% respectively. Overall, it's hard to get excited about Southern Copper from a dividend perspective.

With that in mind, a critical part of thorough stock research is being aware of any risks that stock currently faces. For example – Southern Copper has 1 warning sign we think you should be aware of.

Generally, we wouldn't recommend just buying the first dividend stock you see. Here's a curated list of interesting stocks that are strong dividend payers.

It is hard to get excited after looking at Freeport-McMoRan's (NYSE:FCX) recent performance, when its stock has declined 11% over the past month. However, stock prices are usually driven by a company’s financial performance over the long term, which in this case looks quite promising. Particularly, we will be paying attention to Freeport-McMoRan's ROE today.

Return on Equity or ROE is a test of how effectively a company is growing its value and managing investors’ money. In other words, it is a profitability ratio which measures the rate of return on the capital provided by the company's shareholders.

View our latest analysis for Freeport-McMoRan

How Do You Calculate Return On Equity?

ROE can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for Freeport-McMoRan is:

16% = US$4.7b ÷ US$29b (Based on the trailing twelve months to September 2024).

The 'return' is the profit over the last twelve months. Another way to think of that is that for every $1 worth of equity, the company was able to earn $0.16 in profit.

What Has ROE Got To Do With Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. We now need to evaluate how much profit the company reinvests or "retains" for future growth which then gives us an idea about the growth potential of the company. Assuming everything else remains unchanged, the higher the ROE and profit retention, the higher the growth rate of a company compared to companies that don't necessarily bear these characteristics.

Freeport-McMoRan's Earnings Growth And 16% ROE

To begin with, Freeport-McMoRan seems to have a respectable ROE. Further, the company's ROE compares quite favorably to the industry average of 11%. Probably as a result of this, Freeport-McMoRan was able to see an impressive net income growth of 23% over the last five years. We reckon that there could also be other factors at play here. For instance, the company has a low payout ratio or is being managed efficiently.

As a next step, we compared Freeport-McMoRan's net income growth with the industry and found that the company has a similar growth figure when compared with the industry average growth rate of 23% in the same period.

past-earnings-growth

Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. By doing so, they will have an idea if the stock is headed into clear blue waters or if swampy waters await. One good indicator of expected earnings growth is the P/E ratio which determines the price the market is willing to pay for a stock based on its earnings prospects. So, you may want to check if Freeport-McMoRan is trading on a high P/E or a low P/E, relative to its industry.

Is Freeport-McMoRan Making Efficient Use Of Its Profits?

The three-year median payout ratio for Freeport-McMoRan is 33%, which is moderately low. The company is retaining the remaining 67%. By the looks of it, the dividend is well covered and Freeport-McMoRan is reinvesting its profits efficiently as evidenced by its exceptional growth which we discussed above.

Moreover, Freeport-McMoRan is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 34% of its profits over the next three years. As a result, Freeport-McMoRan's ROE is not expected to change by much either, which we inferred from the analyst estimate of 18% for future ROE.

Conclusion

Overall, we are quite pleased with Freeport-McMoRan's performance. In particular, it's great to see that the company is investing heavily into its business and along with a high rate of return, that has resulted in a sizeable growth in its earnings. On studying current analyst estimates, we found that analysts expect the company to continue its recent growth streak. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

PHILADELPHIA, Nov. 1, 2024 /PRNewswire/ —

FMC Corporation (NYSE:FMC) and Environmental Science U.S. LLC, known as Envu, today announced the successful completion of the sale of FMC's Global Specialty Solutions (GSS) business to Envu. The companies announced the signing of a definitive acquisition agreement on July 11, 2024, and have now satisfied all necessary conditions and regulatory approvals.

The divestiture of GSS, which includes a line of products that serve a diverse mix of non-crop markets such as golf courses, professional sports stadiums and pest control, is a key step in FMC's strategic plan to focus solely on innovating products and services for the global crop protection market.

"The successful sale of our GSS business to Envu marks an important milestone for FMC," said Pierre Brondeau, FMC Chairman and CEO. "This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market."

As part of the agreement, FMC will work with Envu through the companies' transition period and will remain a contracted supplier of key products and actives. This ongoing collaboration will support a seamless transition for customers and employees while allowing Envu continued access to innovation.

"This is a very exciting day for Envu, and we believe for our customers as well," said Gilles Galliou, Envu CEO. "Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways that we can leverage our collective strengths to deliver more innovation and more value for our customers. We look forward to continuing to collaborate with FMC as a trusted supplier and partner."

FMC intends to allocate all proceeds from the sale to debt reduction.

About FMC

FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber and fuel for an expanding world population while adapting to a changing environment. FMC's innovative crop protection solutions – including biologicals, crop nutrition, digital and precision agriculture – enable growers, crop advisers and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 5,800 employees at more than 100 sites worldwide, FMC is committed to discovering new herbicide, insecticide and fungicide active ingredients, product formulations and pioneering technologies that are consistently better for the planet. Visit fmc.com to learn more and follow us on LinkedIn®.

About Envu

Envu was founded in 2022, a company built on years of environmental science experience, for the sole purpose of advancing healthy environments for everyone, everywhere. Envu offers dedicated services in: Professional Pest Management, Forestry, Ornamentals, Golf, Industrial Vegetation Management, Lawn & Landscape, Mosquito Management, and Range & Pasture. Envu collaborates with customers to design innovative solutions that meet their requirements today and well into the future. The Envu portfolio consists of over 180 trusted and well-known brands. The company employs 900 people, operates in 100 countries, and has four global innovation hubs. For additional information, visit www.envu.com.

Statement under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995: FMC and its representatives may from time to time make written or oral statements that are "forward-looking" and provide other than historical information, including statements contained in this press release, in FMC's other filings with the SEC, and in presentations, reports or letters to FMC stockholders.

In some cases, FMC has identified these forward-looking statements by such words or phrases as "outlook", "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words or phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the company based on currently available information. The forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement. These statements are qualified by reference to the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"), the section captioned "Forward-Looking Information" in Part II of the 2023 Form 10-K and to similar risk factors and cautionary statements in all other reports and forms filed with the Securities and Exchange Commission ("SEC"). We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Forward-looking statements are qualified in their entirety by the above cautionary statement.

We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.

Envu (PRNewsfoto/FMC Corporation)Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-and-envu-complete-the-sale-of-fmcs-global-specialty-solutions-business-302294119.html

SOURCE FMC Corporation

With its stock down 4.5% over the past month, it is easy to disregard BHP Group (ASX:BHP). However, stock prices are usually driven by a company’s financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to BHP Group's ROE today.

Return on equity or ROE is a key measure used to assess how efficiently a company's management is utilizing the company's capital. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.

See our latest analysis for BHP Group

How To Calculate Return On Equity?

Return on equity can be calculated by using the formula:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for BHP Group is:

20% = US$9.6b ÷ US$49b (Based on the trailing twelve months to June 2024).

The 'return' refers to a company's earnings over the last year. That means that for every A$1 worth of shareholders' equity, the company generated A$0.20 in profit.

Why Is ROE Important For Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company’s earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

BHP Group's Earnings Growth And 20% ROE

To start with, BHP Group's ROE looks acceptable. On comparing with the average industry ROE of 12% the company's ROE looks pretty remarkable. Probably as a result of this, BHP Group was able to see a decent growth of 6.2% over the last five years.

As a next step, we compared BHP Group's net income growth with the industry and were disappointed to see that the company's growth is lower than the industry average growth of 21% in the same period.

past-earnings-growth

Earnings growth is an important metric to consider when valuing a stock. It’s important for an investor to know whether the market has priced in the company's expected earnings growth (or decline). This then helps them determine if the stock is placed for a bright or bleak future. Has the market priced in the future outlook for BHP? You can find out in our latest intrinsic value infographic research report.

Is BHP Group Using Its Retained Earnings Effectively?

While BHP Group has a three-year median payout ratio of 94% (which means it retains 6.3% of profits), the company has still seen a fair bit of earnings growth in the past, meaning that its high payout ratio hasn't hampered its ability to grow.

Moreover, BHP Group is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Existing analyst estimates suggest that the company's future payout ratio is expected to drop to 57% over the next three years. However, the company's ROE is not expected to change by much despite the lower expected payout ratio.

Conclusion

In total, it does look like BHP Group has some positive aspects to its business. Its earnings have grown respectably as we saw earlier, probably due to its high returns. However, it does reinvest little to almost none of its profits, so we wonder what effect this could have on its future growth prospects. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. To know more about the latest analysts predictions for the company, check out this visualization of analyst forecasts for the company.

Brisbane, Queensland, Australia–(Newsfile Corp. – October 31, 2024) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is providing details of its upcoming Annual Meeting of shareholders ("AGM") to be held virtually on November 26, 2024, at 8:00 a.m. Brisbane Australian Eastern Standard Time (being November 25, 2024 at 2:00 p.m. (Canadian Pacific Standard Time). The AGM will be held in a virtual format, allowing shareholders to have an equal opportunity to participate at the AGM online regardless of their geographic location.

DOCUMENT AVAILABILITY
Online:	Meeting Materials are available at GMG's profile on SEDAR+ at www.sedarplus.ca as well as in the Investors Section of GMG's website at https://graphenemg.com/agm-materials/

Registered Shareholders:	Those shareholders who hold shares in their name, can expect to receive the Meeting Materials from Computershare. As a Registered Shareholder, if you have not received your Meeting Materials by November 5, 2024, please contact Computershare directly.

Non-Registered Shareholders:	Those shareholders who have their shares held by a brokerage firm or other intermediary, can expect to receive the Meeting Materials from their brokerage firm. As a Non-Registered Shareholder, if you have not received your Meeting Materials by November 5, 2024, please contact your broker directly.

ADVANCED VOTING
Voting Options:	Online: www.investorvote.com
	Telephone: 1-866-732-VOTE (8683)
	Mail: 8th Floor, 100 University Avenue, Toronto ON M5J 1V6

Deadline:	Voting instructions must be received by Computershare no later than 8:00 a.m. Brisbane Australian Eastern Standard Time on November 22, 2024, being 2:00 pm (Canadian Pacific Standard Time) on November 21, 2024.

ATTENDANCE
Online Platform:	Login online at https://meetings.lumiconnect.com/400-254-940-067 Meeting ID: 400-25-940-067, Password: graphene2024 (case sensitive) It is recommended to login 15 minutes prior to the start time of the AGM.

Third Party Appointments:	Third party appointments MUST be registered at www.computershare.com/graphene prior to the proxy cut-off date of November 22, 2024 in Australia and November 21, 2024 in North America. Failure to do so will result in the appointee not receiving login credentials.

Registered Shareholders:	Will be provided a 15 digit control number provided on your form of proxy provided by Computershare.

Appointed Proxyholders:	Once registered (as set out above), will be provided a username from Computershare via email.

Guests:	Attendees who do not enter the 15-digit control number or the username provided by Computershare will only be allowed to register for the AGM as a "Guest".
VOTING AND QUESTIONS AT THE VIRTUAL AGM
Advanced Questions:	All shareholders wishing to have a question addressed at the virtual AGM can avoid the registration requirements set out in the Meeting Materials by submitting them in advance to AGM24@graphenemg.com. Questions will be collected, organized by theme and posed to management at the AGM. GMG is committed to addressing all appropriate questions submitted by shareholders either live during the AGM or in advance, as timing and circumstances permit.

Registered and Appointed Proxyholders:	Full details have been provided in the Meeting Materials. Shareholders are reminded that if you vote in advance of the Meeting, you are not required to vote again on the day of the Meeting.

Guests:	Attendees who have registered for the AGM as a "Guest" will not have the ability to vote at the AGM or ask questions.

QUESTIONS REGARDING THE VIRTUAL AGM
Still Have Questions?	Shareholders who have questions on how to vote their proxy in advance of the AGM, or on how to register to vote at the AGM, can contact AGM24@graphenemg.com.

About GMG

GMG is a disruptive Australian-based clean-tech company listed on the TSXV (TSXV: GMG) that produces graphene and hydrogen by cracking methane (natural gas) instead of mining graphite. By using the company's proprietary process, GMG can produce high quality, low cost, scalable, 'tuneable' and no/low contaminant graphene – enabling demonstrated cost and environmental improvements in a number of world-scale planet-friendly/clean-tech applications. Using this low input cost source of graphene, the Company is developing value-added products that target the massive energy efficiency and energy storage markets. The Company is pursuing additional opportunities for GMG Graphene, including developing next-generation batteries, collaborating with world-leading universities in Australia, and investigating the opportunity to enhance the performance of lubricant oil and performance enhanced HVAC-R coating system.

For further information, please contact:

– Craig Nicol, Chief Executive Officer, and Managing Director of GMGcraig.nicol@graphenemg.com+61 415 445 223

– Leo Karabelas at Focus Communications Investor Relations (FCIR)leo@fcir.ca+1 647 689 6041

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228548

FMC (NYSE:FMC) Third Quarter 2024 ResultsKey Financial Results

Revenue: US$1.07b (up 8.5% from 3Q 2023).
Net income: US$65.9m (up by US$61.1m from 3Q 2023).
Profit margin: 6.2% (up from 0.5% in 3Q 2023).
EPS: US$0.53 (up from US$0.038 in 3Q 2023).

earnings-and-revenue-growth

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

FMC Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 2.6%.

Looking ahead, revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in the US.

Performance of the American Chemicals industry.

The company's shares are up 7.3% from a week ago.

Risk Analysis

It's necessary to consider the ever-present spectre of investment risk. We've identified 3 warning signs with FMC (at least 2 which don't sit too well with us), and understanding them should be part of your investment process.

Sales Growth: 9% overall growth, with organic sales growth of 12%.
Volume Growth: 17% increase, led by Brazil and the US.
North America Sales Increase: 48% due to strong volume growth.
Latin America Sales Growth: 8% with 15% growth excluding currency impacts.
Asia Sales Decline: 10% decrease, primarily due to lower sales in India.
Adjusted EBITDA Growth: 15% year-over-year increase.
Cost Savings Target: $125 million to $150 million in 2024, with a gross run rate of over $225 million in 2025.
Interest Expense: $58.7 million for the third quarter, down nearly $6 million from the prior year.
Effective Tax Rate: 11.8% for the third quarter, with a full-year range of 13% to 15%.
Gross Debt: Approximately $4.1 billion as of September 30, down $110 million from the prior quarter.
Free Cash Flow: $132 million in the third quarter, an improvement of $100 million from the prior year period.
Full Year Free Cash Flow Expectation: $400 million to $500 million for 2024.

Warning! GuruFocus has detected 7 Warning Signs with FMC.

Release Date: October 30, 2024

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

Positive Points

FMC Corp (NYSE:FMC) reported strong third-quarter sales growth of 9%, with organic sales growth of 12%, driven by volume increases in Brazil and the US.
North America outperformed expectations, with a 48% increase in sales due to strong volume growth and increased orders from diamide partners.
New products, including fluindapyr and Isoflex, are showing strong growth potential, with expected combined sales of over $100 million in the second half of the year.
The company is accelerating cost savings initiatives, targeting $125 million to $150 million in savings for 2024, with a gross run rate of over $225 million in 2025.
FMC Corp (NYSE:FMC) confirmed its full-year guidance, expecting fourth-quarter sales growth of 19% at the guidance midpoint, driven by new product introductions and cost benefits from restructuring.

Negative Points

Latin America faced unexpected challenges, particularly in Brazil and Argentina, due to delayed rains, increased borrowing rates, and the bankruptcy of a large customer.
Pricing pressures were significant, with about two-thirds of the total company price decline attributed to Brazil and Argentina.
Asia experienced a 10% sales decline, primarily due to lower sales in India as the country continues to work through excess channel inventory.
FMC Corp (NYSE:FMC) anticipates continued FX headwinds, particularly from the Brazilian real, impacting revenue growth.
The company expects a mid-single-digit price headwind in the fourth quarter due to ongoing challenging market conditions, especially in Asia and Latin America.

Q & A Highlights

Q: Can you provide an update on the 2025 revenue growth outlook and cost favorability? A: Pierre Brondeau, CEO, stated that FMC is targeting around 6% revenue growth for 2025, assuming flat pricing and no FX impact. The company anticipates stronger cost savings, leaning towards the higher end of the $150 million to $200 million range previously discussed.

Q: How is the situation in Latin America, and what factors contributed to the weaker-than-expected performance in Q3? A: Pierre Brondeau explained that Latin America’s challenges were due to delayed rains, increased borrowing rates, and the bankruptcy of a large customer in Brazil. FMC is focusing on maintaining market share, which has led to pricing adjustments.

Q: Can you elaborate on the pricing trajectory for diamides and non-diamides? A: Pierre Brondeau noted that pricing pressure is linked to market conditions, with the strongest correlation being the state of the channel. Diamides face less pricing pressure in regions with strong patent protection, and FMC expects price pressure to ease as markets normalize, potentially by the second half of 2026.

Q: What is the status of FMC’s R&D cost reduction, and is it sustainable? A: Pierre Brondeau stated that the R&D cost reduction is sustainable, achieved through improved decision-making processes, better screening tools, and increased coordination between central and regional R&D to avoid duplication and create synergies.

Q: How is FMC positioned in terms of production capacity to meet potential demand increases? A: Pierre Brondeau confirmed that FMC has sufficient production capacity and raw material supply to meet demand increases, and the company is not concerned about capacity constraints as the market recovers.

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

This article first appeared on GuruFocus.

Participants

Curt Brooks; Director of Investor Relations; FMC Corp

Pierre Brondeau; Chairman and Chief Executive Officer; FMC Corp

Andrew Sandifer; Chief Financial Officer, Executive Vice President; FMC Corp

Ronaldo Pereira; President; FMC Corp

Joel Jackson; Analyst; BMO Capital Markets

Aleksey Yefremov; Analyst; KeyBanc Capital Markets Inc

Kevin McCarthy; Analyst; Vertical Research Partners, LLC

Stephen Byrne; Analyst; BofA Securities

Laurent Favre; Analyst; BNP Paribas Exane

Josh Spector; Analyst; UBS Investment Bank

Christopher Parkinson; Analyst; Wolfe Research

Vincent Andrews; Analyst; Morgan Stanley

Jeffrey Zekauskas; Analyst; JPMorgan Chase & Co

Laurence Alexander; Analyst; Jefferies

Patrick Cunningham; Analyst; Citigroup Inc

Presentation

Operator

Good morning, and welcome to the third quarter 2024 earnings call for FMC Corporation. This event is being recorded (Operator Instructions). I would now like to turn the conference over to Mr. Curt Brooks, Director of Investor Relations for FMC Corporation. Please go ahead.

Curt Brooks

Good morning, everyone. Welcome to FMC Corporation's third quarter earnings call. Joining me today are Pierre Brondeau, Chairman and Chief Executive Officer; Andrew Sandifer, Executive Vice President, and Chief Financial Officer; and Ronaldo Pereira, President. Following our prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website, and the prepared remarks and today's discussion will be made available after the call. Let me remind you that today's presentation and discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors, including, but not limited to, those factors identified in our earnings release and in our filings with the Securities and Exchange Commission. Information presented represents our best judgment based on today's understanding. Actual results may vary based upon these risks and uncertainties. Today's discussion and the supporting materials will include references to adjusted EPS, adjusted EBITDA, adjusted cash from operations, free cash flow, and organic revenue growth, all of which are non-GAAP financial measures. Please note that as used in today's discussion, earnings means adjusted earnings and EBITDA means adjusted EBITDA. A reconciliation and definition of these terms as well as other non-GAAP financial terms to which we may refer during today's conference call are provided on our website. I'll now turn the call over to Pierre.

Pierre Brondeau

Thank you, Curt, and good morning, everyone. Before we get into the details of the third quarter and the forward guidance, I want to start by giving an overview of the company's performance and our view of the current market conditions. Overall, we reported a strong third quarter with growth at the top and bottom line. The quarter unfolded mostly as expected in Europe and Asia. However, we operated in a weaker-than-expected market landscape in Latin America, which was offset by a stronger-than-anticipated performance in North America. Latin America faced some unanticipated challenges this quarter, but we still delivered growth. Markets in Brazil and Argentina were more challenging than expected due to the delayed rains and increased borrowing rates. The bankruptcy of a large customer in Brazil added specific challenges for FMC. Given that we believe we are only a couple of quarters away from a more normal market situation, we decided to take pricing actions to maintain our market position. In fact, about 2/3 of the total company price decline in the quarter came from Brazil and Argentina. The rest of the region performed at or above expectations. While conditions are improving, it is clear that Latin America has not yet emerged from the down cycle as distributors and growers continue to manage their inventories carefully. On the other hand, North America performance was stronger than expected. More than half of the regional sales growth was due to increased order by diamide partners. I would add a note of clarification here. While the sales to these partners are recognized in North America, the final product is not always sold by the partner in that region. This creates the potential for North America sales to appear higher at the expense of other regions. The North America region also benefited from distributors shifting purchases from Q4 into Q3 in response to lower-than-expected inventory levels in the channel. On the product line front, sales appear one of our two diamide products reported growth in every region and was the fastest-growing molecule with 58% higher sales than the prior year. Strong branded sales (inaudible) sales and increased orders from the partners led to the diamides outperforming the overall portfolio. As we mentioned on the Q2 earnings call, the performance of new products is critical to a second half growth expectation. These products include new formulations of diamides as well as two of the four new — of the four brand new active ingredients we highlighted during our Q2 earnings call. Fluindapyr based from fungicide and herbicide containing Isoflex active are already receiving strong interest and demonstrating their growth potential. We expect combined sales of fluindapyr and Isoflex based products to reach over $100 million in sales in the second half of the year. The launch of fluindapyr especially important as fungicides are product category in which FMC has historically been underway. These products are opening up new markets for FMC. As I mentioned earlier, we saw more challenging markets than expected in Latin America, especially Brazil and Argentina. With expected channel inventory improvement on the horizon, we made the conscious decision to protect our market share in those countries even if it created price pressure beyond what was forecasted. This strategy is validated by North America, where price pressure was the lowest this quarter as its channel normalized. Looking ahead, our view on the time line of channel inventory recoveries is relatively unchanged from what we communicated during our August earnings call. The US and most countries in Europe are normalizing the fastest and Latin America is expected to be much improved in the second quarter of 2025. Asia markets are still expected to be challenging in 2025, with no recovery expected until 2026 as India continues to work through excess channel inventory. On a cost basis, we are accelerating the delivery of savings and increasing our targets. We are now targeting cost benefits from restructuring of $125 million to $150 million to be reflected in the P&L in 2024 with greater than $225 million of gross run rate in 2025. To accomplish this, we're accelerating restructuring, taking new critical initiatives to realign our manufacturing footprint, and using attrition as a key tool to drive further savings. We are confirming our full year guidance adjusted for the sale of the Global Specialty Solutions business, which we are now expecting to be sold in early November. This translates to fourth quarter sales growth of 19% at the guidance midpoint. Despite continued channel inventory issues in India and less than optimal early season conditions in Brazil and Argentina, we are confident in our ability to deliver on our guidance based on the strength of our new products as well as cost benefits from restructuring actions while market conditions improve. With that, let's review the company's third quarter performance in more detail. Slide 3 through Slide 5 provide an overview of our third quarter results. Sales growth of 9% was above the midpoint of our guidance range with organic sales growth of 12%. Volume grew by 17% led by Brazil and the US. In addition, sales to diamide partners grew strongly in North America. Pricing was lower [like 5%] with approximately 2/3 of the decline attributed to Brazil and Argentina due to the challenging conditions I mentioned earlier. On a regional basis, North America sales increased 48% because of strong volume growth. Insecticides delivered significantly higher sales due to increased order from diamide products and gains in branded (inaudible) products. Latin America sales grew 8% with 15% growth, excluding currency. Sales were higher across all product categories due to volume growth versus the prior year period, mainly in Brazil more than offset lower pricing and FX headwinds. New products were a key factor to growth, most notably from the fluindapyr based (inaudible) fungicide now commercialized in Brazil, Argentina, and Paraguay. We also saw increases in the new diamide formulation (inaudible)Argentina, and the sulfentrazone based herbicide borough fuel in Brazil. The robust sales of new products in a challenging market environment reflects the strength of FMC's R&D pipeline. In Asia, the 10% sales decline was mostly due to lower sales in India. Destocking in country's channel is making good progress aided by favorable weather. Finally, in (inaudible) sales declined 7%, driven by lower volume from expected registration losses. Branded diamides showed very strong growth, especially Exirel in Germany. Excessive wet weather in Central Europe acted as a moderate headwind, especially in herbicides. Turning to Slide 5. Adjusted EBITDA grew 15% year-over-year, above the high end of against range. Increased sales volume, FX tailwinds and above target cost savings from restructuring more than offset lower pricing and unabsorbed fixed cost from prior periods. Slide 6 provides an update on these restructuring actions. We are pleased to report continued solid progress on this front. As I stated in my opening, we now expect cost savings of $125 million to $150 million delivered to the P&L in 2024 with gross run rate savings greater than $225 million in 2025. Earlier this year, we announced our agreement with (inaudible) to divest a Global Specialty Solutions business for $350 million. We expect this deal to close in early November. As such, we are confirming a full year guidance less the foregone revenue and earnings from this business after the sale closes. This equates to an impact of $20 million in revenue and $10 million in EBITDA. This adjustment for GSS has been made to the full year outlook on Slide 7. Other than this adjustment, the outlook for the full year remains unchanged. We expect revenue to decline 2% as volume growth is more than offset by lower price and FX headwinds. EBITDA is expected to be lower by 8% and growth in the last nine months of the year is not expected to fully offset the lower results from the first quarter. EPS is guided to be lower by 12% at the midpoint from lower EBITDA. Slide 8 provides our expectations for the fourth quarter, which has been revised from the prior guidance to adjust for the GSS sale and the over delivery in Q3. At the midpoint, we expect revenue growth of 19% driven by higher volume in all regions. Price is expected to be a mid-single-digit headwind as challenging market conditions persist mostly in Asia and Latin America. FX is expected to be a low single-digit headwind. New products are expected to be a key contributor to growth, including new formulations of diamides across the region such as (inaudible) in Argentina. Fungicides, such as (inaudible) in Brazil and — in US, and there's no growing in Brazil, the herbicide based on Isoflex active. New product sales are expected to contribute about half of the sales growth of Q4. They are key to overall growth as they were in the Q3 performance despite suboptimal market conditions. EBITDA in the quarter is expected to grow by 32% at the midpoint due mainly to higher sales as volume more than offset lower price and FX headwinds. The unabsorbed fixed cost and sell-through of higher cost inventory that acted as COGS headwinds for most of the year are expected to have a much smaller impact in Q4 and will be more than offset by lower raw materials and restructuring benefits. EPS is expected to grow by 54% at the midpoint mainly from higher earnings. I will now hand the call over to Andrew to cover some financial items, including cash performance and outlook.

Andrew Sandifer

Thanks, Pierre. I'll start this morning with a review of some key income statement items. FX was a 3% headwind to revenue growth in the third quarter, largely stemming from the Brazilian real. For the remainder of 2024, we anticipate continued low single-digit FX headwinds in revenue, again, driven primarily by the Brazilian real. Interest expense for the third quarter was $58.7 million, down nearly $6 million compared to the prior year period, driven by lower debt balances. For full year 2025, we continue to expect interest expense to be in the range of $235 million to $240 million, essentially flat year-on-year at the midpoint with the impact of higher rates on domestic debt offset by lower overall borrowings. We've lowered our outlook for effective tax rate on adjusted earnings for full year 2024 to a range of 13% to 15%, reflecting improved clarity on the impacts of recent tax law changes on FMC's 2024 tax rate. In light of this, our effective tax rate for the third quarter was 11.8%, bringing our year-to-date accrual for income taxes in line with the 14% midpoint of this range. Moving next to the balance sheet and leverage. Gross debt at September 30 was approximately $4.1 billion, down $110 million from the prior quarter. Cash on hand decreased $55 million to $417 million, resulting in net debt of approximately $3.7 billion. Gross debt to trailing 12-month EBITDA was 5.0 times at quarter end, while net debt to EBITDA was 4.5 times. Relative to our covenant, which measures leverage with a number of adjustments to both the numerator and denominator, leverage was 5.0 times as compared to a covenant of 6.0 times. As a reminder, our covenant leverage limit will step down to 5.0 times at December 31, 2024. We expect covenant leverage to be approximately 4 times by year-end, reflecting both year-on-year EBITDA growth in the second half as well as the receipt of proceeds from the sale of our Global Specialty Solutions business, which, as Pierre noted earlier, is expected to close in early November. We remain committed to returning our leverage to levels consistent with our targeted BBB/BAA2 long-term credit ratings. We will do this through EBITDA growth and disciplined cash management with all discretionary free cash flow directed towards debt reduction until we return to our targeted metrics. Moving on to free cash flow on Slide 9. Free cash flow in the third quarter was $132 million, an improvement of $100 million versus the prior year period. Improved cash from operations and lower capital additions more than offset somewhat higher legacy and transformation spending, resulting from our ongoing restructuring program. Year-to-date free cash flow of $225 million is an increase of over $1 billion compared to the prior year period. Cash provided by improved accounts payable and inventory more than offset increased cash used by receivables, lower EBITDA and restructuring spending. We continue to expect free cash flow of $400 million to $500 million for full year 2024, driven by significant cash release from rebuilding accounts payable and reducing inventory, partially offset by higher accounts receivable due to revenue growth in the second half of the year. I'll now hand the call back over to Pierre for some closing comments.

Pierre Brondeau

Thank you, Andrew. The crop protection industry is in the process of recovering although at different paces depending upon the region. In this context, we delivered on our Q3 targets and a highly positive momentum heading into Q4. The growth embedded in the guidance we put forward for the fourth quarter is sizable, but it is centered largely around sales of new products and improved cost, both of which are real under our control. This should pave the way into 2025, where we continue to expect solid earnings growth driven by cost favorability along with moderate top line growth as demand continues to recover. Before we open up for Q&A, I want to provide a brief look forward to our earnings call and two key areas will cover. I mentioned on our August call that we are introducing four new active ingredients and developing [postpartan] defense strategy for diamides. On our next call, we will focus on these two pillars of growth and how they will contribute to the new three year target, which will demonstrate the strong revenue and earnings growth potential for the company. With that, we are now ready to take your questions.

Question and Answer Session

Operator

(Operator Instructions) Joel Jackson, BMO Capital Markets.

Joel Jackson

Good morning. Here, Andrew, you were very gracious a few months ago to give some building blocks for what the bridge for '25 look like. I was hoping if maybe you could give an update on that. So I think you talked about targeting 6% revenue growth next year, which would be volume growth with maybe some price contraction on flattish pricing. Talked about $150 million to $200 million of cost favorability, talked about $35 million of lower EBITDA, of course, from the sale of GSS. Are you able to update those numbers or reiterate today?

Pierre Brondeau

Thank you, Joel. Yes, we pretty much have the same — same view for 2025. But let me maybe give you some more detail around the latest thoughts. So yes, we are — we believe in a growth of around 6%, 6% range next year. This being said, when we say 6%, we made no assumption on pricing, which was pretty much pricing flat and didn't make any assumption on FX. At this stage, could we be facing more challenging pricing, possible. But frankly, we do not know yet. We have not been able to go deeper into those considerations. On the other hand, on the positive front, I think with the progress we have made on the cost front, we are heading more to the higher end of the range we gave at the last earnings call, so closer to the $200 million than the lower end. So still 6% range, undefined pricing situation at this stage, we are not able to make assumptions. We need to see how Q4 is going to be unfolding and maybe stronger savings than we were expecting and toward the higher end of the range.

Operator

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov

Thanks, and good morning, everyone. Pierre, I mean, you stated that Latin America was worse than expected in Q3. Is it getting any better in the fourth quarter? And also, if you could just describe why Q3 was worse specifically, was it more weather issues? Was the drought in Brazil? Or was it just fundamentally the market is weak due to low crop prices?

Pierre Brondeau

Yes. I think Q3 was a bit more difficult than we were expecting for multiple reasons. First of all, I think that the weather did not help at the beginning of the quarter with delayed rain. Rain came in, and it's actually right now in a pretty good situation, but in Q3 and beginning of the quarter, it was delayed. I think overall, the pricing situation remains challenging. The region is still with a (inaudible) inventory situation, which seen in the couple of quarters before going to normal. I also think that it was a bit more difficult for FMC than some of the competitors for multiple reasons. Versus where I was when I gave the first call, just a couple of months coming back. I'm more and more convinced that FMC was later than some of the other competitors in adjusting pricing. So I believe we've lost market share, more toward some of the peers like the Bayer, BSF or Syngenta of this world. There is pressure from generics, but I don't see a big change versus the past. But the lack of adjusting our pricing is forcing us to keep market share, and we're making the intentional decision to keep market share, we had to accelerate pricing adjustment. On top of that, we had to do it in the face of losing a very large customer. You know about the bankruptcy of a large distributor. We were highly exposed to that distributor. And we're clearly not wanted to lose that volume. So we had to go get that volume elsewhere. And there is always a price to pay when you have to go to find to other customers, what you lose from one. So on in on, the situation was not helping with increased rates, weather, delayed rain, the loss of a large customer for us, and the deliberate decisions we have made to stay where — to keep our market share position and maybe get back more to all the market share we have pre-downturn than where we are today.

Operator

Kevin McCarthy, VRP.

Kevin McCarthy

Yes, thank you, and good morning. Pierre, can you elaborate on the forward price trajectory. Maybe you could comment on your experience in diamides versus non-diamides. What is behind the competitive intensity that you alluded to? And what does the path to 0 price look like in your crystal ball as we progress into 2025?

Pierre Brondeau

Certainly, yes. I think the pricing situation is — the way we look at it, we believe that the number one correlation to pricing is the state of the channel. Certainly, farm income has an impact. But by far, when you are in a shrinking market and all of us — suppliers of products, trying to retain market share, you create a competitive situation, which has a negative impact on pricing. So that's why we want to stay underground in Latin America because we do believe that pressing the strongest correlation is with the state of the market. And that's why we saw maybe the latest pressure on price in North America while Latin America and Asia were the place where we had the highest pressure. Diamides, there is no more pressure on pricing in diamides, except maybe in places where we are — in countries where there is not the same consideration for patent protection. And I'm mostly talking about India — India and in China. In other places, the pricing situation is not worse for diamides than it is for other products, it's even better when the — in the countries where there is a stronger respect for patent protection. But going back to 0, I think it's going to highly depend upon the recovery of the market. I do believe that the price pressure will be way less when we get to a more normalized cycle and right now, crystal ball, I would see price pressure later potentially in the second half in '26, that is when we should be in a situation where most of the regions, maybe we said Asia will be in a more normal situation from a channel and inventory standpoint.

Kevin McCarthy

Thank you very much.

Operator

Stephen Byrne, Bank of America (inaudible).

Stephen Byrne

Yes. Thank you. With respect to your volume gain in North America, can you split that into three buckets — how much of that increase was to your diamide partners? And then for the balance that's targeting the North American market, what fraction do you sell to wholesalers versus retailers that sell directly to growers?

Pierre Brondeau

The growth to diamide's partners, I think is — as a percentage of diamide growth, it's going to be more than half of the growth of the diamides. In terms of the selling, I would say 100% of the sales are going toward the wholesalers. Then from this point, it goes into the channel toward the growers. But wholesalers represent our customer base.

Stephen Byrne

Thank you.

Operator

Laurent Favre, BNP Paribas.

Laurent Favre

Yes, good morning. Generally, my question is around R&D. And I think on the cost reduction plan is about $50 million. I think this year that will come from lower R&D. I was wondering if you could talk about the approach that you're taking there, whether the reduction is temporary or whether you're actually structurally being more selective in the areas where you're investing? Thank you.

Pierre Brondeau

Yes. Thank you. I think it's more of a sustainable cost savings. We might be sell at some point in the future to increase because of specific reasons. But — let me talk to you about how and why we are reducing our R&D spending. First of all, just to make sure we're very clear on this one, there is absolutely no impact on the launch of the four products, new molecules Ronaldo described at the last earnings call. Someone — a large part of the saving is coming from the discovery part of our process. We have now a process where we are much more strict on the decision to hold in the pipeline in discovery, low probability products. We had a tendency maybe to keep them longer — and usually, it comes with significant expenses. And we have a process, which allow us to grow faster in making those decisions. We also have developed better screening tools. And I think I wasn't there, but I think they were presented at the Investor Day, but those are also allowing us to make faster and better decisions in early-stage research. The last point is we've changed the governance process for R&D. You know that about — if you take the spending in R&D, about half goes to central R&D and half spending goes to regional R&D. We are increasing the coordination between the original research center and the Central Research Center, in order to make sure we do not have duplication and we create synergies. So we are just changing the way we work to make those savings not negatively impacting the quality of our innovation pipeline, but at the same time, reducing our cost.

Laurent Favre

Thank you.

Operator

Josh Spector, UBS.

Josh Spector

Yeah, hi, good morning. I wanted to ask a couple of things about volumes. So 3Q came in better than expected. You talked a little bit about pull forward, but your fourth volume guidance is still kind of the same ballpark, mid-20s-ish plus year-on-year growth. So one, what happened there? Is there any increased confidence, I guess, in fourth quarter? And then related to that is with the diamide sell in North America. Is that a headwind we need to worry about next year? Or is that not at the magnitude where that's a risk? Thanks.

Pierre Brondeau

I think regarding sales, we pretty much took our full year forecast we gave in Q2 and removed the sales, which we knew were expected to be delivered in Q4. So we just took the overselling in North America and remove that from a full year target in order to stay at the same level we were initially planning, of course, adding the correction for the GSS business. Regarding diamide in 2025, I must confess that we have not yet done a 2025 precise budget. We are in this process right now. We are going through it. It's complex because we have to look at all of the branded diamides and the sales with the partners, all of those negotiations are taking place right now. I cannot answer specifically on the year-on-year growth of diamides in '25 versus '24 at this stage. I almost have one certainty is that sales at here will be doing very well in 2025. It's a product — it's a good product. We have a very, very strong demand. There is very little competition. There is no generic, but the overall diamide, when except [PR] it's a bit early for me to comment until we move — we're more advanced in terms of a contract with our partners.

Josh Spector

Okay. Thank you.

Operator

Chris Parkinson, Wolfe Research.

Christopher Parkinson

Good morning. Pierre, just thinking about things, I'm not going to ask you to forecast the weather for 2025. But at the (inaudible), how should we be thinking about the new product introductions in terms of the cadence in the '25 as that relates to the growth rate you've already given as well as your own registration losses. And as just a real quick corollary of that second part, do you view your competitors' registration losses or likely registration losses over the next 2 years as more of a — as a potential tailwind for your new products?

Pierre Brondeau

Well, I think those are two separate events. We have the registration lots, which are mostly happening in Europe, where we know it's been there for many years. And — so it's going to be part of the forecast going into next year, and then there is the new products. New products are usually more than cover on a global basis, whatever registration loss we have. The new product also we are introducing next year and especially fluindapyr and Isoflex, those two molecules will be a little impacted by the channel situation. Those products are not in the channel. They are new. So pretty much we believe will be required, will be solved. So on balance, 2025 is going to realize the growth is going to rely a lot only product. We do not believe — it's hard for us to think about taking into account potential whether it's how to do, but that's one of the parts, which will be the most certain part of our forecast will be the new product. Registration loss, we usually know them pretty well in advance, especially for Europe. So we're expecting the balance of the two to be a significant positive. The more question we have looking to next year is how fast the channel we recover and the overall growth of the portfolio. As I said, we are not excluding a big bump in H2 2025. We just can't predict it. Overall (inaudible) comments around new products and the restriction side?

What I can share is where these products are expected to be sold in 2025. So registrations, Pierre already mentioned, the importance of Europe. That is already embedded in our plans. You asked, Chris about whether or not we benefit from those. The overall market in Europe has been flat despite of the registration. So I think the short answer is yes for the products that remain in the market. There is an increased opportunity because of the lack of options driven by those registration losses across the entire industry, the same way that — sometimes it hits our products. It also benefits us throughout the quarters. We — for next year, we expect though in the period to continue to grow, and I think the number one geography for that product will continue to be LatAm followed by US. That means that most of that growth should come in the second half of the year just because of seasonality in LatAm. The US portion of that will come probably between the second and third quarter of 2025 in the US. We also expect to launch the first launches in Europe for Isoflex, but that is more on the UK side, the broader Europe registration, we expect in a couple of years. So not for 2025, but for the near-term future.

Christopher Parkinson

Thank you for the color.

Operator

Vincent Andrews, Morgan Stanley.

Vincent Andrews

Thank you, and good morning. Maybe on the fourth quarter, I just want to dig into two things you mentioned before. First, on the incremental cost out that you announced — how much of that was already achieved in the third quarter? And how much of that can your account on for 4Q? And then at the same time, you referenced 4Q being heavily a function of new product introduction. What's your visibility on those sales are those orders? How much do you already have in hand versus how much are you still waiting to achieve?

Pierre Brondeau

Maybe I'll take the savings and Ronaldo you take the orders in hand. I'm going to do — all right, I'm going to do a high-level math under the control of my CFO here, so you correct me, Andrew, if I'm not correct. So off the top of my head, we said $50 million of savings in H2. So think about it that way roughly will be to Q3 by $20 million EBITDA, [$10 million] came from sales, which were higher than expected. And we also faced about a $20 million price decline. That leaves you — lead to about a $30 million savings. So your $20 million bet is plus sales in [10 plus 30] in savings, minus [20] in price. So which means that for the remainder of the year for Q4, we're expecting about $20 million. So the $30 million in Q3, $20 million in Q4 is about the break that we see for the overall $50 million additional savings. Andrew is not reacting, so it must about right?

Andrew Sandifer

It's about right here. So as for the orders, we track that more closely in Brazil, as you know, the other countries, we tend to get the orders and start shipping right away. And Brazil, today, we have about 40% of the orders that we forecast for the quarter. This is better than we had last year, and it's lower than we had in the best years in the region. So it's more or less in between, which is in line with our view that, that market is still recovering. Once again, about 40% of the orders that we need for the quarter.

Vincent Andrews

Thanks for all the detail. Very helpful.

Operator

Jeff Zekauskas, JPMorgan.

Jeffrey Zekauskas

Thanks very much. We think that prices — or it may be the case that prices of technical grade, CTPR active ingredient in your diamides in China have fallen from maybe I don't know, $350,000 a ton to $30,000 a ton over the past two years, and it may be that new product registrations have — I don't know, tripled or quadrupled over that time. What do you see — if you think that's true, what do you see as the analytical significance of CTPR prices coming down so sharply in China. And if you can remind us, how big is your diamide business in China roughly, and what's happening to it in terms of prices and volumes?

Pierre Brondeau

I'll let Ronaldo helping with that question around the pricing. The size of the China market for us in terms of diamides is more. It is not a major, major market for us, but Ronaldo around the pricing, you want to make your comments.

Ronaldo Pereira

We have seen different references for pricing. Way more references that we have seen products flowing around the world. So it's still unclear in terms of capacity and how much of that — those prices are real or not. What we have seen is in the two markets that they are commercializing China and India, as you pointed out, the prices have come down. I'll just make a correction for the price that I mentioned. It's for the kilo of technical product, not for the ton of technical products. We do believe, though, that some of the prices that we have seen in reference are lower than the production cost of even the low-quality providers, which would suggest more of a dumping of existing inventories in the market. We calculate how low it can be and some of those products are being offered, not necessarily sold but offered at costs that are lower — prices that are lower than the production cost. So I think that gives you a sense of how we think about this going forward. We do not believe those are the stable prices of the diamide.

Pierre Brondeau

I think I want to — and I hate to do that. But — we are truly doing a deep dive in our diamide strategy. We intend to be very open at our Feb recall on what future we see for diamide. We're actually pretty optimistic, but we're going to have to explain how we see a way to expand this market. I am not right now too much concerned by the kind of pricing we see in India or China. As Ronaldo said, a lot of inventory was built which could not be sold because we want multiple litigation in other countries, creating very, very high inventory people had to get rid of at price, which seem to be incredibly low versus even a low manufacturing cost. As part of the diamide strategy, we do have a — we are working on a very aggressive manufacturing cost road map, allowing us to compete in a different way. So all of that is being put in place right now. We do have time because besides China and India, we do not have to worry about this kind of pricing, which do not seem to be sustainable and be the pricing will be facing when we are off patent in the future — in the regions where we are competing. So hand to that to you. I think it's a very valid question, but I want to come with a more complete and (inaudible) diamide at the February call.

Jeffrey Zekauskas

Well, if I could follow up, just in terms of descriptively what's happening to your business — in Asia, what's happening to your diamide volumes and prices quantitatively, roughly?

Pierre Brondeau

So right now, what is happening to a market — to a diamide market right now, okay? And it's difficult because we are combining a situation where we have two countries which are accepting illegal sales of products below production cost in the middle of the downturn. So it's not a very normal situation. But today, overall, diamide are growing, driven by very strong demand of sales. I think when we talk diamides, we have to separate sales at here from — (inaudible) is growing very fast. Rynaxypyr is — because, and mostly because of Asia has a negative growth in the low single digits globally, driven by Asia. So I think about it overall, growing positively. But at the same time, I think our overall market for diamides global is up 10%. It's driven by (inaudible) being up in the 50% to 60% and Rynaxypyr down mid-single digits driven by Asia. That's what is happening today to the overall diamide portfolio. This answers your question.

Jeffrey Zekauskas

Yeah, thank you.

Operator

Laurence Alexander, Jefferies.

Laurence Alexander

Good morning. Could you just characterize how your production capacity is positioned for the signals you're getting from the distribution channel. That is, do you have any product areas where capacity is down and you won't be able to ramp up fast enough to meet what distributors are saying they may need this winter? Or do you think you're appropriately positioned to get the full operating benefit and the leverage that would come with a restock cycle?

Pierre Brondeau

No, I think we're good. We do have capacity that being said. We are much more I would say, manufacturing is much busier than it was a year ago. Most of the lines are actually operating, but we do have capacity to face the demand to come and the increase we are facing. So we're not concerned about capacity. From a raw material supply, we are also in a good shape. We are securing the product we need. As we said before, it's going to be a tailwind going into next year. But this is not a concern at this stage.

Laurence Alexander

Thank you.

Operator

Patrick Cunningham, Citigroup.

Patrick Cunningham

Hi, good morning. Thanks for taking my question. And just on the pricing challenges in Latin America, how should we think about additional incremental incentives to gain or maintain share in the fourth quarter and perhaps any into 2025?

Pierre Brondeau

Yes. So the forecast we've made for this — the fourth quarter includes a mid-single-digit price decrease year-on-year for the fourth quarter. We still believe we are in a challenging situation. We still believe there are going to be price pressure. I would say until the end of the second quarter of the season, which is the end of the first quarter in [2015]. I believe the pricing pressure is going to start to relieve significantly when we — as we move into 2025. As we say, the pricing is linked to how competitive the situation is versus the market. Plus, as I said before, it is very much also an FMC situation where we decided to reposition a market share where it was pre-downturn, and we had to do what we had to do to get to this position. So Ronaldo, maybe you want to comment on anything else specific on pricing in Latin America?

Ronaldo Pereira

Particularly in Brazil and Argentina, what I can share is there are some products that we have been very stable in terms of market share traditionally. I can talk about sulfentrazone and sugarcane, (inaudible) and cotton. Those are products that are very traditional products from FMC. And those are the products that we priced at a point that we allowed growers to make a decision on replacement. And we are now fighting back for share, getting back to the share that we had before the downturn on those products. So there specifics — that our pricing actions are specific to some products. They are primarily very traditional products in our portfolio. And it takes us back, those actions take us back to the share that we used it to hold before the downturn of the industry.

Pierre Brondeau

And I will just add something I've already said and it's been — because there has been many comments, generics are not the drivers of what we do. Generic pressure is here. It's always here, but there is nothing which has fundamentally changed the last couple of quarters versus where it was before. It is truly positioning of pricing against our peers, competitors also technology-based where we think we've lost ground from a volume standpoint because of a more aggressive pricing strategy, we need to reset.

Operator

Thank you. This concludes the FMC Corporation conference call. Thank you all for attending, and you may now disconnect.

Vancouver, British Columbia–(Newsfile Corp. – October 31, 2024) – Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) ("Flying Nickel" or the "Company") is pleased to announce that it will be completing a corporate name change to "CleanTech Vanadium Mining Corp." and will begin trading under a new stock ticker symbol "CTV" at the start of trading on November 5, 2024 on the TSX Venture Exchange. The Company's shareholder approved the change of name on October 21, 2024.

The Company's ISIN and CUSIP numbers will change to CA18453A1012 and 18453A101, respectively.

No action is required to be taken by shareholders with respect to the name change. Outstanding share and warrant certificates are not affected by the name and ticker symbol change and do not need to be exchanged.

About Flying Nickel Mining Corp.

Flying Nickel is an exploration-stage mining company focused on vanadium and critical mineral resources. The Company owns a 100% interest in the Gibellini vanadium project with a positive BLM record of decision in Nevada, United States.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARD

John LeeChief Executive Officer

For more information about Flying Nickel, please contact:

Suite 1610 – 409 Granville StreetVancouver, BC V6C 1T2Phone: 1.877.664.2535 / 1.877.6NICKELEmail: info@flynickel.com

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Forward-Looking Statements and Cautionary Disclaimers

This news release may contain "forward-looking information" within the meaning of applicable securities laws. Although the Company believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Company its securities, or its financial or operating results.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228398

Lindian Resources Limited (ASX:LIN) is possibly approaching a major achievement in its business, so we would like to shine some light on the company. Lindian Resources Limited, together with its subsidiaries, engages in the exploration of mineral properties in Tanzania, Guinea, Malawi, and Australia. On 30 June 2024, the AU$111m market-cap company posted a loss of AU$4.8m for its most recent financial year. The most pressing concern for investors is Lindian Resources' path to profitability – when will it breakeven? In this article, we will touch on the expectations for the company's growth and when analysts expect it to become profitable.

Check out our latest analysis for Lindian Resources

Lindian Resources is bordering on breakeven, according to some Australian Metals and Mining analysts. They expect the company to post a final loss in 2025, before turning a profit of AU$13m in 2026. So, the company is predicted to breakeven approximately 2 years from now. How fast will the company have to grow each year in order to reach the breakeven point by 2026? Working backwards from analyst estimates, it turns out that they expect the company to grow 114% year-on-year, on average, which is extremely buoyant. If this rate turns out to be too aggressive, the company may become profitable much later than analysts predict.

earnings-per-share-growth

Underlying developments driving Lindian Resources' growth isn’t the focus of this broad overview, though, keep in mind that typically a metal and mining business has lumpy cash flows which are contingent on the natural resource mined and stage at which the company is operating. So, a high growth rate is not out of the ordinary, particularly when a company is in a period of investment.

One thing we’d like to point out is that Lindian Resources has no debt on its balance sheet, which is rare for a loss-making metals and mining company, which typically has high debt relative to its equity. This means that the company has been operating purely on its equity investment and has no debt burden. This aspect reduces the risk around investing in the loss-making company.

Next Steps:

There are key fundamentals of Lindian Resources which are not covered in this article, but we must stress again that this is merely a basic overview. For a more comprehensive look at Lindian Resources, take a look at Lindian Resources' company page on Simply Wall St. We've also put together a list of key factors you should further research:

Historical Track Record: What has Lindian Resources' performance been like over the past? Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.

Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on Lindian Resources' board and the CEO’s background.

Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

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