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(Bloomberg) — BHP Group has been forced to walk back from comments about having “moved on” from its failed Anglo American Plc bid to prevent its hands being tied by the UK takeover panel from launching another buyout attempt.

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ESTES PARK, CO / ACCESSWIRE / October 30, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing an update on its Thor project located northeast of Trout Lake, British Columbia. Taranis has completed all of the field activities related to the 2024 exploration program at Thor. This exploration program had two main areas where exploration activities were focused, and these are discussed below.

Deep Drilling

A total of ten drill holes were completed in the Deep Drilling program of 2024. One drill hole was lost due to caving (Thor-241), and two others (Thor-244 & 245) were short confirmation holes that tested an unexpected zone encountered in Thor-242. Of the seven drill holes that tested deep exploration targets below the epithermal deposit, the average depth was 501 m. Drill hole results are pending, and will be provided once the analytical results are received and analyzed. The following table summarizes the statistics from the 2024 Deep Drilling program:

Drill Hole	Meters	Comments
Thor-241	105.5	Lost hole
Thor-242	576.0	South Tusk target
Thor-244	105.0	Thor-242 confirmation
Thor-245	141.0	Thor-242 confirmation
Thor-246	525.0	Spider Hole resistivity target
Thor-247	393.0	Spider Hole resistivity target
Thor-248	496.0	Spider Hole/magnetic target
Thor-250	546.0	West Spider Hole
Thor-251	393.0	Spider Hole resistivity target
Thor-252	579.0	North Crab Claw resistivity target
Total	3,859.5

One main drilling access road was completed in the area south and east of the Broadview Mine, and this road was approximately 1,100 m in length. A considerable amount of analytical sampling was undertaken on the drill cores, and this included standard drill core sampling to assess mineralization and specialized sampling that included determinations of graphitic carbon, calcite, rare earth elements and major oxide geochemistry.

Exploration Item	No. of Samples
Deep Drilling Assaying	~680
Deep Drilling Alteration Analytical	185
Total Samples	~865

Taranis has also initiated investigations regarding the mineralogy of drill cores from the deep drilling, and the results of this will be forthcoming.

Horton Area

Exploration continued in an area west of the Great Northern Zone where many high-grade boulders were discovered late in the 2023 field season. Systematic multi-channel Very Low Frequency ("VLF") and ground magnetic/gradiometer surveys were completed on a grid established in 2024 that covered this area. Soil sampling with a mechanized auger was completed on the grid and Induced Coupled Plasma ("ICP") trace element sampling was completed on the soil samples.

The following table highlights the data that was collected from the exploration surveys that will be used to assess the origin of the high-grade surface boulders found in the area.

Exploration	Station Spacing	Number of Measurements/Samples
Ground VLF surveys	5m	1,230
Ground magnetic-gradiometer surveys	5m	860
ICP and gold soil samples	10m	205
Boulder sampling	N/A	33

Three short diamond drill holes were completed along the Horton Road which will provide additional information about the geology in this poorly understood area. The following table summarizes the three drill holes that were completed at Horton.

Drill Hole	Meters
Thor-243	100.21
Thor-249	83.21
Thor-254	90.22
Total	273.64

Horton was severely impacted by the 2024 wildfire, and virtually all the trees and surface vegetation were destroyed. The burn allowed for unprecedented exposure of new outcrops in the area, and the discovery of many more high-grade boulders at surface (Boulder Sampling). The results of these surveys will be available once all of the analytical data has been received, and the data has been interpreted.

Epithermal Drill Hole Confirmation

A single drill hole (Thor-253, 109.12 m) was completed in vicinity of the Great Northern Zone where previous drilling had intersected three ‘stacked' mineralized zones. This drill hole will aid in the interpretation of the main epithermal deposit but is also expected to add information pertaining to the deep drilling conducted in 2024.

About Taranis and Thor

Taranis Resources Inc. is a Canadian mineral exploration company. The Thor Project is in southeast British Columbia. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep drilling aimed at finding the source of the 2km long epithermal deposit. This exploration uses modern geological models and uses state-of-the-art exploration tools including airborne magnetotellurics, magnetics and geochemistry. The Company's approach is that many of the historic mines in the area are underlain by comparatively large mineral deposits that do not outcrop at surface and have the potential to become much larger deposits that can be mined using modern mining methods.

Qualified Person

Exploration activities at Thor were overseen by John Gardiner (P. Geo.), who is a Qualified Person under the meaning of Canadian National Instrument 43-101. John Gardiner is a principal of John J. Gardiner & Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner has reviewed and approved the comments contained within this News Release.

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com.

Taranis currently has 99,627,581 shares issued and outstanding (113,093,135 shares on a fully-diluted basis).

TARANIS RESOURCES INC.Per: John J. Gardiner (P. Geo.), President and CEO

For further information contact:

John J. Gardiner681 Conifer LaneEstes Park, Colorado 80517Phone: (303) 716-5922 Cell: (720) 209-3049 johnjgardiner@earthlink.net

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.

This News Release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of factors beyond its control, and actual results may differ materially from expected results.

SOURCE: Taranis Resources Inc.

View the original press release on accesswire.com

Lupaka Gold Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) — Lupaka Gold Corp. ("Lupaka Gold" or the “Company") (TSX-V: LPK, FRA: LQP) announces that the Company has closed the non-brokered private placement (the “Closing”) previously announced on October 8, 2024 (the “Placement”).

At the Closing, the Company issued 1,500,000 units at a price of $0.05 per unit for gross proceeds of $75,000. Each unit consists of one common share (“Share”) and one transferable common share purchase warrant (“Warrant Share”) entitling the holder to purchase an additional common share of the Company at a price of $0.10 for a period of three years from the Closing (a “Unit”). All Shares issued and Warrant Shares (if exercised prior to March 2, 2025) are subject to a hold period expiring four months plus one day from the Closing in accordance with applicable securities laws. Closing of the Placement is subject to receipt of final applicable regulatory approvals including approval of the TSX Venture Exchange.

Gordon Ellis, President and CEO of the Company acquired 200,000 Units of the Placement. His participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the Units issued to Mr. Ellis, or the consideration paid, exceeded 25% of the Company’s market capitalization. No finders’ fees were paid, and the proceeds of the Placement will be used to fund property research and general working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The Securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available.

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

About Lupaka Gold

Lupaka is an active Canadian-based company focused on creating shareholder value through identification and development of mining assets.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon Ellis, C.E.O.

gellis@lupakagold.comTel: (604) 985-3147

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com

FMC Corporation FMC logged earnings of 52 cents per share in third-quarter 2024. This compares favorably with a loss of 3 cents in the year-ago quarter. Barring one-time items, adjusted earnings per share were 69 cents, topping the Zacks Consensus Estimate of 49 cents.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues were $1,065.4 million, up around 9% from the year-ago quarter’s level. The top line surpassed the Zacks Consensus Estimate of $1,030.5 million.The top line in the reported quarter was driven by a 17% year-over-year rise in volumes. This was partly offset by a 5% price decline and a 3% currency headwind. The company benefited from volume growth and lower costs from restructuring actions in the reported quarter. FMC saw strong volume growth in Latin America and North America, partly masked by lower pricing driven by Latin America due to challenging market conditions in Brazil and Argentina.

FMC Corporation Price, Consensus and EPS SurpriseFMC Corporation Price, Consensus and EPS Surprise

FMC Corporation price-consensus-eps-surprise-chart | FMC Corporation Quote

FMC’s Regional Sales Performance

In North America, sales climbed 48% year over year to $236 million in the quarter on higher volumes. It was above the consensus estimate of $205.9 million.Latin American sales saw an 8% year-over-year increase to $504 million in the reported quarter, primarily due to higher volumes that more than offset weak pricing in Brazil and Argentina. It beat the consensus estimate of $484.2 million.In Asia, revenues declined 10% compared to the previous year to $187 million, hurt by lower volumes and reduced prices. It was above the consensus estimate of $174.7 million.EMEA saw a 7% year-over-year sales decline to $139 million in the reported quarter due to registration losses. It missed the consensus estimate of $155.5 million.

FMC’s Financials

The company had cash and cash equivalents of $416.7 million, down roughly 12% sequentially. Long-term debt was $3,026.8 million, flat sequentially.The company generated cash from operations of $160 million and free cash flow of $132 million in the third quarter.

FMC’s Guidance

FMC sees revenues between $4.33 billion and $4.44 billion for 2024, indicating a 2% decline at the midpoint compared to 2023. Adjusted EBITDA is expected in the range of $885-$915 million, suggesting an 8% decline at the midpoint compared to the prior year. Adjusted earnings are now forecast in the band of $3.16-$3.52 per share, reflecting a 12% year-over-year decline at the midpoint. Full-year free cash flow is anticipated to be $400-$500 million.FMC also forecasts fourth-quarter revenues to be between $1.3 billion to $1.41 billion, reflecting a 19% increase at the midpoint compared to the fourth quarter of 2023. Adjusted EBITDA is forecast in the band of $321-$351 million, indicating a 32% rise versus the prior-year period’s levels. Adjusted earnings are expected in the range of $1.47-$1.83 in the fourth quarter, calling for a 54% rise at the midpoint compared with fourth-quarter 2023 levels.

FMC Stock’s Price Performance

FMC’s shares have gained 13.1% in the past year against the Zacks Chemicals Diversified industry’s 7.7% rise.

Zacks Investment Research

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FMC’s Zacks Rank & Other Key Picks

FMC currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, DuPont de Nemours, Inc. DD and AdvanSix Inc. ASIX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s third-quarter earnings is pegged at 11 cents. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 127% in the past year. DuPont is slated to release third-quarter results on Nov. 5. The consensus estimate for DD’s third-quarter earnings is pegged at $1.03. The company's shares have rallied roughly 15% in the past year. AdvanSix is scheduled to release third-quarter results on Nov. 1. The Zacks Consensus Estimate for ASIX’s third-quarter earnings is pegged at 66 cents. ASIX has gained around 3% in the past year.

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Vancouver, British Columbia–(Newsfile Corp. – October 30, 2024) – Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (the "Company" or "Flying Nickel") is pleased to announce that the Company has completed the arrangement previously announced by the Company on August 21, 2024 (the "Arrangement"), involving the Company, Norway House Cree Nation ("NHCN"), and 10197729 Manitoba Inc. (the "Purchaser"), a wholly owned entity of NHCN, pursuant to which, among other things, NHCN has acquired, through the Purchaser, the Company's Minago Nickel Project located in Manitoba, Canada in consideration for $8,000,000 in cash, the surrender 17,561,862 common shares in the capital of the Company ("Shares") held by NHCN, which represents all of the Shares held by NHCN, the assumption of certain royalties by the Purchaser and NHCN, the assumption of an existing option agreement by the Purchaser and NHCN, and reimbursement of certain expenses and fees incurred by the Company in connection with the Arrangement. The 17,561,862 Shares previously held by NHCN represented approximately 11.41% of the issued and outstanding Shares of Flying Nickel, and have been surrendered and cancelled. NHCN no longer holds any Shares of Flying Nickel. As previously announced on October 22, 2024 and October 25, 2024, respectively, the Arrangement was approved by the Company's shareholders at a special meeting held on October 21, 2024 (the "Meeting") and the British Columbia Supreme Court granted its final order in respect of the Arrangement on October 24, 2024.

NHCN appreciates the sale of assets to complete the historic restoration of its natural resources from Flying Nickel. This mining project, located within the Norway House Traditional Territory, will play a significant role in the long-term economic development for NHCN and the surrounding communities.

NHCN, the Purchaser, and Niel Duboff are non-Arm's Length parties to the Arrangement and the disposition under the Arrangement constitutes a Non-Arm's Length transaction as defined in TSX Venture Exchange policy.

Concurrent with the closing of the Arrangement, Neil Duboff has resigned as a director of the Company and the Company and NHCN have terminated their impact and benefit agreement dated March 3, 2023.

Further details regarding the Arrangement can be found in the Company's management information circular dated September 17, 2024 (the "Circular") in respect of the Meeting, which can be found under the Company's SEDAR+ profile at www.sedarplus.ca.

Early Warning Matters

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under Flying Nickel's profile on SEDAR+ profile at www.sedarplus.ca containing additional information respecting the foregoing matters. To receive a copy of the report filed in respect of the above matters, please contact Jamie Kagan at jk@tdslaw.com.

About Flying Nickel

Flying Nickel is an exploration-stage mining company focused on vanadium resources. The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States.

Further information on Flying Nickel can be found at www.flynickel.com.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARDJohn 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

For more information about NHCN, please contact:

Norway House Cree NationP.O. Box 250, Norway HouseManitoba, R0B 1B0Telephone: (204) 934-2309Attention: Jamie KaganEmail: jk@tdslaw.com

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

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Arrangement and has neither approved nor disapproved the contents of this news release.

Forward-looking Statements and Cautionary Disclaimers

References to $ herein refer to the lawful currency of Canada.

This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

This news release is not an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward-looking statements or information may relate to the Company's ongoing business plan, exploration and work program.

Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management at the time, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Such assumptions include, but are not limited to, assumptions regarding expectations and assumptions concerning the Arrangement, and that general business and economic conditions will not change in a material adverse manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Such statements represent the current views of the Company with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Risks and uncertainties include, but are not limited to the following: the TSX Venture Exchange not providing final approval to the Arrangement and all required matters related thereto; changes to the Company's current and future business plans and the strategic alternatives available thereto; regulatory determinations and delays. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent financial statements and management discussion and analysis, the Circular and in the Company's other filings with the Canadian securities regulators which are available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228376

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

So, the natural question for Wallbridge Mining (TSE:WM) shareholders is whether they should be concerned by its rate of cash burn. For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. We'll start by comparing its cash burn with its cash reserves in order to calculate its cash runway.

Check out our latest analysis for Wallbridge Mining

When Might Wallbridge Mining Run Out Of Money?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at June 2024, Wallbridge Mining had cash of CA$26m and no debt. Importantly, its cash burn was CA$27m over the trailing twelve months. Therefore, from June 2024 it had roughly 11 months of cash runway. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.

debt-equity-history-analysisHow Is Wallbridge Mining's Cash Burn Changing Over Time?

Wallbridge Mining didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. As it happens, the company's cash burn reduced by 43% over the last year, which suggests that management are mindful of the possibility of running out of cash. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.

How Hard Would It Be For Wallbridge Mining To Raise More Cash For Growth?

While Wallbridge Mining is showing a solid reduction in its cash burn, it's still worth considering how easily it could raise more cash, even just to fuel faster growth. Companies can raise capital through either debt or equity. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

Wallbridge Mining's cash burn of CA$27m is about 38% of its CA$71m market capitalisation. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.

So, Should We Worry About Wallbridge Mining's Cash Burn?

Even though its cash burn relative to its market cap makes us a little nervous, we are compelled to mention that we thought Wallbridge Mining's cash burn reduction was relatively promising. Looking at the factors mentioned in this short report, we do think that its cash burn is a bit risky, and it does make us slightly nervous about the stock. Separately, we looked at different risks affecting the company and spotted 4 warning signs for Wallbridge Mining (of which 3 are concerning!) you should know about.

Of course Wallbridge Mining may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

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

The global mining company BHP has “moved on” from its three unsuccessful attempts to take over the rival Anglo American earlier this year and will focus on other growth opportunities instead, its chair has said.

Speaking at BHP’s annual general meeting in Brisbane on Wednesday, Ken MacKenzie suggested the Australian miner would not be resurrecting its bid for its London-based competitor after a six-month block on trying again lifts at the end of November.

BHP had its third offer of £39bn turned down by Anglo board members in May after last-ditch talks over restructuring the 107-year-old company collapsed.

The five-week pursuit of the company met a block over BHP’s plans to sell off some of Anglo’s South African business interests as part of the takeover. This included the sale of Kumba Iron Ore and Anglo American Platinum, major employers in South Africa.

The proposals were described as “highly complex and unattractive” by Anglo, which is a household name in South Africa and counts the government as one of its largest shareholders.

MacKenzie told Wednesday’s AGM: “We made an approach to Anglo American earlier this year … we thought there was an opportunity here to create something unique and special, a bit of a sort of a ‘one plus one equals three’ opportunity.

“Unfortunately, Anglo American shareholders had a different view, and they thought there was more value in the plan that their management wanted to execute. And so they moved on. And quite frankly, so have we.”

Shares in Anglo dropped 3.5% in early trading on Wednesday after the comments, making it the biggest faller on the FTSE 100.

MacKenzie’s comments came amid mounting speculation that BHP could resurrect a bid after a Financial Times report that its chief executive, Mike Henry, and its chief development officer, Catherine Raw, had travelled to South Africa to meet government officials.

MacKenzie pointed to BHP’s recent £3.46bn ($4.5bn) joint venture with the Canadian outfit Lundin Mining to buy the South American-focused company Filo Corp as evidence that it was pursuing new opportunities. Filo Corp has several large copper mines in Chile and Argentina.

At the meeting, more than 91% of shareholders voted to back BHP’s climate action transition plan, which aims to reduce operational emissions by 30% from 2020 by 2030 and achieve net zero by 2050.

MacKenzie confirmed at the meeting that the company was slightly ahead of its 2030 target.

Anglo declined to comment.

OVERLAND PARK, Kan., October 30, 2024–(BUSINESS WIRE)–Compass Minerals (NYSE: CMP), a leading global provider of essential minerals, today reported final fiscal 2024 third-quarter results.

Unless otherwise noted, it should be assumed that time periods referenced below are on a fiscal-year basis.

REPORTING UPDATE

On Oct. 29, 2024, Compass Minerals filed a Form 10-K/A and a Form 10-Q/A correcting financial statements covering (i) unaudited financial statements included in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, (ii) audited financial statements included in its Annual Report on Form 10-K for the period ended Sept. 30, 2023, (iii) unaudited financial statements included in its Quarterly Report on Form 10-Q for the quarterly period ended Dec. 31, 2023, and (iv) unaudited financial statements included in its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024. With the completion of those restatements, the company has filed its Form 10-Q for the quarterly period ended June 30, 2024.

The final results for the third quarter of 2024 are consistent in all material respects with the preliminary results disclosed on Sept. 17, 2024. A complete set of press release financial highlights follows for the quarter ended June 30, 2024, including comparative quarterly and year-to-date amounts.

The company is currently in the process of finalizing financial results for 2024 and completing its budget for 2025. As a result of this timing, management believes that it would be unable to comment on most items of current interest to the investment community and therefore the company will forego its conference call to discuss the results for the third quarter of 2024. The company expects to resume the regular cadence of quarterly earnings calls beginning with the reporting of results for the fourth quarter of 2024.

About Compass Minerals

Compass Minerals (NYSE: CMP) is a leading global provider of essential minerals focused on safely delivering where and when it matters to help solve nature’s challenges for customers and communities. The company’s salt products help keep roadways safe during winter weather and are used in numerous other consumer, industrial, chemical and agricultural applications. Its plant nutrition products help improve the quality and yield of crops, while supporting sustainable agriculture. Additionally, it is working to develop a long-term fire-retardant business. Compass Minerals operates 12 production and packaging facilities with nearly 2,000 employees throughout the U.S., Canada and the U.K. Visit compassminerals.com for more information about the company and its products.

Forward-Looking Statements and Other Disclaimers

This press release may contain forward-looking statements, including, without limitation, statements about timing of future earnings calls. Forward-looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters. The company uses words such as "may," "would," "could," "should," "will," "likely," "expect," "anticipate," "believe," "intend," "plan," "forecast," "outlook," "project," "estimate" and similar expressions suggesting future outcomes or events to identify forward-looking statements or forward-looking information. These statements are based on the company’s current expectations and involve risks and uncertainties that could cause the company’s actual results to differ materially. The differences could be caused by a number of factors, including without limitation (i) weather conditions, (ii) inflation, the cost and availability of transportation for the distribution of the company’s products and foreign exchange rates, (iii) pressure on prices and impact from competitive products, (iv) any inability by the company to successfully implement its strategic priorities or its cost-saving or enterprise optimization initiatives, and (v) the risk that the company may not realize the expected financial or other benefits from its ownership of Fortress North America. For further information on these and other risks and uncertainties that may affect the company’s business, see the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the company’s Amended Annual Report on Form 10-K/A for the period ended Sept. 30, 2023, its Amended Quarterly Reports on Form 10-Q/A for the quarters ended Dec. 31, 2023 and Mar. 31, 2024, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the SEC, as well as the company's other SEC filings. The company undertakes no obligation to update any forward-looking statements made in this press release to reflect future events or developments, except as required by law. Because it is not possible to predict or identify all such factors, this list cannot be considered a complete set of all potential risks or uncertainties.

Non-GAAP Measures

In addition to using U.S. generally accepted accounting principles ("GAAP") financial measures, management uses a variety of non-GAAP financial measures described below to evaluate the company’s and its operating segments’ performance. While the consolidated financial statements provide an understanding of the company’s overall results of operations, financial condition and cash flows, management analyzes components of the consolidated financial statements to identify certain trends and evaluate specific performance areas.

Management uses EBITDA, EBITDA adjusted for items which management believes are not indicative of the company’s ongoing operating performance ("Adjusted EBITDA") and EBITDA margin to evaluate the operating performance of the company’s core business operations because its resource allocation, financing methods and cost of capital, and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions, which can cause considerable variation in net earnings. Management also uses adjusted operating earnings, adjusted operating margin, adjusted net earnings, and adjusted net earnings per diluted share, which eliminate the impact of certain items that management does not consider indicative of underlying operating performance. The presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or non-recurring items. Management believes these non-GAAP financial measures provide management and investors with additional information that is helpful when evaluating underlying performance. EBITDA and Adjusted EBITDA exclude interest expense, income taxes and depreciation, depletion and amortization, each of which are an essential element of the company’s cost structure and cannot be eliminated. In addition, Adjusted EBITDA and Adjusted EBITDA margin exclude certain cash and non-cash items, including stock-based compensation, impairment charges and certain restructuring charges. Consequently, any measure that excludes these elements has material limitations. The non-GAAP financial measures used by management should not be considered in isolation or as a substitute for net earnings, operating earnings, cash flows or other financial data prepared in accordance with GAAP or as a measure of overall profitability or liquidity. These measures are not necessarily comparable to similarly titled measures of other companies due to potential inconsistencies in the method of calculation. The calculation of non-GAAP financial measures as used by management is set forth in the following tables. All margin numbers are defined as the relevant measure divided by sales. The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring, unusual items and/or distinct non-core initiatives without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company’s results.

Adjusted operating earnings, adjusted operating earnings margin, adjusted net earnings (loss), and adjusted net earnings (loss) per diluted share are presented as supplemental measures of the company’s performance. Management believes these measures provide management and investors with additional information that is helpful when evaluating underlying performance and comparing results on a year-over-year normalized basis. These measures eliminate the impact of certain items that management does not consider indicative of underlying operating performance. These adjustments are itemized below. Adjusted net earnings (loss) per diluted share is adjusted net earnings (loss) divided by weighted average diluted shares outstanding. You are encouraged to evaluate the adjustments itemized above and the reasons management considers them appropriate for supplemental analysis. In evaluating these measures you should be aware that in the future the company may incur expenses that are the same as or similar to some of the adjustments presented below.

Special Items Impacting the Three Months Ended June 30, 2024 (unaudited, in millions, except per share data)
Item Description	Segment	Line Item	Amount		TaxEffect(1)		After Tax		EPS Impact
Restructuring charges(2)	Corporate and Other	Other operatingexpense	$	1.5	$	—	$	1.5	$	0.04
Total			$	1.5	$	—	$	1.5	$	0.04

Special Items Impacting the Nine Months Ended June 30, 2024 (unaudited, in millions, except per share data)
Item Description	Segment	Line Item	Amount		TaxEffect(1)		After Tax		EPS Impact
Restructuring charges(2)	Corporate and Other	Other operatingexpense	$	16.2	$	—	$	16.2	$	0.39
Restructuring charges(2)	Salt	COGS and Otheroperating expense		0.4		—		0.4		0.01
Restructuring charges(2)	Plant Nutrition	COGS and Otheroperating expense		0.6		—		0.6		0.01
Impairments	Corporate and Other	COGS and Loss onimpairments		124.8		—		124.8		3.02
Goodwill impairment	Plant Nutrition	Loss on impairments		51.0		—		51.0		1.23
Total			$	193.0	$	—	$	193.0	$	4.66

(1)		There were no substantial income tax benefits related to these items given the U.S. valuation allowances on deferred tax assets.
(2)		Restructuring charges do not include certain reductions in stock-based compensation associated with forfeitures stemming from the restructuring activities.

Reconciliation for Adjusted Operating Earnings (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Operating earnings (loss)	$	5.9		$	(0.6	)	$	(87.0	)	$	75.2
Restructuring charges(1)		1.5			2.2			17.2			5.5
Loss on impairments(2)		—			—			175.8			—
Accrued loss and legal costs related to SEC investigation(3)		—			—			—			(0.1	)
Adjusted operating earnings	$	7.4		$	1.6		$	106.0		$	80.6
Sales		202.9			207.6			908.6			971.1
Operating margin		2.9	%		(0.3	)%		(9.6	)%		7.7	%
Adjusted operating margin		3.6	%		0.8	%		11.7	%		8.3	%

(1)		The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project.
(2)		The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024. Impairments of long-lived assets and goodwill are included in loss on impairments, while the impairment of inventory is included in product cost, both on the Consolidated Statements of Operations.
(3)		The company recognized reimbursements related to the settled SEC investigation.

Reconciliation for Adjusted Net (Loss) Earnings (unaudited, in millions)
	Three Months EndedJune 30,					Nine Months EndedJune 30,
		2024			2023		2024			2023
Net (loss) earnings	$	(43.6	)	$	36.4	$	(157.8	)	$	14.5
Restructuring charges(1)		1.5			2.1		17.2			5.4
Loss on impairments(2)		—			—		175.8			—
Accrued loss and legal costs related to SEC investigation(3)		—			—		—			(0.1	)
Adjusted net (loss) earnings	$	(42.1	)	$	38.5	$	35.2		$	19.8

Net (loss) earnings per diluted share	$	(1.05	)	$	0.88	$	(3.83	)	$	0.35
Adjusted net (loss) earnings per diluted share	$	(1.01	)	$	0.93	$	0.83		$	0.48
Weighted-average common shares outstanding (in thousands):
Diluted		41,342			41,142		41,284			40,663

(1)		The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project. Charges for the three and nine months ended June 30, 2024 were $1.5 million and $17.2 million, respectively. Charges for the three and nine months ended June 30, 2023 were $2.2 million and $5.5 million ($2.1 million and $5.4 million net of tax), respectively.
(2)		The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the three and nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.
(3)		The company recognized reimbursements related to the settled SEC investigation.

Reconciliation for EBITDA and Adjusted EBITDA (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Net (loss) earnings	$	(43.6	)	$	36.4		$	(157.8	)	$	14.5
Interest expense		17.2			14.3			50.4			42.4
Income tax expense (benefit)		32.7			(42.8	)		20.4			24.2
Depreciation, depletion and amortization		26.1			24.3			78.4			72.7
EBITDA		32.4			32.2			(8.6	)		153.8
Adjustments to EBITDA:
Stock-based compensation – non-cash		(0.7	)		3.5			6.3			17.2
Interest income		(0.2	)		(1.7	)		(0.8	)		(4.7	)
(Gain) loss on foreign exchange		(0.5	)		2.3			(1.1	)		4.6
Gain from remeasurement of equity method investment		—			(12.6	)		—			(12.6	)
Restructuring charges(1)		1.5			2.2			17.2			5.9
Loss on impairments(2)		—			—			175.8			—
Accrued loss and legal costs related to SEC investigation(3)		—	…		—			—			(0.1	)
Other expense, net		0.3			2.7			1.9			3.7
Adjusted EBITDA	$	32.8		$	28.6		$	190.7		$	167.8

(1)		The company incurred severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project.
(2)		The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition for the three and nine months ended June 30, 2024. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.
(3)		The company recognized reimbursements related to the settled SEC investigation.

Salt Segment Performance (unaudited, in millions, except for sales volumes and prices per short ton)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Sales	$	160.6		$	155.5		$	745.3		$	824.1
Operating earnings	$	25.9		$	21.7		$	142.6		$	141.9
Operating margin		16.1	%		14.0	%		19.1	%		17.2	%
Adjusted operating earnings(1)	$	25.9		$	22.2		$	143.0		$	143.4
Adjusted operating margin(1)		16.1	%		14.3	%		19.2	%		17.4	%
EBITDA(1)	$	41.6		$	35.9		$	189.7		$	184.8
EBITDA(1) margin		25.9	%		23.1	%		25.5	%		22.4	%
Adjusted EBITDA(1)	$	41.6		$	36.4		$	190.1		$	186.3
Adjusted EBITDA(1) margin		25.9	%		23.4	%		25.5	%		22.6	%
Sales volumes (in thousands of tons):
Highway deicing		1,090			1,070			6,401			7,886
Consumer and industrial		393			421			1,403			1,529
Total Salt..		1,483			1,491			7,804			9,415
Average prices (per ton):
Highway deicing	$	77.20		$	73.86		$	73.60		$	68.86
Consumer and industrial	$	194.35		$	181.66		$	195.37		$	183.81
Total Salt	$	108.27		$	104.28		$	95.50		$	87.53

(1)		Non-GAAP financial measure. Reconciliations follow in these tables.

Reconciliation for Salt Segment Adjusted Operating Earnings (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Reported GAAP segment operating earnings	$	25.9		$	21.7		$	142.6		$	141.9
Restructuring charges(1)		—			0.5			0.4			1.5
Segment adjusted operating earnings	$	25.9		$	22.2		$	143.0		$	143.4
Segment sales		160.6			155.5			745.3			824.1
Segment operating margin		16.1	%		14.0	%		19.1	%		17.2	%
Segment adjusted operating margin		16.1	%		14.3	%		19.2	%		17.4	%

(1)		The company incurred severance and related charges related to a reduction of its workforce.

Reconciliation for Salt Segment EBITDA and Adjusted EBITDA (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Reported GAAP segment operating earnings	$	25.9		$	21.7		$	142.6		$	141.9
Depreciation, depletion and amortization		15.7			14.2			47.1			42.9
Segment EBITDA	$	41.6		$	35.9		$	189.7		$	184.8
Restructuring charges(1)		—			0.5			0.4			1.5
Segment adjusted EBITDA	$	41.6		$	36.4		$	190.1		$	186.3
Segment sales		160.6			155.5			745.3			824.1
Segment EBITDA margin		25.9	%		23.1	%		25.5	%		22.4	%
Segment adjusted EBITDA margin		25.9	%		23.4	%		25.5	%		22.6	%

(1)		The company incurred severance and related charges related to a reduction of its workforce.

Plant Nutrition Segment Performance (unaudited, dollars in millions, except for sales volumes and prices per short ton)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Sales	$	38.8		$	47.5		$	138.6		$	136.8
Operating (loss) earnings	$	(1.4	)	$	2.5		$	(56.7	)	$	12.8
Operating margin		(3.6	)%		5.3	%		(40.9	)%		9.4	%
Adjusted operating (loss) earnings(1)	$	(1.4	)	$	3.5		$	(5.1	)	$	14.2
Adjusted operating margin(1)		(3.6	)%		7.4	%		(3.7	)%		10.4	%
EBITDA(1)	$	7.2		$	10.7		$	(31.0	)	$	37.4
EBITDA(1) margin		18.6	%		22.5	%		(22.4	)%		27.3	%
Adjusted EBITDA(1)	$	7.2		$	11.7		$	20.6		$	38.8
Adjusted EBITDA(1) margin		18.6	%		24.6	%		14.9	%		28.4	%
Sales volumes (in thousands of tons)		56			63			205			168
Average price (per ton)	$	691.27		$	751.58		$	676.11		$	813.56

(1)		Non-GAAP financial measure. Reconciliations follow in these tables.

Reconciliation for Plant Nutrition Segment Adjusted Operating (Loss) Earnings (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Reported GAAP segment operating (loss) earnings	$	(1.4	)	$	2.5		$	(56.7	)	$	12.8
Restructuring charges(1)		—			1.0			0.6			1.4
Loss on goodwill impairment(2)		—			—			51.0			—
Segment adjusted operating (loss) earnings	$	(1.4	)	$	3.5		$	(5.1	)	$	14.2
Segment sales		38.8			47.5			138.6			136.8
Segment operating margin		(3.6	)%		5.3	%		(40.9	)%		9.4	%
Segment adjusted operating margin		(3.6	)%		7.4	%		(3.7	)%		10.4	%

(1)		The company incurred severance and related charges related to a reduction of its workforce.
(2)		The company recognized a goodwill impairment during the nine months ended June 30, 2024.

Reconciliation for Plant Nutrition Segment EBITDA and Adjusted EBITDA (unaudited, in millions)
	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Reported GAAP segment operating (loss) earnings	$	(1.4	)	$	2.5		$	(56.7	)	$	12.8
Depreciation, depletion and amortization		8.6			8.2			25.7			24.6
Segment EBITDA	$	7.2		$	10.7		$	(31.0	)	$	37.4
Restructuring charges(1)		—			1.0			0.6			1.4
Loss on goodwill impairment(2)		—			—			51.0			—
Segment adjusted EBITDA	$	7.2		$	11.7		$	20.6		$	38.8
Segment sales		38.8			47.5			138.6			136.8
Segment EBITDA margin		18.6	%		22.5	%		(22.4	)%		27.3	%
Segment adjusted EBITDA margin		18.6	%		24.6	%		14.9	%		28.4	%

(1)		The company incurred severance and related charges related to a reduction of its workforce.
(2)		The company recognized a goodwill impairment during the nine months ended June 30, 2024.


COMPASS MINERALS INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in millions, except share and per-share data)

	Three Months EndedJune 30,						Nine Months EndedJune 30,
		2024			2023			2024			2023
Sales.	$	202.9		$	207.6		$	908.6		$	971.1
Shipping and handling cost		53.2			53.8			255.1			291.3
Product cost		117.1			119.2			478.0			490.0
Gross profit		32.6			34.6			175.5			189.8
Selling, general and administrative expenses		27.5			33.0			106.5			109.2
Loss on impairments		—			—			173.4			—
Other operating (income) expense		(0.8	)		2.2			(17.4	)		5.4
Operating earnings (loss)		5.9			(0.6	)		(87.0	)		75.2
Other (income) expense:
Interest income		(0.2	)		(1.7	)		(0.8	)		(4.7	)
Interest expense		17.2			14.3			50.4			42.4
(Gain) loss on foreign exchange		(0.5	)		2.3			(1.1	)		4.6
Net loss in equity investee		—			0.8			—			3.1
Gain from remeasurement of equity method investment		—			(12.6	)		—			(12.6	)
Other expense, net		0.3			2.7			1.9			3.7
(Loss) earnings before income taxes		(10.9	)		(6.4	)		(137.4	)		38.7
Income tax expense (benefit)		32.7			(42.8	)		20.4			24.2
Net (loss) earnings	$	(43.6	)	$	36.4		$	(157.8	)	$	14.5

Basic net (loss) earnings per common share	$	(1.05	)	$	0.88		$	(3.83	)	$	0.35
Diluted net (loss) earnings per common share	$	(1.05	)	$	0.88		$	(3.83	)	$	0.35
Weighted-average common shares outstanding (in thousands):(1)
Basic		41,342			41,142			41,284			40,663
Diluted		41,342			41,142			41,284			40,663

(1)

Weighted participating securities include RSUs and PSUs that receive non-forfeitable dividends and consist of 632,000 and 698,000 weighted participating securities for the three and nine months ended June 30, 2024, respectively, and 453,000 and 469,000 weighted participating securities for the three and nine months ended June 30, 2023, respectively.


COMPASS MINERALS INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited, in millions)

	June 30,		Sept. 30,
	2024		2023
ASSETS
Cash and cash equivalents	$	12.8	$	38.7
Receivables, net		92.3		129.3
Inventories		407.5		399.5
Other current assets		34.4		33.4
Property, plant and equipment, net		787.9		852.5
Intangible and other noncurrent assets		260.3		363.5
Total assets	$	1,595.2	$	1,816.9

LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion of long-term debt	$	6.3	$	5.0
Other current liabilities		182.1		269.6
Long-term debt, net of current portion		868.8		800.3
Deferred income taxes and other noncurrent liabilities		185.9		221.0
Total stockholders' equity		352.1		521.0
Total liabilities and stockholders' equity	$	1,595.2	$	1,816.9

COMPASS MINERALS INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in millions)
	Nine Months Ended June 30,
		2024			2023
Net cash provided by operating activities	$	27.1		$	126.9

Cash flows from investing activities:
Capital expenditures		(93.3	)		(84.5	)
Acquisition of business, net of cash acquired		—			(18.9	)
Other, net		(1.7	)		(2.5	)

Net cash used in investing activities		(95.0	)		(105.9	)

Cash flows from financing activities:
Proceeds from revolving credit facility borrowings		359.6			66.7
Principal payments on revolving credit facility borrowings		(289.2	)		(218.2	)
Proceeds from issuance of long-term debt		69.4			237.5
Principal payments on long-term debt		(70.3	)		(311.7	)
Payments for contingent consideration		(9.1	)		—
Net proceeds from private placement of common stock		—			240.7
Dividends paid		(12.7	)		(18.7	)
Deferred financing costs		(2.1	)		(3.9	)
Shares withheld to satisfy employee tax obligations		(2.0	)		(1.6	)
Other, net		(1.4	)		(0.9	)

Net cash provided by (used in) financing activities		42.2			(10.1	)
Effect of exchange rate changes on cash and cash equivalents		(0.2	)		1.0
Net change in cash and cash equivalents		(25.9	)		11.9
Cash and cash equivalents, beginning of the year		38.7			46.1

Cash and cash equivalents, end of period	$	12.8		$	58.0

COMPASS MINERALS INTERNATIONAL, INC. SEGMENT INFORMATION (unaudited, in millions)

Three Months Ended June 30, 2024	Salt		PlantNutrition			Corporate& Other(1)			Total
Sales to external customers	$	160.6	$	38.8		$	3.5		$	202.9
Intersegment sales		—		2.8			(2.8	)		—
Shipping and handling cost		48.2		5.0			—			53.2
Operating earnings (loss)(2)(3)		25.9		(1.4	)		(18.6	)		5.9
Depreciation, depletion and amortization		15.7		8.6			1.8			26.1
Total assets (as of end of period)		1,013.3		408.1			173.8			1,595.2

Three Months Ended June 30, 2023	Salt		PlantNutrition		Corporate& Other(1)			Total
Sales to external customers	$	155.5	$	47.5	$	4.6		$	207.6
Intersegment sales		—		2.8		(2.8	)		—
Shipping and handling cost		48.2		5.6		—			53.8
Operating earnings (loss)(3)		21.7		2.5		(24.8	)		(0.6	)
Depreciation, depletion and amortization		14.2		8.2		1.9			24.3
Total assets (as of end of period)		970.1		477.1		286.3			1,733.5

Nine Months Ended June 30, 2024	Salt		PlantNutrition			Corporate& Other(1)			Total
Sales to external customers	$	745.3	$	138.6		$	24.7		$	908.6
Intersegment sales		—		6.6			(6.6	)		—
Shipping and handling cost		235.9		18.6			0.6			255.1
Operating earnings (loss)(2)(3)(4)		142.6		(56.7	)		(172.9	)		(87.0	)
Depreciation, depletion and amortization		47.1		25.7			5.6			78.4

Nine Months Ended June 30, 2023	Salt		PlantNutrition		Corporate& Other(1)			Total
Sales to external customers	$	824.1	$	136.8	$	10.2		$	971.1
Intersegment sales		—		7.1		(7.1	)		—
Shipping and handling cost		274.9		16.4		—			291.3
Operating earnings (loss)(2)(3)		141.9		12.8		(79.5	)		75.2
Depreciation, depletion and amortization		42.9		24.6		5.2			72.7

(1)		Corporate and other includes corporate entities, records management operations, the Fortress fire retardant business, equity method investments, lithium costs and other incidental operations and eliminations. Operating earnings (loss) for corporate and other includes indirect corporate overhead, including costs for general corporate governance and oversight, lithium-related expenditures, as well as costs for the human resources, information technology, legal and finance functions.
(2)		Corporate operating results were impacted by net gains of $0.9 million and $23.1 million related to the decline in the valuation of the Fortress contingent consideration for the three and nine months ended June 30, 2024, respectively. Corporate operating results also include net reimbursements related to the settled SEC investigation of $0.1 million for the nine months ended June 30, 2023.
(3)		The company continued to take steps to align its cost structure to its current business needs. These initiatives impacted Corporate operating results and resulted in net severance and related charges for reductions in workforce and changes to executive leadership and additional restructuring costs related to the termination of the Company’s lithium development project of $1.5 million and $17.2 million for the three and nine months ended June 30, 2024, respectively, and $2.2 million and $5.5 million for the three and nine months ended June 30, 2023, respectively.
(4)		The company recognized impairments of goodwill, long-lived assets and inventory related to Fortress; and goodwill related to Plant Nutrition of $175.8 million during the nine months ended June 30, 2024, which impacted operating results. The company also recognized the impairment of long-lived assets related to the termination of the lithium development project for the nine months ended June 30, 2024.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241030134038/en/

Contacts

Investor Contact Brent CollinsVice President, Treasurer & Investor Relations+1.913.344.9111InvestorRelations@compassminerals.com

Media Contact Rick AxthelmChief Public Affairs and Sustainability Officer+1.913.344.9198MediaRelations@compassminerals.com

ESTES PARK, CO / ACCESSWIRE / October 29, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) announces a non-brokered private placement (the "Offering") of up to $250,000, to consist of the sale of up to 454,545 flow-through units (the "FT Units") at a price of $0.55 per FT Unit.

Each FT Unit will consist of one flow-through common share and one share purchase warrant (each a "Warrant"), with each Warrant to entitle the holder to purchase one additional common share at a price of $0.50 for a period of 24 months from closing.

The proceeds from the sale of the FT Units will be used to incur expenses that qualify as Canadian Exploration Expenses in order to finalize the engineering work/documents as required under Taranis's Notice of Work permit prior to construction of the bulk sampling plant at its Thor property in southeastern British Columbia. The Offering is subject to TSX Venture Exchange acceptance.

Taranis anticipates that insiders may subscribe for all or a portion of the Offering. The participation of insiders in the private placement would constitute a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 – "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). Taranis intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided for under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the Offering would not exceed 25% of Taranis's market capitalization.

About Taranis and Thor

Taranis Resources Inc. is a Canadian mineral exploration company. The Thor Project is in southeast British Columbia. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep drilling aimed at finding the source of the 2km long epithermal deposit. This exploration uses modern geological models and state-of-the-art exploration tools including airborne magnetotellurics, magnetics and drill hole alteration geochemistry. The Company's exploration approach in the Silver Cup Mining District is that historic mines in the area are potentially underlain by comparatively large mineral deposits that do not outcrop at surface.

Qualified Person

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

Taranis currently has 99,627,581 shares issued and outstanding (113,093,135 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

Per: John J. Gardiner (P. Geo.), President and CEO

For further information contact:

John J. Gardiner681 Conifer LaneEstes Park, Colorado 80517Phone: (303) 716-5922 Cell: (720) 209-3049 johnjgardiner@earthlink.net

SOURCE: Taranis Resources, Inc.

View the original press release on accesswire.com

Spotify stock is near a buy point and all-time highs while two other stocks are in buy zones. One makes the glass for Apple iPhones.

PHILADELPHIA (AP) — PHILADELPHIA (AP) — FMC Corp. (FMC) on Tuesday reported third-quarter net income of $65 million.

On a per-share basis, the Philadelphia-based company said it had profit of 52 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 69 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The chemical producer posted revenue of $1.07 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.03 billion.

For the current quarter ending in December, FMC expects its per-share earnings to range from $1.47 to $1.83.

The company said it expects revenue in the range of $1.3 billion to $1.4 billion for the fiscal fourth quarter.

FMC expects full-year earnings in the range of $3.16 to $3.52 per share, with revenue ranging from $4.33 billion to $4.44 billion.

_____

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

Volume growth and higher cost savings led to earnings above the high end of guidance range

Third Quarter 2024 Highlights

Revenue of $1.07 billion, an increase of 9 percent versus Q3 2023 and up 12 percent organically1
Consolidated GAAP net income of $66 million, up $70 million from a net loss of $4 million in Q3 2023
Adjusted EBITDA of $201 million, up 15 percent versus Q3 2023
Consolidated GAAP net income of $0.52 per diluted share, up $0.55 from a net loss of $0.03 per diluted share in Q3 2023
Adjusted earnings per diluted share of $0.69, up 57 percent versus Q3 2023
GAAP Cash from operations of $160 million with free cash flow of $132 million

Full-Year Outlook2

Revenue outlook of $4.33 billion to $4.44 billion, reflecting a 2 percent decline at the midpoint versus 2023; reduced $20 million for loss of contribution from Global Specialty Solutions (GSS) business3
Adjusted EBITDA outlook range of $885 million to $915 million, reflecting an 8 percent decline at the midpoint versus 2023; reduced $10 million for loss of contribution from GSS business3
Adjusted earnings per diluted share outlook range of $3.16 to $3.52, reflecting a 12 percent decrease at the midpoint versus 2023
Increases target restructuring savings range to $125 million to $150 million of adjusted EBITDA net benefit
Free cash flow outlook range unchanged at $400 million to $500 million

PHILADELPHIA, Oct. 29, 2024 /PRNewswire/ —

FMC Corporation Logo. (PRNewsFoto/FMC Corporation)

FMC Corporation (NYSE: FMC) today reported third quarter 2024 revenue of $1.07 billion, an increase of 9 percent versus third quarter 2023 and up 12 percent organically. On a GAAP basis, the company reported net income of $0.52 per diluted share in the third quarter, up from a net loss of $0.03 per diluted share in the third quarter 2023 driven by higher sales and lower costs from restructuring actions as well as a lower effective tax provision. Adjusted earnings were $0.69 per diluted share, an increase of 57 percent versus third quarter of 2023.

Third Quarter Adjusted EPS versus Prior-Year Quarter	+25 cents
Adjusted EBITDA	+18 cents
Interest Expense	+4 cents
Depreciation & Amortization	+2 cents
Minority Interest	-1 cent
Taxes	+3 cents
Rounding	-1 cent

"We delivered revenue and earnings growth as market conditions improved although at varying rates across the regions," said Pierre Brondeau, FMC chairman and chief executive officer. "Strong volume growth in Latin America and North America more than offset lower pricing, particularly in Brazil and Argentina which accounted for two-thirds of the total company price decline. Despite suboptimal market conditions, we saw increased demand for new products, specifically fluindapyr-based fungicide products, which confirms the strength of FMC's innovation pipeline."

Revenue growth in the quarter of 9 percent was driven by a 17 percent increase in volume, with some North America second half orders occurring earlier than expected due to improved channel inventory levels. Price was lower by 5 percent, driven primarily by Latin America due to challenging market conditions in Brazil and Argentina including delayed rains and elevated channel inventory. In addition, the bankruptcy of a large customer led FMC to offer additional incentives to replace lost volumes and maintain market share. FX was a 3 percent headwind to sales in the quarter. Diamides growth outperformed the overall company, led by strong growth of Cyazypyr® based products.

In North America, revenue increased 48 percent year-over-year driven by strong volume growth as diamide partners increased orders and branded sales grew with improved channel inventory levels. EMEA revenue declined 7 percent (down 6 percent organically) compared to third quarter 2023 almost entirely due to expected registration losses. Sales in Asia declined 10 percent (down 12 percent organically) due to volume declines, mainly in India, as well as lower pricing. In Latin America, revenue improved 8 percent year-over-year (up 15 percent organically). Pricing challenges in Brazil and Argentina were more than offset by volume growth, primarily in Brazil, including strong demand for Onsuva® fungicide – a fluindapyr-based formulation. Globally, Plant Health revenue improved 11 percent (up 14 percent organically) versus prior year driven by growth in biologicals, most prominently in Asia.

FMC Revenue	Q3 2024
Total Revenue Change (GAAP)		9 %
Less FX Impact			(3) %
Organic1 Revenue Change (Non-GAAP)			12 %

Third quarter adjusted EBITDA was $201 million, an increase of 15 percent versus the prior-year period and above the top-end of our guidance range. Higher sales volume, FX tailwinds and above-target restructuring benefits more than offset lower pricing and the recognition of unabsorbed fixed costs from lower manufacturing activity in prior periods.

Full-Year 2024 Outlook2,3

The company is confirming its full-year 2024 outlook for sales and EBITDA and updating its outlook for adjusted EPS. The midpoints for sales and EBITDA are adjusted for the imminent sale of the GSS business, which is expected to close in early November. Full-year revenue guidance has tightened to be in the range of $4.33 billion to $4.44 billion, representing a 2 percent decrease at the midpoint versus 2023. Mid-single digit volume growth is expected to be more than offset by price and, to a lesser extent, FX headwinds. Full-year adjusted EBITDA range has been narrowed and is expected to be $885 million to $915 million, an 8 percent decline at the midpoint versus prior year. The range for 2024 adjusted earnings per share is updated to be $3.16 to $3.52 per diluted share, representing a decrease of 12 percent year-over-year. The tax rate range is narrowed to 13 to 15 percent, a 150 bps reduction versus prior guidance at the midpoint. The company is maintaining its full-year free cash flow guidance range of $400 million to $500 million.

Fourth Quarter Outlook2,3

The fourth quarter outlook has been adjusted to reflect the imminent sale of the GSS business ($20 million loss in revenue and $10 million loss in EBITDA) and outperformance in Q3. Fourth quarter revenue is now expected to be in the range of $1.30 billion to $1.41 billion, a 19 percent increase at the midpoint compared to fourth quarter 2023. Adjusted EBITDA is forecasted to be in the range of $321 million to $351 million, representing a 32 percent increase at the midpoint versus fourth quarter 2023. FMC now expects adjusted earnings per diluted share to be in the range of $1.47 to $1.83 in the fourth quarter, which represents an improvement of 54 percent at the midpoint versus fourth quarter 2023.

"We plan to deliver strong fourth quarter growth despite a shift of some second half orders from the fourth quarter into the third quarter, while many countries continue operating in challenging conditions," said Brondeau. "Key fourth quarter earnings growth drivers are robust sales of new products as well as additional cost benefits from our restructuring program. We still expect further earnings growth in 2025 from cost tailwinds as well as moderate top line growth as market conditions improve."

	Full Year 2024 Outlook2,3	Q4 2024 Outlook2,3
Revenue	$4.33 to $4.44 billion	$1.30 to $1.41 billion
Growth at midpoint vs. 2023*	-2 %	19 %
Adjusted EBITDA	$885 to $915 million	$321 to $351 million
Growth at midpoint vs. 2023*	-8 %	32 %
Adjusted EPS^	$3.16 to $3.52	$1.47 to $1.83
Growth at midpoint vs. 2023*	-12 %	54 %

^Adjusted EPS estimates assume 125.3 million diluted shares for Q4 and full year.

*Percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Supplemental Information

The company will post supplemental information on the web at investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the most directly comparable GAAP term.

Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Onsuva are trademarks of FMC Corporation or an affiliate.

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®.

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.

This press release contains certain "non-GAAP financial terms" which are defined on our website www.fmc.com/investors. Such terms include adjusted EBITDA, adjusted earnings, free cash flow and organic revenue growth. In addition, we have also provided on our website reconciliations of non-GAAP terms to the most directly comparable GAAP term.

Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.

Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.

Adjusted for anticipated sale of Global Specialty Solutions (GSS) business expected to close in early November 2024

FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenue	$ 1,065.4	$ 981.9	$ 3,021.8	$ 3,340.7
Costs of sales and services	679.0	600.7	1,897.6	1,945.4
Gross margin	$ 386.4	$ 381.2	$ 1,124.2	$ 1,395.3
Selling, general and administrative expenses	159.2	171.3	487.9	562.8
Research and development expenses	69.0	80.9	205.8	247.0
Restructuring and other charges (income)	22.6	28.2	158.6	48.0
Total costs and expenses	$ 929.8	$ 881.1	$ 2,749.9	$ 2,803.2
Income from continuing operations before non-operating pension andpostretirement charges (income), interest expense, net and income taxes	$ 135.6	$ 100.8	$ 271.9	$ 537.5
Non-operating pension and postretirement charges (income)	4.4	4.2	12.9	13.4
Interest expense, net	58.7	64.6	184.0	180.5
Income (loss) from continuing operations before income taxes	$ 72.5	$ 32.0	$ 75.0	$ 343.6
Provision (benefit) for income taxes	6.0	27.4	(298.9)	77.7
Income (loss) from continuing operations	$ 66.5	$ 4.6	$ 373.9	$ 265.9
Discontinued operations, net of income taxes	(0.9)	(8.3)	(16.2)	(41.3)
Net income (loss)	$ 65.6	$ (3.7)	$ 357.7	$ 224.6
Less: Net income (loss) attributable to noncontrolling interests	0.6	(0.2)	0.3	1.6
Net income (loss) attributable to FMC stockholders	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Amounts attributable to FMC stockholders:
Income (loss) from continuing operations	$ 65.9	$ 4.8	$ 373.6	$ 264.3
Discontinued operations, net of tax	(0.9)	(8.3)	(16.2)	(41.3)
Net income (loss)	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$ 0.53	$ 0.04	$ 2.98	$ 2.11
Discontinued operations	(0.01)	(0.07)	(0.13)	(0.33)
Basic earnings per common share	$ 0.52	$ (0.03)	$ 2.85	$ 1.78
Average number of shares outstanding used in basic earnings per share computations	125.0	124.9	125.0	125.1
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$ 0.53	$ 0.04	$ 2.98	$ 2.10
Discontinued operations	(0.01)	(0.07)	(0.13)	(0.33)
Diluted earnings per common share	$ 0.52	$ (0.03)	$ 2.85	$ 1.77
Average number of shares outstanding used in diluted earnings per share computations	125.5	125.3	125.3	125.7

Other Data:
Capital additions and other investing activities	$ 13.7	$ 35.5	$ 51.5	$ 116.6
Depreciation and amortization expense	43.2	45.6	133.2	138.4

FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited and in millions, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income (loss) attributable to FMC stockholders (GAAP)	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Corporate special charges (income):
Restructuring and other charges (income) (a)	22.6	28.2	158.6	48.0
Non-operating pension and postretirement charges (income) (b)	4.4	4.2	12.9	13.4
Income tax expense (benefit) on Corporate special charges (income) (c)	(5.0)	(4.2)	(28.4)	(8.5)
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income)	—	0.4	—	(1.6)
Discontinued operations attributable to FMC stockholders, net of income taxes (d)	0.9	8.3	16.2	41.3
Tax adjustment (e)	(0.7)	22.0	(305.0)	25.5
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1)	$ 87.2	$ 55.4	$ 211.7	$ 341.1

Diluted earnings per common share (GAAP)	$ 0.52	$ (0.03)	$ 2.85	$ 1.77
Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income)	0.18	0.22	1.27	0.39
Non-operating pension and postretirement charges (income)	0.03	0.03	0.10	0.11
Income tax expense (benefit) on Corporate special charges (income), per diluted share	(0.04)	(0.03)	(0.23)	(0.07)
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) per diluted share	—	—	—	(0.02)
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share	0.01	0.07	0.13	0.33
Tax adjustments per diluted share	(0.01)	0.18	(2.43)	0.20
Diluted adjusted after-tax earnings from continuing operations pershare, attributable to FMC stockholders (Non-GAAP)	$ 0.69	$ 0.44	$ 1.69	$ 2.71

Average number of shares outstanding used in diluted adjusted after-taxearnings from continuing operations per share computations	125.5	125.3	125.3	125.7

____________________

(1)	Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a Non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period.
(a)	Three Months Ended September 30, 2024:
	Restructuring and other charges (income) includes restructuring charges of $15.7 million primarily related to the previously announced global restructuring plan, referred to as "Project Focus." Charges incurred related to Project Focus consist of $7.0 million of severance and employee separation costs, $5.4 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $6.2 million on assets identified for disposal in connection with the restructuring initiative. These Project Focus restructuring charges were partially offset by a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. Other charges (income) of $6.9 million is comprised of $4.8 million of charges associated with our environmental sites and $2.1 million of other miscellaneous charges.
	Three Months Ended September 30, 2023:
	Restructuring and other charges (income) includes $2.5 million of employee separation and $0.4 million of other exit costs incurred as part of various restructuring initiatives. Other charges (income) of $25.3 million is comprised of $11.9 million in charges resulting from the third quarter acquisition of in-process research and development assets that do not meet the criteria for capitalization. Additionally, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions, $4.5 million of charges associated with our environmental sites, and $4.0 million of other miscellaneous charges.
	Nine Months Ended September 30, 2024:
	Restructuring and other charges (income) includes restructuring charges of $133.2 million primarily related Project Focus. Charges incurred in connection with Project Focus consist of $53.3 million of non-cash asset write off charges resulting from the contract termination with one of our third-party manufacturers, $44.5 million of severance and employee separation costs, including costs associated with the previously announced CEO transition, $24.1 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $14.4 million on assets identified for disposal in connection with the restructuring initiative. These Project Focus restructuring charges were partially offset by a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. Other charges (income) of $25.4 million is comprised of $13.8 million of charges associated with our environmental sites and $11.6 million of other miscellaneous charges.
	Nine Months Ended September 30, 2023:
	Restructuring and other charges (income) includes $6.8 million of employee separation costs as well as $1.9 million of asset impairment and other charges related to various global restructuring initiatives. These restructuring charges were offset by a $5.8 million gain recognized on the disposition of land related to a previously closed manufacturing facility. Other charges (income) of $45.1 million, is comprised of $11.9 million in charges resulting from the third quarter acquisition of in-process research and development assets that do not meet the criteria for capitalization. We recognized a $6.9 million remeasurement charge triggered during the period as a result of the significant currency depreciation of the Pakistani Rupee. On January 25, 2023, the Pakistani Rupee experienced its largest single day drop against the US dollar in over two decades following the removal of the USD-PKR exchange cap in place on the country's currency. Additionally, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions during the period, $14.3 million of charges associated with our environmental sites, and $7.1 million of other miscellaneous charges.
(b)	Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c)	The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
(d)	Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. Discontinued operations for the nine months ended September 30, 2024 includes cash proceeds, net of fees of $18.0 million received as the result of an insurance settlement for retained legal reserves.
(e)	We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance.

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
(in Millions)	2024	2023	2024	2023
Non-GAAP tax adjustments
Revisions to valuation allowances of historical deferred tax assets	$ —	$ —	$ (1.6)	$ —
Foreign currency remeasurement and other discrete items	(0.7)	22.0	(303.4)	25.5
Total Non-GAAP tax adjustments	$ (0.7)	$ 22.0	$ (305.0)	$ 25.5

In connection with our plans to establish a global technology and innovation center in Switzerland, we initiated changes to our corporate entity structure, including intra-entity transfers of certain intellectual property, during the second quarter of 2024. As a result, we recorded a net tax benefit of approximately $300 million in the nine months ended September 30, 2024. This benefit, net of valuation allowance, was primarily a result of the recognition of a step-up in tax basis to the fair value of the transferred intellectual property by the Company's Swiss subsidiary. In addition, local tax impacts associated with the disposition of the transferred intellectual property were recorded as well as an increase in our valuation allowance associated with Swiss nonrefundable tax credits as a result of indirect effects of the transferred intellectual property.

RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUINGOPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) (Unaudited, in millions)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income (loss) (GAAP)	$ 65.6	$ (3.7)	$ 357.7	$ 224.6
Restructuring and other charges (income)	22.6	28.2	158.6	48.0
Non-operating pension and postretirement charges (income)	4.4	4.2	12.9	13.4
Discontinued operations, net of income taxes	0.9	8.3	16.2	41.3
Interest expense, net	58.7	64.6	184.0	180.5
Depreciation and amortization	43.2	45.6	133.2	138.4
Provision (benefit) for income taxes	6.0	27.4	(298.9)	77.7
Adjusted earnings from continuing operations, before interest, incometaxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1)	$ 201.4	$ 174.6	$ 563.7	$ 723.9

___________________

(1)	Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income) and depreciation and amortization expense.

RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) (Unaudited, in millions)

	Three Months EndedSeptember 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Cash provided (required) by operating activities of continuing operations (GAAP)	$ 159.5	$ 101.6	$ 308.8	$ (618.2)
Project Focus transformation spending (1)	26.4	—	89.9	—

Capital expenditures	(15.7)	(33.0)	(46.3)	(108.8)
Other investing activities	2.0	(2.5)	(5.2)	(7.8)
Capital additions and other investing activities	$ (13.7)	$ (35.5)	$ (51.5)	$ (116.6)

Cash provided (required) by operating activities of discontinued operations	(18.3)	(34.1)	(37.2)	(61.0)
Project Focus transformation spending (1)	(26.4)	—	(89.9)	—
Proceeds from Land Disposition	—	—	—	5.8
Legacy and transformation	$ (44.7)	$ (34.1)	$ (127.1)	$ (55.2)

Divestiture transaction costs (2)	$ 4.6	$ —	$ 4.6	$ —
Free cash flow (Non-GAAP)(3)	$ 132.1	$ 32.0	$ 224.7	$ (790.0)

___________________

(1)	Represents cash payments made in connection with our Project Focus transformation program. This spending is reclassified within this reconciliation to be reflected in the "Legacy and transformation" category. The presentation has no impact on our cash provided (required) by operating activities of continuing operations (GAAP) or free cash flow (non-GAAP).
(2)	Represents transactional-related costs such as legal and professional third-party fees associated with the anticipated sale of our Global Specialty Solutions ("GSS") business. Proceeds from the sale of our GSS business anticipated for the fourth quarter 2024 will be excluded from free cash flow when received. Therefore, we have also excluded the related transaction costs from free cash flow.
(3)	Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as legacy and transformation spending and divestiture transaction costs associated with the anticipated sale of our GSS business. As noted above, Project Focus transformation spending is reclassified into "Legacy and transformation" for presentation purposes. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts about the cash generated by routine business operations, including capital expenditures, in addition to assessing our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP.

RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited)

	Three Months Ended September 30, 2024 vs. 2023	Nine Months Ended September 30, 2024 vs. 2023
Total Revenue Change (GAAP)	9 %	(10) %
Less: Foreign Currency Impact	(3) %	(2) %
Organic Revenue Change (Non-GAAP)	12 %	(8) %

___________________

(1)	We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates.

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC") NUMERATOR (NON-GAAP) AND ROIC (USING NON-GAAP NUMERATOR)(1) (Unaudited)

	Twelve Months Ended
	September 30, 2024
Net income (loss) attributable to FMC stockholders (GAAP)	$ 1,455.9
Interest expense, net, net of income taxes	206.1
Corporate special charges (income)	366.4
Income tax expense (benefit) on Corporate special charges (income)	(52.7)
Discontinued operations attributable to FMC stockholders, net of income taxes	73.4
Tax adjustments	(1,497.9)
ROIC numerator (Non-GAAP)	$ 551.2

	September 30, 2024	September 30, 2023
Total debt	$ 4,070.0	$ 4,115.7
Total FMC stockholders' equity	4,607.8	3,290.9
Total debt and FMC stockholders' equity (GAAP)	$ 8,677.8	$ 7,406.6
ROIC denominator (2 yr average total debt and FMC stockholders' equity)	$ 8,042.2

ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator)	18.10 %
ROIC (using Non-GAAP numerator)	6.85 %

___________________

(1)	We believe ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management.

FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	September 30, 2024	December 31, 2023
Cash and cash equivalents	$ 416.7	$ 302.4
Trade receivables, net of allowance of $41.5 in 2024 and $29.1 in 2023	2,890.5	2,703.2
Inventories	1,392.1	1,724.6
Prepaid and other current assets	616.2	398.9
Total current assets	$ 5,315.5	$ 5,129.1
Property, plant and equipment, net	869.4	892.5
Goodwill	1,517.8	1,593.6
Other intangibles, net	2,421.7	2,465.1
Deferred income taxes	1,621.1	1,336.6
Other long-term assets	473.2	509.3
Total assets	$ 12,218.7	$ 11,926.2
Short-term debt and current portion of long-term debt	$ 1,043.2	$ 934.0
Accounts payable, trade and other	802.9	602.4
Advanced payments from customers	0.4	482.1
Accrued and other liabilities	739.3	684.8
Accrued customer rebates	835.1	480.9
Guarantees of vendor financing	77.9	69.6
Accrued pensions and other postretirement benefits, current	6.4	6.4
Income taxes	83.2	124.4
Total current liabilities	$ 3,588.4	$ 3,384.6
Long-term debt, less current portion	$ 3,026.8	$ 3,023.6
Long-term liabilities	973.4	1,084.6
Equity	4,630.1	4,433.4
Total liabilities and equity	$ 12,218.7	$ 11,926.2

FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Nine Months Ended September 30,
	2024	2023
Cash provided (required) by operating activities of continuing operations	$ 308.8	$ (618.2)

Cash provided (required) by operating activities of discontinued operations	(37.2)	(61.0)

Cash provided (required) by investing activities of continuing operations	(55.9)	(126.8)

Cash provided (required) by financing activities of continuing operations	(101.5)	562.1

Effect of exchange rate changes on cash	0.1	(4.3)

Increase (decrease) in cash and cash equivalents	$ 114.3	$ (248.2)

Cash and cash equivalents, beginning of period	$ 302.4	$ 572.0

Cash and cash equivalents, end of period	$ 416.7	$ 323.8

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-reports-strong-growth-in-third-quarter-confirms-full-year-outlook-adjusted-for-expected-sale-of-gss-business-302290484.html

SOURCE FMC Corporation

WHITE ROCK, BC / ACCESSWIRE / October 28, 2024 / Honey Badger Silver Inc. (TSXV:TUF)(OTCQB:HBEIF) ("Honey Badger" or the "Company") is pleased to announce that it has added, by low cost staking, additional claims at its 100%-owned Yava silver project, located in Nunavut. The objective was to increase its strategic ownership of promising silver-rich geologic targets in the immediate area of the original Yava claims.

Honey Badger's CEO, Dorian L. (Dusty) Nicol, commented, "Our new claims provide an important addition to the project's expansion potential. In addition to its historical silver resource, Yava has tremendous upside exploration potential, which we have enhanced greatly by more than tripling the size of our land position. All of our Yava claims are located near Glencore plc's (GLCNF) Hackett River project that contains a world-class silver resource of 105 million ounces of silver Indicated and 184 million ounces silver Inferred. Hackett and Yava are located on the same mineralized structure. The number of untested geophysical and geochemical anomalies within our now-enlarged land position speak to the great expansion potential on our claims. We will compile and interpret existing data on the expanded Yava project – which is an exciting new acquisition for Honey Badger – with a view to executing activities to maximize the value of this asset for our shareholders."

Yava is located 45 kms from Glencore's Hackett River Project, one of the largest undeveloped silver resources in the world. The new claims increase the Company's land position in this rich district from 1,280 hectares to 4,395 hectares. The new claims cover a number of untested magnetic and electromagnetic anomalies and silver occurrences that occur along strike and adjacent to the Yava deposit (see maps below) and add greatly to the Company's expansion potential in the district.

Yava Deposit

On October 2, 2024, the Company announced that it had purchased the Yava Project from Blue Moon Metals Inc. (see news release dated October 2, 2024). The Yava Property is in the Mackenzie Mining District, Territory of Nunavut, approximately 450 kilometers northeast of Yellowknife. The Yava Property consists of one mining lease of 1,280 hectares plus three mining claims in two blocks totaling 3,115 hectares, comprising in all 4,395 hectares.

The Yava Property envelopes four known base and precious metal occurrences mid-way along the length of the Hackett-Back River greenstone belt. The north end of this greenstone belt hosts the Hackett River base and precious metal resource currently held by Glencore. According to Xstrata's December 31, 2012, report, Hackett River's resource estimate includes 25 million indicated tons of 4.2% zinc, 0.6% lead, 0.5% copper, 130 g/t silver and 0.3 g/t gold as well as 57 million inferred tons of 3.0% zinc, 0.5% lead, 0.4% copper, 100 g/t silver and 0.2 g/t gold. This represents 105 million ounces of silver Indicated plus 184 million ounces Inferred, among the largest undeveloped deposits of silver in the world. The Nunavut government has been supportive of mining and of initiating infrastructure projects including roads and ports.

Known metal occurrences at the Yava Property, the Hackett River occurrence and the Musk occurrence are at or near the interface between uppermost felsic volcanic rocks of the greenstone belt and overlying sedimentary rocks. The Yava mining lease includes 9 km of northwest-trending strike-length along the aforementioned volcanic-sedimentary rock interface. Brascan Resources Ltd. estimated that the Yava Main Zone contains 1.3 million tons of 4.96% zinc, 1.03% copper, 1.60% lead, 3.42 oz/t silver, and 0.008 oz/t gold to a depth of 100 metres. The Yava Zone remains fully open at depth, down dip and/or down plunge and along strike.

In addition, there is significant exploration potential associated with untested geophysical and geochemical anomalies and along the favorable volcanic stratigraphy.

Comments on the Historic Mineral Resource Estimate

The historic preliminary resource estimate of 1.3Mt grading 1.03% Cu, 1.6% Pb, 4.96% Zn, 3.42 opt Ag and 0.008 opt Au (Salaken, 1976, 1977) was prepared for Brascan Resources Ltd. It is classed as a historic mineral resource estimate. A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource and the Company is not treating the estimate as a current mineral resource. The historic resource estimate cannot be relied upon. Additional work, including verification drilling / sampling and remodeling, will be required to verify the estimate as a current mineral resource. In addition, the assessment of economic viability would need to be redone using current or foreseeable metals prices, which are higher than those used in the historic estimate.

Qualified Person

Technical information in this news release has been approved by Dorian L. (Dusty) Nicol, the Company's CEO (PG, FAusIMM), who is a Qualified Person (QP) for the purpose of National Instrument 43-101.

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver (and 201.3 million pounds of zinc) Indicated and 13.9 Moz of silver (and 247.8 million pounds of zinc) Inferred (1)(3) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has a historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc (2)(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002 (2,3). A qualified person has not done sufficient work to classify the foregoing historical resources as current mineral resources and the Company is not treating the estimates as current mineral resources. The historical resource estimates are provided solely for the purpose as an indication of the volume of mineralization that could be present. Additional work, including verification drilling / sampling, will be required to verify any of the historical estimates as a current mineral resources.

(1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.

(2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.

(3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, CEO

For more information, please visit our website www.honeybadgersilver.com or contact Sonya Pekar for Investor Relations | spekar@honeybadgersilver.com |+1 (647) 498 – 8244

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 release.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Honey Badger to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; 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; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. 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, 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 timeframes or at all. The Company 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.

SOURCE: Honey Badger Silver Inc.

View the original press release on accesswire.com

What are the early trends we should look for to identify a stock that could multiply in value over the long term? Ideally, a business will show two trends; firstly a growing return on capital employed (ROCE) and secondly, an increasing amount of capital employed. Put simply, these types of businesses are compounding machines, meaning they are continually reinvesting their earnings at ever-higher rates of return. Speaking of which, we noticed some great changes in Freeport-McMoRan's (NYSE:FCX) returns on capital, so let's have a look.

Understanding Return On Capital Employed (ROCE)

Just to clarify if you're unsure, ROCE is a metric for evaluating how much pre-tax income (in percentage terms) a company earns on the capital invested in its business. Analysts use this formula to calculate it for Freeport-McMoRan:

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

0.15 = US$7.3b ÷ (US$55b – US$6.2b) (Based on the trailing twelve months to September 2024).

So, Freeport-McMoRan has an ROCE of 15%. In absolute terms, that's a satisfactory return, but compared to the Metals and Mining industry average of 9.4% it's much better.

View our latest analysis for Freeport-McMoRan

roce

In the above chart we have measured Freeport-McMoRan's prior ROCE against its prior performance, but the future is arguably more important. If you'd like, you can check out the forecasts from the analysts covering Freeport-McMoRan for free.

What The Trend Of ROCE Can Tell Us

We like the trends that we're seeing from Freeport-McMoRan. The numbers show that in the last five years, the returns generated on capital employed have grown considerably to 15%. Basically the business is earning more per dollar of capital invested and in addition to that, 31% more capital is being employed now too. This can indicate that there's plenty of opportunities to invest capital internally and at ever higher rates, a combination that's common among multi-baggers.

What We Can Learn From Freeport-McMoRan's ROCE

A company that is growing its returns on capital and can consistently reinvest in itself is a highly sought after trait, and that's what Freeport-McMoRan has. And a remarkable 356% total return over the last five years tells us that investors are expecting more good things to come in the future. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist.

While Freeport-McMoRan looks impressive, no company is worth an infinite price. The intrinsic value infographic for FCX helps visualize whether it is currently trading for a fair price.

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.

Key Insights

Given the large stake in the stock by institutions, Sociedad Química y Minera de Chile's stock price might be vulnerable to their trading decisions
51% of the business is held by the top 3 shareholders
Using data from analyst forecasts alongside ownership research, one can better assess the future performance of a company

Every investor in Sociedad Química y Minera de Chile S.A. (NYSE:SQM) should be aware of the most powerful shareholder groups. With 35% stake, institutions possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Last week's US$426m market cap gain would probably be appreciated by institutional investors, especially after a year of 15% losses.

Let's delve deeper into each type of owner of Sociedad Química y Minera de Chile, beginning with the chart below.

See our latest analysis for Sociedad Química y Minera de Chile

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Sociedad Química y Minera de Chile?

Many institutions measure their performance against an index that approximates the local market. So they usually pay more attention to companies that are included in major indices.

As you can see, institutional investors have a fair amount of stake in Sociedad Química y Minera de Chile. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Sociedad Química y Minera de Chile's historic earnings and revenue below, but keep in mind there's always more to the story.

earnings-and-revenue-growth

Hedge funds don't have many shares in Sociedad Química y Minera de Chile. The company's largest shareholder is Inversiones SQYA S.A, with ownership of 25%. With 22% and 4.2% of the shares outstanding respectively, Tianqi Lithium Corporation and State Street Global Advisors, Inc. are the second and third largest shareholders.

A more detailed study of the shareholder registry showed us that 3 of the top shareholders have a considerable amount of ownership in the company, via their 51% stake.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of Sociedad Química y Minera de Chile

The definition of company insiders can be subjective and does vary between jurisdictions. Our data reflects individual insiders, capturing board members at the very least. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our data cannot confirm that board members are holding shares personally. Not all jurisdictions have the same rules around disclosing insider ownership, and it is possible we have missed something, here. So you can click here learn more about the CEO.

General Public Ownership

The general public, who are usually individual investors, hold a 17% stake in Sociedad Química y Minera de Chile. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Company Ownership

It seems that Private Companies own 26%, of the Sociedad Química y Minera de Chile stock. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.

Public Company Ownership

Public companies currently own 22% of Sociedad Química y Minera de Chile stock. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand Sociedad Química y Minera de Chile better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Sociedad Química y Minera de Chile (of which 2 are significant!) you should know about.

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

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

The Canadian stock market is enjoying a robust year, with the TSX up over 17%, reflecting a broader trend of economic growth, favorable interest-rate policies, and rising corporate profits. In this context of market strength, penny stocks—though an older term—remain relevant as they often represent smaller or newer companies with potential for significant returns. By focusing on those with strong financial health and clear growth trajectories, investors can uncover hidden value in these lesser-known opportunities.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.66	CA$620.8M	★★★★★★
Alvopetro Energy (TSXV:ALV)	CA$5.00	CA$183.06M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.33	CA$119.2M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$12.03M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.16	CA$4.71M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.35	CA$314.9M	★★★★★★
Foraco International (TSX:FAR)	CA$2.44	CA$227.75M	★★★★★☆
Amerigo Resources (TSX:ARG)	CA$1.77	CA$290.15M	★★★★★☆
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Enterprise Group (TSX:E)	CA$2.12	CA$126.75M	★★★★☆☆

Click here to see the full list of 948 stocks from our TSX Penny Stocks screener.

Let’s dive into some prime choices out of the screener.

GT Resources

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

Overview: GT Resources Inc. is involved in the exploration and development of mineral resource properties, with a market cap of CA$11.65 million.

Operations: No revenue segments are reported.

Market Cap: CA$11.65M

GT Resources, with a market cap of CA$11.65 million, is pre-revenue and debt-free, yet it faces challenges typical of early-stage mining ventures. Recent drilling at the Canalask Nickel-Copper Project revealed complex geological conditions but also potential for significant mineralization akin to world-class deposits. Despite historical earnings declines and shareholder dilution, the company maintains a sufficient cash runway for two years under current conditions. While short-term assets cover liabilities comfortably, GT’s high volatility and negative return on equity highlight risks inherent in its speculative exploration activities. Revenue growth is anticipated at 40.54% annually according to forecasts.

TSXV:GT Debt to Equity History and Analysis as at Oct 2024Rock Tech Lithium

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

Overview: Rock Tech Lithium Inc. is involved in the exploration and development of lithium properties, with a market cap of CA$128.04 million.

Operations: Currently, there are no reported revenue segments for the company.

Market Cap: CA$128.04M

Rock Tech Lithium, with a market cap of CA$128.04 million, is pre-revenue and debt-free, reflecting its early-stage status in lithium exploration. The company has experienced shareholder dilution with shares outstanding increasing by 7.6% over the past year. Despite unprofitability and forecasts indicating further earnings decline, Rock Tech’s short-term assets of CA$6.8 million exceed its liabilities, providing some financial stability. Recent private placements have raised additional capital totaling approximately CA$4.71 million, including participation from Canada’s Critical Minerals Infrastructure Fund, which may support ongoing development activities amidst a volatile market environment.

TSXV:RCK Debt to Equity History and Analysis as at Oct 2024Unigold

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

Overview: Unigold Inc. is a junior natural resource company engaged in exploring and developing gold projects in the Dominican Republic, with a market cap of CA$16.46 million.

Operations: Unigold Inc. has not reported any revenue segments.

Market Cap: CA$16.46M

Unigold Inc., with a market cap of CA$16.46 million, is a pre-revenue junior resource company focused on gold exploration in the Dominican Republic. The company remains unprofitable, with losses narrowing slightly over the past year but still significant at CA$0.60 million for Q2 2024. Unigold has no long-term liabilities and is debt-free, yet its cash runway is under one year, raising concerns about financial sustainability without additional capital inflows. Shareholder dilution occurred with shares outstanding increasing by 7.3% last year. Despite high volatility and negative return on equity, short-term assets cover liabilities comfortably.

TSXV:UGD Debt to Equity History and Analysis as at Oct 2024Where To Now?

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

Companies discussed in this article include TSXV:GT TSXV:RCK and TSXV:UGD.

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

(Bloomberg) — When he was 16, Adam Lundin was lowered by helicopter into the remote wilderness of northern Canada.

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Copper Production: 52,500 tonnes in Q3; guidance for 2024 revised to 420,000 to 455,000 tonnes.
Zinc Net Cash Unit Cost Guidance: Improved by USD 0.10 per pound to USD 0.45 to USD 0.55 per pound.
Debt Reduction: USD 1.5 billion reduced, including a cash tender offer and repayment of short-term loans.
Net Cash Position: CAD 1.8 billion as of September 30.
Cash Balance: CAD 7.8 billion as of September 30.
Share Buyback Program: USD 3.25 billion authorized by the Board.

Warning! GuruFocus has detected 6 Warning Sign with TECK.

Release Date: October 24, 2024

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

Positive Points

Teck Resources Ltd (NYSE:TECK) successfully completed the sale of its steelmaking coal business, receiving USD 7.3 billion in cash.
The company returned $720 million to shareholders through dividends and share buybacks in the third quarter, totaling over $1.3 billion year-to-date.
Teck Resources Ltd (NYSE:TECK) achieved a consecutive record quarter in copper production, with QB operations ramping up.
The company improved its zinc net cash unit cost guidance by $0.10 per pound, reflecting strong operational performance.
Teck Resources Ltd (NYSE:TECK) was recognized on the Forbes list of the World’s Best Employers 2024, highlighting its positive workplace environment.

Negative Points

Teck Resources Ltd (NYSE:TECK) experienced a fatality at its Antamina operation, prompting a thorough investigation and safety review.
The company lowered its copper production guidance for 2024 and 2025 due to lower expected production from Highland Valley and QB operations.
Teck Resources Ltd (NYSE:TECK) recorded a non-cash after-tax impairment charge of $828 million on its Trail operations due to challenging market conditions.
The company faced operational challenges at QB, including lower grade ore and unplanned maintenance, impacting production.
Teck Resources Ltd (NYSE:TECK) is closely monitoring the political situation in Mexico, which could affect its San Nicolas project.

Q & A Highlights

Q: What gives you confidence in achieving the 2025 guidance numbers after consecutive guidance cuts for 2024? A: Jonathan Price, CEO, explained that the design at QB is robust, with improvements in mill throughput expected to reach design rates by the end of 2024. The focus is on maximizing online time and improving recovery rates through testing and adjustments. The 2025 guidance range reflects some uncertainty due to the ongoing ramp-up phase, but the company is confident in achieving these targets.

Q: Is the design recovery rate of 86% to 92% for QB a revised assumption? A: Jonathan Price, CEO, confirmed that there is no revision to the design recovery rate, and it remains achievable. The company is benchmarking its ramp-up performance against other major projects and is confident in improving recoveries through ongoing testing and adjustments.

Q: What is the current status of the San Nicolas project in Mexico, and is there a possibility of reconsidering it as an underground operation? A: Jonathan Price, CEO, stated that the company is monitoring the situation in Mexico and believes that an open cut mine will deliver the best returns. The company continues to engage with authorities and stakeholders, hoping for a resolution that allows open cut mining.

Q: How will the additional work required for QB in 2025 impact costs, and is project CapEx now complete? A: Jonathan Price, CEO, confirmed that project CapEx is complete, and any additional work in 2025 will be minor and not significantly impact costs. These are preventive maintenance and minor improvements, with no significant additional capital or cost expected.

Q: Will the ramp-up delay at QB affect the timing of sanctioning other projects? A: Jonathan Price, CEO, mentioned that the remaining work at QB is expected to be completed in the first half of 2025. The company plans to sanction other projects in the second half of 2025, assuming permits and studies are completed on time.

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

This article first appeared on GuruFocus.

Canada Carbon Inc.

Toronto, ON, Canada, Oct. 24, 2024 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) reports that it has completed the Bulk Sample Program for its 100% owned Asbury Graphite Project located 80 kilometers (“km”) NNE of Gatineau, near Notre-Dame-du-Laus, Québec. Working with SGS Lakefield, the Bulk Sample Program consisted of work to complete a full scope of analysis in the following areas:

Head assays
Bond Ball Work Index Analysis
Flowsheet optimization

Head Assays

As previously reported (see Press Release dated August 8th, 2024), the Company provided three ore samples for the program : BK1 – high grade drill core, BK2 – low grade drill core, and BK3 – a high grade outcrop. These samples were prepared for testing, and a composite of the two drill core samples (BK1 and BK2) was prepared and named Core Comp. The Company believe that the Core Comp will be a fairly representative sample of the overall Asbury deposit.

Carbon speciation analyses of these samples shows graphitic carbon (C(g)) ranging from 1.36% to 5.86% from low to high grade drill core, and a very high graphitic carbon concentration of 15.7% in the outcrop sample. The 3.68% C(g) of the Core Comp was well in excess of the average C(g) measured in the Company’s Initial Resource Estimate (see Press Release dated May 16th, 2024). As measured in all samples, carbon occurs as both graphitic carbon (C(g)) as well as carbonate (CO3) minerals. In this flotation program, CCB evaluated the recovery of graphitic carbon as opposed to total carbon (C(t)). Carbonates are expected to be flushed to the tailings products. Total Organic Carbon (TOC) is minimal in all samples.

Please click here to view image

Bond Ball Work Index AnalysisBond Ball Work Index testing was conducted on the three samples, BK1, BK2 and BK3 which produced similar work indices ranging from 14.1 (BK2) to 14.6 (BK1). In comparison with SGS’s database of thousands of ore types, shown in the graph below, the Asbury samples fall in the median range of hardness percentile, ranging from 47.4% to 53.3%. The result of this analysis suggests that the hard rock host material of the Asbury deposit results from geological events which contributed significantly to the macro-crystalline nature of the flake to be produced from the Asbury deposit.

Note: F80 denotes feed size (in microns), while P80 denotes product size (i.e – measurement at which 80% of particles are finer in size). BWI – Bond Work Index. KWh/t – Kilowatt Hour per tonne.

Please click here to view image

Flowsheet Optimization As the figure below indicates, the Company and SGS engaged in a very thorough process of developing and optimizing the evaluate tradeoffs between flake size and purity based on the length of primary and secondary grind cycles and the number of rougher columns or cells through which the concentrate will be cycled. Global operating parameters utilized in the optimized flowsheet are as follows:

Primary Grind:	18 minutes in 2 kg rod mill @ 50% solids with steel rods
Polishing Grind of Combination Flash & Rougher (Ro) Concentrate:	15 minutes @ ~40% solids in pebble mill with ceramic media
+100 M Regrind:	10 minutes @ ~40% solids in SMM mill with ceramic media
-100 M Regrind:	20 minutes @ ~40% solids in SMM mill with ceramic media

Note: SMM – Stirred Media Mill

In the optimized flowsheet a flash flotation stage was conducted on the crushed ore producing flash rougher concentrates. The flash rougher tailings were ground and a rougher concentrate produced. Two regrind circuits were added down-process from a 100-mesh concentrate screen. The flowsheet then provides for three cleaner columns to follow each of the +100 and -100 mesh lines.

While the company was initially focused on minimizing required grinding power, as well as the potential for preservation of coarse-flake graphite, subsequent testing shows that increased primary grinding eliminates +48 mesh flake from the concentrate profile but results in significant gains in purity. Given the focus on future participation in the battery anode supply chain, producing a higher purity concentrate, which would be easier and cheaper to purify, is ideal for the Company and its potential future clients.

Please click here to view image

Floatation Tests Results

The Company’s final floatation test achieved combined concentrate grades of greater than 98% C(t). Important observations from the optimization process are as follows:

Primary grind time was increased first from 12 minutes to 15 minutes and then from 12 minutes to 18 minutes.
The 15-minute primary grind resulted in P80 230 µm, while the 18-minute primary grind resulted in P80 214 µm. However, it was determined that grinding to P80 214 µm is not required.
Because of the finer primary grind, the +100 M concentrate exceeded our target 95% C(t) grade after screening (achieving 96.2% C(t)) and may not need cleaner stages at all.
The -100 M concentrate, after secondary grinding, achieved a 95.2% C(t) grade after the 1st -100 M cleaner, suggesting that the remaining two cleaner stages provided for in the work sheet may not be necessary at all.
It was also critical to note that, in the final floatation test, the Company’s +150 mesh and the +325 mesh assayed out at 99.1% and 99.0% C(t) respectively.

Note: In concentrate samples C(t) is assumed equal to C(g) as any carbonates are expected to flow to the tailings.

Please click here to view image

"The completion of our Bulk Sample Program by SGS Lakefield produced results beyond our expectations. We were able to demonstrate that a composite sample of our ore recorded in-situ grades in excess of the average in our Initial resource estimate. Additionally, we have engineered a flowsheet which produces high Ct concentrate from an efficient primary processing operation. This will allow us to market an anode market product which will be significantly easier and more cost effective to purify. These characteristics are certainly important to the battery anode space, but also attractive across a variety of high margin applications. We intend to ensure that this scalable, exceptional deposit is expeditiously developed and properly positioned to maximize shareholder value." declared Ellerton Castor, CEO of Canada Carbon.

Next Steps

With the Bulk Sample program complete, Canada Carbon will target completion of the Asbury Pre-Feasibility Study by the end of Q1, 2025. Additionally, the results will allow CCB to conduct battery cell testing on the concentrate through Polaris Labs. Finally, the Company will also expand its scope of lab testing to begin qualifying the Asbury concentrate for a variety of additional industry verticals.

Qualified Person This press release was prepared by Rick Keevil, who is an independent qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

Asbury Project OverviewThe 100%-owned Asbury Graphite Project is a past producing property made up of 25 claims with a total surface area of 1,384.59 ha. It is located 8.1 km northeast of Notre-Dame-Du-Laus in the Laurentides Region of southern Quebec. The property is accessible via gravel roads from Provincial Road 309 and Chemin du Ruisseau Serpent in the Notre-Dame-du-Laus area. A power transmission line runs through the property. Mont-Laurier, located approximately 44 km north, provides all amenities needed to perform basic mineral exploration, such as a hospital, accommodations, restaurants, groceries and other primary services. Additional amenities for exploration, and a seasoned mining and exploration workforce, are available from nearby towns of Gatineau to the south.

CANADA CARBON INC.“Ellerton Castor”Chief Executive Officer and DirectorContact InformationE-mail inquiries: info@canadacarbon.com P: (905) 407-1212

FORWARD LOOKING INFORMATION

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking information in this press release includes statements regarding the development of the Company’s Asbury deposit and financing thereof, the entering of the joint venture with Irondequoit Offering, future production from the Company’s Asbury deposit, sales agreements and other matters related thereto. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; financial abilities; the ability to develop the Asbury deposit; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

Neither 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 release.

By Felix Njini

JOHANNESBURG (Reuters) -The speed at which Anglo American shifts to becoming a copper-focused miner may well dictate its ultimate fate – survival as an independent operator, or absorption by a bigger rival such as BHP Group, which earlier this year failed to buy the group.

BHP walked away from a $49 billion bid to acquire Anglo in May after it was rebuffed three times. With a six-month block on another approach set to expire at the end of November, a deal is again under scrutiny.

Anglo was able to convince investors during BHP's approach that it had a better plan to grow value, focused on shedding underperforming platinum, diamonds and coal to focus on copper, a metal key for the energy transition.

If that succeeds, the higher value that comes with copper assets may help keep Anglo safe, one portfolio manager at a Cape Town fund manager said.

But the longer it takes to achieve a transformation, the more likely it is that investors will be tempted by another bid.

Investors with shares in both companies told Reuters that even though they expect BHP CEO Mike Henry to renew his pursuit for the London-listed miner, the timing and even the rationale for such an approach could be shaped by whether Anglo can grow beyond the grasp of cash-rich rivals.

Anglo CEO Duncan Wanblad is rushing to sell coking coal mines in Australia and nickel assets in Brazil while spinning off platinum mines in South Africa. The company is also weighing whether to sell or separately list its De Beers diamonds unit.

Anglo's world-class copper assets in Latin America are the prize for rivals seeking increased exposure to copper.

But its copper mines are still dogged by operational issues. On Thursday, it said copper output declined 13% in the third quarter, though the company remains on course to meet this year's output guidance of 730,000 tons to 790,000 tons.

Anglo declined to comment. BHP did not respond to emailed requests for comment.

CHOOSING THE MOMENT

Anglo's shares rose as much as 4.3% in London on Monday amid a broad uptick in mining stocks, but have shed most of the premium they added in the wake of BHP's approach.

If Anglo's valuation takes time to catch up with its restructuring, it could present a golden opportunity for BHP.

According to a source at a top investor in both companies, a restructured Anglo creates more value for BHP, which is still wary of the risks associated with absorbing South African assets.

"If I was BHP, I would say let Anglo do most of the heavy lifting, the restructuring it promised it will do by end 2025," the source told Reuters.

Any potential new bid should come when some of the restructuring is expected to completed by June or July next year, they added.

BHP may have to wait until Anglo spins off its platinum business by mid-2025 to make the deal less complex, UBS Group analysts said. "We expect Anglo to re-rate as the group simplifies," UBS said. "If not, we see potential for another takeover approach."

Christiaan Bothma, an investment analyst at Johannesburg-based money manager Sanlam Private Wealth, which has shares in both companies, told Reuters it would "make sense" for BHP to wait for Anglo to do the asset separation for them.

But he added: "The counter argument to this would be if they wait (too) long, Anglo's valuation premium may be too high or iron ore prices too low (BHP's primary currency)."

(Reporting by Felix Njini in Johannesburg, Editing by Veronica Brown, Pratima Desai and Jan Harvey)

Cumulative Revenue: Over $20 billion for the first nine months of 2024, a 12.5% increase compared to the same period in 2023.
EBITDA: Increased by 17.3% for the first nine months of 2024 compared to the same period in 2023; 23% improvement on a quarterly basis.
Net Cash Costs: MXN1.12, a more than 7% improvement versus 2023.
Copper Production: 819,638 tons for the first nine months of 2024, a 7.1% increase compared to the same period in 2023; 10.6% increase on a quarterly basis.
Dividend: MXN1.3 per share approved for the quarter, up from MXN1.2 last quarter, with a 4.7% implied dividend yield.
Net Debt to EBITDA Ratio: 0.1, indicating low leverage.
Cash and Equivalents: $7.6 billion at the end of the quarter.
Mining Division Revenue: Over $9.4 billion for the first nine months of 2024, a 13.2% increase compared to the same period in 2023.
Mining Division EBITDA: $5.1 billion year-to-date, 22.8% higher than 2023; 32.3% higher on a quarterly basis.
Transportation Division Revenue: Almost $2.6 billion for the first nine months of 2024, a 7.5% increase versus the previous year.
Infrastructure Division Revenue: Increased by over 9.1% year-over-year.
Infrastructure Division EBITDA: Grew by almost 27% year-over-year.
Infrastructure Division Net Income: Grew by 75% year-over-year, totaling $100 million.

Warning! GuruFocus has detected 5 Warning Signs with MXL.

Release Date: October 23, 2024

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

Positive Points

Grupo Mexico SAB de CV (GMBXF) reported a 12.5% increase in cumulative revenue for the first nine months of 2024 compared to the same period in 2023, driven by higher copper and byproduct volumes sold.
The company’s EBITDA increased by 17.3% year-over-year for the first nine months of 2024, with a notable 23% improvement in quarterly results compared to the previous year.
The mining division achieved a 13.2% increase in revenue for the first nine months of 2024, supported by higher copper, gold, and silver prices.
Grupo Mexico SAB de CV (GMBXF) maintained a strong balance sheet with low leverage, boasting a net debt to EBITDA ratio of 0.1.
The infrastructure division demonstrated robust performance with a 27% growth in EBITDA and a 75% increase in net income year-over-year, driven by increased revenues and traffic across various business units.

Negative Points

The transportation division experienced an 8% decrease in EBITDA for the first nine months of 2024, attributed to network congestion and operational challenges.
Grupo Mexico SAB de CV (GMBXF) faced a slowdown in the average train speed due to network congestion, impacting operational efficiency and increasing costs.
The company reported a decrease in revenue from the cement and automotive segments, with a 4% and 5% decline respectively, due to reduced demand and competition.
Southern Copper, a subsidiary, has been paying dividends partially in stock, which may indicate liquidity preservation concerns.
The company is cautious about future capital allocation, focusing on organic growth rather than diversification, which may limit expansion opportunities.

Q & A Highlights

Q: Given the comfortable balance sheet position, how should we think about capital allocation? Are there plans for new acquisitions or changes in dividend distribution? A: Marlene Finny de la Torre, Chief Financial and Administrative Officer, stated that the focus is on organic growth rather than diversification. The company is prioritizing projects within its current divisions. Regarding dividends, they are reviewed quarterly based on cash needs and project CapEx, maintaining a solid dividend yield.

Q: Could you provide expectations for copper production and cash costs for 2024 and 2025? A: Leonardo Contreras Lerdo De Tejada, CEO of ASARCO and CFO of AMC, mentioned that for 2024, copper production is expected to be around 160,000 metric tons with cash costs before byproducts at $2.25 and after byproducts at $2.10. For 2025, production is projected at 117,500 metric tons with costs aligning with 2024 levels.

Q: What is the strategy behind Southern Copper’s hybrid dividend payments, and will this continue? A: Marlene Finny de la Torre explained that the decision for hybrid dividends is made at the Southern Copper board level, considering cash generation and upcoming maturities. The strategy aims to preserve liquidity, with a $500 million maturity due next year. Grupo Mexico plans to maintain its position in Southern Copper without selling shares received as dividends.

Q: How do you view potential changes in Mexican mining regulations and the impact on open-pit mining? A: Leonardo Contreras Lerdo De Tejada noted that any regulatory changes would likely affect new concessions. Grupo Mexico’s current projects are already within existing concessions, so they are not expected to be impacted by potential regulatory shifts.

Q: What are the cash costs before and after byproducts during the third quarter? A: Leonardo Contreras Lerdo De Tejada reported that the cash cost before byproducts was $3.40, and after byproducts, it was $3.26 during the third quarter.

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

This article first appeared on GuruFocus.

Southern Copper Corporation SCCO reported third-quarter 2024 earnings of $1.15 per share, which beat the Zacks Consensus Estimate of $1.12. The bottom line marked a 46% improvement from the year-ago quarter, mainly driven by higher sales volumes for copper, molybdenum, silver and zinc and higher prices for all metals (except molybdenum). SCCO’s strict cost control efforts also contributed to the earnings improvement. SCCO reported net sales of $2.9 billion, up 17% from the year-ago quarter, driven by higher sales volumes of all its products. The figure missed the consensus estimate of $2.94 billion.

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

Southern Copper’s Sales Volumes & Margins Up Y/Y in Q3

Southern Copper reported a 50.1% year-over-year surge in zinc sales volumes. Molybdenum volumes were up 5.7%, silver volumes improved 19% and copper sales volumes were up 7.7%. The rise in sales volumes as well as higher prices for copper (10%), zinc (14.5%) and silver (24.7%) also drove the increase in sales. Meanwhile, molybdenum prices were down 8%.

The cost of sales rose 4% year over year to $1.22 billion. Total operating costs were up 3% year over year to $1.48 billion.

Southern Copper Corporation Price, Consensus and EPS SurpriseSouthern Copper Corporation Price, Consensus and EPS Surprise

Southern Copper Corporation price-consensus-eps-surprise-chart | Southern Copper Corporation Quote

Operating profit was $1.45 billion, reflecting a 36% year-over-year improvement. The operating margin was 49.5% compared with 42.7% in the year-ago quarter.

Adjusted EBITDA jumped 30.5% year over year to $1.68 billion. Adjusted EBITDA margin was 57.5%, a 600-basis point expansion from the year-ago quarter.

SCCO’s Q3 Production Details

Copper: SCCO mined 252,219 tons of copper, up 11.5% year over year. This was driven by an increase in production at its open pit operations. Copper sales were up 7.7% year over year to 242,028 tons.

Molybdenum: The company mined 7,271 tons of molybdenum, reflecting a year-over-year improvement of 6%, driven by higher output at Cuajone, Toquepala and Buenavista mines. Molybdenum sales were 7,327 tons, a 5.7% increase from the third quarter of 2023.

Zinc: The company’s zinc production surged 91% year over year to 31,078 tons, attributed to the contribution from the new Buenavista zinc concentrator. Zinc sales jumped 50% year over year to 37,355 tons.

Silver: Southern Copper’s silver production was up 21.5% year over year to 5.34 million ounces. This was driven by growth at all its operations, with the exception of the La Caridad mine. Sales increased 19% year over year to 5.26 million ounces.

SCCO’s Cash Flow & Balance Sheet Updates

Southern Copper generated net cash from operating activities of around $1.44 billion, up from $1.05 billion in the year-ago quarter. Cash and cash equivalents were $2.65 billion at the end of the quarter compared with $1.15 billion as of the end of 2023. Long-term debt was $5.76 billion as of Sept. 30, 2024, lower than the debt balance of $6.25 billion as of Dec. 31, 2023.

SCCO made capital investments worth $792 million in the first nine-month period of 2024, which is 5.2% higher than the spending in the year-ago period.

Southern Copper Stock’s Price Performance

Shares of Southern Copper have gained 61.4% in the past year compared with the industry’s 48% growth.

Zacks Investment Research

Image Source: Zacks Investment Research

How Did SCCO’s Peer Perform in Q3?

Freeport-McMoRan Inc. FCX recorded profits (attributable to common stock) of $526 million, or 36 cents per share, in the third quarter, up around 16% from $454 million, or 31 cents, in the year-ago quarter.

Barring one-time items, adjusted earnings per share were 38 cents, missing the Zacks Consensus Estimate of 40 cents.

Freeport-McMoRan’s revenues rose roughly 17% year over year to $6,790 million. The figure surpassed the consensus estimate of $6,459.6 million. The results were driven by higher copper and gold prices in the quarter.

SCCO’s Zacks Rank & Key Picks

Southern Copper currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG and DuPont de Nemours, Inc. DD, both currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s earnings is pegged at 11 cents per share, which indicates a turnaround performance from the loss of 1 cent per share in the year-ago quarter. It beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 200%. Its shares have risen roughly 139% in the past year.

DuPont is slated to release third-quarter results on Nov. 5. The consensus estimate for DD’s earnings is pegged at $1.03 per share, which indicates 12% year-over-year growth. DD beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 11.9%. The company's shares have gained roughly 16% in the past year.

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Zacks Investment Research

Teck Resources Ltd (TECK) came out with quarterly earnings of $0.44 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.57 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of 22.22%. A quarter ago, it was expected that this company would post earnings of $0.47 per share when it actually produced earnings of $0.58, delivering a surprise of 23.40%.

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

Teck Resources , which belongs to the Zacks Mining – Miscellaneous industry, posted revenues of $2.1 billion for the quarter ended September 2024, missing the Zacks Consensus Estimate by 4.67%. This compares to year-ago revenues of $2.68 billion. The company has not been able to beat consensus revenue estimates over the last four quarters.

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

Teck Resources shares have added about 17.2% since the beginning of the year versus the S&P 500's gain of 21.5%.

What's Next for Teck Resources?

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

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

It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $0.38 on $1.98 billion in revenues for the coming quarter and $1.83 on $9.93 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining – Miscellaneous is currently in the bottom 26% 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.

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

This supplier of engineered materials to technology companies is expected to post quarterly earnings of $1.41 per share in its upcoming report, which represents a year-over-year change of +1.4%. The consensus EPS estimate for the quarter has been revised 18.4% lower over the last 30 days to the current level.

Materion's revenues are expected to be $426.9 million, up 5.9% from the year-ago quarter.

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(Reuters) -Canadian miner Teck Resources beat third-quarter profit estimates on Thursday, helped by higher copper production volumes at its Chile mine and on strong prices of the red metal.

Copper prices remained elevated in the quarter, supported by optimism about Chinese demand following a series of stimulus measures from Beijing. Long-term demand view for the red metal continues to be bullish on the back of its critical role in the energy transition.

Teck said copper prices rose by about 11.7% from a year earlier and averaged around $4.21 per pound.

The Quebrada Blanca (QB) mine in Chile reported record production during the quarter as operations continued to ramp up. This helped Teck achieve a jump of around 60% in copper output to 115,000 metric tons.

However, the company cut its full-year copper production forecast for the second time in a row, citing labour issues and mining delays at the Highland Valley Copper mine in Canada.

It also reduced the upper end of its 2024 annual copper production guidance for QB. Teck now expects full-year copper production of 420,000 to 455,000 tons, compared with the previous guidance of 435,000 to 500,000 tons.

Teck revamped its operations this year by selling 77% interest in the steelmaking coal unit to Swiss miner Glencore Plc. The deal, one of the largest in the industry, was completed in July.

The deal was part of Teck's transition into a pure-play energy transition metals company.

"We have returned more than $1.3 billion to shareholders so far this year, while also reducing debt and ramping-up copper production," CEO Jonathan Price said in a statement

The company reported an adjusted profit of C$0.60 ($0.4340) per share for the quarter ended Sept. 30, compared with analysts' average estimate of C$0.37 per share, according to data compiled by LSEG.

($1 = 1.3824 Canadian dollars)

(Reporting by Mrinalika Roy and Surbhi Misra in Bengaluru; Editing by Rashmi Aich and Janane Vengatraman)

Teck Resources Ltd

Continued growth in copper production and over $1.3 billion returned to shareholders this year

VANCOUVER, British Columbia, Oct. 24, 2024 (GLOBE NEWSWIRE) — Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited third quarter results for 2024.

"The third quarter marked a new era for Teck as we successfully transformed into a pure-play energy transition metals company with leading copper growth," said Jonathan Price, President and CEO. "We closed the sale of our remaining interest in the steelmaking coal business and have returned over $1.3 billion to shareholders so far this year, while also reducing debt and ramping-up copper production."

Highlights

Adjusted EBITDA1 of $986 million in Q3 2024 was driven by record copper production as Quebrada Blanca (QB) continues to ramp-up operations, as well as strong base metals pricing and zinc sales volumes from Red Dog. Our loss from continuing operations before taxes was $759 million in Q3 2024, primarily due to an impairment charge at our Trail Operations.
Adjusted profit from continuing operations attributable to shareholders1 was $314 million, or $0.61 per share, in Q3 2024. Our loss from continuing operations attributable to shareholders was $748 million, $1.45 per share, in Q3 2024, primarily due to an impairment charge at our Trail Operations.
We completed the sale of the remaining 77% interest in our steelmaking coal business, Elk Valley Resources (EVR) and received cash proceeds of US$7.3 billion on July 11, 2024. We commenced deployment of these proceeds through shareholder returns and debt reductions in Q3.
We returned a total of $720 million to shareholders in the third quarter through the purchase of $398 million of Class B subordinate voting shares pursuant to our normal course issuer bid, and $322 million in dividends, reflecting our regular base quarterly dividend and a supplemental dividend of $0.50 per share, or $257 million.
From January 1 to October 23, 2024, we have returned over $1.3 billion to shareholders through share buybacks and dividends.
We reduced our debt by US$1.5 billion through a bond tender offer for our public notes in July and the repayment of short-term loans at Carmen de Andacollo.
Our liquidity as at October 23, 2024 is $11.9 billion, including $7.8 billion of cash. We generated cash flows from operations of $134 million in Q3 and had a net cash position of $1.8 billion at September 30, 2024.
We achieved another consecutive record quarter of copper production with 114,500 tonnes in the third quarter, of which 52,500 tonnes were from QB. Production at QB continues to ramp-up and we expect to be operating at full throughput rates by the end of 2024.
Copper prices (LME) remain strong, averaging US$4.18 per pound in the third quarter and closing the quarter at US$4.43 per pound, contributing to $103 million of positive pricing adjustments in the third quarter.
Red Dog's performance was strong in the third quarter with zinc production increasing by 14% to 142,500 tonnes compared to the same period last year. Red Dog's zinc net cash unit costs1 have improved and our 2024 annual unit cost guidance for zinc has been updated accordingly.

Note:

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

Financial Summary Q3 2024

Financial Metrics(CAD$ in millions, except per share data)	Q3 2024		Q3 2023
Revenue	$	2,858	$	1,989
Gross profit	$	478	$	261
Gross profit before depreciation and amortization1	$	962	$	533
Profit (loss) from continuing operations before taxes	$	(759)	$	48
Adjusted EBITDA1	$	986	$	417
Loss from continuing operations attributable to shareholders	$	(748)	$	(48)
Adjusted profit from continuing operations attributable to shareholders1	$	314	$	85
Basic loss per share from continuing operations	$	(1.45)	$	(0.09)
Diluted loss per share from continuing operations	$	(1.45)	$	(0.09)
Adjusted basic earnings per share from continuing operations1	$	0.61	$	0.16
Adjusted diluted earnings per share from continuing operations1	$	0.60	$	0.16

Key Updates

Executing on Our Copper Growth Strategy

QB copper production of 52,500 tonnes in the third quarter increased compared to 51,300 tonnes in the second quarter of 2024, as quarter over quarter production ramp-up continues.
Mill throughput rates increased quarter over quarter confirming plant design is robust. We continue to expect to be at design mill throughput rates by the end of 2024.
The localized geotechnical issue identified and disclosed in Q2 2024 has now stabilized with controls in place and we are advancing the mine plan.
Grades in Q3 were lower, consistent with our previously disclosed guidance, and we continue to expect higher grades in Q4. Normal grade variability is expected within any given period, as considered in our mine plans.
Based on current production levels and expected throughput and recoveries, the upper end of our 2024 annual QB copper production guidance range has been updated and our guidance range is now 200,000 to 210,000 tonnes. In addition, as a result of our lower than expected molybdenum production levels, we have updated our previously disclosed annual QB molybdenum production guidance to 0.8 to 1.2 thousand tonnes.
We continue to expect QB's total and net cash unit costs1 for 2024 to be within our previously disclosed guidance, despite the reduction in annual molybdenum production guidance.
Due to the ongoing work to improve copper recovery and equipment reliability extending into the first half of 2025, we have updated our previously disclosed 2025 QB annual copper production guidance to 240,000 to 280,000 tonnes and molybdenum production to 4.0 to 5.5 thousand tonnes.
Mill optimization work to push performance past nameplate by improving throughput is currently underway with plans for debottlenecking efforts being advanced.
In the third quarter, we continued to make progress in advancing Teck’s copper growth strategy, reinforcing our commitment to long-term value creation through a balanced approach of growth investments and shareholder returns. While maintaining a strong balance sheet, Teck’s prudent investment plans are designed to de-risk the development of our assets, including navigating the permitting process. As previously disclosed, Teck does not anticipate sanctioning any growth projects in 2024. The focus remains on advancing our near-term projects for potential sanctioning in 2025. All growth projects must meet stringent criteria, delivering attractive risk-adjusted returns and competing for capital in alignment with Teck’s capital allocation framework.

Note:

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

New Business Structure to Support Transition to Pure-Play Energy Transition Metals Company

In August, we announced a new business structure to support our shift to a pure-play energy transition metals company focused on growth. The new business structure organizes Teck around two regional business units for North America and Latin America (LATAM), and a dedicated Projects group to develop and execute brownfield and greenfield projects.
This structure simplifies Teck with a streamlined executive leadership team and regional structure to deliver on our strategy of copper growth balanced with shareholder returns and long-term resiliency. It positions Teck to drive improved operational performance, while efficiently and responsibly capitalizing on profitable growth opportunities to enhance value for all stakeholders.
Our reported segmented financial results and summary information contained in our Management Discussion and Analysis will continue to be disclosed on a commodity basis for our copper and zinc operations in addition to our corporate segment.

Deployment of Transaction Proceeds from Sale of Steelmaking Coal Business

We completed the sale of our remaining 77% interest in our steelmaking coal business, EVR, to Glencore and received transaction proceeds of US$7.3 billion on July 11, 2024.
On closing of the transaction, we announced our intention to allocate the transaction proceeds consistent with Teck's Capital Allocation Framework. This included the repurchase of up to $2.75 billion of Class B subordinate voting shares, a one-time supplemental dividend of $0.50 per share, a debt reduction program of up to $2.75 billion, funding retained for our value-accretive copper growth projects, and approximately $1.0 billion for final taxes and transaction costs.
Combined with the $500 million share buyback announced in February, total cash returns to shareholders of $3.5 billion from the sale of the steelmaking coal business have been authorized.
In Q3, we commenced deployment of the proceeds through shareholder returns and debt reduction. We returned a total of $720 million to shareholders in the third quarter through the purchase of $398 million of Class B subordinate voting shares pursuant to our normal course issuer bid, and $322 million in dividends, reflecting our regular base quarterly dividend and a supplemental dividend of $0.50 per share, or $257 million. We reduced our debt by US$1.5 billion through a bond tender offer for our public notes in July and the repayment of short-term loans at Carmen de Andacollo.
From January 1 to October 23, 2024, we have returned over $1.3 billion to shareholders through share buybacks and dividends.
In our third quarter News Release, Management's Discussion and Analysis, and Condensed Interim Consolidated Financial Statements, EVR's results have been presented as discontinued operations for all periods reported.

Safety and Sustainability Leadership

We were saddened to report a fatality on July 24 at the Antamina Mine, our joint venture with BHP, Glencore and Mitsubishi. Antamina has conducted a full investigation and learnings will be shared across our company and industry.
We continued to focus on driving health and safety at our sites, with our High-Potential Incident (HPI) Frequency rate remaining steady at 0.10 in Q3 2024, a 33% reduction compared to the same period last year.
On October 9, 2024, Teck was named to the Forbes list of the World’s Best Employers 2024, an employee-driven ranking of multinational companies and institutions from over 50 countries around the world.

Guidance

We have updated our previously disclosed 2024 annual guidance for zinc net cash unit costs1, and copper, molybdenum and refined zinc production. The remainder of our previously disclosed guidance for 2024 is unchanged. We have updated our previously disclosed 2025 annual copper and molybdenum production guidance for QB, as outlined above.
Continued strong performance at Red Dog has resulted in an improvement in net cash unit costs1 and accordingly, our 2024 annual zinc net cash unit costs1 are now expected to be US$0.45 to $0.55 per pound, compared to our previously disclosed guidance range of US$0.55 to $0.65 per pound.
Our 2024 annual copper production guidance has been updated to a range of 420,000 to 455,000 tonnes, a reduction from our previously disclosed guidance of 435,000 to 500,000 tonnes. The reduction relates to Highland Valley Copper, as well as a reduction to the upper end of QB's production guidance range. Highland Valley Copper's guidance reduction was a result of a delay in mining in the Lornex pit due to challenges with labour availability and the autonomous systems of our new haul trucks. This has been largely resolved and we expect to process more ore from the Lornex pit in the fourth quarter.
Molybdenum production for 2024 has been reduced by 1.3 to 1.5 thousand tonnes to 3.0 to 4.0 thousand tonnes due to lower production at Highland Valley Copper and QB.
Refined zinc production at Trail for 2024 has been reduced to a range of 240,000 to 250,000 tonnes as a result of a localized fire in the electrolytic zinc plant on September 24, 2024.
Our guidance is outlined in summary below and our usual guidance tables, including three-year production guidance, can be found on pages 26–29 of Teck’s third quarter results for 2024 at the link below.

2024 Guidance – Summary	Current
Production Guidance
Copper (000’s tonnes)	420 – 455
Zinc (000’s tonnes)	565 – 630
Refined zinc (000’s tonnes)	240 – 250
Sales Guidance – Q4 2024
Red Dog zinc in concentrate sales (000’s tonnes)	155 – 185
Unit Cost Guidance
Copper net cash unit costs (US$/lb.)1	1.90 – 2.30
Zinc net cash unit costs (US$/lb.)1	0.45 – 0.55

Note:

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

Click here to view Teck’s full third quarter results for 2024.

WEBCAST

Teck will host an Investor Conference Call to discuss its Q3/2024 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on October 24, 2024. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com.

REFERENCE

Fraser Phillips, Senior Vice President, Investor Relations and Strategic Analysis: 604.699.4621Dale Steeves, Director, Stakeholder Relations: 236.987.7405

USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS

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

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

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

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

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

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

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

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

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

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

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

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

Profit from Continuing Operations Attributable to Shareholders and Adjusted Profit from Continuing Operations Attributable to Shareholders

	Three months ended September 30,				Nine months ended September 30,
(CAD$ in millions)		2024		2023			2024		2023

Profit (loss) from continuing operations attributable to shareholders	$	(748)	$	(48)		$	(852)	$	49
Add (deduct) on an after-tax basis:
Asset impairment		828		—			828		—
QB variable consideration to IMSA and Codelco		(33)		(45)			9		26
Environmental costs		15		(16)			9		4
Share-based compensation		26		19			67		76
Commodity derivatives		(9)		10			(36)		29
Loss (gain) on disposal or contribution of assets		—		3			(10)		(144)
Tax items		203		69			229		69
Other		32		93			129		157

Adjusted profit from continuing operations attributable to shareholders	$	314	$	85		$	373	$	266

Basic earnings (loss) per share from continuing operations	$	(1.45)	$	(0.09)		$	(1.64)	$	0.09
Diluted earnings (loss) per share from continuing operations	$	(1.45)	$	(0.09)		$	(1.64)	$	0.09
Adjusted basic earnings per share from continuing operations	$	0.61	$	0.16		$	0.72	$	0.51
Adjusted diluted earnings per share from continuing operations	$	0.60	$	0.16		$	0.71	$	0.51

Reconciliation of Basic Earnings per share from Continuing Operations to Adjusted Basic Earnings per share from Continuing Operations

	Three months ended September 30,				Nine months ended September 30,
(Per share amounts)		2024		2023		2024		2023

Basic earnings (loss) per share from continuing operations	$	(1.45)	$	(0.09)	$	(1.64)	$	0.09
Add (deduct):
Asset impairment		1.60		—		1.60		—
QB variable consideration to IMSA and Codelco		(0.06)		(0.09)		0.01		0.05
Environmental costs		0.03		(0.03)		0.02		0.01
Share-based compensation		0.05		0.04		0.13		0.15
Commodity derivatives		(0.02)		0.02		(0.07)		0.06
Loss (gain) on disposal or contribution of assets		—		0.01		(0.02)		(0.28)
Tax items		0.39		0.13		0.44		0.13
Other		0.07		0.17		0.25		0.30

Adjusted basic earnings per share from continuing operations	$	0.61	$	0.16	$	0.72	$	0.51

Reconciliation of Diluted Earnings per share from Continuing Operations to Adjusted Diluted Earnings per share from Continuing Operations

	Three months ended September 30,				Nine months ended September 30,
(Per share amounts)		2024		2023		2024		2023

Diluted earnings (loss) per share from continuing operations	$	(1.45)	$	(0.09)	$	(1.64)	$	0.09
Add (deduct):
Asset impairment		1.59		—		1.58		—
QB variable consideration to IMSA and Codelco		(0.06)		(0.09)		0.02		0.05
Environmental costs		0.03		(0.03)		0.02		0.01
Share-based compensation		0.05		0.04		0.13		0.14
Commodity derivatives		(0.02)		0.02		(0.07)		0.06
Loss (gain) on disposal or contribution of assets		—		0.01		(0.02)		(0.27)
Tax items		0.39		0.13		0.44		0.13
Other		0.07		0.17		0.25		0.30

Adjusted diluted earnings per share from continuing operations	$	0.60	$	0.16	$	0.71	$	0.51

Reconciliation of EBITDA and Adjusted EBITDA

	Three months ended September 30,				Nine months ended September 30,
(CAD$ in millions)		2024		2023		2024		2023

Profit (loss) from continuing operations before taxes	$	(759)	$	48	$	(974)	$	249
Finance expense net of finance income		153		10		578		25
Depreciation and amortization		498		290		1,203		633

EBITDA		(108)		348		807		907

Add (deduct):
Asset impairment		1,053		—		1,053		—
QB variable consideration to IMSA and Codelco		(55)		(75)		14		41
Environmental costs		20		(22)		8		4
Share-based compensation		34		24		86		96
Commodity derivatives		(13)		15		(50)		39
Loss (gain) on disposal or contribution of assets		—		4		(14)		(194)
Other		55		123		194		222

Adjusted EBITDA	$	986	$	417	$	2,098	$	1,115

Reconciliation of Gross Profit Before Depreciation and Amortization

	Three months ended September 30,				Nine months ended September 30,
(CAD$ in millions)		2024		2023		2024		2023

Gross profit	$	478	$	261	$	1,065	$	960
Depreciation and amortization		484		272		1,155		581

Gross profit before depreciation and amortization	$	962	$	533	$	2,220	$	1,541

Reported as:
Copper
Quebrada Blanca	$	178	$	19	$	462	$	18
Highland Valley Copper		89		57		371		290
Antamina		287		215		763		671
Carmen de Andacollo		48		1		69		10
Other		2		1		4		(5)

		604		293		1,669		984

Zinc
Trail Operations		26		22		(3)		91
Red Dog		333		220		548		470
Other		(1)		(2)		6		(4)

		358		240		551		557

Gross profit before depreciation and amortization	$	962	$	533	$	2,220	$	1,541

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

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

These forward-looking statements include, but are not limited to, statements concerning: our focus and strategy, including being a pure-play energy transition metals company; anticipated global and regional supply, demand and market outlook for our commodities; our business, assets, and strategy going forward, including with respect to future and ongoing project development; the potential benefits of our new business structure; the expected use of proceeds from the sale of our steelmaking coal business, including the timing and format of any cash returns to shareholders; the anticipated benefits of the sale of our steelmaking coal business, including deployment of proceeds; our expectations regarding the continuing ramp-up of QB2, including the expectation that QB will be operating at design mill throughput rates by year end and our ability to improve mine equipment reliability, molybdenum plant stability, and copper recovery; expectations regarding haul truck and labour availability at Highland Valley Copper and the ability to process more ore from the Lornex pit in the fourth quarter; expectations regarding inflationary pressures and our ability to manage controllable operating expenditures; expectations with respect to execution of our copper growth strategy, including the timing and occurrence of any sanction decisions and prioritization of growth capital; expectations regarding advancement and potential sanction decisions related to our copper growth portfolio, including advancement of study, permitting, execution planning, and engineering work, community and Indigenous engagement, completion of updated cost estimates, and timing for receipt of permits related to QB debottlenecking, the HVC Mine Life Extension, San Nicolás, and Zafranal projects, as applicable; expectation regarding potential pricing adjustments related to our sustainability performance in the context of our revolving credit facility; expectations regarding timing and amount of income tax payments and our effective tax rate; liquidity and availability of borrowings under our credit facilities; requirements to post and our ability to obtain additional credit for posting security for reclamation at our sites; all guidance appearing in this document including but not limited to the production, sales, cost, unit cost, capital expenditure, capitalized stripping, and other guidance under the headings “Guidance” and "Outlook" and as discussed elsewhere in the various reportable segment sections; our expectations regarding inflationary pressures and increased key input costs; and expectations regarding the adoption of new accounting standards and the impact of new accounting developments.

These statements are based on a number of assumptions, including, but not limited to, assumptions disclosed elsewhere in this document and assumptions regarding general business and economic conditions, interest rates, commodity and power prices; acts of foreign or domestic governments and the outcome of legal proceedings; the continued ramp-up of QB2 in accordance with our expectations; our ability to improve haul truck availability at Highland Valley Copper; the possibility that the anticipated benefits from the sale of our steelmaking coal business are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, including credit, market, currency, operational, commodity, liquidity and funding risks generally and relating specifically to the transaction; the possibility that our business may not perform as expected or in a manner consistent with historical performance; the supply and demand for, deliveries of, and the level and volatility of prices of copper and zinc and our other metals and minerals, as well as steel, crude oil, natural gas and other petroleum products; the timing of the receipt of permits and other regulatory and governmental approvals for our development projects and other operations, including mine extensions; positive results from the studies on our expansion and development projects; our ability to secure adequate transportation, including rail and port services, for our products; our costs of production and our production and productivity levels, as well as those of our competitors; continuing availability of water and power resources for our operations; changes in credit market conditions and conditions in financial markets generally; the availability of funding to refinance our borrowings as they become due or to finance our development projects on reasonable terms; availability of letters of credit and other forms of financial assurance acceptable to regulators for reclamation and other bonding requirements; our ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; the availability of qualified employees and contractors for our operations, including our new developments and our ability to attract and retain skilled employees; the satisfactory negotiation of collective agreements with unionized employees; the impact of changes in Canadian-U.S. dollar, Canadian dollar-Chilean Peso and other foreign exchange rates on our costs and results; engineering and construction timetables and capital costs for our development and expansion projects; our ability to develop technology and obtain the benefits of technology for our operations and development projects; closure costs; environmental compliance costs; market competition; the accuracy of our mineral reserve and resource estimates (including with respect to size, grade and recoverability) and the geological, operational and price assumptions on which these are based; tax benefits and statutory and effective tax rates; the outcome of our copper, zinc and lead concentrate treatment and refining charge negotiations with customers; the resolution of environmental and other proceedings or disputes; our ability to obtain, comply with and renew permits, licenses and leases in a timely manner; and our ongoing relations with our employees and with our business and joint venture partners.

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

Factors that may cause actual results to vary materially include, but are not limited to, changes in commodity and power prices; changes in market demand for our products; changes in interest and currency exchange rates; acts of governments and the outcome of legal proceedings; inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources); operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of labour, materials and equipment); government action or delays in the receipt of government approvals; changes in royalty or tax rates; industrial disturbances or other job action; adverse weather conditions; unanticipated events related to health, safety and environmental matters; union labour disputes; any resurgence of COVID-19 and related mitigation protocols; political risk; social unrest; failure of customers or counterparties (including logistics suppliers) to perform their contractual obligations; changes in our credit ratings; unanticipated increases in costs to construct our development projects; difficulty in obtaining permits; inability to address concerns regarding permits or environmental impact assessments; and changes or further deterioration in general economic conditions. The amount and timing of capital expenditures is depending upon, among other matters, being able to secure permits, equipment, supplies, materials and labour on a timely basis and at expected costs. Certain operations and projects are not controlled by us; schedules and costs may be adjusted by our partners, and timing of spending and operation of the operation or project is not in our control. Certain of our other operations and projects are operated through joint arrangements where we may not have control over all decisions, which may cause outcomes to differ from current expectations. Ongoing monitoring may reveal unexpected environmental conditions at our operations and projects that could require additional remedial measures. QB2 costs and ramp-up are dependent on, among other matters, our continued ability to advance ramp-up as currently anticipated. Production at our Red Dog Operations may also be impacted by water levels at site. Sales to China may be impacted by general and specific port restrictions, Chinese regulation and policies, and normal production and operating risks. We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks, assumptions and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2023 filed under our profile on SEDAR+ (www.sedarplus.ca) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.

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

Southern Copper (NYSE:SCCO) Third Quarter 2024 ResultsKey Financial Results

Revenue: US$2.93b (up 17% from 3Q 2023).
Net income: US$896.7m (up 45% from 3Q 2023).
Profit margin: 31% (up from 25% in 3Q 2023). The increase in margin was driven by higher revenue.
EPS: US$1.15 (up from US$0.79 in 3Q 2023).

earnings-and-revenue-growth

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

Southern Copper EPS Beats Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%.

Looking ahead, revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Metals and Mining industry in the US.

Performance of the American Metals and Mining industry.

The company's shares are up 2.7% from a week ago.

Valuation

Southern Copper's financial results now indicate the company's shares could be facing some headwinds based on 6 important indicators. You can access our in-depth analysis and discover what the outlook is like for the stock by clicking here.

By Sam Tobin

LONDON (Reuters) – BHP said on Wednesday that allegations a pursuit of profit over safety contributed to Brazil's worst environmental disaster were "far-fetched and unjustified", as the miner opened its defence to a mammoth lawsuit at London's High Court.

More than 600,000 Brazilians, 46 local governments and around 2,000 businesses are suing BHP over the 2015 collapse of the Mariana dam in southeastern Brazil, which was owned and operated by BHP and Vale's Samarco joint venture.

The dam's collapse unleashed a wave of toxic sludge that killed 19 people, left thousands homeless, flooded forests and polluted the length of the Doce River.

The claimants' lawyers accused BHP of "cynically and doggedly" trying to avoid responsibility as the trial of a lawsuit worth up to 36 billion pounds ($47 billion), one of the largest in English legal history, began on Monday.

They also allege BHP contributed to the collapse of the dam by allowing it to be raised as part of an expansion project, despite an increasing risk of failure.

BHP, the world's biggest miner by market value, is contesting liability and says the London lawsuit duplicates legal proceedings and reparation and repair programmes in Brazil and should be thrown out.

The miner argues it did not own or operate the dam, which held mining waste known as tailings, and that Samarco operated independently. It also says it had no knowledge the dam's stability was compromised before it collapsed.

BHP's lawyer Shaheed Fatima told the court on Wednesday that the case against it was fundamentally flawed.

"The claimants appear to say that BHP was so motivated to make profits from their investment in Samarco that they got behind the wheel, they operated the business, they put profits before safety," she said. "This is unrealistic and illogical."

Fatima added: "The profits before safety allegation, that is particularly far-fetched and unjustified."

She said that BHP's former finance chief Peter Beaven, who is due to give evidence next month, said in a witness statement: "BHP had a culture which was embedded throughout the organisation from top to bottom of safety before anything else."

The ongoing 12-week trial to determine whether BHP is liable to the claimants comes as the Brazilian authorities' negotiations with BHP, Vale and Samarco over a nearly $30 billion compensation deal continue.

Sources close to the negotiations told Reuters a final agreement could have an impact on the London lawsuit, a suggestion the claimants' law firm Pogust Goodhead rejected.

(This story has been corrected to read 'profit over safety,' not 'safety over profit,' in the headline)

(Reporting by Sam Tobin; Editing by Mark Potter)

Brisbane, Queensland, Australia–(Newsfile Corp. – October 23, 2024) – Graphene Manufacturing Group Ltd. (TSXV: GMG) ("GMG" or the "Company") is pleased to provide a technical update on the commercialisation progress of THERMAL-XR® Powered by GMG Graphene.

PRODUCT TECHNICAL UPDATETHERMAL-XR® has now successfully passed 15,000 hours for corrosion protection under a salt sea spray industry standard test (ASTM B117) in a third-party laboratory in the US as seen in Figure 1. The Company believes that THERMAL-XR® is one of the longest lasting corrosion protection coatings available on the market. The testing will continue, and further reports will be updated by the Company.

Figure 1: THERMAL-XR® Coating Corrosion Test Results After 15,000 Salt Sea Spray Hours (ATM B117)

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8082/227525_ecd3ffa9c41478c4_001full.jpg

GMG can now accurately model and calculate the heat transfer rate expected from THERMAL-XR®, as compared to bare (uncoated) Aluminium, within 1% of actual results. This was reviewed and verified by the University of Queensland.

Figure 2 shows the simulation model used to calculate the heat transfer coefficients of bare aluminium, versus THERMAL-XR® coated aluminium, on the test rig that GMG built and operated to obtain the experimental data. The test was conducted at a temperature of approximately 100 degree Celsius.

Figure 2: Estimation of Heat Transfer of THERMAL-XR® coated aluminium versus bare aluminium

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8082/227525_gmg_figure2.jpg

Through this work, as shown in Figure 3, the Company has demonstrated that THERMAL-XR® provides approximately 8.6 times more radiative heat transfer than bare aluminium, due to its thermal radiation (passing of heat in wave forms) capabilities. THERMAL-XR® has been calculated to provide 8.15 W/m2K (Watts per metre squared Kelvin degrees), or approximately 1.44 Btu/hr ft2 F (British thermal units per hour foot squared Fahrenheit degrees), of heat transfer when applied properly on top of bare aluminium, as compared to 0.95 W/m2K or 0.17 Btu/hr ft2 for bare aluminium.

Figure 3: Thermal Radiation calculations of THERMAL-XR® coated aluminium versus bare aluminium

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/8082/227525_ecd3ffa9c41478c4_004full.jpg

Figure 4 shows THERMAL-XR® increases the overall heat transfer coefficient by 2.2 times more than bare aluminium, from 6.0 W/m2K up to 13.2 W/m2K because of the increase in the thermal radiation from the THERMAL-XR® coating. This was conducted at a temperature of approximately 100 degree Celsius for a 100mm diameter flat plate.

Thermal Coefficient (W/m2K)	Bare Aluminium	THERMAL-XR® Coated Aluminium
Thermal Radiation	0.95	8.15
Natural Convection (Air Cooling)	5.08	5.08
Total Heat Transfer	6.0	13.2(2.2 Times)

Figure 4: NATURAL Convection Overall Thermal Coefficient of THERMAL-XR® versus bare aluminium

Figure 5 shows that THERMAL-XR® provides approximately 27% more heat transfer when including FORCED convection (fan air cooling) over bare aluminium from 26.6 W/m2K up to 33.8 W/m2K because of the increase in the thermal radiation from the THERMAL-XR® coating. This was conducted at a temperature of approximately 100 degree Celsius and with modelling of the air speed at an approximate 5 metres/second.

Thermal Coefficient (W/m2K)	Bare Aluminium	THERMAL-XR® Coated Aluminium
Thermal Radiation	0.95	8.15
Forced Convection (Fan Air Cooling)	25.71	25.71
Total Heat Transfer	26.6	33.8(27% Increase)

Figure 5: FORCED Convection Cooling Overall Thermal Coefficient of THERMAL-XR® versus bare aluminium

GMG's Managing Director and CEO, Craig Nicol, commented: "GMG continues to make good progress in testing THERMAL-XR® for corrosion protection and heat transfer – our increased understanding of the heat rejection rate of the product allows us to better recognise how it can be of potential value for various types of products in various applications and markets."

GMG's Chairman and Director, Jack Perkowski, commented: "THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into so many industries – so it is great to see the progress."

About THERMAL-XR® powered by GMG Graphene:

THERMAL-XR® COATING SYSTEM is a unique method of improving the heat conductivity of corroded heat exchange surfaces and improving and maintaining the performance of new units at peak levels. The process coats and protects heat exchange surfaces increasing service life, while improving and rebuilding the lost corroded thermal conductivity and increasing the heat transfer rate by leveraging the physics of GMG Graphene, resulting in an efficiency improvement and a potential power reduction.

THERMAL-XR RESTORE® is powered by GMG Graphene. PATENT PENDING

About GMG www.graphenemg.com

GMG is a clean-technology company which seeks to offer energy saving and energy storage solutions, enabled by graphene, including that manufactured in-house via a proprietary production process. GMG has developed a proprietary production process to decompose natural gas (i.e. methane) into its elements, carbon (as graphene), hydrogen and some residual hydrocarbon gases. This process produces high quality, low cost, scalable, 'tuneable' and low/no contaminant graphene suitable for use in clean-technology and other applications.

The Company's present focus is to de-risk and develop commercial scale-up capabilities, and secure market applications. In the energy savings segment, GMG has focused on graphene enhanced heating, ventilation and air conditioning ("HVAC-R") coating (or energy-saving coating), lubricants and fluids.

In the energy storage segment, GMG and the University of Queensland are working collaboratively with financial support from the Australian Government to progress R&D and commercialization of graphene aluminium-ion batteries ("G+AI Batteries").

GMG's 4 critical business objectives are:

Produce Graphene and improve/scale cell production processes

Build Revenue from Energy Savings Products

Develop Next-Generation Battery

Develop Supply Chain, Partners & Project Execution Capability

For further information please contact:

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

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

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "expects" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or will "potentially" or "likely" occur. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, that the Company will continue testing THERMAL-XR® and provide further updates, that increased understanding of THERMAL-XR® will allow the Company to better recognize how it can add value in various types of products in various applications and markets, and that THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into many industries.

Such forward-looking statements are based on a number of assumptions of management, including, without limitation, that the Company will continue to test THERMAL-XR® and provide updates, that an increased understanding of THERMAL-XR® will enable the Company to better identify how THERMAL-XR® can add value for various products in various applications and markets, and that THERMAL-XR® testing in corrosion protection and heat transfer is highly translatable into many industries. Additionally, forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of GMG to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: that the Company will not continue testing THERMAL-XR®, that the Company will not provide further updates regarding THERMAL-XR®, that a better understanding of THERMAL-XR® will not allow the Company to better recognize how it can add value in various types of products in various applications and markets, that THERMAL-XR® testing in corrosion protection and heat transfer will not be highly translatable into many industries, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets, the volatility of global capital markets, political instability, the failure of the Company to obtain regulatory approvals, attract and retain skilled personnel, unexpected development and production challenges, unanticipated costs and the risk factors set out under the heading "Risk Factors" in the Company's annual information form dated October 3, 2024 available for review on the Company's profile at www.sedarplus.ca.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227525

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