Canada Carbon Inc.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Toronto, ON, Canada , Oct. 03, 2024 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the "Company") (TSX-V : CCB) is pleased to announce a non-brokered private placement of up to 7,500,000 units (each, a “Unit”) at a price of $0.02 per Unit for agg­regate gross proceeds of up to $150,000 (the “Offering”). Each Unit shall be comprised of one (1) common share in the capital of the Company and one (1) common share purchase warrant (each, a “Warrant”). Each whole Warrant shall entitle the holder thereof to acquire one (1) common share at a price of $0.06 per share for a period of 60 months from the date of issuance.

All securities issued pursuant to the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The proceeds from the Offering will be used by the Company for corporate and general working capital purposes. The closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the TSX Venture Exchange.

Insiders of the Company may subscribe for up to 25% of the Offering. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company which will be issued to the insiders does not exceed 25% of its market capitalization.

This news release does not constitute an offer to sell or a solicitation of an offer to sell 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 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

CANADA CARBON INC. “Ellerton Castor”

Chief Executive Officer and DirectorContact InformationE-mail inquiries: info@canadacarbon.comP: (905) 407-1212

FORWARD LOOKING STATEMENTS

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 news 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 statements in this news release include statements regarding the Offering and use of proceeds from the Offering. 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; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; 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.

Southern Copper leads the metal ores mining industry group with the highest Composite Rating of 48 companies.

For Immediate Release

Chicago, IL – October 3, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: United States Oil Fund USO, Lockheed Martin LMT, Tesla TSLA, Freeport McMoran FCX and Netflix NFLX.

Here are highlights from Wednesday’s Analyst Blog:Middle East Tensions Rise: Correction Ahead?Geopolitical Tensions Rise as Earnings Season Approaches

Stocks swooned Thursday after reports circulated that Iran fired hundreds of rockets into Israel in an apparent escalation of the conflict in the Middle East. Crude oil, which had been down-trending, got a firm bid and was up more than 2% on massive volume. Meanwhile, investors flocked to the United States Oil Fund and defensive stocks such as Lockheed Martin. Following Iran’s aggression, the IDF pre-announced that they would retaliate and potentially target Iran’s crude oil infrastructure.

Earnings Season Approaches

“Earning’s season” usually occurs two weeks after the end of the quarter and refers to when most companies in the major U.S. indices like the S&P 500 Index report earnings. Over the next few weeks, leading stocks such as Tesla, Freeport McMoran and Netflix will report earnings. Often, strong stocks such as these will rally into earnings. However, investors likely have some concerns over the escalating conflicts worldwide. Are investors being too emotional, or should they panic?

“Buy Bombs”

“Buy Bombs” is an old Wall Street saying that illustrates the contrarian nature of markets. Though geopolitical events like 9/11 have caused broad market selloffs, in most instances, stocks sell off in anticipation of the events, and then, when the event finally occurs, stocks rally amid rampant fear. Markets are notoriously manipulative, and though every world citizen should be concerned and market participants should watch for further escalations, geopolitical events are often buyable dips, especially in bull markets (like the one we’re in now).

Market Internals Tell the Story

Savvy investors understand the importance of looking under the hood and beyond the market indices themselves. Late Thursday, the cumulative tick indicator (a technical analysis indicator that assesses overall buying or selling pressure) flipped positive, and down volume was muted (especially considering how weak the major indices were).

In other words, thus far, the market is more robust than it looks. Though the conflict could escalate further, savvy investors understand the benefits of interpreting the action rather than predicting the future.

Will October Bring Tax Selling?

Tax loss harvesting is a procedure implemented by retail and institutional investors to decrease their taxable income by selling investments they are underwater in towards year-end. Often, institutional investors, who comprise the bulk of trading volume, give themselves a buffer and sell their losers in October.

However, thus far, in 2024, U.S. equities are off to one of the best starts in history. Though October can sometimes spell danger like it did in 2023, the S&P 500 Index produced gains of ~8% in 2023 and ~7% in 2021. While some volatility is possible, investors should be open various outcomes in October.

October Seasonality

Regarding seasonality, historical data suggests that analysis of the month of October requires investors to exercise some nuance. October is historically a positive month. That said, during presidential election years (like the one we’re in now), October is down -0.8% on average as investors show skittishness amidst uncertainty.

Bottom Line

With geopolitical tensions rising and tax selling season in full swing, some October volatility is possible. However, the historical reactions to geopolitics and bullish market internals suggest it is too early for investors to panic.

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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Goliath Resources Limited

TORONTO, Oct. 03, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has closed the final tranche of its previously announced non-brokered flow through financing for an aggregate $16,120,500 raised from the first and final tranches. Of note, several strategic cornerstone shareholders either initiated a new position or increased their holdings in Goliath (see About Goliath Resources below).

Roger Rosmus, Founder and CEO of Goliath Resources, states: “We are delighted to have received significant ongoing financial support from institutional investors Crescat Capital, and a Singapore based Global Commodity Group. In addition, we are very pleased that mining legend Rob McEwen has participated for his third investment into Goliath. We would also like to welcome Larry Childress as a new shareholder with his sizable initial investment into Goliath. We are proud that these strategic cornerstone investors have recognized the high-quality of our gold discovery at Surebet in the Golden Triangle of British Columbia, a prolific mining camp located in a geo-political safe and mining friendly jurisdiction. The investments from these strategic cornerstone investors have enabled us to increase our drilling from a planned 15,000 meters program up to 36,000 meters. With all the visible gold we are seeing in drill core and initial assay results reported, our 2024 drilling campaign has been our most successful to date. We look forward to reporting assays once received, compiled and interpreted.”

Offering Details

The non-brokered private placement was a combination of: (i) Charity Flow-Through shares (CFT) which were sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) which were sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first and final tranche consisted of a total of 6,237,257 CFT shares for proceeds of $12,318,582 and 2,640,221 FT shares for proceeds of $3,801,918 for aggregate proceeds of $16,120,500.

The Company intends to use the proceeds for exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

The proceeds from the CFT and FT offering will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.

Goliath paid finders' fees on certain orders comprising of 6% cash and 6% finder warrants (12 months at $1.26 or $1.44). There was 6% cash paid totaling $292,184 and 6% finder warrants issued for a 12 month period totaling 164,249 (128,835 finder warrants priced at $1.26 and 35,413 finder warrants priced at $1.44), subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects have excellent infrastructure near by and located in a world class geological setting as well as geopolitical safe jurisdiction amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization representing a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott, Mr. Larry Childress, and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

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

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

FMC Corporation FMC recently entered into an agreement with Ballagro Agro Tecnologia Ltda., a leader in fungi-based biosolutions, to provide growers in Brazil with a diverse range of biological solutions. The arrangement is part of FMC's strategy plan to expand its biologicals platform in major markets, including Brazil. As part of the agreement, FMC Brazil will license and market Ballagro's leading biosolutions. The deal combines the firms' extensive scientific experience – FMC in microbial and Ballagro in fungi-based solutions – to boost the biosolutions business in Brazil by providing farmers with greater access to superior crop protection technologies.This partnership marks a significant move forward in FMC's global Plant Health business, which aims to promote growth, differentiation and strong market positioning through innovation. FMC and Ballagro present a high level of portfolio differentiation and technology to growers, providing innovative, science-backed biological solutions. FMC's investment in expanding its Plant Health portfolio to include complementary solutions to its biological, synthetic and precision agriculture technologies promotes an integrated pest management strategy for more sustainable agricultural production. FMC and Ballagro will be able to offer growers a full suite of biological solutions to boost productivity, efficiency and sustainability.FMC has a significant presence in Brazil and has been at the forefront of promoting sustainable agriculture by offering a comprehensive portfolio of biological solutions to complement its synthetic and precision agriculture technologies. This includes the introduction of biofungicides Ataplan and Provilar, bionematicides Quartzo and Presence Full, as well as biostimulants Seed+ and Seed+CoMo. FMC has launched approximately 50 biological products in 42 countries over the last five years. The company will continue to invest in its Plant Health business by conducting in-house research and development, forming strategic alliances and commercializing its unique pheromones platform.Shares of FMC have gained 0.9% over the past year compared with a 4.1% rise of its industry.

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FMC, on its second-quarter call, updated its outlook for full-year 2024 and now sees revenues between $4.30 billion to $4.50 billion, indicating a 2% decline at the midpoint compared to 2023. Adjusted EBITDA is now expected in the range of $880 million and $940 million, suggesting a 7% decline at the midpoint. Adjusted earnings are now forecast between $3.02-$3.64 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 third-quarter revenues to be between $1 billion to $1.09 billion, indicating a 6% increase at the midpoint compared to the third quarter of 2023. Adjusted EBITDA is forecast in the band of $165-$195 million, indicating a 3% rise versus the prior-year period’s level. Adjusted earnings are expected in the range of 39-67 cents for the third quarter, implying a 20% rise at the midpoint year over year.

FMC Corporation Price and Consensus

FMC Corporation price-consensus-chart | FMC Corporation Quote

Zacks Rank & Key Picks

FMC currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Centrus Energy Corp. LEU. Carpenter Technology currently carries a Zacks Rank #1 (Strong Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.9%. The company's shares have soared 144.8% in the past year. You can see the complete list of today's Zacks #1 Rank stocks here.The Zacks Consensus Estimate for IAG’s current-year earnings is pegged at 48 cents, indicating a year-over-year rise of 433.3%. The Zacks Consensus Estimate for IAG's current-year earnings has been going up in the past 30 days. IAG, a Zacks Rank #1 stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 200%. The company's shares have rallied roughly 147.5% in the past year.

The Zacks Consensus Estimate for Centrus’ current-year earnings is pegged at $3.06 per share. LEU, a Zacks Rank #1 stock, beat the consensus estimate in three of the last four quarters while missed once, with the average earnings surprise being 107.1%. LEU has rallied around 17.8% in the past year.

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Processing of run-of-mine ore from underground operations has commenced

VANCOUVER, BC, Oct. 3, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to announce that it has been advancing the commissioning activities of its platinum group metals ("PGM") processing plant at the Company's flagship Crocodile River Mine ("CRM") located within the Bushveld Complex, host to approximately 80% of the world's PGM-bearing ore, in northeastern South Africa.

HIGHLIGHTS:

• Commissioning of the processing plant (Circuit B) is ongoing and the plant has begun processing Run-of-Mine ("ROM") UG2 ore from the Zandfontein underground operations at the CRM;

PGM concentrate production in the Circuit B plant at the Crocodile River Mine (CNW Group/Eastern Platinum Ltd.)

• A total of 75,000 tons of ROM ore was blasted up to October 1, 2024, with approximately 22,000 tons of the ROM ore processed in September. This produced a concentrate containing approximately 1,300 ounces of PGM (Pt, Pd, Rh, Ru, Ir, Au) 6E metals, which was delivered to Impala Platinum Limited ("Impala") under the existing offtake agreement between the Company's subsidiary, Barplats Mines Limited ("Barplats") and Impala. 30,000 tons of ROM ore is expected to be processed in October, producing concentrates containing 2,000 to 2,500 ounces of PGM 6E metals to be delivered to Impala. Metallurgical chrome concentrates have been produced as a by-product when the UG2 ROM ore is being processed for PGMs;

• Zandfontein underground operations will produce 40,000 tons of ROM ore per month by the end of 2024, as previously guided. The next ramp up phase will increase production to 70,000 tons of ROM ore per month by the end of 2025. Eastplats' Circuit B has a ROM ore processing capacity of 1,000,000 tons annually; and

• Up to 185,000 tons of underground ROM ore from Zandfontein is expected to be blasted and processed in 2024.

"We are excited to announce the commissioning of our PGM processing facility at the Crocodile River Mine," commented Wanjin Yang, Chief Executive Officer and President of Eastplats. "This operational milestone marks our transition from a tailings storage facility chrome recovery operation to a growing PGM concentrate and metallurgical chrome concentrate producer, and we look forward to reporting PGM and metallurgical chrome revenues from the Zandfontein underground section as ROM ore tonnages ramp up."

The Company will continue to process historical tailings to recover chrome from its chrome retreatment project, at the Crocodile River Mine, but expects this to winddown in the early part of 2025. Following the conclusion of this project, Eastplats expects to complete the second phase of its tailings storage facility program to recover chrome and PGMs from tailings generated from the newly operating Zandfontein underground. By 2026, PGM revenue is expected to account for 65% or more of Eastplats' total revenue.

About Eastern Platinum Limited

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

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

Cautionary Statement Regarding Forward-Looking Information

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

In particular, this press release contains forward-looking statements pertaining to: the monthly ROM ore tonnage ramp up at the Zandfontein underground operations, the timing of expected monthly production rates of ROM ore, the expected percentage PGM revenue of Eastplats' total revenue in 2026, and the timing and actions of the Company.  These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.  By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.  These factors include, but are not limited to, commodity prices, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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

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

Eastern Platinum Ltd. (Eastplats) logo (CNW Group/Eastern Platinum Ltd.)

SOURCE Eastern Platinum Ltd.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/03/c3946.html

WHITE ROCK, BC / ACCESSWIRE / October 2, 2024 / Honey Badger Silver Inc. (TSXV:TUF)(OTCQB:HBEIF) ("Honey Badger" or the "Company") is pleased to announce that it has purchased the Yava project located in Nunavut from Blue Moon Metals Inc. ("Blue Moon"). Pursuant to the purchase agreement, Blue Moon is receiving 4,250,000 common shares ("Shares") of Honey Badger valued at CAD$0.08 per Share. No other obligations by Honey Badger are required (e.g. no cash, no spending requirements, nor any future payments). This consideration represents approximately 6.5% of the total issued and outstanding shares of Honey Badger.

The Shares are subject to a hold period under applicable securities laws which ends on February 2, 2025. Blue Moon has agreed not to resell the Shares for 12 months following closing without the consent of the Company.

Honey Badger's CEO, Dorian L. (Dusty) Nicol, commented, "The Yava project is an exciting addition to Honey Badger's growing portfolio of high-quality silver projects. We already have projects in Nunavut, NWT, and the Yukon and have experience operating in these areas. We are acquiring this project that contains 4.5 million ounces of silver at a price of approximately $0.08 per ounce of silver in the historic resource. The millions of pounds of substantial strategic base metal inventory come at zero cost in that calculation. In addition to its historical resource, Yava has tremendous upside exploration potential. Its location only 45 kilometres from Glencore's Hackett River project (which contains a huge silver resource, 105 million ounces Indicated plus 184 million ounces Inferred), and on the same mineralized belt, adds to the project's value. This is one more step in our strategy of acquiring accretive silver ounces and projects. We welcome Blue Moon as a shareholder."

Yava Deposit

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 1,304 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.

The map below shows the location of the Yava Property relative to Glencore's Hackett River Project.

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, CEOFor 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.

Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But the harsh reality is that very many loss making companies burn through all their cash and go bankrupt.

So should Graphene Manufacturing Group (CVE:GMG) shareholders be worried about its cash burn? In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

View our latest analysis for Graphene Manufacturing Group

Does Graphene Manufacturing Group Have A Long Cash Runway?

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, Graphene Manufacturing Group had cash of AU$4.0m and such minimal debt that we can ignore it for the purposes of this analysis. Looking at the last year, the company burnt through AU$7.7m. Therefore, from June 2024 it had roughly 6 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. Depicted below, you can see how its cash holdings have changed over time.

debt-equity-history-analysisHow Is Graphene Manufacturing Group's Cash Burn Changing Over Time?

Although Graphene Manufacturing Group had revenue of AU$6.2m in the last twelve months, its operating revenue was only AU$295k in that time period. Given how low that operating leverage is, we think it's too early to put much weight on the revenue growth, so we'll focus on how the cash burn is changing, instead. Given the length of the cash runway, we'd interpret the 45% reduction in cash burn, in twelve months, as prudent if not necessary for capital preservation. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.

How Easily Can Graphene Manufacturing Group Raise Cash?

While Graphene Manufacturing Group 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. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future 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).

Since it has a market capitalisation of AU$68m, Graphene Manufacturing Group's AU$7.7m in cash burn equates to about 11% of its market value. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.

So, Should We Worry About Graphene Manufacturing Group's Cash Burn?

Even though its cash runway makes us a little nervous, we are compelled to mention that we thought Graphene Manufacturing Group's cash burn reduction was relatively promising. Summing up, we think the Graphene Manufacturing Group's cash burn is a risk, based on the factors we mentioned in this article. Taking a deeper dive, we've spotted 5 warning signs for Graphene Manufacturing Group you should be aware of, and 2 of them are concerning.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

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.

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Risk markets are off to an ominous start this October.

After a blistering rally over the first nine months that led the S&P 500 (^GSPC) to its best performance since 1997, the benchmark just had its worst day in three weeks on Tuesday.

Geopolitical tensions and an Iranian missile strike on Israel are dominating headlines, pushing crude oil prices higher as fears of supply disruptions escalate. The first strike by the International Longshoremen's Association since 1977 — threatening supply chains once again and potentially shuttering ports from Houston to Boston — isn't helping.

But there’s another key driver adding structural bullishness to commodities: China’s largest stimulus package since the pandemic, with the promise of more to come.

Last week, China unleashed a suite of monetary and fiscal easing measures, catapulting China's benchmark CSI 300 Index (000300.SS) 27% from its September lows into fresh bull market territory.

New support for China's beleaguered housing market this week adds to prior measures — including support for Chinese-listed stocks — which all told now total over $500 billion (though estimates vary widely).

These aggressive actions are already reverberating through global commodity markets. Iron ore futures have surged over 20% in China, leading Jim Bianco, president of Bianco Research, to weigh in on X:

"The Chinese finally stimulating domestic demand gives hope that they will start to consume more. This idea is significantly contributing to this unfolding rally in industrial metals."

Connecting the dots, it's a short trip to higher energy prices. As Bianco notes, "The Chinese consume more energy than the US or the EU."

Institutional investors have been caught flat-footed all around. According to the BofA September Global Fund Manager Survey, China's growth expectations had fallen to a record low. Any shorts have likely been sent scrambling.

Meanwhile, WTI (WTI) and Brent (BZ=F) crude oil are surging with Iran's missile attack on Israel, with the former jumping nearly 8% Tuesday.

But US consumers might not feel the pinch in oil and gas prices, as OPEC+ was already on track to increase production by 180,000 barrels per day, starting in December. The move, spearheaded by Saudi Arabia, would increase their market share at the expense of lower prices.

For US stock investors, there may be a trade to capitalize on in the confusing geopolitical melee. In a separate report published Tuesday, BofA Global Research upgraded the Materials sector (XLB) to Overweight, saying that the sector has the highest correlation to China’s economic growth.

BofA noted that large-cap materials suffered the most when the Federal Reserve aggressively raised rates starting in 2022. It also highlighted the sector’s underweight positioning by long-only managers, both of which leave room for a potential re-rating as China’s demand accelerates.

"Underinvestment in manufacturing, single-family [homes], [and] mining over [the] last decade should drive [materials prices] higher," noted the bank.

Commodities, it seems, are primed to have a moment.

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We recently published a list of 8 Cheap Gold Stocks To Buy According to Hedge Funds. In this article, we are going to take a look at where Harmony Gold Mining Company Limited (NYSE:HMY) stands against the other cheap gold stocks to buy according to hedge funds.

Gold has been on an impressive rally in 2024, positioning itself as one of the best-performing assets of the year. This surge is largely driven by various macroeconomic factors, including central bank policies and geopolitical uncertainty. According to a report by Reuters, major banks expect the gold bull run to extend into 2025 due to a combination of strong physical demand from China and substantial inflows into exchange-traded funds (ETFs). J.P. Morgan analysts noted that the revival of large ETF inflows, which had been absent since April 2022, is crucial for sustaining the rally. The U.S. Federal Reserve’s recent decision to initiate a rate-cutting cycle is also expected to provide additional momentum for gold prices.

So far this year, gold has gained over 27%, or nearly $570 per ounce, and recently hit a record high of $2,639.95 per ounce. This marks its highest annual rise since 2010 and a stark outperformance compared to major stock indices. UBS analysts believe that despite these gains, gold has more room to grow over the next 6 to 12 months. They attribute this optimism to the Fed’s ongoing interest rate cuts and the upcoming U.S. presidential election, which could increase market volatility and further drive investors toward safe-haven assets like gold.

A second report from Goldman Sachs Research supports this bullish outlook, forecasting gold prices to reach $2,700 by early 2025. Strategists point to several factors that could push the precious metal to new heights. Firstly, central bank purchases of gold have accelerated since Russia’s invasion of Ukraine, as these institutions seek to diversify away from the U.S. dollar and mitigate the risks posed by potential U.S. financial sanctions. The bank also highlights that gold is currently their preferred near-term long position due to its potential as a hedge against financial and geopolitical risks.

In addition, strategists believe that further Fed rate cuts will likely bring Western investors back into the gold market, which has seen relatively lower participation from this group during the recent rally. Another key driver could be geopolitical shocks, such as additional tariffs or heightened debt concerns in the United States. Should the U.S. debt burden continue to rise, it could lead to increased credit-default swap spreads, enhancing gold’s appeal as a safe-haven asset.

The strong outlook for gold is echoed by various financial institutions, with several projecting prices to continue climbing over the next few years. ANZ anticipates gold to reach $2,805 by the end of 2025, while BofA sees the potential for prices to touch $3,000 per ounce. Similarly, Macquarie expects gold to hit a peak of $2,600 per ounce in Q1 2025, with a possible spike toward $3,000. Citi Research’s baseline projection ranges between $2,800 and $3,000 per ounce by 2025.

Given these forecasts, investors are increasingly looking at gold as a reliable investment option in the current uncertain economic environment. The continued interest rate cuts by the U.S. Federal Reserve, coupled with strong physical demand and robust ETF inflows, create a favorable backdrop for further appreciation in gold prices. Consequently, several hedge funds have started accumulating positions in gold mining stocks, viewing them as a cost-effective way to gain exposure to the precious metal’s rally.

In this article, we explore eight cheap gold stocks to buy according to hedge funds. These stocks offer investors an opportunity to benefit from the anticipated gold bull market at relatively lower prices. With solid financials and potential for significant upside, these gold stocks could be attractive additions to any portfolio looking to capitalize on the ongoing surge in gold prices.

Our Methodology

For this article, we utilized the Finviz stock screener to identify stocks within the gold industry that have forward price-to-earnings (P/E) ratios below 15 as of September 29. From this initial list, we focused on eight stocks that are most favored by institutional investors. These stocks were then ranked in ascending order based on the number of hedge funds holding stakes in them as of Q2 2024.

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

An open pit mine with heavy excavation machinery toiling away against the backdrop of a hidden valley.

Harmony Gold Mining Company Limited (NYSE:HMY)

Number of Hedge Fund Holders: 17 

Forward P/E Ratio as of September 29: 8.75

Harmony Gold Mining Company Limited (NYSE:HMY) is a prominent player in the gold mining sector, boasting a significant presence in both South Africa and Papua New Guinea. With over 74 years of mining expertise, the company has established itself as a gold specialist while also diversifying into copper production. As of the second quarter of 2024, Harmony Gold Mining Company Limited (NYSE:HMY) has gained traction among institutional investors, increasing its hedge fund holders to 17 from 15 in the previous quarter, indicating growing confidence in the stock.

The company’s recent financial performance highlights its resilience and operational effectiveness. In the fiscal year ending June 30, 2024, Harmony Gold Mining Company Limited (NYSE:HMY) achieved an impressive gold production increase of 6%, totaling 1.56 million ounces, surpassing revised guidance. The underground recovered grades improved by 6%, reaching 6.11 grams per tonne. This operational excellence contributed to a substantial decrease in all-in sustaining costs, which fell by 4% to $1,500 per ounce, underscoring the company’s commitment to cost management amid rising gold prices.

Moreover, Harmony Gold Mining Company Limited (NYSE:HMY) operating free cash flow soared over 100%, reaching a record ZAR 13 billion (approximately $681 million), supported by a robust margin of 22%. This surge in free cash flow has bolstered Harmony’s balance sheet, leaving it in a net cash position of ZAR 2.9 billion (about $159 million). Headline earnings per share witnessed a remarkable 132% increase, reaching 1,852 South African cents (or $0.99), further solidifying the company’s financial health.

Looking ahead, Harmony Gold Mining Company Limited (NYSE:HMY) is strategically investing in high-quality assets, such as the Moab Khotsong and Mponeng mines, while pursuing transformative copper projects like the Wafi-Golpu and Eva Copper initiatives. These projects are projected to enhance the company’s future production profile, with copper expected to constitute 20% of total output in the next decade. The ongoing feasibility studies and resource drilling at these projects promise to unlock significant value for shareholders.

In summary, Harmony Gold Mining Company Limited (NYSE:HMY) stands as a compelling investment opportunity within the gold sector. With its strong operational performance, solid financial metrics, and strategic growth initiatives, Harmony Gold Mining Company Limited (NYSE:HMY) is well-positioned to capitalize on the favorable gold market dynamics, making it an attractive choice for hedge funds and individual investors alike.

Overall HMY ranks 4th on our list of cheap gold stocks to buy according to hedge funds. While we acknowledge the potential of HMY as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than HMY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

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

FMC Corporation’s FMC shares have shot up 18% over the past three months, outperforming the broader chemical – diversified industry's rise of 8.7%. FMC has also topped the S&P 500’s roughly 5.2% rise over the same period.Let’s dive into the factors behind FMC stock’s price appreciation.

Image Source: Zacks Investment Research

FMC Stock Gains on New Products & Restructuring Actions

FMC delivered better-than-expected results in the second quarter on the back of higher volumes. It saw improved demand in the quarter, leading to an increase in sales volumes, especially in the United States and Brazil. FMC is gaining from efforts to expand its product portfolio through new product launches and restructuring actions. The company is investing in technologies as well as new product launches to enhance value to the farmers. New products launched in Europe, North America and Asia are gaining significant traction. Product introductions are expected to support the company’s results this year. FMC generated $590 million in sales in 2023 from new products launched in the past five years. It sees revenues from new products to grow by roughly $200 million in 2024. It expects a significant amount of volume growth to come from new products in the second half of 2024. FMC is seeing strong gains in new products including Coragen eVo and Premio Star insecticides and the Onsuva fungicide in Latin America.The acquisition of BioPhero ApS, a Denmark-based pheromone research and production company, also adds biologically produced state-of-the-art pheromone insect control technology to the company’s product portfolio and R&D pipeline, highlighting FMC's role as a leader in delivering innovative and sustainable crop protection solutions.FMC is also expected to benefit from reduced input costs, a favorable product mix and its cost-control actions. It benefited from favorable input costs in the second quarter of 2024. FMC is also making progress with its global restructuring and cost-reduction program. It sees benefits from restructuring to contribute $75-$100 million to full-year 2024 adjusted EBITDA, net of inflation.

FMC Corporation Stock Price and ConsensusFMC Corporation Price and Consensus

FMC Corporation price-consensus-chart | FMC Corporation Quote

FMC’s Zacks Rank & Other Key Picks

FMC currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, Eldorado Gold Corporation EGO and Hawkins, Inc. HWKN. While IAMGOLD sports a Zacks Rank #1 (Strong Buy), Eldorado Gold and Hawkins carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for IAMGOLD’s current-year earnings has increased by 45.4% in the past 60 days. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 148% in the past year.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.The consensus estimate for Eldorado Gold’s current year earnings is pegged at $1.40 per share, indicating a year-over-year rise of 145.6%. EGO beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 430.3%. The company's shares have rallied roughly 103% in the past year.The Zacks Consensus Estimate for Hawkins’ current fiscal-year earnings is pegged at $4.14, indicating a rise of 15.3% from year-ago levels. The Zacks Consensus Estimate for HWKN’s current fiscal-year earnings has increased 12.8% in the past 60 days. The stock has rallied around 115% in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

FMC Corporation (FMC) : Free Stock Analysis Report

Iamgold Corporation (IAG) : Free Stock Analysis Report

Eldorado Gold Corporation (EGO) : Free Stock Analysis Report

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

To read this article on Zacks.com click here.

Zacks Investment Research

VANCOUVER, BC, Oct. 1, 2024 /CNW/ – Rokmaster Resources Corp. (TSXV: RKR) (OTCQB: RKMSF) (FSE: 1RR1) ("Rokmaster" or "the Company") is pleased to announce assay results from the excavator trenching program completed in July 2024 on its Fox-Coconut Property.

The Fox-Coconut Property and the Mystery Property are the eastern and western portions, respectively, of the two properties which constitute the Nechako Project located in west-central British Columbia. The road accessible Fox-Coconut Property and its region is host to excellent infrastructure being located 20 kilometers southwest of the Endako Mine and with active forestry operations ongoing in the area (Figure 1). The Fox Showing was discovered by detailed and persistent prospecting in 2013 and subsequent sampling including hand-trenching and channel sampling completed in 20141.

In July 2024, the excavator trenching program completed a total of 366.6 linear meters of channel and composite sampling in shallow trenches2,5. Work focussed around the C Zone and B Zone where both zones returned high-grade gold and silver results from previous sampling by Kootenay Resources. In addition, both C Zone and B Zone exhibited highly crystalline white mica in spectral samples collected in June 2024 by Rokmaster.

Highlights from the 2024 excavator trenching program are presented in Table 1 below and shown in Figure 2:

Table 1: Fox Showing 2024 Trench Sample Highlights (CNW Group/Rokmaster Resources Corp.)

Mineralization throughout the Fox Showing consists of a series of structurally controlled gold and silver bearing epithermal quartz veins, breccias, and stockworks hosted by felsic volcanic rocks of the Ootsa Lake Group. Channel samples collected beyond the southern limit of the C Zone returned up to 4.95 g/t Au and 1,001 g/ Ag, or 16.5 g/t AuEq3, over 1.0 m. A composite sample collected at the end of the trench, approximately 50 m west of the B Zone, returned 2.68 g/t Au over 3.2 m. Approximately 23 m east of the A Zone, a newly exposed series of quartz veins returned 3.57 g/t Au, 368 g/t Ag, or 7.82 g/t AuEq, over 1.0 m. 

The eastern portion of the Fox-Coconut Property holds high potential for porphyry-style mineralization with elevated copper-molybdenum values in a region of strong propylitic alteration surrounding unmapped quartz feldspar porphyry and monzonite bodies. There is also a recently discovered showing of subcropping boxwork quartz-limonite veining which returned up to 7.27 g/t Au and 5,388 g/t Ag in grab samples collected in 20194. An exploration permit for trenching and drilling in this area has been applied for with the intention to further explore the area in 2025. In addition, an exploration permit has also been applied for the Mystery Property, which hosts strong potential for porphyry-style mineralization in the western portion of the Nechako Project.

John Mirko, President and CEO, comments:

"The 2024 excavator trenching program both confirmed and expanded outstanding high-grade gold and silver mineralization in the Fox Showing area. We are excited to follow-up with more exploration of this recently discovered area. The team is also planning concurrent exploration on the Coconut Showing in the eastern portion of the Fox-Coconut Property which holds great potential for porphyry-style Cu-Mo-Au mineralization as well as further high-grade Au-Ag mineralization."

Footnote 1: British Columbia Mineral Assessment report #35437.

Footnote 2: Channel samples were cut using a diamond saw to collect a continuous 5×5 cm sample. Composite samples were collected from rock chips as continuously and representative as possible along the stated distance along the trench. Standard reference samples as QA/QC were inserted at a rate of 1 in 20 in the sample sequence and all returned within three standard deviations of the reported value.

Footnote 3: Gold Equivalent ("AuEq") was calculated using the following metal prices: Au=US$2,600/oz, Ag = US$30/oz with the gold equivalent formula: AuEq = Au + 0.011538462*Ag (the calculation assumes conceptual metallurgical recoveries of 80% for Au and Ag).

Footnote 4: British Columbia Mineral Assessment report #38631.

Footnote 5: Samples were prepared and analyzed by MSALABS in Langley BC. After preparation, samples were analyzed for Au by fire assay of a 30 g sample with an AAS finish (MSA method FAS-111). All samples were analyzed for 34 elements including Ag by 4-acid digestion of a 0.25 g sample with ICP-ES finish (MSA method ICP-230). Samples >100 g/t Ag were re-analyzed by an ore grade 4-acid digestion single element method with an ICP-ES finish (MAS method ICF-6Ag). Samples >1000 g/t Ag were analyzed by fire assay fusion of a 30 g sample with a gravimetric finish.

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

On Behalf of the Board of Directors of

Rokmaster Resources Corp.

John Mirko,President & Chief Executive Officer.

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

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

Nechako Project Map (CNW Group/Rokmaster Resources Corp.)Trenching Map Fox Property (CNW Group/Rokmaster Resources Corp.)Rokmaster Resources Corp. logo (CNW Group/Rokmaster Resources Corp.)

SOURCE Rokmaster Resources Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/01/c6268.html

Rio Tinto Group RIO shares have gained 10.3% in the past week, outperforming the industry's 9.7% rise and the Basic Materials sector’s 4.9% return. The S&P 500 has moved up 0.4% in the same timeframe.

The recent jump in the RIO stock is attributed to China’s announcement of the largest stimulus package since the pandemic in an attempt to revive its economic growth to its 5% target for 2024. This has led to a much-awaited recovery in iron ore prices, which so far have been weighed down by weak demand in China.

Copper prices have also gained on the upbeat demand prospects in the world’s largest consumer. Earlier, the U.S. Federal Reserve announced an aggressive interest cut of half a percentage point, which also boosted copper prices.

RIO Performance in the Past Week Vs Broader Market

 

Zacks Investment Research

Image Source: Zacks Investment Research

 RIO Trades Above 50 & 200-Day SMA

 

Zacks Investment Research

Image Source: Zacks Investment Research

 

RIO has reached a key support level from a technical perspective. On Sept. 23, the stock crossed its 200-day simple moving average (SMA), indicating a long-term bullish trend. The stock is trading above its 50-day and 200-day moving averages, as shown in the chart below. This highlights positive market perception and confidence in RIO’s growth prospects.

RIO shares closed at $71.23 on Friday, which is 5.1% below the 52-week high of $75.09 reached on Dec. 28, 2023. Investors are now wondering if this momentum will continue and whether it is the right time to buy the stock or wait for a better entry point. Let us take a look at RIO’s fundamentals to analyze the stock.

Solid Balance Sheet Positions RIO to Invest in Growth

Balanced Capital Allocation Strategy: Rio Tinto has a total debt-to-total capital ratio of 0.20, lower than the industry’s 0.26. Its financial strength allows it to simultaneously invest in growth projects and maintain shareholder returns. Rio Tinto continues to earmark $10 billion for capital expenditure per year. This includes $7 billion to be spent on existing projects, high-returning replacement projects and decarbonization efforts. The growth capex is estimated at up to $3 billion per year.

Solid Portfolio of Projects: Rio Tinto has a robust portfolio of projects with activity in 18 countries across eight commodities in the early exploration and studies stages. Simandou (iron ore) and Oyu Tolgoi (copper) are the primary growth projects. The high-grade Simandou project is set for its first iron ore production at the end of 2025 and will ramp up to 60 million tons by 2028.

Oyu Tolgoi is ramping up to deliver 500 kt per year of copper from 2028 to 2036. Rio Tinto is investing in growth in the Pilbara to raise its mid-term capacity of 345 to 360 Mtpa (100% basis), subject to delivery of the next tranche of replacement mines.

RIO plans to deliver around 3% of compound annual growth in copper equivalent production from 2024 to 2028 from existing operations and projects.Decarbonization Remains Top Priority: In July 2024, Rio Tinto announced the installation of carbon-free aluminum smelting cells using the ELYSIS technology at its Arvida smelter in Quebec. It is investing in a research and development facility in Western Australia to test the effectiveness of its breakthrough low-carbon ironmaking process, BioIron.

Rio Tinto signed 20-year electricity arrangements, backed by renewable electricity, to secure the future of the Tiwai Point aluminum smelter in New Zealand. RIO is looking at other avenues to lower its carbon footprint. It recently announced that it would invest in Pongamia seed farms in Australia to explore the possibility of using it as a feedstock for renewable diesel.

Acquisitions to Boost Portfolio: In 2022, RIO acquired the Rincon lithium project in Argentina. Rincon is on track for the first lithium production from the starter plant by the end of 2024.

Last year, Rio Tinto acquired a 50% equity stake in the Matalco business from Giampaolo Group., securing a leading position in the rapidly growing North America recycled aluminum market. The demand for recycled aluminum in the United States is projected to increase by more than 70% from 2022 to 2032, driven by the transportation, construction and packaging sectors.

Per recent reports, Rio Tinto is eying Teck Resources TECK as a potential acquisition target. Following the sale of its steelmaking business, Teck Resources is focusing on copper and zinc, which are expected to play key roles in the energy transition trend.

Pickup in Commodity Prices Bodes Well for Rio Tinto

Iron Ore prices have declined 31.8% since the beginning of 2024 due to the weak demand in China amid the prolonged property crisis. However, prices have recovered to around $93 per ton lately, buoyed by China’s implementation of various economic support measures, which investors believe could bolster the demand for commodities.

Copper and aluminum prices have also gained on the back of these stimulus measures. Copper prices have gained 17.34% year to date and aluminum prices have moved up 10.11%.

Lithium prices have, however, declined 21.76% so far this year amid robust supply growth in key producing countries.

Growth in world steel production, spurred by urbanization, will fuel the demand for iron ore and support its prices in the long term. Copper prices will be supported by demand in the electric vehicle market and renewable energy investments. While the prices of lithium (a critical mineral in the global transition to clean energy) have been down this year, its long-term fundamentals are solid.

RIO Offers Industry-Leading Dividend Yield & Returns

RIO’s current 4.96% dividend yield is higher than the industry’s 3.40%. It has a five-year dividend growth rate of 5.5%. The company declared $2.9 billion of dividends for the first half of 2024, translating to a 50% payout.

 

Zacks Investment Research

Image Source: Zacks Investment Research

 

Rio Tinto’s Return on Equity (ROE) stands at 20.86%, ahead of the industry’s 2.06. ROE is a profitability measure of how prudently the company is utilizing its shareholders’ funds. This outscores miners like BHP Group’s BHP ROE of 20.2%, Teck Resources’ 6.5% and FreeportMcMoRan’s FCX 7.6%.

What Does RIO’s Valuation Suggest?

Rio Tinto’s valuation remains attractive. The company trades at a forward price-to-earnings multiple of 9.78, lower than the industry's 13.39. Presently, RIO has a Value Score of A.

 

Zacks Investment Research

Image Source: Zacks Investment Research

 

The company is also trading at a discount compared with BHP Group, FreeportMcMoRan and Teck Resources.

Near-Term Concerns for RIO

Rio Tinto Expects Lower Copper Production Rate for 2024: In the second quarter of 2024, the company made changes to the mine plan at Kennecott to manage geotechnical risk in the area. This delayed access to pit ore resulted in additional lower-grade stockpiled material being processed. Rio Tinto is reworking the mine plan and guided copper production for fiscal 2024 to be near the lower end of the earlier stated 660-720 kt. This suggests year-over-year growth of 6%, lower than the earlier projected 6-16%.

Iron Ore Production in 2024 to Dip 0.4% at the Midpoint: RIO’s iron ore production was down 2% year-over-year in the first half of fiscal 2024 to 157.4 Mt and shipments also declined 2% to 158.3 Mt.  A train collision in May, which resulted in around six days of lost rail capacity and full stockpiles at some mines led to the decline in both the metrics.

Rio Tinto expects Pilbara iron ore shipments (100% basis) to be 323-338 Mt in 2024, indicating a 0.4% year-over-year dip at the mid-point. The company expects SP10 levels, which include other lower-grade products, to remain elevated until replacement projects are delivered.

Reduced Rate at Gladstone to Impact Alumina Output: Alumina production is anticipated between 7 Mt and 7.3 Mt (previously 7.6-7.9 Mt) for fiscal 2024. This is lower than the reported output of 7.5 Mt in 2023 as the Gladstone operations continue to operate at reduced rates following a fire that impacted a third-party gas pipeline. Rio Tinto expects gas supplies from the pipeline to resume normally by the end of this year. Aluminum production is anticipated to be 3.2-3.4 Mt, whereas it produced 3.3 Mt in 2023.

Costs to Weigh on Rio Tinto’s Near-Term Margins

The impacts of 3.5% inflation on RIO’s cost base lowered its underlying EBITDA year over year by $0.3 billion in the first half of 2024. The easing of diesel prices and lower prices for natural gas offset some of this impact.

Rio Tinto remains focused on cost control, maintaining discipline on fixed costs, which are expected to increase in 2024. Tightness in the company’s key labor markets continues to lead to higher costs.

Pilbara Iron ore unit costs are projected at $21.75-$23.50 per ton for 2024, suggesting growth from the $21.50 per ton reported in 2023. This reflects the increased work effort in the mines, and inflation in the costs of labor and parts in Western Australia. However, copper unit costs are expected at $1.40-$1.60 per pound due to higher volumes at Oyu Tolgoi, whereas it reported $1.95 in 2023.

RIO’s Falling Earnings Estimates Reflect Low Production View

The Zacks Consensus Estimate for Rio’s earnings for 2024 and 2025 for RIO has undergone negative revision activity, as shown in the following charts.

 

Zacks Investment Research

Image Source: Zacks Investment Research

 

Zacks Investment Research

Image Source: Zacks Investment Research

 

The Zacks Consensus Estimate for 2024 earnings is pegged at $7.23, suggesting a year-over-year dip of 0.3% due to a low production outlook and inflated costs. Earnings are expected to rise 1% in fiscal 2025.

To Sum up: Hold on to RIO Stock for Now

Despite the recent rise in commodity prices, a weak production guidance and inflated labor costs, as reflected in the downward revision in earnings estimates is concerning. While Rio Tinto’s attractive valuation, and industry-leading dividends and capital returns are noteworthy, we recommend that investors wait for a better entry point.

Those, who already own the RIO stock, should maintain their positions to benefit from the company’s solid project portfolio and the long-term positive outlook for commodity prices.

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

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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Zacks Investment Research

Key Insights

• Given the large stake in the stock by institutions, Forsys Metals' stock price might be vulnerable to their trading decisions

• A total of 3 investors have a majority stake in the company with 55% ownership

• Ownership research, combined with past performance data can help provide a good understanding of opportunities in a stock

To get a sense of who is truly in control of Forsys Metals Corp. (TSE:FSY), it is important to understand the ownership structure of the business. With 48% stake, hedge funds 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.

And as as result, hedge funds investors reaped the most rewards after the company's stock price gained 19% last week. The gains from last week would have further boosted the one-year return to shareholders which currently stand at 19%.

Let's take a closer look to see what the different types of shareholders can tell us about Forsys Metals.

See our latest analysis for Forsys Metals

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Forsys Metals?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it's included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in Forsys Metals. This implies the analysts working for those institutions have looked at the stock and they like it. But just like anyone else, they could be wrong. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Forsys Metals, (below). Of course, keep in mind that there are other factors to consider, too.

earnings-and-revenue-growth

Our data indicates that hedge funds own 48% of Forsys Metals. That's interesting, because hedge funds can be quite active and activist. Many look for medium term catalysts that will drive the share price higher. Looking at our data, we can see that the largest shareholder is Leo Fund Managers Limited with 31% of shares outstanding. MM Asset Management Inc is the second largest shareholder owning 17% of common stock, and ALPS Advisors, Inc. holds about 7.3% of the company stock. Additionally, the company's CEO Mark Frewin directly holds 0.6% of the total shares outstanding.

To make our study more interesting, we found that the top 3 shareholders have a majority ownership in the company, meaning that they are powerful enough to influence the decisions of the company.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. There is a little analyst coverage of the stock, but not much. So there is room for it to gain more coverage.

Insider Ownership Of Forsys Metals

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. 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.

Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances.

Our most recent data indicates that insiders own less than 1% of Forsys Metals Corp.. It has a market capitalization of just CA$148m, and the board has only CA$1.4m worth of shares in their own names. We generally like to see a board more invested. However it might be worth checking if those insiders have been buying.

General Public Ownership

The general public– including retail investors — own 37% stake in the company, and hence can't easily be ignored. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders.

Next Steps:

While it is well worth considering the different groups that own a company, there are other factors that are even more important. To that end, you should learn about the 5 warning signs we've spotted with Forsys Metals (including 3 which are significant) .

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.

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.

PHILADELPHIA, Sept. 30, 2024 /PRNewswire/ —

FMC Corporation (NYSE: FMC), a leading global agricultural sciences company, today announced an agreement with Ballagro Agro Tecnologia Ltda., a pioneer and leader in fungi-based biosolutions, to provide growers in Brazil with a broad portfolio of differentiated biological solutions. The agreement is part of FMC's strategic plan to grow its biologicals platform in key markets like Brazil.

As part of the agreement, FMC Brazil will license and distribute key leading biosolutions from Ballagro. The partnership brings together the companies' deep technical expertise – FMC in microbial and Ballagro in fungi-based solutions – to strengthen the biosolutions business in Brazil by expanding growers' access to superior crop protection technologies.

"This agreement is an exciting step forward in FMC's global Plant Health business to drive growth, differentiation and strong market positioning through innovation," said Dr. Bénédicte Flambard, vice president, FMC Plant Health. "FMC and Ballagro bring a high level of portfolio differentiation and technologies to deliver novel, science-backed biological solutions to growers. By joining knowledge and forces, we can redefine the landscape of biosolutions in Brazil."

FMC's investment in growing its Plant Health portfolio with complementary solutions to its biological, synthetic and precision agriculture technologies supports an integrated approach to pest management for more sustainable agricultural production. Together, FMC and Ballagro will be able to provide growers a comprehensive portfolio of biological solutions to improve their productivity, efficiency and sustainability.

"Growers across Brazil are eager for new technologies to help them sustainably protect their crops as they face new and evolving pest pressure, a changing climate and a more challenging regulatory environment," said Renato Guimarães, vice president and president of FMC Latin America. "Partnering with Ballagro enhances our go-to-market strategy in Brazil with innovative biosolutions that meet growers' evolving needs."

"Brazil has become a role model for the application of biological control, and this agreement is an important step in delivering advanced technologies and expertise to Brazilian farmers," said Arnelo Nedel, commercial director of Ballagro. "With a shared focus on innovation and knowledge, Ballagro and FMC are poised to accelerate the development of cutting-edge solutions that promote sustainable agriculture."

FMC has a significant presence in Brazil and has been at the forefront of promoting sustainable agriculture with a diverse portfolio of biological solutions that complement its synthetic and precision agriculture technologies. This includes product launches such as Ataplan® and Provilar® biofungicides, Quartzo® and Presence® Full bionematicides, and Seed+ and Seed+CoMo biostimulants. Globally, FMC has launched nearly 50 biological products in 42 countries in the past five years. The company will continue to invest in growing its Plant Health business through in-house research and development, strategic partnerships and commercialization of its proprietary pheromones platform.

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®.

FMC, the FMC logo, Ataplan® and Provilar® biofungicides, Quartzo® and Presence® Full bionematicides, and Seed+ and Seed+CoMo biostimulants are trademarks of FMC Corporation and/or an affiliate. 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.

Cision

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SOURCE FMC Corporation

By Ernest Scheyder

(Reuters) – Freeport-McMoRan is turbo-charging its copper output across three continents with no plans to join a buyout frenzy sweeping the mining industry, a strategy that analysts say positions the company well to capitalize on the clean energy transition's rising demand for the red metal.

Used widely across the global economy, copper is an ideal conductor of electricity and easily malleable, qualities that have made it widely popular for use in wiring, engines, construction equipment, electronics and other devices.

Global demand is poised to jump at least 60% by 2050, according to the International Energy Agency. Analysts at Jefferies expect prices for the red metal to rise more than 40% in the next two years.

Yet new copper mines are proving difficult to develop, due in part to opposition from Indigenous groups, conservationists, local communities and others.

The difficult backdrop has pushed BHP, Rio Tinto, Glencore and other diversified miners of iron ore, nickel and other critical minerals to hunt for deals to boost their copper output even while balancing shareholders' expectations for payouts.

Phoenix-based Freeport has long focused primarily on copper – it produces 9% of global supplies, more than any other company – and now finds itself in the rare position of being able to concentrate on expanding mines it already owns and avoiding the distraction of a buyout.

"We're really, really focused on creating value from the assets that we have," Kathleen Quirk, who became Freeport's CEO in June, told Reuters ahead of the LME Week conference in London, one of the world's largest annual gatherings of mining executives. "I don't see Freeport as having to aggressively go out and have to overpay for things."

Freeport expects to produce 800 million pounds (362,874 metric tons) of copper annually as soon as 2027 by leaching the metal from piles of old waste rock at its U.S. mines previously thought to be worthless.

Drones and helicopters have been installing irrigation lines atop miles-long waste piles that release an acid solution to tease out low concentrations of copper.

The leached copper will cost a third less to produce than Freeport's hard rock mines – already some of the cheapest in the industry, according to analysts – and will not require a smelter for processing. Freeport estimates it would need to spend at least $10 billion on a new mine to mimic output from leaching.

"It's a huge opportunity for us and one that we're pursuing aggressively," Quirk said.

That leaching plan alone would produce nearly half the copper that Anglo American – which BHP tried unsuccessfully to buy earlier this year – mined across the entire globe in 2023.

'STICK TO THEIR KNITTING'

Freeport has four other expansion projects underway that could add more than 1 billion pounds (453,592 metric tons) of copper annually to its production in coming years, including more than 500 million pounds (226,796 metric tons) annually by 2025 in the United States.

Another is in Indonesia, where it is expanding Grasberg, the world's second-largest copper mine. Freeport is also hoping to negotiate an extension of its mining rights beyond 2041 with the new Indonesian president, who takes office next month.

The company is preparing its application now to extend the license and Chairman Richard Adkerson – who led the last round of negotiations when he was CEO – plans to join the discussions, Quirk said.

"Indonesia is part of the fabric of our company as we've been working hard to improve the livelihood of the people, provide benefits to the government, all while providing returns on investments for our shareholders," she said. "I want to continue that positive relationship."

In Chile, Quirk said the regulatory climate has improved under President Gabriel Boric after a period of uncertainty fueled by an unsuccessful attempt to change the country's constitution last year.

"Chile is a more stable environment for investors now," said Quirk. An application to expand the El Abra mine, which counts state-owned Codelco as a minority partner, should by filed next year, she said.

Freeport's stock has risen 30% the past year as investors have warmed to the company's plans to expand existing operations. Seventeen of the 24 analysts that track Freeport's stock recommend buying it and none recommend selling, according to LSEG Workspace.

"Freeport is a workhorse in my portfolio," said Derek Bone of the Optica Rare Earths & Critical Materials ETF, which holds shares of Freeport. "I want them to stick to their knitting."

Quirk, who had been Adkerson's deputy for more than 20 years, is facing a challenge recruiting workers in the United States, where the company has moved as a result to deploy autonomous trucks.

"I'm hoping that with everybody focused on our future economy and how it will require more use of metals, we'll get the best and brightest into our industry to help us," said Quirk.

That is top of mind for Freeport's customers, who are gobbling up more copper.

Nvidia, for example, said in March it would use copper cables for AI data centers – rather than fiber optic cables.

"That bodes well for copper demand over the longer term," said Steve Schoffstall of the Sprott Energy Transition Materials ETF, which holds Freeport shares. "Companies like Freeport are in a good spot."

(Reporting by Ernest Scheyder; Editing by Veronica Brown and Marguerita Choy)

We recently compiled a list of the 10 Best Coal Stocks To Buy Now According to Short Sellers. In this article, we are going to take a look at where BHP Group Limited (NYSE:BHP) stands against the other coal stocks.

Coal is highly valued for its energy content and is widely used across the globe for electricity generation, as well as for the production of steel and cement. It is extracted using either the opencast or underground mining methods.

The thermal coal sector experienced a year-to-date (YTD) decline of 0.47%, in contrast to the broader market's 19.55% increase. The coal industry has been grappling with significant challenges, leading to its underperformance in recent years. One of the primary reasons is the sharp decline in coal usage for electricity generation in the U.S., as utility operators increasingly shift toward renewable energy sources and focus on decarbonization. The planned retirement of coal units and stricter emission regulations, aimed at achieving carbon-neutral electricity by 2030, have further accelerated this decline. With coal’s share in the U.S. power generation expected to drop to just 14% by 2025, the industry faces mounting pressure as demand continues to dwindle domestically, according to a report by the Energy Information Administration.

Despite these headwinds, there are potential signs of recovery, especially on the global front. U.S. coal exports are projected to grow as demand rises in European markets, partly driven by the ongoing Russia-Ukraine conflict. Additionally, the expected rebound in global steel production, which heavily relies on coal, is likely to boost export volumes.

Coal Industry Outlook

Coal has long been valued for its role in reducing poverty by providing job opportunities in regions with few employment prospects. In addition, coal mining stimulates economic growth by attracting investment and generating local government revenue.

While "green companies" have advocated for wind and solar power as the cheapest forms of electricity, claiming that transitioning to renewables is key to achieving net-zero emissions, the reality has proven different. The transition to renewable energy has struggled to address the "Energy Trilemma," which emphasizes balancing energy security, affordability, and sustainability.

Nevertheless, Ember’s Global Electricity Review 2023 predicts that wind and solar energy will replace coal by 2030, contributing 41% to global electricity generation, a significant jump from 2021. This shift will require coal generation to decrease by 54% and gas generation to decrease by 24%. At the same time, global electricity demand is expected to rise, with an average annual increase of 3.7% from 2021 to 2030.

With 60% of its electricity powered by coal, China's share of global electricity consumption is expected to rise to one-third by 2025, up from one-quarter in 2015, according to the International Energy Agency. However, according to Sinopec, China’s coal power consumption is expected to halt its growth by 2025, with non-fossil fuel sources predicted to dominate the country’s power mix by 2045. Check out our article '25 Largest Coal Producing Countries in the World' on Insider Monkey. You'll find that China, India, and Indonesia are the top three coal producers, with China leading global coal production for decades and expected to continue dominating in the foreseeable future.

Coal Power Stays Important in the U.S. Energy Mix

The European Electricity Review of 2024 reported a record 19% drop in fossil fuel generation last year, with coal and gas generation experiencing an unprecedented decline. Coal generation declined by 26%, accounting for just 12% of the EU's electricity mix in 2023, while gas generation dropped by 15%, accounting for 17%.

Similarly, the U.S. coal-fired power generation reached its lowest level in four years during the first four months of 2024 but still accounted for 15.6% of the national power mix. While coal output continues to decline, renewable energy growth, particularly wind power, has been slower than anticipated. This has kept coal's share significant, even as the country moves toward cleaner energy sources.

Methodology

To compile our list of the 10 Best Coal Stocks to Buy Now According to Short Sellers, we ranked the holdings by the percentage of outstanding shares that were sold short. Stocks with the lowest short interest were then chosen. Additionally, we included the number of hedge funds that had invested in these stocks at the end of the second quarter of 2024, according to Insider Monkey's database. The stocks are ranked in descending order of short interest.

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

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

BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holders: 22

Short % of Shares Outstanding: 0.41%

Headquartered in Melbourne, Australia, BHP Group Limited (NYSE:BHP) engages in the exploration, development, production, and processing of iron ore, metallurgical coal, and copper. Its Copper segment also includes mining silver, lead, zinc, molybdenum, uranium, and gold, while its coal segment focuses on metallurgical and energy coal.

In Q4 2024, BHP Group Limited (NYSE:BHP) reported a $1.8 billion revenue increase, bringing total revenue to $55.7 billion, driven by higher iron ore and copper prices. This growth was partially offset by lower energy coal and nickel prices, along with reduced steelmaking coal volumes following the Blackwater and Daunia divestment in April 2024. Due to the divestment, the company expects a 23% decline in its steelmaking coal production in 2025.

However, net earnings were $7.9 billion, impacted by $5.8 billion in exceptional charges, including a $2.7 billion impairment on its Western Australia Nickel business and a $3.8 billion charge related to the Samarco Dam incident.

BHP Group Limited (NYSE:BHP) maintained strong liquidity in Q4 2024, generating over $20 billion in net operating cash flow. This solid cash generation allowed the company to reduce its net debt to $9.1 billion while continuing to invest $9.3 billion in growth initiatives.

On 30 August 2024, the South Australian government initiated the application process for BHP’s Olympic Dam expansion. The company aims to increase copper production to 500,000 tons by the early 2030s and possibly 650,000 tons by the mid-2030s.

The stock's 0.33% rise over the past month is likely driven by optimism surrounding the Olympic Dam expansion and plans to boost copper output. However, the 20.53% YTD decline is mainly due to earlier copper price surges, followed by a drop caused by oversupply and weaker economic indicators, such as sluggish U.S. job openings and demand concerns.

As of Q2 2024, 22 hedge funds, holding a combined investment of $1.3 billion, are bullish on the stock, as per Insider Monkey’s database. Moreover, 0.41% of shares outstanding were sold short, suggesting that most investors do not expect a significant decline in the stock's value.

Overall BHP ranks 1st on our list of the best coal stocks to buy according to short sellers. While we acknowledge the potential of BHP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than BHP but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

 

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

We recently compiled a list of the 10 Best Coal Stocks To Buy Now According to Short Sellers. In this article, we are going to take a look at where Teck Resources Limited (NYSE:TECK) stands against the other coal stocks.

Coal is highly valued for its energy content and is widely used across the globe for electricity generation, as well as for the production of steel and cement. It is extracted using either the opencast or underground mining methods.

The thermal coal sector experienced a year-to-date (YTD) decline of 0.47%, in contrast to the broader market's 19.55% increase. The coal industry has been grappling with significant challenges, leading to its underperformance in recent years. One of the primary reasons is the sharp decline in coal usage for electricity generation in the U.S., as utility operators increasingly shift toward renewable energy sources and focus on decarbonization. The planned retirement of coal units and stricter emission regulations, aimed at achieving carbon-neutral electricity by 2030, have further accelerated this decline. With coal’s share in the U.S. power generation expected to drop to just 14% by 2025, the industry faces mounting pressure as demand continues to dwindle domestically, according to a report by the Energy Information Administration.

Despite these headwinds, there are potential signs of recovery, especially on the global front. U.S. coal exports are projected to grow as demand rises in European markets, partly driven by the ongoing Russia-Ukraine conflict. Additionally, the expected rebound in global steel production, which heavily relies on coal, is likely to boost export volumes.

Coal Industry Outlook

Coal has long been valued for its role in reducing poverty by providing job opportunities in regions with few employment prospects. In addition, coal mining stimulates economic growth by attracting investment and generating local government revenue.

While "green companies" have advocated for wind and solar power as the cheapest forms of electricity, claiming that transitioning to renewables is key to achieving net-zero emissions, the reality has proven different. The transition to renewable energy has struggled to address the "Energy Trilemma," which emphasizes balancing energy security, affordability, and sustainability.

Nevertheless, Ember’s Global Electricity Review 2023 predicts that wind and solar energy will replace coal by 2030, contributing 41% to global electricity generation, a significant jump from 2021. This shift will require coal generation to decrease by 54% and gas generation to decrease by 24%. At the same time, global electricity demand is expected to rise, with an average annual increase of 3.7% from 2021 to 2030.

With 60% of its electricity powered by coal, China's share of global electricity consumption is expected to rise to one-third by 2025, up from one-quarter in 2015, according to the International Energy Agency. However, according to Sinopec, China’s coal power consumption is expected to halt its growth by 2025, with non-fossil fuel sources predicted to dominate the country’s power mix by 2045. Check out our article '25 Largest Coal Producing Countries in the World' on Insider Monkey. You'll find that China, India, and Indonesia are the top three coal producers, with China leading global coal production for decades and expected to continue dominating in the foreseeable future.

Coal Power Stays Important in the U.S. Energy Mix

The European Electricity Review of 2024 reported a record 19% drop in fossil fuel generation last year, with coal and gas generation experiencing an unprecedented decline. Coal generation declined by 26%, accounting for just 12% of the EU's electricity mix in 2023, while gas generation dropped by 15%, accounting for 17%.

Similarly, the U.S. coal-fired power generation reached its lowest level in four years during the first four months of 2024 but still accounted for 15.6% of the national power mix. While coal output continues to decline, renewable energy growth, particularly wind power, has been slower than anticipated. This has kept coal's share significant, even as the country moves toward cleaner energy sources.

Methodology

To compile our list of the 10 Best Coal Stocks to Buy Now According to Short Sellers, we ranked the holdings by the percentage of outstanding shares that were sold short. Stocks with the lowest short interest were then chosen. Additionally, we included the number of hedge funds that had invested in these stocks at the end of the second quarter of 2024, according to Insider Monkey's database. The stocks are ranked in descending order of short interest.

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

A close up of an automated machine processing other Industrial Metals & Mining resources.

Teck Resources Limited (NYSE:TECK)

Number of Hedge Fund Holders: 69

Short % of Shares Outstanding: 1.23%

Headquartered in Vancouver, Canada, Teck Resources Limited (NYSE:TECK) is involved in the exploration, acquisition, development, production, and sale of natural resources. Its product range includes steelmaking coal, copper, zinc, industrial products, fertilizers, and other metals.

In Q2 2024, Teck Resources Limited (NYSE:TECK) reported a total revenue of $2.9 billion, a 10.1% increase, driven by record copper production (51,300 tons) and strong sales in the steelmaking coal segment, which contributed 52% of total revenue. Production from all coal plants was strong in Q2, driven by improved plant reliability.

Net profit declined by 28.8%, primarily due to higher operating costs from the ramp-up of Quebrada Blanca (QB) Phase 2 and the impact of non-controlling interest (NCI) after the sale of the coal business. Additionally, Teck reported an EPS of $0.573, beating analysts' expectations.

In terms of liquidity, Teck Resources Limited (NYSE:TECK)'s position strengthened with $6.4 billion in cash, including $5.4 billion from the sale of the coal business, and a net cash position of $2.1 billion after debt repayments.

In September 2024, the company unveiled a new structure of two regional divisions: North America and Latin America, to sharpen its focus on energy transition metals. The restructuring aims to boost copper growth, streamline operations, and enhance shareholder value.

Teck's 17.2% YTD gain is driven by strong copper growth, the QB ramp-up, and the sale of its coal business, positioning the company as a pure-play energy transition metals company.

As of Q2 2024, 69 hedge funds, with a combined investment of $2.0 billion, are bullish on the stock, according to Insider Monkey’s database.

Overall TECK ranks 2nd on our list of the best coal stocks to buy according to short sellers. While we acknowledge the potential of TECK as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TECK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

 

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

The latest trading session saw Freeport-McMoRan (FCX) ending at $51.34, denoting a -1.1% adjustment from its last day's close. The stock trailed the S&P 500, which registered a daily loss of 0.13%. Meanwhile, the Dow gained 0.33%, and the Nasdaq, a tech-heavy index, lost 0.39%.

Heading into today, shares of the mining company had gained 18.43% over the past month, outpacing the Basic Materials sector's gain of 5.81% and the S&P 500's gain of 2.43% in that time.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company's upcoming EPS is projected at $0.44, signifying a 12.82% increase compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $6.44 billion, showing a 10.65% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates are projecting earnings of $1.61 per share and revenue of $25.91 billion, which would represent changes of +4.55% and +13.38%, respectively, from the prior year.

Any recent changes to analyst estimates for Freeport-McMoRan should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.5% lower. Freeport-McMoRan presently features a Zacks Rank of #3 (Hold).

With respect to valuation, Freeport-McMoRan is currently being traded at a Forward P/E ratio of 32.34. Its industry sports an average Forward P/E of 17.91, so one might conclude that Freeport-McMoRan is trading at a premium comparatively.

Meanwhile, FCX's PEG ratio is currently 3.33. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. FCX's industry had an average PEG ratio of 0.88 as of yesterday's close.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.

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BHP Group BHP has announced that it plans to trial Caterpillar Inc.’s CAT recently launched Cat Dynamic Energy Transfer (DET) at its mining site. Caterpillar’s cutting-edge solution is engineered to transfer energy to large mining trucks (both diesel-electric and battery-electric) while they operate on site.

The trials are the result of more than two years of collaboration between BHP and Caterpillar to find sustainable and viable energy transfer solutions. The trials include validating the solution in BHP’s Iron ore and Copper businesses, including the CAT 793 fleet at Jimblebar and the CAT 798 fleet at Escondida. BHP also intends to trial Cat DET as an integrated system with Cat autonomous solutions.

CAT’s Solution Offer Benefits to BHP & Other Miners

The Cat DET system has several key components, which include a power module that converts energy from the mine’s power source and an electrified rail system to transmit this energy. It has a machine system to transfer the energy to the truck's powertrain.One of the most noteworthy aspects of the system is its highly mobile and flexible rail system. It can be tailored according to a mine’s layout, ensuring higher productivity. The connecting arm can be mounted on either side of the truck and is compatible with various truck models, thereby making it adaptable to different operational setups.  It can be deployed at both mature and developing mine sites, allowing options for expansion to ensure complete coverage of the site.

The system will address the persistent challenge of energy management for BHP and other miners while also lowering operating costs, improving machine efficiency and cutting down greenhouse gas emissions.

BHP’s Efforts to Achieve Net Zero by 2050

BHP  targets to reduce operational greenhouse gas emissions by at least 30% by fiscal 2030 from the fiscal 2020 baseline. It expects to attain net zero operational greenhouse gas (GHG) emissions by 2050.

In fiscal 2024, the company reported a 32% reduction in Scope 1 and 2 emissions compared with the fiscal 2020 baseline. BHP estimates up to $4 billion in spending and commitments  to execute its operational decarbonization plans.

The company's major source of operational GHG emissions is diesel. To replace diesel, BHP has been working with Caterpillar and Komatsu KMTUY since 2021 to support the development of battery-electric trucks.

In May 2024, BHP and Rio Tinto RIO agreed to trial large battery-powered haul trucks manufactured by Caterpillar and Komatsu in the Pilbara region of Western Australia. BHP will trial the Caterpillar trucks while Rio Tinto will test the Komatsu trucks.

Two Cat 793 haul trucks are under trial by BHP this year, followed by the trials of two Komatsu 930 haul trucks in 2026.

BHP Stock’s Price Performance & Zacks Rank

BHP’s shares have gained 9.4% in a year compared with the industry’s 6.9% growth.

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Image Source: Zacks Investment Research

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

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Ero Copper Corp. (ERO) shares rallied 5.2% in the last trading session to close at $23.11. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 4% gain over the past four weeks.

Ero Copper’s share price has gained on the back of the surge in copper and gold prices. Copper futures for December delivery increased 3.33% in a day, closing at $4.64 per pound on Thursday as China implemented various stimulus measures to support economic growth. Copper prices have also been gaining after the Federal Reserve announced an aggressive interest cut of half a percentage point.

Gold price is currently around a record high of $2,670 per ounce as markets anticipate another rate cut in November. Risk of a broader conflict in the Middle East have also boosted prices.This company is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of +166.7%. Revenues are expected to be $148.8 million, up 41.4% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Ero Copper, the consensus EPS estimate for the quarter has been revised 10.5% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ERO going forward to see if this recent jump can turn into more strength down the road.

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

Ero Copper belongs to the Zacks Mining – Non Ferrous industry. Another stock from the same industry, Lundin Mining (LUNMF), closed the last trading session 4.2% higher at $10.75. Over the past month, LUNMF has returned 0.9%.

Lundin's consensus EPS estimate for the upcoming report has changed -8.7% over the past month to $0.21. Compared to the company's year-ago EPS, this represents a change of +90.9%. Lundin currently boasts a Zacks Rank of #3 (Hold).

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Southern Copper (SCCO) ended the recent trading session at $118.87, demonstrating a -1.3% swing from the preceding day's closing price. This change lagged the S&P 500's 0.13% loss on the day. Elsewhere, the Dow saw an upswing of 0.33%, while the tech-heavy Nasdaq depreciated by 0.39%.

The the stock of miner has risen by 18.73% in the past month, leading the Basic Materials sector's gain of 5.81% and the S&P 500's gain of 2.43%.

The upcoming earnings release of Southern Copper will be of great interest to investors. It is anticipated that the company will report an EPS of $1.04, marking a 31.65% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $2.77 billion, reflecting a 10.58% rise from the equivalent quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $4.29 per share and a revenue of $11.55 billion, signifying shifts of +37.94% and +16.71%, respectively, from the last year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Southern Copper. These revisions help to show the ever-changing nature of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Right now, Southern Copper possesses a Zacks Rank of #4 (Sell).

Valuation is also important, so investors should note that Southern Copper has a Forward P/E ratio of 28.06 right now. Its industry sports an average Forward P/E of 17.91, so one might conclude that Southern Copper is trading at a premium comparatively.

Also, we should mention that SCCO has a PEG ratio of 1.24. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Mining – Non Ferrous industry was having an average PEG ratio of 0.88.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 100, putting it in the top 40% of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

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By Clara Denina and Felix Njini

LONDON (Reuters) – Leading mining companies are struggling to balance investor expectations for hefty returns with paying the necessary premiums to buy pure play copper companies as global demand for the metal sends valuations soaring.

Big diversified miners including Rio Tinto, BHP Group and Glencore, pressured by a slowdown in global economic growth and falling commodity prices, are watching rival copper producers gradually grow beyond their reach, with shares benefiting from the metal's robust outlook.

While shares of Rio, BHP and Glencore have slumped between 10% and 15% this year, the valuations of pure play copper producers including Freeport-McMoRan, Ivanhoe Mines and Teck Resources have risen, even as benchmark copper prices retreated after hitting a record high above $11,000 a metric ton in May this year.

"Engaging in large copper deals makes the boards (of directors) nervous when fluctuations in other commodities, like iron ore and coal, are likely to persist," a banker, who has worked on several mining transactions, told Reuters.

"And since copper companies have performed better, diversified miners find it challenging to pay massive premiums when their share prices have dropped more in comparison," the banker added.

BHP, Rio Tinto and Glencore trade at multiples of five to six times earnings, whereas Teck, Freeport, and Ivanhoe are at nearly double that, the banker said.

Copper, used in power and construction, is set to benefit from burgeoning demand from the electric vehicle sector and new applications such as data centres for artificial intelligence.

The long-term outlook for the metal isn't always factored in by investors in the bigger miners when they offer higher premiums to try and seal a deal, said Richard Blunt, a partner at law firm Baker McKenzie.

"Investors only want to know what's going to happen to the value of their company over the next three to six months, and that's a major problem," Blunt said.

In the past three years, thanks to higher commodity prices most miners have paid record dividends, which – although popular – are seen as eroding the industry's ability to generate production growth via exploration, mine development, or consolidation.

COSTLY HISTORY

Investors have good reason to keep a wary eye on management's dealmaking ambitions as most miners have a corporate history littered with failed and sometimes costly acquisitions.

Rio Tinto's $38 billion deal for Alcan in 2007 commanded a 65% premium, and subsequent writedown, while BHP's $12 billion deal for U.S. onshore shale oil and gas assets in 2011 sold back for $10 billion in 2018.

Some management teams have tried to return to M&A, but with no or only partial success.

"There's the pure financial aspect, which is the resistance of existing shareholders to significant premia," said Michel Van Hoey, senior partner at McKinsey & Company.

"If you look historically, 10 years ago, we have gone through a significant wave where some companies probably overpaid for their transactions. Now, executives have become a bit more conservative," he added.

Glencore eventually settled for 77% of Teck's steelmaking coal assets after its $23 billion bid for all of the Canadian miner was spurned, while BHP was forced to walk away from Anglo American even after revising its initial bid two times to entice the smaller rival.

Both BHP and Glencore initially made all-share proposals for their target companies.

"In past cycles, companies such as Rio Tinto engaged in substantial cash acquisitions at peak times, only to see prices crash, leaving them looking imprudent," a mining investor said.

"Today, the trend has shifted towards stock-based deals to mitigate risks, but that is more expensive, especially at a time when commodity prices are coming down."

(Reporting by Clara Denina and Felix Njini; Editing by Veronica Brown, Kirsten Donovan)

We recently compiled a list of the Best TSX Stocks To Invest In Now. In this article, we will look at where Teck Resources (NYSE:TECK) ranks among the best TSX stocks to invest in now.

Canada’s Economy Shows Signs of Stabilization

According to Deloitte, the Canadian economy is showing signs of stabilisation after three years of turmoil, with inflation steadily declining since June 2022. Canada’s economy grew stronger in the first half of 2024 than previously forecast, but the pace of recovery is expected to be limited in the second half of the year due to slower household spending. The updated forecast projects real GDP growth of 1.2% for 2024, followed by 2.6% growth in 2025, with real GDP per person falling by 1.6% in 2024 before clawing back to gain 1.1% growth in 2025.

The Bank of Canada has begun to ease its monetary policy, paving the way for stronger economic growth. However, the pace of monetary easing is uncertain, and weak investment and productivity performance continue to pose a risk to Canada’s long-term economic outlook. The Bank of Canada is expected to cut interest rates at a gradual pace, with a rate cut in September followed by another in December and March. The overnight rate is expected to settle at a neutral level of 2.75% by the end of next year, assuming inflation continues to decrease and returns to the 2% target by the second quarter of next year.

Business sentiment in Canada is beginning to recover, with improved confidence across regions and sectors. However, business investment has been weak, directly impacting productivity and living standards. Since the 2014 commodity price crash, labour productivity in Canada has remained flat, while unit labour costs have increased by over 30%.

The economy’s current challenge is generating enough jobs to keep up with Canada’s rapidly growing population. Despite a strong pace of growth, employment has not kept up with population growth over the past 12 months, resulting in a rise in the unemployment rate. Wage growth slowed dramatically in the first quarter of 2024, and slower wage growth is expected to be the norm this year and next.

Canadian households are the most indebted in the G7, and the increases in interest rates since 2022 have hit their pocketbooks. Real consumer spending per person has fallen in five of the last six quarters, and the effect on home-building has been even more dramatic. However, consumer spending and residential investment are expected to increase as interest rate decreases work to restore demand.

Economist Predicts Stronger Economic Growth for Canada

James Orlando, a senior economist at TD Bank, is optimistic about Canada’s economic growth prospects, particularly in light of the recent interest rate cuts by the Bank of Canada. According to Orlando, Canada’s economic growth has consistently lagged behind the United States, but a change in interest rate policy could help close the gap. The Bank of Canada’s decision to cut interest rates is expected to lead to lower mortgage rates and increased consumer spending. This, in turn, could boost economic growth and help Canada catch up with the United States.

Orlando notes that the Canadian economy is highly sensitive to interest rates, particularly in the housing market. With high levels of debt and a reliance on variable-rate mortgages, Canadians are more likely to feel the pinch of higher interest rates. However, with the Bank of Canada’s rate cuts, Orlando expects to see increased investment in the housing market and potentially improved affordability. While affordability is still a concern, Orlando believes that the rate cuts will help to stimulate economic growth and create jobs.

Orlando also notes that the Canadian economy is expected to benefit from increased investment in areas such as the green transition and the production of electric vehicles. With a growing population and a need for more housing, Orlando expects to see increased investment in the housing market and other areas of the economy. While there are still challenges ahead, Orlando believes that the Bank of Canada’s rate cuts and the resulting economic stimulus will help to drive growth and create jobs in the Canadian economy.

While Canada’s economy is showing signs of stabilisation, the economy still faces significant challenges, including weak investment and productivity performance, a rapidly growing population, and high household debt levels. However, with the Bank of Canada easing its monetary policy and interest rates expected to decrease, consumer spending and residential investment are expected to increase, paving the way for stronger economic growth in the long term. With that in context, let’s take a look at the 8 best TSX stocks to invest in now.

Our Methodology

For this article, we used Finviz and Yahoo Finance stock screeners plus online rankings to compile an initial list of the 40 largest companies in Canada by market cap. From that list, we narrowed our choice down to the 8 stocks that were the most widely held by hedge funds, as of Q2 of 2024. The list is sorted in ascending order of the number of hedge fund investors in each stock.

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

Teck Resources (NYSE:TECK)  

Number of Hedge Fund Investors: 69  

Teck Resources (NYSE:TECK) is one of Canada’s largest integrated natural resources groups. It produces copper from its four mines in Canada, Chile, and Peru. The company also produces zinc from its Alaska operating mine and coal from its mines in British Columbia.

Copper is an essential commodity in a wide range of innovations and technologies, including electric vehicles, solar panels, and wind turbines. According to McKinsey, the world’s increasing reliance on electrification is expected to drive up annual copper demand to 36.6 million tonnes by 2031, a significant increase from the current demand of around 25 million tonnes. However, copper supply will only reach 30.1 million tonnes, leaving a substantial gap of 6.5 million tonnes.

Furthermore, a “net-zero emissions” path would require an additional 54% of copper by 2030, highlighting the need for significant investment in copper production to meet the world’s growing demand.

Teck Resources’ (NYSE:TECK) Quebrada Blanca operations are stabilising, and production is ramping up steadily. This will drive up revenue and profitability for the company. Furthermore, the company’s commitment to return 30-100% of available cash flow to shareholders.

The world is facing a severe copper supply deficit, which is expected to persist beyond 2030. This will drive up copper prices and benefit Teck Resources (NYSE:TECK) due to its exposure to the rapidly growing demand for copper in the clean energy transition. In the second quarter, the company’s stock was held by 69 hedge funds with stakes worth $1.95 billion.

Overall TECK ranks 1st on our list of the best TSX stocks to invest in now. While we acknowledge the potential of TECK as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than TECK but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

 

Disclosure. None. This article is originally published on Insider Monkey.

Costco (COST) is slinging a lot of gold bars as prices for the yellow metal continue to surge.

Sales of gold were up "double digits" in the most recent quarter, Costco CFO Gary Millerchip told analysts on its earnings call Thursday evening. Millerchip went on to add that gold was a "meaningful tailwind" to e-commerce sales in the quarter.

Costco began selling gold bars in the fall of 2023. Wells Fargo analysts have estimated Costco is selling $100 million to $200 million in gold bars each month.

The most recent gold performance led to a tongue-in-cheek moment as Costco's call was nearing its end.

Veteran Evercore ISI analyst Greg Melich asked executives, "Given the nonfood, the success there, … I'm just curious, are there any plans to maybe bring Kirkland Signature into the gold bullion market?"

Kirkland Signature is Costco's large private-label business.

"No plans at this time," Costco CEO Ron Vachris said.

A screenshot from Costco’s online store showing its gold bar offering. (Yahoo Finance)

The gold rush at the warehouse club comes as futures for the metal hit (GC=F) record highs at $2,708.70 an ounce during Thursday's trading session. Year to date, gold is up 30%, with the Fed's decision to cut rates by a half percentage point last week giving it another boost.

Top gold stocks such as Freeport McMoRan (FCX) and Barrick Gold (GOLD) have gained a cool 22% and 18%, respectively, in 2024.

On its website, Costco sells its 1 oz gold bar for $2,679.99. You have to be a member to buy the bullion. It's also non-refundable, and there's a limit of five total units per membership.

It's likely that Costco's gold business will stay lucrative in the near term, pros suggest.

IDX CIO Ben McMillan told Yahoo Finance this week that after years of gold being "sleepy," it's now firing on all cylinders as investors look to de-risk their portfolios.

“Gold historically has been … kind of associated with very risk-off, very flight to safety type trades like hard landing recessions," McMillan said.

Despite the hefty sales of gold, Costco's bread and butter is still hawking products like, well, bread and butter to cost-conscious shoppers.

Its fiscal fourth quarter same-store sales growth came in at 6.9%, compared to estimates of 6.4%. E-commerce sales jumped 19.5%, slightly lower than the 19.63% growth rate Wall Street was projecting.

Sales were powered by growth in appliances, food health and beauty aids, tires, toys, and gift cards, among other items.

Shares of Costco fell 1.5% in premarket trading on Friday.

"In total, we think strong comparable sales and membership growth, and solid member retention rates indicate the company’s value proposition continues to appeal, with strong share gains across most of the company’s businesses. We anticipate the recently enacted membership fee increase will be largely reinvested, further aiding sales, comp, and traffic growth over the next 12-18 months," Stifel analyst Mark Astrachan wrote in a client note.

Astrachan maintained a Buy rating on the stock.

StockStory aims to help individual investors beat the market.

Brooke DiPalma is a senior reporter for Yahoo Finance. Follow her on Twitter at @BrookeDiPalma or email her at bdipalma@yahoofinance.com.

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(Bloomberg) — China’s Zijin Mining Group Co. is considering an expansion of its jointly-owned copper mine in the Democratic Republic of Congo that would place it among the world’s biggest single sources of the metal.

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Zijin would like to scale up the massive Kamoa-Kakula mine in the African copper belt to 1 million tons a year, Chairman Chen Jinghe said in an interview. That’s well beyond the existing target of about 600,000 tons, and would mean a challenge in scale to BHP Group Ltd.’s ageing Escondida mine in Chile.

“Research is being conducted and we are making plans” for 1 million tons, Chen said at Zijin’s headquarters in Xiamen on China’s southeast coast. The Congo project is a joint venture with mining billionaire Robert Friedland’s Ivanhoe Mines Ltd.

Kamoa-Kakula is among only a handful of large-scale, high-quality mines that have entered production in the past decade, just as demand for copper from green industries starts to accelerate. The facility is also a cornerstone of Zijin’s ambitions to be a top-three global copper producer.

Chen didn’t give further details of the expansion. He said the project still needed to “better control the investment and lower costs”, and he also pointed out issues with power supplies, logistics costs and transport bottlenecks.

Zijin and Ivanhoe both hold 39.6% of Kamoa-Kakula, while the DRC government has a 20% stake. Zijin also owns more than 10% of Ivanhoe.

“We are currently conducting an updated life-of-mine engineering study on the Kamoa-Kakula Copper Complex,” Ivanhoe Mines said by email. “Timing and investment decisions on any future expansions at the complex, including the proposed Phase 4 expansion, will be informed by the new mine study, which is expected in Q1 2025.”

The mine produced nearly 400,000 tons last year, Ivanhoe said last month, and it’s currently in the third phase of a ramp-up to more than 600,000 tons a year. Zijin has previously indicated plans for peak production at 800,000 tons.

Escondida, a decades-old mine run by BHP Group Ltd., produced about 1.07 million tons in 2023. Grasberg, a big copper mine in Indonesia run by Freeport McMoRan Inc., produced around 750,000 tons last year.

–With assistance from William Clowes.

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The prospects of the Zacks Mining – Non Ferrous industry look bleak as weak demand in China has been weighing on metal prices. Industry players also grapple with inflated costs, labor shortages and supply-chain issues. However, the demand for non-ferrous metals is expected to be supported by the energy-transition trend, which should buoy the industry.Against this backdrop, we suggest keeping an eye on companies like Freeport-McMoRan Inc. FCX, Lundin Mining LUNMF, Coeur Mining CDE, Ero Copper ERO and Centrus Energy LEU. These companies are poised to gain from their endeavors to build reserves and control costs while investing in technology and improving production efficiency.

About the Industry

The Zacks Mining – Non Ferrous industry comprises companies that produce non-ferrous metals, including copper, gold, silver, cobalt, molybdenum, zinc, aluminum and uranium. These metals are used by various industries, including aerospace, automotive, packaging, construction, machinery, electronics, transportation, jewelry, chemical and nuclear energy. Mining is a long, complex and capital-intensive process. The actual mining operations are preceded by significant exploration and development to evaluate the size of the deposit. The process is followed by the assessment of ways to extract and process the ores efficiently, safely and responsibly. Miners seek opportunities to grow their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets internally and through acquisitions.

What's Shaping the Future of the Mining – Non Ferrous Industry?

Volatility in Metal Prices is Concerning: Copper prices have been adversely impacted this year by weak demand in China due to the property crisis. Even though copper prices have picked up lately on reports that the country will be rolling out more stimulus measures to support the economy, it remains to be seen whether this will be sustained. The prolonged contraction in the U.S. manufacturing sector is concerning. Uranium prices have been on a downtrend this year and are currently near $79 per pound — the lowest since November 2023 as concerns about global supply have eased. Even though the world’s largest uranium miner Kazatomprom lowered its production guidance for the fiscal 2025, it indicates a 12% year-over-year improvement. This has led investors to maintain their view of sufficient supply in the near term. Gold has, however, fared better than other metals earlier this year, aided by increased geopolitical tensions, increasing bets for monetary policy easing and continuous purchasing by central banks. The yellow metal is currently around record highs of $2,660 per ounce and markets anticipate another rate cut in November and the risk of a broader conflict in the Middle East. Silver prices have also risen on these factors. However, the contraction in the manufacturing sector might hurt silver demand. Overall, industry players are dealing with depleting resources, declining supply in old mines and a lack of new mines. Development projects are inherently risky and capital-intensive. While demand has been strong, there will be an eventual deficit in metal supply, leading to a situation that will bolster metal prices. This, in turn, should favor the industry in the long run.Labor Shortage, High Costs Remain Worrisome: The industry has been facing a shortage of skilled workforce lately, which has hiked wages. Labor-related disputes can be damaging to production and revenues. Industry players are grappling with escalating production costs, including electricity, water and materials, as well as higher freight expenses and supply-chain issues. Since the industry cannot control the prices of its products, it focuses on improving the sales volume, increasing the operating cash flow and lowering unit net cash costs. Industry participants are opting for alternate energy sources to minimize fuel-price volatility and secure supply. Miners are now committed to cost-reduction strategies and digital innovation to drive operating efficiencies. Strong Demand to Support the Industry: The demand for non-ferrous metals is expected to remain high in the future, given their wide use in primary sectors, including transportation, electricity, construction, telecommunication, energy and information technology. The surging demand for electric vehicles and renewable energy is expected to be a significant growth driver for metals like copper and nickel in the years to come. The overhauling and upgrading of the nation’s infrastructure, and promoting green policies per the U.S. Infrastructure Investment and Jobs Act will also require a huge amount of non-ferrous metals.

Zacks Industry Rank Indicates Bleak Prospects

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull prospects for the near term. The Zacks Mining – Non Ferrous industry, a 12-stock group within the broader Zacks Basic Materials Sector, currently carries a Zacks Industry Rank #142, which places it in the bottom 44% of 250 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.Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock-market performance and its valuation picture.

Industry Versus S&P 500 & Sector

The Zacks Mining- Non Ferrous Industry has outperformed its sector and the Zacks S&P 500 composite over the past 12 months. The stocks in this industry have collectively gained 43.5% in the past year compared with the Zacks Basic Materials sector’s growth of 11.6%. The S&P 500 has risen 33.9% in the said time frame.

One-Year Price Performance

Industry's Current Valuation

Based on the forward 12-month EV/EBITDA ratio, a commonly used multiple for valuing Mining- Non Ferrous stocks, we see that the industry is currently trading at 7.80X compared with the S&P 500’s 14.45X. The Basic Materials sector’s trailing 12-month EV/EBITDA is at 6.58X. This is shown in the charts below.

Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)Enterprise Value/EBITDA (EV/EBITDA) Ratio (F12M)

Over the past five years, the industry has traded as high as 9.36X and as low as 3.35X, the median being 6.41X.

5 Mining – Non Ferrous Stocks to Keep an Eye on

Centrus Energy: Earlier this month, the company inked a contingent supply agreement with Korea Hydro & Nuclear Power for a decade of low-enriched uranium deliveries to feed Korea's reactors. Centrus has secured a total of $1.8 billion in contingent sales commitments to date that should support the deployment of new capacity. Under a contract with the U.S. Department of Energy, Centrus has deployed a cascade of 16 centrifuges at the American Centrifuge Plant in Piketon, OH. The company started the production of High-Assay Low-Enriched Uranium (“HALEU”) at the plant in October 2023. It is the first U.S.-owned uranium enrichment plant to begin production since 1954. Subject to the availability of funding, Centrus intends to upscale the plant with additional centrifuges for large-scale production of Low-Enriched Uranium for existing reactors as well as HALEU for the next generation of advanced reactors. The U.S. Department of Energy has issued a series of requests for proposals to jump-start domestic nuclear fuel production, backed by more than $3.4 billion in appropriations from Congress, which is the largest federal investment in uranium enrichment in decades. LEU is competing for this funding.Headquartered in Bethesda, MD, Centrus is a globally recognized supplier of Low-Enriched Uranium fuel. The Zacks Consensus Estimate for fiscal 2024 earnings has moved up 17% over the past 60 days. LEU has a trailing four-quarter earnings surprise of 107%, on average. The company currently carries a Zacks Rank #1 (Strong Buy).

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

Price: LEU

Freeport-McMoRan: The company's efforts to expand reserves through exploration near existing mines should fuel growth. FCX is implementing the latest technologies and data analytics in leaching processes across its North America and South America operations. Initial results are providing incremental low-cost additions to FCX’s expected annual production and supporting the potential to add to its reserves. Production from Safford/Lone Star is approaching 300 million pounds of copper annually, ahead of the initial plan to produce more than 200 million pounds per year. FCX is ramping up its underground production at Grasberg in Indonesia, increasing milling rates. It is progressing well on its smelter projects in Indonesia (the Manyar smelter and precious metals refinery projects), having substantially completed the construction of the smelter in June 2024 and initiating commissioning activities. PT-FI completed a project to install additional milling facilities in December 2023 that would increase its milling capacity to roughly 240,000 metric tons of ore per day. The company’s focus on cost management and lowering debt levels is commendable.

The Zacks Consensus Estimate for the company’s earnings for fiscal 2024 indicates year-over-year growth of 4.6%. FCX has a trailing four-quarter earnings surprise of 21.7%, on average. It has a long-term estimated earnings growth rate of 9.7%. The Phoenix, AZ-based company currently carries a Zacks Rank #3 (Hold).

Price: FCX

Lundin Mining: The company increased its stake in the Caserones copper mine to 70% in July 2024, resulting in an additional 25,000 tons of copper being added to its production profile. This move added a long-life asset in a tier-one jurisdiction strategically located in the Vicuña District, solidifying LUNMF’s position as a meaningful copper producer globally.  BHP and Lundin Mining have agreed to jointly acquire Filo and form a joint venture to progress the Filo del Sol and Josemaria Projects. Filo de Sol is one of the world’s largest undeveloped copper-gold-silver deposits. The proximity of the FDS and the Josemaria projects should enable the infrastructure to be shared between the projects, with greater economies of scale and increased scope for expansions. While maintaining a focus on growth plans and capital allocation, the company is committed to optimizing assets and operational efficiencies to lower costs.

The Zacks Consensus Estimate for Vancouver, Canada-based LUNMF’s fiscal 2024 earnings suggests a year-over-year improvement of 57%. It has a long-term estimated earnings growth rate of 48.9%. The company currently carries a Zacks Rank #3.

Price: LUNMF

Coeur Mining:  The company recently announced an operational update at the expanded Rochester silver-gold mine in Nevada. At Rochester, the new three-stage crushing circuit continues to provide significantly increased flexibility to serve the full range of mined ore. The three-stage crusher is now fully ramped up. With this milestone, the focus has shifted to particle sizing optimization in the second half of the year. These efforts are already exceeding expectations. sRochester is on track to achieve its full-year production targets of 4.8-6.6 million ounces of silver and 37,000-50,000 ounces of gold. It has the potential to be one of the world’s largest open-pit heap leach operations. Exploration success continues at Silvertip and Kensington, which bodes well for the company’s long-term growth. The highlights from surface and underground expansion drilling completed last year continue to support Silvertip’s status as one of the world’s highest-grade, undeveloped carbonate replacement deposits.This Chicago, IL-based company explores, develops and produces gold, silver, zinc and lead properties, with five operations in the United States, Mexico and Canada. The Zacks Consensus Estimate for CDE’s fiscal 2024 earnings suggests a year-over-year improvement of 135%. The consensus estimate has remained unchanged in the past 60 days. The company currently carries a Zacks Rank #3.

Price: CDE

Ero Copper: The company has been progressing with its strategic initiatives, which should drive significant near-term growth. The company reached a milestone with the successful production of the first saleable copper concentrate at the Tucumã Project in the early third quarter of 2024. The ramp-up to commercial production is now underway. Copper production from the Tucumã Operations is anticipated to be in the 17,000-25,000 tons range in 2024. For 2025, production is projected to be 53,000-58,000 tons, marking Tucumã’s first full year of production. The Caraíba mill expansion, which is expected to increase mill throughput capacity from 3.2 million tons per year to 4.2 million, was completed in December 2023. The Xavantina operations continues to deliver solid results. Backed by this, ERO maintains its guidance for 2024 gold production at 60,000-65,000 ounces. ERO is on track to double copper production to more than 100,000 tons in 2025.The Zacks Consensus Estimate for the Vancouver, Canada-based company’s fiscal 2024 earnings indicates year-over-year growth of 86%. The company engages in the exploration, development and production of mining projects in Brazil. It produces and sells copper concentrate from the Caraíba operations, located within the Curaçá Valley, northeastern Bahia state, along with gold and silver by-products. ERO has a trailing four-quarter earnings surprise of 54.3%, on average. It currently carries a Zacks Rank #3.

Price: ERO

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

Coeur Mining, Inc. (CDE) : Free Stock Analysis Report

Lundin Mining Corp. (LUNMF) : Free Stock Analysis Report

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

Centrus Energy Corp. (LEU) : Free Stock Analysis Report

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Zacks Investment Research

It might be too late for mining stocks, but there are other buys out there linked to the metal.And they have room to run.

China stocks took off again amid new moves to jolt the Chinese economy back to life. Alibaba, Caterpillar and copper play FCX joined the rally.

Goliath Resources Limited

TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to announce it has increased the previously announced non-brokered flow through financing from $15,725,500 to $16,120,500.

Offering Details

The non-brokered private placement is a combination of: (i) Charity Flow-Through shares (CFT) to be sold at a price of $1.975 each with no warrant and the Flow-Through shares (FT) to be sold at a price of $1.44 each with no warrant. These shares will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada). The first tranche closed on September 13, 2024 that consisted of 3,018,000 CFT shares for proceeds of $5,960,550 and 2,501,221 FT shares for proceeds of $3,601,758 for aggregate proceeds of $9,562,308. The final tranche is scheduled to close on October 2, 2024.

The Company intends to use the proceeds for exploration related programs on its properties located in and around the Golden Triangle of northwestern British Columbia.

The proceeds from the CFT and FT offering will be used for Canadian exploration expenses as such term is defined in paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow-through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through mining expenditures, and B.C. flow-through mining expenditures as defined in Subsection 4.721(1) of the Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an effective date no later than Dec. 31, 2024. British Columbia Super Flow – the B.C. mining flow-through share (B.C. MFTS) tax credit allows BC Residents who invest in flow-through shares to claim a provincial non-refundable tax credit of 20% of their B.C. flow-through mining expenditures. B.C. flow-through mining expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the flow-through shares.

Goliath may pay finders' fees on certain orders composed of 6% cash and 6% finder warrants (12 months at $1.26 or $1.44). In connection with the first tranche, there was 6% cash paid totaling $184,663.09 and 6% finder warrants issued for a 12 month period totaling 103,093 (67,680 finder warrants priced at $1.26 and 35,413 finder warrants priced at $1.44), subject to compliance with the policies of the TSX Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Goliath Resources Limited

Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of northwestern British Columbia. All of its projects have excellent infrastructure near by and located in a world class geological setting as well as geopolitical safe jurisdiction amenable to mining in Canada. Goliath is a member and active supporter of CASERM which is an organization representing a collaborative venture between Colorado School of Mines and Virginia Tech. Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott, Mr. Larry Childress (post close of current placement), and a Global Commodity Group based in Singapore.

For more information please contact:

Goliath Resources Limited Mr. Roger Rosmus Founder and CEO Tel: +1.416.488.2887roger@goliathresources.com www.goliathresourcesltd.com

Other

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

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Goliath’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to, among other things, the ability of the Company to complete financings and its ability to build value for its shareholders as it develops its mining properties. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Goliath. Although such statements are based on management's reasonable assumptions, there can be no assurance that the proposed transactions will occur, or that if the proposed transactions do occur, will be completed on the terms described above.

The forward-looking information contained in this release is made as of the date hereof and Goliath is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN