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LONDON, May 28, 2024–(BUSINESS WIRE)–

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Full name of discloser:	Elliott Investment Management, L.P
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	Elliott International, L.P. Elliott Associates, L.P The Liverpool Limited Partnership
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Anglo American Plc
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	24th May 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	BHP Group Limited

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	Ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:
(2) Cash-settled derivatives:	46,164,443	3.4514%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	46,164,443	3.4514%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
Ordinary	Equity swap	Increasing a long position	100,000	£26.4557

(i) Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

None

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	28th May 2024
Contact name:	Michael Cross
Telephone number:	0203 009 1306

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240528223480/en/

Contacts

Elliott Advisors (UK) Limited

Highlights include 11.48m at 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au at T5 Target

Regional exploration has drilled two new areas of sulphide mineralization (T5 and T6 Targets), east of the original Luanga PGM+Ni+Au deposit.
T5 and T6 targets are only two of eleven priority EM anomalies hosted within the boundaries of the Luanga tenement.
T6 target has also intersected massive sulphides in ultramafic rock.

VANCOUVER, BC, May 28, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") has completed initial drill holes on the "T5" and "T6" electromagnetic ("EM") anomalies/targets. Assays have been received from the first drill hole ("DDH") at target T5. Both targets are located east of the original PGM+Au+Ni prospecting area of the 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga" or "Luanga PGM+Au+Ni Project"), in the Carajás Mineral Province, state of Pará, Brazil.

"Drilling of geophysical HeliTEM targets has identified high-grade Iron Oxide Copper Gold style ("IOCG-style") mineralization and represents a potentially significant high-grade copper discovery. T5 is only one of eleven priority EM anomalies hosted within the boundaries of the Luanga tenement. Moreover, at the proximal EM target (T6), drilling has intersected similar massive sulphide mineralization (assays pending)." said Luis Azevedo, Chairman and CEO. "We are very encouraged by the discovery of high-grade copper and shareholders should be cognisant that Luanga is situated within the world class Carajás IOCG province, an area very fertile for high-grade copper discoveries. These results are a credit to Bravo's highly skilled geology team who are only now beginning to uncover the very exciting copper potential adjacent to Luanga's Tier 1 PGM+Au+Ni deposit."

Highlights Include:

Hole DDH2405T002 at target T5 intersected 11.48m of massive/semi-massive/breccia high-grade copper sulphide mineralization grading 14.3% Cu, 3.3g/t Au including 2.9m at 22.9% Cu, 3.6g/t Au (Figures 1 and 2).
High-grade copper in DDH2405T002 remains open at depth and along strike.
Drill hole DDH2405T004 (assays pending), completed 50m to the east of DDH2405T002, also intersected 9m of massive/semi-massive/breccia IOCG-style copper sulphide mineralization (Figure 4).
Presence of copper mineralization is consistent with mineralization in the Carajás province where IOCG-style mineralization is well established and high-grade discoveries are not unusual.
Such high-grade copper mineralization is likely unrelated to the Luanga PGM+Ni+Au deposit 1km away.
Drilling at T6 intersected 6m of massive/semi-massive/breccia sulphides (assays pending), in this case predominantly pyrrhotite. At this early stage, it appears to be of a magmatic style, hosted in ultramafic rocks like those seen in the footwall of the Luanga deposit. Follow-up drilling is planned.

Figure 1: 19% High-Grade Copper in DDH2405T002: T5 Massive sulphide Cu mineralization (~173m downhole). Open on strike and depth. (CNW Group/Bravo Mining Corp.)

Exploration Drilling Update

Initial test diamond drilling of on Borehole Electromagnetic Targets ("BHEM") targets T5 and T6 has been completed, and assay results have been received from one of the holes at T5. Drill holes are angled at -60 degrees, towards azimuths of 150-180° at T5 and 330-000° at T6. Together, this set of drill holes comprise a total of 893 metres of diamond drilling.

Over the past 6 months, Bravo has conducted systematic first-pass test drilling, coupled with BHEM on the priority EM conductors identified by the HeliTEM survey. Although these modelled conductors, generated by an airborne EM technique on 150m spaced lines, have a lower degree of locational accuracy, they are sufficiently defined to place first-pass drilling proximal to the conductor's location. From there, BHEM, which provides more precise readings every 1m down the hole, has enabled development of accurately located conductor models for follow-up drilling.

From the 17 priority EM anomalies identified in the HeliTEM survey (see press release September 11, 2023), Bravo has narrowed this list to 11 high priority conductors that warranted follow-up drilling of predominantly off-hole BHEM conductors. Drill testing commenced with the T5 and T6 targets, which are respectively situated between 1km and 4km east of the Luanga PGM+Au+Ni deposit.

T5 Target

Figure 2 shows the mineralization intersected and responsible for the T5 conductor, consisting of massive/semi-massive/breccia sulphides with sufficient pyrrhotite to generate a strong EM response. The first hole (DDH2305T001, Figure 3), drilled with an azimuth of 150°, targeted the HeliTEM conductor but only intercepted a narrow interval of mineralization (0.7m grading 1.98% Cu). Subsequent detailed BHEM modelling from this drill hole indicated that the conductor was located to the west with a slightly different alignment. To compensate, a new drill hole (DDH2405T002, Figure 3) was positioned with an azimuth of 180°.

Figure 2: DDH2405T002 – Massive/semi-massive/ breccia sulphide Cu mineralization at the T5 target (165.8 – 174.8m downhole shown). (CNW Group/Bravo Mining Corp.)

HOLE-ID	From (m)	To (m)	Thickness (m)	Cu (%) Sulphide	Ni* (%) Sulphide	Au (g/t)	TYPE
DDH2405T002	165.62	177.10	11.48	14.27	0.11	3.33	FR
Including	167.50	170.36	2.86	22.91	0.07	3.62	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole.
	Given orientation of drilling, mineralization and modelled EM anomalies, intercepts are estimated at 100% of true thickness.
	Type: FR = Fresh Rock. * Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel.

Drill hole DDH2405T002 intersected 11.5m (at 14.3% Cu, 3.3g/t Au) of massive/semi-massive/breccia copper sulphide mineralization, at the T5 target. The copper mineralization presents as being within a hydrothermal system that overprints local felsic meta-intrusive rocks (meta-tonalite). The main mineral assemblage associated with this hydrothermal zone is represented by calcium-amphibole, biotite-phlogopite, apatite and silica. The sulphide paragenesis is that chalcopyrite is much more abundant than pyrrhotite, forming massive and semi-massive zones associated with brecciation within the hydrothermal zone.

Mineralization appears consistent with typical Carajás IOCG-style mineralization (also supported by preliminary chemistry from handheld XRF spectrometer). Numerous IOCG deposits are well documented in the Carajás and several operating IOCG copper-gold mines exist. The world-class Salobo Cu/Au mine (Vale S.A.) is the most prolific.

The absence of magnetite alteration (which is commonplace in Carajás IOCG deposits) is not unique, with several other Carajás deposits similarly lacking magnetite. This results in the low magnetic response as reflected in the detailed magnetic survey. Historical soil geochemistry covers the T5 target with lines spaced at 200 metres, however, with an east-west orientation, lines are parallel to the modelled BHEM plates. Despite this, there is weak Cu in soil anomalism in the vicinity of the BHEM plates (peak high 416ppm Cu) close to the eastern end of the BHEM model.

DDH2405T004 has also been completed (assays pending), while DDH2405T003 is in progress.

Figure 3: Off-conductors at T5 generated from drill hole DDH2305T001. Drill holes 002 and 004 intersected conductor; 003 is in progress. (CNW Group/Bravo Mining Corp.)

Figure 4 shows core from the next drill hole (DDH2405T004) at anomaly T5, completed 50m to the east of DDH2405T002. Like DDH2405T002, this core also contains 9m of massive/semi-massive/breccia IOCG-style copper sulphide mineralization (assays pending). This finding supports the IOCG-style mineralization intersected in DDH2405T002 to the west and appears to confirm the continuity of the sulphide mineralization. The mineralization intersected at T5 remains open along strike and up and down dip from the intercepts reported herein.

Figure 4: DDH2405T004 – Massive/Semi-massive/ breccia sulphide Cu mineralization at T5 target (154.0 – 161.4m shown). (CNW Group/Bravo Mining Corp.)

T6 Target

Figure 5 shows the intersected mineralization responsible for the T6 conductor, consisting of 6m of massive/semi-massive/breccia sulphides, predominantly pyrrhotite, which generates a strong EM response. The first hole (DDH2306T001 Figure 6) was angled at an azimuth of 330° to target the interpreted HeliTEM conductor but failed to intersect it. Subsequently, BHEM identified the location of an off-hole conductor, and follow-up drilling (DDH2406T002, Figure 6) at a new azimuth of 000° intersected this conductor. At this early stage, mineralization appears to be more likely of a magmatic style, with low potassium, chlorine, and calcium, against an ultramafic (dunite) footwall. Assays are pending, and follow-up drilling is planned.

Figure 5: DDH2406T002 Massive/Semi-massive/ breccia sulphide mineralization at T6 target (57.0 – 60.7m shown). (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 293 drill holes have been completed by Bravo to date, for 62,811 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 247 Bravo drill holes to date. Assay results for 38 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).

Bravo has initially budgeted a 3,000m of drilling to follow up the identified EM anomalies and will continue to systematically evaluate the T5 and T6 targets, as well as the other nine high priority conductors defined by HeliTEM and subsequent BHEM.

Complete Table of Recent Intercepts.

HOLE-ID	Target	From (m)	To (m)	Thickness (m)	Cu (%) Sulphide	Ni* (%) Sulphide	Au (g/t)	TYPE
DDH2405T001	T5	212.30	213.00	0.70	1.98	0.07	0.04	FR
DDH2405T002	T5	165.62	177.10	11.48	14.27	0.11	3.33	FR
Including		167.50	170.36	2.86	22.91	0.07	3.62	FR
DDH2405T004	T5	Pending
DDH2406T001	T6	50.00	56.00	6.00	0.11	0.02	0.01	FR
DDH2406T001	T6	120.65	135.14	14.49	–	0.12	–	FR
DDH2406T002	T6	Pending

Notes: All 'From', 'To' depths, and 'Thicknesses' are downhole.

Given orientation of drilling, mineralization, and modelled EM anomalies, intercepts are estimated at ~100% of true thickness.

Type: FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.

* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel.

Figure 6: Location of Bravo Drilling at the T5 and T6 targets, reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its Luanga Project in the world-class Carajás Mineral Province of Brazil

Bravo is the most active explorer in Carajás and is led by a team of local and international geologists who have a proven track record of PGM, nickel and copper discoveries.

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 63,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 18,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

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

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "high-grade", "significant", "discovery", "priority", "exciting copper potential", "strong EM response", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; the potential for new and/or different styles of mineralisation in some areas, such as IOCG-style, the presence of which is publicly well documented in the Carajás mineral province; whether or not the mineralization interested at T5 is in fact IOCG-style, some variant of such or another style of mineralization; the potential continuity of mineralization between holes; the grades and implications of unassayed holes; the visual and XRF identification of minerals in the core; the potential implications of magmatic massive sulphide mineralization at T6; whether the other anomalies are related to mineralization; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted along strike and up and down dip; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Area
DDH2305T001	Bravo	660890.155	9343249.612	185.549	SIRGAS2000_UTM_22S	250.05	150.00	-60.00	T5 EM Target
DDH2405T002	Bravo	660850.040	9343224.790	191.610	SIRGAS2000_UTM_22S	201.35	180.00	-60.00	T5 EM Target
DDH2405T004	Bravo	660899.990	9343224.690	185.840	SIRGAS2000_UTM_22S	200.35	180.00	-60.00	T5 EM Target
DDH2306T001	Bravo	663569.793	9343420.426	200.549	SIRGAS2000_UTM_22S	150.40	330.00	-60.00	T6 EM Target
DDH2406T002	Bravo	663569.790	9343420.430	200.550	SIRGAS2000_UTM_22S	90.75	000.00	-60.00	T6 EM Target

Schedule 2: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known.

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

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni, Cu	Trace Elements
PRPCLI (85% at 200#)	FAI515, FAI34V	FAI30V	AA04B	ICP40B

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

SOURCE Bravo Mining Corp.

Cision

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(Bloomberg) — A successful takeover of Anglo American Plc under the arrangements BHP Group has offered could lead to outflows of $4.3 billion from South Africa, according to a JPMorgan Chase & Co. analysis.

Most Read from Bloomberg

Such an outflow, if a deal goes ahead, could weaken the rand, which has gained 4.4% against the dollar, the most of 16 major currencies tracked by Bloomberg, over the last five weeks.

The deal, proposed by BHP and rejected by Anglo, would involve Anglo distributing its holdings in its South African iron ore and platinum units to shareholders. That, according to JPMorgan’s South African mining analyst Catherine Cunningham, would lead to developed-market investor index funds selling the unbundled stocks, resulting in the outflow.

While Anglo has spurned BHP’s $49 billion bid, it has agreed to talk to the company, which must now make a firm offer by May 29. A successful deal could also affect the share prices of the units, Anglo American Platinum Ltd. and Kumba Iron Ore Ltd., Cunningham said.

“There is now a materially higher probability that BHP will reach an agreed deal,”she wrote in the May 23 note to clients. “We see downside risk to the share prices of both Amplats and Kumba.”

Cunningham didn’t assess the potential impact on the rand.

According to her analysis, developed-market funds would sell $9.4 billion in stock and $5.1 billion would be bought by emerging-market investors, resulting in the net outflow. JPMorgan estimated the index fund holdings in Anglo American based on publicly available data.

“Locals will not sell anything, developed market index funds will sell every share they receive and DM active and others will sell 90% of what they receive,” Cunningham estimated. “EM active funds will buy 50% of what’s for sale.”

Amplats, which has a market value of 192 billion rand ($10.5 billion), is nearly 80% owned by Anglo American. Kumba, which has a capitalization of 170 billion rand, is almost 70% held by Anglo American.

Developed-market index funds would need to sell their shares as Johannesburg-listed stocks wouldn’t fit their investment mandate. Active investors are likely to want to limit their exposure to single-commodity and -country stocks. Kumba’s mines are all in South Africa while Anglo Platinum has one small operation in Zimbabwe, with the rest in South Africa.

Spinning off the companies would also add $14.2 billion to the market capitalization of the MSCI South Africa index, or about 6%, Cunningham wrote.

In response to BHP’s approach Anglo rushed out its own plan to streamline its business. That would include spinning off Anglo Platinum while retaining control of Kumba.

(Updates with Anglo American’s own plans in last paragraph)

Most Read from Bloomberg Businessweek

There may be more pots of gold at the end of this market's rainbow.

The commodity frenzy took a breather last week as cooling demand from China and hawkish Fed commentary prompted investors to cash in on the recent surge in prices.

But despite recent declines, Wall Street pros remain focused on the long-term story in commodities, telling Yahoo Finance that the fundamentals are still strong and they’re confident the record-setting rally will resume.

“There’s reason to believe the 'Great Reflation trade' has more room to run,” Jonathan Krinsky, BTIG's chief market technician, told Yahoo Finance.

Krinsky pointed to the recent outperformance of silver relative to gold as an indication of a “strong, healthy, precious metal bull market.” He remains bullish and thinks gold has yet to reach its final high, noting, “There's nothing in the price chart of gold that suggests a final top is in.”

So far this year, gold futures have jumped 12%, compared with silver's 27% gain.

And copper, which has outperformed both silver and gold in 2024, pushed above $11,000 a ton for the first time ever last week. The metal has caught fire with investors amid bets it will play a pivotal role in the transition to renewables and EVs, along with data center buildouts due to AI.

“What you really have is a commodity supercycle that started four years ago … and you probably have another six to 10 years left of really strong performance,” Wells Fargo head of real asset strategy John LaForge said.

That bullish sentiment appears to be gaining traction on Wall Street.

Bank of America’s head of metals research, Michael Widmer, told Yahoo Finance that copper looks “very strong” on a fundamental basis and investors should use any consolidation as a buying opportunity.

“I think the structural bull case for the copper market remains in place," Widmer said. "This is firmly a buy-the-dip market."

Widmer and his team see copper prices rallying more than 25% from current levels in 2025 to reach an average of $12,000 per ton.

For investors looking to jump in and play the bullish calls on metals, Bank of America named Antofagasta (ANTO.L), Freeport-McMoRan (FCX), and Teck Resources (TECK) among its top copper picks, alongside Franco Nevada (FNV) and Wheaton Precious (WPM) as its recommended ways to play gold.

Economic growth in the US also remains supportive to commodities demand. Deutsche Bank chief US economist Matthew Luzzetti shared his economic outlook on the latest episode of the Opening Bid podcast. Listen in below.

Seana Smith is an anchor at Yahoo Finance. Follow Smith on Twitter @SeanaNSmith. Tips on deals, mergers, activist situations, or anything else? Email seanasmith@yahooinc.com.

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

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Written by Brian Paradza, CFA at The Motley Fool Canada

Canadian materials sector stocks are rising in 2024. The S&P/TSX Composite Index Metals & Mining (Industry) Index is up 21.8% year to date as the TSX materials sector significantly outperformed the TSX Composite’s 5.9% gain so far this year. Investors looking for the best materials stocks to buy could gain exposure through a sector index exchange-traded fund (ETF), or take a closer look into greening stocks like Teck Resources (TSX:TECK.B) or an undervalued copper miner Ero Copper (TSX:ERO) today.

Why are Canadian materials sector stocks rising?

Canadian materials sector stocks have risen in 2024 as gold prices – which reached record highs – and copper prices soared, and the commodities market remained resilient. Global demand for materials like copper and aluminum has risen with sustained construction growth and firm copper demand in electrification projects. Industries and governments are investing heavily in copper-hungry green energy solutions.

Rumours of potential copper shortages are spreading through markets, sending copper futures 22.6% high year to date. Gold is up 13.3% and aluminum prices have clocked double-digit gains so far this year, and producers (materials and mining stocks) may benefit from revenue growth and earnings margin expansions this year.

Best materials stocks to buy: The iShares S&P/TSX Capped Materials Index ETF

Investors with limited time to research individual stocks to buy to gain exposure to the Canadian materials sector could simply buy a materials index ETF and gain diversified broad sector exposure in one go.

The iShares S&P/TSX Capped Materials Index ETF (TSX:XMA) has gained 19.8% so far this year. The low-cost ETF tracks the performance of the S&P/TSX Capped Materials Index, a diversified gauge of the materials sector stocks within the TSX Composite Index. Investors could use the ETF to express their bullish views on the materials sector, without concentrating their capital on a few tickers. The ETF offers diversification benefits across 50 portfolio holdings in a single investment.

Managed by Blackrock (NYSE:BLK), one of the largest ETF fund managers globally, the XMA ETF’s $172 million portfolio provides 55.5% exposure to gold stocks, 12.7% exposure to diversified metals and mining stocks, and 10.3% exposure to fertilizers and agricultural chemicals producers while copper stocks and silver stocks comprise 8% and 4.4% of the portfolio’s weights. The portfolio’s biggest holdings include Agnico Eagle Mines comprising 11.7% of the portfolio, Barrick Gold (10.4%), Nutrien (10.3%), Wheaton Precious Metals (8.8%), Franco Nevada Corp (8.2%), and Teck Resources stock at 8.1%.

The low-cost materials sector index ETF offers cheap exposure to a professionally managed portfolio. It has a management expense ratio (MER) of 0.61%, meaning investors will pay as little as $6.10 per year in management fees and expenses for every $1,000 invested in the ETF.

That said, the materials sector is broad and highly volatile. Stock investors with more refined opinions may wish to avoid expected poor performers in an attempt to outperform the materials index.

Teck Resources stock: Going green with a copper upside

Teck Resources stock has gained 25% in value year to date and more than doubled during the past three years with a 163% return. The company recently disposed of oils ands assets, and its planned disposal of metallurgical coal assets provides ample liquidity to invest in copper assets and repurchase stock.

Copper and zinc are the company’s future revenue and earnings drivers. Copper production increased 74% year over year last quarter and zinc concentrate production was up 10% during the first quarter of 2024. Teck Resources has pivoted away from metallurgical coal to green its operations and could gain some ESG valuation points.

Ero Copper: An organic growth-focused materials sector stock to hold

Ero Copper is a $3.2 billion base metals producer with copper mining assets in Brazil. The miner sells gold and silver as bi-products. ERO stock has gained 48.4% in value so far this year, and could rise some more as plans to earn a 60% interest in Vale Base Metals’ Furnas copper project come to fruition. The plan could double its copper production.

Bay Street analysts project potential 51% sales growth for Ero Copper over the next year. The company maintains a strong balance sheet. It focuses on organically funded growth, which minimizes shareholder dilution.

Ero Copper stock appears too cheap to ignore with a forward price-to-earnings multiple of 6.6 in an industry with an average PE of 107. A forward price-earnings-to-growth (PEG) ratio of 0.2 implies ERO stock is grossly undervalued given its potential earnings growth potential over the long term.

The post Best Stocks to Buy in May 2024: TSX Materials Sector appeared first on The Motley Fool Canada.

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Most Read from Bloomberg

BHP has one week to convince its target of the value of its $49 billion acquisition plan, after Anglo announced on Wednesday it had rebuffed a third bid and agreed to extend a regulatory deadline. With the clock reset, discussions will center around BHP’s insistence that Anglo spin off majority stakes in South African platinum and iron ore units before the takeover can proceed.

The two sides are now closer to each other in their views on a valuation for a deal, Bloomberg reported late Wednesday. However, Anglo continues to dismiss the structure as too complicated – laden with risks and costs to be borne by its own investors, who will receive the offloaded shares in the subsidiaries under BHP’s plan.

That was a view echoed by several major investors in private conversations since the latest announcements. Five top-20 Anglo shareholders said they were open to the prospect of a deal, while four of those agreed with Anglo’s approach to press BHP for changes to resolve uncertainty created by the proposed multi-phase approach.

Most of the shareholders said they would want BHP to further increase its offer, particularly if the structure were to remain unchanged. Under BHP’s current plan, Anglo’s investors would need to wait for the South African spinoffs to be completed — which some estimated could take up to two years — before they would realize the value of the bid.

Anglo’s main reservation about BHP’s current approach is the uncertainty over concessions that may be demanded by South African regulators in order to approve the demergers of Johannesburg-listed Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. The country is home to some of Anglo’s biggest operations and the firm has deep ties there that date back to its founding more than a century ago.

South Africa’s Competition Tribunal assesses both antitrust impacts as well as “public interest” factors, including how a change of ownership will affect employment levels and historically disadvantaged people — making it extremely difficult to estimate the eventual cost to the companies. Previous approvals have hinged on conditions such as guaranteed local procurement, increased employee ownership and even permanent restrictions on job cuts.

South Africa’s state-owned Public Investment Corp., which is Anglo’s second-largest shareholder with 7.4%, issued a statement on Wednesday before the latest BHP and Anglo announcements, calling for “meaningful revision” to the takeover proposal at the time. It has yet to publicly comment on BHP’s third bid or the ongoing negotiations.

BlackRock Inc., which owns 10.5%, has not commented publicly on its position. Nor has activist investor Elliott Investment Management, which has emerged as one of Anglo’s biggest shareholders.

Of the investors that Bloomberg spoke to this week, some suggested that BHP should provide a commitment to cover any lost value suffered by the subsidiaries’ new owners as a result of the spinoff process, or alternatively sweeten the all-share offer with a cash component.

Two of the shareholders – who want changes to the deal’s structure – also said that BHP walking away on May 29 could still produce a positive outcome.

Under its own turnaround strategy, announced last week, Anglo is planning to exit platinum, diamond and coal mining to focus on iron ore and copper operations – a streamlining that investors were already urging upon the company and say could create a more valuable asset if Anglo is able to execute the plans.

Anglo American was trading at £26.46 a share at 11:07 a.m. in London on Friday — about 11% below the current value of the latest BHP proposal.

Most Read from Bloomberg Businessweek

Fed officials on rate cuts, stalling home sales, Anglo American warms to BHP deal and other news to start your day.

(Bloomberg) — Shareholders in BHP Group say they see the world’s largest miner moving one step closer to a $49 billion takeover, after Anglo American Plc rejected a third approach but agreed to talks and granted its suitor an extra week to commit to a binding bid.

Most Read from Bloomberg

As a deadline approached on Wednesday, BHP again sweetened its all-share proposal — but stopped short of altering a structure that would oblige the target to spin off its South African iron ore and platinum businesses before the remainder is bought up.

“Anglo is now showing signs of capitulation with the extension,” said Prasad Patkar, head of qualitative investments at Platypus Asset Management in Sydney, which owns BHP stock. “At a price, Anglo is a seller, and at any price, BHP is a buyer. So I think that deal will get done.”

The two sides are now closer to each other in their view on the valuation, according to people familiar with the matter. But the complexity of BHP’s plan remains a key sticking point in a blockbuster deal to create the world’s biggest copper miner, investors pointed out.

“I would argue with the one-week extension, there is greater likelihood of a deal getting across the line, as Anglo’s board are finally talking,” said Ben Cleary, portfolio manager at Tribeca Investment Partners.

The focus now is on whether BHP’s executives can use the coming week to convince Anglo’s board and its shareholders that they can get the deal to the finish line, without excessive regulatory or social turbulence. That could include making employment or other commitments in South Africa to ease concerns there.

Read More: BHP Has a Week to Convince Anglo Its South African Plan Can Work

“It’s clear that Anglo must accept BHP’s much-improved offer,” said Tim Elliott, who manages almost $2 billion across Regal Funds Management Pty’s global resources funds, including BHP and Anglo shares. “Not only do Anglo shareholders now receive a strong premium, but they receive BHP shares that are deeply undervalued and deliver ongoing exposure to many of the highest quality mines in the world, as well as substantial synergies from the combined group.”

“While there may be a degree of value leakage regarding the listed South African assets, Anglo’s own plan involves similar value leakage through the sale of high quality coking coal mines at what no-doubt will be a deep discount to fundamental value based on coal transactions in recent years,” Elliott said.

Market moves still suggest lingering investor skepticism around the latest offer. At current prices, Wednesday’s informal approach from BHP values Anglo at roughly £30.24 ($38.48) a share, while Anglo’s stock closed on Wednesday at just under £27 in London.

“We do understand the strategic rationale and we think even at the revised price overnight, there’s potentially maybe even a little bit more wiggle room for them to negotiate,” said Dominic Mlcek, portfolio manager at Infinity Asset Management Pty. “We wouldn’t be displeased with them getting it at or a little bit above the current offer.”

But even if investors believe a deal is now more likely to succeed, it doesn’t mean they necessarily support it. BHP shares in Sydney were down around 3% in afternoon trade at A$44.84.

“We’re not happy about the deal, we’re not happy about the price,” said Pratkar from Platypus Asset Management. “Even the price is almost a secondary thing – the size of the deal and the complications that are associated with trying to extract value out something as big as this is. History is against these guys.”

Why BHP Is Targeting Anglo in Mining Mega Deal: QuickTake

–With assistance from Paul-Alain Hunt and Martin Ritchie.

Most Read from Bloomberg Businessweek

Investing.com – Anglo American (JO:AGLJ) rejected a third bid from rival BHP Group (NYSE:BHP), but Anglo agreeing to a one-week extension for a binding takeover offer, is encouraging, according to Jefferies, suggesting a deal is now more likely.

BHP, the world's biggest listed mining group, now has until May 29, after the one-week extension, to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK's takeover rules.

BHP's approach is still conditional on Anglo unbundling its platinum and iron ore assets in South Africa, and it’s the fate of these businesses which remain a major stumbling block given Anglo’s deep roots in that part of the world.

“Our base case now is that discussions between BHP and Anglo will lead to a recommended deal,” said analysts at Jefferies, in a note dated May 22.

“We think it is possible that BHP either raises its offer again (albeit modestly) or agrees to changes in structure, or does both to satisfy the Anglo Board.”

The bank noted that BHP probably cannot own both Kumba and Minas Rio due to antitrust issues in iron ore, and BHP is unlikely to agree to own Amplats due to safety issues in PGM mining.

“A separation of Kumba and Amplats will be necessary, in our view. The question is whether this will be done by Anglo as part of this transaction or by BHP sometime soon thereafter,” Jefferies added.

At 05:00 ET (09:00 GMT), Anglo stock traded 0.1% lower at £26.95, while BHP stock fell 0.7% to £23.13.

BHP-Anglo American deal now more likely – Jefferies

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By Melanie Burton and Scott Murdoch

PERTH/HONG KONG (Reuters) -BHP will stand firm on the structure and value of its latest takeover proposal for Anglo American, focusing instead on allaying its target's concerns around execution risks over the coming week, sources said on Thursday.

The world's biggest listed mining group now has until May 29 to make a firm bid for Anglo American or it will be forced to walk away for at least six months under the UK's takeover rules after it was granted a one-week extension on Wednesday.

Two sources who have been in talks with the miner and its advisers said they expect BHP management will spend the next week properly understanding Anglo's concerns on an asset-by-asset basis with a goal to convince it on the merits of the deal.

Baden Moore, analyst at broker CLSA in Sydney, said BHP's goal will be to get Anglo American to agree to open its books and allow a further extension.

"They are gradually, gradually getting closer to a deal," he said.

Anglo chairman Stuart Chambers highlighted concerns on Wednesday about completion and execution risks in BHP's proposal, meaning the structure of any deal and the fate of Anglo's businesses in South Africa remain big obstacles.

One solution that BHP has already offered is to foot the bill to demerge Kumba Iron Ore which is expected to net the South African government $2 billion of much needed capital gains tax, according to a pre-due-diligence BHP estimate, said one of the sources.

Last week, Anglo announced plans to either spin-off or sell its less profitable nickel, diamond and platinum businesses to refocus on copper, and to also sell its coal businesses.

In that plan Anglo would need to bear those substantial spin-out costs itself, which would ultimately be borne by its shareholders.

If the deal does not go ahead, Anglo boss Duncan Wanblad will be under pressure to get top dollar for its diamonds business in particular and ensure its demergers proceed without any hiccups, two investors said. One foot wrong and BHP will be ready to pounce, they said.

"Anglo does not exist in a year's time, one way or the other, in my mind," one of the investors said.

BHP and Anglo are having joint meetings with UK and Australian regulators this week, a separate source told Reuters.

BHP's latest 29.34 pounds per share approach, based on undisturbed share prices at market close on April 23, valued London-listed Anglo at 38.6 billion pounds (about $49.1 billion). The offer was still conditional on Anglo unbundling its platinum and iron ore assets in South Africa.

The May 29 deadline coincides with general elections in South Africa, where Anglo was formed and is still of significant national importance.

Shares of BHP fell 3.8% to A$44.47 on Thursday.

Anglo's shares closed up 0.4% at 26.98 pounds on the London bourse on Wednesday.

($1 = 0.7864 pounds)

(Editing by Editing by Muralikumar Anantharaman)

After witnessing one of the longest winning streaks since the beginning of 2024, the broader U.S. equity markets recorded a downward trajectory yesterday as the minutes of the Federal Reserve’s May policy meeting reignited fears that the central bank might not cut interest rates in the near future. The minutes revealed that several Fed officials are of the view that although inflation has eased over the past year, it is yet to achieve the benchmark 2% level. Consequently, there is an increasing willingness to resort to stricter policy measures if inflation fails to move toward the coveted goal.Earlier, the markets were buoyed by Fed Chairman Jerome Powell's comments, which largely ruled out a central bank hike in its next policy meeting after holding the rates steady between 5.25% and 5.50% in May. This had fueled optimism regarding a probable interest rate cut, with investors even pricing in a second rate cut by the end of the year with a nearly 50% likelihood of a 25-basis point rate cut in September.However, given the shift in the Fed's stance, it has become tough to gauge the rate hike trajectory, forcing investors to wait for further clarity from other officials in the future. Amid the uncertainty, investors often seek to employ time-tested winning strategies to fetch sustained profits. One of the most successful game plans to beat the blues is to bet on momentum stocks when value or growth investing fails to generate the desired profits.This approach primarily tends to follow the adage, “the trend is your friend.” At its core, momentum investing is “buying high and selling higher.” It is based on the idea that once a stock establishes a trend, it is more likely to continue in that direction because of the momentum that is already behind it. But before we delve deep into it, let us try to fathom why does the momentum strategy at all work?There are several behavioral biases that most investors exhibit in their decision-making. And these emotional responses, or rather mistakes, make the momentum strategy work.For example, some investors are anxious about booking losses and hence hold on to losing stocks for too long, hopeful of a rebound in prices. On the other hand, a few investors sell their winners way too early. Momentum investing is one of the best strategies to avoid making such errors in judgment.Furthermore, investors initially tend to underreact to news, events or data releases. However, once things become clear, they have a habit of going with the flow and overreacting, causing dramatic price reactions. These behavioral problems extend trends, thus opening up huge opportunities for momentum players.To sum up, momentum investing is a way to profit from the general human tendency to extrapolate current trends into the future. It is based on that gap in time before the mean reversion occurs, i.e., before prices become rational again.In this context, stocks like Southern Copper Corporation SCCO, M/I Homes, Inc. MHO and MakeMyTrip Limited MMYT are worth betting on.Momentum strategies have been known to be alpha-generative over a long period and across market stages. So, this strategy is quite tricky to implement, as detecting these trends is no child’s play.Here, we have created a strategy to help investors get in on these fast movers and rake in handsome gains. Our screen will help you benefit from both long-term price momentum and a short-term pullback in price.

Screening Parameters

Percentage Change in Price (52 Weeks) = Top #50: This selects the top 50 stocks with the best percentage price change over the last 52 weeks. This parameter ensures we get the best stocks that have appreciated steadily over the past year.Percentage Change in Price (1 Week) = Bottom #10: From the above 50 stocks, we then choose those that are also among the 10 worst performers over a short one-week period. This parameter picks the ones that have witnessed a short-term pullback in price.Zacks Rank #1: Stocks sporting a Zacks Rank #1 (Strong Buy) have a proven history of outperformance irrespective of the market conditions. You can see the complete list of today’s Zacks #1 Rank stocks here.Momentum Style Score of B or Better: A top Momentum Style Score knocks out a lot of the screening process as it takes into account several factors that include volume change and performance relative to its peers. It indicates when the timing is best to grab a stock and take advantage of its momentum with the highest probability of success. Stocks with a Momentum Score of A or B, when combined with a Zacks Rank #1 or 2 (Buy), handily outperform other stocks.Current Price greater than $5: The stocks must all be trading at a minimum of $5.Market Capitalization = Top #3000: We have chosen stocks that are among the top 3000 in terms of market value to ensure the stability of price.Average 20-Day Volume greater than 100,000: A substantial trading volume ensures that these stocks are easily tradable.Here are three stocks out of the six that made it through this screen:Phoenix, AZ-based Southern Copper engages in mining, exploring, smelting and refining copper and other minerals. The company conducts exploration activities in Argentina, Chile, Ecuador, Mexico and Peru. Southern Copper has the largest copper reserves in the industry and operates high-quality, world-class assets in investment-grade countries such as Mexico and Peru. The stock has gained 81.3% in the past year but declined 5.1% in the past week. Southern Copper has a Momentum Score of B.Based in Columbus, OH, M/I Homes engages in the construction and sale of single-family residential homes in Ohio, Indiana, Illinois, Minnesota, Michigan, Florida, Texas, North Carolina and Tennessee. It is one of the leading homebuilders of single-family homes in the country. The stock has gained 78% in the past year but declined 6.8% in the past week. M/I Homes has a Momentum Score of B. Based in Gurugram, India, MakeMyTrip is an online travel firm that sells travel products and solutions in India, the United States, Singapore, Malaysia, Thailand, the United Arab Emirates, Peru, Colombia, Vietnam and Indonesia. The company operates online travel brands, including MakeMyTrip, Goibibo and redBus. The stock has rallied 199.2% in the past year but lost 8.5% in the past week. MakeMyTrip has a Momentum Score of B.You can get the rest of the stocks on this list by signing up now for your 2-week free trial to the Research Wizard and start using this screen in your trading. Further, you can also create your own strategies and test them first before taking the investment plunge.The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.Click here to sign up for a free trial to the Research Wizard today.Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance.

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Southern Copper Corporation (SCCO) : Free Stock Analysis Report

MakeMyTrip Limited (MMYT) : Free Stock Analysis Report

M/I Homes, Inc. (MHO) : Free Stock Analysis Report

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Zacks Investment Research

A month has gone by since the last earnings report for Freeport-McMoRan (FCX). Shares have added about 6.2% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Freeport-McMoRan due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

Freeport's Earnings and Revenues Surpass Estimates in Q1

Freeport recorded net income (attributable to common stock) of $473 million or 32 cents per share in first-quarter 2024, down around 29% from $663 million or 46 cents in the year-ago quarter.Barring one-time items, adjusted earnings per share were 32 cents, topping the Zacks Consensus Estimate of 27 cents.Revenues rose roughly 17% year over year to roughly $6.32 billion. The figure also surpassed the Zacks Consensus Estimate of around $5.66 billion. The company witnessed higher copper sales in the reported quarter. It also benefited from higher gold prices and lower costs.

Operational Highlights

Copper production rose around 12% year over year to 1,085 million pounds in the reported quarter. The figure was ahead of our estimate of 1,025 million pounds.Consolidated sales climbed around 33% year over year to 1,108 million pounds of copper. The figure was higher than our estimate of 1,001 million pounds. The upside can be attributed to higher mining and milling rates and ore grades at PT-FI.The company sold 568,000 ounces of gold, up around 110% year over year. Freeport also sold 20 million pounds of molybdenum, up around 5% year over year, in the reported quarter.Consolidated average unit net cash costs per pound of copper were $1.51, down from $1.76 a year ago. The figure was lower than our estimate of $1.55.The average realized price for copper was $3.94 per pound, down around 4% year over year. The figure was higher than our estimate of $3.81 per pound. The average realized price per ounce for gold rose around 10% year over year to $2,145. The figure was above our estimate of $2,019.

Financial Position

Cash and cash equivalents at the end of the quarter were around $5.21 billion, down around 24% year over year. The company’s total debt was roughly $9.43 billion, down around 2% year over year.Cash flows provided by operations were $1.9 billion for the reported quarter, up around 81% year over year.

Guidance

Freeport expects consolidated sales for 2024 to be approximately 4.15 billion pounds of copper, 2 million ounces of gold and 84 million pounds of molybdenum. This includes an estimated 1 billion pounds of copper, 500,000 ounces of gold, and 21 million pounds of molybdenum in the second quarter of 2024.The unit net cash costs for copper are expected to average $1.57 per pound for 2024. The same has been projected at $1.57 per pound for the second quarter.The company also sees operating cash flows of approximately $7.4 billion for 2024. Capital expenditures for the full year are projected to be around $4.6 billion.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates have trended upward during the past month.

The consensus estimate has shifted 22.16% due to these changes.

VGM Scores

Currently, Freeport-McMoRan has a subpar Growth Score of D, however its Momentum Score is doing a lot better with an A. However, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Freeport-McMoRan has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

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

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Zacks Investment Research

Just because a business does not make any money, does not mean that the stock will go down. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

So, the natural question for Wallbridge Mining (TSE:WM) shareholders is whether they should be concerned by its rate of cash burn. In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. Let's start with an examination of the business' cash, relative to its cash burn.

Check out our latest analysis for Wallbridge Mining

When Might Wallbridge Mining Run Out Of Money?

A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. As at March 2024, Wallbridge Mining had cash of CA$25m and no debt. Looking at the last year, the company burnt through CA$30m. That means it had a cash runway of around 10 months as of March 2024. 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 Wallbridge Mining's Cash Burn Changing Over Time?

Wallbridge Mining didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. So while we can't look to sales to understand growth, we can look at how the cash burn is changing to understand how expenditure is trending over time. As it happens, the company's cash burn reduced by 45% over the last year, which suggests that management are mindful of the possibility of running out of cash. Clearly, however, the crucial factor is whether the company will grow its business going forward. For that reason, it makes a lot of sense to take a look at our analyst forecasts for the company.

Can Wallbridge Mining Raise More Cash Easily?

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

Since it has a market capitalisation of CA$102m, Wallbridge Mining's CA$30m in cash burn equates to about 30% of its market value. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.

How Risky Is Wallbridge Mining's Cash Burn Situation?

On this analysis of Wallbridge Mining's cash burn, we think its cash burn reduction was reassuring, while its cash runway has us a bit worried. Summing up, we think the Wallbridge Mining's cash burn is a risk, based on the factors we mentioned in this article. On another note, we conducted an in-depth investigation of the company, and identified 5 warning signs for Wallbridge Mining (3 are concerning!) that you should be aware of before investing here.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, 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.

Emperor Metals Inc.

Emperor has a strong record of success in evaluating and advancing mining projects from exploration through to production, attracting capital and delivering exceptional shareholder value.

VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) — via IBN — Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) announces the successful mobilization of a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

CEO John Florek said: “We are resuming drilling at the Duquesne West Gold Project and continuing our successful 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit. This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquesne West Project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

2024 Exploration Program

In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

Extending the footprint of the high-grade lenses within and outside the open-pit shells.
Expand ounces internally and externally to the open-pit shells.
Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.
Continue building quality ounces internally and externally.

Leveraging insights from the 2023 results, our advanced AI (Artificial Intelligence) models will guide targeting efforts for the upcoming drill season. The 2024 exploration program will predominantly concentrate on the open pit concept.

Emperor is also sampling near-surface core from the historical core library that was not assayed by previous explorers. Up to 70% of this core has not been assayed within the open-pit conceptual model. 8,000 additional meters of core sampling from the historic core library are planned for this program.

In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit. Emperor used this model for a very successful 2023 drilling campaign of 8,579 m. In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02). This led to the envisioning of a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit. Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses. Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated October 12, 2022, available on SEDAR.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.

Multiple scenarios exist to expand additional resources which include:

Underground High-Grade Gold.

Open Pit Bulk Tonnage Gold.

Underground Bulk Tonnage Gold.

1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

QP Disclosure

The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

About Emperor Metals Inc.

Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedar.com), under the Company’s profile.

On Behalf of the Board of Directors

s/ “John Florek”

John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

The Canadian Securities Exchange has not approved nor disapproved the content of this press release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”

Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Contact:

Alex HorsleyDirector 778-323-3058alexh@emperormetals.com www.emperormetals.com

Corporate Communications: IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

(Bloomberg) — BHP Group just won an extra week to convince Anglo American Plc on its $49 billion takeover plan. But the world’s biggest miner still must resolve the deal’s most intractable obstacle: What to do about South Africa?

Most Read from Bloomberg

After a month of rising tensions, the companies are holding discussions after BHP raised the value of its proposal for a third time on Monday. Anglo has rejected the latest bid, but agreed to extend a deadline for BHP to commit to a binding offer so that talks can continue.

Read More: Anglo Opens Talks With BHP After Rejecting $49 Billion Offer

The two sides are now closer to each other in their views on valuation for a deal, according to people familiar with the matter. However, the main sticking point for Anglo is BHP’s continued insistence that the London-based company must spin off its majority stakes in two South African miners to its own shareholders before the takeover can proceed.

Anglo still views the structure as too complicated, and is particularly concerned about who will cover the cost of any conditions imposed by South Africa’s government to approve the multi-step transaction, said the people, who asked not to be identified discussing private information.

A successful takeover would represent one of the biggest-ever mining deals and a defining moment for BHP Chief Executive Officer Mike Henry, who has spent years positioning the commodities giant for a return to large-scale M&A. The combined company would be the biggest copper producer — with about 10% of global mine supply — just as renewable energy demand is projected to surge in the coming years.

Read More: BHP’s $39 Billion Bid for Anglo American Was Years in the Making

But while the agreement to extend the deadline and continue talks suggests progress, people with knowledge of BHP’s position were noticeably more optimistic that a deal is possible than those with insight into Anglo’s current views.

Anglo is concerned BHP’s demand that it first exit Anglo American Platinum Ltd. and Kumba Iron Ore Ltd. could leave the newly independent Johannesburg-listed companies to carry the cost of any concessions imposed by South Africa, reducing their value and ultimately penalizing the current Anglo investors who would receive the shares in the spin offs. Anglo itself may also face conditions to complete the deal as proposed by BHP.

Anglo wants BHP to cover any such costs — either up front or in the future — and those discussions are likely to be a key focus of negotiations over the coming week, the people said.

Spokespeople for BHP and Anglo declined to comment.

From the moment BHP’s takeover approach first became public, South Africa has loomed front and center of a potential deal. It is home to some of Anglo’s biggest operations, employing tens of thousands of employees, and the company has deep political and social ties to the country with a history dating back to its founding in more than a century ago.

BHP by contrast does not have any operations in South Africa, and has at times appeared wrongfooted in its approach, with Henry and other senior officials scrambling to meet shareholders and officials in South Africa days after the news broke. The company also published a belated statement emphasizing that its proposal that Anglo exit the Amplats and Kumba stakes wasn’t a reflection on its views about the country as an investment destination.

And the deal comes at a particularly awkward time, as South Africa heads toward what is expected to be the tightest election in the country’s democratic era — in fact, the new deadline for BHP to commit to a firm offer has been set for May 29, the same day as the national vote.

The approvals required for any deal would likely include South Africa’s competition authorities, as well as the central bank and finance ministry. Anglo is concerned that authorities could impose conditions that range from job guarantees to social and investment commitments, which could affect the value of the two South African units, and therefore the value of the shares to be received by Anglo’s investors in the spinoff.

Read More: BHP CEO Flies to South Africa to Push $39 Billion Takeover

Governments have a long history of using corporate deals to extract more favorable terms, and South Africa is grappling with widening inequality and one of the world’s worst unemployment rate, adding to the pressure to extract concessions.

Anglo’s second-biggest shareholder is the South African state-controlled pension fund, which on Wednesday issued a statement raising concerns about the previous BHP offer, just hours before the latest announcements.

“This would require a meaningful revision of the current BHP proposal that should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume over an extended time frame,” the Public Investment Corp. said at the time.

While one senior ruling party politician – Mines Minister Gwede Mantashe – has expressed personal opposition to BHP taking over Anglo, the government has refrained from commenting publicly on the proposed deal, let alone suggesting a preferred outcome.

Dealmakers Confident

But if South Africa’s Competition Tribunal does come to scrutinize the spinoff of Amplats and Kumba, the body will evaluate antitrust impacts but also “public interest” factors, including how a proposed change of ownership will affect employment levels and historically disadvantaged people.

BHP’s dealmakers are confident these obstacles can be addressed, according to the people. The company also sees the issue of price for a takeover as largely settled and does not intend to increase its offer, the people said.

Still, people close to Anglo continue to see significant gaps in how the scale of the South Africa problem is being perceived by the two sides.

Anglo shares swung after Wednesday’s announcements before closing 0.4% higher in London, still trading well below the value of BHP’s latest offer.

In conversations with five of Anglo’s top-20 shareholders on Wednesday, most said the latest news suggested the companies are getting closer to an acceptable price for Anglo and an agreement could be in reach. They said, however, that the major stumbling block remains BHP’s refusal so far to budge on the deal’s structure.

By undertaking to acquire Kumba – Anglo itself plans to spin off Amplats under its alternative plan – BHP could go a significant way to overcoming resistance to its existing proposal, some of the shareholders said.

“The companies believe that they’re getting closer,” said James Whiteside, metals and mining corporate research director at Wood Mackenzie, a consultancy. “Anglo has probably signposted what needs to happen to get it over the line.”

–With assistance from Loni Prinsloo.

Most Read from Bloomberg Businessweek

Anglo American has rebuffed a third takeover attempt by BHP after the Australian company sweetened its offer in an attempt to create a global mining titan.

BHP said it had submitted an “increased and final” bid of £31.11 a share for Anglo, which values the FTSE 100 company at £38.6bn, earlier this week.

Anglo had already rejected two previous offers from BHP: the first, in April, valued it at £31bn and the second, which was snubbed last week, put it at £34bn.

The attempted BHP takeover, the largest ever in the mining sector, would create a global player in markets for commodities including copper, iron ore, potash and metallurgical coal used for steelmaking.

Copper in particular is in high demand as a raw material in the transition to low-carbon energy as it is used in manufacturing components for electric vehicles and renewable energy projects. Anglo’s key assets are copper mines in Chile and Peru.

After the two previous rejections, BHP said it had been “engaging with Anglo American and its advisers” to allay concerns over the deal and that it was hopeful that resolution would be reached in the next seven days.

Mike Henry, the chief executive of BHP, said: “The revised proposal is underpinned by BHP’s disciplined approach to mergers and acquisition and our focus on delivering long term fundamental value.

“BHP’s revised proposal will offer immediate value for Anglo American shareholders and allow them to benefit from the long-term value generation of the combined group.”

BHP’s attempt to snap up Anglo could still be gatecrashed by a rival. The Swiss mining company Glencore has reportedly been considering its own approach.

BHP’s terms require that Anglo sells its stakes in Anglo American Platinum and Kumba Iron Ore, returning cash to shareholders as part of the deal.

Even if BHP is unsuccessful, Anglo’s chief executive, Duncan Wanblad, has pledged to break up the business and sell its platinum division and its De Beers diamond arm.

Stuart Chambers, the chair of Anglo American, said: “The board considered BHP’s latest proposal carefully, concluded it does not meet expectations of value delivered to Anglo American’s shareholders, and has unanimously rejected it.”

Chambers said its board was “confident in Anglo American’s standalone future prospects” and that BHP had not addressed the board’s concerns about the complex terms of the takeover.

“Multiple engagements with the BHP team have not yet been able to resolve the concerns on these issues,” he said.

Anglo received a boost this week when one of its largest shareholders, Legal & General Investment Management, backed the FTSE 100 miner’s break-up plan, calling it a “radical but attractive strategy”.

The South African government is Anglo’s largest shareholder through its Public Investment Corporation (PIC) and home to many of its mines. The PIC has so far been unimpressed by BHP’s takeover attempts and said on Wednesday before the latest bid was made that the previous offer needed “meaningful revision”.

BHP had until 5pm on Wednesday to make an improved offer or walk away for six months under City takeover rules. Anglo said the deadline has now been extended until 29 May.

By Clara Denina and Felix Njini

LONDON (Reuters) -Anglo American has agreed to a one-week extension for BHP Group to make a binding takeover offer, it said on Wednesday, after rejecting a third proposal from its rival that valued it at 38.6 billion pounds ($49.18 billion).

BHP, the world's biggest listed mining group, has now made three unsuccessful offers in a month for Anglo, which has itself outlined a plan to divest its less profitable coal, nickel, diamond and platinum businesses.

The structure of any deal and the fate of Anglo's businesses in South Africa remain big obstacles, with Anglo chairman Stuart Chambers highlighting concerns about completion and execution risks in BHP's proposal.

"The conclusion here appears to be clear – this new proposal was rejected by Anglo on grounds of structure rather than price," said Mark Kelly at MKP Advisors.

Nicholas Stein at top-20 Anglo shareholder Coronation Fund Managers, however, said that "investors are skeptical the BHP deal is enough to get it over the line."

BHP's 29.34 pounds per share approach, based on undisturbed share prices at market close on April 23 and raised from an initial 25.08 pounds, is still conditional on Anglo unbundling its platinum and iron ore assets in South Africa, where it was founded and still has deep roots.

Anglo said that process could take about 18 months, by which time it expects its own restructuring to be completed.

"(The proposal) consequently has the potential for material value leakage to be disproportionately suffered by Anglo American's shareholders," Chambers said.

Anglo's shares closed up 0.4% at 26.98 pounds.

BHP said the ratio of shares it is offering Anglo shareholders is "final", unless there is an offer from a third party or if the board of Anglo is "minded to recommend an offer on better terms".

"None of the conditions have been met at this point in time, and this has to be considered the 'Final Ratio', RBC Capital Markets analyst Kaan Peker said.

It may mean BHP can make a supplementary cash offer, Peker added.

The South African government has been paying close attention to BHP's proposed Anglo deal, and the new deadline of May 29 is the date of a national election there.

Anglo employs more than 40,000 people in South Africa, where mining companies have been cutting jobs and investment, as platinum especially falls out of favour.

South Africa's Public Investment Corporation had earlier said that BHP should consider revising its initial proposal.

"A meaningful revision of the current BHP proposal … should take into consideration the material risks that current shareholders of both Anglo and its subsidiaries would have to assume over an extended time frame," said Abel Sithole, the CEO for PIC, Anglo's second-largest shareholder.

Analysts at JP Morgan have said BHP would need to boost its offer by around 30% to reflect fair value for Anglo and its prized copper assets in Chile and Peru.

Artificial intelligence and automation, and the energy transition, including electric vehicles and renewables, have driven up demand prospects for copper cable used to conduct electricity.

Anglo began reviewing its assets in February following a 94% plunge in annual profit.

Activist fund Elliott Investment Management has built a 3.2% stake in Anglo, making it one of the miner's top 10 shareholders. Elliott has yet to publicly comment on its Anglo investment.

BHP has increased its advisory firepower on its bid, adding Lazard to existing advisers Barclays and UBS.

($1 = 0.7849 pounds)

(Reporting by Clara Denina and Felix Njini; additional reporting by Anousha Sakoui; Editing by Veronica Brown, Shinjini Ganguli, Kirsten Donovan and Jane Merriman)

By Melanie Burton

PERTH (Reuters) – BHP's bid for Anglo American underlines the growing appetite for energy transition metals like copper from miners who must become more aggressive to secure new projects or risk missing out, investors and mining CEOs said on Wednesday.

The bid by the world's biggest listed miner for Anglo is expected to whet appetite for more deals in the sector whether it goes ahead or not, they said.

"There is clearly a preference for buying over building because costs have ramped up so much in the past few years," said Ben Cleary of Tribeca Investment Partners, which is an investor in Anglo American.

"BHP … have been telling you for a long time that they love copper. Rio the same. In terms of their portfolio skew they are still very heavily weighted to iron ore … you are going to see more deals," he said, speaking at the AFR Mining Summit in Perth.

Anglo has twice rejected overtures by BHP, whose deadline to make a third offer expires later on Wednesday. Instead, Anglo has pledged to break up its company to lower costs.

Whether Anglo's management decide to engage with BHP on Tuesday, investors expect more interest in the sector as copper prices, which hit a record above $11,000 a tonne on Monday, climb and encourage new projects.

Rising prices will only make competition for copper assets more intense, said Brett Beatty, partner and managing director Australia, of private equity company Resource Capital Funds.

Beatty said he had faced internal questions over whether RCF had overpaid for the 11.9% stake in Botswana's Khoemecau copper mine that it bought for $70 million in 2019.

That stake was sold when China's MMG bought the mine for $1.88 billion six months ago, making it worth some $224 million, roughly a two-fold return.

“It’s a market where you have to take risk and you’ll be rewarded for it, but if you sit on the sidelines you’re going to miss out,” he said.

Given that lithium prices have begun to recover from rock bottom lows, for companies with the funding, now is a good time to buy, said Joshua Thurlow, head of lithium at Australian diversified miner Mineral Resources.

"M&A's on people’s minds. It’s at that point in the cycle. If you can be counter cyclical … you could argue this is a good time to do it," he told Reuters.

"But also sometimes it takes a lot of gusto and a major balance sheet strengthening process to be able to do it," he added.

MinRes embarked on an acquisition spree of significant stakes in Australian lithium developers last year.

“As we continue to look around the goldfield and more prospective areas we will continue to make deals if and when possible," he added.

Beyond copper and lithium, there is even interest in unloved nickel whose prices have been hit by a surge in Indonesian supply.

Wyloo Metals will in coming weeks put its Western Australian nickel operations on care and maintenance.

"For us we are trying to see beyond the next 6-12 months to the next 10-15 years," CEO Luca Giacovazzi said.

"We are always acquisitive and we are always looking for a longer term opportunity … As a family office that is really chasing assets that produce yield, it’s an interesting time for us to look at opportunities in the market."

(Reporting by Melanie Burton; Editing by Kim Coghill)

BHP Group Limited

GENT, Belgium, May 22, 2024 (GLOBE NEWSWIRE) — ArcelorMittal and partners Mitsubishi Heavy Industries, Ltd. (MHI), BHP, along with Mitsubishi Development Pty Ltd (Mitsubishi Development) have successfully started operating a pilot carbon capture unit on the blast furnace off-gas at ArcelorMittal Gent in Belgium.

The pilot carbon capture unit will operate for one to two years at Gent, to test the feasibility of progress to full-scale deployment of the technology, which would be able to capture a sizeable portion of the Gent site emissions, if successful. Engineers have been working on site since January to assemble and commission the unit.

In October 2022, the four parties announced their collaboration on a multi-year trial of MHI’s carbon capture technology (Advanced KM CDR ProcessTM) at multiple carbon dioxide (CO2) emission points, starting at the Gent steelmaking site. The pilot carbon capture unit will be testing initially with blast furnace and reheating furnace gas and has the potential to be trialled to capture other important steelmaking gases such as reformer flue gas from a Direct Reduced Iron (DRI) plant.

The development of the carbon capture solution at Gent could feed into multiple CO2 transport and storage projects under development in the North Sea region and contribute to global technological solutions required for decarbonisation of steel production. The EU has an objective to achieve an annual CO2 storage capacity of 50 million tonnes by 2030, proposed under the Net-Zero Industry Act. Moreover, the International Energy Agency (IEA) estimates CCUS technology needs to apply to more than 37 per cent of primary steel production by 2050, equivalent to 399 Mtpa of CO2, for the Net Zero Emissions scenario (Source: IEA Net Zero Roadmap – 2023 update).

To further understand how MHI’s carbon capture technology can be incorporated into existing steel plants, ArcelorMittal is facilitating the trial in Gent, Belgium, with MHI supplying its proprietary carbon capture technology and supporting the engineering studies. BHP and Mitsubishi Development, as key suppliers of high-quality steelmaking raw materials to ArcelorMittal’s European operations, are supporting trial funding.

Speaking in Gent at the consortium meeting, ArcelorMittal Belgium’s CEO, Manfred Van Vlierberghe, said: “ArcelorMittal Belgium's decarbonisation efforts can be summarized in three axes. The first axis focuses on energy efficiency: reuse of waste heat and renewable energy. In our second axis, we are replacing coal with a combination of gas and electrification. And finally, the third axis, is based on circular use of carbon – CCU and CCS. Here, the installation of the carbon capture unit on our Gent blast furnace is a great example. The main ambition is to achieve completely carbon-free processes. A radical change is difficult, so we embrace every step that takes us towards our goal.”

MHI’s Senior Vice President (CCUS) of GX (Green Transformation) Solutions, Tatsuto Nagayasu, said: “The launch of this pilot carbon capture unit marks a significant milestone on the iron and steel industry’s journey toward net-zero emissions. As a provider of innovative technologies, we are thrilled to witness our solutions in action, helping to decarbonize existing assets. We eagerly anticipate further deploying our technologies to achieve this goal.”

BHP Group Sales & Marketing Officer Michiel Hovers said “This represents real progress in proving up the feasibility of carbon capture for steel production, and BHP is delighted to be part of this consortium working on the pilot plant. This work could help develop a technology that may significantly lower CO2 emissions intensity from the blast furnace which remains critical to meet steel demand, and while other pathways are further matured.”

Mitsubishi Development Chief Executive Officer, Kenichiro Tauchi said “This pilot is a significant step towards advancement of carbon capture technology as a potential solution to achieve solid emission reductions in the steel sector. We will continue to demonstrate our commitment to advancing confidence in reducing emissions in hard to abate industries as we move towards achieving a carbon neutral society.”

The trial at Gent will have two phases. The first phase involves separating and capturing the CO2 from the top gas from the blast furnace at a rate of around 300kg of CO2 a day – a technical challenge due to the differing levels of contaminants in the top gas. The second phase involves testing the separating and capturing of CO2 in the off-gases in the hot strip mill reheating furnace, which burns a mixture of industrial gases including coke gas, blast furnace gases and natural gas.

CONTACT: Josie Brophy, BHP Media Relations Tel +61 417 622 839

(Bloomberg) — BHP Group Ltd. has just hours to launch a blockbuster bid to buy smaller mining rival Anglo American Plc. — or put its audacious takeover plan on the shelf.

Most Read from Bloomberg

The proposal by the world’s biggest miner to spin off two units and then buy the remainder of Anglo would create a global copper behemoth, heralding the industry’s return to mega—deals after more than a decade. Anglo has already rejected two non-binding offers from BHP — the last worth $43 billion — and unveiled its own plans for a radical restructuring.

Under UK takeover rules, BHP now faces a deadline of 5 p.m. London time on Wednesday to announce a firm intention to make an offer. If Chief Executive Officer Mike Henry instead decides against, he will have to stay away for at least six months.

Read More: BHP Debates Improved Anglo Bid as Time Runs Out in Takeover Saga

The catch is that Anglo’s Chief Executive Officer Duncan Wanblad has so far refused talks with BHP, criticizing a plan the target company feels is too complex and undervalues its stock.

BHP’s discussions over the past days have focused on whether it can table an offer attractive enough to get Anglo’s shareholders to push the company toward talks, people familiar with the matter said at the weekend. Ditching the proposal remained a strong possibility, the people said, with BHP wary of bidding against itself in a vacuum.

“It makes so much sense for these companies to get together,” Matthew Haupt, portfolio manager at Wilson Asset Management in Sydney, which is underweight BHP, said by phone. “So that’s where you’d think that BHP will be having another crack.”

Mining Discipline

The swoop on Anglo has shaken up a global industry that’s in the midst of complex shifts as China’s economy slows and the world’s green transition sparks growing demand for metals geared toward new-energy sectors.

Henry has made no secret of BHP’s desire to expand in copper, and Anglo’s copper mines have long been viewed as prize assets in a sprawling portfolio. The metal’s rally in recent weeks to a record has lent a dramatic backdrop to the public tussle between the two mining giants. BHP rivals including Rio Tinto Group are also expanding in copper.

Top miners were still “incredibly capital-disciplined” and would likely stick to a strategy of buying rather than building new copper mines, Ben Cleary, portfolio manager at Tribeca Investment Partners, said at a major mining conference in Perth, Western Australia. That’s “going to end in bigger deficits” for most commodities, he said.

Breaking Up

At current prices, the latest informal approach from BHP values Anglo at roughly £29.49 a share. Yet Anglo’s stock closed on Tuesday at £26.87 in London — suggesting investors remain skeptical that the current deal will reach the finish line.

BHP wants Anglo to first spin off its South African platinum and iron ore businesses before proceeding with a takeover. Under Anglo’s alternative plan, the firm would focus on copper and iron ore by exiting platinum, diamonds and coal, and slowing a fertilizer project.

The Sydney-listed shares of BHP have risen for six consecutive sessions, and were trading up 0.6% on Wednesday as of 2:37 p.m. local time to A$46.32.

–With assistance from Sybilla Gross and Paul-Alain Hunt.

(Updates with comments in 6th, 9th paragraphs)

Most Read from Bloomberg Businessweek

Key Insights

The projected fair value for Teck Resources is CA$77.86 based on 2 Stage Free Cash Flow to Equity
With CA$72.87 share price, Teck Resources appears to be trading close to its estimated fair value
Analyst price target for TECK.B is CA$71.69 which is 7.9% below our fair value estimate

Does the May share price for Teck Resources Limited (TSE:TECK.B) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by projecting its future cash flows and then discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Models like these may appear beyond the comprehension of a lay person, but they're fairly easy to follow.

We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.

View our latest analysis for Teck Resources

The Model

We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:

10-year free cash flow (FCF) forecast

	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
Levered FCF (CA$, Millions)	-CA$51.5m	CA$1.04b	CA$1.57b	CA$2.35b	CA$2.63b	CA$2.84b	CA$3.02b	CA$3.17b	CA$3.30b	CA$3.41b
Growth Rate Estimate Source	Analyst x2	Analyst x3	Analyst x2	Analyst x1	Analyst x1	Est @ 7.96%	Est @ 6.19%	Est @ 4.96%	Est @ 4.10%	Est @ 3.49%
Present Value (CA$, Millions) Discounted @ 8.1%	-CA$47.6	CA$886	CA$1.2k	CA$1.7k	CA$1.8k	CA$1.8k	CA$1.7k	CA$1.7k	CA$1.6k	CA$1.6k

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = CA$14b

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. For a number of reasons a very conservative growth rate is used that cannot exceed that of a country's GDP growth. In this case we have used the 5-year average of the 10-year government bond yield (2.1%) to estimate future growth. In the same way as with the 10-year 'growth' period, we discount future cash flows to today's value, using a cost of equity of 8.1%.

Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = CA$3.4b× (1 + 2.1%) ÷ (8.1%– 2.1%) = CA$58b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= CA$58b÷ ( 1 + 8.1%)10= CA$26b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CA$40b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of CA$72.9, the company appears about fair value at a 6.4% discount to where the stock price trades currently. The assumptions in any calculation have a big impact on the valuation, so it is better to view this as a rough estimate, not precise down to the last cent.

dcfThe Assumptions

The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Teck Resources as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.1%, which is based on a levered beta of 1.312. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

SWOT Analysis for Teck Resources

Strength

Debt is not viewed as a risk.

Weakness

Earnings declined over the past year.

Dividend is low compared to the top 25% of dividend payers in the Metals and Mining market.

Opportunity

Annual earnings are forecast to grow for the next 3 years.

Current share price is below our estimate of fair value.

Threat

Annual earnings are forecast to grow slower than the Canadian market.

Moving On:

Whilst important, the DCF calculation is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Rather it should be seen as a guide to "what assumptions need to be true for this stock to be under/overvalued?" For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Teck Resources, we've compiled three essential factors you should further examine:

Risks: You should be aware of the 2 warning signs for Teck Resources we've uncovered before considering an investment in the company.

Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for TECK.B's future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors.

Other Solid Businesses: Low debt, high returns on equity and good past performance are fundamental to a strong business. Why not explore our interactive list of stocks with solid business fundamentals to see if there are other companies you may not have considered!

PS. Simply Wall St updates its DCF calculation for every Canadian stock every day, so if you want to find the intrinsic value of any other stock just search here.

Southern Copper Corporation SCCO is positioned for growth, supported by its industry-leading copper reserves and expansion projects. The recent pickup in copper and silver prices is expected to boost the company's results.

Upbeat Production Outlook

Southern Copper expects to produce 948,800 tons of copper in 2024, which indicates a 41% year-over-year improvement. The Pilares project began full operations in 2023, and the company started ramping up production at the Buenavista zinc concentrator. These projects are expected to add 43,800 tons to the total copper production this year.Silver production is projected to reach 20.5 million ounces, an 11.4% increase from 2023. Zinc output is expected to rise to 120,300 tons, reflecting an 83.7% year-over-year surge, primarily due to the Buenavista zinc concentrator's contribution. Over the next five years, this concentrator is expected to boost production by an average of 90,200 tons of zinc and 20,000 tons of copper annually.

Promising Projects on Track

Southern Copper boasts the largest copper reserves and operates high-quality, world-class assets in investment-grade countries like Mexico and Peru. The company is continuously investing to expand its portfolio and reserves, with a capital investment program exceeding $15 billion for this decade.This includes investments in the Buenavista Zinc, Pilares, El Pilar and El Arco projects in Mexico and the Tia Maria, Los Chancas and Michiquillay projects in Peru. This forecast also includes several infrastructure investments, including key investments, to bolster the competitiveness of the El Arco project.Southern Copper’s Michiquillay is expected to become one of Peru's largest copper mines with an expected production of 225,000 tons of copper per year (along with by-products of molybdenum, gold and silver) for more than 25 years. Production is expected to start by 2032. The Los Chancas project is an open-pit mine with a combined operation of concentrator and SX-EW processes and is expected to produce 130,000 tons of copper and 7,500 tons of molybdenum annually. The project is expected to commence operations in 2030.In Mexico, the company invested $439 million in the Buenavista Zinc – Sonora project. It has built a new concentrator plant. This facility has an annual production capacity of 100,000 tons of zinc and 20,000 tons of copper. Ramping up of the plant began in the first quarter after technical adjustments to the concentrator.Southern Copper expects to produce 54,500 tons of zinc and 11,900 tons of copper in 2024 and an average of 90,200 tons of zinc and 20,700 of copper per year in the next five years.Per reports, the Tia Maria project in Peru is likely to break ground by the end of 2024 or in the first half of 2025. The project has experienced delays due to protests that have halted the mine's development. SCCO has been working toward resolving issues with community groups.

SCCO to Benefit From Rising Metal Prices

Copper prices had been impacted earlier this year on weaker-than-expected data from China. However, there has been a recent spike in copper prices on signs of expansion in the manufacturing sector and strong demand amid worries about potential shortages. China’s top copper smelters have jointly agreed to cut down production at unprofitable plants due to raw material shortages. Silver prices have gained amid increasing expectations of interest rate cuts and safe haven demand.The long-term outlook for copper is positive, as copper demand is expected to grow driven by electric vehicles, renewable energy and infrastructure investments. Molybdenum prices are set to increase on the back of healthy demand and reduced supply. Long-term fundamentals for zinc and silver remain strong due to their significant industrial consumption.

Price Performance

The company’s shares have gained 84.5% over the past year compared with the industry’s 63.3% growth.

Zacks Investment Research

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Zacks Rank & Other Stocks to Consider

Southern Copper currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.Some other top-ranked stocks from the basic materials space are ATI Inc. ATI, Carpenter Technology Corporation CRS and Ecolab Inc. ECL.ATI sports a Zacks Rank of 1 at present. ATI beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 61.6% in the past year.Carpenter Technology currently flaunts a Zacks Rank of 1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, the average earnings surprise being 15.1%. The company’s shares have soared 133.4% in the past year.The Zacks Consensus Estimate for Ecolab's current-year earnings is pegged at $6.59 per share, indicating a year-over-year rise of 26.5%. ECL, which carries a Zacks Rank #2 (Buy) at present, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied 35.8% in the past year.

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Zacks Investment Research

The stock market was quiet on Wednesday, but copper stocks sure weren’t. Front-month copper futures were down 5.3%, on track for their worst one-day decline since July 5, 2022, according to Dow Jones Market Data. The Global X Copper Miners ETF was down 5.4%, on track for its largest percent decrease since May 11, 2023.

LONDON, May 21, 2024–(BUSINESS WIRE)–

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

1. KEY INFORMATION

(a) Full name of discloser:	Elliott Investment Management, L.P
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	Elliott International, L.P. Elliott Associates, L.P The Liverpool Limited Partnership
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	BHP Group Limited
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	16th May 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state "N/A"	Anglo American Plc

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security: Ordinary shs : AU000000BHP4	Ordinary
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	10,000	0.0002%	6,636,224	0.1309%
(2) Cash-settled derivatives:			8,508,361	0.1678%
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:	5,000,000	0.0986%
TOTAL:	5,010,000	0.0988%	15,144,585	0.2986%

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit

(b) Cash-settled derivative transactions

Class of relevant security

Product description

e.g. CFD

Nature of dealing

e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(i) Writing, selling, purchasing or varying

Class of relevant security

Product descriptione.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

DR (US0886061086)

Call option

Purchase

2,500,000

US$62.5

American

19/07/24

US$ 1.64583

(ii) Exercise

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

None

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

None

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	17th May 2024
Contact name:	Michael Cross
Telephone number:	0203 009 1306

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240520106053/en/

Contacts

Elliott Advisors (UK) Limited

Globex Mining Enterprises Inc.

ROUYN-NORANDA, Quebec, May 21, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Emperor Metals Inc. (AUOZ-CSE, EMAUF-OTCQB, 9NH-FSE) has mobilized a drill rig to commence its 2024 exploration program on the Duquesne West Gold Property under option from Globex. The drill program will total 8,000 metres.

The Duquesne West Gold property straddles the gold localizing Porcupine-Destor Break in Duparquet Township, Quebec and is located approximately 10 km east of the town of Duparquet. A historical resource of 727,000 ounces of gold (cut) at a grade of 5.42 g/t Au was calculated by Watts, Griffis and McOuat Consulting Geologists and Engineers, October 20, 2011 (click to access) in a report titled “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman property, Quebec, Canada for XMet Inc.”

Emperor has taken a binary approach to exploration on the property seeking to outline an open-pittable, lower grade, large tonnage gold deposit in addition to the more conventional high-grade underground mine as was previously sought on the property. Current efforts by Emperor toward outlining these types of gold deposits consists among other things of new drilling and relogging, resampling, and assaying previous drill holes which Globex has maintained in Globex’s core library. As a matter of course, Globex stores most drill core from drill holes undertaken on our properties for just such occasions.

For access to Emperors press release, click here.

For access to Globex’s October 12, 2022 press release announcing the option to Emperor Metals, click here.

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

We Seek Safe Harbour.	Foreign Private Issuer 12g3 – 2(b)
	CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X 2J1	Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com www.globexmining.com

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.

55,204,836 shares issued and outstanding

Emperor Metals Inc.

Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project.

VANCOUVER, British Columbia, May 21, 2024 (GLOBE NEWSWIRE) — via IBN – Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH) today announces that it has mobilized a drill rig to commence its 2024 exploration program at the Duquesne West Gold Project in Quebec. The 2024 8,000 m drill program is set to commence by mid-May to follow up on the results of Emperor’s initial 2023 drill campaign.

CEO John Florek said: “We are very excited to resume drilling at Duquesne West Gold Project and continue our success in 2024. 2023 was a transformative year for the company with the revelation of a significant open pit concept above a high-grade gold deposit. This gives Emperor the ability to add ounces more rapidly on this project due to the capability of adding potentially open pitable mineralization above the high-grade historical resource. Emperor is well funded with approximately $4 million in working capital and will advance the Duquese West project towards an updated mineral resource. Gold prices continue to show strength, and we are confident that everything is now in place to give our shareholders the best chance of a successful upside on this project."

2024 Exploration Program

In 2024 Emperor will continue improving the economics of the open-pit environment by expanding ounces in several ways:

Extending the footprint of the high-grade lenses within and outside the open-pit shells.
Expand ounces internally and externally to the open-pit shells.
Defining lower-grade bulk-tonnage incremental ounces in the host rock within the open-pit shell.
Continue building quality ounces internally and externally.

In 2023 Emperor Metals utilized AI to create the first 3D mineralized and geological model, illuminating the potential to add significant ounces to this deposit. Emperor used this model for a very successful 2023 drilling campaign of 8,579 m. In addition to laterally extending high-grade zones by intercepting grades of 15.8 g/t Au over 10.85 m (DQ23-05), Emperor encountered intercepts of lower grade bulk tonnage in the host rocks of 1.69 g/t Au over 25 m (DQ23-02). This led to envisioning a different exploration strategy and the revelation that a conceptual open pit potentially overlies this high-grade gold deposit. Historic core sampling began ( +/- 2,500 m) for discovering overlooked lower-grade gold in the host rock around the high-grade lenses. Lower-grade bulk tonnage gold improves the open-pit economics by reducing stripping ratios and adding overlooked incremental ounces for open-pit mining.

About the Duquesne West Gold Project

Multiple scenarios exist to expand additional resources which include:

Underground High-Grade Gold.

Open Pit Bulk Tonnage Gold.

Underground Bulk Tonnage Gold.

1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

QP Disclosure

The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.

About Emperor Metals Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

s/ “John Florek”

John Florek, M.Sc., P.GeolPresident, CEO and DirectorEmperor Metals Inc.

THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS RELEASE

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSCERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES,” “BELIEVES,” “TARGETS,” “ESTIMATES,” “PLANS,” “EXPECTS,” “MAY,” “WILL,” “COULD” OR “WOULD”.

FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.

Contact:

Alex HorsleyDirector 778-323-3058alexh@emperormetals.com www.emperormetals.com

Corporate Communications:IBN Los Angeles, California www.InvestorBrandNetwork.com 310.299.1717 Office Editor@InvestorBrandNetwork.com

By Melanie Burton and Lewis Jackson

PERTH (Reuters) -Shares of BHP Group touched a three-month high on Tuesday about 36 hours ahead of a deadline to lodge a formal bid for rival miner Anglo American, which last week rejected a sweetened $43 billion takeover proposal.

The world's largest listed miner's shares are benefiting from good news including fresh stimulus for China's property sector, copper prices reaching record highs and a growing view that BHP will not make another tilt at Anglo, according to Andy Forster, senior investment officer at Argo Investments, a BHP shareholder.

"We saw last week that they had a bit of a bounce after rejection by Anglo," he said. "I think they're going to stay disciplined. I'd be surprised if they'd come back at this late stage given the lukewarm response from Anglo's board to the previous offers."

Under UK takeover rules, BHP has until 1600 GMT on Wednesday to make a binding bid for Anglo American or it will be forced to walk away for at least six months. If the companies reach an agreement in the meantime, an extension can be granted.

BHP declined to comment on Tuesday. Its shares were up 0.5% to A$45.93 in afternoon trading. Anglo's London-listed shares closed 0.1% higher at 26.80 pounds on Monday.

Anglo's board has already knocked back two all-share proposals from BHP as inadequate and too difficult to execute and last week unveiled plans for a break-up to focus on energy transition metal copper while spinning out or selling its coal, nickel, diamond and platinum businesses.

The copper assets make strategic sense for BHP but the longer the deal takes to close, the more likely it is a competitor lobs a rival bid for some of Anglo's assets, according to Hayden Bairstow, an analyst at Australian stockbroker Argonaut.

"The risk of waiting is that Anglo's metallurgical coal assets go to someone else or an interloper like Glencore comes in with a more compelling deal," he said.

It would take Anglo a minimum of six to 12 months to run a sales process for the coal assets, according to an Australia-based investment banker who spoke on condition of anonymity.

Bankers are now jostling to get business from potential buyers, the person added.

Jefferies analysts said last week that BHP could be interested in the coal assets if it did not succeed in its bid for Anglo, given it owns nearby mines.

BHP would need to boost its latest offer by about 30% to reflect fair value for Anglo and its key copper assets, JPMorgan analysts said in a note last week.

Both of BHP's offers required Anglo divest its platinum and iron ore assets in South Africa, where it employs more than 40,000 people.

BHP has told investors it will not drop its requirement for Anglo to demerge those businesses as a condition of the deal.

($1 = 0.7869 pounds)

(Reporting by Melanie Burton in Perth, Lewis Jackson in Sydney and Himanshi Akhand in Bengaluru; Editing by Praveen Menon and Jamie Freed)

Investing.com — Shares in BHP Group (ASX:BHP) reached a three-month high in Australian trading on Tuesday as the deadline approached for the world's largest miner to sumbit a new formal bid for rival Anglo American (JO:AGLJ).

Analysts cited by Reuters said that BHP shares have been boosted in part by growing predictions that the company will not make another offer for Anglo. Surging copper prices and fresh stimulus for China's ailing property sector were also seen as a catalysts for the stock.

BHP has until 1600 GMT on Wednesday to put forward another proposal for Anglo American. An extension can be established if the two firms reach an agreement. If not, BHP will need to wait for at least six months before unveiling a fresh bid.

Anglo's board of directors has already rejected two all-share offers from BHP, including an improved $43 billion offer submitted last week, saying they were inadequate and difficult to execute.

Shares in BHP touch three-month high as deadline for Anglo bid nears

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Written by Amy Legate-Wolfe at The Motley Fool Canada

It can feel a bit risky to get in on an investment as the price rises. Take gold, for example. The price is rising right now as investors look to hedge inflation. However, investors are likely to withdraw their cash from gold to put back in the market in a bull market once more.

However, the same theory doesn’t hold for copper stocks. That’s because, overall, the global economy is doing well, particularly in large countries like China and the United States. This is driving up demand for copper across many industries. But an even bigger factor is the demand for copper in the green energy sector. Copper is a key component in things like electric vehicles and renewable energy infrastructure, and the push toward these technologies is creating a long-term increase in demand.

Add to this, it’s getting harder to produce more copper. Existing mines are aging and struggling to increase output, and there aren’t enough new mines being developed to keep up with demand. This imbalance between supply and demand is pushing prices up. So, let’s look at three copper stocks to get in on the action.

Teck stock

While not a solely copper-focused company, Teck Resources (TSX:TECK.B) is a strong investment to consider. Teck stock is a diversified resource company with operations in various commodities, including copper, zinc, and steelmaking coal. This diversification can help mitigate risks associated with fluctuations in copper prices.

However, the company is still heavily invested in copper. Teck stock is one of the largest copper producers in North America. Its established market position, along with its operational expertise, allows it to benefit from economies of scale and maintain competitive advantages.

What’s more, Teck stock has been investing in expanding its copper production capacity and exploring new copper deposits. These growth initiatives can potentially enhance the company’s revenue and profitability in the long run, especially considering the projected increase in demand for copper. And right now, shares are rising by 24% in the last year alone.

Taskeko Mines

Another strong company to consider is Taseko Mines (TSX:TKO). Taseko Mines is primarily focused on copper mining, with its flagship asset being the Gibraltar Mine in British Columbia, Canada. As a copper-focused company, Taseko’s performance is closely tied to copper prices and demand.

Their primary asset, the Gibraltar Mine, is a producing copper mine with strong copper grades expected for 2024. If copper prices continue to climb, Taseko could benefit significantly. Plus, Taseko recently acquired the remaining ownership of the Gibraltar Mine, giving them full control of the project. This could streamline decision-making and potentially improve efficiency.

Overall, Taseko stock offers the potential for significant growth if copper prices keep rising and the Florence Copper project is successful. And shares are already surging, up 95% in the last year alone.

First Quantum

Finally, if you want in on copper stocks then First Quantum (TSX:FM) is also a solid choice. First Quantum has a presence in multiple countries, including Zambia, Panama, Mauritania, and Argentina. This spread reduces risk compared to companies reliant on a single mine. Their biggest mine, Kansanshi in Zambia, is a high-volume producer.

Furthermore, First Quantum has a history of increasing copper production, and they have plans for continued expansion at their Kansanshi mine. This could lead to significant future growth in copper output.

Then there’s the potential resolution in Panama. A major hurdle for First Quantum was a dispute with the Panamanian government regarding their Cobre Panama mine. While not fully resolved, there have been signs of progress in reaching an agreement. Settling this dispute could unlock significant future copper production from this mine. Shares are down 41%, so this is certainly a recovery stock. However, it’s already doubled in share price since 52-week lows.

The post 3 Copper Stocks to Buy as the Commodity Continues to Soar appeared first on The Motley Fool Canada.

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