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Highlights include 58.3m at 3.88g/t PGM+Au, 0.12% Ni including 15m at 6.41g/t PGM+Au, 0.11% Ni,and 45.7m at 3.60g/t PGM+Au, 0.08% Ni including 13.7m at 8.47g/t PGM+Au, 0.13% Ni

VANCOUVER, BC, March 13, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") announced that it has received assay results from eight diamond drill holes ("DDH"), five from the North Sector and three from the Southwest Sector at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga" or "Luanga PGM+Au+Ni Project"), located in the Carajás Mineral Province, state of Pará, Brazil.

"Drilling in the North Sector continues to be encouraging, with wider and higher-grade PGM+Au+Ni mineralization at shallow depths. DDH24LU235 is now the best drill hole intercept to date at Luanga and starts at only 10.5m from surface. In comparison, the Central Sector, which currently contains the largest proportion of Mineral Resource Estimate ("MRE") tonnage at Luanga, has been extended to depths in excess of 400m, suggesting considerable room for further extensions to depth in the North Sector," said Luis Azevedo, Chairman and CEO of Bravo. "We also continue to see some evidence of copper sulphide mineralization at depth in the North, as seen in drill hole DDH24LU235, suggesting potential for different styles of mineralization at Luanga."

Highlights Include:

Drilling in the North Sector continues to improve in grade and thickness compared to previously reported drilling and/or drilling on adjacent drill sections as seen in DDH24LU235 on Section 1:
- 58.3m at 3.88g/t PGM+Au, 0.12% Ni including 15m at 6.41g/t PGM+Au, 0.11% Ni
- 45.7m at 3.60g/t PGM+Au, 0.08% Ni including 13.7m at 8.47g/t PGM+Au, 0.13% Ni
Shallow mineralization in the North Sector (Sections 1 and 2) is currently being defined at depths of +/-100m and remains open down dip.
The North Sector has significant potential below 100m from surface, given that the Central Sector extends to depths of more than 400m, which also supports a significant opportunity for MRE growth at shallower depths.
Bore-hole Electromagnetic ("EM") survey team working in parallel with exploration drilling over the priority HeliTEM (airborne electromagnetics) targets, with multiple off-hole conductors ready to be modelled.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	Cu (%) Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	Cu (%) Sulphide	TYPE
DDH23LU222	41.80	43.32	1.52	0.02	<0.01	<0.01	<0.01	0.02	0.88		FR
DDH24LU233	46.50	56.80	10.30	1.30	0.78	0.18	0.02	2.28	0.13		FR
DDH24LU234	54.40	92.40	38.00	0.98	0.63	0.12	0.06	1.79	0.06		FR
DDH24LU235	10.50	20.50	10.00	2.32	0.86	0.14	0.04	3.36	NA		Ox
And	21.50	79.80	58.30	2.18	1.41	0.25	0.04	3.88	0.12		FR
Including	49.80	64.80	15.00	3.74	2.23	0.37	0.07	6.41	0.11		FR
And	93.80	139.50	45.70	2.10	1.20	0.26	0.05	3.60	0.08		FR
Including	102.85	116.50	13.65	5.13	2.67	0.56	0.11	8.47	0.13		FR
And	236.30	239.30	3.00	0.00	0.00	0.00	0.03	0.04	0.01	1.01	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 125% to 140% of true thickness.
	Type: Ox = Oxide. 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, unlike historical total nickel assays.

Luanga Drilling Update

Results from eight diamond drill holes have been received from the North and Southwest Sectors. All the drill holes herein reported are angled holes (-60 degrees), towards a 090° azimuth in the North and 360° azimuth in the Southwest. Together, this set of drill holes comprise a total of 1,865 metres of diamond drilling.

Section 1 (Figure 1) in the North Sector shows a new infill drill section with DDH24LU235 being the deepest drill hole on the section, clearly showing significantly better mineralization at depth, both in thickness and grade, in all three distinct zones of mineralization. Two of the mineralised zones now contain significant high-grade portions within the broader mineralised zones. This high-grade mineralization is still only defined to approximately 120m below surface, with additional drilling now planned to test for potential extension at depth. Results bode well for future MRE growth.

58.3m at 3.88g/t PGM+Au, 0.12% Ni, including 15m at 6.41g/t PGM+Au, 0.11% Ni
45.7m at 3.60g/t PGM+Au, 0.08% Ni, including 13.7m at 8.47g/t PGM+Au, 0.13% Ni

Figure 1: North Sector (Section 1 on Figure 3). PGM+Au mineralization significantly wider and higher-grade at depth. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) in the North Sector also shows evidence of increasing widths and grades at shallow depths, with mineralization still open at depth. DDH24LU234 (38.0m at 1.79g/t PGM+Au, 0.06% Ni) is a significant improvement over the up-dip intercept in DDH24LU232 (9.8m at 0.86g/t PGM+Au) and, as with Section 1, these results also bode well for future MRE growth, with significant potential open at depth.

Figure 2: North Sector (Section 2 on Figure 3). Widths and grades improve significantly as mineralization transitions to fresh rock. (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 269 drill holes have been completed by Bravo to date, for 57,648.45 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 235 Bravo drill holes to date. Assay results for 26 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes).

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness(m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	Cu (%)Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness(m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	Cu (%)Sulphide	TYPE
DDH23LU220	No significant results
DDH23LU222	41.80	43.32	1.52	0.02	<0.01	<0.01	<0.01	0.02	0.88		FR
And	226.00	238.00	12.00	0.79	0.31	0.05	0.02	1.16	0.13		FR
DDH23LU225	212.35	221.35	9.00	0.62	0.24	0.03	0.01	0.91	0.07		FR
DDH23LU231	9.00	44.90	35.90	0.65	0.32	0.05	0.02	1.03	NA		Ox
And	53.75	60.00	6.25	0.76	0.38	0.07	0.07	1.27	0.25		FR
And	65.00	76.00	11.00	0.67	0.39	0.07	0.01	1.13	0.17		FR
DDH23LU232	0.00	3.00	3.00	0.59	0.29	0.05	0.01	0.93	NA		Ox
And	8.00	11.00	3.00	0.54	0.26	0.04	0.02	0.86	NA		Ox
And	24.05	31.80	9.75	0.53	0.27	0.04	0.02	0.86	0.13		FR
And	92.80	118.80	26.00	0.83	0.39	0.07	0.10	1.39	0.13		FR
DDH24LU233	0.00	15.90	15.90	0.79	0.34	0.06	0.02	1.21	NA		Ox
And	27.90	38.90	11.00	0.82	0.29	0.07	0.02	1.19	0.03		FR
And	46.50	56.80	10.30	1.30	0.78	0.18	0.02	2.28	0.13		FR
And	91.80	109.40	17.60	0.39	0.15	0.02	0.02	0.58	0.17		FR
And	168.75	171.90	3.15	0.65	0.28	0.05	0.04	1.02	0.09		FR
DDH24LU234	0.00	5.20	5.20	0.77	0.24	0.04	0.03	1.08	NA		Ox
And	54.40	92.40	38.00	0.98	0.63	0.12	0.06	1.79	0.06		FR
DDH24LU235	10.50	20.50	10.00	2.32	0.86	0.14	0.04	3.36	NA		Ox
And	21.50	79.80	58.30	2.18	1.41	0.25	0.04	3.88	0.12		FR
Including	49.80	64.80	15.00	3.74	2.23	0.37	0.07	6.41	0.11		FR
And	93.80	139.50	45.70	2.10	1.20	0.26	0.05	3.60	0.08		FR
Including	102.85	116.50	13.65	5.13	2.67	0.56	0.11	8.47	0.13		FR
And	149.10	191.20	42.10	0.53	0.22	0.03	0.04	0.82	0.04		FR
And	236.30	239.30	3.00	0.00	0.00	0.00	0.03	0.04	0.01	1.01	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given orientation of drilling and mineralization, intercepts are estimated at 125% to 140% of true thickness.
	Type: Ox = Oxide. 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, unlike historical total nickel assays

Figure 3: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

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

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded 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 "best", "better", "encouraging", "wider", "higher-grade", "considerable", "extension", "potential", "significant", "opportunity", "priority", "bodes well", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth and the implications of higher copper grades in certain areas; and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management's expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH23LU220	Bravo	657800.01	9339871.28	221.471	SIRGAS2000_UTM_22S	200.05	360.00	-60.00	Southwest
DDH23LU222	Bravo	657000.42	9339411.47	243.035	SIRGAS2000_UTM_22S	340.35	360.00	-60.00	Southwest
DDH23LU225	Bravo	656849.98	9339305.59	232.687	SIRGAS2000_UTM_22S	356.60	360.00	-60.00	Southwest
DDH24LU231	Bravo	659505.03	9343323.01	259.557	SIRGAS2000_UTM_22S	150.65	90.00	-60.00	North
DDH24LU232	Bravo	659517.04	9343422.99	240.554	SIRGAS2000_UTM_22S	160.55	90.00	-60.00	North
DDH24LU233	Bravo	659457.20	9343323.05	260.188	SIRGAS2000_UTM_22S	223.20	90.00	-60.00	North
DDH24LU234	Bravo	659464.78	9343422.96	243.986	SIRGAS2000_UTM_22S	180.40	90.00	-60.00	North
DDH24LU235	Bravo	659401.00	9343322.99	254.545	SIRGAS2000_UTM_22S	253.60	90.00	-60.00	North

Schedule 2: Assay Methodologies and QAQC

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

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

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

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

SOURCE Bravo Mining Corp.

Cision

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Key Insights

Using the 2 Stage Free Cash Flow to Equity, BHP Group fair value estimate is AU$53.69
BHP Group is estimated to be 22% undervalued based on current share price of AU$41.95
Our fair value estimate is 15% higher than BHP Group's analyst price target of US$46.64

In this article we are going to estimate the intrinsic value of BHP Group Limited (ASX:BHP) by taking the expected future cash flows and discounting them to their present value. This will be done using the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.

Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

See our latest analysis for BHP Group

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.

Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value:

10-year free cash flow (FCF) forecast

	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
Levered FCF ($, Millions)	US$11.1b	US$10.6b	US$11.0b	US$10.5b	US$10.9b	US$11.0b	US$11.1b	US$11.3b	US$11.5b	US$11.7b
Growth Rate Estimate Source	Analyst x10	Analyst x9	Analyst x8	Analyst x3	Analyst x2	Est @ 0.95%	Est @ 1.31%	Est @ 1.57%	Est @ 1.74%	Est @ 1.87%
Present Value ($, Millions) Discounted @ 7.6%	US$10.3k	US$9.1k	US$8.8k	US$7.8k	US$7.5k	US$7.1k	US$6.7k	US$6.3k	US$5.9k	US$5.6k

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$75b

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 (2.2%) 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 7.6%.

Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = US$12b× (1 + 2.2%) ÷ (7.6%– 2.2%) = US$219b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$219b÷ ( 1 + 7.6%)10= US$105b

The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$180b. In the final step we divide the equity value by the number of shares outstanding. Relative to the current share price of AU$42.0, the company appears a touch undervalued at a 22% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula – garbage in, garbage out.

dcfImportant Assumptions

Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. 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 BHP Group 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 7.6%, which is based on a levered beta of 1.192. 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 BHP Group

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 faster than the Australian market.

Good value based on P/E ratio and estimated fair value.

Threat

Dividends are not covered by earnings.

Annual revenue is expected to decline over the next 3 years.

Moving On:

Whilst important, the DCF calculation shouldn't be the only metric you look at when researching 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. What is the reason for the share price sitting below the intrinsic value? For BHP Group, there are three further aspects you should explore:

Risks: For example, we've discovered 3 warning signs for BHP Group that you should be aware of before investing here.

Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for BHP'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. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the ASX every day. If you want to find the calculation for other stocks just search here.

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.

In the latest market close, Freeport-McMoRan (FCX) reached $40.36, with a -0.15% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.12%. Meanwhile, the Dow experienced a rise of 0.61%, and the technology-dominated Nasdaq saw an increase of 1.54%.

Coming into today, shares of the mining company had gained 7.24% in the past month. In that same time, the Basic Materials sector gained 5.41%, while the S&P 500 gained 2.06%.

The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. In that report, analysts expect Freeport-McMoRan to post earnings of $0.36 per share. This would mark a year-over-year decline of 30.77%. Meanwhile, the latest consensus estimate predicts the revenue to be $5.64 billion, indicating a 4.75% increase compared to the same quarter of the previous year.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.52 per share and revenue of $23.19 billion, indicating changes of -1.3% and +1.48%, respectively, compared to the previous year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.47% higher. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).

Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 26.53. This indicates a premium in contrast to its industry's Forward P/E of 14.56.

The Mining – Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 195, positioning it in the bottom 23% of all 250+ industries.

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

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

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The latest trading session saw Freeport-McMoRan (FCX) ending at $40.42, denoting a +1.43% adjustment from its last day's close. This move outpaced the S&P 500's daily loss of 0.11%. On the other hand, the Dow registered a gain of 0.12%, and the technology-centric Nasdaq decreased by 0.41%.

Prior to today's trading, shares of the mining company had gained 6.66% over the past month. This has outpaced the Basic Materials sector's gain of 4.98% and the S&P 500's gain of 2.7% in that time.

The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. On that day, Freeport-McMoRan is projected to report earnings of $0.36 per share, which would represent a year-over-year decline of 30.77%. Meanwhile, our latest consensus estimate is calling for revenue of $5.64 billion, up 4.75% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.52 per share and a revenue of $23.19 billion, indicating changes of -1.3% and +1.48%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Freeport-McMoRan. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.47% increase. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).

In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 26.16. This indicates a premium in contrast to its industry's Forward P/E of 14.81.

The Mining – Non Ferrous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 210, finds itself in the bottom 17% echelons of all 250+ industries.

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

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

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Zacks Investment Research

Key Insights

Using the 2 Stage Free Cash Flow to Equity, Freeport-McMoRan fair value estimate is US$56.61
Current share price of US$39.81 suggests Freeport-McMoRan is potentially 30% undervalued
Our fair value estimate is 23% higher than Freeport-McMoRan's analyst price target of US$46.21

How far off is Freeport-McMoRan Inc. (NYSE:FCX) from its intrinsic value? Using the most recent financial data, we'll take a look at whether the stock is fairly priced by projecting its future cash flows and then discounting them to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. There's really not all that much to it, even though it might appear quite complex.

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 want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

View our latest analysis for Freeport-McMoRan

What's The Estimated Valuation?

We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. To begin with, we have to get estimates of 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.

Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value:

10-year free cash flow (FCF) estimate

	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033
Levered FCF ($, Millions)	US$2.53b	US$4.32b	US$5.00b	US$4.47b	US$5.01b	US$5.15b	US$5.29b	US$5.43b	US$5.57b	US$5.71b
Growth Rate Estimate Source	Analyst x7	Analyst x7	Analyst x4	Analyst x1	Analyst x1	Est @ 2.95%	Est @ 2.75%	Est @ 2.61%	Est @ 2.52%	Est @ 2.45%
Present Value ($, Millions) Discounted @ 7.8%	US$2.3k	US$3.7k	US$4.0k	US$3.3k	US$3.4k	US$3.3k	US$3.1k	US$3.0k	US$2.8k	US$2.7k

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$32b

The second stage is also known as Terminal Value, this is the business's cash flow after the first stage. 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 (2.3%) 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 7.8%.

Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = US$5.7b× (1 + 2.3%) ÷ (7.8%– 2.3%) = US$105b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$105b÷ ( 1 + 7.8%)10= US$50b

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$81b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Compared to the current share price of US$39.8, the company appears a touch undervalued at a 30% 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.

dcfImportant Assumptions

The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. 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 Freeport-McMoRan 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 7.8%, which is based on a levered beta of 1.205. 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 Freeport-McMoRan

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 faster than the American market.

Trading below our estimate of fair value by more than 20%.

Threat

Dividends are not covered by cash flow.

Annual revenue is forecast to grow slower than the American market.

Looking Ahead:

Although the valuation of a company is important, it ideally won't be the sole piece of analysis you scrutinize for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. Why is the intrinsic value higher than the current share price? For Freeport-McMoRan, we've compiled three pertinent items you should look at:

Risks: We feel that you should assess the 1 warning sign for Freeport-McMoRan we've flagged before making an investment in the company.

Future Earnings: How does FCX's growth rate compare to its peers and the wider market? Dig deeper into the analyst consensus number for the upcoming years by interacting with our free analyst growth expectation chart.

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

Key Insights

Significantly high institutional ownership implies Anglo American's stock price is sensitive to their trading actions
The top 19 shareholders own 50% of the company
Recent purchases by insiders

Every investor in Anglo American plc (LON:AAL) should be aware of the most powerful shareholder groups. We can see that institutions own the lion's share in the company with 65% ownership. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Institutional investors would appreciate the 9.2% increase in share price last week, given their one-year losses have totalled a disappointing 31%.

Let's delve deeper into each type of owner of Anglo American, beginning with the chart below.

See our latest analysis for Anglo American

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Anglo American?

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

Anglo American already has institutions on the share registry. Indeed, they own a respectable stake in the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. If multiple institutions change their view on a stock at the same time, you could see the share price drop fast. It's therefore worth looking at Anglo American's earnings history below. Of course, the future is what really matters.

earnings-and-revenue-growth

Institutional investors own over 50% of the company, so together than can probably strongly influence board decisions. Anglo American is not owned by hedge funds. BlackRock, Inc. is currently the company's largest shareholder with 8.7% of shares outstanding. For context, the second largest shareholder holds about 7.7% of the shares outstanding, followed by an ownership of 4.6% by the third-largest shareholder.

After doing some more digging, we found that the top 19 have the combined ownership of 50% in the company, suggesting that no single shareholder has significant control over the company.

Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of Anglo American

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

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

Our data suggests that insiders own under 1% of Anglo American plc in their own names. But they may have an indirect interest through a corporate structure that we haven't picked up on. As it is a large company, we'd only expect insiders to own a small percentage of it. But it's worth noting that they own UK£31m worth of shares. It is always good to see at least some insider ownership, but it might be worth checking if those insiders have been selling.

General Public Ownership

With a 16% ownership, the general public, mostly comprising of individual investors, have some degree of sway over Anglo American. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Private Company Ownership

We can see that Private Companies own 10.0%, of the shares on issue. It's hard to draw any conclusions from this fact alone, so its worth looking into who owns those private companies. Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Next Steps:

While it is well worth considering the different groups that own a company, there are other factors that are even more important. Case in point: We've spotted 4 warning signs for Anglo American you should be aware of, and 1 of them is potentially serious.

But ultimately it is the future, not the past, that will determine how well the owners of this business will do. Therefore we think it advisable to take a look at this free report showing whether analysts are predicting a brighter future.

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

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an eye out for. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. If you see this, it typically means it's a company with a great business model and plenty of profitable reinvestment opportunities. So on that note, Eastern Platinum (TSE:ELR) looks quite promising in regards to its trends of return on capital.

What Is Return On Capital Employed (ROCE)?

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

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

0.12 = US$11m ÷ (US$158m – US$71m) (Based on the trailing twelve months to September 2023).

So, Eastern Platinum has an ROCE of 12%. On its own, that's a standard return, however it's much better than the 1.8% generated by the Metals and Mining industry.

See our latest analysis for Eastern Platinum

roce

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you'd like to look at how Eastern Platinum has performed in the past in other metrics, you can view this free graph of Eastern Platinum's past earnings, revenue and cash flow.

What Does the ROCE Trend For Eastern Platinum Tell Us?

Like most people, we're pleased that Eastern Platinum is now generating some pretax earnings. The company was generating losses five years ago, but now it's turned around, earning 12% which is no doubt a relief for some early shareholders. Additionally, the business is utilizing 46% less capital than it was five years ago, and taken at face value, that can mean the company needs less funds at work to get a return. Eastern Platinum could be selling under-performing assets since the ROCE is improving.

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 45% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. And with current liabilities at those levels, that's pretty high.

The Bottom Line

From what we've seen above, Eastern Platinum has managed to increase it's returns on capital all the while reducing it's capital base. Given the stock has declined 49% in the last five years, this could be a good investment if the valuation and other metrics are also appealing. That being the case, research into the company's current valuation metrics and future prospects seems fitting.

One more thing: We've identified 4 warning signs with Eastern Platinum (at least 1 which is concerning) , and understanding them would certainly be useful.

For those who like to invest in solid companies, check out this free list of companies with solid balance sheets and high returns on equity.

White Rock, British Columbia–(Newsfile Corp. – March 7, 2024) – Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company"), is pleased to announce that it will be hosting a Live Webinar on Wednesday, March 13th at 1:30PM EST to discuss similarities between Honey Badger's wholly owned Plata Project and the adjacent Rogue Project held by Snowline Gold. To attend the Webinar, please click here to register.

The Company's CEO, Dorian L. (Dusty) Nicol, commented, "Plata hosts spectacular high grade silver mineralization. Recent mapping, compilation, and interpretation lead to the conclusion that Plata's geologic setting is similar to that of Snowline Gold's adjacent Rogue Project. We now interpret Plata as being related to the same style of mineralization ("Reduced Intrusion Related Gold Deposit") as the Valley discovery within the Rogue Project. Our observations at Plata fit into a mineralization zoning model indicating that silver mineralization at Plata is the periphery of a RIRGS mineralizing system, while geophysics suggests the presence of a buried intrusive. This significantly expands the discovery potential at Plata and led to the acquisition of additional claims (see News Release dated March 5, 2024). We look forward to presenting this concept in more detail during our upcoming webinar."

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

About Honey Badger Silver Inc.

Honey Badger Silver is a silver company. The company is led by a highly experienced leadership team with a track record of value creation backed by a skilled technical team. Our projects are located in areas with a long history of mining, including the Sunrise Lake project with a historic resource of 12.8 Moz of silver Indicated and 13.9 Moz of silver Inferred (1)(3) located in the Northwest Territories and the Plata high grade silver project located 165 km east of Yukon's prolific Keno Hill and adjacent to Snowline Gold's Rogue discovery. The Company's Clear Lake Project in the Yukon Territory has a historic resource of 5.5 Moz of silver and 1.3 billion pounds of zinc (2)(3). The Company also has a significant land holding at the Nanisivik Mine Area located in Nunavut, Canada that produced over 20 Moz of silver between 1976 and 2002. (2,3)

(1) Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold.(2) Clear Lake 2010 SRK historic Resource: Inferred 7.76 million tonnes grading 22 grams/tonne silver, 7.6% zinc, and 1.08% lead.(3) Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."(4) A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource and the Company is not treating the estimate as a current mineral resource. The historic tonnage estimate cannot be relied upon. Additional work, including verification drilling / sampling, will be required to verify the estimate as a current mineral resource.

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, CEO

For more information please visit our website www.honeybadgersilver.com or contact Ms. Michelle Savella for Investor Relations | msavella@honeybadgersilver.com | +1 (604) 828-5886.

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

Cautionary Note Regarding Forward-Looking Information

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

Such factors include, but are not limited to, risks relating to capital and operating costs varying significantly from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; other risks involved in the mineral exploration and development industry; and those risks set out in the Company's public documents filed on SEDAR+ (www.sedarplus.ca) under Honey Badger's issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframes or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200810

Forsys Metals Corp

Figure 1

Permits obtained

TORONTO, March 07, 2024 (GLOBE NEWSWIRE) — Forsys Metals Corp. (TSX: FSY) (FSE: F2T) (NSX: FSY) (“Forsys” or the “Company”) is pleased to announce that the Ministry of Mines and Energy of the Republic of Namibia (“Ministry”) has renewed the Company’s Namibplaas Exclusive Prospecting License (“EPL”)– 3638, that forms part of its Norasa Uranium Project (“Norasa1”).

This licence has been renewed for a further two years until February 2026. In September 2022 Forsys has also made an application to the Ministry to convert EPL-3638 to a full 25-year Mining Licence (“ML"), and this submission is pending as ML-251. EPL-3638 remains in good standing while the Ministry processes Forsys’ ML-251 submission.

“EPL-3638 covers a strategic land position with significant exploration upside,” commented Pine Van Wyk, Forsys’ In-Country Director. “We greatly appreciate the Ministry’s continued support as we accelerate development of the Norasa project and continue to work closely with the Ministry in obtaining the ML.”

Permits obtained

Figure 1: Permits obtained

_________________________________1 The Norasa Uranium Project (“Norasa“) is wholly-owned by the Company’s 100% subsidiary Valencia Uranium (Pty) Ltd. (“Valencia Uranium”) and comprises the Valencia uranium deposits (held under ML-149) ("Valencia”) and the Namibplaas uranium deposit (under EPL-3638, application for ML-251) (“Nambiplaas”).

About Forsys Metals Corp.

Forsys Metals Corp. (TSX: FSY, FSE: F2T, NSX: FSY) is an emerging uranium developer focused on advancing its wholly-owned Norasa Uranium Project, located in the politically friendly jurisdiction of Namibia, Africa. The Norasa Uranium Project is comprised of the Valencia Uranium deposit (ML-149) and the nearby Namibplaas Uranium deposit (EPL-3638).

Further information is available at the Company website www.forsysmetals.com

On behalf of the Board of Directors of Forsys Metals Corp. Richard Parkhouse, Director, Investor Relations.

For additional information please contact: Richard Parkhouse, Director, Investor Relationsemail: rparkhouse@forsysmetals.com

Forward Looking Statement

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar+.com. The forward-looking statements included in this press release are made as of the date of this press release and Forsys Metals Corp disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9390ef6c-7a69-4f1a-9a4f-a91f49d22e5f

(Adds details)

March 6 (Reuters) – Sprott Asset Management has launched a Copper Miners exchange-traded fund (ETF), with Freeport-McMoRan, Antofagasta and Southern Copper Corp as its top holdings by weight, it said on Wednesday.

The fund is the most recent addition to its suite of critical materials-focused ETFs – baskets of securities that can be bought and sold like individual stocks.

It is its second copper mining fund, joining the Sprott Junior Copper Miners ETF (COPJ) launched in February 2023.

"The Sprott Copper Miners ETF seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Nasdaq Sprott Copper Miners," the company said in a release.

Copper prices are little changed overall this year, held in check by concerns over the property sector in major consumer China.

Helped by a weaker dollar and declining exchange stockpiles, three-month copper on the London Metal Exchange (LME) was up 1% at $8,574 per metric ton by the European midafternoon on Wednesday. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Jan Harvey)

Vancouver, British Columbia–(Newsfile Corp. – March 6, 2024) – Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) ("Flying Nickel" or the "Company") announces that its board of directors has approved the grant of incentive stock options (the "Options") to certain officers to acquire a total of 200,000 common shares in the capital of the Company at an exercise price of $0.06. All Options were granted pursuant to the Company's 10% rolling stock option plan (the "Plan") and are subject to the terms of the Plan, the applicable grant agreements and the requirements of the TSX-V. The Options are exercisable for a five-year term expiring March 6, 2029. The Options will vest at 12.5% per quarter for the first two years following the grant date starting on June 6, 2024.

Flying Nickel and Nevada Vanadium Mining Corp. ("Nevada Vanadium") also announce that further to their joint press releases dated October 5, 2022 and August 23, 2022, Flying Nickel and Nevada Vanadium continue to work diligently with their respective advisors towards completion of the proposed acquisition of all of the issued and outstanding common shares of Nevada Vanadium by Flying Nickel by way of a court-approved plan of arrangement (the "Transaction"). Flying Nickel and Nevada Vanadium expect to update the closing schedule in April 2024.

About Flying Nickel

Flying Nickel Mining Corp. is a nickel sulphide mining and exploration company. The company is advancing its 100% owned Minago nickel project in the Thompson nickel belt in Manitoba, Canada.

Further information on the Company can be found at www.flynickel.com.

FLYING NICKEL MINING CORP.

ON BEHALF OF THE BOARD

John LeeChief Executive Officer

For more information about the Company, please contact:Phone: Phone: 1.877.664.2535 / 1.877.6NICKELEmail: info@flynickel.com

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management's expectations regarding the Company's future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking information in this news release includes the expected timing to determine the closing schedule for the Company's prosed merger with Flying Nickel by plan of arrangement (the "Proposed Transaction").

Forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance, events or results, and may not be indicative of whether such events or results will actually be achieved. A number of risks and other factors could cause actual results to differ materially from expected results discussed in the forward-looking statements, including but not limited to: changes in business plans; ability to secure sufficient financing to advance the Company's project, ability to complete the Proposed Transaction, as announced by press releases on October 5 and August 23, 2022 (collectively, the "Joint News Releases"), and unanticipated delays to the timing for closing; and general market, industry and economic conditions. See the Joint News Releases for further details about the Proposed Transaction and its associated risks. Further details about the risk factors concerning the Proposed Transaction are set out in such news releases. Additional risk factors are set out in the Company's latest annual and interim management's discussion and analysis, available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements are based on reasonable assumptions by management as of the date of this news release, and there can be no assurance that actual results will be consistent with any forward-looking statements included herein. Readers are cautioned that all forward looking statements in this news release are made as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements in this news release to reflect circumstances or events that occur after the date of this news release, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200553

White Rock, British Columbia–(Newsfile Corp. – March 5, 2024) – Honey Badger Silver Inc. (TSXV: TUF) ("Honey Badger" or the "Company"), announces the acquisition of additional claims adjacent to its wholly owned Plata Project in the Yukon Territory. Recent compilation work on the Company's Plata Project has confirmed similarities to the adjacent exciting Rogue Project owned by Snowline Gold. Rogue appears to be one of the most exciting and potentially one of the largest recent mineral discoveries anywhere in the world.

Honey Badger's CEO, Dorian L. (Dusty) Nicol, commented, "Plata hosts spectacular high grade silver mineralization, traditionally interpreted as a Keno Hill analogue. Recent mapping and compilation work confirm the similarity of Plata geology to the geologic setting at Snowline Gold's adjacent Rogue Project where, about 30km east of Plata at the Valley discovery, recent drilling has intersected exceptional gold intercepts such as 2.48 gpt Au over 553.8 meters. Geologic mapping during the last field season led to our current interpretation of Plata as being related to the same style of mineralization ("Reduced Intrusion Related Gold System" or RIRGS) as at Valley. Our observations at Plata fit into a mineralization zoning model indicating that surface vein mineralization at Plata is the periphery of a RIRGS mineralizing system. This significantly expands the discovery potential at Plata. Our new claims cover a geophysical magnetic low which we interpret as representing a possible buried intrusion that fed the mineralizing system."

The new claims are adjacent to the Plata Project, comprise 69 individual claims covering 1,430 hectares, and cover the heart of the geophysical magnetic low (See Figure 1).

Figure 1

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3204/200425_7d8090940452ea9f_001full.jpg

Figure 2

To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/3204/200425_7d8090940452ea9f_002full.jpg

Figure 2 shows the location of the Plata claims in relation to Snowline's Rogue Project.

The claims were staked by ECEE Money Ltd. ("ECEE"), a private corporation controlled by W. Douglas Eaton, a former director of Honey Badger, with the concurrence and knowledge of Honey Badger. ECEE has transferred ownership of the claims to Honey Badger at no cost, subject to a 2% net smelter royalty ("NSR") on future commercial gold production. The NSR applies only to gold.

Qualified Person

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

About Honey Badger Silver Inc.

ON BEHALF OF THE BOARD

Dorian L. (Dusty) Nicol, CEO

For more information please visit our website www.honeybadgersilver.com or contact Ms. Michelle Savella for Investor Relations | msavella@honeybadgersilver.com | +1 (604) 828-5886.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200425

By Rod Nickel

WINNIPEG, Manitoba (Reuters) -BHP has signed non-binding sales agreements for all potash production from both phases of the Canadian mine it is building, and will look to convert those into firm offtakes within 12-18 months, a senior executive told Reuters.

BHP Chief Commercial Officer Ragnar Udd also said the company is not interested in acquiring the idled Cobre Panama copper mine from First Quantum Minerals.

Australia-based BHP's entry into selling potash is expected to shake up the global fertilizer market, which producers in Canada, Belarus and Russia dominate. Fertilizer is a key input for farmers to boost yields of crops such as corn.

BHP expects to begin production at Jansen, Saskatchewan in late 2026, ramping up to 4.35 million metric tons annually. A second phase approved by BHP will boost yearly output to 8.5 million tons, expanding global supply by roughly 10%.

BHP plans to sell potash to distributors, rather than directly to companies that re-sell the fertilizer to farmers, Udd said, declining to name the companies.

BHP has not previously disclosed the sales agreements or how it will market its potash.

Selling to distributors reflects the fact that BHP does not own a potash distribution network and allows it to focus on what it is best at – production, Udd said in an interview.

"A lot of the feedback we've had from customers is how thrilled they are to be seeing a new reliable, stable form of supply coming in from an industry player that's well-known," Udd said.

BHP will turn tentative sales into binding contracts – typically lasting one year – as production comes online, with the first likely in late 2025 or early 2026, Udd said.

BHP will provide stiff competition to Nutrien, Mosaic, Belaruskali and Uralkali. The company's entry may initially be "quite destructive" to prices, said Humphrey Knight, principal analyst of potash and phosphates at consultancy CRU.

Selling to distributors runs counter to how BHP usually operates, controlling much of the supply chain itself, Knight said.

The U.S. is the prime market for Canadian potash due to its proximity, but it has been difficult to penetrate for another producer, Germany's K+S AG, Knight said.

Udd said he would not give specifics about BHP's U.S. plan but said it is "quite comfortable" with its ability to compete there.

BHP, best-known for mining iron ore, copper, nickel and metallurgical coal, is not interested in acquiring First Quantum's Cobre Panama, one of the world's largest open-pit copper mines, which was forced to shut down in December after Panama's top court ruled that its contract was unconstitutional.

"Honestly, while we're always looking for opportunities, I think that's a situation best left for Panama and others," Udd said.

(Reporting by Rod Nickel in Winnipeg; additional reporting by Divya Rajagopal in Toronto, Editing by Franklin Paul)

(Bloomberg) — Iron ore behemoth Fortescue Ltd.’s months-long stock rally suffered a big pullback in February as investors turned sour on the company’s earnings growth and high exposure to slumping metal prices amid China’s rocky recovery.

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Disclosure: None. 12 Best Battery Stocks To Invest In Before They Take Off is originally published on Insider Monkey.

Harmony Gold Mining (JSE:HAR) First Half 2024 ResultsKey Financial Results

Revenue: R31.4b (up 35% from 1H 2023).
Net income: R5.92b (up 222% from 1H 2023).
Profit margin: 19% (up from 7.9% in 1H 2023). The increase in margin was driven by higher revenue.
EPS: R9.56 (up from R2.98 in 1H 2023).

earnings-and-revenue-growth

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

Harmony Gold Mining Earnings Insights

Looking ahead, revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Metals and Mining industry in South Africa.

Performance of the South African Metals and Mining industry.

The company's shares are up 3.7% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Harmony Gold Mining's balance sheet and an in-depth analysis of the company's financial position.

It's been a pretty great week for Aurelia Metals Limited (ASX:AMI) shareholders, with its shares surging 17% to AU$0.14 in the week since its latest half-year results. Results look to have been somewhat negative – revenue fell 7.2% short of analyst estimates at AU$147m, although statutory losses were somewhat better. The per-share loss was AU$0.0012, 91% smaller than the analysts were expecting prior to the result. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.

See our latest analysis for Aurelia Metals

earnings-and-revenue-growth

Taking into account the latest results, the current consensus, from the three analysts covering Aurelia Metals, is for revenues of AU$303.3m in 2024. This implies a discernible 6.3% reduction in Aurelia Metals' revenue over the past 12 months. The loss per share is expected to greatly reduce in the near future, narrowing 25% to AU$0.011. Yet prior to the latest earnings, the analysts had been forecasting revenues of AU$317.1m and losses of AU$0.0035 per share in 2024. So it's pretty clear the analysts have mixed opinions on Aurelia Metals after this update; revenues were downgraded and per-share losses expected to increase.

The average price target was broadly unchanged at AU$0.19, perhaps implicitly signalling that the weaker earnings outlook is not expected to have a long-term impact on the valuation. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values Aurelia Metals at AU$0.22 per share, while the most bearish prices it at AU$0.15. This shows there is still a bit of diversity in estimates, but analysts don't appear to be totally split on the stock as though it might be a success or failure situation.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Aurelia Metals' past performance and to peers in the same industry. These estimates imply that revenue is expected to slow, with a forecast annualised decline of 12% by the end of 2024. This indicates a significant reduction from annual growth of 4.6% over the last five years. By contrast, our data suggests that other companies (with analyst coverage) in the same industry are forecast to see their revenue grow 1.3% annually for the foreseeable future. So although its revenues are forecast to shrink, this cloud does not come with a silver lining – Aurelia Metals is expected to lag the wider industry.

The Bottom Line

The most important thing to take away is that the analysts increased their loss per share estimates for next year. On the negative side, they also downgraded their revenue estimates, and forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Aurelia Metals going out to 2026, and you can see them free on our platform here.

It is also worth noting that we have found 3 warning signs for Aurelia Metals (1 is potentially serious!) that you need to take into consideration.

Harmony Gold Mining Company Limited HMY logged adjusted earnings of 51 cents per share in the first half of fiscal 2024 (ended Dec 31, 2023), up 200% from adjusted earnings of 17 cents recorded a year ago.

For the first half of fiscal 2024, revenues were up 25% year over year to $1,681 million. Average gold prices received for the period rose nearly 10% year over year to $1,900 per ounce (oz).

Harmony Gold Mining Company Limited Price, Consensus and EPS Surprise

Harmony Gold Mining Company Limited price-consensus-eps-surprise-chart | Harmony Gold Mining Company Limited Quote

Production and Costs

Gold production was 832,349 oz for the reported period, up around 14% year over year.

Cash operating costs per oz fell 10% year over year to $1,191. All-in-sustaining costs fell 12% year over year to $1,403 per oz.

Financial Overview

As of Dec 31, 2023, cash and cash equivalents rose around 46% year over year to $188 million.

Operating free cash flow surged 237% year over year to $381 million during the period.

Long-term debt was $183 million at the end of first half of fiscal 2024, down around 55% year over year.

Outlook

Harmony Gold’s guidance to produce 1.38-1.48 million oz of gold in fiscal 2024 remains unchanged. Similarly, the AISC and underground grade guidance remains unchanged.

Price Performance

Shares of Harmony Gold are up 83.6% in the past year compared with a 3.4% fall of the industry.

Zacks Investment Research

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Zacks Rank & Key Picks

Harmony currently carries a Zacks Rank #2 (Buy).

Other top-ranked stocks in the Basic Materials space are Carpenter Technology Corporation CRS sporting a Zacks Rank #1 (Strong Buy), and Ecolab Inc. ECL and Hawkins, Inc. HWKN, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

The consensus estimate for CRS’ current fiscal year earnings is pegged at $3.97 per share, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 28% in the past year.

Ecolab has a projected earnings growth rate of 22.65%% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 6.5% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 41.8% in the past year.

The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised upward by 4.3% in the past 30 days. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 69% in the past year.

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

Ecolab Inc. (ECL) : Free Stock Analysis Report

Carpenter Technology Corporation (CRS) : Free Stock Analysis Report

Harmony Gold Mining Company Limited (HMY) : Free Stock Analysis Report

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

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MELBOURNE (Reuters) – The world's biggest listed miner BHP Group said on Thursday it was disbanding some global teams and transferring those roles covering functions including planning, environment and heritage protection to its mining asset-level management.

BHP employs more than 80,000 people in staff and contractors around the world and the announcement comes after CEO Mike Henry has flagged the lack of productivity improvement and high costs of its Australian workforce. The changes will take place at BHP's operational assets in Australia and the Americas.

BHP did not say how many jobs would be impacted if any, but the Australian Financial Review reported some roles related to a standalone planning and technical division and a unit for health safety and the environment have already been cut.

"As part of our continuous improvement in how we approach our work, we have made some changes to better align work activities within assets and support quicker decision making,” a BHP spokesperson told Reuters, after an email outlining the changes was sent internally.

The changes mean that responsibility for decisions around health, safety, environment, planning, heritage management, decarbonisation and rehabilitation will come under the heads of each operational asset, according to BHP.

In Australia, BHP's assets include Western Australian iron ore, Nickel West, South Australian copper, Queensland metallurgical coal and New South Wales energy coal. In the Americas it includes its Chilean copper mines and Canadian potash.

Among other changes, warehousing and logistics roles will also become site specific rather than a global function, while operational decarbonisation will come under a national team supporting each country's assets, the company said.

BHP will keep group level teams in health, safety and security, sustainability and social value and its maintenance centre of excellence align standards, consistency, strategy and governance.

The restructure comes as BHP decides the fate of its loss-making Nickel West operations after a flood of Indonesian supply hammered prices in the past year.

Nickel West employs around 3,000 staff and Henry said a decision was expected in the coming months when the miner announced a half-year underlying profit of $6.6 billion on Feb. 20.

(Reporting by Melanie Burton; Editing by Aurora Ellis and Jamie Freed)

Harmony Gold Mining Company Limited (NYSE:HMY) Q1 2023 Earnings Call Transcript February 28, 2024

Harmony Gold Mining Company Limited isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Peter Steenkamp: Good morning or good afternoon, wherever you may be across the world. I am Peter Steenkamp, CEO of Harmony. Thank you for joining us virtually today as we present our Interim Results for the Half Year Ended 31st of December 2023 for the current reporting period. Please take note of our safe statement. Let me begin with a summary to remind you who we are and what our strategy is. Harmony is a specialized gold producer with a growing international copper footprint. We also produce small amounts of silver and uranium. We have over 73 years of gold mining experience in South Africa and have been operating for over two decades in Papua New Guinea. Our strategy is aimed at producing safe, profitable ounces and improving margins through operational excellence and value-adaptive acquisitions.

Our mineral resources and mineral reserves declaration of 138 million ounces and 39 million ounces respectively, presents an incredible opportunity to convert the quality ounces into shared value for our shareholders and stakeholders. Our gold tailings re-treatment business or recycling as you may know it, is the largest globally and is set to grow supporting the circular economy. The Tier 1 Moafie Gold Project in Papua New Guinea and Eva Copper in Australia give Harmony a sizable copper gold footprint, which will be transformational. Currently, our diversified portfolio of operating assets including nine underground mines, two open pit mines, and a significant failings re-treatment business. Production comes from four business areas, namely our South African high-grade underground mines, our South African optimized underground mines, a large and growing surface sources business in South Africa, and a growing international copper gold portfolio, of which Hidden Valley is the only producing mine at this stage.

Mining with purpose ensures that our stakeholders share in the benefits of the minerals we extract. In our presentation today, we will provide further insights in how we are creating long term value, shared value for all of us. Over the past few years, we have set ourselves ambitious goals, and I'm proud to say that we've largely achieved them. Reflecting on the first half of the financial year of 2024, we have delivered significant improvement in safety with our last time injury frequency rate improving to from above seven in 2017. The 9 or 5.19 per million ounce worked in a supporting period. We maintain the belief that the safe mine is a profitable mine. We have reduced our gearing and built a strong balance sheet, which is now in the net cash position of ZAR 74 million or US$ 4 million.

Through organic growth and investment, we continue to convert our mineral resources to quality mineral reserves, focusing on higher grades and margins. This is evident of our comprehensive pipeline of projects in execution. Group all-in sustaining cost improved to ZAR 843 and ZAR 43,000 a kilogram or US$1,403 per ounce. We achieved higher underground recovered grades at 6.29 grams per tonne. Harmony generated a record operating free cash flow of ZAR 7.1 billion or $381 million. This equates to a group operating free cash flow margin of 24%. Our acquisitions have transformed Harmony completely, having added quality ounces and copper to our asset portfolio. We are a new company with a long and exciting future ahead of us. The effective allocation of capital has created is in a position to return capital to our shareholders, rewarding them for investing in Harmony story.

Allow me to unpack the operational performance for this reporting period. The stellar results in this reporting period were a result of our ongoing investment in operational excellence. This has enabled us to deliver consistency throughout the gold cycle. We are, therefore, well-positioned to take advantage of the current high gold price. Let me give six reasons why I strongly believe Harmony will continue to deliver. First, everything we do starts with safety, which I again want to emphasize is non-negotiable. This is supported by a healthy organizational culture. Operational flexibility and predictability in our planning ensures that we consistently deliver on the tonnes alongside higher-grade ounces. Harmony has always controlled what we can with cost being one key factor.

With the rand cost base, we have a stable and predictable cost structure. The strong partnerships that we have built with our stakeholders enable us to maintain a social license and continue operating successfully. Our substantial mineral resource based on other 174 million ounces, presents an abundance of opportunity to grow our mineral reserves through internal investments. Let's look at the numbers supporting these statements. We are seeing a continued improvement in safety performance. It requires a daily commitment, and we are confident that we will ultimately achieve this zero of – the goal of zero loss of life. Our proactive culture of safety and care has resulted in our lost time injury frequency rate trending lower. Group lost time injury frequency rates improved from 5.1 — improved to $5.19 per million ounces worth in the first half of this financial year.

Our operational results demonstrate that the safe mine is a productive mine. An incredible amount of work goes into ensuring that our workplaces are made safe. We have continued safety awareness initiatives to reinforce that safety always comes first. Regretly four of our colleagues have lost their lives in the mine-related incidents since the start of this financial year. Each loss of life is a sharp reminder that more needs to be done. We mourn the passing of these colleagues and we work tirelessly to ensure that each Harmonian [ph] returns home on safely. Improved planning allows for better flexibility and predictability. This combined with the acquisition of higher-quality assets resulted in a multiple improvement in recovered grades. Underground recovered grade in this reporting period increased by 11% to the 6.29 grams a tonne from the 5.6 grams per tonne year-on-year.

This now exceeds the upper end of our full year guidance. This has primarily been driven by the high-grade underground mines in Penang at North Tshepong. Consequently, production increased by 14% to 36 tonnes of gold or 832,000 ounces, and we expect to meet or exceed the upper end of our FY 2024 production guidance. These charts perfectly illustrate our effective capital allocation has transformed Harmony. We continue to see an improvement in our all-in sustaining costs in both rand and US dollar terms. Our rand all-in sustaining costs improved by 5% to 843,000 rand a kilogram. However, we delivered a remarkable 12% improvement in US dollar all-in sustaining costs to just over $1,400 per ounce. This considerable shift down in global all-in sustaining cost growth has been a function of the higher grades, well-managed cost increases and increased the production and prices of [indiscernible] at Hidden Valley Mine and Moab Khotsong operational, respectively.

With over 90% of our input source in South Africa, we have been largely protected from the rampant global information. In addition, our labor electricity cost increases are predictable, allowing us to manage our cost effectively and deliver this guidance. We're a proud South African gold producer and are fortunate to sell our gold in U.S. dollars. As a result, our all-in sustaining cost margins are now over ZAR 350,000 per kilogram or $600 an ounce. Improved safety and higher-grade grades translated into high production. This was further supported by a strong rand per kilogram gold price received. This allowed for higher margins, driving record operating free cash flows. Total operating free cash flows increased by 265% to ZAR 7.1 billion, while operating free cash flow margins expanded to 24% from the 9%.

In U.S. dollars, we generated $381 million in operating free cash flow, up 237% year-on-year. To put this in perspective, we generated more operating free cash flows in rand over the past six months than we have in the previously full year period. The majority of our total free fresh operating flow comes from our South African high-grade operations at Hidden Valley in Papua New Guinea. Our South African high-grade underground mines contributed 51% of the total production, but delivered 45% of operating free cash flows at a margin of 34%. Let me remind you that the South African optimized underground assets continue to serve the company well. This mine produced 40% of the total production and generated 90% of group operating free cash flows at a margin of 11%.

Bearing in mind that we are investing significant capital to expand our South African surface operations. These assets produced 17% of the group production, generating 11% of the operating free cash flow at a margin of 17%. Hidden Valley produced at 12% of the group production but contributed 25% to the total operating free cash flows and had a phenomenal 50% margin. Sustainability and ethical mining are integral to our operating model at Harmony. The sub-multiples stewardship is about managing all aspects of ESG. We support the circular economy through decarbonization, more specifically through energy efficiencies, renewable energy programs and green energy mix. Effective waste management through waste rock and planning street treatment. We also donate waste rock dumps to our communities for aggregate production.

We promote good water stewardships good for the prioritizing the recycling and efficient use of this scarce resource. And we contribute to the resilience and the prosperity of our host committees through benefit sharing. This makes Harmony a partner of choice. Mining with purpose is what we are all about. Through sustainability is embedded in all we are our decisions that we make. At Harmony, we believe in actions over words. As a result, we continue to receive positive external recognition for our efforts in sustainability. We have once again been included in the FTSE4Good Index. On inclusion in the Bloomberg Gender-Equality Index for five consecutive years demonstrate we foster gender diversity and inclusivity. We always treat our employees fairly without bias or prejudices of any kind.

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

We have received a score A from the CDP for best practice in water management strategy in 2023. And our near-term and longer-term carbon reduction targets have been validated by design-based target initiative as we aim for net carbon zero by 2045. Because Life of Mine is finite, we are continually investing in converting our resource to reserves, while striking a balance between capital intensity and shareholder returns. Harmony presents a substantial opportunity to invest in an exciting gold copper story. Our resource base, which includes copper is to big to ignore. We are in a fortunate position that we can deliver on our long-term plans for internal investment, as we convert these resources to reserves. Our production profile has been significantly derisked and future production will come from combination of South African surface and underground gold, Papua New Guinea copper and gold and Australian copper.

Our quality growth pipeline is aimed at creating long-term value, as we take our projects up the value curve. Feasibility studies to determine the possibility of safely extending Mponeng and conducting the pillar extraction of the Tau Tona have been completed. I'm delighted to announce that we have received Board approval and will commence with the life of mine extension project at Mponeng in the West region. I will impact more on Mponeng in the next few slides. We are conducting various exploration drilling activities across all other jurisdictions. The Eva Copper feasibility studies are being updated and negotiations to permit Wafi-Golpu are also continuing. We are making good progress with various projects currently in execution. The Moab Khotsong extension, Mine Waste Solution, TSF Extension and Hidden Valley extension are all progressing well and further details are available in the next year.

Now moving to Mponeng life of mine extension project. Mponeng was acquired in 2020, we began a comprehensive update of the feasibility study to determine if we could extend Mponeng life of mine. After the two-year study, we now have an optimized mine design, which ensures we can extend the life of Mponeng both safely and profitably. The project means all our investment criteria. Mponeng is in incredible mine with an existing world-class infrastructure. There's a mine with access to both — to two excellent ore bodies, namely of carbon leader and the [indiscernible]. Both of these economic horizons have exceptional grades north of nine grams a tonne. This major project will convert over three million ounces into mineral reserves, delivering at an average steady-state production of 260,000 ounces per annum or 8 tonnes per annum of gold.

Once the project is complete, we are forecasting a cash contribution of about ZAR 2.5 billion per annum from this project at a real gold price of ZAR 1.1 million kilogram. Because of this high grade, the projects will have an attractive real all-in sustaining cost of ZAR 768,000 a kilogram or $1,290 per ounce based on current assumptions and estimations. The life of mine will be extended from the 7 to 20 years, ensuring Mponeng remains a top performing asset in our portfolio until at least 2044. Capital expenditure for these projects will be manageable and affordable. This project will be self-funded through internal cash flows. With a substantial mineral resource of 24 million ounces, that's another example of how we continue to extend our reduced production profile by converting mineral resources to mineral reserves.

We are proud that in our hands, Mponeng will reach its true potential and deliver a significant positive social impact. This embodies our Harmony creates long-term value for the shareholders and stakeholders. A derisked modular approach will be taken to access three high-grade blocks. State Health were at the forefront of our design methodology and mining practices. The project will focus on mining the two ore bodies landed the VCR and carbon leader. This will ensure that we maintain a high level of flexibility. The extension is only about 270 meters deeper. This will target early gold by accessing the Harmony go through a ramp system at 120 level and the VCR will be actually through the West and the eastern side. Lastly, we will also remind the VCR portion of the Tau Tona shafts pillars, which provides additional high-grade ounces.

This is truly for illustrative purposes and includes both approved plans and projects still in feasibility. Adding the Mponeng extension, Eva Copper and Wafi Golpu, Harmony going to remain at 1.5 million producer well into the future. Importantly, the Mponeng extension combined with Moab Khotsong extension will deliver over 400,000 ounces high-quality, low-cost ounces per annum for more than two decades. This will ensure strong future cash flows at higher margins. There is a significant potential within our asset base for further value to be unlocked through future mineral resource conversion. Bear in mind that this illustration also excludes any potential future value-accretive acquisitions that form part of our strategy. Capital guidance for FY 2024 remains unchanged.

Capital for early work development from Mponeng was provided for in the FY 2024 capital budget. We estimate a ZAR7.9 billion in project capital over the life of the project in real terms. Capital guidance for FY 2025 onwards will now include the Mponeng extension project. Mponeng generated ZAR1.9 billion in operating free cash flow in the reporting period in this particular six months. At an annual estimated CapEx of ZAR1 billion or approximately US$50 million, this project is therefore affordable and at a low capital intensity. Harmony is sizeable and well-sequenced project pipeline. Our project timing is deliberate and ensures our project capital remains affordable and does not put pressure on our balance sheet. These projects are catalysts for meaningful, sustainable production and expand our margins within driving costs down in the future.

Now allow me to hand over to my colleague and Financial Director, Boipelo Lekubo to run through the financials. Over to you, Boipelo.

Boipelo Lekubo: Thank you, Peter. I'm pleased to present our exceptional financial performance for this reporting period. All US dollar figures and conversions are in their exchange. Group revenue for this financial half year increased by 35% to ZAR31 billion. EBITDA increased by 114% to ZAR17 billion. As a result, headline earnings per share increased by 226% to ZAR 956 per share. With ZAR 9.8 billion in available headroom through cash and undrawn facilities, our balance sheet is well positioned to execute on our project pipeline and acquisition ambitions. Through operational excellence and consistent production, we have healthy margins at current gold prices. At ZAR1.2 million per kilogram or $2,000 an ounce, our all-in cost margin is at 33%.

This is essentially the margin available after all major capital. Our all-in sustaining cost margin is 42% and our cash operating cost margin is 68%. We are therefore well positioned with good buffers to absorb any adverse movements in the gold price. We have an effective hedging program in place with 20% of our production hedged over 24 months. The Rand gold hedge book was maintained at 20% or 558,000 ounces at an average forward hedge cover of over ZAR1.256 million a kilogram. Returning cash to shareholders alongside our growth aspirations remains a key priority. Harmony's dividend policy is to pay a return of 20%, net free cash generated to shareholders, at the discretion of the directors — of the Board of Directors. The strong operational performance and exceptional net free cash generation, resulted in a record interim dividend of ZAR1.47 or US$ 0.80 per share declared, which will result in a record payment to shareholders of over ZAR1 billion.

This has resulted in a 12-month dividend yield of just over 2%. Cumulatively, we've paid ZAR2.7 billion in dividends, since 2016. With ongoing confidence in our plans, controlling what we can, such as safety, production and costs, we aim to fed true to our dividend policy. Thank you, and back to you, Peter.

Peter Steenkamp: Thank you, Boipelo. So in conclusion, Harmony is a company that delivers sustainable, predictable and flexible operational performance with a well-managed, fixed cost structure. Our guidance for FY 2024 remains unchanged. And we are confident that we will reach the upper-end of our production guidance and the lower-end of our cost guidance. Through our embedded sustainability practices and quality ounces, we have a company with a long reserve life. Our geared exposure to the Rand per kilogram gold price continues to provide us with good tailwinds on both the revenue and marginal perspective. We have two significant international copper projects that complement our existing gold assets. We understand our ore bodies.

We have a strong technical and exploration capabilities. And we are the partners of choice wherever we operate. As Boipelo mentioned, our flexible and strong balance sheet supports our growth pipeline. As a gold mining specialist with a growing international copper footprint, we are passionate about what we do and about transforming our goal into long-term value for all stakeholders. This is mining with purpose. Thank you. And I'll now hand over for questions.

To continue reading the Q&A session, please click here.

Melbourne, Victoria –News Direct– Aura Energy Ltd

Newly appointed Aura Energy Ltd (ASX:AEE) CEO Andrew Grove joins Jonathan Jackson in the Proactive studio to discuss the company’s uranium ambitions and its work at the Tiris Uranium Project in Mauritania, which is poised to become a leading global near-term uranium operation following the delivery of a positive Front End Engineering Design (FEED) study. Grove gives his insight into the FEED study and what the findings indicate about the project's potential. He also outlines the expansion plans for Tiris, highlighting the strategic direction and growth objectives. Further to this, Grove speaks about the Swedish Government’s potential reversal of its uranium mining ban and what this would mean for the company’s Haagan Project in Sweden, including a possible increase in Net Present Value and strategic positioning.

Grove said: "The FEED study clearly demonstrates that Tiris will be a low-cost, high value, near-term uranium producer with the ability to scale in a very strong uranium market. The market is in structural deficit and likely to continue that way for an extended period.

"The strong economics at Tiris are supported by the simple, low risk mining and beneficiation that delivers the high-grade, 1,750ppm to 2,000ppm U3O8, ore to the leach plant and there are no requirements for crushing or grinding the ore.

"These high grades are only matched by the deep underground mines in Canada and exceeding any current or proposed open pit uranium mines worldwide.”

Contact Details

Proactive Investors

Jonathan Jackson

+61 413 713 744

jonathan@proactiveinvestors.com

View source version on newsdirect.com: https://newsdirect.com/news/aura-energy-releases-positive-feed-study-at-tiris-548687729

In this piece, we will take a look at the 13 best silver mining stocks to invest in now. If you want to skip our overview of the global silver industry, and how silver stocks fluctuate in response to broader macroeconomic trends, then you can take a look at the 5 Best Silver Mining Stocks To Invest In Now.

Just like gold, silver is both a financial asset and a commodity. While its prices are not as closely tracked or expensive as its yellowish counterpart, silver finds itself embedded as a store of value in the form of multiple products such as cutlery. Additionally, the boom in the global computing and electronics industry, which has generated demand for hundreds of thousands of gadgets has led to silver taking a crucial spot in the global industrial supply chain.

Consequently, silver stocks, which typically belong to those companies that either engage directly in silver mining or have stakes in mining properties also fluctuate in response to global industrial conditions. If the conditions are robust and major economies such as China continue to grow, then silver stocks also provide their investors with favorable results. Similarly, silver stocks, like all other stocks, are dependent on the performance of their underlying companies. Due to the unique nature of the global mining industries, where firms are often left to contend with crucial mining sites in countries with varying degrees of political stability.

For instance, when we analyze the 12 month share price performance of the silver stock First Majestic Silver Corp. (NYSE:AG), the graph is rife with sharp dips. One such dip came in March 2023 when the firm announced that it would suspend operations in its mine in Nevada due to high capital bleed and low profitability. Investors didn't react well to the news, and the shares tumbled in double digit percentages before recouping the losses over the next couple of days.

Fast forwarding to 2024, the stock soared by 3% the day after First Majestic Silver Corp. (NYSE:AG) reported its earnings report for the fourth quarter and full year 2023. The financial report saw the silver mining stock beat all odds to overcome analyst EPS pessimism. Its EPS for the fourth quarter sat at a loss of three cents a share, which was a cent shy of analyst estimates. Furthermore, while the firm's annual revenue dropped by 8% in the aftermath of the Nevada shutdown, the same shutdown helped it save costs and deliver a 37% mine operating earnings growth. Yet, despite the financial engineering, the impact of the previous three quarters was unavoidable on the balance sheet, and not only did the adjusted EPS for the quarter remain a loss, but First Majestic Silver Corp. (NYSE:AG)'s basis or non adjusted EPS that removes the impact of selective cash outlays remained in the red for the full year 2023.

Shifting gears to take a brief look at the dynamics of global silver prices before we move to the silver mining stocks to buy, like gold, the metal's price can move in response to U.S. monetary policy. Right now, stock market investors are on a keen lookout for any economic surprises that might compel the Federal Reserve to reduce interest rates. Should there be any surprises on this front, then silver, just like its heftier counterpart gold, might witness a price rise. Additionally, while silver is trading at roughly $23 an ounce right now, a report from Oxford Economics believes that the demand for silver can rise by as much as 46% by the end of 2033 when we consider industrial use cases and by as much as 34% when considering jewelry and other associated items. If capital conditions remain tight and silver miners are unable to meet this demand, then silver in itself might prove to be a solid investment.

So, as silver demand estimates remain optimistic, we decided to see which silver mining stocks hedge funds are buying. Some notable names are BHP Group Limited (NYSE:BHP), Wheaton Precious Metals Corp. (NYSE:WPM), and Newmont Corporation (NYSE:NEM). For more information for the silver mining industry, you can also check out 15 Biggest Silver Mining Companies in the World.

13 Best Silver Mining Stocks To Invest In Now

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Our Methodology

To make our list of the best silver mining stocks, we ranked all silver mining companies by the number of hedge funds that had bought their shares during Q4 2023 and picked out the top stocks.

For these best silver mining stocks, we have also mentioned hedge fund sentiment. Hedge funds' top 10 consensus stock picks outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). That's why we pay very close attention to this often-ignored indicator.

13 Best Silver Mining Stocks To Invest In Now13. Seabridge Gold Inc. (NYSE:SA)

Number of Hedge Fund Investors In Q4 2023: 13

Seabridge Gold Inc. (NYSE:SA) is a Canadian metals mining company with operations in its home country and in the U.S. Its shares jumped by a whopping 19% in February 2024 after the firm announced that its exploration efforts in a Canadian gold site had yielded favorable results.

By the end of last year's fourth quarter, 13 out of the 933 hedge funds part of Insider Monkey's database had owned Seabridge Gold Inc. (NYSE:SA)'s shares. David Iben's Kopernik Global Investors was the firm's biggest hedge fund investor due to its $38 million stake.

Along with Wheaton Precious Metals Corp. (NYSE:WPM), BHP Group Limited (NYSE:BHP), and Newmont Corporation (NYSE:NEM), Seabridge Gold Inc. (NYSE:SA) is a silver mining stock that hedge funds are buying.

12. Osisko Gold Royalties Ltd (NYSE:OR)

Number of Hedge Fund Investors In Q4 2023: 13

Osisko Gold Royalties Ltd (NYSE:OR) is a Canadian precious metal streaming company headquartered in Montreal. Despite the fact that the firm's latest earnings report saw it post a record C$247 million in revenue while it battled with wildfires, the shares are down year to date.

As of Q4 2023, 13 out of the 933 hedge funds profiled by Insider Monkey were the firm's shareholders. Osisko Gold Royalties Ltd (NYSE:OR)'s largest stakeholder in our database is Israel Englander's Millennium Management as it owns $85 million worth of shares.

11. Endeavour Silver Corp. (NYSE:EXK)

Number of Hedge Fund Investors In Q4 2023: 14

Endeavour Silver Corp. (NYSE:EXK) is a pure play silver mining company with operations in North and South America. The firm has struggled on the financial front as of late since it has failed to beat analyst EPS estimates in all four of its latest quarters.

During 2023's December quarter, 14 out of the 933 hedge funds covered by Insider Monkey's research had invested in Endeavour Silver Corp. (NYSE:EXK). Israel Englander's Millennium Management was the biggest investor since it owned $9.1 million worth of shares.

10. MAG Silver Corp. (NYSE:MAG)

Number of Hedge Fund Investors In Q4 2023: 14

MAG Silver Corp. (NYSE:MAG) is a diversified metals miner with operations in Mexico. When it comes to the average share price target of the best silver mining stocks on our list, it has the highest upside due to an average share price target of $17.76. This prices in a nice 105% upside.

Insider Monkey dug through 933 hedge fund portfolios for their fourth quarter of 2023 shareholdings and found that 14 had bought a stake in the firm. MAG Silver Corp. (NYSE:MAG)'s largest hedge fund shareholder is Jean-Marie Eveillard's First Eagle Investment Management as it owns 6.3 million shares that are worth $66.4 million.

9. Coeur Mining, Inc. (NYSE:CDE)

Number of Hedge Fund Investors In Q4 2023: 14

Coeur Mining, Inc. (NYSE:CDE) is an American gold and silver mining company with operations in the U.S., Canada, and Mexico. Its fourth quarter and full year 2023 earnings results were a mixed bunch, as while Coeur Mining, Inc. (NYSE:CDE) grew revenue by 4.5% annually, its loss per share also grew by 2 cents.

As of December 2023 end, 14 out of the 933 hedge funds tracked by Insider Monkey had bought Coeur Mining, Inc. (NYSE:CDE)'s shares. Jean-Marie Eveillard's First Eagle Investment Management owned the biggest stake which was worth $6.9 million.

8. Hecla Mining Company (NYSE:HL)

Number of Hedge Fund Investors In Q4 2023: 14

Hecla Mining Company (NYSE:HL) is a sizeable American metals mining company with access to lucrative properties in Alaska. The shares are rated Buy on average, while the average share price target is $5.74.

During 2023's final quarter, 14 out of the 933 hedge funds part of Insider Monkey's database had held a stake in the firm. Hecla Mining Company (NYSE:HL)'s largest investor among these is Dmitry Balyasny's Balyasny Asset Management due to its $20 million investment.

7. Fortuna Silver Mines Inc. (NYSE:FSM)

Number of Hedge Fund Investors In Q4 2023: 18

Fortuna Silver Mines Inc. (NYSE:FSM) is a Canadian gold and silver mining company with operations in Peru, Mexico, and other countries. It's one of the rare silver mining stocks on our list that has managed to beat analyst EPS estimates in two out of its four latest quarters, as several others have fared worse.

After digging through 933 hedge funds for their December quarter of 2023 shareholdings, Insider Monkey found that 18 were Fortuna Silver Mines Inc. (NYSE:FSM)'s shareholders. Ken Griffin's Citadel Investment Group owned the biggest stake which was worth $9.6 million.

6. Pan American Silver Corp. (NYSE:PAAS)

Number of Hedge Fund Investors In Q4 2023: 22

Pan American Silver Corp. (NYSE:PAAS) is a Canadian metals mining firm headquartered in Vancouver, Canada. It's one of the strongest rated stocks on our list since the average share price target is Strong Buy. The average share price target of $20.58 prices in a 60% share price upside.

During Q4 2023, 22 out of the 933 hedge funds covered by Insider Monkey's research had invested in the firm. Out of these, the largest Pan American Silver Corp. (NYSE:PAAS) shareholder was David Greenspan's Slate Path Capital through its $85.8 million stake.

BHP Group Limited (NYSE:BHP), Pan American Silver Corp. (NYSE:PAAS), Wheaton Precious Metals Corp. (NYSE:WPM), and Newmont Corporation (NYSE:NEM) are some top hedge fund silver mining stock picks.

Click here to continue reading and check out 5 Best Silver Mining Stocks To Invest In Now.

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(1)	Sunrise Lake 2003 RPA historic resource: Indicated 1.522 million tonnes grading 262 grams/tonne silver, 6.0% zinc, 2.4% lead, 0.08% copper, and 0.67 grams/tonne gold and Inferred 2.555 million tonnes grading 169 grams/tonne silver, 4.4% zinc, 1.9% lead, 0.07% copper, and 0.51 grams/tonne gold. This represents contained silver of approximately 12.8 million ounces Indicated and 13.9 million ounces Inferred.
(2)	Geological Survey of Canada, 2002-C22, "Structural and Stratigraphic Controls on Zn-Pb-Ag Mineralization at the Nanisivik Mississippi Valley type Deposit, Northern Baffin Island, Nunavut; by Patterson and Powis."
(3)	A qualified person has not done sufficient work to classify this historic tonnage estimate as a current mineral resource and the Company is not treating the estimate as a current mineral resource. The historic tonnage estimate cannot be relied upon. Additional work, including verification drilling / sampling, will be required to verify the estimate as a current mineral resource.