Tech Metals Archives - Page 13 of 69

We recently compiled a list of the 12 Biggest Lithium Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where Sociedad Química y Minera de Chile S.A. (NYSE:SQM) stands against the other lithium stocks.

Lithium is a soft, silver-white alkali metal that has become a cornerstone of the clean revolution. Its commonly used form, lithium carbonate, is required for the production of lithium-ion batteries. These power a variety of technologies, including vast renewable energy storage systems and electric vehicles (EV), making them nearly indispensable in the development of sustainable energy solutions. Although EVs have been available for a while, it wasn't until recent technology breakthroughs and cost reductions that they became a more reliable option for consumers, resulting in an increase in lithium demand. The International Energy Agency states that the demand for lithium will climb by over 40 times between 2020 and 2040, particularly for use in battery storage and electric cars. As per Fortune Business Insights, the global lithium market achieved a valuation of $22.19 billion in 2023 and is expected to reach $134.02 billion by 2032, reflecting a CAGR of 22.1%.

According to a McKinsey report, the global drive to net-zero will depend on guaranteeing a consistent supply of essential battery raw materials, especially as demand for EVs climbs toward the latter of this decade. Based on the report, the global market for BEV passenger cars is expected to increase sixfold between 2021 and 2030, with yearly sales rising from 4.5 million to almost 28 million units during that time. In addition, such a forecast indicates that the sector is "likely to confront persistent long-term challenges" in line with demand. McKinsey also states that 80% of all lithium mined now is used by battery manufacturers, and by 2030, that number may rise to 95%.

On the other hand, analysts predict increased volatility in lithium carbonate in 2024, following a challenging year in which the metal's price plunged 22% due to a global supply glut. However, some balance is expected to recover. S&P Global predicts that as production cuts begin to reduce excess supply, lithium surplus would fall to 33,000 metric tons in 2025 from 84,000 metric tons in 2024. According to Chris Berry, president of House Mountain Partners, however, the behavior of the lithium price over the next year may be unpredictable. He said the following:

“Lithium price volatility is a feature of the energy transition and not a bug. You have a small but fast-growing market, opaque pricing, legislation designed to rapidly build critical infrastructure underpinned by lithium and other metals, and this is a recipe for boom-and-bust cycles demonstrated by extremely high and extremely low pricing.”

Our Methodology

For our list of the 12 biggest lithium stocks to buy, we narrowed down companies involved in lithium mining and supply, lithium-ion battery sales, or technologies related to battery operations. The names on this list are ranked in ascending order according to the hedge fund sentiments surrounding them, using data from Insider Monkey’s Q3 2024 database.

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

A scientist in a lab coat mixing the chemicals for the Liposomal Bcl-2 drug development.

Sociedad Química y Minera de Chile S.A. (NYSE:SQM)

Number of Hedge Fund Holders: 12

Chilean chemical company Sociedad Química y Minera de Chile S.A. (NYSE:SQM) manufactures industrial chemicals, iodine, lithium, and plant nutrients. SQM, one of the world's largest lithium producers, relies primarily on the Atacama Desert's abundant natural resources, which include the Tarapacá and Antofagasta regions.

Citi revised its outlook for Sociedad Química y Minera de Chile S.A. (NYSE:SQM) back in December, lowering the price target from $64 to $60 while maintaining a Buy rating. The updated price target accounts for the company's expected 55% year-over-year decline in EBITDA in 2024, with average lithium prices forecast at $11,000 per ton, despite optimism about demand and production. Nonetheless, Citi expects a 22% year-over-year increase in EBITDA in 2025, driven by increased lithium sales volumes and a modest 10% price increase.

Although revenue met expectations at $1.08 billion, SQM reported adjusted earnings per share of $0.46 in the third quarter, $0.17 lower than the analyst consensus of $0.63. The company also reported $3.46 billion in total revenues for the first nine months of 2024, a significant decrease from the $6.16 billion recorded in the same period last year. Moreover, due to oversupply pressures, the company reported that average realized lithium prices fell 24% since Q2 2024, despite an 18% year-over-year increase in lithium sales volumes to more than 51,000 metric tons.

Overall SQM ranks 11th on our list of the biggest lithium stocks to buy according to hedge funds. While we acknowledge the potential of SQM as an investment, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than SQM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

American chemical manufacturing company FMC Corporation (FMC), a major producer of insecticides and crop protection products, saw its stock plunge after a disappointing fourth quarter earnings report.

The company expects adjusted earnings per share (EPS) forecasts for its current first quarter fell short of analyst estimates for $4.40. Falling crop prices and tariff concerns also contributed to the negative stock moves.

Watch the video above to hear Market Domination anchors Josh Lipton and Julie Hyman discuss the latest on the company’s disappointing performance.

To watch more expert insights and analysis on the latest market action, check out more Market Domination here.

This post was written by Josh Lynch

Video Transcript

First up, we’ve got to look at FMC Corporation.

Those shares plunging as the company’s forecast disappoints and fuels some growth concerns.

What is FMC, you might ask?

Well, guess what?

It’s a huge maker of insecticides, crop protection products, as they call it.

They sell those products all over the globe, and FMC is actually in the S&P 500.

It is the worst performing stock in the S&P today.

Listen to this.

The company’s forecast for the full year for adjusted.

Earnings per share is at most $3.70.

Analysts had been looking for 440.

Josh, yeah, this one is trending at the lowest intraday level since 2016.

CEOs saying the company needs a stronger reset than what I thought initially.

Analysts are weigh in.

RBC downgrades it to sector perform, talks about how the Q4 was solid, but weak organic growth, Forex headwinds.

Morgan Stanley cut the target to 46.

Doesn’t think investors, they say reengage with this one until they show they can reach 2025 EBA guidance of between 870 and 950 among other bogies they’re looking for.

Yeah, I mean this has a lot to do with what’s going on in the agricultural markets, crop prices falling.

There’s also, of course, concerns now about tariffs and whether that’s going to weigh on the market.

The CEO of the company Pierre Bronre said the company needs a stronger reset than what I thought initially, and it sounds like investors were listening to that message.

Participants

Curt Brooks; Director, Investor Relations; FMC Corp

Pierre Brondeau; Chairman & Chief Executive Officer; FMC Corp

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

Ronaldo Pereira; President; FMC Corp

Vincent Andrews; Analyst; Morgan Stanley & Co. LLC

Joshua Spector; Analyst; UBS Securities LLC

Christopher Parkinson; Analyst; Wolfe Research, LLC

Richard Garchitorena; Analyst; Wells Fargo Securities, LLC

Arun Viswanathan; Analyst; RBC Capital Markets Wealth Management

Benjamin Theurer; Analyst; Barclays Capital Inc.

Stephen Byrne; Analyst; BofA Global Research (US)

Frank Mitsch; Analyst; Fermium Research LLC

Michael Harrison; Analyst; Seaport Global Securities LLC

Kevin McCarthy; Analyst; Vertical Research Partners

Presentation

Operator

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

Curt Brooks

Thanks. Good afternoon, and welcome to FMC Corporation's fourth quarter earnings call. Joining me today are Pierre Brondeau, Chairman and Chief Executive Officer; Andrew Sandifer, Executive Vice President and Chief Financial Officer; and Ronaldo Pereira, President. Pierre will review our fourth-quarter performance, provide an outlook for first-quarter and full-year 2025 performance and share our 2027 financial targets. Andrew will provide an overview of select financial results followed by a strategy update from Ronaldo.After our prepared remarks, we will take questions. Our earnings release and today's slide presentation are available on our website, and the prepared remarks from today's discussion will be made available after the call.Let me remind you that today's presentation and discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors including, but not limited to those that are identified in our earnings release and in our filings with the Securities and Exchange Commission. Information presented represents our best judgment based on today's understanding. Actual results may vary based upon these risks and uncertainties.Today's discussion and the supporting materials will include references to adjusted EPS, adjusted EBITDA, free cash flow, and organic revenue growth, all of which are non-GAAP financial measures. Please note that as used in today's discussion, earnings means adjusted earnings and EBITDA means adjusted EBITDA. A reconciliation and definition of these terms as well as other non-GAAP financial terms to which we may refer during today's conference call are provided on our website. I'll now turn the call over to Pierre.

Pierre Brondeau

Thank you, Curt, and good afternoon, everyone. When I returned as CEO, we started the process to improve our market visibility and deliver a more predictable performance for FMC. Equally important, we also focused the organization on defining and implementing a diamides growth strategy and accelerating the introduction of fluindapyr and Isoflex actives, all while increasing our cost-cutting targets.We are seeing good headways here and delivered two strong quarters with earnings above our guidance. The work we have done has also led to a new way of thinking about the portfolio with products being considered as either parts of our core portfolio or growth portfolio. Framing the products, as you can see on slide 3, in this way will shape a lot our commentary on today's call.Our efforts to improve market visibility and deliver more predictable performance have progressed. However, after eight months in a row, I have modified my view of what needs to be done for FMC to fully benefit from the market upturn when it happens and the quality of our portfolio. The company needs a stronger reset than what I thought initially. We learned a lot in the fourth quarter, and it has become clear that we need to take more aggressive actions to reposition FMC.Above all, we need to significantly lower FMC inventory in the channel much beyond what we were expecting. We also need to give a higher priority to the implementation of our newly developed strategy for Rynaxypyr and Cyazypyr, including accelerating the implementation of a manufacturing cost reduction efforts. These actions will have pronounced negative impact on 2025 performance — financial performance beyond what we anticipated. Additionally, we will need to provide additional resources to strengthen the commercial development of our new active ingredients, or AIs, which is critical to 2025 revenue and beyond.It also became clear to us that beyond inventory level, we missed the impact of an evolving distribution channel in LatAm, which will require us to invest to expand a sales organization to explore new routes to market in that region. We will go into more detail on this topic later in the presentation.2025 is a pivotal year. Let me give some more details about the actions we are undertaking. It is highly feasible to have all of these in place in the next few months. We will greatly benefit from these actions starting in 2026, but it will penalize our short-term financial performance.First, we are committed to decreasing the level of FMC products in the channel. We will make certain that our products move from the channel to the ground faster than our sales to the channel. This will be a high priority for the company. Critically, this means the volume growth we are forecasting will be heavily driven by new routes to market and new products, where channel inventory is not an issue.Second, the quarter, we are completing the first phase of significant manufacturing cost reduction of Rynaxpyr and Cyazypyr. These cost reductions are critical to delivering our future growth plan, but as I mentioned earlier, it will create some year-on-year negative comparison in revenue in 2025.It is important to remember that Rynaxypyr and Cyazypyr have two critical components, which are managed separately. They are branded diamide products that are sold directly to the market by FMC. In 2024, this was about 75% of our diamide sales. Then there are partner sales, which are solo molecules sold to competitors. A number of the most significant contracts are based on cost-plus pricing. Our significant manufacturing cost decrease will impact the sales value to our partners, as product prices will decrease with manufacturing cost reductions.In 2025, we expect branded Cyazypyr sales to continue to grow. However, we are forecasting overall Rynaxypyr sales to be down as a key partner sales are impacted by a cost-plus contracts and as we position a branded lines for a new market strategy. In addition, we continue to see generic versions over the Rynaxypyr sold in India and China as well as generic offering now in countries such as Argentina, Turkey, Mexico, Pakistan, and Peru. The presence of this generic is not unexpected but negatively impacts price and initially some volume.Third, we are preparing our diamide product lines for the next phase of their evolution. We view FMC's products as two-parts: the core portfolio and the growth portfolio. The core portfolio includes products for which the base molecules used to develop new formulations are already or about to be without patent or data protection. The growth portfolio, by contrast, includes products for which the base molecules are data or IP protected.Cyazypyr, the four new active ingredients: fluindapyr, Isoflex, Dodhylex, and rimisoxafen, and plant health portfolio construct our growth portfolio. Rynaxypyr is a part of the core portfolio, along with the rest of our legacy products. As we'll explain later, the market for Rynaxypyr will transform in the next few years, expanding to new markets and offering strong growth opportunities.The other diamide product, Cyazypyr, is a differentiated product with longer patent and data protection, stronger performance and a more complex manufacturing process. Cyazypyr also offers opportunities to develop higher-performing formulation. Today, no generic companies are selling this molecule in any major markets.Fourth, as we have delivered savings well beyond our restructuring target, we are investing in the expansion of the sales organization to support the growth of new active ingredients and to begin — to develop new routes market we have not explored, especially in LatAm and EMEA.As we'll discuss further in a moment, LatAm Q4 sales were disappointing. In addition to the channel inventory situation, we believe the shifting market structure is also impacting sales. The distribution channel in Brazil has gone through a strong wave of consolidation. Territories that we are well covered and served are not performing as well anymore.This is one of the reasons we have decided new routes to market, including a more direct approach to large growers. That will require increased investments which will be reflecting in our selling cost this year. This is a critical part of the strategy as it generates growth without impacting our efforts to lower FMC channel inventory.With these four steps in place, we believe we are well positioned for growth in 2026 and 2027. And we have strong confidence in our products. FMC, like all technology-based companies, has an evolving product portfolio. Our strategy is to drive commercialization of innovative growth platforms, while maximizing the value over older, off-patent core product through formulations and mixture.We view our core and growth portfolio as well balanced with the core portfolio able to grow at or slightly above the market, while the growth portfolio is expected to grow significantly above market. Sales in the core portfolio will be driven by market demand, new formulation developments, and new routes to market. As you will hear later, Rynaxpyr has high-single-digit growth potential after the planned 2025 correction with the market growing exponentially.In the growth portfolio, the four new AIs have excellent sales potential. The market introduction of the first two molecules, fluindapyr and Isoflex is progressing as planned, with sales approaching $130 million in 2024. The other two molecules Dodhylex and rimisoxafen have at least an equivalent peak sales potential but have later introduction dates.In addition and most importantly, all four of these new products allow us to penetrate large market we don't participate in today. The combined sales of these four molecules at maturity is expected to be substantially larger than the total diamide portfolio today and potentially beyond the $2 billion we previously announced as we find more applications for these products.Regarding plant health, we expect the platform to grow at an annual rate in the mid-20% range out to 2027, with growth rate potentially exceeding that in later years as pheromones scale up. The actions we take in 2025 will allow our portfolio to deliver substantial growth in 2026 and 2027. I want to shift now and provide more detail on our fourth quarter, which are detailed in slide 4 through 6.Q4 revenue of $1.22 billion were below our guidance range. Revenue grew 7% versus 2023 and 9% excluding sales forgone from the divestiture of our Global Specialty Solutions or GSS business in November 2024. The sales increased was heavily attributed to volume gains in our growth portfolio. Sales of these products accounted for over 75% of the growth. That includes Cyazypyr and new AIs as well as the plant health business, which grew 33%, mainly from biological. Lower pricing of 3% was slightly better than we expected, but an FX headwind of 5% was higher than the low single digit we have forecasted.LatAm sales were most disappointing as high competition to prices and terms that we were unwilling to meet, which in addition to credit risks led us to pass on some sales. As we were confident that we would meet our EBITDA and EPS targets, we had the flexibility to walk away from unattractive sales opportunities.Additionally, we saw lower-than-expected demand across most regions, as customers lowered the amount of inventory they are willing to hold versus historical level. While we did anticipate customers will hold less inventory in an environment of higher interest rates, lower commodity prices and a perception of secure supply, we were not expecting behavior to change to such a degree. Given the above assumptions and the current high levels of FMC product in the channel, we now believe we have elevated channel inventories in some countries in LatAm, including Brazil, Asia, including India as well as Canada and Eastern Europe.We reported fourth-quarter EBITDA of $339 million, which was 33% higher than last year and $3 million higher than our guidance midpoint. Lower pricing and FX headwinds were more than offset by higher volumes as well as favorable costs, including continued contribution from a restructuring program. Input costs were favorable due to lower raw material costs with much lower unabsorbed fixed costs than we recorded in previous quarters. The reduced cost, coupled with sales growth, led to a strong EBITDA margin of 27.7%, an all-time Q4 high.Slide 7 shows the return of full year — the results of full year 2024. Sales declined 5% as higher volume, mainly in the second half of the year, was more than offset by lower pricing and FX headwinds. Although EBITDA declined 8%, we posted EBITDA margin of 21%, which was only a slight decline versus prior year despite the drop in sales. Part of this was due to the strong cost including $165 million of cost benefits from our restructuring actions.Looking at 2025, we can see our full-year expectations on slide 8. We are expecting full-year sales of $4.15 billion to $4.35 billion, which is flat to prior year at the midpoint and up 3%, excluding approximately $110 million of lost sales from the GSS sale. We are forecasting moderate gains in volumes driven by our growth portfolio as well as the expansion of our customer base. This volume growth is forecasted to be partially offset by deliberate actions we are taking to reduce channel inventory in many countries.Pricing is expected to be down low- to mid-single digits with the majority of the pricing headwinds due to our diamide partners. As we discussed earlier, those contract adjustments will have the most impact in the first half of the year due to the timing of those sales. We are forecasting FX to be a low- to mid-single-digit headwinds for the year as the US dollar is projected to remain strong.Despite these challenges to sales, we expect to deliver higher EBITDA versus the prior year with an expected range of $870 million to $950 million, which is up 1% at the midpoint. Excluding the GSS impact, midpoint of guidance is up about 4%.We expect COGS to be favorable $175 million to $200 million due to lower raw materials, favorable fixed cost absorption, and restructuring benefits. Offsetting these benefits are expected to be lower price, the $65 million to $75 million FX headwind, and investment in sales organization. Adjusted earnings share is expected to be between $3.26 and $3.70, which is flat at the midpoint to prior year.As shown in our Q1 guidance on slide 9, we expect a low first quarter as we aggressively start the correction process early in the year. Sales are expected to be $750 million and $800 million, a decline of 16% against prior year due to negative price, FX, and volume. Excluding an estimated $24 million of lost GSS sales, the decline is 13% at the midpoint.We expect lower volume for two reasons. One is excess levels of FMC inventory in the channel in many countries, which is amplified by customer prioritizing much lower than historical inventory level.The other is specific to the United States. In the second half of 2024, our distribution customers in the United States replenished their depleted inventory in advance of the growing season. Normally, retailers and growers would start pulling that volume through during Q1. However, this year, due to initiatives to keep inventory low and cautious purchasing from low commodity prices, we are making the assumption that pull-through by retailers and growth will occur more evenly over the three-quarter season than in prior years. This is expected to delay reorders from distributors and will result in weaker volume in Q1.While this creates a significant challenge for our Q1 outlook, we want to make sure we are setting expectations that reflect our belief of how the US market could behave this year, which is much different than our historical view of this market. We expect Q1 price to be lower in the mid- to high-single digits with over two-third of this due to the price adjustment for diamide partner contracts. FX is also expected to be a mid-single-digit headwind.Similar to our full-year expectation, we are forecasting continued expansion of a growth portfolio in the quarter. We are gaining Q1 EBITDA at $105 million to $125 million, which is a decline of 28% at the midpoint. Lower pricing and FX headwinds are expected to be partially offset by reduced COGS, including lower material and favorable fixed cost absorption. Adjusted EPS is expected to be between $0.05 and $0.15.I'll now turn the call over to Andrew to cover some financial items and how this guidance impacts our balance sheet.

Andrew Sandifer

Thank you, Pierre. Before I get into the normal review of key financial results, let me start this afternoon with an update on our restructuring program on slide 10. When we initially announced our restructuring program in late 2023, we targeted delivering $50 million to $75 million of net savings in the 2024 P&L, with $150 million in run rate savings by the end of 2025, both measured against the 2023 baseline.As we progress through 2024, we identified a number of areas where we could move more aggressively to reduce our cost structure, raising our targets at our second-quarter earnings call and again on our third-quarter call to $125 million to $150 million in 2024 net savings and more than $225 million in run rate savings by the end of 2025. While there were many factors that contributed to these increased targets, the biggest factor was a major revamping of sourcing for raw materials for our diamide products.I'm pleased to report we exceeded our increased targets, finishing 2024 with net savings delivered in the P&L of $165 million, largely in operating expenses but with savings in cost of goods sold as well. We also now have a clear line of sight to run rate savings of more than $250 million by the end of 2025 with a very significant contribution from lower cost of goods.Our restructuring program has impacted every part of the company, resulting in fundamental changes in our operating model, including how we are organized, where we operate and the way we work. While we do have some remaining in-flight projects to finish delivering the full savings run rate in 2025, we've incorporated the expected year-on-year benefits of our restructuring actions and our outlook for 2025. As such, we consider our restructuring program to be essentially complete, and we will ensure delivery of the remaining savings through our normal management of delivery of our guidance.Moving back to key income statement items. FX was a 5% headwind to revenue growth in the fourth quarter, primarily stemming from the Brazilian reais. For full year 2024, FX was a 2% headwind at revenue with the Brazilian reais and the Turkish lira as the largest contributors, followed by smaller headwinds across a number of Asian currencies. For 2025, we anticipate a low to mid-single-digit headwind on revenue from FX with the Brazilian reais, the Turkish lira, and the euro being the most significant drivers.Unlike 2024, we anticipate a meaningful EBITDA headwind from FX in 2025 in the range of $65 million to $75 million. 2024 EBITDA benefited from the timing of currency movements during the year that created favorability against the hedges we had in place.In 2025, we continue our normal systematic approach to hedging, but with the strengthening of the dollar that happened in late 2024 and into 2025 and with the current forward curves, we do not expect to see a repeat of the favorability we saw in 2024. Rather, we expect to see a more normal relationship between FX impacts at revenue and EBITDA, with our hedging program dampening, but not limiting the impact on EBITDA and negative FX movements.Interest expense for the fourth quarter was $51.8 million, down nearly $5 million compared to the prior-year period, driven by lower debt balances and lower interest rates. For full year 2025, we expect interest expense to be in the range of $210 million to $230 million, down roughly $15 million year on year at the midpoint, reflecting the benefit of debt reduction in 2024 and modestly lower interest rates in 2025.We ended 2024 with a lower-than-expected effective tax rate on adjusted earnings of 10.9%. The mix of earnings by jurisdiction shifted meaningfully versus our expectations in the fourth quarter, with substantially less profit attributed to high tax jurisdictions like Brazil. The fourth-quarter effective tax rate of 7.9% reflects the true-up to the full-year rate relative to the 14% rate that had been accrued through the third quarter.With the impacts of lower effective tax rate for 2024, adjusted earnings per share for Q4 were up $0.72 or 67% versus the prior period, a significantly higher increase than seen at EBITDA. The biggest driver of increased earnings per share remains increased EBITDA, representing $0.59 of the $0.72 increase in EPS year over year, while lower tax contributed $0.11. For 2025, we anticipate that our effective tax rate should be in the range of 13% to 15% with the approximately 3 percentage point increase at the midpoint, driven by the expected mix of profit by jurisdiction.Moving next to the balance sheet and leverage on slide 11. Gross debt at December 31 was approximately $3.4 billion, down nearly $600 million versus the prior year. Debt reduction came both from the proceeds from the sale of our GSS business, which closed on November 1, as well as from discretionary cash flow.Cash on hand increased $55 million to $357 million resulting in net debt of approximately $3 billion. Gross debt to trailing 12-month EBITDA was 3.7 times at year-end, while net debt to EBITDA was 3.3 times. Relative to our covenant, which measures leverage with a number of adjustments to both the numerator and denominator, leverage was 3.7 times as compared to a covenant of 5.0 times.As we announced a short while ago, we recently amended the leverage covenant of our credit agreement to provide additional headroom and duration covenant relief given our outlook for 2025 through 2027. We expect to end 2025 with leverage metrics essentially flat to 2024 and then to show improving metrics with rapidly accelerating EBITDA growth in 2026 and 2027. This is coupled with disciplined cash management, including continuing to direct all discretionary free cash flow to debt reduction.We remain committed to returning our leverage to levels consistent with our targeted BBB/Baa2 long-term credit ratings. While this will take a bit longer than we previously hoped we are confident we're on the right path to get our leverage metrics back in line as our business more fully recovers.Moving on to free cash flow on slides 12 and 13, free cash flow for full year 2024 was $614 million, an increase of more than $1.1 billion versus the prior year. The year-on-year increase was driven by a $1.04 billion improvement in cash from operations, which benefited particularly from improved payables and inventory, despite over $100 million of cash restructuring spending.Capital additions and other investing activities were down substantially as we constrained spending to only the most critical projects. Cash flow from discontinued operations improved, in part due to a one-time insurance element.For 2025, we expect free cash flow of $200 million to $400 million, a decrease of $314 million at the midpoint. Cash from operations is the key driver of the decrease with normalization of working capital after the pronounced correction in 2024. Capital additions are also expected to be up somewhat, but with continued focus on only the most essential projects, including capacity expansion to support new products.Cash flow from discontinued operations is also up slightly but in line with our multi-year average. Free cash flow conversion from adjusted earnings is expected to be approximately 69% at the midpoint.With that, I'll hand the call over to Ronaldo.

Ronaldo Pereira

Thanks, Andrew. I want to start off by providing an update on our diamide strategy, which is supported by slides 14 through 21. As we look ahead, it's clear that our commercial strategy is evolving, driven primarily by the upcoming patent expirations, particularly for Rynaxypyr. While this presents challenges, we see it as an opportunity to transform, compete, and advance in new ways.Like other products that transition to the post-patent phase of life, when we look back at the makeup of our diamide business years from now, it will look much different than it does today. Over the past several quarters, we have spoken to the broad strategy for these products as they shift to their post-patent life cycle.At a high level, this strategy that we've communicated, which you can see on slide 15, is that we will continue to offer the basic solo formulations under the trusted FMC brand names at lower price points to compete with generics entering the market. At the same time, we will offer high-value versions of diamides via new, often patented formulations and mixtures. This evening, I'll share in more detail how we are enacting this strategy and share how we see the next few years unfolding for this product class.Going forward, you will hear us start talking about the two distinct products, Rynaxypyr and Cyazypyr rather than imply referring to them as the diamides as we've done in the past. Both products are very potent tools for growers to control insects. But as you can see in slide 16, there are some key differences between the two products.Rynaxypyr has a more limited spectrum, but that spectrum is focused on controlling lepidoptera insects or caterpillars, which is the most valuable addressable market at nearly $5 billion. Cyazypyr, on the other hand, has a much broader scope in terms of types of insects it can control.Our Rynaxypyr sales have outpaced Cyazypyr with roughly a 70-30 split. This is part due to Rynaxypyr's larger market share for caterpillar control and also has been by our own design due to its somewhat simpler manufacturing process and lower cost profile. The market for chlorantraniliprole, or CTPR, which is a chemical name for the active ingredient behind Rynaxypyr will undergo a series of changes over the next few years, and our strategy reflects that.As Rynaxpyr enters the next phase of its product life, it has been included in the core portfolio, along with the other legacy products that are off-patent, like sulfentrazone. All composition of matter patents have expired for Rynaxpyr. And by the end of 2025, almost all process patents will also have expired. We expect generics to enter all major markets with Rynaxpyr with solo formulations of CTPR by the end of 2026.As we mentioned earlier, we are already observing generic CTPR sales in some countries today. As generics enter the market, we will continue to offer solo formulations at lower price point under the trusted FMC brand to compete with the new market entrants. Based on the latest data from international shipments, we believe we are competitive on costs with lower price generics offering the solo molecule, thanks to our recent restructuring actions which have significantly lowered our cost of sales. Lower pricing for the solo formulation will coincide with a significant expansion of acres treated with CTPR. Slide 17 and 18 illustrate how this is likely to occur.Slide 17 shows the global foliar insecticide market, which is about $22 billion at the farmgate. Diamides, as a class of chemistry, are estimated to be about 9% or a little under $2 billion of that overall market with FMC's branded diamides making up about 55% of that share. The remaining 45% is made up of FMC partner sales, generic CTPR, and competitor products within the diamide class that are not Rynaxypyr or Cyazypyr.As you can see that — you can see that the majority of diamide offerings are on the higher end of the treatment per acre price curve with prices ranging from $20 to over $40 per acre. There are almost no diamide products offered below $10, and FMC's diamides are really non-existent in this space. When generics first enter the market, we expect growers who are solely driven by price to be their key customers, which should be less impactful to FMC.The entrance of generics will certainly create competitive pressure against some existing FMC products. But as Slide 18 shows, with our lower manufacturing costs and technology road map, there will be substantial opportunities for Rynaxypyr and Cyazypyr to take share across all points of the price curve from other insecticides such as neonicotinoids and organophosphates. The more favorable environmental profile of both Rynaxypyr and Cyazypyr versus these other insecticide classes would further aid market expansion.As seen on slide 18, we expect that the diamide market will grow from $2 billion up to an estimated $5 billion over time. As volume expands, we will continue to differentiate our Rynaxypyr products from other CTPR offerings with new formulations and mixtures.These new products, which are listed on slide 19, will deliver additional attributes. This innovation can be in the form of adding a second mode of action to combat potential resistance or adding a mixed partner to broaden the spectrum of control while expanding the addressable market. Rynaxypyr is expected to continue to show sales growth, although not at the high levels we observed when the product was earlier in its life cycle. Following the 2025 correction year, we expect overall Rynaxypyr to report a growth rate in the high single digits.On slide 20, you can see the upcoming products in our Rynaxypyr pipeline. Many of these products — these new products will offer additional value to growers. This can be in the form of reduced labor for application by offering rice growers a much lighter weight tablet formulation or — it can be through new mixtures with pheromones and insecticides from other groups that combat resistance and strengthens performance in existing segments.Finally, we plan to introduce seed treatment products, which is an unexplored segment of the market for our branded offerings as well as a mixture with the bionematicide.While the core portfolio grows at or above the market, we expect Cyazypyr and the rest of our growth portfolio to grow at multiples of the market. For Cyazypyr, we have process patents in place in major markets through 2025, with Brazil not expiring until the middle of 2026. In addition to the process patents, we also have a key formulation path enforce Cyazypyr through 2027 in key markets and data protection in place in major regions such as Brazil, the US, and Europe. Depending on the country, this can extend the protection granted to the regional molecule. Data protection creates an additional and costly hurdle for generics to register products even after process patents have expired.Slide 21, shows some of the products in our Cyazypyr pipeline, including mixtures within insecticides from other groups that will broaden the spectrum of control as well as slowdown resistance. Our high load formulations are not only easier to handle for growers, they also improve our cost position. To serve growers in the fruits and vegetables space, we'll be offering a fruit fly bait that is a unique and sustainable solution that leaves no residues and has no restrictions for export.Compared to Rynaxypyr, Cyazypyr has a more complex and more expensive manufacturing process. These factors may cause fewer generics to enter the market compared to Rynaxypyr. Cyazypyr has a broadened spectrum of pests it can strongly control, including white fly, fruit fly, leafminer and psyllid. Given the broader spectrum and our reduced manufacturing costs, we believe we have a sizable opportunity to expand the market for this product.Similar to Rynaxypyr, we are actively promoting and developing new formulations and mixtures to position ourselves well when all patent protection has expired and generics enter the market. Following the 2025 production year, we expect sales of Cyazypyr to grow in the low- to mid-teens.The most exciting part of the growth portfolio are the new AIs that we're launching and expanding over the next few years. We have mentioned before our high expectations for the contribution of these molecules, and will now share more details about what these expectations are and what supports them.Let me start with the two products already in commercialization. The first one is fluindapyr. It is one of the newest active ingredients of the SDHI fungicides, a class of very active products with a strong commercial success. Together, SDHI fungicides represent 15% of the global fungicide market with around $3 billion in combined sales in 2023.SDHI fungicides, are known for being very effective when used to prevent crop disease. This is also the case for fluindapyr. However, what sets it apart from the other active ingredients is the especially broad spectrum of control that covers many diseases of economic importance, such as Asian soybean rust, corn tar spot, coffee rust and damping off in young cotton plants. Fluindapyr also protects crops for ended period, lowering the need to re-spray.These technical attributes are enough to support our confidence in the success of Fluindapyr. But there is another aspect that is equally important. Fluindapyr has given us access to some large market segments that we have never served before. In aggregate, we believe that its addressable market exceeds $2 billion. Soybean rust in Brazil alone is a $3.5 billion market, just to mention one example.In many of these market segments, fluindapyr will be the first technology that we will sell. Going into these new segments with a product that is patent-protected, technically differentiated, and biologically strong will open access to sales of other FMC products.As shown on slide 22, fluindapyr already registered in Brazil, Argentina, the United States and Paraguay, with some other important countries pending registration in the next three years. Sales are expected to be more than $150 million in 2025, exceeding $300 million by 2027.The second product is Isoflex active, a herbicide based on bixlozone that offers a new mode of action in cereals, such as wheat and barley. It's most effective at controlling difficult grasses as well as some key broadleaf weeds. We have been selling this product in Australia with a strong result.With recently approved registration, it has expanded to Brazil, Argentina, India, and the UK. European Union registrations have been submitted, and we expect to begin selling there during 2027. Given the size of cereals market in the EU, Isoflex sales in those countries will provide a substantial boost to the product's global sales. We estimate that the addressable market for cereals in Europe to be about $5 billion.Isoflex sales are expected to be about $100 million in 2025 with sales approaching $250 million by 2027. We expect sales to continue strong growth beyond 2027 as the product becomes more widely used.Our third product is Dodhylex, the first herbicide to be introduced in the market with a new mode of action in over 30 years. In our Q2 call, we described it as a patented rice herbicide. I want to correct that statement. Dodhylex is a novel, patented and versatile herbicide.While its development in rice is more advanced, our confidence that it will be sold on other crops in the future keeps growing every day. Suffice to say that it can be safely applied on several broadleaf crops, such as soybean, sunflower and others. And we believe there are meaningful opportunities to expand the product to these crops beyond 2027. But for today's discussion, let's just stay with rice.There are 165 million hectares of rice planted globally. To put this in perspective, this is 25% more land than soybeans and not so far from corn. Because of cultural reasons, the vast majority of the countries currently have strict regulations that prevent the introduction of genetically modified rice varieties.As a result, decades of weed control with herbicides with similar modes of action have led to a substantial increase in weed resistance, probably more so than in any other major crops. Although it's hard to estimate the size of global rice are infected with resistant weeds, in US alone, some of universities estimate that resistant weeds are present in more than half of all the rice fields.Weeds like barnyard grass and the sprangletop are present in virtually every rice field. And in many of them, they have become resistant to existing herbicides.Differently from other crops, there are many agronomic variations on how rice is planted from country to country: direct-seeded versus transplanted, variety types, irrigated versus rain fed, different irrigation methods, et cetera. Today, all these variables result in limitations on which herbicide can be used. A product that can be safely used on transplanted rice can be harmful to the crop when used on direct-seeded fields.Dodhylex is highly safe on rice plants independently of the agronomic practices. Once we launch it, almost all the rice growers will be able to use it without being forced to choose between their herbicides side and their preferred agronomic practices.High versatility, strong performance on resistant weeds, unparalleled crop safety on a crop that is planted in all continents and potential to expand even further in traditional crops, these are the key reasons behind our high expectations on Dodhylex's commercial performance in the next few years. Looking forward into the future, we continue to believe that our new active ingredients can achieve or surpassed $2 billion in revenue at maturity.Beyond our new synthetic pipeline, our plant health business is expected to grow at a rate in the mid-20% range out to 2027, led by biologicals with a smaller contribution from pheromones. We still believe there is an excellent opportunity for outsized growth for pheromones, but meaningful growth is not likely to occur until after 2027.In summary, there is a normal potential for expanded sales from our growth portfolio when you consider the new active ingredients and the potential for Cyazypyr to broaden its market reach. In addition, we also have a growing portfolio of biological products, including pheromones that are positioned to provide even further growth.With our core portfolio providing a solid foundation for sales and earnings in a market that is in the midst of recovery, the differentiated nature of our growth portfolio puts us in a strong position to outgrow the market over the coming years.Pierre will now discuss specifically what our expectations are for the next three years and provide some closing remarks.

Pierre Brondeau

Thank you, Ronaldo. Our 2027 targets are laid out on slide 23. We are focusing here on the growth of the company post 2025, which we believe will act as a correction year to reposition our portfolio. The growth rates post-2025 are more representative of the future growth of FMC. The sales of our core portfolio from '24 to '27 are expected to grow at 2% per year.Following the 2025 correction year, we expect total Rynaxpyr growth in the high single digits. The rest of the core portfolio is forecasted to grow at the market rate of about 3% every year.Our growth portfolio is expected to grow at an annual rate of about 24% from '24 to '27. Following the '25 correction year, Cyazypyr growth is projected to be in the low- to mid-teens with growth of both branded and partner sales. The new active ingredients are expected to reach $600 million by 2027.The growth was mostly coming from fluindapyr and Isoflex with a small contribution of Dodhylex based on the launch calendar. The plant health growth rate is expected to be in the mid-20% range with a potentially high-growth pheromones product expected to meaningfully accelerate growth of plant health after 2027. From '24 to '27, the growth portfolio contribution to total company sales is expected to grow from 19% of total company to 30%.Looking beyond 2027, the ramp-up of Dodhylex and addition of new products such as extended biological offerings, the pheromones and the new dual mode of action herbicide rimisoxafen will all contribute to further growth for the company. Combining the core and growth portfolio leads to expected 2027 sales of about $5.2 billion. EBITDA is expected to be about $1.2 billion, equating to a 23% EBITDA margin, which is at the higher end of our industry. This is a revenue annual growth of 7% from '24 to '27 with EBITDA growth at 10%. From '25 to '27, revenue grows at an annual rate of 11%, with EBITDA growing at 15% rate.We are highly confident in the growth path of the company. This confidence comes from the already strong performance of our growth portfolio. I believe FMC has the strongest pipeline in its history, but we are also conscious that taking full advantage of it requires a repositioning of the company in 2025. That is why we will realign our inventory level, implement the newly developed diamide strategy, and invest in our sales organization to support our growth portfolio and develop new routes to market.We can now open the line for questions.

Question and Answer Session

Operator

We will now begin the question-and-answer session. (Operator Instructions)Vincent Andrews, Morgan Stanley.

Vincent Andrews

Thank you and good afternoon, everyone. Pierre, could you help us understand how you expect Rynaxpyr from 2026 and beyond to evolve? You're talking about high single-digit sales growth, but could you maybe help us think about the shape of volume and price over the coming years? And within that, could you let us know your view of price gaps and how do you expect to manage them as the generics proliferate? Thank you very much.

Pierre Brondeau

Sure. From a pricing standpoint, we believe we are in a place right now, where we can compete with generics at the price we understand are the prices which are being practiced by generic company as reported in the latest import data we have.So there is two aspects of it. There is the aspect of the market where we will sell the solo molecule. And there, we will have to make a decision of how deep we go into this market to go further into hectares, which are lower cost — using lower-cost product and to decide where we go and how much of this market we decide to take versus today where we do not have any of this market. So that's what a lower manufacturing cost and new pricing will allow us to do to expand the market we will reach in terms of hectares by going after different type of pesticide.Then there is the high end. As you've seen on the slide presented by Ronaldo, we are actively working on new mixtures of products, which are increasing the efficacy of the product, fighting the resistance, and those products will allow us to differentiate ourselves from the solo molecule, which will have a way less efficacy and do that at a price premium.And finally, we're going to be developing products which will be beneficial from the cost standpoint for us and growers. We talk about high concentrate [and palet]. So it's a mixture of moving our products in two direction. One is to the high end with high-level formulation, which are significantly increasing the efficacy of the product together with having the capability to expand to lower end market because we will have a much lower price, allowing us to go into those markets.

Operator

Josh Spector, UBS.

Joshua Spector

Yeah, hi. I had a question on your volume guidance for 2025. So a lot of the prepared remarks talk about weakness at the end of the year, more channel inventory you're dealing with in the first quarter, and that's clear in your 1Q guidance. But if our math is correct, it looks like you're expecting volume growth of something like high single digits for 2025 as a year.Previously, you talked about that as 5%, something in that range. So it just seems really odd to us that you're increasing confidence in volumes when the near-term outlook looks a lot worse than you previously anticipated. So can you help us out there, please?

Pierre Brondeau

Yes, absolutely. It's a very appropriate question. We are — one of the very key decision we made is to lower inventory of FMC products in the channel. So all of the core products we have or the product — part of the core portfolio, we're going to make sure that we are selling more on the ground than we are selling into the channel.Initially, when we gave some directional numbers, we talked about volume growth in the 6% range. Today, we are at a higher number. But it is a strategy we have developed during the fourth quarter when we understood better the market we were facing.If you think about — when we talked about 6%, we are thinking more of the general growth of the demand from the market, which would have recovered. Here, we are excluding that part of the growth. And if you think about the range of growth, it is something like $250 million to $350 million. That's the kind of range we talk about today in terms of volume growth. 75% of that is coming from our growth portfolio, and it is coming from mostly from the new molecules, the new AIs, and also from the biological product.The rest is coming — and the vast majority of the remaining growth is coming from the plant health portfolio. So there is very little growth — in the $250 million to $350 million, there is growth, which is coming from the core portfolio. So it's a very different profile. It's a very different approach.There is a downside to it; let's face it. It requires investments in the first quarter to develop a new sales organization to go after the growth in the new routes, which is more direct sales to large growers, but it's a very different growth profile than what we're expecting. And where we intend to grow the $250 million to $350 million do not touch places where we have high inventory level.

Ronaldo Pereira

If I may add to that, Pierre. Josh, we are investing in expanding and exploring new routes to market. The combination of new products and new customers, that is really where the growth comes from. It is not from traditional products and traditional customers as we just stated that our focus there is actually to decrease the existing inventory. So it's new products to new customers driving the volume growth.

Operator

Chris Parkinson, Wolfe Research.

Christopher Parkinson

Hey, guys. I was just hoping you could help me triangulate a few things. It just seems like the 1Q guide is the vast majority of the delta of what The Street was increasingly kind of factoring in for your '25 guidance. and we all understand there's a lot going on with Brazilian credit and increasing competition, not only across the Big Six, but also generics within the Americas, wholesale/retail holding less inventory.But just can you help us just — given even Latin America is a smaller portion of the first calendar quarter, just what's your confidence 2Q onwards that you're doing everything in FMC's power to ensure that you can ultimately hit that annual guide, if not exceed it, once all the dust settles? Thank you.

Pierre Brondeau

I think, Chris, the — I would say the first-quarter number are showing that we are taking very significant market approach to lower the level of FMC products in the channel. So certainly, our numbers for the first quarter are showing that we're going to have a very, very prudent approach to the market with a high focus on preparing the following quarters.The second half of the year will also benefit a lot of the new products the new route to market — for the new product, because lots of the registration except the US are coming from countries in Latin America, where you will have the growing season. And the new routes to market with the new growers we are targeting are also in Latin America.So the two actions, structuring and sales, for growth in the second half, plus the actions we are taking in the first half of the year should make us successful to deliver what we are planning in the second half of the year.Do you want to add something, Andrew?

Andrew Sandifer

Yeah. Chris, I'd just add as well, just as Pierre commented, we do have some major timing shifts in the US business happening this year as well that caused for some shift of sales we would normally expect to make in Q1 to happen later in the year. So I think that's a part of this low Q1 and stronger Q2 through Q4 that you're pointing to in your question. It is that combination of both the back-end weighted new product growth that Pierre mentioned, the actions we're taking earlier in the year, broadly speaking, to reduce channel inventories, and then finally, the bit of the change in sequence during the year of sales in the US market, with later replenishment by growers and retailers pulling from distribution.

Operator

Richard Garchitorena, Wells Fargo.

Richard Garchitorena

Great, thanks. Okay, good afternoon, everybody. I just wanted to touch on the pricing outlook. And it looks like in the fourth quarter, you saw pricing decline across basically most of the segments — most of the regions, with the exception of EMEA. In terms of the outlook, you talked about cost-plus contract adjustments. Was that in a specific region?How is pricing currently in Latin America, which has been the weakest, I guess, that you had been seeing. And then when you look at the 2027 revenue guide, is expectations that these contracts are reset in '25? And then they're going to be flat to potentially higher as you move forward over the next couple of years. Thank you.

Pierre Brondeau

So to answer your last question about the contract, there is for some of the very critical contracts a indexation of the pricing to customers to our manufacturing cost. The biggest jump in terms of lowering manufacturing cost is taking place now from '24 to '25. After '25, we're going to have incremental evolution of our cost, which will go lower and beyond where we will be in '25, but not at all to the same extent. So there will be less of an impact of the price adjustment to the technical sales in '26 and '27 versus '25 as most of the hit will be taken in 2025.From a pricing standpoint, I think the guidance we are giving — and Andrew, correct me if I'm wrong — but I think the guidance we are giving for 2025 is 3% with about two-third of that coming from those manufacturing contracts or the sales contract to our partners.And on Q4 (technical difficulty) commenting about Q4 and the 3% decline, which was slightly better than what we were expecting. And that's related to the comment I made initially. We had good line of sight in the fourth quarter to deliver the EBITDA and the EPS. We decided to walk away from sales when there was too much of a demand for price or term. We did not want to get into a situation where we would be competing at any cost to — to go as high as we could on the selling front and just rather stay there below the number we gave as our expectation from the price decrease, knowing that we could deliver our earnings without doing it.

Operator

Arun Viswanathan, RBC.

Arun Viswanathan

Great. Thanks for the question. Understanding that you guys have done a lot of work to get inside the channel a little bit more. It sounds like you will be continuing to increase your visibility there. But maybe you can just highlight, Pierre, some of the learnings that you have found there.It sounds like that was an area of particular interest, but now you're also shifting your strategy as well and further solidifying the growth versus core strategy. But what else are you doing on the inventory side to get a better handle on the channel? And will all of those issues be mainly addressed through your Q1 actions? Thanks.

Pierre Brondeau

Yeah. Thank you. I would say most of our inventory actions are going to take place in the first half. And I think that it will take more than one quarter. We're going to be very aggressive in the first quarter. We'll carry that on the second quarter, I think.There is two issues I did not personally appreciate in the first couple of months I was here. I focused a lot on the overall inventory. But there is clearly some places for different reasons, where we would have higher than the average inventory level, higher FMC inventory level. So we have now identified, and it's a country per country set of action. And it's going to be India; it's going to be Brazil. It's Eastern Europe; it's Asian.So we have a series of six or seven countries where we went in depth to tackle the inventory issue. And the way we truly realize that was going through — studying the selling process and why things were not happening the way we were expecting.There is also the fact we spent a lot of time talking to our customers that we are dealing with the moving target. Inventory target at the end of the season, we believe, is not the same today as it was in the past. I think people are — well, I mean, there is some regions — I'll give you an example. There is some regions where people were comfortable ending the season in the 30%, 35% range of a full-year or full-season inventory at the end of the season. But those people now are targeting the 20%, 25% range.So it's a moving target. So we have to deal with those two issues. The moving target in terms of what our customers want plus the identified places, maybe six or seven countries, including some large countries like India and Brazil, where there is a specifically high level of FMC inventory.

Operator

Ben Theurer, Barclays.

Benjamin Theurer

Yeah. Good afternoon and thanks for taking my question. Just wanted to kind of get a little bit more of the medium-term picture as you think about the roll-out and the cadence for '25 and into '26, obviously, with the backdrop of what you've just guided for Q1.So if things move the way you suspect right now and as you would have to anticipate maybe a little bit of that step in between versus what is this year's outlook and the '27 after it, how should we think about the cadence into 2026, just given the roll-out of products and your ability to gain back some market share and to gain back some customers that seem to be lost for now?

Pierre Brondeau

Yeah. I think the — it is not — if I look at the three-year plan, it's not a back-end-loaded three-year plan. You will see a significant improvement of the numbers starting in 2026. The new products — you've seen the numbers shown by Ronaldo going to $600 million — it's going to be a pretty evenly growth you're going to see over the three-year period.The new routes to market, we hope to be ready to have that in place in the second quarter to start to be very active in the third quarter and be even more implanted in 2026. So certainly, there is an acceleration of the growth from '26 to '27, but there will be a significant step-up coming from a correction year.By '26, we will benefit from a market growth of the core business and the full growth of our growth business. So it is not a back-end type of three-year plan.

Operator

Steve Byrne, Bank of America.

Stephen Byrne

Yeah. Thank you. For Rynaxypyr volumes in 2025, what are you expecting the percent decline to be? And what was the change in your outlook for the global Rynaxypyr market versus your prior expectations? Was this primarily due to just greater-than-expected capacity expansions in China? Is that what was the primary change? And if so, why do you think you could get back to high-single-digit growth in 2026?

Pierre Brondeau

Yes. I think we want to be careful in not talking about specific percentage for products. In next year, we do expect Rynaxypyr to be down, both branded Rynaxpyr and Rynaxypyr sold to our partners. We do expect Cyazypyr sales — branded Cyazypyr sales to be up.Going forward, I think, first, the different thinking we have about the Rynaxypyr business is two-fold. First, we believe that we can expand with a new manufacturing cost. The market we can address with the Rynaxypyr as a solo molecule formulations like I talked about — we talked about. We talked about the high concentration or the mixtures — with mixture partners.So we do believe that we can expand the number of acres where we can be competitive and we can also improve the efficacy of this product, allowing us to go to market, which will be beneficial from a usage standpoint to growers. So we do believe to play in a much larger market starting this year and mostly in 2026 than we've done before without moving away from staying in the high end with a specific formulation, which are giving benefits to growers.To your question around the change in the landscape, what I believe is, like it is very often the case, when you have a patent protection, which is a composition of matter — very, very solid across the world. When you have a patent protection which is process based, not all jurisdictions or countries do have the same attitude toward those patents. And I believe that with India and China starting to sell products even if we are taking legal actions and even if there is a high priority, we will win those legal actions.There is no injunction. Competitors are not stopped by court, and that gave the example and the courage to those companies to expand that behavior into other countries. And that's why we saw them coming into Argentina, for example, into Turkey. So I think there is an expansion when you are just one year away from the end of your process patent protection, where people are less worried about the legal action we could be taking. And it's happening maybe faster than what we're expecting.

Operator

Frank Mitsch, Fermium Research.

Frank Mitsch

Thank you and good afternoon. I want to come back to the price question. Pierre, you indicated that two-thirds of the price decline you're anticipating to come from the manufacturing contracts with your diamide partners. So if you could talk a little bit about the other third, where you're seeing the price declines in that area.But coming back to the diamide partners, am I to understand that as you improve your manufacturing process that you are giving that back to the diamide partners. So as you spend money to improve your manufacturing for the restructuring costs, et cetera, that that is flowing through in a lower price to the diamide partners.I certainly can understand if raw material costs come down and so forth that, that would flow through to your partners, but I was just struck that it sounded like it was also if you're making improvements and spending money to do so, that you're giving some of that up. So any color there would be very helpful? Thank you.

Pierre Brondeau

Absolutely. So yes, the contract we have with those diamide partners are the fact that — and also, again, it's not all of them. There is some of our diamide partners, where we have a very different cost structure. But important diamide partners to have what we call a cost-plus, which is not the exact terminology. That's a fact we — the way we called it, but the pricing is indexed on manufacturing cost.And it is a commercial decision we have taken. We knew that over time, those partners will have the choice between working with us and working with people who potentially would come with price which would be more competitive. So when you sign mid-term, long-term contract with those partners, they are willing to stay with you. But they also have to be sure that their source of product will remain competitive.So in some cases, there is no cost-plus contracts, but then what you end up doing is having a commercial negotiation every year or every other year when the contract has to be renewed. With some other partners, we do have longer-term contracts. And one of the benefits they get is they give us longer-term contract, and we give those a guarantee that we will optimize the price, even if we are the one spending money to lower the cost. It's just a commercial practice. We had to secure some large contracts with important partners over a longer period of time.Regarding the remaining — the one-third of the price decrease, it is actually, we believe, some of the normal market competitiveness, which will still exist for the time being until the market has completely recovered. And the fact that in Asia, we still are in a very, very competitive situation, where the — especially India, where the channel is very full. So I would say it's not as simple as two-thirds technical — what we call technical product sales to a partner and one-third of Asia, but it's not far from being the truth.

Operator

Mike Harrison, Seaport Research Partners.

Michael Harrison

Hi, good evening. I was hoping, Ronaldo, given your experience in Latin America, maybe you can give us a little bit more detail on the changes. That you're seeing in the Latin America distribution channel. I know that your restructuring plan included some rightsizing of the organization in Brazil, and now it sounds like you're seeing a need to invest in new routes to markets or a different way to access that market.So can you help us understand what has changed in the market and also what has changed about your approach to the market in Latin America and your organization. Thank you.

Ronaldo Pereira

Sure, Michael. A few years ago, the retail distribution system went through a consolidation — a wave of consolidation. And some of the consolidators started acquiring some retailers that were family-owned businesses, very traditional and small — covering the small territories. And these platforms became large and very diverse in terms of geographic expansion and also the making of their, I'll call, network for lack of better name.What we have seen is that the market share that some of those regional businesses have with our products is not the same that we are seeing with the consolidators today. Because the market is evolving, the compliance need is different. The credit requirements are different. And as a result of that, there are more and more growers going directly to companies or we could put in reverse as well more and more companies going direct to growers, and approaching them directly and establishing that direct relationship between manufacturers and large growers.You may ask, well then, why didn't you follow that way before or you adjusted before? And the answer is actually pretty simple. To go — I'm talking about soybean and corn — and to go and approach growers directly, you need a technology that is specifically important to those growers. We now have it. I talked about fluindapyr and I talked about that product being the key tool in controlling Asia soybean rust. There are new or renewed brands and versions of our diamide.We are now approaching those growers with some new technology to show them. So the difference between where we were before, before optimizing and now that we're making investments, is one, when we rightsize the organization, we rightsize it to the total size of the market. Now the type of investment that we're making — the people that are joining the company are people that are more skilled on soybean and corn, segments that we didn't serve before, and especially approaching directly growers not focusing 100% on retailers.In other words, though the skills are not the same and the fact that we let go people before and now we are adding, it's not the same type of people. It's just different skills, different networks, and different connections that are required to implement this new stage of this strategy. But I do want to stress, we can only do that now because we have the right technologies to do so.

Operator

Kevin McCarthy, VRP.

Kevin McCarthy

Yeah. Thank you and good evening. Pierre, if I look at slide number 8, you're guiding to adjusted EBITDA that's either side of flat. And that is the case, notwithstanding what looks to be $175 million to $200 million of favorability on COGS. I think you have additional restructuring benefits flowing through as well.So my question would be, can you speak to some of the headwinds that would cause the flat EBITDA? I do see the foreign exchange that you quantified, but perhaps you could speak to the level of the incremental investments you're making in SG&A to go direct in Latin America and other cost headwinds that would complete the bridge, so to speak.

Pierre Brondeau

Sure. I think I would say there is multiple ways to look at it, but there is three key headwinds. One is price — with what we explained around the price we have to give back to our — to some of our partners on diamide. So price is overall $130 million, I think, in the range of $130 million of headwind.Secondly, we do have FX which is much beyond what we would have thought a few months ago in the range of about $70 million. And we believe we're going to be investing in the first quarter about $25 million to create a new sales organization. So you have here about $200 million to $250 million of headwinds for the three main ones.Andrew, have I missed any or those are the three biggest ones?

Andrew Sandifer

Yeah, the biggest ones. And obviously, we did forgo about $25 million in profit we've made in the GSS business in the prior year that we obviously won't have this year to finish out the (multiple speakers)

Pierre Brondeau

That's the full thing —

Andrew Sandifer

It's a smaller piece.

Pierre Brondeau

So those together are beyond $250 million.

Operator

This concludes the FMC Corporation conference call. Thank you for attending. You may now disconnect.

FMC (NYSE:FMC) just got hammered, plunging over 33.6% at 12.02pm today, after its Q4 earnings report left investors unimpressed. The company beat profit expectations with adjusted earnings of $1.79 per share, but revenue missed the mark at $1.2 billion, weighed down by foreign exchange headwinds and cautious inventory management. Worse, GAAP earnings flipped negative with a $0.13 per share loss, capping off a brutal year where total revenue dropped 5% and GAAP earnings nosedived 74%. CEO Pierre Brondeau tried to reassure investors by pointing to solid organic sales growth, but with customers cutting back on inventory, the outlook remains shaky.

Warning! GuruFocus has detected 11 Warning Signs with FMC.

Wall Street isn't buying the optimism. BofA Securities slashed its rating from Neutral to Underperform, trimming its price target to $48 from $61, citing a weak Q1 outlook and rising competition in FMC's high-margin diamide business. RBC Capital and Morgan Stanley followed with their own target cuts, pushing expectations as low as $46. Analysts are skeptical of FMC's ability to hit its 2025 guidance, which forecasts flat revenue growth and adjusted EPS between $3.26 and $3.70. With concerns mounting over financial leverage and the sustainability of its dividend, investors are left wondering if the worst is yet to come.

At multi-year lows, FMC stock looks like a falling knife. The company is battling intensifying generic competition, unpredictable demand, and investor skepticism that's only growing louder. Management is betting on a volume recovery and strong cash flow to stabilize things, but for now, the market isn't convinced. Until FMC proves it can turn the ship around, investors may want to stay on the sidelines.

This article first appeared on GuruFocus.

We recently compiled a list of the 12 Biggest Lithium Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other lithium stocks.

Our Methodology

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Number of Hedge Fund Holders: 41

FMC Corporation (NYSE:FMC), founded in 1883 as an insecticide manufacturer, is an American chemical manufacturing company that has since expanded into other industries. FMC Corporation (NYSE:FMC) has spent decades developing and producing lithium amides, lithium alkoxides, lithium metal hydrides, alkyllithiums, and aryllithiums. These compounds are useful as reducing agents in the production of agricultural and pharmaceutical intermediates.

On January 21, Barclays analyst Benjamin Theurer upgraded FMC Corporation (NYSE:FMC) from Equalweight to Overweight, while maintaining a $65 price target. According to the analyst, the market expects an EV/EBITDA multiple of 9.3 times in 2025, based on Bloomberg consensus estimates, while the historical average for FMC is 12-13 times. Theurer provides a more optimistic assessment of the stock's future performance, citing the historical multiple to suggest that the stock's "normalized" pricing may exceed the current price target.

In the third quarter of 2024, FMC Corporation (NYSE:FMC) reported 12% organic sales growth and 9% sales growth. The company expects a 32% increase in EBITDA and a 19% increase in sales in the fourth quarter of the same year. By 2025, the company hopes to increase revenue by about 6%, at a potential cost of $200 million. As part of its ongoing innovation efforts, FMC plans to launch four new active ingredients and save $125 million to $150 million through restructuring by 2024.

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

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

FMC Corporation FMC reported a loss of 13 cents for fourth-quarter 2024. This is in contrast with earnings of $8.77 reported in the year-ago quarter.Barring one-time items, adjusted earnings per share were $1.79, beating the Zacks Consensus Estimate of $1.61.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues were $1,224.3 million in the quarter, up around 6.8% from the year-ago quarter’s level. The top line fell short of the Zacks Consensus Estimate of $1,324.1 million.FMC's fourth-quarter revenues were driven by a 15% increase in volume, with growth reported in several countries, especially the United States.

FMC Corporation Price, Consensus and EPS Surprise

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

FMC’s Regional Sales Performance

In North America, sales increased 23% year over year to $340 million in the quarter, driven by higher volume. The figure missed the Zacks Consensus Estimate of $347.5 million.Latin America sales saw a 10% year-over-year decline to $390 million in the reported quarter, as higher volumes were partly offset by a low-single-digit price decline. The figure missed the Zacks Consensus Estimate of $516.9 million.In Asia, revenues rose 10% year over year, totaling $307 million due to higher volumes. The figure beat the Zacks Consensus Estimate of $273.7 million.EMEA experienced an 18% year-over-year sales upside, reaching $188 million in the reported quarter. Higher volumes in EMEA resulted in sales growth, excluding currency impacts. The Plant Health business improved over the previous year. The figure beat the Zacks Consensus Estimate of $183 million.

FMC’s FY24 Results

For the full year, FMC reported revenues amounting to $4,246.1 million, marking a 5.4% decrease from the previous year. On a reported basis, the company posted full-year net income of $341.1 million, reflecting a 74.1% decrease. Consolidated earnings per share were $2.72, down 74.2% year over year.

FMC’s Financials

The company had cash and cash equivalents of $357.3 million at the end of the quarter, up roughly 18.1% year over year. Long-term debt was $3,027.9 million, up around 0.1% year over year.

FMC’s Guidance

Revenues for the first quarter are projected to be in the $750 million to $800 million range, a 16% decrease at the midpoint from the same period in 2024. Volume is likely to fall as customers in various countries continue to cut inventories, and retailers and growers make cautious purchases in an environment of low commodity prices. Adjusted EBITDA is estimated to be in the $105 million to $125 million range, a 28% decrease at the midpoint compared to the prior-year quarter, as lower expenses, primarily in COGS, somewhat offset lower price and FX headwinds. Adjusted EPS is estimated to be in the range of 5 cents to 15 cents, representing a 72% fall at the midpoint against the first quarter of 2024 due to the reduction in adjusted EBITDA.Revenues for full-year 2025 are expected to be in the $4.15 billion to $4.35 billion range, roughly steady at the midpoint and up 3% after accounting for about $110 million in lost revenues from the GSS business divestiture. Full-year adjusted EBITDA is estimated to be between $870 million and $950 million, up 1% from the previous year at the midpoint and 4% after accounting for roughly $25 million in lost EBITDA from the GSS sale. The adjusted EPS for 2025 is estimated to be $3.26 to $3.70 per share, which is consistent with the previous year at the midpoint. Full-year free cash flow is projected to be $200 million to $400 million, a $314 million decrease from 2024 at the midpoint, as the free cash flow conversion normalizes following the outsized recovery in 2024.

FMC’s Stock Price Performance

The stock has gained 1.1% in the past year against a 3% rise of the industry.

Zacks Investment Research

Image Source: Zacks Investment Research

FMC’s Zacks Rank & Key Picks

FMC currently carries a Zacks Rank #4 (Sell).Better-ranked stocks worth a look in the basic materials space include ICL Group Ltd. ICL, Hecla Mining Company HL and Ingevity Corporation NGVT.ICL is slated to report fourth-quarter results on Feb. 26. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 6 cents. ICL beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 18.1%. ICL carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Hecla Mining is slated to report fourth-quarter results on Feb. 13. The Zacks Consensus Estimate for HL’s fourth-quarter earnings is pegged at 4 cents. HL beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 50%. HL currently carries a Zacks Rank #1.Ingevity is slated to report fourth-quarter results on Feb. 18, after market close. The consensus estimate for Ingevity’s fourth-quarter earnings is pegged at 12 cents. NGVT, carrying a Zacks Rank #1, beat the consensus estimate in three of the last four quarters while missing once, with the average earnings surprise being 95.4%.

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Zacks Investment Research

Revenue: $1.22 billion for Q4 2024, a 7% increase versus 2023.
EBITDA: $339 million for Q4 2024, 33% higher than last year.
EBITDA Margin: 27.7% for Q4 2024, an all-time Q4 high.
Full Year 2024 Revenue: Declined 5% compared to the previous year.
Full Year 2024 EBITDA: Declined 8%, with a margin of 21%.
2025 Revenue Guidance: $4.15 billion to $4.35 billion, flat at the midpoint compared to 2024.
2025 EBITDA Guidance: $870 million to $950 million, up 1% at the midpoint.
Adjusted EPS for 2025: Expected to be between $3.26 and $3.70.
Q1 2025 Revenue Guidance: $750 million to $800 million, a decline of 16% against prior year.
Q1 2025 EBITDA Guidance: $105 million to $125 million, a decline of 28% at the midpoint.
Free Cash Flow for 2024: $614 million, an increase of more than $1.1 billion versus the prior year.
2025 Free Cash Flow Guidance: $200 million to $400 million, a decrease of $314 million at the midpoint.
Interest Expense for 2025: Expected to be in the range of $210 million to $230 million.
Effective Tax Rate for 2025: Anticipated to be in the range of 13% to 15%.
Gross Debt as of December 31, 2024: Approximately $3.4 billion, down nearly $600 million versus the prior year.

Warning! GuruFocus has detected 11 Warning Signs with FMC.

Release Date: February 04, 2025

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

Positive Points

FMC Corp (NYSE:FMC) delivered two strong quarters with earnings above guidance, indicating effective management and strategic execution.
The company is making significant progress in manufacturing cost reductions, which are critical for future growth plans.
FMC Corp (NYSE:FMC) has a well-balanced portfolio with a core portfolio expected to grow at or slightly above market rates and a growth portfolio projected to grow significantly above market rates.
The introduction of new active ingredients, such as Isoflex and Fluinapi, is expected to drive substantial revenue growth, with sales projected to reach $600 million by 2027.
The plant health platform is expected to grow at an annual rate in the mid-20% range through 2027, driven by biologicals and pheromones.

Negative Points

FMC Corp (NYSE:FMC) faces significant challenges with elevated channel inventories, particularly in regions like Brazil, India, and Eastern Europe.
The company anticipates a pronounced negative impact on 2025 financial performance due to aggressive actions needed to reposition the business.
Pricing pressures are expected due to cost-plus contracts with partners and increased competition from generic products, particularly in Asia.
The restructuring program, while delivering savings, requires substantial investment in expanding sales organizations and exploring new routes to market.
FMC Corp (NYSE:FMC) is experiencing a shifting market structure in Latin America, requiring increased investments to adapt to new distribution channels and direct sales approaches.

Q & A Highlights

Q: Pierre, could you help us understand how you expect RAure from 2026 and beyond to evolve? We’re talking about high single-digit sales growth, but could you maybe help us think about the shape of volume and price over the coming years? And within that, could you let us know your view of price gaps and how you expect to manage them as the generics proliferate? A: From a pricing standpoint, we believe we are in a place right now where we can compete with generics at the price we understand. There are two aspects: the market where we will sell a solar molecule and the high end with new measures of products increasing efficacy. We aim to expand into lower-end markets with lower prices and develop high-end formulations for better efficacy and price premiums.

Q: I had a question on your volume guidance for 2025. It seems odd that you’re increasing confidence in volumes when the near-term outlook looks worse than previously anticipated. Can you help us out there, please? A: We are committed to lowering FMC inventory in the channel. The volume growth forecast is driven by the growth portfolio, particularly new molecules and biological products, not the core portfolio. This strategy requires investment in new sales routes, focusing on direct sales to large growers.

Q: Can you help us understand your confidence in achieving the annual guidance despite challenges in Latin America and other regions? A: Our Q1 numbers reflect a prudent market approach to lower FMC products in the channel. The second half will benefit from new products and routes to market, especially in Latin America. We are structuring sales for growth in the second half, supported by new registrations and targeted growers.

Q: I wanted to touch on the pricing outlook. How is pricing currently in Latin America, and what are your expectations for 2027 revenue guidance? A: For some critical contracts, pricing is indexed to manufacturing costs. The biggest cost reduction impact is from 2024 to 2025, with less impact in 2026 and 2027. We anticipate a 3% price decline in 2025, mainly due to these contracts, with some market competitiveness affecting pricing in Asia.

Q: Can you highlight some of the learnings from your inventory strategy and how you plan to address these issues in Q1? A: Most inventory actions will occur in the first half, focusing on countries with higher FMC inventory levels like India and Brazil. We realized the need to adjust to a moving target as customers now aim for lower inventory levels than in the past.

Q: Can you provide more detail on the changes in the Latin America distribution channel and your approach to the market? A: The retail distribution system has consolidated, affecting market share. More growers are now approached directly by companies. We are investing in new routes to market with skilled personnel in soybean and corn segments, leveraging new technologies like fluenta beer for direct grower engagement.

Q: You’re guiding to adjusted EBITDA that’s flat despite significant COGS favorability. Can you speak to the headwinds causing this flat guidance? A: Key headwinds include a $130 million price impact from dynamite partner contracts, a $70 million FX impact, and a $25 million investment in a new sales organization. These factors contribute to over $250 million in headwinds.

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

This article first appeared on GuruFocus.

The Canadian market has been navigating a complex landscape, with the Bank of Canada cutting rates amid tariff uncertainties and a recent contraction in GDP. In such conditions, investors often look for opportunities that combine potential growth with financial resilience. Penny stocks, though an older term, still represent an intriguing segment for those interested in smaller or newer companies that might offer unexpected value when backed by strong financials.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Silvercorp Metals (TSX:SVM)	CA$4.59	CA$989.91M	★★★★★★
Mandalay Resources (TSX:MND)	CA$4.70	CA$447.95M	★★★★★★
Foraco International (TSX:FAR)	CA$2.28	CA$230.34M	★★★★★☆
Findev (TSXV:FDI)	CA$0.46	CA$14.32M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.38	CA$126.59M	★★★★★★
PetroTal (TSX:TAL)	CA$0.68	CA$619.87M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.00	CA$28.21M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
Tornado Infrastructure Equipment (TSXV:TGH)	CA$0.98	CA$138.93M	★★★★★☆
DIRTT Environmental Solutions (TSX:DRT)	CA$1.09	CA$222.42M	★★★★☆☆

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

District Metals

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

Overview: District Metals Corp., a junior mineral exploration company, focuses on acquiring, exploring, and evaluating natural resource properties with a market cap of CA$51.58 million.

Operations: District Metals Corp. has not reported any revenue segments.

Market Cap: CA$51.58M

District Metals Corp., a junior mineral exploration company with a market cap of CA$51.58 million, remains pre-revenue, reporting less than US$1 million in revenue. Despite its unprofitability and increased losses over the past five years, the company benefits from being debt-free and having sufficient cash runway for over three years if current cash flow trends persist. The company’s short-term assets of CA$5.8 million comfortably cover its short-term liabilities of CA$1 million, indicating sound liquidity management. Additionally, shareholders have not faced significant dilution recently, while the experienced board and management team provide strategic oversight amidst ongoing financial challenges.

TSXV:DMX Financial Position Analysis as at Feb 2025Rock Tech Lithium

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

Overview: Rock Tech Lithium Inc. is involved in the exploration and development of lithium properties, with a market cap of CA$117.63 million.

Operations: Currently, there are no reported revenue segments for Rock Tech Lithium Inc.

Market Cap: CA$117.63M

Rock Tech Lithium Inc., with a market cap of CA$117.63 million, is pre-revenue, reporting less than US$1 million in revenue. Despite being debt-free and having short-term assets of CA$5.3 million exceeding liabilities, the company faces financial challenges with increased losses over five years and no profitability forecast in the near term. Its management team is relatively new, averaging 1.1 years in tenure, while the board offers more experience at 7.1 years average tenure. Recent capital raising efforts aim to address a limited cash runway amidst high share price volatility compared to most Canadian stocks.

TSXV:RCK Debt to Equity History and Analysis as at Feb 2025Taranis Resources

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

Overview: Taranis Resources Inc. is an exploration stage company focused on acquiring, exploring, and developing precious and base metal deposits in Canada, with a market cap of CA$26.02 million.

Operations: Taranis Resources Inc. has not reported any revenue segments, as it is currently in the exploration stage focusing on precious and base metal deposits in Canada.

Market Cap: CA$26.02M

Taranis Resources Inc., with a market cap of CA$26.02 million, is pre-revenue, focusing on precious and base metal exploration in Canada. The company recently completed a land acquisition adjacent to its Thor project, enhancing its position in the Silver Cup Mining District. Despite having more cash than total debt and reducing its debt-to-equity ratio from 6.5% to 1.3% over five years, Taranis faces financial strain with short-term assets not covering liabilities and limited cash runway. The board’s average tenure of 22.2 years provides stability as the company navigates ongoing exploration challenges without significant revenue streams yet established.

TSXV:TRO Financial Position Analysis as at Feb 2025Seize The Opportunity

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

Companies discussed in this article include TSXV:DMX TSXV:RCK and TSXV:TRO.

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

VANCOUVER, BC, Jan. 31, 2025 /CNW/ – (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:

The number of issued and outstanding shares of the Company has increased by 93,674,455 to 867,777,426 common shares with voting rights as of January 31, 2025. The increase in the number of issued and outstanding shares from January 1, 2025 to date is the result of shares issued in connection with the Filo Corp. acquisition (see press release dated January 15, 2025 entitled "Lundin Mining Completes Joint Acquisition of Filo with BHP and 50% Sale of Josemaria to Form Vicuña Corp."), and the exercise of employee stock options or the vesting of employee share units, offset by any share buy backs completed under the normal course issuer bid.

About Lundin Mining

Lundin Mining is a diversified Canadian base metals mining company with operations or projects in Argentina, Brazil, Chile, and the United States of America, primarily producing copper, gold and nickel. In December 2024 the Company announced the sale of its European assets to Boliden. The transaction is expected to close in mid-2025 subject to customary conditions and regulatory approvals.

The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on January 31, 2025 at 14:30 Pacific Time.

Lundin Mining Announces Updated Share Capital and Voting Rights (CNW Group/Lundin Mining Corporation)

SOURCE Lundin Mining Corporation

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/31/c8898.html

Rock Tech will sell by-products from its Guben Lithium production to Schwenk for use in cement manufacturing. This will generate additional annual profits, save up to EUR 8 million annually in operational costs, and increase the project's Net Present Value (NPV).
These by-products will replace traditional cement additives, significantly reducing CO₂ emissions in cement production and enhancing supply chain resilience.
Schwenk plans to invest in its facilities to process up to 200,000 tonnes of by-products annually by 2029, establishing a long-term partnership with Rock Tech.

TORONTO, Jan. 30, 2025 /CNW/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) has signed a Memorandum of Understanding (MoU) with SCHWENK Zement GmbH & Co. KG (Schwenk), a leading German cement manufacturer, to use Lithium production by-products from Rock Tech's Guben Converter for use in Schwenk's cement manufacturing. This innovative partnership promises significant environmental and economic benefits by reducing carbon emissions and creating a new revenue stream. It is therefore fully in line with the German government's National Circular Economy Strategy, which was adopted in December. One of the strategy's objectives is to increase the use of industrial by-products in cement production.

Rock Tech and Schwenk Zement partner on zero-waste strategy. (CNW Group/Rock Tech Lithium Inc.)

"This partnership is a testament to our commitment to sustainability and formation of a circular economy." said Kerstin Wedemann, Chief Operations and Legal Office at Rock Tech. "By transforming waste into value, we enhance our profitability and support the cement industry's decarbonization efforts."

"Ensuring the future supply of sufficient quantities of high-quality cement grinding materials is of great strategic importance for Schwenk. The LSC (Leached Spodumene Concentrate) produced during the operation of the planned Converter in Guben represents an interesting and regionally available source of secondary raw materials." says Johann Trenkwalder, Member of the Management Board SCHWENK Germany

Environmental and Economic Benefits

The primary objective of the partnership is to develop industrial applications for residues generated from Rock Tech's Lithium-Hydroxide production, specifically leach residues. During initial studies conducted by the Institute of Technologies and Economics of Lithium (ITEL), the leach residues demonstrated potential as Supplementary Cementitious Materials (SCM) for use in cement manufacturing, offering the following benefits:

New Revenue Stream and Improved Economics: Rock Tech will sell its by-products to Schwenk, thereby creating an additional income stream. The parties have agreed on key commercial terms, including offtake pricing for the product.
Lower Carbon Emissions: Using the leach residues as SCMs in cement production significantly reduces CO₂ emissions for Schwenk and reduces dependency on other SCMs from coal-based-energy production, which will be less widely available in the future.
Cost Savings: Avoiding leach residue transportation and disposal lowers Rock Tech's annual operational expenditures by c. 7% and reduces the Guben Converter environmental impact.

Upon the successful ramp-up of Rock Techs' Guben Converter, Schwenk plans to invest into state-of-the-art facilities for drying, grinding, and storing leach residues from Lithium production. By 2029, Schwenk aims to use up to 200,000 tonnes of by-products annually, helping Rock Tech achieve its zero-waste goals.

A Sustainable Partnership

The agreement outlines that Schwenk eventually intends to offtake leach residues from Rock Tech's Guben Converter. During the initial ramp-up phase, flexibility is prioritized, including the option of temporarily utilizing residues in the high-temperature cement processes, if required. To facilitate the widespread adoption of this innovation, both parties will jointly pursue critical certifications, including REACH compliance and approvals from the German Institute for Construction Technology (DIBt). The certification process is expected to take up to 1.5 years. As part of the agreement, both parties agree to exclusive cooperation for the duration of the agreement.

ABOUT ROCK TECH

Rock Tech's vision is to supply the electric vehicle and battery industry with sustainable, locally produced Lithium, targeting a 100% recycling rate. To ensure resilient supply chains, the company plans to build Lithium converters at the doorstep of its customers, beginning with the Company's proposed Lithium-Hydroxide Converter in Guben, Brandenburg, Germany. The second Converter is planned to be built in Red Rock, Ontario, Canada. Rock Tech Lithium plans to source raw material from its own Georgia Lake spodumene project in the Thunder Bay Mining District of Ontario, Canada, and procure from other ESG-compliant mines. Ultimately, Rock Tech's goal is to create a closed-loop Lithium production system. Rock Tech has gathered one of the strongest teams in the industry to close the most pressing gap in the clean mobility story. The Company has adopted strict environmental, social and governance standards and is developing a proprietary refining process to increase efficiency and sustainability further.

ABOUT SCHWENK ZEMENT

Schwenk Zement is one of Germany's leading cement manufacturers and a pioneering force in the construction materials industry. Established in 1847, SCHWENK is among the oldest family-owned companies in the German construction sector. The company operates internationally, offering expertise across cement, concrete, sand, gravel, and pumping technologies. With a steadfast commitment to sustainable practices, SCHWENK invests significantly in cutting-edge research and green technologies to reduce its operations' environmental footprint. Its forward-looking approach ensures resource efficiency and innovation, making it a key player in driving sustainability within the global construction industry. Contact: Laura Schleicher: laura.schleicher@schwenk.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATION Certain statements contained in this news release constitute "forward-looking information" under applicable securities laws and are referred to herein as "forward-looking statements". All statements, other than statements of historical fact, which address events, results, outcomes or developments that the Company expects to occur are forward-looking statements. When used in this news release, words such as "expects", "anticipates", "plans", "predicts", "believes", "estimates", "intends", "targets", "projects", "forecasts", "may", "will", "should", "would", "could" or negative versions thereof and other similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking information pertaining to expectations concerning the Guben Converter, including the design and features of the Guben Converter, as well as the expected costs, capital expenditures, timing and outcomes thereof; statements regarding the Company's future plans, estimates, and schedules relating to the Guben Converter, including the anticipated timing of future activities taken in support of the development thereof; Rock Tech's potential financing arrangements; the expected economic performance of the Guben Converter and anticipated production of battery-grade Lithium Hydroxide and related processing methods employed; the estimated capital and operating costs of the Guben Converter; the anticipated timing and outcomes of a final investment decision, construction activities and commissioning of the Guben Converter; statements regarding the Company's sustainability and ESG related goals and strategy, including the benefits and achievement thereof and future actions taken by the Company in relation thereto; expected regulatory processes and final outcomes; expectations regarding the electric vehicle industry, including the demand for and pricing of battery-grade Lithium Hydroxide and the benefits therefrom, and the development of political and regulatory frameworks especially in Germany and the European Union; Rock Tech's opinions, beliefs and expectations regarding the Company's business strategy, development and exploration opportunities and projects; and plans and objectives of management for the Company's operations and properties. Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from the forward-looking statements, including the risks, uncertainties and other factors discussed in the Company's most recent management's discussion and analysis and annual information form filed with the applicable securities regulators. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, and the Company cautions the reader not to place undue reliance upon any such forward-looking statements. The Company does not intend, nor does it assume any obligation to update or revise any of the forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise, except to the extent required by applicable law.

Cision

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SOURCE Rock Tech Lithium Inc.

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Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") announces it has filed an Early Warning Report related to its updated holdings of 15,350,000 common shares of Heritage Mining Ltd. ("Heritage") (CSE: HML) which represents approximately 13.3% of the total issued and outstanding shares of Heritage. In addition, the Company holds 3,000,000 share purchase warrants which, if exercised, would bring Stillwater's ownership to 15.5% on a partially diluted basis. These securities were issued to Stillwater in addition to past cash payments and the completion of over $2.5M in exploration work as required to satisfy the commitments for a 51% earn-in to the Company's Drayton – Black Lake project per the Definitive Earn-In Agreement (the "Agreement") announced November 29, 2021, as amended.

The Heritage shares are held directly by Stillwater for investment purposes. Additional share payments to Stillwater are required under the Agreement and the Company may in the future take such actions in respect of its shares as it deems appropriate in light of the market circumstances then existing including the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers.

There are no persons acting jointly or in concert with Stillwater with respect to the shareholdings in Heritage, nor has the Company entered into any agreements in respect of its shareholdings in Heritage with any person with which Stillwater acts jointly or in concert.

This news release is being issued in accordance with National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on the System for Electronic Document Analysis and Retrieval ("SEDAR+") at www.sedarplus.ca.

Highlights

The Agreement provides Stillwater with significant exposure to an advancing high-grade gold project, while allowing it to focus on its Stillwater West critical minerals project in Montana.
Under the Agreement, Heritage can earn up to a 90% interest in the district-scale Drayton-Black Lake high-grade gold asset adjacent to Nexgold's Goliath Gold project, in northwest Ontario. The property has significant exploration potential with demonstrated high-grade gold in drill results and bulk samples across more than 30 kilometers of underexplored strike in a geologic setting that is shared with Nexgold and New Gold's Rainy River mine, among other deposits.
Earn-In Milestones Achieved by Heritage: Heritage has met the requirements for the first earn-in of 51% by completing the following:
- Issuing 15,350,000 shares and 3,000,000 warrants to Stillwater;
- Payments totaling $170,000 in cash and;
- Completion of $2.5M in exploration expenditures on the Drayton – Black Lake project.
Future Earn-In Requirements for 90% Ownership: Under the terms of the Agreement, as amended, Heritage may acquire a total 90% undivided interest in the Drayton – Black Lake property by completing the following before the fifth anniversary:
- Issuance of an additional 1.1 million shares to Stillwater;
- Completion of an additional $2.5M exploration and development work, and;
- Upon completion of the earn-in to 90% by Heritage, Stillwater will retain a 10% free carried interest in the Drayton-Black Lake project, with Heritage being responsible for all project costs until completion by Heritage of a positive feasibility study supported by a technical report prepared in accordance with NI 43-101 on the project (the "FS").
NSR Royalties: Stillwater retains an NSR royalty on the Drayton-Black Lake Gold project.
Discovery Payment to Stillwater: Heritage shall grant Stillwater a discovery payment of $1.00 per ounce of gold or gold equivalent shall be made on mineral resource estimates as filed from time-to-time on the property and shall, in Heritage's discretion, be paid in cash or shares (or a combination thereof), capped at a maximum of $10 M.
Joint Venture Provisions: The Agreement provides for the formation of a Joint Venture ("JV") based on the then legal and beneficial ownership levels in the property following completion of the FS. A JV may also be formed in the event Heritage does not complete the requirements for the 90% ownership.
Minimum Expenditure Requirements: Heritage is required to maintain minimum exploration and development expenditures of $500,000 per annum until the completion of the FS in order to maintain status as operator of the JV. Stillwater maintains certain back-in rights in the event Heritage does not meet minimum expenditure requirements.

Upcoming Events

Stillwater's President and CEO, Michael Rowley, will be available at the following events in 2025, in addition to other events to be added as the Company rolls out its marketing plans over the coming year:

121 Mining Events – Cape Town, South Africa, February 3-4, 2025. For information, click here.

Mining Indaba – Cape Town, South Africa, February 3-6, 2025. For information, click here.

Prospectors and Developers Association of Canada Conference (PDAC) – Toronto, Ontario, Canada, March 2-5, 2025. For information, click here.

The Mining Investment Event of the North – Quebec City, Quebec, Canada, June 3-5, 2025. For information, click here.

Precious Metals Summit – Beaver Creek, Colorado, September 9-12, 2025. For information, click here.

Precious Metals Summit – Zurich, Switzerland, November 10-11, 2025. For information, click here.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore plc, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active US mining district as part of a compelling suite of nine minerals now listed as critical in the USA.

Stillwater also holds the high-grade Drayton-Black Lake- gold project adjacent to Nexgold Mining's development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke Island Cu-Ni-PGE property in Alaska, now subject to an LOI towards an earn-in agreement with Granite Creek Copper, and maintains a back-in right on the high-grade past-producing Yankee-Dundee in BC, following its sale in 2013.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical Minerals

Email: info@criticalminerals.comWeb: http://criticalminerals.com

Phone: (604) 357 4790Toll Free: (888) 432 0075

Forward-Looking Statements

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Stillwater Critical Minerals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Stillwater Critical Minerals and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedarplus.ca.

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.

SOURCE: Stillwater Critical Minerals Corp.

Forget the gold rush….

The real opportunity lies in the metals that will power the 21st century.

As the world electrifies, demand for critical minerals like nickel, copper, PGMs, and gold is skyrocketing.

While many are focused on single-commodity projects, one Canadian miner is developing a polymetallic asset that could deliver a diversified supply of these essential resources.

Power Nickel: A Polymetallic Powerhouse

The world is demanding critical minerals, and it needs them now. But traditional mining is struggling to keep pace.

Declining ore grades, aging mines, and the environmental toll of extraction are all contributing to a supply crunch that threatens to derail the electric revolution.

This is where Power Nickel (TSX-V: PNPN, OTC: PNPNF) comes in. They're a solution provider, a critical player in securing the metals needed to power a sustainable future. And their flagship Nisk project in Quebec, Canada, is their answer to this global crisis.

Power Nickel isn't chasing low-grade deposits. They're focused on high-grade mineralization that can deliver maximum impact. The Nisk project, with its impressive grades of nickel, copper, and PGMs, is a prime example of its commitment to quality over quantity.

As domestic production becomes increasingly critical, they are now aggressively exploring Nisk with a massive 30,000-meter drill program. Rigs are running around the clock, delineating the extent of the deposit and uncovering new zones of mineralization.

Downhole electromagnetic surveys and advanced geochemical analysis are helping them pinpoint the richest deposits, ensuring that every drill hole counts. And the location of the project, in a mining-friendly jurisdiction with strong environmental regulations, only makes it more ideal.

The Lion Roars: A Polymetalic Discovery That Could Reshape the Market

Power Nickel's (TSX-V: PNPN, OTC: PNPNF) recent discovery of the Lion Zone, a high-grade nickel-copper PGM, gold, and silver deposit, has sent shockwaves through the mining world. Initial drilling results have been nothing short of spectacular, with multiple intercepts of massive sulfide mineralization.

And the best part?

The Lion Zone is open in all directions, hinting at a truly colossal deposit.

Here’s a breakdown of what they’ve done so far:

Drill hole 72: Intersected a massive 19.6 meters of mineralization grading 1.27 g/t gold, 20.30 g/t silver, 2.53% copper, 1.01 g/t palladium, 2.42 g/t platinum, and 0.15% nickel. That's not just nickel; it's a polymetallic treasure trove.
Drill hole 74: Even better, with 23.55 meters of high-grade mineralization.
Drill hole 75: Another solid hit, with 19.2 meters of mineralization, confirming the lateral continuity of this incredible zone.

And this is just from the summer drill program.

Power Nickel is also ramping up exploration with a 30,000-meter drill program, utilizing 150-meter step-outs to aggressively expand the known boundaries of the Lion Zone.

And deploying downhole EM surveys in every hole, giving them a 200-meter radius of insight and accelerating the delineation of this massive deposit.

But Power Nickel isn't putting all their eggs in the Lion Zone basket.

They're also advancing the original Nisk discovery zone, which boasts significant nickel-copper-PGM mineralization of its own. This two-pronged approach de-risks the project and sets the stage for Nisk to become a major polymetallic mine, supplying the critical metals that will fuel the electric revolution.

(Source: Power Nickel investor presentation)

And to sharpen their focus, Power Nickel (TSX-V: PNPN, OTC: PNPNF) is making a strategic move, spinning out its non-core assets in British Columbia and Chile into a separate company, Chilean Metals.

By divesting their Golden Ivan and Chilean projects, Power Nickel can concentrate all their resources and expertise on the Nisk project. This means more drilling, more exploration, and a faster path to production for this critical asset.

The Golden Ivan property, located in British Columbia's prolific Golden Triangle, is a gold-rich region with staggering potential. And the Chilean projects, including the Zulema and Tierra de Oro, offer exposure to copper and gold in a mining-friendly jurisdiction. By spinning these assets out into Chilean Metals, Power Nickel is giving investors a direct stake in these promising projects, allowing them to realize their full value.

Finally, Power Nickel believes this spin-out will also help combat naked short selling, a practice that can artificially depress a company's share price. By creating two separate entities, Power Nickel is making it more difficult for short sellers to manipulate the market.

This move is a real win-win for investors. They get to participate in the revolution through Power Nickel's focused efforts at Nisk, while also gaining exposure to the gold and copper potential of Chilean Metals.

It's a testament to the company’s commitment to maximizing shareholder value and delivering on the promise of the electric revolution.

Analysts See 130% Upside from Current Levels

The critical minerals train is leaving the station, and Power Nickel is primed to take advantage.

With a world-class asset like Nisk, an aggressive exploration strategy, and a top-tier management team, Power Nickel is poised to become a major player in the metals market.

Analysts are already taking notice, with Hannam & Partners projecting a target valuation of C$1.70 per share and that's based on the current understanding of the Lion Zone and the original Nisk discovery.

The world may be facing a critical minerals crisis, but the work is already under way to ensure new supply rises to meet demand – and nowhere is that more clear than with this little-known miner.

Other resource and mining companies to keep an eye on:

Vale S.A. (NYSE: VALE) is a Brazilian multinational corporation and one of the world's largest producers of iron ore and nickel. Iron ore is a key ingredient in steelmaking, while nickel is a crucial component in stainless steel and various alloys used in aerospace, defense, and other high-performance applications. Vale operates globally, with significant mining and production facilities in Brazil, Canada, and other countries.

This company is important because they are a major player in the global mining and metals industry, providing essential raw materials for various sectors, including the defense industry. Vale's production of iron ore and nickel contributes to the global supply of these critical minerals, which are essential for the manufacturing of military equipment, infrastructure, and advanced technologies.

Vale's commitment to sustainable mining practices and social responsibility is also noteworthy. The company has implemented various initiatives to reduce its environmental impact, promote biodiversity, and support local communities. This commitment is crucial for ensuring the responsible sourcing of critical minerals and minimizing the environmental footprint of mining operations, which is particularly important for national security.

SQM (NYSE: SQM) is a Chilean chemical company and one of the world's largest producers of lithium, a critical component in batteries used in electric vehicles, consumer electronics, and increasingly, military applications. From powering advanced communication systems to enabling the operation of unmanned vehicles and drones, lithium-ion batteries are essential to modern military operations. SQM's production capacity and access to vast lithium reserves in the Atacama Desert make it a strategically important player in the global lithium supply chain.

Securing a reliable and stable supply of lithium is crucial for countries like the United States that are heavily reliant on advanced technology. By sourcing lithium from SQM, nations can reduce their dependence on potentially unstable or adversarial nations for this critical material.

Furthermore, SQM's commitment to sustainable lithium extraction practices aligns with the growing emphasis on responsible sourcing of critical minerals. As nations strive to reduce their environmental impact and promote ethical supply chains, SQM's efforts to minimize its footprint in the Atacama Desert become increasingly important. This ensures that the production of lithium for tech applications is conducted in a manner that is both environmentally responsible and socially conscious.

United States Steel (NYSE: X) is an integrated steel producer with major operations in the United States and Central Europe. As a major supplier of steel to various industries, including the automotive, appliance, construction, and energy sectors, U.S. Steel plays a vital role in supporting the overall health of the U.S. economy. A strong domestic steel industry is essential for maintaining a robust manufacturing base, which in turn contributes to national security by ensuring the ability to produce critical equipment and infrastructure in times of need.

U.S. Steel's production capacity and its focus on research and development are crucial for meeting the evolving demands of global industry. The company's ability to produce advanced high-strength steels and other specialized steel products is essential for the construction of modern military vehicles, ships, and infrastructure. By providing these critical materials, U.S. Steel contributes to the technological advancement and readiness of the U.S. military.

Moreover, U.S. Steel's commitment to investing in its workforce and communities is important for maintaining a skilled labor pool and supporting the domestic manufacturing base. By providing good-paying jobs and contributing to the economic well-being of communities, U.S. Steel helps to ensure the long-term viability of the U.S. steel industry and its ability to support national security needs.

Reliance Steel & Aluminum (NYSE: RS) is a large metals service center company that provides a wide range of metal processing and distribution services to customers in various industries, including aerospace, defense, and infrastructure. The company's ability to source and process a diverse range of metals makes it a valuable partner to the defense industry, which relies on specialized metals for the production of advanced tech systems and equipment.

Reliance Steel & Aluminum's extensive network of service centers across North America provides a reliable and efficient supply chain for defense contractors. The company's ability to deliver the right materials at the right time is essential for maintaining the production schedules of critical defense programs. This ensures that the U.S. military has access to the equipment and weapons systems it needs to fulfill its missions and protect national security.

Furthermore, Reliance Steel & Aluminum's focus on value-added processing services, such as cutting, forming, and machining, helps defense contractors reduce their manufacturing costs and improve efficiency. This contributes to the affordability and competitiveness of U.S. defense systems in the global market. By providing these essential services, Reliance Steel & Aluminum plays a vital role in supporting the strength and readiness of the U.S. military.

BHP Group's (NYSE: BHP) expansive operations encompass a diverse range of mining assets. In Australia, the company operates major iron ore mines in the Pilbara region of Western Australia, which account for a significant portion of global iron ore production. BHP also has copper, coal, and nickel operations in Australia, as well as substantial energy assets, including oil and gas fields. In North and South America, the company has copper and iron ore mines in Chile, Peru, and Colombia, as well as coal operations in the United States. BHP's global reach and diversified portfolio of commodities allow it to meet the demands of customers around the world and contribute to the global supply of essential resources.

BHP Group is committed to operating in a responsible and sustainable manner. The company recognizes the importance of environmental protection and has implemented various initiatives to reduce its environmental impact. BHP has set ambitious targets to reduce its greenhouse gas emissions and has invested in technologies to improve water usage efficiency. The company also works closely with local communities to minimize the social and environmental impacts of its operations. BHP's commitment to sustainability has been recognized by various organizations, including the Dow Jones Sustainability Index, which has ranked BHP as a global leader in sustainability for several consecutive years.

BHP Group's focus on sustainability is not only beneficial for the environment but also aligns with growing consumer and investor demand for ethically sourced and environmentally friendly products. By prioritizing sustainability, BHP is positioning itself as a leader in the mining industry and demonstrating its commitment to long-term value creation for its stakeholders. The company's commitment to sustainability is a key differentiator and a source of competitive advantage in an industry that is increasingly focused on environmental and social responsibility.

First Quantum Minerals Ltd (TSX:FM) is a Canadian-based mining and metals company with a focus on copper, nickel, gold, and zinc production. The company operates mines and projects in various countries, including Zambia, the Democratic Republic of Congo, Mauritania, Finland, Spain, Turkey, Argentina, and Peru.

First Quantum Minerals is a significant player in the global mining industry, with a track record of successful exploration, development, and operation of mining projects. The company's operations contribute to the economic development of the countries in which it operates, creating jobs and generating tax revenue. First Quantum Minerals also maintains a strong commitment to environmental stewardship and sustainable practices, implementing various initiatives to minimize the environmental impact of its operations.

The company's focus on copper, nickel, gold, and zinc production is driven by the increasing global demand for these metals. Copper is a vital component in electrical and electronic products, while nickel is used in the production of stainless steel and other alloys. Gold is a precious metal with a long history of use in jewelry and as a store of value, and zinc is used in a wide range of applications, including galvanizing steel, producing batteries, and manufacturing rubber. First Quantum Minerals' production of these metals plays a crucial role in meeting the global demand for these essential materials.

Teck Resources Limited (TSX:TECK) is a diversified mining company headquartered in Vancouver, Canada. It is one of the world's largest producers of zinc and copper and also produces other commodities such as coal, lead, and silver. Teck operates mines and processing facilities in Canada, the United States, Chile, and Peru.

Teck's zinc operations are located in Canada, the United States, and Peru. The company is the world's second-largest producer of zinc, with a production capacity of over 800,000 tonnes per year. Teck's zinc is used in a variety of applications, including galvanized steel, batteries, and chemicals.

Teck's operations are also significant for their contribution to the global supply of battery metals. Zinc is a key component of many types of batteries, including lead-acid batteries and nickel-zinc batteries. Teck's zinc production is therefore essential for the growing demand for batteries in electric vehicles and other applications.

Neo Performance Materials (TSX: NEO)

Neo Performance Materials is a leading global company engaged in the production and processing of advanced industrial materials, with a focus on rare earth and rare metal-based functional materials. They operate in three main segments: Magnequench, Chemicals & Oxides, and Rare Metals. Magnequench produces magnetic powders used in high-performance magnets for applications such as electric vehicles and wind turbines. Chemicals & Oxides manufactures and distributes advanced industrial materials for various uses, including catalysts, electronics, and water treatment. Rare Metals focuses on the production of specialty metals like tantalum, niobium, and gallium, which are critical for aerospace, defense, and electronics applications.

Neo Performance Materials plays a vital role in supporting national security by providing essential materials for defense and high-tech industries. Their expertise in rare earth and rare metal processing contributes to the development and production of advanced technologies used in other applications, such as guidance systems, lasers, and communication equipment. By ensuring a reliable supply of these critical materials, Neo Performance Materials helps to reduce reliance on foreign sources.

Champion Iron (TSX: CIA)

Champion Iron is a leading iron ore producer focused on developing its significant iron ore resources in the Labrador Trough in Quebec, Canada. Their flagship asset is the Bloom Lake Mining Complex, a high-grade iron ore mine with a long operating life. Champion Iron is committed to producing high-quality iron ore products, primarily for the global steel industry, while maintaining a strong focus on environmental sustainability and social responsibility.

Champion Iron contributes to national security by supporting the domestic production of iron ore, a critical ingredient in steelmaking. Steel is a foundational material for various industries, including infrastructure, manufacturing, and more. By producing high-quality iron ore in Canada, Champion Iron contributes to the security and stability of the North American steel supply chain, reducing reliance on foreign sources and supporting the domestic manufacturing base, which is crucial for national security and economic competitiveness.

Aclara Resources (TSX: ARA) is a development-stage rare earth mineral resource company focused on its Penco Module project in Chile. This project has the potential to be a significant source of heavy rare earth elements, which are critical for various high-tech applications, including permanent magnets used in electric vehicles, wind turbines, and other technologies. Aclara is committed to developing the Penco Module project in a sustainable and environmentally responsible manner, using a unique ionic clay adsorption process that minimizes environmental impact.

Aclara Resources contributes to national security by diversifying the global supply of heavy rare earth elements. These elements are essential for the production of advanced technologies used in defense applications, such as guidance systems, lasers, and communication equipment. By developing a new source of these critical minerals outside of China, which currently dominates the rare earth market, Aclara Resources helps to reduce reliance on a single supplier.

By. Michael Kern

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PHILADELPHIA, Jan. 23, 2025 /PRNewswire/ —

FMC Corporation (NYSE: FMC) announced today that its 2025 annual meeting of stockholders will be held via live webcast on Tuesday, April 29, 2025, at 2:00 p.m. ET. Instructions for accessing the webcast will be available on the company's Investor Relations website, located at https://investors.fmc.com.

About FMC

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

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

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

FMC undertakes no obligation, and specifically disclaims any duty, to update or revise any forward-looking statements to reflect events or circumstances arising after the date of such statements or to reflect the occurrence of anticipated events, except as otherwise required by law.

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

Cision

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SOURCE FMC Corporation

Joins Some of World's Leading Platinum Producers

VANCOUVER, BC, Jan. 23, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") is pleased to announce that it has received official approval from the Board of the World Platinum Investment Council – WPIC® to join the organization as a new member.

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

Bravo is the first pre-production member to join WPIC, alongside leading PGM producers Anglo American Platinum, Impala Platinum (Implats), Northam Platinum, Sedibelo Platinum and Tharisa (WPIC members).

The WPIC is a global market authority on physical platinum investment, providing investors with objective and reliable platinum market intelligence (https://platinuminvestment.com/). It is headquartered in London with offices in Shanghai and Shenzhen and was instrumental in establishing the annual Shanghai Platinum Week (SPW) for which it continues to be the co-organiser.

"Being the first pre-production platinum group metals (PGM) company to join the prestigious WPIC is a testament to Bravo's achievements with its Luanga PGM+Au+Ni Project," said Luis Azevedo, Chairman and CEO of Bravo. "Membership provides Bravo with the opportunity to stay aligned with developments in the PGM sector, gain access to valuable market intelligence, and engage with the global PGM sector, both downstream and upstream. It also presents an opportunity for Bravo to raise awareness of the Luanga Project qualities and its strategic location. I extend my sincere gratitude to the WPIC Board and team for welcoming us as a member, and I look forward to engaging in constructive discussions that will benefit the industry and Bravo alike".

Trevor Raymond, CEO of the World Platinum Investment Council, commented: "We are delighted to welcome Bravo to WPIC as our first pre-production member. This new category of membership will enable more platinum advocates to distribute quality platinum insights to a wider global investment community. This will in turn enhance WPIC's effectiveness in increasing awareness, understanding and ownership of platinum as an investment."

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its PGM+Au+Ni Luanga Project, as well as our Cu-Au exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil.

Bravo is one of the most active explorers in Carajás. The team, comprising of local and international geologists, has a proven track record of PGM, nickel, and copper discoveries in the region. They have successfully taken a past IOCG greenfield project from discovery to development and production in the Carajás.

The Luanga Project is situated on mature freehold farming land and benefits from being located close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, ports, and hydroelectric grid power. A fully funded +70,000 infill, step out and exploration drilling and trenching program was completed in 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in and around the project area, while hiring and contracting locally.

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.

About the World Platinum Investment Council – WPIC®

The World Platinum Investment Council Ltd. is a global market authority on physical platinum investment, formed to meet the growing investor demand for objective and reliable platinum market intelligence. WPIC's mission is to stimulate global investor demand for physical platinum through both actionable insights and targeted product development. WPIC was created in 2014 by the leading platinum producers in South Africa. WPIC's members are: Anglo American Platinum, Implats, Northam Platinum, Sedibelo Platinum, Tharisa and Bravo Mining.

For further information, please visit www.platinuminvestment.com.

WPIC's London offices are located at: World Platinum Investment Council, Foxglove House, 166 Piccadilly, London, W1J 9EF.

WPIC's Shanghai offices are located at: World Platinum Investment Council, Unit 1612, Shui On Plaza, No. 333 Middle Huaihai Road, Huangpu District, Shanghai, P.R.China.

About Shanghai Platinum Week

Shanghai Platinum Week (SPW) is a premier annual event dedicated to the platinum group metals (PGMs) industry. Co-organised by the World Platinum Investment Council (WPIC), China Gold Association Platinum Committee, and the Precious Metals Industrial Committee of the China Material Recycling Association, SPW serves as a vital platform for industry leaders, experts, and stakeholders to discuss trends, innovations, and future directions. The event features a series of keynote speeches, seminars, exhibitions, and corporate events, with the China PGMs Market Summit being the central highlight. Since its inception, SPW has grown to become a significant gathering for fostering international engagement and communication within the PGM market.

SPW 2024 welcomed more than 500 attendees from over 300 organisations, with online viewership reaching 455K on the first day and 317K on the second day, far exceeding any previous year.

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/23/c2187.html

Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") announces a non-brokered private placement financing (the "Offering") of up to $375,000 through the issuance of 2,500,000 flow-through units at a price of $0.15 per unit. Each unit consists of one flow-through share of the Company and one-half of one transferable non-flow-through warrant, with each full warrant allowing the holder to purchase one common share of the Company at a price of $0.225 per share for twenty-four months. Warrants shall contain a customary acceleration provision, which shall be effective if the volume weighted average trading price of the common shares on the TSX-V is greater than $0.34 for a period of 20 consecutive trading days.

Michael Rowley, President and CEO, commented, "We are pleased with the interest shown in this placement to advance our Kluane critical minerals project. Work is expected to include ground geological programs and potential geophysical surveys, in addition to data compilation, to drive the selection of drill targets for upcoming campaigns. We look forward to providing further updates from our flagship Stillwater West project in Montana as well as our other assets in the near term."

Dr. Danie Grobler, Vice-President Exploration, noted, "Our exploration team is excited to commence field work on our Kluane project. The Kluane PGE-Ni-Cu-Co metallogenic belt is well developed, mineralized and preserved in the Kluane Mountain Range of the Yukon. Exploration work in the belt has shown that significant mineralization occurs within these mafic-ultramafic intrusions. Styles of mineralization include broad zones of magmatic PGE-Ni-Cu in strongly disseminated to massive sulphides within the gabbro-ultramafic intrusions, Ni-rich "offset" ores within sulfidic footwall strata, skarn ores associated with carbonate sediments, PGE+Au-rich zones associated with hydrothermal quartz-carbonate alteration zones around intrusions, as well as only limited exploration of Ni+Cu+PGE massive sulphide concentrations within the basal contact zones of the mafic-ultramafic intrusions. The Kluane belt constitutes one of the largest tracts of Ni-Cu-PGE mineralized mafic-ultramafic rocks in North America, second only to the nickeliferous intrusions from the Proterozoic Circum-Superior Belt of Canada (i.e. Thompson Ni-Belt, Manitoba and Raglan Horizon, Cape Smith Belt, Quebec). The discovery of significant levels of base metal and platinum group element showings, the vast extent of this mineralized terrane, its temporal association with the Siberian trap magmatism in Russia, and the accompanying Noril'sk-type Ni+Cu+Pd-enriched mineralization demonstrates the exploration potential of Stillwater's Kluane project with application of modern exploration techniques".

The Offering is being conducted on a non-brokered basis and all shares and warrants issued will be subject to a statutory hold period of four months and one day from the closing of the Offering. The Company may pay finder's fees on a portion of the Offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation. Closing of the Offering is subject to certain customary conditions, including, but not limited to, the receipt of all necessary regulatory approvals and the acceptance of the TSX Venture Exchange.

The Company intends to use the gross proceeds from the sale of the Flow-Through Shares to incur exploration expenses that are eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as such terms are defined in the Income Tax Act (Canada).

The Offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as insiders of the Company may subscribe in the Offering. The Company relied on the exemptions in Section 5.5(b) – Issuer Not Listed on Specified Markets from the formal valuation requirements of MI 61-101 and relied on the exemption in Section 5.7(1)(a) – Fair Market Value Not More Than 25 Per Cent of Market Capitalization from the minority shareholder approval requirements of MI 61-101. The Company did not file a material change report at least 21 days before the expected closing date of the Offering as the insider participation had not been confirmed at that time and the Company wished to close the Offering as expeditiously as possible.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Shares have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons, absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

About the Kluane Critical Minerals Project

At 260 square kilometers, Stillwater's Kluane project represents the largest land position in the Kluane Ultramafic Belt; a mafic-ultramafic system that extends from northern BC through the Yukon to central Alaska and hosts multiple PGE-Ni-Cu deposits and occurrences. Located in Canada's Yukon Territory, the Kluane PGE-Ni-Cu project is on trend with the Wellgreen deposit, a past producing mine, now being advanced by Nickel Creek Platinum.

PGE-Ni-Cu mineralization in the Kluane belt typically occurs as magmatic disseminated to massive sulphides associated with mafic to ultramafic intrusive bodies. The most advanced targets on the Kluane project are on the Ellen property, where exploration has identified significant massive sulphide mineralization from drilling and trenching. Drilling includes 17 drill holes from 1954 to 1995 with 12 holes returning significant sulphide mineralization including 3.15% Cu over 5.2 meters in MC66-1, 1.64% Cu over 10.4 meters in MC66-2, 1.76% Cu over 5.5 meters in hole 95-1, and a 2.13-meter intersection grading 1.96% Cu and 2,098 ppb Au in hole 95-3. Trenching returned values of up to 7.2% Cu with 1 g/t Au and 1 g/t Pd. Strong copper plus gold soil geochemical signatures have been identified on the property that are coincident with a large geophysical conductor nearly one kilometer in length1 & 2.

The Spy claim block also includes some more advanced targets, including the Spy Sill, which has been traced for over 8 kilometers with widths of 75 to 100 meters at surface. Massive sulphide mineralization at the Spy target have assayed up to 5.5 g/t 3E (3.1 g/t Pt, 1.4 g/t Pd, 1.0 g/t Au) with 3.1% Ni, 2.8% Cu and 0.2% Co, and historic grab sample results of up to 90.7 g/t 3E (75.8 g/t Pt, 7.9 g/t Pd, 7.0 g/t Au) with 2.6% Ni, 10.5% Cu and 0.09% Co reported from footwall siltstones3.

Trenches from the Ultra block yielded up to 19.5 g/t 3E (5.5 g/t Pt, 13.5 g/t Pd, 0.5 g/t Au), with 4.1% Cu, and 1.7% Ni from an ultramafic sill4. Exploration on Ultra since 2017 has included ground-based geophysics, UAV imagery collection, and soil and rock sampling programs, which successfully advanced multiple targets for follow-up work as the Company systematically moves several zones to drill-ready status.

Upcoming Events

AME Roundup – Vancouver, British Columbia, Canada January 20-23, 2025. For information, click here.

121 Mining Events – Cape Town, South Africa, February 3-4, 2025. For information, click here.

Mining Indaba – Cape Town, South Africa, February 3-6, 2025. For information, click here.

Prospectors and Developers Association of Canada Conference (PDAC) – Toronto, Ontario, Canada, March 2-5, 2025. For information, click here.

The Mining Investment Event of the North – Quebec City, Quebec, Canada, June 3-5, 2025. For information, click here.

Precious Metals Summit – Beaver Creek, Colorado, September 9-12, 2025. For information, click here.

Precious Metals Summit – Zurich, Switzerland, November 10-11, 2025. For information, click here.

About Stillwater Critical Minerals Corp.

Stillwater Critical Minerals (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) is a mineral exploration company focused on its flagship Stillwater West Ni-PGE-Cu-Co + Au project in the iconic and famously productive Stillwater mining district in Montana, USA. With the addition of two renowned Bushveld and Platreef geologists to the team and strategic investments by Glencore Plc, the Company is well positioned to advance the next phase of large-scale critical mineral supply from this world-class American district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group, nickel, and other metals by neighboring Sibanye-Stillwater. An expanded NI 43-101 mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active US mining district as part of a compelling suite of nine minerals now listed as critical in the USA.

Stillwater also holds the high-grade Drayton-Black Lake- gold project adjacent to Nexgold Mining's development-stage Goliath Gold Complex in northwest Ontario, currently under an earn-in agreement with Heritage Mining, and the Kluane PGE-Ni-Cu-Co critical minerals project on trend with Nickel Creek Platinum‘s Wellgreen deposit in Canada‘s Yukon Territory. The Company also holds the Duke Island Cu-Ni-PGE property in Alaska, now subject to an LOI towards an earn-in agreement with Granite Creek Copper and maintains a back-in right on the high-grade past-producing Yankee-Dundee in BC, following its sale in 2013.

References

Davidson, G.S., 1995. Assessment report on the Ellen claims NTS A-113. Yukon Assessment Report 093356.

Pautlier, J., 2006. Geological and Geochemical Evaluation Report of the Ellen Project. Yukon Assessment Report 094776.

Bell, C. 1996. Report on 1995 geological and geochemical surveys on the Klu property. Yukon Assessment Report 0933371.

Casselman, S., 2005. Geological mapping and airborne surveying program on the Ultra property, Haines Junction area, Yukon Territory. Yukon Assessment Report 094485.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Michael Rowley, President, CEO & Director – Stillwater Critical MineralsEmail: info@criticalminerals.com Phone: (604) 357 4790Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

Ms. Debbie James, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and she has reviewed and approved the technical disclosure contained in this news release. Ms. James is the Project Manager for the Kluane area and is not independent of the Company because she has received employment income from the Company and holds stock in the Company.

Historic samples were collected by reputable operators, using standard QAQC procedures and practices current at the time of collection. They are considered reliable. Samples are not necessarily representative of all the mineralization hosted in the area.

Forward-Looking Statements

SOURCE: Stillwater Critical Minerals Corp.

Investors in FMC Corporation FMC need to pay close attention to the stock based on moves in the options market lately. That is because the June 6, 2025 $30 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?

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

What do the Analysts Think?

Clearly, options traders are pricing in a big move for FMC Corporation shares, but what is the fundamental picture for the company? Currently, FMC Corporation is a Zacks Rank #4 (Sell) in the Agriculture – Operations industry that ranks in the Bottom 40% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while none dropped the estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.67 per share to $1.65 in that period.

Given the way analysts feel about FMC Corporation right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

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To read this article on Zacks.com click here.

Zacks Investment Research

We recently compiled a list of the 9 Stocks on Jim Cramer’s Radar. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other stocks on Jim Cramer's radar.

Jim Cramer, host of Mad Money, recently emphasized the importance of long-term investing, urging investors to focus on the growth prospects of certain pharmaceutical stocks while also answering callers’ questions about certain stocks. Cramer acknowledged that stocks often experience cyclical trends, with some sectors falling out of favor temporarily.

“Look, stocks go in and out of style in the Wall Street fashion show. Whole sectors wallow at times. Right now, healthcare’s in some sort of doghouse the likes of which I’ve never seen.”

Despite the industry’s struggles, Cramer reflected on his observations at the JPMorgan healthcare conference in San Francisco, where he saw many pharmaceutical companies that he believes are not being properly valued by Wall Street. While the present outlook for these companies may not be particularly stellar, he highlighted the strong and lucrative long-term potential they offer.

“Why am I so willing to focus on the so-called out years? Because the long-term possibilities for these companies, frankly, they're incredible and by the way, incredibly lucrative too, even as the present is good, but not great.”

He pointed to the ongoing progress in the healthcare sector, particularly with GLP-1 drugs, which have the potential to treat more conditions beyond diabetes and weight loss. Additionally, companies are working on developing oral versions of these treatments, which could offer patients more convenient options. Beyond GLP-1 drugs, healthcare companies are expanding their portfolios with new cancer therapies, treatments for eye care and asthma, and experimental drugs for COVID-19.

“The bottom line: Ask yourself what happens if things get better, please. What if the future is brighter than the past? If that’s the case, and I think it is, then you’ll have a lot of winners with these drug and medical device plays.”

Our Methodology

For this article, we compiled a list of 9 stocks that were discussed by Jim Cramer during the recent episode of Mad Money on January 14. We listed the stocks in ascending order of their hedge fund sentiment as of the third quarter, which was taken from Insider Monkey’s database of 900 hedge funds.

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

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Number of Hedge Fund Holders: 41

FMC Corporation (NYSE:FMC) is an agricultural sciences company that offers crop protection, plant health, and pest management products to improve crop yield and quality, as well as for pest control in non-agricultural sectors. When a caller asked Cramer about the stock, his response was:

“… I can only rate that one a hold because I don’t like the sector it is in, crop chemicals, fungicide. No, I’m not there for that. I'm sorry.”

FMC (NYSE:FMC) has faced significant challenges recently. It has seen declining sales volumes and destocking, which have hurt its financial performance. Over the past five years, FMC’s stock has dropped by over 45%.

However, it is noteworthy that on January 14, BofA analyst Steve Byrne raised FMC’s (NYSE:FMC) rating to Neutral from Underperform, setting a price target of $61, reduced from $63. The firm acknowledges that FMC’s recovery from the expected 2024 downturn will be difficult due to company-specific challenges, weak agricultural conditions, trade war concerns, and a strong dollar.

It also expects a significant EBITDA rebound in 2025 as volumes improve and earnings benefit from cost reductions and falling raw material prices. The analyst noted that the current valuation appropriately reflects these risks.

Overall FMC ranks 6th on our list of the stocks on Jim Cramer's radar. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FMC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

We recently compiled a list of the 11 Best Potash Stocks to Buy According to Hedge Funds. In this article, we are going to take a look at where Sociedad Química y Minera de Chile S.A. (NYSE:SQM) stands against other best potash stocks to buy according to hedge funds.

Potash is a group of minerals and chemicals that contain potassium, a vital nutrient for plants and animals. The term refers to compounds including potassium sulfate, potassium-magnesium sulfate, potassium nitrate, potassium carbonate, potassium oxide, and potassium chloride. Among these, potassium chloride (KCl), also known as muriate of potash (MOP), is the most commonly produced and used form of potash.

Potash is primarily used to produce fertilizers, which are essential for plant growth and development. Fertilizers containing potash help to support plant growth, increase crop yield, and enhance disease resistance. Additionally, potash helps to improve water preservation, making it an indispensable supplement to the natural nutrient content of soils. Soils often lack these essential nutrients, or growing crops have depleted them, making potash a necessary addition to maintain soil fertility. With approximately 95% of potash being used in fertilizers, its role in agriculture cannot be emphasized enough. The remaining 5% is used in the production of potassium-bearing chemicals, such as detergents, ceramics, pharmaceuticals, water conditioners, and alternatives to de-icing salt.

Potash is mined from underground deposits, either through conventional underground ore mining or by injecting water into the underground ore body and extracting the resulting brine. According to a report by the Canadian Government, potash production was estimated at 67.5 million tonnes globally in 2023, with Canada contributing 32.4% of the global supply. Canada, Russia, and Belarus dominate global potash production and accounted for 65.9% of the total in 2023. Canada is the world’s largest producer and exporter of potash, with 11 active mines in Saskatchewan, producing 21.9 million tonnes and exporting 22.8 million tonnes in 2023, which accounts for over 41% of global exports.

Potash prices have fluctuated over the years, declining from 2013 to 2016 and remaining relatively low until 2020. However, in 2021, prices rose sharply due to strong demand, and the surge continued into 2022, peaking at $1,202 per tonne in April, driven by geopolitical tensions and the Russian invasion of Ukraine. By June 2023, prices had fallen to $328 per tonne as global supply concerns subsided.

Potash is a vital nutrient for plants and animals, and its importance in fertilizers cannot be overstated. As the world’s population continues to grow, the demand for potash is likely to increase.

Is Sociedad Quimica y Minera (SQM) the Best Potash Stocks to Buy According to Hedge Funds?

A laboratory technician pouring a specialty blend of industrial chemicals into a beaker.

Our Methodology

To compile our list of the 11 best potash stocks to buy according to hedge funds, we sifted through financial media reports and potash-related ETFs to find companies that are involved in the production and processing of potash. We then used Insider Monkey’s hedge fund database to rank 11 stocks with the largest number of hedge fund holders, as of Q3 2024. The list is sorted in ascending order of hedge fund sentiment.

Sociedad Química y Minera de Chile S.A. (NYSE:SQM)

Number of Hedge Fund Holders: 12

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) commonly referred to as SQM, is a Chilean chemical and mining company recognized for its role as one of the world’s largest producers of potash and lithium. The company’s potassium-based fertilizers are sold globally, with a significant presence in major agricultural markets, including North America, South America, Europe, and Asia.

To grow its potassium-based business, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) has been focusing on a large-scale mining operation in the Atacama Salt Flats in northern Chile. The Atacama Salt Flats are a unique geological formation and boast an abundance of potassium-rich minerals, including potassium chloride (KCl), potassium sulfate (K2SO4), potassium nitrate (KNO3), and other valuable resources. The company extracts these potassium-rich minerals from the salt flats, which are then processed and refined into high-quality potash products. Sociedad Quimica y Minera (NYSE:SQM) potash products are highly valued for their ability to improve crop yields, quality, and overall plant health.

Sociedad Quimica y Minera (NYSE:SQM) is working on expanding its production capacity and improving its operational efficiency. The company has been investing in various projects, including the “Adapting Pond Iris” project, which involves improving the hazardous substances pond facilities at its Iris plant, in accordance with the Adaptation Plan for Hazardous Substances Regulation DS 43.

Overall SQM ranks 7th on our list of the best potash stocks to buy according to hedge funds. While we acknowledge the potential of SQM as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SQM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

The Canadian market has been experiencing shifts in bond yields, which have implications for future investment strategies, particularly with the potential for bonds to outperform cash as interest rates fluctuate. In this context, penny stocks—though somewhat of an outdated term—remain a relevant area of interest for investors seeking growth opportunities at lower price points. These smaller or newer companies can offer a unique blend of value and growth potential when backed by strong financials, making them attractive options for those looking to explore under-the-radar investments.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Pulse Seismic (TSX:PSD)	CA$2.39	CA$116.93M	★★★★★★
Silvercorp Metals (TSX:SVM)	CA$4.32	CA$913.76M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.94	CA$368.12M	★★★★★★
Findev (TSXV:FDI)	CA$0.53	CA$12.75M	★★★★★★
PetroTal (TSX:TAL)	CA$0.54	CA$501.61M	★★★★★★
Foraco International (TSX:FAR)	CA$2.41	CA$231.32M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.15	CA$33.85M	★★★★★★
Hemisphere Energy (TSXV:HME)	CA$1.83	CA$179.46M	★★★★★☆
Enterprise Group (TSX:E)	CA$1.89	CA$113.26M	★★★★☆☆

Click here to see the full list of 950 stocks from our TSX Penny Stocks screener.

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

Forsys Metals

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

Overview: Forsys Metals Corp., with a market cap of CA$128.20 million, focuses on the acquisition, exploration, and development of mineral properties in Africa through its subsidiaries.

Operations: Forsys Metals Corp. currently does not report any revenue segments.

Market Cap: CA$128.2M

Forsys Metals Corp., with a market cap of CA$128.20 million, operates as a pre-revenue entity focused on mineral exploration in Africa. The company is debt-free and has no long-term liabilities, but it faces financial challenges with less than a year of cash runway and ongoing shareholder dilution. Recent earnings reports show reduced net losses compared to the previous year, yet profitability remains elusive with forecasts indicating further declines in earnings over the next three years. Despite these hurdles, Forsys benefits from an experienced management team and board of directors, providing some stability amidst its current volatility.

TSX:FSY Financial Position Analysis as at Jan 2025RTG Mining

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

Overview: RTG Mining Inc. is involved in the exploration and development of mineral properties, with a market capitalization of CA$33.86 million.

Operations: RTG Mining Inc. currently does not report any revenue segments as it is focused on the exploration and development of mineral properties.

Market Cap: CA$33.86M

RTG Mining Inc., with a market cap of CA$33.86 million, is pre-revenue and focused on mineral exploration. The company is debt-free, which mitigates financial risk, but faces challenges with less than a year of cash runway. Despite its unprofitability, RTG has reduced losses by 25% annually over the past five years and maintains strong short-term asset coverage over liabilities. The board and management team are experienced, providing strategic stability amidst high share price volatility. Shareholders have not faced significant dilution recently, offering some reassurance in this speculative investment space.

TSX:RTG Debt to Equity History and Analysis as at Jan 2025Rock Tech Lithium

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

Overview: Rock Tech Lithium Inc. is involved in the exploration and development of lithium properties, with a market cap of CA$107.22 million.

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

Market Cap: CA$107.22M

Rock Tech Lithium Inc., with a market cap of CA$107.22 million, is pre-revenue and focused on lithium exploration. The company has no debt and possesses short-term assets of CA$5.3 million, surpassing its liabilities, but only supports a three-month cash runway without additional funding. Recent private placements raised over CA$4.7 million, including government support from Canada’s Critical Minerals Infrastructure Fund, enhancing financial stability temporarily despite ongoing losses and shareholder dilution. Management is relatively inexperienced with an average tenure under one year; however, the board’s seasoned presence provides some strategic oversight in this speculative sector.

TSXV:RCK Financial Position Analysis as at Jan 2025Seize The Opportunity

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Companies discussed in this article include TSX:FSY TSX:RTG and TSXV:RCK.

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

Key Insights

Significant insider control over Bravo Mining implies vested interests in company growth
The top 2 shareholders own 58% of the company
Insiders have bought recently

If you want to know who really controls Bravo Mining Corp. (CVE:BRVO), then you'll have to look at the makeup of its share registry. The group holding the most number of shares in the company, around 53% to be precise, is individual insiders. Put another way, the group faces the maximum upside potential (or downside risk).

And looking at our data, we can see that insiders have bought shares recently. This might indicate that they expect share prices to rise in the near future.

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

Check out our latest analysis for Bravo Mining

TSXV:BRVO Ownership Breakdown December 30th 2024What Does The Institutional Ownership Tell Us About Bravo Mining?

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.

Bravo Mining 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 Bravo Mining's earnings history below. Of course, the future is what really matters.

TSXV:BRVO Earnings and Revenue Growth December 30th 2024

Bravo Mining is not owned by hedge funds. The company's CEO Luis de Azevedo is the largest shareholder with 48% of shares outstanding. With 9.5% and 4.2% of the shares outstanding respectively, BlackRock, Inc. and Franklin Resources, Inc. are the second and third largest shareholders.

A more detailed study of the shareholder registry showed us that 2 of the top shareholders have a considerable amount of ownership in the company, via their 58% stake.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. While there is some analyst coverage, the company is probably not widely covered. So it could gain more attention, down the track.

Insider Ownership Of Bravo Mining

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

Most consider insider ownership a positive because it can indicate the board is well aligned with other shareholders. However, on some occasions too much power is concentrated within this group.

It seems that insiders own more than half the Bravo Mining Corp. stock. This gives them a lot of power. So they have a CA$97m stake in this CA$181m business. Most would be pleased to see the board is investing alongside them. You may wish todiscover (for free) if they have been buying or selling.

General Public Ownership

The general public, who are usually individual investors, hold a 33% stake in Bravo Mining. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand Bravo Mining better, we need to consider many other factors. Be aware that Bravo Mining is showing 1 warning sign in our investment analysis , you should know about…

If you would prefer discover what analysts are predicting in terms of future growth, do not miss this free report on analyst forecasts.

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

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

VANCOUVER, BC / ACCESSWIRE / December 23, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") announces a change to its Board of Directors.

Mr. Jody Dahrouge resigned as a Director of the Commerce Resources board, effective December 20, 2024. Mr. Dahrouge has been a Director since January 2000. The board and everyone involved with Commerce wish to express their gratitude to Mr. Dahrouge for his exceptional commitment and invaluable contributions during his tenure as a director.

Mr. Dahrouge played a pivotal role in the discovery of the Ashram Rare Earth and Fluorspar project and our recent Niobium exploration success. It was his team that discovered Ashram in 2008, and he has been instrumental in guiding the company's exploration and development programs.

"Jody has made an exceptional contribution both to the positioning of Commerce Resources and the development of the Ashram REE project based in Québec, Canada," said Ross Carroll, CEO of Commerce Resources. The Board of Directors would like to thank Jody for his contribution to the company and wish him well in his future endeavors.

ABOUT COMMERCE RESOURCES CORP.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 – 45% TREO) mineral concentrates at high recovery (more than 60 – 75%) in line with active global producers.

The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market.

Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

For more information, please visit the corporate website at www.commerceresources.com or email info@commerceresources.com.

On Behalf of the Board of Directors

COMMERCE RESOURCES CORP.

Ross CarrollCEO and PresidentPhone: 604.484.2700Email: rcarroll@commmerceresources.com

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include; that Ashram's fluorspar component makes it one of the largest potential sources of fluorspar in the world; that the Ashram deposit could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for rare earth elements and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

Toronto, Ontario–(Newsfile Corp. – December 19, 2024) – Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), announces that, further to its press release of April 29, 2024, it intends to settle an aggregate of $800,000 of indebtedness to certain creditors of the Company through the issuance of an aggregate of 15,999,999 common shares in the capital of the Company (the "Common Shares") at a price of $0.05 per Common Share (the "Debt Settlement").

The Company owes Mr. Gorden Glenn, the President and Chief Executive Officer of the Company an aggregate of $708,542 (the "Glenn Debt"). The Company and Mr. Glenn have agreed, subject to the receipt of shareholder approval and the approval of the TSX Venture Exchange (the "TSXV"), to allow for the conversion of the Glenn Debt into 14,170,835 Common Shares. In the event that the Glenn Debt is convert into Common Shares, Mr. Glenn's holdings, together with Mr. Glenn's current holdings, of Common Shares will be approximately 19,441,575 Common Shares, representing approximately 22.48% of the issued and outstanding Common Shares. The settlement of the Glenn Debt will result in the creation of a new "Control Person" (as such term is defined in the policies of the TSXV Corporate Finance Manual) and, is subject to shareholder approval pursuant to the policies of the TSXV.

The Debt Settlement remains subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSXV and disinterested shareholder approval which it will be seeking at its upcoming annual and special shareholder meeting being held on January 22, 2025.

All securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.

The Debt Settlement is constituted "related party transactions" as defined in Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions ("MI 61-101"), as certain insiders of the Company will receive an aggregate of 14,299,999 Common Shares. The Company is relying on the exemptions from the valuation approval requirements of MI 61-101 contained in section 5.5(b) of MI 61-101 as the securities of the Corporation are only listed on the TSXV. Completion of the Debt Settlement is subject to the minority approval requirement of MI 61-101 and will require the approval of shareholders, excluding any votes attached to the Common Shares held by Messrs. Glenn and Irwin (and any related parties of Messrs. Glenn and Irwin and any persons acting jointly or in concert with Messrs. Glenn and Irwin or related parties of Messrs. Glenn and Irwin)

The Debt Settlement was approved by the members of the board of directors of the Company who are independent for the purposes of the Debt Settlement, being all directors other than Mr. Gorden Glenn and Mr. Chris Irwin. No special committee was established in connection with the Debt Settlement, and no materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.

About Minnova Corp.

Minnova Corp. is focused on the restart of its PL Gold Mine, which included completion of a Positive Feasibility Study in 2018. The study concluded the restart of the PL Mine, at an average annual production rate of 46,493 ounces over a minimum 5-year mine life, was economically robust. Importantly the global resource remains open to expansion, as does the reserve. The PL Gold Mine benefits from a short pre-production timeline forecast at 15 months, a valid underground mining permit (Environment Act 1207E), an existing 1,000 tpd processing plant, over 7,000 meters of developed underground ramp to -135 metres depth. The project is fully road accessible and close to existing mining infrastructure in the prolific Flin Flon Greenstone Belt of Central Manitoba.

For more information please contact:

Minnova Corp.Gorden Glenn President & Chief Executive Officer

For further information, please contact Investor Relations at 647-985-2785 or info@minnovacorp.ca.

Visit our website at www.minnovacorp.ca.

Forward-Looking Statements

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

NOT FOR DISSEMINATION INTO THE UNITED STATES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234562

PHILADELPHIA, Dec. 19, 2024 /PRNewswire/ —

FMC Corporation (NYSE: FMC) announced today it will release its fourth quarter 2024 earnings on Tuesday, February 4, 2025, after the stock market close via PR Newswire and the company's website https://investors.fmc.com.

The company will host a webcast conference call on Tuesday, February 4, 2025, at 5:00 p.m. ET that is open to the public via internet broadcast and telephone. At this time, management will provide commentary on the results from the fourth quarter and full year 2024, guidance for the first quarter and full year 2025, as well as an update on the three-year outlook and the company's strategy. The call time has been extended to 90 minutes from the usual 60 minutes to accommodate the number of topics and Q&A adequately.

Conference Call Details:

Internet broadcast: https://investors.fmc.com

United States (Local): +1 404 975 4839United States (Toll-Free): +1 833 470 1428Global Dial-In Numbers: Global Dial-in NumberAccess Code: 338624

Pre-Registration Link: https://www.netroadshow.com/events/login?show=2f7e0221&confId=75596

A replay of the call will be available via the internet and telephone from 6:30 p.m. ET on February 4, 2025, until February 24, 2025.

Internet replay: https://investors.fmc.comUnited States (Local): 1 929 458 6194United States (Toll-Free): 1 866 813 9403Access Code: 793208

About FMC

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

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-announces-date-for-fourth-quarter-2024-earnings-release-and-webcast-conference-call-302336288.html

SOURCE FMC Corporation

Canada Carbon Inc.

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

Toronto, ON, Canada, Dec. 17, 2024 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the "Company") (TSX-V : CCB) is pleased to announce the closing of a non-brokered private placement of: (i) 15,000,000 flow-through units (each, a “FT Unit”) at a price of $0.02 per FT Unit for aggregate gross proceeds of $300,000; and (ii) 12,500,000 flow-through shares in the capital of the Company (each, a “FT Share”) at a price of $0.02 per FT Share for aggregate gross proceeds of $250,000 (the “Offering”). Each FT Unit is comprised of one (1) FT Share and one (1) common share purchase warrant (each, a “Warrant”). Each whole Warrant shall entitle the holder thereof to acquire one (1) common share in the capital of the Company at a price of $0.07 per share for a period of 60 months from the date of issuance. The FT Shares will qualify as “flow-through shares” within the meaning of the Income Tax Act (Canada).

In connection with the Offering, the Company paid finders’ fees to certain finders, consisting of: (i) a cash fee equal to $44,000; and (ii) 2,200,000 common share purchase warrants (each, a “Finder’s Warrant”). Each Finder’s Warrant shall entitle the holder to acquire one common share at a price of $0.07 per share for a period of 60 months from the date of issuance.

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

CANADA CARBON INC. “Ellerton Castor”

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

FORWARD LOOKING STATEMENTS

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

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

62754810.2

(Bloomberg) — Zimbabwe is planning to hold 26% of new mining projects on a free carry basis, and will also negotiate with existing operators to acquire a similar stake.

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From (m)	To (m)	Au (ppb)	Ag (g/t)	Cu (%)	Pb (%)	Zn (%)
54.89	56.00	< 5	59.4	0.04	2.26	1.77
56.00	57.00	< 5	0.6	0.01	0.02	0.79
57.00	58.00	< 5	3.4	0.07	0.03	2.08
58.00	58.89	150	5.6	0.05	0.02	5.87
58.89	59.62	45	62.0	0.57	1.90	13.60
Average over 4.73m
54.89	59.62	38	28.7	0.12	0.90	5.10

Type of Rock	Carbon (Graphite)	CaCO3 (Calcite)	SiO2
Metasediments (N=13)	3.55%	0.86%	57.3%
Volcaniclastics (N=11)	0.22%	1.93%	68.8%
Black Schist (Pyrite ‘Bombs') (N=5)	4.73%	0.07%	52.9%

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