VANCOUVER, BC / ACCESS Newswire / March 26, 2025 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") is pleased to report multiple large-scale magmatic sulphide targets generated from a property-wide MobileMTm magneto-telluric ("MMT") geophysical survey completed in late 2024 by Expert Geophysics Limited at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA.

Data from the 2024 MMT survey was processed and incorporated into the Company's 3D geological model of the lower Stillwater Igneous Complex to prioritize targets with a focus on expanding current mid- and high-grade mineral resources.

Highlights

• Inversion and 3D modeling of results from 2024 MMT geophysical surveys provide multiple coincident multi-kilometer-scale resistivity lows and conductive highs, as shown in the attached Figures.

• Magnetic inversion processing from the MMT data provides important information for project-wide structural interpretation and highlights relationships between the metasedimentary floor and ultramafic strata.

• Multiple very low frequency ("VLF") data were also acquired, confirming near surface drilled mineralization and structures.

• Limited drill testing has been completed on these new targets to date. Where available, drill results confirm polymetallic sulphide-rich Platreef-style mineralization across wide areas of the project, as shown in Table 1, Pictures 2 and 3, and Figure 6.

• Results have expanded the detailed 3D geological model of the lower Stillwater Igneous Complex that has been developed by the Company from 9.5 kilometers to 20 kilometers, as shown in Figures 5 and 6.

• Results have provided multiple priority drill targets for expansion of mineral resources with particular focus on mid- and high-grade mineralization.

• Drill targets are now being finalized and prioritized for planned upcoming drill campaigns.

• The Company is working with Glencore plc via the Stillwater West technical committee, and ALS Global (formerly GoldSpot) to harness their cutting-edge Artificial Intelligence and Machine Learning technology and geoscience expertise.

Stillwater's President and CEO, Michael Rowley, said "Having relied on globalized supply chains for decades, the United States has now made clear it intends to secure domestic inventories of, and processing capacity for, nine critical minerals that we have inventoried at Stillwater West. Last week's Executive Order from the White House is the strongest directive yet in this regard, building on similar initiatives that date from 2016, and earlier. As the third largest mineralized layered magmatic complex in the world, the Stillwater Igneous Complex is famously well-mineralized and offers both scale and grade, making it a foundational component of this Government- mandated national policy objective. The Stillwater Igneous Complex has provided the United States with critical minerals for over a century, including the on-going production of palladium, platinum, rhodium, nickel, copper and other metals by our neighbor Sibanye-Stillwater. Our Stillwater West project covers the lower Stillwater Igneous Complex, invoking direct comparisons to the parallel geologic setting of Anglo American's world-class Mogalakwena Mine, and Ivanhoe's Platreef Mine, in South Africa's Bushveld Igneous Complex. We are well positioned to bring these large, polymetallic mine models with robust economics to a similar geological setting in the United States. Following our recent meetings with State and Federal officials, we are focused on accelerating our path to mine development and production. We look forward to providing further updates and invite investors to meet the team at the upcoming shows listed below."

Dr Danie Grobler, Stillwater's Vice-President, Exploration, commented "The MMT electromagnetic, horizontal magnetic gradient, and TargetEM geophysical surveys performed by Expert Geophysics in late 2024 have imaged large coincident low resistivity, conductive and magnetic anomalies proximal to the footwall contact of the Stillwater Igneous Complex. As a result of uplifting during the Laramide tectonic event, these footwall targets can occur near surface, resulting in high quality drill targets that range in depth from shallow to over a kilometer or more. The most conductive anomalies are located proximal to the footwall contact and correspond with net- textured to massive sulphides, some of which have already been drill tested. For example, all six holes drilled during the 2023 exploration season intersected significant zones of net-textured to semi-massive sulphide within the Chrome Mountain area. The MMT results at Chrome Mountain display a large conductive anomaly extending from the historically drilled area towards the southeast along the footwall contact. A similar anomaly is imaged at Iron Mountain within the Camp Zone (CZ), HGR, and Crescent deposit areas. This particular anomaly is focused below Iron Mountain and is connected to the Camp Zone and Crescent deposit areas, extending at depth to around 1,500 meters below surface. The conductive anomaly displaces the highly magnetic anomalies of the Banded Iron Formation within floor rocks of the Stillwater Igneous Complex. Magmatic sulphide mineralization is known to extend below mafic-ultramafic intrusions either through a process of downward percolation or forming part of an intrusive feeder/conduit system. We look forward to drill testing these compelling targets with a focus on expanding our resources in the higher grade categories in particular in the upcoming planned campaign."

Results of Property-Wide Airborne Geophysical Surveys

Stillwater contracted Expert Geophysics Limited to perform large-scale geophysical surveys with the objective of providing comprehensive coverage of the highly prospective lower Stillwater Igneous Complex. Particular focus was given to modeling mid- and high-grade mineralization for expansion of existing mineral resources in these categories in upcoming drill campaigns.

The surveys totaled 1,322 line-kilometers including test surveys over the Chrome Mountain resource area to compare the TargetEM26 time-domain electromagnetic ("EM") survey with the MMT frequency-domain survey. Evaluation of these test surveys alongside the first generation DIGHEM airborne EM survey flown over the project in 2000, together with smaller surveys and extensive ground-based Induced Polarization and magnetic/VLF by the Company, resulted in the decision to fly the property-wide survey using the MMT system. The MMT system's ability to better distinguish and define multiple conductive targets to greater depths, which is not terrain dependent, was confirmed as a result of the survey. An advanced generation of airborne AFMAG, or Audio-Frequency Magnetic, techniques, Expert's MMT system combines the latest advances in electronics, airborne system design, and sophisticated signal processing techniques to use natural electromagnetic signals in the frequency range of 25 Hz – 21,000 Hz to map resistivity and conductivity in the earth below. Multiple VLF data were also acquired, confirming near surface drilled mineralization and structures.

The MMT surveys were completed in three grids, covering Chrome Mountain, Iron Mountain, and the Cathedral target areas at 100-meter line spacing, along with the Stillwater East claim block at 200-meter line spacing.

The surveys proved to be highly successful, with preliminary results enabling completion of the first-ever detailed 3D geological model of the lower Stillwater Igneous Complex. As announced October 16, 2024, that earlier version of the model made the important breakthrough of demonstrating continuity of mineralization across the central 9.5-kilometer length of layered magmatic stratigraphy which hosts the Company's current resources in five deposits.

Recent analysis, including inversion work, has extended the modeled area to approximately 20 kilometers as shown in Figures 5 and 6, with strong electromagnetic anomalies indicated along the footwall contact zone of the Stillwater West project. These anomalies are consistent with the massive sulphide and contact-style nickel- copper sulphide-rich bodies that the Company is targeting, and form important Platreef- or contact-style targets for drill testing.

The high-resolution EM, magnetic, and VLF data provide detailed information about several different lithology contacts, faults, major structures, and conductive geology indicative of nickel-copper sulphide mineralization.

This new survey has provided higher resolution of known and unknown targets that occur near surface and now to a depth of 1.5 kilometers.

The data maps the nature of the footwall contact and corresponding country rock xenoliths, which act as favorable zones for sulphide trap sites. The lower peridotite contact was also well imaged, which hosts most of the current resources, and shows continuity along strike within all three survey grids covering over 34 kilometers (Figures 1 and 2). Magnetic inversion processing from the MMT data proved useful for project-wide structural interpretation and highlights relationships of the metasedimentary floor and ultramafic strata. Strike-extensive, highly magnetic susceptibility anomalies, attributed to the iron formation interbedded within the hornfels floor, served to improve modelling of the down-dip geometry of the footwall contact. This highly prospective floor contact zone forms the main exploration target for polymetallic mineralization across the 34-kilometer span of the Stillwater West project.

Most of the strongest conductive anomalies (< 250 ohm-m) have never been drill tested to date and continue along strike up to five kilometers in the Chrome Mountain area and up to seven kilometers in the Iron Mountain area. Both the Cathedral grid and the Stillwater East grid also have robust conductive anomalies (< 250 ohm-m) that are multiple kilometers in strike length.

Southeast trending, southwest dipping, strike-extensive low magnetic susceptibility anomalies correlate to Laramide fore-thrusts within the floor. The low magnetic signature of these structures is thought to be related to alteration and resultant de-magnetization of the metamorphosed metasedimentary rocks. In addition, isolated low magnetic susceptibility anomalies caused by xenoliths are noted within the lower units of the Peridotite zone. In places these are correlated to drill interceptions of hornfels and fine grained norite which, locally, is out of stratigraphic position. From the xenoliths intersected within drilling and following results from the 2024 MMT program, several anomalously low-magnetic xenoliths were modelled with the bulk of these occurring proximally to the footwall of the Peridotite zone, intermittently along strike.

Drill holes CM2023-04, CM2023-06, and CZ2021-01 are now recognized to be early drill tests of mineralization under hornfels xenoliths:

Table 1 – Past Drill Intercepts of 2025 Target Geophysical Anomalies

Highlighted significant intercepts with grade-thickness values over seven percent-meter recovered Nickel Equivalent ("NiEq") are presented above, except as noted. Recovered NiEq are presented for comparative purposes using conservative long-term metal prices (all USD): $8.00/lb nickel (Ni), $4.00/lb copper (Cu), $22.00/lb cobalt (Co), $1,000/oz platinum (Pt), $1,950/oz palladium (Pd), $1,850/oz gold (Au), and $10,000/oz rhodium (Rh). NiEq is determined as follows: NiEq% = [Ni% x recovery] + [Cu% x recovery x Cu price/ Ni price] + [Co% x recovery x Co price / Ni price] + [Pt g/t x recovery / 31.103 x Pt price / Ni price / 2,204 x 100] + [Pd g/t x recovery / 31.103 x Pd price / Ni price / 2,204 x 100] + [Au g/t x recovery / 31.103 x Au price / Ni price / 2,204 x 100]. In the above calculations: 31.103 = grams per troy ounce, 2,204 = lbs per metric tonne, and 100 and 0.01 convert assay results reported in % and g/t. The following recoveries have been assumed for purposes of the above equivalent calculations: 85% for Ni and 90% for all other listed metals, based on recoveries at similar nearby operations. Total metal equivalent values include both base and precious metals. In terms of dollar value, 0.20% nickel equates to a copper value of 0.40%, or a palladium value of 0.48 g/t, using the above metal values. Intervals are reported as drilled widths and are believed to be representative of the actual width of mineralization.

Picture 1 – Drill hole CM-2023-06 – High-grade polymetallic sulphide mineralization from near the central portion of the robust 5-kilometer-long conductive anomaly (<250 ohm-m) in the Chrome Mountain deposit area, approximately five kilometers west of the Camp Zone (CZ) deposit and drill hole CZ-2021-01 shown in Picture 2.

Interval of drill core from approximately 263 to 272 meters (864 to 892 feet) depth in hole CM-2023-06 showing high-grade nickel and copper sulphide mineralization in an early test of mineralization under hornfels xenoliths. As shown in Table 1, the hole returned a high-grade interval of 5.8 meters at 0.43% Ni, 0.13% Cu, 0.072% Co, plus 1.30 g/t 4E (0.30 g/t Pt, 0.90 g/t Pd, 0.014 g/t Rh, 0.09 g/t Au), within a 25.9-meter interval of mid-grade mineralization at 0.52% total recovered NiEq (0.23% Ni, 0.16% Cu, 0.037% Co, 0.13 g/t Pt, 0.32 g/t Pd, 0.07 g/t Au, 0.009 g/t Rh) which in turn is set within 158.9 meters of bulk tonnage grade mineralization of 0.23% total recovered NiEq (0.11% Ni, 0.06% Cu, 0.017% Co, 0.09 g/t Pt, 0.12 g/t Pd, 0.03 g/t Au, 0.005 g/t Rh), starting at 160.8 meters depth.

Updated Geological Model and Current Resource Estimate

The 2024 geophysical survey results have been incorporated into the 3D geological model. This new model advances the project as it is the first time the lower portion of the Stillwater Igneous Complex has been modeled in detail. This effectively connects the east and west ends of a large world-class district and providing a roadmap to expansion of the Company's resources and advancement of the overall project, which is focused on the lower Stillwater Igneous Complex.

Continuity of mineralization across the entire surface expression of the magmatic layers of the Stillwater Igneous Complex has been demonstrated primarily by Sibanye-Stillwater's J-M Reef deposit, a high-grade PGE-bearing nickel-copper sulphide deposit that spans more than 48 kilometers and supports the highest-grade palladium- platinum mines in the world. Stillwater's current Inferred Mineral Resources of 1.6 billion pounds of nickel, copper and cobalt (1.1 Blbs Ni, 0.5 Blbs Cu, 0.09 Blbs Co), and 3.8 million ounces of palladium, platinum, rhodium, and gold (1.3 Moz Pt, 2.0 Moz Pd, 0.4 Moz Au, 0.1 Moz Rh)1 are hosted in five deposits that remain open for expansion along trend and at depth up to 20-kilometers at the center of the 61-square-kilometer Stillwater West project, which is adjacent to Sibanye-Stillwater along approximately 34 kilometers of strike within the Stillwater Igneous Complex.

Picture 2 – Drill hole CZ-2021-01 – High-grade polymetallic sulphide mineralization from the Camp Zone (CZ) deposit area, located on the western edge of the 7-kilometer-long robust (<250 ohm-m) conductive anomaly below Iron Mountain, approximately five kilometers east of the Chrome Mountain deposits and drill hole CM- 2023-06 shown in Picture 1.

Interval of drill core from 56.0 to 63.6 meters (184 to 209 feet) depth in hole CZ-2021-01 showing high-grade nickel and copper sulphide mineralization in an early test of mineralization under hornfels xenoliths. As shown in Table 1, the hole returned a high-grade interval of 4.6 meters at 0.96% Ni, 0.49% Cu, 0.073% Co, plus 0.87 g/t 4E (0.11 g/t Pt, 0.58 g/t Pd, 0.10 g/t Au, 0.077 g/t Rh), within a longer 63.7-meter interval of high-grade mineralization at 0.84% total recovered NiEq (0.47% Ni, 0.27% Cu, 0.040% Co, 0.12 g/t Pt, 0.42 g/t Pd, 0.07 g/t Au, 0.027 g/t Rh), which in turn is set within 367.6 meters of bulk tonnage grade mineralization of 0.28% total recovered NiEq (0.15% Ni, 0.06% Cu, 0.015% Co, 0.06 g/t Pt, 0.17 g/t Pd, 0.02 g/t Au, 0.009 g/t Rh), starting at 10.8 meters depth.

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:

SAFE Summit – Washington, DC, USA, Apr 1-2, 2025. For information, click here.

Global Commodity Expo Florida – Fort Lauderdale, Florida, USA, May 11-13, 2025. For information, click here.

Global Commodity Expo Atlanta – Atlanta, Georgia, USA, May 14-16, 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 (TSX.V: PGE | OTCQB: PGEZF | FSE: J0G) is a mineral exploration and development 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 inferred mineral resource estimate, released January 2023, positions Stillwater West with the largest nickel resource in an active U.S. mining district as part of a compelling suite of nine minerals now listed as critical in the USA. To date, five Platreef-style nickel and copper sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt (1.1 Blbs Ni, 0.5 Blbs Cu, 0.09 Blbs Co), and 3.8 million ounces of palladium, platinum, rhodium, and gold (1.3 Moz Pt, 2.0 Moz Pd, 0.4 Moz Au, 0.1 Moz Rh)1 at Stillwater West. All of these deposits remain open for expansion along trend and at depth.

Stillwater also owns 49% of the high-grade Black Lake-Drayton Gold project adjacent to Nexgold Mining's development-stage Goliath Gold Complex in northwest Ontario, as part of 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 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

Footnote: Stillwater West Inferred Mineral Resource Estimate

1) See news release dated January 25, 2023 and associated NI 43-101 Technical Report dated March 14, 2023, entitled "Mineral Resource Estimate Update for the Stillwater West Ni-PGE-Cu-Co-Au Project, Montana, USA", with an effective date of January 20, 2023. The Mineral Resources were estimated by Allan Armitage, Ph.D., P.Geo of SGS Geological Services who is an independent Qualified Person. The Technical Report is available on the company website at www.criticalminerals.com and under the Company's profile at www.sedarplus.ca

Quality Control and Quality Assurance

2023 drill core samples were analyzed by ACT Labs in Vancouver, B.C. Sample preparation: crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm included cleaner sand. Gold, platinum, and palladium were analyzed by fire assay (1C-OES) with ICP finish. Selected major and trace elements were analyzed by peroxide fusion with 8-Peroxide ICP-OES finish to insure complete dissolution of resistate minerals. Following industry QA/QC standards, blanks, duplicate samples, and certified standards were also assayed.

Mr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release. Mr. Ostenson is a Geologist at Stillwater and is not independent of the Company.

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.

Reduced-to-Pole (RTP) magnetic data from the 2024 MobileMTm survey demonstrates:

• Highly magnetic anomalies are associated with the mafic-ultramafic rocks of the peridotite zone, and with iron formation outside of the peridotite zone.

• Near surface expression of less magnetic country rock xenoliths and structural offset are additional features highlighted by the high-resolution dataset.

Figure 1 – RTP MAGNETIC DATA FROM THE 2024 MMT GEOPHYSICAL SURVEY OVER TOPOGRAPHY WITH OUTLINES OF THE CURRENT DEPOSIT MODELS AND PERIDOTITE ZONESTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Figure 2 – DEPTH SECTION AT 2600 METERS ELEVATION SHOWING RESISTIVITY (CONDUCTIVITY) FROM THE 2024 MMT GEOPHYSICAL SURVEY WITH TRACE OUTLINES OF CURRENT DEPOSIT MODELS AND PERIDOTITE ZONESTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

3D Apparent Resistivity voxel model derived from the 2024 MobileMTm survey. The dual face vertical section shows low resistivity anomalies (priority drill targets) in close proximity to the lower contact of the Peridotite zone, also confirming the orientations and offsets of major faults.

Figure 3 – LONG-SECTION SHOWING RESISTIVITY (CONDUCTIVITY) FROM THE 2024 MMT GEOPHYSICAL SURVEY WITH TRACE OUTLINES OF CURRENT DEPOSITMODELS ACROSS 10.3 KILOMETERS OF THE STILLWATER COMPLEXSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Figure 4 – CROSS-SECTION THROUGH THE LAYERED STRATIGRAPHY OF THE STILLWATER IGNEOUS COMPLEX AT THE CHROME AND IRON MOUNTAINDEPOSIT AREAS SHOWING LARGE-SCALE CONDUCTIVE ANOMALIESSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Magnetic inversion produced from the 2024 MobileMTm (‘MMT') data shows the presence of extensive strike-parallel thrusts within the floor of the Stillwater Complex (shown in black). The low magnetic anomaly is attributed to intense alteration of the adjacent wall rocks of these structures . Isolated low magnetic anomalies are caused by country rock xenoliths (rafts) within the lower parts of the Peridotite zone, some of which have been confirmed in drill intercepts.

The highly magnetic iron formation, interbedded within the hornfels as part of the floor to the Stillwater complex, is confirmed by extensive highly magnetic anomalies below the floor contact of the complex. The geological model has been adjusted to account for the position and geometry of the floor contact based on interpretation of these anomalies. Refer to sections A-A', B-B', and C-C' which show the low and highly magnetic anomalies and their correlation to the floor thrusts and stratigraphic contacts respectively.

Figure 5 – MAGNETIC INVERSION OF THE 2024 MMT GEOPHYSICAL SURVEY ACROSS 20 KM WITH SURFACE OUTLINES OF CURRENT DEPOSIT MODELSSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

A multi-face strike section across the extent of the main claim block at Stillwater West. The strike extensive conductive anomaly derived from the 2024 MobileMTm survey (<250ohm-m resistivity) is shown and can be seen closely underlying the current drill limits within all the target resource areas.

Figure 6 – MULTI-FACE LONG-SECTION ACROSS 20 KM OF THE LOWER STILLWATER COMPLEX SHOWING MULTI-KILOMETER CONDUCTIVE ANOMALIES AND DRILL TESTS OF NEW TARGETSSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Strike section A-A' due east of the 2023 MRE area at Chrome Mtn. A highly conductive zone can be seen proximal to the floor contact. The conductive anomaly may be attributed to semi-massive/massive magmatic sulphide which formed by entrapment between the country rock xenolith and floor rocks.

Figure 7 – CROSS-SECTION A-A' SHOWING LARGE HIGH-LEVEL CONDUCTIVE TARGET AT CHROME MOUNTAIN DEPOSIT AREASTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Figure 8 – CROSS-SECTION B-B' SHOWING LARGE HIGH-LEVEL CONDUCTIVE TARGET AT THE HGR DEPOSIT AREA, IRON MOUNTAINSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

Figure 9 – CROSS-SECTION C-C' SHOWING LARGE HIGH-LEVEL CONDUCTIVETARGET AT THE HGR DEPOSIT AREA, IRON MOUNTAINSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company's projects.2: Includes current reserves and resources, and over 15Moz of past production. Based on publicly disclosed production statistics of Sibanye-Stillwater including most recent CPR: https://www.sibanyestillwater.com/business/reserves-and-resources/3: See news release January 25, 2023. Mineral Resources are reported at cut-off grades of 0.20% NiEq.

Figure 10 – STILLWATER DISTRICT – MINES, INFRASTRUCTURE, LAND STATUSSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

1: References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company's projects. 2: Based on publicly disclosed production statistics of Sibanye-Stillwater including most recent CPR: https://www.sibanyestillwater.com/business/reserves-and-resources/

Figure 11 – CROSS-SECTION THROUGH THE STILLWATER IGNEOUS COMPLEXSHOWING STILLWATER WEST AND SIBANYE'S EAST BOULDER MINE COMPLEXSTILLWATER WEST Ni-PGE-Cu-Co + Au PROJECT, Montana, USA

SOURCE: Stillwater Critical Minerals Corp.

View the original press release on ACCESS Newswire

TORONTO, March 26, 2025 /PRNewswire/ – Rock Tech Lithium Inc. (TSX-V: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is pleased to announce that its Lithium Converter Project in Germany ("Guben Converter") has been recognized as a Strategic Project under the EU Critical Raw Materials Act ("CRMA"). This designation underscores the importance of Rock Tech's Guben Converter to the European battery materials supply chain and further accelerates the Company's mission to provide Europe with sustainable, locally produced lithium. The Guben Converter will produce 24,000 tonnes of battery-grade lithium hydroxide annually — enough to power over 500,000 electric vehicles.

The CRMA, implemented in May 2024, is a cornerstone initiative aimed at securing resilient and sustainable supply of 17 critical raw materials essential for Europe's energy transition. It enhances the EU's capacity for extraction, processing, and refining of strategic raw materials, reduces reliance on imports from third countries while upholding the highest environmental and social standards.

With over 170 applications submitted to the European Commission, Rock Tech is proud that the Guben Converter was selected in this highly competitive process. The European Commission has announced that it will initially use 2bn EUR to support selected projects through loans, financing, and guarantees.

"This milestone not only affirms the strategic value of our Guben project but also positions us as a key enabler of Europe's green industrial future. We are honored to be recognized as a Strategic Project by the European Commission and remain fully committed to advancing a secure, sustainable, and independent lithium supply for Europe." says Dirk Harbecke, CEO & Chairman Rock Tech Lithium.

On behalf of the Board of Directors, Dirk HarbeckeChairman & CEO

ABOUT ROCK TECHRock 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.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING INFORMATIONCertain 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 news release contains forward-looking information pertaining to: the intended use of proceeds from the Offering and allocation thereof; listing of the Unit Shares on the TSX-V, including obtaining the final acceptance of the TSX-V; discussions with strategic and financial investors to explore potential opportunities for investments directly at the project level, including the Company's converter projects in Germany and Canada and the Georgia Lake Project; and 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 information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. Forward-looking information is derived utilizing numerous assumptions regarding, among other things: the satisfaction of the conditions to obtain final acceptance of the TSX-V approval for the listing of the Unit Shares on the TSX-V; the supply and demand for, deliveries of, and the level and volatility of prices of, feedstock and intermediate and final lithium products; that all required regulatory approvals and permits can be obtained on the necessary terms in a timely manner; expected growth, performance and business operations; future commodity prices and exchange rates; prospects, growth opportunities and financing available to the Company; general business and economic conditions; the costs and results of exploration, development and operating activities; Rock Tech's ability to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect and should not be read as a guarantee of future performance or results. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based. The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans, objectives and goals and is not appropriate for any other purposes.

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.

 

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SOURCE Rock Tech Lithium Inc.

TORONTO, March 25, 2025 /CNW/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech") is pleased to announce the closing of a non-brokered private placement (the "Offering") of units (the "Units"). Pursuant to the Offering, the Company issued an aggregate of 2,636,000 Units at a price $1.00 per Unit for aggregate gross proceeds of $2,636,000.

The Units were offered to and subscribed by existing shareholders and new investors, notably funds from Europe. Rock Tech intends to use the proceeds of the Offering to finance the continued development of the Company's integrated conversion strategy, and for general corporate purposes (including expenses incurred by the Company in connection with the Offering. The Company paid finder fees of EUR 23,967 to an arm's-length party in connection with the closing of this Offering.

Derek Sobel, CFO Rock Tech, comments: "On behalf of the entire team, I want to thank our shareholders for their continued trust and support. Their commitment to our strategy and long-term vision drives us to deliver growth and value. We remain focused on advancing our projects and adhering to disciplined financial management."

Each Unit consists of one common share in the capital of Rock Tech (the "Common Shares", with such Common Shares comprising the Units, the "Unit Shares") and one Common Share purchase warrant (each whole Common Share purchase warrant, a "Warrant", and together with the Units and the Unit Shares, the "Securities"). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share") at an exercise price of $1.30 per Warrant Share for a period of 36 months following the date of issuance of such Warrant, subject to and in accordance with the terms and conditions of the certificate evidencing such Warrant, including adjustment in certain circumstances. The Securities offered pursuant to the Offering 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 of any state of the United States and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to exemptions therefrom. The Unit Shares and Warrant Shares have been conditionally accepted for listing on the TSX-V, which is subject to the final acceptance of the TSX-V.

The company also announces that is has granted 2,380,000 stock options to certain directors, officers and employees of the Company. All Options were granted in accordance with the Company's Stock Option Plan. 800,000 of the options were issued to Directors and Officers of the Company. The Options were granted at an exercise price of $1.00. The Options will vest immediately and are exercisable for a five-year term, expiring March 24, 2030.

All dollar amounts in this news release are expressed in Canadian dollars.

On behalf of the Board of Directors, Dirk HarbeckeChairman & CEO

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.

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 news release contains forward-looking information pertaining to: the intended use of proceeds from the Offering and allocation thereof; listing of the Unit Shares on the TSX-V, including obtaining the final acceptance of the TSX-V; discussions with strategic and financial investors to explore potential opportunities for investments directly at the project level, including the Company's converter projects in Germany and Canada and the Georgia Lake Project; and 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 information is based on certain assumptions, estimates, expectations and opinions of the Company and, in certain cases, third party experts, that are believed by management of Rock Tech to be reasonable at the time they were made. Forward-looking information is derived utilizing numerous assumptions regarding, among other things: the satisfaction of the conditions to obtain final acceptance of the TSX-V approval for the listing of the Unit Shares on the TSX-V; the supply and demand for, deliveries of, and the level and volatility of prices of, feedstock and intermediate and final lithium products; that all required regulatory approvals and permits can be obtained on the necessary terms in a timely manner; expected growth, performance and business operations; future commodity prices and exchange rates; prospects, growth opportunities and financing available to the Company; general business and economic conditions; the costs and results of exploration, development and operating activities; Rock Tech's ability to procure supplies and other equipment necessary for its business; and the accuracy and reliability of technical data, forecasts, estimates and studies. The foregoing list is not exhaustive of all assumptions which may have been used in developing the forward-looking information. While Rock Tech considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect and should not be read as a guarantee of future performance or results. Except as may be required by law, Rock Tech undertakes no obligation and expressly disclaims any responsibility, obligation or undertaking to update or to revise any forward-looking information, whether as a result of new information, future events or otherwise, to reflect any change in Rock Tech's expectations or any change in events, conditions or circumstances on which any such information is based. The forward-looking information contained herein is presented for the purposes of assisting readers in understanding Rock Tech's plans, objectives and goals and is not appropriate for any other purposes.

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.

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SOURCE Rock Tech Lithium Inc.

Cision

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Australian shares are showing positive momentum, with the ASX 200 futures climbing as traders anticipate the latest budget announcement. In light of these developments, investors may find it worthwhile to explore opportunities in penny stocks—an investment area that, despite its historical roots, remains relevant for those seeking growth potential at lower price points. By focusing on companies with robust financials and solid fundamentals, investors can uncover hidden gems among these smaller or newer companies.

Top 10 Penny Stocks In Australia

Name	Share Price	Market Cap	Financial Health Rating
CTI Logistics (ASX:CLX)	A$1.635	A$127.55M	★★★★☆☆
MotorCycle Holdings (ASX:MTO)	A$2.05	A$151.3M	★★★★★★
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EZZ Life Science Holdings (ASX:EZZ)	A$1.56	A$73.59M	★★★★★★
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GTN (ASX:GTN)	A$0.62	A$121.75M	★★★★★★
West African Resources (ASX:WAF)	A$2.21	A$2.52B	★★★★★★
Bisalloy Steel Group (ASX:BIS)	A$3.08	A$146.15M	★★★★★★
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Alligator Energy

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

Overview: Alligator Energy Limited is involved in mineral exploration activities across Australia and Italy, with a market cap of A$135.60 million.

Operations: The company has not reported any revenue segments.

Market Cap: A$135.6M

Alligator Energy Limited, with a market cap of A$135.60 million, is pre-revenue and unprofitable, having reported a net loss of A$1.47 million for the half-year ending December 2024. The company has stable weekly volatility at 11% and no debt, providing some financial stability in a volatile sector. Its short-term assets of A$21.1 million comfortably cover both short and long-term liabilities, ensuring liquidity despite its current unprofitability. Recent removal from the S&P/ASX All Ordinaries Index may reflect market challenges but does not affect its cash runway of over a year based on current free cash flow trends.

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ASX:AGE Revenue & Expenses Breakdown as at Mar 2025Arafura Rare Earths

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

Overview: Arafura Rare Earths Limited is involved in the exploration and development of mineral properties in Australia, with a market cap of A$455.90 million.

Operations: The company does not report any specific revenue segments.

Market Cap: A$455.9M

Arafura Rare Earths Limited, with a market cap of A$455.90 million, is pre-revenue and unprofitable, reporting a net loss of A$18.85 million for the half-year ending December 2024. Despite its financial challenges, it has no debt and sufficient short-term assets (A$45.5M) to cover liabilities. Recent capital raised through convertible notes enhances its cash runway beyond 10 months. The company's removal from major indices like S&P/ASX 300 reflects volatility but was recently added to the S&P/ASX Emerging Companies Index, suggesting potential investor interest in its developmental prospects despite management's limited experience.

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ASX:ARU Financial Position Analysis as at Mar 2025Djerriwarrh Investments

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

Overview: Djerriwarrh Investments Limited is a publicly owned investment manager with a market cap of A$811.73 million.

Operations: The company's revenue is derived entirely from its portfolio of investments, totaling A$50.84 million.

Market Cap: A$811.73M

Djerriwarrh Investments Limited, with a market cap of A$811.73 million, has shown robust financial health and stability. Its short-term assets surpass both short-term (A$19.9M) and long-term liabilities (A$15.8M), while earnings have grown significantly by 57.3% over the past year, outpacing industry growth rates. The company's debt is well-covered by operating cash flow, and it maintains more cash than total debt, showcasing effective financial management with reduced debt-to-equity ratios over five years. However, its dividend yield of 4.97% is not fully covered by free cash flows despite high-quality earnings and stable weekly volatility at 2%.

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ASX:DJW Revenue & Expenses Breakdown as at Mar 2025Key Takeaways

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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 ASX:AGE ASX:ARU and ASX:DJW.

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

Solving the source of the high-grade boulders west of the Thor epithermal deposit!

ESTES PARK, CO / ACCESS Newswire / March 25, 2025 / Taranis Resources Inc. ("Taranis" or the "Company") (TSXV:TRO)(OTCQB:TNREF) is providing additional information from the 2024 exploration work at Thor that was conducted in addition to the deep drilling. In the fall of 2023, a number of high-grade boulders were found at surface, and the results of that boulder sampling were summarized in a News dated November 6/2023. In the summer of 2024, Taranis completed systematic exploration activity in this area including the completion of a soil sampling grid, further boulder sampling, magnetometer/Very Low Frequency ("VLF") surveys and three short diamond drill holes. This area is considered highly prospective because it lies west of the Ripper Fault, that demarks the westernmost area where the epithermal deposit occurs at Thor. It also occurs within an area that is located uphill of the known Thor deposit making it likely the mineralized float samples in this area are not related to the existing epithermal deposit. Within the Ripper Fault itself located on the east side of Horton, a high-grade gold & silver occurrence called Gold Pit was found that includes channel sample results of 6.38 g/t Au, 576 g/t Ag, 0.031% Cu, 7.6% Pb, 0.11% Zn and 0.14% Sb over 0.66m (See Taranis News Release dated November 28, 2022).

Soil Sampling

A total of 204 soil samples were collected with a soil auger in a systematic grid that covered the Horton area. This area has no outcrop, and soil sampling is an effective method to isolate the source of the high-grade boulders. The soil sampling identified seven potential sources for the mineralized boulders, but two of these (Targets 2 & Target 3) appear to have high importance (see attached map).

Surface Grab Sampling

Additional surface grab sampling (47 samples) was undertaken in the Horton Area, and this continued to document a number of high-grade boulders. (See Taranis News Release dated November 6, 2023). Some of the select results of the 2024 grab sampling are shown in the table below.

Select 2024 Grab Sample Results from Horton Area

Sample No.	Hand Sample Description	Au (g/t)	Ag (g/t)	Cd (ppm)	Cu (%)	Pb (%)	Zn (%)	Sb (%)	S (%)
3241321	Chalcedonic boulder, blood red, 5% vugs, very hard.	0.83	13.8	Tr.	Tr.	Tr.	0.00	0.00	-0.3
3241322	Massive coarse-grain pyrite in quartz vein (50% quartz, 50% pyrite)	2.87	11.0	0.4	0.01	0.01	0.00	0.00	24.0
3241323	Heavily oxidized gossan – 30% ankerite 30% quartz 8% pyrite, possible other sulphide.	7.32	888.0	17.2	1.27	0.04	0.16	0.32	8.9
3241324	80% quartz 20% bubbly black appearance numerous vugs, oxidized. Highly gossanous.	6.00	75.7	0.7	0.05	0.08	0.01	0.02	0.5
3241328	Very vuggy quartz, abundant vugging, heavy FeOx, yellow colour.	3.33	54.4	0.1	0.01	0.28	0.01	0.01	0.5
3241333	Extremely gossanous rock, sediment? with numerous small quartz veinlets with galena/tetrahedrite.	3.55	324.0	33.2	0.47	4.17	2.28	0.22	1.9
3241345	Massive grey quartz, with chalcedonic quartz vein 2 cm wide, weathered.	4.64	295.0	0.9	0.04	0.06	0.01	0.01	1.2
3241044	Massive pyrite & tetrahedrite.	14.55	1,045	42.7	3.23	0.05	0.43	3.17	43.4
3241045	Quartz/sediment breccia with vugging.	1.05	292.0	0.9	0.07	0.08	0.01	0.44	0.5
3241046	Banded pyrite with tetrahedrite clots.	3.28	470.0	19.6	1.17	0.28	0.23	0.71	29.7
3241047	Quartz/sediment breccia with dodecahedral pyrite (5%) and early-phase pyrite.	1.88	13.7	0.5	0.03	0.02	0.01	0.02	9.4
3241050	Very weathered, silver-color sulfide., extensive vugging.	6.31	1,705	3.5	0.24	2.40	0.04	0.84	16.3
3241352	Gossan, greywacke with quartz stringers, FeOx, tetrahedrite.	1.24	853.0	10.1	0.42	8.89	0.83	0.39	2.5
3241357	Vuggy FeOx SIF-type boxwork, 'frothy' texture.	6.44	286.0	1.9	0.13	0.03	0.02	0.80	1.9

Grab sampling is not representative of potential subsurface mineralization in the area as the source of the grab samples is unknown, and it is not known how far the boulders have been displaced from their source. However, when the grab samples are interpreted in conjunction with soil samples and other data such as geophysical surveys it can provide further targeting information – particularly in areas where mineralized surface grab samples are underlain by soil geochemical anomalies with similar geochemical signatures. One of the unique aspects of the grab samples taken at Horton in 2024 (and 2023) is the general lack of zinc and lead, and this suggests a different origin than the Thor epithermal deposit that is enriched in these metals.

VLF and Magnetic Surveys

Geophysical surveys were undertaken on the soil sampling grid, and the ground magnetometer survey was able to identify a circular feature that is spatially related to Target areas 3 and 4. This feature is weakly defined, but it does appear to correlate with other circular features identified on satellite images of the area. Targets 2 and 3 appear to originate from the center of this feature. The VLF surveys show two parallel conductive anomalies that originate from the center of Area 3 and extend to the northwest, including one strong VLF conductor located in Target 3.

Diamond Drilling

Three short diamond drill holes were completed on a pre-existing road that transects the Horton Area. These drill holes were not targeted on any specific features and were designed to provide depth to bedrock in the area as well as outlining rock units below colluvium.

‘Scout' Drill Holes Horton Area

Hole	Easting	Northing	Azimuth	Dip	Depth (m)	Colluvium Depth (m)
Thor-243	464,700.2	5,616,432.4	0.0	-90.0	100.3	9.3
Thor-249	464,653.7	5,616,334.9	0.0	-90.0	83.2	3.5
Thor-254	464,534.5	5,616,277.9	196.0	-47.0	90.2	9.1
				Total/Average	273.7	7.3

Drill holes Thor-243 intersected black (carbonaceous) metasediments and metavolcaniclastic rocks that contained minor pyrite and localized breccia zones. The depth of the colluvium was 9.3m, and this is shallow enough that soil sampling should be an effective tool to detect subsurface mineralization. Thor-243 intersected bedrock at a depth of 3.5m below the surface, and this drill encountered zones of significant quartz veining within rocks identical to Thor-243. Drill hole Thor-254 was drilled on the west end of the Horton access road and encountered 9.1m of colluvium before hitting bedrock. Rocks in this hole were dominated by metasedimentary and volcaniclastic rocks, and included areas of significant quartz veining that did not contain appreciable gold or silver.

Comment

John Gardiner, President and CEO of Taranis comments "2024 gave us a much better understanding of the source of grab samples identified in the Horton Area. A combined approach using soil sampling, geophysics, boulder sampling and limited diamond drilling has identified two high-priority targets (Targets 2 & 3) that occur within a circular magnetic feature and have corresponding VLF anomalies. If we are able to successfully identify bedrock-related mineralization in this area and expand the epithermal deposit west of the Ripper Fault and Gold Pit, this opens up a new exploration area at Thor".

Quality Control and Laboratory Methods

All samples for the Thor project were securely delivered to Actlabs in Kamloops, British Columbia. Analytical work was completed both at the Kamloops and Ancaster, Ontario locations. Actlabs is ISO 17025 accredited. Taranis completed two types of geochemical analysis on the drill core.

Soil Samples were collected in the field using a gas-powered auger, and stored in soil sample bags that were subsequently dried in the field . They were analyzed for 42 elements by 4-Acid Digestion / Inductively Coupled Plasma – Mass Spectrometry ("ICP-MS") and for gold by 30g Fire Assay / Atomic Absorption Spectrophotometry ("AAS").

Visibly (or potentially mineralized sections of core) were systematically sampled after sawing the core in half onsite. Samples were analyzed for 42 elements by 4-Acid Digestion / Inductively Coupled Plasma – Mass Spectrometry ("ICP-MS") and for gold by 30g Fire Assay / Atomic Absorption Spectrophotometry ("AAS"). Where overlimit values were encountered in the analysis of these samples, ore-grade' determinations were made using subsequent ICP analysis and gravimetric methods. As a Quality Control ("QC") measure, Taranis also submitted analytical standards into the sample stream every tenth sample in addition to the laboratory's own quality control methods.

Qualified Person

Exploration activities at Thor were overseen by John Gardiner (P. Geo.), who is a Qualified Person under

the meaning of Canadian National Instrument 43-101. John Gardiner is the principal of John J. Gardiner &

Associates, LLC which operates in British Columbia under Firm Permit Number 1002256. Mr. Gardiner has reviewed and approved the comments contained within this News Release.

Taranis currently has 100,348,854 shares issued and outstanding (113,827,227 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

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

For further information contact:

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

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

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

SOURCE: Taranis Resources, Inc.

View the original press release on ACCESS Newswire

VANCOUVER, BC / ACCESS Newswire / March 24, 2025 / Stillwater Critical Minerals Corp. (TSX.V:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") applauds the Executive Order signed by United States President Donald J. Trump on March 20, 2025, titled "Immediate Measures to Increase American Mineral Production".

The order invokes emergency powers to prioritize and accelerate domestic production of minerals listed as critical to the United States, with the objective of reducing reliance on imports. This Executive Order is the government's strongest action yet towards restoring America's domestic mining industry and is intended to counter the overwhelming control that other countries have over the supply of a number of minerals listed as critical to the economic and national security interests of the United States.

The order describes funding initiatives for domestic mining projects and calls for accelerated permitting and clarifications to the Mining Act, among other actions. David Copley, a senior executive from Newmont Mining, has been placed in charge of the program via the recently created National Energy Dominance Council.

Stillwater's President and CEO, Michael Rowley, said "Last week's Executive Order exceeded our expectations, listing a number of actions that are very supportive of our work at Stillwater West. Among other actions it invokes the authority of the Defense Production Act, reflecting the urgency of the government mandate to secure supplies of critical minerals as it calls on legislation from 1950 that has been applied previously to matters of national concern, including mineral supply. The Company is working with Congress, the administration, and government agencies with the objective of accelerating our Stillwater West project in Montana towards production by completing the necessary economic and engineering studies in addition to drilling, metallurgical, and other related work. We look forward to providing further updates on this and our work evaluating other aspects of the Executive Order including additional funding channels as well as permitting reforms and other initiatives."

"The order also makes a point of listing copper and gold. This is very relevant to Stillwater because we have a very large polymetallic resource that positions us with a substantial copper inventory and the largest nickel project in an active U.S. mining district, in addition to palladium, platinum, rhodium, chromium, cobalt, and gold plus as yet unquantified amounts of ruthenium and iridium. Overall, Stillwater West is uniquely positioned to become a primary source of nine commodities now listed as critical given our location immediately adjacent to Sibanye-Stillwater's operating mine complex in a historic American mining district where the production of critical minerals dates back to the 1880s."

Full text of the Executive Order is available online here: https://www.whitehouse.gov/presidential-actions/2025/03/immediate-measures-to-increase-american-mineral-production/

Stillwater also commends the recent establishment of February 9th as Montana Mining Day by Governor Greg Gianforte, noting the State's long and prosperous mining legacy.

As announced February 14, 2023, and August 15, 2024, the Company is partnered on $2.75 million in funding from the Department of Energy via two grants under the Advanced Research Projects Agency program via collaborations with Cornell University and Lawrence Berkeley National Laboratory.

Additionally, the Company has been partnered with the U.S. Geological Survey for over seven years at Stillwater West, continuing their multi-decade interest in the Stillwater Igneous Complex.

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:

SAFE Summit – Washington, DC, USA, Apr 1-2, 2025. For information, click here.

Global Commodity Expo Florida – Fort Lauderdale, Florida, USA, May 11-13, 2025. For information, click here.

Global Commodity Expo Atlanta – Atlanta, Georgia, USA, May 14-16, 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 (TSX.V: 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 U.S. mining district as part of a compelling suite of nine minerals now listed as critical in the USA.

Stillwater also holds a 49% interest in 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 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 MineralsEmail: info@criticalminerals.com Phone: (604) 357 4790Web: http://criticalminerals.com Toll Free: (888) 432 0075

Quality Control and Quality Assurance

Mr. Mike Ostenson, P.Geo., Managing Geologist at Stillwater, is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

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.

View the original press release on ACCESS Newswire

• Rock Tech Lithium partners with GEA Group AG, a global leader in process technology, to supply crystallization and zero-liquid discharge systems for its Lithium Converter in Guben, Germany.

• Test works are successfully completed, paving the way for the procurement of crystallizers essential for battery-grade lithium hydroxide production.

• Technical and commercial terms are agreed, with the contract's formal signing pending the project's Final Investment Decision (FID).

TORONTO, March 20 2025 /PRNewswire/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FSE: RJIB) has entered a technology partnership with GEA Group AG, one of the world's largest system suppliers for advanced process technology, to deliver key equipment for its Lithium Converter in Guben, Germany. As part of the agreement, GEA will supply crystallization and zero-liquid discharge technology, ensuring the highest standards in battery-grade lithium hydroxide monohydrate (LHM) production.

Rock Tech and GEA representatives after signing. (CNW Group/Rock Tech Lithium Inc.)

Following two and a half years of an intensive selection process followed by technical specifications and negotiations, Rock Tech has successfully completed test works with GEA to procure crystallizers essential to produce 24,000 tons of battery-grade LHM annually. This equipment contract is a significant step to establish an automated and continuously operating Lithium Converter in Europe.

"Finalizing the commercial and technical contract conditions is a key milestone, ensuring clarity, minimizing risks, and enabling efficient execution. We are pleased to have reached this milestone with such a reputable partner as GEA, establishing a strong foundation for successful collaboration," says Frank Spellier, Rock Tech's Head of Engineering.

The cooperation with GEA ensures that Rock Tech benefits from the company's extensive process knowledge, market expertise, and technical capabilities. In the past few years GEA has contributed to key lithium crystallization projects globally. Among others, GEA supplied technology for a lithium hydroxide plant in Argentina (25,000 tons/year), two process plants for lithium hydroxide production in South Korea, a facility producing 20,000 tons/year in Europe and crystallization and drying technology for an Australian Lithium plant. Additionally, GEA supplied several lithium hydroxide production lines focusing on solid-liquid separation technologies for a leading North American Lithium producer. These projects underscore GEA's expertise in high-purity lithium hydroxide production for battery applications. With terms on scope, services, warranties, and timelines now finalized, the formal contract signing is the next step, subject to the project's Final Investment Decision (FID).

As Rock Tech progresses toward the finalization of the contract, preparations are in place to integrate GEA's high-automation solutions, allowing continuous lithium production at the Guben site.

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 GEA

GEA is one of the world's largest suppliers of systems and components to the food, beverage and pharmaceutical industries. The international technology group, founded in 1881, focuses on machinery and plants, as well as advanced process technology, components and comprehensive services. For instance, every second pharma separator for essential healthcare products such as vaccines or novel biopharmaceuticals is produced by GEA. In food, every fourth package of pasta or every third chicken nugget are processed with GEA technology. With more than 18,000 employees, the Group generated revenues of about EUR 5.4 billion in more than 150 countries in the 2024 fiscal year. GEA plants, processes, components and services enhance the efficiency and sustainability of customers' production. They contribute significantly to the reduction of CO2 emissions, plastic usage and food waste. In doing so, GEA makes a key contribution toward a sustainable future, in line with the company's purpose: "Engineering for a better world. "GEA is listed on the German MDAX, the European STOXX® Europe 600 Index and is also a constituent of the leading sustainability indices DAX 50 ESG, MSCI Global Sustainability and Dow Jones Best-in-Class World.

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.

VANCOUVER, BC / ACCESS Newswire / March 18, 2025 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce"), is pleased to announce that it has granted (the "Grant") an aggregate of 2,500,000 incentive stock options (each, an "Option") to purchase up to 2,500,000 common shares of the Company (each, a "Share") to certain officers and consultants under its Equity Incentive Plan. The Options are exercisable for a period of three years from the date of Grant, expiring on March 18, 2028, at a price of $0.12 per Share. The options all vest immediately.

Commerce's Interim President and CEO Jeremy Robinson said: "As we finalise our plans to complete a dual listing on the Australian Securities Exchange (ASX) and progress the Ashram Project to the next stage, it is important that we retain and incentivise the people that have discovered this world-class deposit and advanced it to where it is today."

All Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance.

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.Ian GrahamChairmanPhone: 604.484.2700Email: info@commmerceresources.com

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

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 statements regarding the expected listing on the Australian Securities Exchange; the continued advancement of the Ashram project to development; that Ashram's 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; 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 complete a listing on the Australian Securities Exchange; 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 ACCESS Newswire

VANCOUVER, BC / ACCESS Newswire / March 17, 2025 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") advises that Mr Ross Carroll has terminated his employment with the Company by mutual agreement and will step down as President and Chief Executive Officer and as a member of the board of directors effective immediately.

Mr. Jeremy Robinson, who is currently a non-executive Director, will assume the role of interim President and Chief Executive Officer to complete the Company's expected dual listing on the Australian Securities Exchange (ASX) in the coming months and oversee the next phase of development of the world-class Ashram Rare Earths Project.

Following completion of the ASX listing, the Company expects to announce the appointment of a permanent President and CEO who will be based in North America.

Commenting on the changes, Interim President and CEO Jeremy Robinson said: "On behalf of the Commerce board, I would like to express my thanks to Ross for his leadership and diligence over the past six months and wish him well in his future endeavours.

"The Company is about to embark on an exciting period and I look forward to keeping shareholders updated in the weeks and months ahead as we continue to advance the Ashram Project towards development."

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.Ian GrahamChairmanPhone: 604.484.2700Email: info@commmerceresources.com

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

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 statements regarding the expected listing on the Australian Securities Exchange and the expected appointment of a permanent president and CEO thereafter; the continued advancement of the Ashram project to development; that Ashram's 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; 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 complete a listing on the Australian Securities Exchange; 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 ACCESS Newswire

Just because a business does not make any money, does not mean that the stock will go down. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. But while the successes are well known, investors should not ignore the very many unprofitable companies that simply burn through all their cash and collapse.

So should Lindian Resources (ASX:LIN) shareholders be worried about its cash burn? For the purposes of this article, cash burn is the annual rate at which an unprofitable company spends cash to fund its growth; its negative free cash flow. First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

Check out our latest analysis for Lindian Resources

Does Lindian Resources Have A Long Cash Runway?

A company's cash runway is calculated by dividing its cash hoard by its cash burn. When Lindian Resources last reported its December 2024 balance sheet in March 2025, it had zero debt and cash worth AU$6.7m. Looking at the last year, the company burnt through AU$12m. So it had a cash runway of approximately 7 months from December 2024. To be frank, this kind of short runway puts us on edge, as it indicates the company must reduce its cash burn significantly, or else raise cash imminently. You can see how its cash balance has changed over time in the image below.

ASX:LIN Debt to Equity History March 15th 2025How Is Lindian Resources' Cash Burn Changing Over Time?

Although Lindian Resources reported revenue of AU$179k last year, it didn't actually have any revenue from operations. To us, that makes it a pre-revenue company, so we'll look to its cash burn trajectory as an assessment of its cash burn situation. We'd venture that the 70% reduction in cash burn over the last year shows that management are, at least, mindful of its ongoing need for cash. Admittedly, we're a bit cautious of Lindian Resources due to its lack of significant operating revenues. So we'd generally prefer stocks from this list of stocks that have analysts forecasting growth.

How Easily Can Lindian Resources Raise Cash?

While we're comforted by the recent reduction evident from our analysis of Lindian Resources' cash burn, it is still worth considering how easily the company could raise more funds, if it wanted to accelerate spending to drive growth. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. Many companies end up issuing new shares to fund future growth. By comparing a company's annual cash burn to its total market capitalisation, we can estimate roughly how many shares it would have to issue in order to run the company for another year (at the same burn rate).

Lindian Resources' cash burn of AU$12m is about 11% of its AU$111m market capitalisation. As a result, we'd venture that the company could raise more cash for growth without much trouble, albeit at the cost of some dilution.

Is Lindian Resources' Cash Burn A Worry?

On this analysis of Lindian Resources' cash burn, we think its cash burn reduction was reassuring, while its cash runway has us a bit worried. Even though we don't think it has a problem with its cash burn, the analysis we've done in this article does suggest that shareholders should give some careful thought to the potential cost of raising more money in the future. On another note, Lindian Resources has 5 warning signs (and 3 which are a bit concerning) we think you should know about.

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

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

Investing.com — Goldman Sachs initiated research coverage on U.S. agricultural input stocks, favoring defensive and value plays in a weakening agricultural macro environment. “We believe the ag macro is still in the process of settling lower from the peak caused by the Russia/Ukraine War,” analyst at Goldman Sachs said. The brokerage issued "Buy" ratings on Corteva (NYSE:CTVA), FMC Corp (NYSE:FMC), and Mosaic, while assigning a "Neutral" rating to CF Industries (NYSE:CF) and a "Sell" rating to Nutrien (NYSE:NTR).

Goldman noted that the agricultural sector is still normalizing from the price surge caused by the Russia-Ukraine war, with corn, a key proxy, expected to stabilize in the $3-$4 per bushel range, similar to levels seen from 2014 to 2020. While a stronger-than-expected spring 2025 planting season could provide near-term support, the firm expects the downward trend to resume later in the year.

Among agricultural inputs, seeds remain the most resilient business in a weaker commodity cycle, according to Goldman. The firm sees strong pricing power and cost advantages in Corteva’s North American seed business, which is undergoing a long-term competitive reset.

Agricultural chemicals also offer defensive qualities as farmers prioritize pest control, though year-to-year volatility remains a factor. Goldman expects FMC to better manage inventory destocking and new product launches, countering recent market concerns.

For fertilizers, Goldman favors phosphate exposure through Mosaic over nitrogen and potash, citing strong demand from battery production. The firm warned that U.S. tariffs and new supply from Canada’s Jansen mine could pressure potash prices starting in 2026.

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We recently published a list of 12 52-Week Low Dividend Stocks To Avoid. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against other 52-week low dividend stocks to avoid.

Navigating the stock market can feel like sailing through stormy seas when certain stocks hit their 52-week lows. The dip may seem like a golden opportunity to some investors, but stocks that have dropped significantly—especially those with a 12-month share price decline of 25% or more—may carry hidden risks.

In this article, we will explore 12 dividend stocks ranked by their 12-month share price decline, which serves as a key indicator of potential problems, including financial instability or market pressures that could turn what seems like an opportunity into a trap.

READ ALSO: 14 Best Performing Dividend Stocks To Buy Now

However, even the stock with a highly appealing dividend yield may have to be avoided when trading at its 52-week low. This leads to the question – “Is a 52-week low a red flag?” And the answer is yes. Stocks reaching their 52-week low tell us they are experiencing declining revenues, management challenges, or broader industry downturns. The scenario is worse if it’s a dividend-paying stock. Inflated dividend yield masking deeper problems has frequently been seen in declining stocks to make them attractive to investors.

It shows that the seductiveness of the high dividend yields can also mean trouble. Investors focusing on the dividend yield rise sometimes forget to see the declining stock price, thereby falling into a trap – the phenomenon also called the dividend trap. For instance, in one of their recent articles, Barron pointed out a few food companies that were seeing their stock prices decline due to various challenges. Barron reported that these declines were making their high dividend yields less appealing.

The unsuspecting dividend trap does not mean that investors should focus on growth stocks instead of dividend stocks. The latter remains a haven for investors looking for stable income and capital appreciation. However, it is essential for investors looking for dividends to prioritize quality over sheer yield. Focusing on the companies’ financial stability, consistency of their earnings growth, and sustainability in their payout ratios can potentially lead the investors to a more reliable return in the long term. When stressing the importance of quality investing, Bloomberg also noted that growth companies trading at unreasonably high values can eat into future returns, even if their growth expectations are realized, and hence advocating for quality investing, where identifying the strong fundamentals of the companies takes priority.

In this regard, as we venture into our article and list out 12 dividend stocks currently at their 52-week lows, we will be focusing on the fundamentals of the company and the reasons behind their declines to provide the investors with an opportunity to make informed investment decisions instead of falling into a dividend trap.

The allure of high dividends may be strong, but we must be thoroughly sure of the underlying company’s health. Remember that a high yield from a sinking ship won’t keep us afloat.

Our Methodology

We used a screening process to compile our list of 12 dividend stocks with a 52-week low. The stocks are ranked based on their 12-month share price decline, with those that have experienced the largest declines at the top. We also focused on stocks with a minimum dividend yield of 3%, ensuring they remain viable dividend-paying stocks for consideration. Primarily, we included stocks with a decline of at least 25% in their share price over the past 52 weeks, indicating the continuous downward pressure during the year. By setting the dividend payout ratio at 90% or less, we filtered out stocks with excessively high payout ratios, which signals overcompensation. We limited our analysis to companies with a market capitalization of at least $1 billion to remain focused on established enterprises. The stocks in our list are ranked based on a 12-month share price decline, thereby solidifying our list with data reasoning. We additionally used hedge fund portfolios from our Insider Monkey database to report to our readers how strongly hedge funds back the stocks.

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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

Is FMC Corporation (FMC) the 52-Week Low Dividend Stock To Avoid?

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

52-week Decline as of March 7: 34.87%

Dividend yield: 5.62%

Number of Hedge Funds: 48

FMC Corporation (NYSE:FMC), located in Pennsylvania, the U.S., is a global agricultural sciences company. The company specializes in providing crop protection solutions, including herbicides, insecticides, and fungicides. It has an international presence, including India, where the company is a leader in crop protection solutions. With solutions like the Arc™ farm intelligence platform, the company offers help to monitor pests and optimize operations.

FMC Corporation (NYSE:FMC)’s stock reached a 52-week low of $33.80 and was trading at $41.29, reflecting a 34.87% decline over the past 52 weeks. The headwinds faced by the market because of low demand for agricultural products caused the company’s revenue to decline by 5%. The Chairman and CEO of the company, Pierre Brondeau, made the following statement after the stocks plunged to a 52-week low.

“…customers in many countries sought to hold significantly less inventory than they have historically. This dynamic and more pronounced FX impacts acted as a headwind to further growth.”

The institutional confidence appears mixed with 48 hedge funds still holding positions in FMC, as per Insider Monkey’s database of Q4 2024.

FMC Corporation (NYSE:FMC) offers a competitive dividend yield of 5.62%. The payout ratio stands at 72.27%, demonstrating a strong commitment to shareholder returns irrespective of the profitability pressures. Analysts have assigned a Hold rating to the stock, with a 1-year median price target of $48, representing a modest 16.25% upside. Though the long-term fundamentals are intact, the short-term uncertainties in the agricultural sector remain concerning.

Overall, FMC ranks 9th on our list of 52-week low dividend stocks to avoid. While we acknowledge the potential for FMC as an investment, our conviction lies in the belief that some AI stocks hold more significant 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 ST==-LA but that trades at less than 5 times its earnings check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires

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

Investors in Sociedad Química y Minera de Chile S.A. (NYSE:SQM) had a good week, as its shares rose 9.7% to close at US$42.10 following the release of its full-year results. The statutory results were not great – while revenues of US$4.5b were in line with expectations,Sociedad Química y Minera de Chile lost US$1.42 a share in the process. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. With this in mind, we've gathered the latest statutory forecasts to see what the analysts are expecting for next year.

See our latest analysis for Sociedad Química y Minera de Chile

NYSE:SQM Earnings and Revenue Growth March 8th 2025

After the latest results, the 14 analysts covering Sociedad Química y Minera de Chile are now predicting revenues of US$4.68b in 2025. If met, this would reflect a reasonable 3.4% improvement in revenue compared to the last 12 months. Sociedad Química y Minera de Chile is also expected to turn profitable, with statutory earnings of US$3.04 per share. Before this earnings report, the analysts had been forecasting revenues of US$4.95b and earnings per share (EPS) of US$3.53 in 2025. The analysts seem less optimistic after the recent results, reducing their revenue forecasts and making a real cut to earnings per share numbers.

Despite the cuts to forecast earnings, there was no real change to the US$52.71 price target, showing that the analysts don't think the changes have a meaningful impact on its intrinsic value. That's not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. There are some variant perceptions on Sociedad Química y Minera de Chile, with the most bullish analyst valuing it at US$80.00 and the most bearish at US$36.00 per share. Note the wide gap in analyst price targets? This implies to us that there is a fairly broad range of possible scenarios for the underlying business.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Sociedad Química y Minera de Chile's past performance and to peers in the same industry. We would highlight that Sociedad Química y Minera de Chile's revenue growth is expected to slow, with the forecast 3.4% annualised growth rate until the end of 2025 being well below the historical 27% p.a. growth over the last five years. Compare this against other companies (with analyst forecasts) in the industry, which are in aggregate expected to see revenue growth of 4.3% annually. So it's pretty clear that, while revenue growth is expected to slow down, the wider industry is also expected to grow faster than Sociedad Química y Minera de Chile.

The Bottom Line

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. On the negative side, they also downgraded their revenue estimates, and forecasts imply they will perform worse than the wider industry. The consensus price target held steady at US$52.71, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company's earnings is a lot more important than next year. At Simply Wall St, we have a full range of analyst estimates for Sociedad Química y Minera de Chile going out to 2027, and you can see them free on our platform here..

Don't forget that there may still be risks. For instance, we've identified 2 warning signs for Sociedad Química y Minera de Chile that you should be aware of.

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.

We recently compiled a list of the 10 Most Undervalued Mid Cap 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 undervalued mid cap stocks.

Mid-cap stocks are often seen as a balanced investment option. They offer a mix of growth potential and financial stability, and have historically outperformed large-cap and small-cap stocks over longer periods for this reason, as mentioned earlier in February by Simeon Hyman, Global Investment Strategist at ProShares Advisors. We covered his detailed sentiment in our 10 Best Performing Mid Cap Stocks to Buy According to Analysts article. Mid-caps are considered undervalued in some cases and provide opportunities for investors seeking quality at a discount. Their domestic focus and higher earnings quality compared to small caps make them an attractive choice for stable growth.

This sentiment was covered earlier on January 25 by Jill Carey Hall, BofA global research head of US small and mid cap strategy. She appeared on CNBC's 'Closing Bell' to discuss small cap headwinds and the opportunity in domestic mid caps due to a tough backdrop for the Russell 2000. The profits growth recovery story for small caps, which many investors were optimistic about last year, has continued to be revised downward and pushed further into 2025. As a result, small-cap profits have continued to disappoint, with negative year-over-year earnings growth still prevalent. In contrast, mid-caps have shown better fundamentals. Hall emphasized that if the market broadens out, mid-caps could offer the best risk-reward, especially in an environment where multiple rate cuts have been priced out of the market. Her economists at BofA expect the Fed to remain on hold without further cuts. This scenario poses refinancing risks for small caps, which have reemerged as rate risks have increased. Mid-caps, however, have better balance sheets and fundamental trends, making them a preferable choice within the small and mid-cap space.

Interest rates also influence small-cap performance. Despite optimism around the economy and potential policies from Trump 2.0, small caps have struggled to achieve sustained gains after brief rallies. Historically, small caps have underperformed for over a decade. While relative valuations suggest they could outperform over the next decade, near-term challenges persist. Investors are cautious due to high expectations and ongoing profit disappointments. Hall noted that rate stabilization or potential rate cuts could support small caps, but Fed policy has been a major driver of recent volatility in this segment. For instance, December marked the worst month for small-cap performance relative to large caps in over 25 years following a hawkish Fed meeting. This year, Hall recommended focusing on companies with strong profits, lower leverage, reduced refinancing risks, or economic sensitivity. Financials appear well-positioned to benefit from potential deregulation or an uptick in M&A. Additionally, stocks with upward earnings revisions have outperformed recently and remain attractive targets.

Methodology

We used the Finviz stock screener to compile a list of the top mid-cap stocks that were trading between $2 billion and $10 billion, and had a forward P/E ratio under 15 each. We then selected the 10 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2024. The hedge fund data was sourced from Insider Monkey’s database which tracks the moves of over 900 elite money managers.

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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Forward P/E Ratio as of March 5: 10.34

Number of Hedge Fund Holders: 48

FMC Corporation (NYSE:FMC) is a global agricultural sciences company. It empowers farmers worldwide by delivering a portfolio of crop protection solutions. These include insecticides, herbicides, fungicides, and biologicals that are designed to enhance crop yield and quality.

The company's line of diamide insecticides makes major contributions to its overall growth and revenue. These are a class of synthetic insecticides that disrupt insect muscle function, which leads to paralysis and death. Rynaxypyr insecticide of this line is in the $5 billion caterpillar control market, and is transitioning to a post-patent phase. This will introduce generic competition by 2026. The company will counter this by offering lower-priced and branded solo formulations.

Manufacturing cost reductions for Rynaxypyr will impact partner sales due to cost-plus pricing, which will contribute to a forecasted decline in 2025 Rynaxypyr sales. FMC Corporation (NYSE:FMC) is prioritizing channel inventory reduction, which will also affect 2025 sales. Following a 2025 correction, Rynaxypyr is projected to achieve high single-digit growth. 2025 will be a pivotal year and will set the company's growth trajectory for 2026 and 2027.

Overall FMC ranks 10th on our list of the most undervalued mid cap stocks to buy according to hedge funds. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. 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.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

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

Toronto, Ontario–(Newsfile Corp. – March 7, 2025) – Minnova Corp. (TSXV: MCI) (OTC Pink: AGRDF) ("Minnova" or the "Company"), would like to provide the following corporate update.

Effective March 6, 2025, the Company has dissolved (the "Dissolution") it's wholly-owned subsidiary, Minnova Renewable Energy Ltd. ("MRE"). The Company confirms that as a result of the Dissolution, its sole focus will be on the exploration and development of its PL Gold Mine, located in central Manitoba.

In connection with the Company's proposed acquisition of all of the issued and outstanding common shares (the "DUMA Shares") of DUMA Engineering (2108) Inc. ("DUMA"), the Company incorporated MRE, which was to be the sole shareholder of DUMA and would focus on biomass gasification in connection with the Company's PL Gold Mine. In connection with the proposed transaction, on or about September 30, 2022, the Company advanced the principals of DUMA $100,000 for 50% of the issued and outstanding DUMA Shares. From September 2022 through January 2023, the Company and the shareholders of DUMA were negotiating the terms of the proposed transaction, however, negotiations were terminated in January 2023 and the Company did not proceed with the proposed transaction. To date, the Company has not received evidence of the 50% of the DUMA Shares and due to the Company's current financial position, it is unable to pursue legal action. However, the Company reserves the right to seek any legal recourse. A submission by the Company to the TSX Venture Exchange (the "TSXV") was not made with respect to the $100,000 advance for the initial 50% of the issued and outstanding DUMA Shares. As such, the TSXV did not provide the Company acceptance for the proposed transaction.

Following board review of MRE and considering investment requirements and alignment with shareholder feedback, it was determined that MRE should be dissolved and no further clean energy investments will be made.

As of December 31, 2024, the Company reported a working capital deficiency of $1,641,159. Upon the reinstatement of trading of the issued and outstanding common shares (the "Common Shares") in the capital of the Company on the TSXV, the Company intents to complete a private placement to reduce its working capital deficiency. In addition, further to the Company's press release of April 29, 2024, and December 19, 2024, shareholders of the Company approved a proposed debt settlement (the "Debt Settlement") of an aggregate of 15,999,999 Common Shares at a price of $0.05 per Common Share to settle an aggregate of $800,000 of indebtedness owed to certain creditors of the Company, including the settlement of the Promissory Notes (as defined below). The Debt Settlement will significantly improve the financial position of the Company. The completion of the Debt Settlement is anticipated to occur immediately following trading reinstatement. The Debt Settlement remains subject to approval of the TSXV.

Between July 12, 2022 and August 9, 2023, the Company issued unsecured interest bearing promissory notes (the "Promissory Notes") in the aggregate of $88,500 (the "Principal Amount"), to Mr. Gorden Glenn, the President and Chief Executive Officer of the Company (the "Creditor"). The Promissory Notes are payable upon receipt of a demand notice by the holder and bear interest at an interest rate of fifteen percent (15%) per annum. The Principal Amounts were used by the Company for general working capital purposes. As of the date hereof, there is $80,700 Principal Amount outstanding, plus interest. The Company will convert the outstanding Principal Amount into Common Shares as per of the Debt Settlement.

The issuance of the Promissory Notes constitutes a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the Creditor is a director and officer of the Company. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the Principal Amount of the Promissory Notes does not exceed more than $2,500,000. The Company did not file a material change report more than 21 days before the issuance of the Promissory Notes as the Company wished to close on an expedited basis.

Finally, the Company confirms that it is subject to a reinstatement review by the TSXV. The review is ongoing and the Company will provide additional updates as they become available.

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 Gorden Glenn at 647-985-2785 or info@minnovacorp.ca

Visit our website at www.minnovacorp.ca

Forward Looking Statements

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.

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/243785

Investors were disappointed with the weak earnings posted by FMC Corporation (NYSE:FMC ). However, our analysis suggests that the soft headline numbers are getting counterbalanced by some positive underlying factors.

Check out our latest analysis for FMC

NYSE:FMC Earnings and Revenue History March 7th 2025The Impact Of Unusual Items On Profit

Importantly, our data indicates that FMC's profit was reduced by US$147m, due to unusual items, over the last year. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. If FMC doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.

That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.

An Unusual Tax Situation

Just as we noted the unusual items, we must inform you that FMC received a tax benefit which contributed US$151m to the bottom line. This is meaningful because companies usually pay tax rather than receive tax benefits. The receipt of a tax benefit is obviously a good thing, on its own. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.

Our Take On FMC's Profit Performance

In the last year FMC received a tax benefit, which boosted its profit in a way that might not be much more sustainable than turning prime farmland into gas fields. Having said that, it also had a unusual item reducing its profit. Based on these factors, it's hard to tell if FMC's profits are a reasonable reflection of its underlying profitability. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. Every company has risks, and we've spotted 4 warning signs for FMC (of which 1 is a bit unpleasant!) you should know about.

In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

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

Sociedad Quimica y Minera de Chile S.A. SQM logged earnings of 42 cents per share in fourth-quarter 2024, down from 71 cents per share registered in the year-ago quarter. Earnings per share also fell short of the Zacks Consensus Estimate of 52 cents.Find the latest earnings estimates and surprises on Zacks Earnings Calendar.SQM generated revenues of $1,073.8 million in the quarter, down around 18% year over year. The figure beat the Zacks Consensus Estimate of $1,010 million.

SQM’s Segment Highlights

Revenues from the Lithium and Derivatives segment fell around 33% year over year to $532 million in the reported quarter. Despite a roughly 13% increase in lithium sales volumes, the downside was caused by lower prices.The Specialty Plant Nutrients (SPN) segment generated revenues of $224.6 million, up around 0.4% year over year. This upside was driven by higher sales volumes, partly masked by lower prices.The Iodine and Derivatives segment posted revenues of $225.6 million, up around 3% from the prior year’s levels, benefiting from higher prices.Revenues from the Potassium business climbed around 30% year over year to $65.9 million on higher sales volumes.The Industrial Chemicals unit recorded sales of $17.2 million, down roughly 9% year over year. The downside was due to significantly lower sales volumes despite higher prices.

SQM’s FY24 Results

Loss (as reported) for full-year 2024 was $1.42 per share. This is in contrast with earnings of $7.05 a year ago.  Sales fell around 39% year over year to roughly $4,528.8 million.

SQM’s Financials

The company’s cash and cash equivalents were $1,377.9 million at the end of 2024, up around 32% year over year. Long-term debt was $3,600.6 million, up roughly 12% from the prior year.

SQM’s Outlook

SQM expects a roughly 15% increase in sales volumes in the Lithium and Derivatives unit in 2025 compared to 2024, including sales of around 10,000 metric tons of LCE from the Mt. Holland operation. Average realized prices are projected to be lower year over year in 2025.For the SPN unit, the company expects an increase in sales volumes in 2025, in line with or slightly above the expected market growth of around 4-5%. For the Iodine and Derivatives segment, SQM expects market demand to stabilize, with market growth of roughly 2% in 2025 from the prior year. Sales volumes are forecast to remain in line with 2024 levels. SQM sees a reduction of around 50% in potassium sales volumes in 2025 due to lower production in the Salar de Atacama.The company expects capital expenditure for 2025 to be roughly $1.1 billion.

SQM Stock’s Price Performance

SQM’s shares have lost 14.7% over a year compared with the Zacks Fertilizers industry’s decline of 12.8%.

Zacks Investment Research

Image Source: Zacks Investment Research

SQM’s Zacks Rank & Other Key Picks

SQM currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the Basic Materials space are Gold Royalty Corp. GROY, Orla Mining Ltd. ORLA and i-80 Gold Corp. IAUX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Gold Royalty is slated to release fourth-quarter results on March 19. The Zacks Consensus Estimate for GROY’s fourth-quarter is pegged at a loss of a penny per share. GROY beat the Zacks Consensus Estimate in three of the last four quarters while missing once, with the average earnings surprise being 125%. GROY has gained around 16% so far this year.Orla Mining is slated to report fourth-quarter results on March 18. The Zacks Consensus Estimate for fourth-quarter earnings is pegged at 7 cents. ORLA beat the Zacks Consensus Estimate in two of the last four quarters while missing once and meeting on the other occasion, with the average earnings surprise being 97.9%. GROY has rallied roughly 33% year to date. i-80 Gold is expected to release fourth-quarter results on March 11. IAUX's shares have rallied roughly 53% year to date.

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

Sociedad Quimica y Minera S.A. (SQM) : Free Stock Analysis Report

Orla Mining Ltd. (ORLA) : Free Stock Analysis Report

Gold Royalty Corp. (GROY) : Free Stock Analysis Report

i-80 Gold Corp. (IAUX) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

Sociedad Química y Minera de Chile (NYSE:SQM) Full Year 2024 ResultsKey Financial Results

• Revenue: US$4.53b (down 39% from FY 2023).

• Net loss: US$404.4m (down by 120% from US$2.01b profit in FY 2023).

• US$1.42 loss per share (down from US$7.05 profit in FY 2023).

NYSE:SQM Earnings and Revenue Growth March 6th 2025

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

Sociedad Química y Minera de Chile Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) missed analyst estimates by 19%.

Looking ahead, revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in the US.

Performance of the American Chemicals industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

You should learn about the 2 warning signs we've spotted with Sociedad Química y Minera de Chile.

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.

• Full Year Revenue: Slightly exceeding USD 4.5 billion for 2024.

• Gross Profit: Approximately USD 1.3 billion for 2024.

• Net Income Impact: A one-time charge of approximately USD 1.1 billion due to a tax dispute.

• Lithium Sales Volume: Nearly 205,000 metric tonnes for 2024, with a record high of over 58,000 metric tonnes in Q4.

• Lithium Market Growth: Estimated at 25% in 2024 compared to 2023.

• Expected Lithium Demand Growth: Approximately 17% for 2025.

• Iodine Sales Volume: Record volumes in 2024, with expectations for similar or slightly lower levels in 2025.

• Investment in 2024: Over USD 1.6 billion, with plans for USD 750 million in lithium capacity expansion in 2025.

• Planned Investment in Calichi Operation: Close to USD 350 million in 2025.

• Warning! GuruFocus has detected 8 Warning Signs with SQM.

Release Date: March 05, 2025

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

Positive Points

• Sociedad Quimica Y Minera De Chile SA (NYSE:SQM) achieved record sales volumes in 2024, reaching nearly 205,000 metric tonnes of lithium.

• The company reported revenues slightly exceeding USD 4.5 billion for the full year of 2024.

• SQM’s iodine segment experienced strong price growth and record volumes, driven by demand recovery in X-ray contrast media applications.

• The company plans to invest approximately USD 750 million in lithium capacity expansion in 2025, indicating a strong commitment to growth.

• SQM maintains a strong financial position, allowing flexibility to seize new opportunities and support significant investments.

Negative Points

• Net income for 2024 was impacted by a one-time charge of approximately USD 1.1 billion due to a tax dispute.

• There was a decline in lithium prices quarter over quarter in 2024, although this trend softened in the fourth quarter.

• Production of potash is expected to decrease by 50% in 2025 as the company focuses more on lithium production.

• The company may face a funding gap for capital requirements due to current lithium prices, potentially requiring capital raising.

• Iodine cash costs increased in the fourth quarter of 2024, with expectations of similar costs in 2025 due to maximum production efforts.

Q & A Highlights

Q: Your guidance indicates a 50% reduction in potash production this year. Is this due to growth in SPN and more efficient production at the Salar? Could you become a net buyer of potash in the future? A: Carlos Diaz Ortiz, General Manager Lithium Potassium Division: We have been producing less potash because our focus has shifted to lithium production. The production of potash is directly correlated with brine extraction, which has decreased as we prioritize lithium. This affects potash sales, primarily used for conversion to potassium nitrate.

Q: Given current lithium prices, will you need to raise capital to meet your capital requirements over the next few years? A: Gerardo Illanes, Chief Financial Officer: We have a strong balance sheet that supports our CapEx needs. While we are not planning to raise capital at this moment, we are monitoring the situation closely. In the past, we have adjusted our dividend policy or raised capital when necessary to maintain financial strength.

Q: Is there any possibility of spinning off the iodine business as a separate company? A: Gerardo Illanes, Chief Financial Officer: Iodine is a key component of our portfolio, and we are not planning to spin it off. We are focusing on expanding capacity and leveraging our strong market position in iodine, similar to our strategy in lithium.

Q: Can you elaborate on your optimism about lithium demand despite stable prices? A: Pablo Hernandez, Vice President, Strategy and Development: We expect lithium demand to grow by about 20% in 2025, driven by EV sales and energy storage systems. While supply is also increasing, the expected demand growth supports our optimistic outlook.

Q: Are you underproducing lithium, and can you increase production if demand improves? A: Carlos Diaz Ortiz, General Manager Lithium Potassium Division: We aim to produce as much as possible, with a target of 230,000 metric tonnes this year. We have been expanding capacity and are prepared to increase production if demand warrants it.

Q: What are the next steps for the Codelco JV, and when do you expect it to commence operations? A: Gerardo Illanes, Chief Financial Officer: We are working with Codelco and Corfo to meet the conditions for the joint venture, which we expect to be fulfilled in the second half of this year. The process involves significant coordination and takes time.

Q: Can you provide more details on your 2025 CapEx estimates and maintenance CapEx? A: Gerardo Illanes, Chief Financial Officer: For 2025, we estimate a total CapEx of $1.1 billion, with $550 million for lithium operations in Chile, $200 million abroad, and $350 million for Caliche operations. Maintenance CapEx is around $250 million to $280 million annually.

Q: Why did you achieve such high lithium volumes in the fourth quarter, and is there any stockpiling in China? A: Felipe Smith, Commercial Vice President: China accounted for 80% of our sales in 2024, reflecting strong demand. We do not see any unusual stockpiling or price speculation; the demand is genuine, and we maintain reasonable inventories to support growth.

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

This article first appeared on GuruFocus.

We recently compiled a list of the 10 Worst Farmland and Agriculture Stocks to Buy According to Short Sellers. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other farmland and agriculture stocks.

The $5 trillion food and agriculture sector has experienced significant changes over the past six decades. Technological advances, resource allocation, and production processes drove these changes. The global agricultural output has been impacted by the Green Revolution of the 1960s as well as the advancements in modern biotechnology. According to the US Department of Agriculture (USDA), the production of the agriculture sector quadrupled between 1961 and 2020. This jump is largely due to technological advancements and increased land use. Therefore, innovations over the years have enabled the sector to meet the ever-increasing demand. However, this industry is still facing challenges. Productivity growth has stunted over the past decade, which creates concerns regarding the sector’s ability to meet the world's increasing demand.

Furthermore, the global agricultural sector has changed dramatically over the years, owing to the increasing involvement of the Global South (Africa, Asia, and Latin America) in overall production. The region contributed an astounding 73% to the global output by 2020. According to McKinsey & Company, the Global South’s contribution to overall production is expected to grow as emerging markets look to modernize their agricultural sectors. Such a change has been majorly driven by technological changes in crop science, irrigation systems, and machinery, enabling the sector to gain larger yields given the same amount of land. Moreover, easing inflation in the U.S. toward the end of 2024 resulted in reduced input costs, especially energy costs, meaning improved margins for the sector.

However, the Total Factor Productivity (TFP) – an important metric for assessing resource management efficiency in agriculture – has faced a slump in recent years. The global TFP has dropped to 0.9% in the last decade, compared to 1.6% in the early 2000s. With the global food demand expected to increase by 60% by 2050, a slowdown in productivity growth comes as a major concern. This stagnation could lead to a rise in food prices, an expansion of agricultural land, and elevated pressure on ecosystems that are already under pressure due to climate change. Around such skepticism, the Farm Products sector has experienced negative returns on a YTD and 6-month basis, while S&P reported 5.80% return on a 6-month basis.

To mitigate these concerns, the agricultural sector needs to counter the global demand with sustainability. Accordingly, McKinsey highlights the need for investment in innovative technologies like precision agriculture, artificial intelligence, and satellite-based monitoring systems. Such technologies can add to efficiency as well as a reduction in the industry's environmental footprint. For instance, farmers are now able to make informed decisions through AI-driven data analytics, leading to an improvement in yield forecasting and optimization of input usage. It is expected that investment in relevant technologies could lead to an increase of over 25% in the agricultural output over the next 10 years, according to McKinsey.

Methodology

For this article, we shortlisted a list of stocks within the agricultural inputs and farm products sectors using the Finviz screeners. We also considered our previous articles on the industry to ensure relevant inclusions in our list. Using the extensive list, we selected companies that demonstrated strong market capitalization.

Next, we looked into the number of hedge funds invested in these companies, which is considered a dependable indicator of firm performance. Moreover, we noted down the short percentage of float for all the companies, which is a testament to the negative sentiment or short interest in the stock. Finally, the shortlisted stocks were ranked in ascending order of their short percentage of float.

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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Number of Hedge Funds: 48

Short % of Float: 7.18%

FMC Corporation (NYSE:FMC), which is a global agricultural sciences company, focuses on pest management, crop protection, and plant health solutions. The company runs its operations across Europe, North America, Asia, the Middle East, Latin America, and Africa.

FMC Corporation (NYSE:FMC) reported revenue of $1.22 billion, a 7% year-over-year increase, for Q4 ended December 31, 2024. This growth was attributed to the volume gains in its growth portfolio, which consists of innovative crop protection products and technologies. However, there was a 3% drop in average selling prices due to pricing pressure. The company, excluding divestitures, has forecasted revenue of $4.15 billion and $4.35 billion for 2025, while it reported revenue of $4.25 billion for 2024.

Cost reductions have been a core area of focus for FMC Corporation (NYSE:FMC), especially in regard to manufacturing efficiencies for Rynaxypyr and Cyazypyr. For 2024, FMC reported $265 million in cost savings, exceeding restructuring targets and estimating over $250 million by the end of 2025. Backed up by cost controls and volume growth, EBITDA for the last quarter of 2024 grew to $339 million, a 33% YoY rise. Furthermore, FMC announced its quarterly dividend of $0.58 per share as a part of its financial strategy, which would be payable on April 17, 2025. This reflects its commitment to shareholder returns while also funding long-term expansion.

In areas where distribution dynamics are evolving, particularly Asia and Latin America, FMC Corporation (NYSE:FMC) is optimizing inventory in key regions. To secure new market opportunities in biologicals and sustainable crop protection, the company is growing its sales organization. To maintain market leadership, the company is pivoting its focus towards new formulations, given that patent expirations are approaching for Rynaxypyr.

By positioning itself for sustained profitability and solidity in a shifting agricultural landscape, FMC Corporation (NYSE:FMC) plans to stay focused on long-term growth through invention and efficiency improvements.

Nevertheless, challenges such as growing competition from generics and foreign exchange headwinds are expected to impact earnings. Accordingly, short sellers remain heavy on the stock, which is why FMC is among the worst farmland and agriculture stocks to buy.

Overall FMC ranks 3rd on our list of the worst farmland and agriculture stocks to buy according to short sellers. 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 time frame. 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.

 

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

 

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

It has been about a month since the last earnings report for FMC (FMC). Shares have added about 9.8% in that time frame, outperforming the S&P 500.

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

FMC Corp's Earnings Surpass Estimates, Revenues Miss in Q4

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.Revenues were roughly $1.22 billion 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 $1.32 billion.FMC's fourth-quarter revenues were driven by a 15% increase in volume, with growth reported in several countries, especially the United States.

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.

FY24 Results

For the full year, FMC reported revenues amounting to roughly $4.25 billion, 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.

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 around $3.03 billion, up around 0.1% year over year.

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 somewhat offset lower price and currency 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.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -96.2% due to these changes.

VGM Scores

Currently, FMC has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.

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

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise FMC has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months.

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

FMC Corporation (FMC) : Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research

SANTIAGO CHILE, Chile (AP) — SANTIAGO CHILE, Chile (AP) — Sociedad Quimica y Minera de Chile SA (SQM) on Tuesday reported fourth-quarter earnings of $120.1 million.

On a per-share basis, the Santiago Chile, Chile-based company said it had net income of 42 cents.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.

The chemicals company posted revenue of $1.07 billion in the period.

For the year, the company reported a loss of $404.4 million, or $1.42 per share. Revenue was reported as $4.53 billion.

_____

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

FMC Corporation (NYSE:FMC) has recently been in the spotlight due to a preliminary proxy statement opposing a shareholder proposal aimed at lowering the threshold for calling special meetings, an initiative that management views as a potential conflict with current governance practices. This development, alongside FMC’s affirmation of a regular quarterly dividend of 58 cents per share, coincides with a 4.29% decline in the company’s share price over the past week. This dip is noteworthy given the backdrop of broader market volatility, where major indexes like the Dow Jones experienced slight gains and losses amid ongoing discussions about tariffs and economic data concerns. The general market downturn, with the market dropping 3.1% over the same period, further contextualizes FMC’s price movements, highlighting external pressures in addition to internal governance challenges that influenced the company’s share performance.

Get an in-depth perspective on FMC’s performance by reading our analysis here.

NYSE:FMC Revenue & Expenses Breakdown as at Mar 2025

Over the past year, FMC Corporation has experienced a total shareholder return of 36.18% decline. This performance has lagged significantly behind the broader US market, which recorded a return of 13.1% over the same period. FMC also underperformed the US Chemicals industry, which saw a 3.9% decline, highlighting the company’s struggles amidst challenging conditions.

Several events over the past year played critical roles in FMC’s share performance. Notably, the company reported a full-year net income of US$341.1 million, a stark decrease from the previous year’s US$1.32 billion. In February, a class action lawsuit alleged misleading statements about company performance, potentially impacting investor sentiment. Additionally, FMC settled to pay US$56.1 million as part of an environmental claims resolution. Despite sustaining a high dividend payout, these challenges were compounded by a significant one-off loss of US$146.8 million, casting a shadow over its financial health and influencing investor perceptions.

• See how FMC measures up with our analysis of its intrinsic value versus market price.

• Understand the uncertainties surrounding FMC’s market positioning with our detailed risk analysis report.

• Have a stake in FMC? Integrate your holdings into Simply Wall St’s portfolio for notifications and detailed stock reports.

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 NYSE:FMC.

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

FMC (NYSE:FMC) Full Year 2024 ResultsKey Financial Results

• Revenue: US$4.25b (down 5.4% from FY 2023).

• Net income: US$401.7m (down 72% from FY 2023).

• Profit margin: 9.5% (down from 32% in FY 2023).

• EPS: US$3.21 (down from US$11.33 in FY 2023).

NYSE:FMC Revenue and Expenses Breakdown March 5th 2025

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

FMC Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.3%. Earnings per share (EPS) also missed analyst estimates by 34%.

The primary driver behind last 12 months revenue was the Brazil segment contributing a total revenue of US$1.08b (25% of total revenue). Notably, cost of sales worth US$2.60b amounted to 61% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to US$644.6m (52% of total expenses). Explore how FMC's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Chemicals industry in the US.

Performance of the American Chemicals industry.

The company's shares are down 4.3% from a week ago.

Risk Analysis

Don't forget that there may still be risks. For instance, we've identified 4 warning signs for FMC (1 doesn't sit too well with us) you should be aware of.

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.

It is hard to get excited after looking at FMC's (NYSE:FMC) recent performance, when its stock has declined 38% over the past three months. However, stock prices are usually driven by a company’s financials over the long term, which in this case look pretty respectable. Particularly, we will be paying attention to FMC's ROE today.

Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Put another way, it reveals the company's success at turning shareholder investments into profits.

See our latest analysis for FMC

How To Calculate Return On Equity?

The formula for return on equity is:

Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity

So, based on the above formula, the ROE for FMC is:

8.9% = US$403m ÷ US$4.5b (Based on the trailing twelve months to December 2024).

The 'return' is the income the business earned over the last year. So, this means that for every $1 of its shareholder's investments, the company generates a profit of $0.09.

What Is The Relationship Between ROE And Earnings Growth?

Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Based on how much of its profits the company chooses to reinvest or "retain", we are then able to evaluate a company's future ability to generate profits. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features.

A Side By Side comparison of FMC's Earnings Growth And 8.9% ROE

On the face of it, FMC's ROE is not much to talk about. However, given that the company's ROE is similar to the average industry ROE of 9.9%, we may spare it some thought. Having said that, FMC has shown a modest net income growth of 17% over the past five years. Considering the moderately low ROE, it is quite possible that there might be some other aspects that are positively influencing the company's earnings growth. For example, it is possible that the company's management has made some good strategic decisions, or that the company has a low payout ratio.

We then compared FMC's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 11% in the same 5-year period.

NYSE:FMC Past Earnings Growth March 3rd 2025

Earnings growth is an important metric to consider when valuing a stock. The investor should try to establish if the expected growth or decline in earnings, whichever the case may be, is priced in. Doing so will help them establish if the stock's future looks promising or ominous. Has the market priced in the future outlook for FMC? You can find out in our latest intrinsic value infographic research report.

Is FMC Using Its Retained Earnings Effectively?

FMC has a healthy combination of a moderate three-year median payout ratio of 33% (or a retention ratio of 67%) and a respectable amount of growth in earnings as we saw above, meaning that the company has been making efficient use of its profits.

Additionally, FMC has paid dividends over a period of at least ten years which means that the company is pretty serious about sharing its profits with shareholders. Upon studying the latest analysts' consensus data, we found that the company's future payout ratio is expected to rise to 55% over the next three years. However, FMC's future ROE is expected to rise to 11% despite the expected increase in the company's payout ratio. We infer that there could be other factors that could be driving the anticipated growth in the company's ROE.

Conclusion

In total, it does look like FMC has some positive aspects to its business. Despite its low rate of return, the fact that the company reinvests a very high portion of its profits into its business, no doubt contributed to its high earnings growth. With that said, the latest industry analyst forecasts reveal that the company's earnings growth is expected to slow down. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more.

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 / ACCESS Newswire / February 25, 2025 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") is pleased to announce that, subject to the approval of the TSX Venture Exchange (the "TSX-V"), it has closed a second non-brokered private placement financing for additional proceeds of $500,001, through the issuance of 3,333,340 flow-through units at a price of $0.15 per unit ("Private Placement"). 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 additional interest shown in advancing our Kluane critical minerals project. As announced previously, work is expected to include ground geological programs and potential geophysical surveys, in addition to data compilation, to drive the selection of drill targets across this district-scale asset ahead of upcoming campaigns. We look forward to further announcements in the near term, in particular from our flagship Stillwater West project as we work with Glencore via the technical committee to finalize our exploration and resource expansion drill plan for 2025. Investors are invited to meet the team including Dr. Danie Grobler at booth 2724 at the PDAC in Toronto March 2nd to 5th, or at subsequent shows as listed below."

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).

All securities issued pursuant to the Placement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws and the policies of the TSX-V. The securities 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. The private placement remains subject to the final approval of the TSX-V.

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

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:

Prospectors and Developers Association of Canada Conference, booth #2724 (PDAC) – Toronto, Ontario, Canada, March 2-5, 2025. For information, click here.

Global Commodity Expo Florida – Fort Lauderdale, Florida, USA, May 11-13, 2025. For information, click here.

Global Commodity Expo Atlanta – Atlanta, Georgia, USA, May 14-16, 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 (TSX.V: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 a 49% interest in 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 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

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.

View the original press release on ACCESS Newswire

We are making tracks locating the source of the epithermal deposit at Thor!

ESTES PARK, CO / ACCESS Newswire / February 25, 2025 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing the second in a series of News Releases that detail exploration for a deep, underlying mineralized intrusive body at Thor. This News Release documents two drill holes (Thor-246 and Thor-247) that were drilled from a single setup 0.6 km southeast of the Broadview Mine. Both drill holes returned anomalous gold (up to 0.452 g/t Au) over substantial widths. These intercepts were drilled west of the Z-900/1300 anomaly (see attached plan map) and provides compelling information that the main body of the feature is mineralized. Taranis has provided a cross-section of these drill holes that shows the location of the section relative to the important geophysical anomalies, and it appears on the website www.taranisresources.com

Gold and Zinc Zones in Thor-246 and Thor-247

Taranis undertook systematic geochemical analysis of the holes including major oxide alteration geochemistry, rare-earth element analysis, gold and ICP-MS geochemistry. As the holes were targeting airborne geophysical features, inversion models derived from the surveys were compared with physical data collected in the drill holes. As these were the first holes to go into this critical area of Thor, the analyses of drill cores was designed to identify geochemical-levels of mineralization that can provide valuable targeting information. Scanning Electron Microscopy ("SEM") analysis was used to identify minerals that included albite, garnet, amphiboles, ankerite, chlorite, biotite and ludwigite. Ludwigite is a boron-rich mineral typically found in magnesian skarns.

Thor-246 (-700)

Thor-246 intersected a 53.0m wide zone (355.0-408.0m) of geochemical gold, accompanied by elevated levels of arsenic, tin, tungsten and zinc within a rock type that is distinct from the magnetite-bearing I-2 intrusive dyke. This type of alteration and gold-enrichment is diagnostic of the margins of a large-scale intrusive-related hydrothermal system. A green mineral that was originally described as ‘epidote' at Thor has been determined by SEM to be andradite-grossular garnet, and its presence is also diagnostic of contact metamorphic zones around an intrusive. The geochemical data from Thor-246 is summarized in the following table and is also shown graphically on the cross-section on the website.

Thor-246 (355.0-408.0m) – 53.0m Interval
	Au (ppb)	As (ppm)	Sn (ppm)	W (ppm)	Zn (ppm)
Average	24	140	0.9	0.5	69
No. Samples	54	54	54	54	54
Minimum	5	1	<0.1	<0.1	21
Maximum	452	838	7.7	1.7	149
Standard Deviation	64	198	1.2	0.5	30

The association of arsenic and gold is a correlation well-documented in the overlying epithermal deposit at Thor, and provides some level of causal connection with Thor-246. Tin and tungsten are also weakly anomalous and are considered pathfinder elements for gold deposits associated with intrusives. One of the peculiar aspects is the lack of silver, copper and lead that are major components of the overlying epithermal deposit, and this may be related to geochemical zonation.

Thor-247 (-650)

Thor-247 was drilled up-dip from Thor-246 to establish the geometry of the geological formations encountered in Thor-246. This hole intersected anomalous gold in two intervals within identical albite and carbonate-bearing rocks found in Thor-246. The upper intercept included elevated levels of zinc mineralization from 301.0 to 306.8m. Although the gold content and thickness are less than those found in the underlying Thor-246 drill hole, both holes viewed collectively show increasing gold and arsenic tenors with depth.

Thor-247 (278.3 – 314.0m) – 35.7m Interval
	Au (ppb)	As (ppm)	Sn (ppm)	W (ppm)	Zn (ppm)
Average	9	46	1.2	1.7	527
No. Samples	35	35	35	35	35
Minimum	5	1	<0.1	<0.1	64
Maximum	26	214	4.0	5.5	6,670
Standard Deviation	4	43	1.3	1.9	1,255

The lower intercept was in albite-carbonate breccia that had a creamy beige color. The SEM identified albite, ankerite, clays (kaolinite?), quartz, chlorite, amphibole, garnet and ludwigite in this interval.

Thor-247 (351.0-379.9) – 28.9m Interval
	Au (ppb)	As (ppm)	Sn (ppm)	W (ppm)	Zn (ppm)
Average	16	35	1.4	3.4	104
No. Samples	13	13	13	13	13
Minimum	5	11	0.2	<0.1	53
Maximum	61	61	4.3	22.2	244
Standard Deviation	18	17	1.4	6.3	53

Comment

John Gardiner, President and CEO of Taranis comments "drill holes Thor-246 and Thor-247 have intersected a completely different part of the hydrothermal system that is not exposed at surface at Thor, yet has obvious geological connections to the overlying epithermal deposit. While the gold content is obviously not ‘ore-grade', the persistent and wide geochemical levels of gold seen in both drill holes in association with arsenic, tin, tungsten and zinc strongly suggests that these holes are proximal to a mineralized alkalic intrusive body. The presence of andradite-grossular garnet and ludwigite are also hallmarks of a contact alteration aureo0le related to an intrusive body. Both the 246 and 247 gold-arsenic intercepts are located west of the Z-900/1300 feature, but provide valuable insight into this important resistivity anomaly. Taranis is currently making plans to evaluate both this target and the underlying I-1 intrusive target that appear to be the source of the substantial overlying epithermal deposit at Thor".

About Taranis and Thor

Taranis Resources is a Canadian mineral exploration company. The Thor Project is in southeast British Columbia. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep drilling aimed at finding the source of the 2 km long epithermal deposit.

Quality Control and Laboratory Methods

All samples for the Thor project were securely delivered to Actlabs in Kamloops, British Columbia.

Analytical work was completed both at the Kamloops and Ancaster, Ontario locations. Actlabs is ISO 17025 accredited. Taranis completed two types of geochemical analysis on the drill core.

The first of these was for major oxide geochemistry and quantitative graphite and carbonate determinations.

This sampling was completed systematically on drill holes to determine alteration of rock units. Major oxides and trace elements were determined by lithium metaborate/tetraborate fusion and analysis by Inductively Coupled Plasma ("ICP"), Optical Emission Spectrometry ("OES") and Mass Spectrometry ("MS"). Graphite and Carbonate determinations were made using Infrared ("IR") Spectrometry.

Secondly, visibly (or potentially mineralized sections of core) were systematically sampled after sawing the core in half onsite. Samples were analyzed for 42 elements by 4-Acid Digestion / Inductively Coupled Plasma – Mass Spectrometry ("ICP-MS") and for gold by 30g Fire Assay / Atomic Absorption Spectrophotometry ("AAS"). Where overlimit values were encountered in the analysis of these samples, ore-grade' determinations were made using subsequent ICP analysis and gravimetric methods. As a Quality Control ("QC") measure, Taranis also submitted analytical standards into the sample stream every tenth sample in addition to the laboratory's own quality control methods.

SEM was completed at the Colorado School of Mines in the Automated Mineralogy Laboratory. The TESCAN Integrated Mineral Analyzer ("TIMA") is a fully automated SEM-based analysis system that provides quantitative mineralogical and textural data on the basis of automated point counting. The instrument contains a custom-built electron-beam platform equipped with four energy dispersive X-ray spectrometers for mineral and compound identification within a wide range of sample types.

Qualified Person

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

Taranis currently has 100,348,854 shares issued and outstanding (113,827,227 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

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

For further information contact:

John J. Gardiner681 Conifer LaneEstes Park, Colorado 80517

Phone: (303) 716-5922 Cell: (720) 209-3049 johnjgardiner@earthlink.net

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

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

SOURCE: Taranis Resources, Inc.

View the original press release on ACCESS Newswire

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• The parties will establish a European joint-venture that controls Rock Tech's Guben Converter in Germany, as well as Arcore's Lopare project in Bosnia-Herzegovina.

• The business combination will cover the entire value chain from mine to battery-grade Lithium products.

• This fully integrated supply chain will ensure a reliable battery materials supply for Europe, create operational synergies, lower costs and substantially enhance international competitiveness.

• The binding Business Combination Agreement has been signed on February 19, 2025. Rock Tech will hold 75% control of the newly created company. Closing is targeted for Q2/2025.

TORONTO, Feb. 20, 2025 /CNW/ – Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FSE: RJIB) ("Rock Tech" or "the Company") is pleased to announce the signing of a binding Business Combination Agreement (BCA) to form a business combination with Arcore AG ("Arcore"), an arm's length Swiss-based mining company. The goal is to establish a fully integrated Lithium supply chain in Europe, reducing dependence on other regions for critical battery raw materials. Lithium is an essential mineral for the energy transition, and demand in Europe is expected to triple by 2030, driven by the increasing need for batteries in electric vehicles (EVs) and energy storage systems as estimated by McKinsey & Company's Battery Insight Demand Model.

Dirk Harbecke, Rock Tech CEO & Chairman, comments: "Strong European supply chains are essential to secure the regions' strategic autonomy, promote industrial competitiveness and enable the transformation to a climate-neutral economy. Europe is currently heavily dependent on imports of critical raw materials such as lithium. This is an important step for Rock Tech to become the European leader in battery raw materials supply."

Jeff Stone, Interim CEO Arcore, states: "Caring for this exceptionally vital asset of the Republic of Srpska is a fiduciary duty that we assume with the utmost responsibility.  It is with that responsibility in mind that we formally submit our concession application.  It is a privilege for Arcore alongside Rock Tech to play a defining role in the creation of an independent European supply chain of critical metals."

Vladimir Rudic, Managing Director of Arcore Doo in Bosnia-Herzegovina, adds: "The Lopare project, thanks to our collaboration and association with Rock Tech, and their cutting-edge technological innovations, will be the standard bearer of new trends in the development of sustainable mining in this traditional mining region."

Formation of NewCo

Rock Tech and Arcore will establish a new European entity (NewCo). Upon Closing, it is intended that (i) Rock Tech will contribute the shares of its wholly owned subsidiary Rock Tech Guben GmbH to NewCo and will hold shares in NewCo representing 75% of NewCo's registered share capital, and that (ii) ARCORE will contribute the shares of its wholly owned subsidiary AR CORE d.o.o to NewCo and hold shares representing 25% of NewCo's registered share capital.

The core assets of NewCo will include Rock Tech's fully permitted Lithium converter in Guben, Germany, and Arcore's lithium-boron-magnesium mining project in Lopare, Bosnia-Herzegovina. It is envisioned that the Lopare project will deliver Lithium Sulphate feedstock (produced at site) to the Guben Converter from 2030 onwards; in addition to the already secured spodumene supply from contracted partners. Utilizing Lithium Sulphate as future feedstock is a key step in establishing a circular Lithium economy and reducing production costs significantly. This approach aligns with Rock Tech's recycling flowsheet, for which Lithium Sulphate from black mass recycling is used and subsequently refined into battery-grade Lithium hydroxide at Rock Tech's converters. By processing Lithium raw material to Lithium Sulphate at-site in Lopare an important value-adding step will remain in-country.

As leading partner of the NewCo, Rock Tech will engage closely with the local communities as part of the permitting process, leveraging its expertise gained from developing its Georgia Lake lithium project in Canada. The Arcore deposit will be developed in cooperation with local stakeholders and in compliance with the strictest environmental, social, and governance (ESG) standards. The company plans to obtain certification under the Initiative for Responsible Mining Assurance (IRMA) standard.

The Projects

Guben Lithium Converter

The centerpiece of Rock Tech's European activities is its planned Lithium-Hydroxide Monohydrate ("LHM") Converter in the Brandenburg battery cluster, designed to produce battery-grade LHM for up to 500,000 electric vehicles per year. The project is currently in its final financing phase, with all relevant construction, environmental and operation permits and engineering studies completed. The state of Brandenburg supports the project due to its high strategic relevance. Engineering and project management firm Worley Ltd. has been selected as the EPCM provider for the Guben Converter, and LHM offtake agreements as well feedstock supply have been secured.

Lopare Lithium Project

Arcore's mineral deposit in the Lopare region of Bosnia-Herzegovina has the potential to become one of the largest lithium mines in Europe with estimated 600.000 tonnes of Lithium Carbonate Equivalent (LCE). According to the CSA Global Mineral Resource Estimate (MRE), the deposit contains an indicated resource of 426Mt grading 561ppm Li2O and 0.95% B2O3 and an inferred resource of 864Mt grading 579ppm Li2O and 0.67% B2O3, respectively. Beyond lithium and boron, the deposit contains significant concentrations of other valuable minerals. Internal estimates indicate that within the resource area, the material contains an average of 9.41% MgO, 2.3% K₂O, and 10.82% Al₂O₃. While these elements are not included in the reported Mineral Resource Estimate, they highlight the broader economic potential of the deposit.

CSA Global Mining Industry Consultants, an ERM Group Company, completed a Mineral Resource Estimate titled "Lopare-Boron-Lithium-Project" as finalized on November 30 2022 with report number R268.2022. The Mineral Resource Estimate is summarized below in Table 1. Note, Arcore AG being a privately-owned Switzerland-based lithium mining company opted to adhere to Australian JORC Code 2012 guidelines, meaning that such mineral resource estimate may not align fully with the reporting requirements of Canada's National Instrument 43-101.

(CNW Group/Rock Tech Lithium Inc.)

The Lopare deposit remains highly prospective, with significant potential to expand the existing resource through additional exploration and technical studies. While elements such as MgO, K₂O, and Al₂O₃ are not currently included in the Mineral Resource Estimate, ongoing geometallurgical and mineralogical studies will further assess their economic significance. Moreover, exploration beyond the defined Mineral Resource suggests geological continuity, with a significant exploration target. This exploration target highlights the opportunity for further resource growth and optimization through future drilling programs and study work.

Following the successful completion of the exploration phase, the project has now applied for a Mining Concession. The first important step in the new joint venture will be the finalization of the pre-feasibility study to further assess the technical scope and quantify the economic benefits of the project. In addition to developing possible mining and processing methods, this study will comprehensively examine the environmental and social compatibility of the project. The study will be carried out by an internationally experienced engineering consultancy company.

With this joint venture, Rock Tech and Arcore are taking a significant step toward securing a sustainable, efficient, and competitive lithium supply chain in Europe, reinforcing the continent's battery industry and energy transition goals.

—–

SCIENTIFIC AND TECHNICAL DISCLOSURE The scientific and technical disclosure included in this news release has been reviewed and approved by Cameron Andrews, P.Eng, General Manager Georgia Lake Project, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.

CLOSING CONDITIONS The completion of this transaction remains subject to the fulfillment of all customary closing conditions, including but not limited to regulatory approvals, and compliance with applicable legal and tax requirements.

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.

There are no finders' fees associated with this transaction.

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. Rock Tech Lithium plans to source spodumene from its own Georgia Lake project in the Thunder Bay Mining District of Ontario, Canada, and procure from other ESG-compliant mines, including sourcing intermediary Lithium products. 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. Rock Tech Lithium Inc, 2400-333 Bay Street, Toronto ON M5H 2T6, CAN.

ABOUT ARCORE AG

Arcore is a privately-owned Switzerland-based lithium mining company with extensive lithium resources and a commitment to environmental and safety standards while seeking to accelerate Europe's energy transition reliably. https://arcore.ch/ Arcore AG, Steinhauserstr. 74, 6300 Zug, Switzerland.

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 or predictions concerning the establishment of the joint venture company, the regulatory approvals, fulfilment of closing conditions, and/or about the mineral resource or reserve or outcome and proof of the expected potential of the Lopare Lithium project, the Company's and/or Arcore's intentions with respect to the development and timing thereof and statements regarding further exploration activities future plans, activities and schedules relating to such projects and related development including the design and features of the Guben Converter and/or the Lopare Lithium project, as well as the potential of the Lopare Lithium project and the expected costs, capital expenditures, timing and outcomes thereof; statements regarding the Company's future plans, estimates, and schedules relating to the joint venture company, the Guben Converter and/or the Lopare Lithium project, 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/or the Lopare Lithium project and anticipated production of battery-grade Lithium Hydroxide and related processing methods employed and the exploration of the Lopare deposit; the estimated capital and operating costs of the Guben Converter and/or the Lopare Lithium project; the anticipated timing and outcomes of a final investment decision and regulatory approvals,construction activities and commissioning of the Guben Converter; the anticipated timing and outcome of the pre-feasibility study of the Lopare Lithium project; 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, permits and mining concessions; expectations regarding the electric vehicle industry, including the demand for and pricing of battery-grade Lithium Hydroxide and the benefits therefrom, expectations regarding the exploration targets and future drilling programs and the development of political and regulatory frameworks especially in Germany, Bosnia-Herzegovina 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.

Rock Tech and Arcore Team attending the signing ceremony. From left to right: V. Rudic, Managing Director Arcore Doo; D. Harbecke, CEO & Chair Rock Tech Lithium; Jeff Stone, CEO Arcore AG. (CNW Group/Rock Tech Lithium Inc.)Cision

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SOURCE Rock Tech Lithium Inc.

Cision

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10.4 million ounces ("Moz") Palladium Equivalent ("PdEq1") Measured + Indicated, and 5.0 Moz PdEq1 Inferred

VANCOUVER, BC, February 18, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") is pleased to report the results of its 2025 Mineral Resource Estimate ("MRE") at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga deposit" or "Luanga PGM+Au+Ni deposit"), located in the Carajás Mineral Province, Pará State, Brazil. The 2025 MRE shows substantial improvements over the previously reported 2023 MRE (See press release October 22, 2023) using the same metal prices and similar other assumptions.

Highlights of Bravo's 2025 MRE at a 0.50 g/t PdEq1 cut-off grade:

• • 154% increase in Measured + Indicated contained PdEq1 ounces

  • 117% increase in Measured + Indicated tonnes

  • 17% increase in Measured + Indicated PdEq1 grades

  • 34% increase in Inferred PdEq1 grade

  • Measured & Indicated Resources now make up 67% of total resources

• Measured + Indicated resources total 158 million tonnes ("Mt") grading 2.04 grams per tonne ("g/t") PdEq1, for a total of 10.4 Moz of PdEq1 contained.The MRE introduces Measured mineral resource for the first time. The combined Measured + Indicated tonnes have improved by 117% as compared to the Indicated tonnes in the 2023 MRE, while grade has improved by 17%, resulting in a 154% increase in contained PdEq1 ounces.

• Inferred Resources of 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1.Tonnes of Inferred resources decreased, as most of previous Inferred tonnages were reclassified to higher-confidence categories while new Inferred resources were added beyond the limits of the prior MRE, and grades improved by 34% in the Inferred category.

• Measured & Indicated Resources now make up 67% of total MRE, a significant improvement from the 2023 MRE where 38% of the mineral resource was in the Indicated category.

• Relative percentages of each metal by PdEq1 value contribution to the MRE, are estimated at: 47% Pd, 25% Pt, 13% Rh, 13% sulphide Ni, and 2% Au.

• 2025 MRE outcome was achieved using the same metal prices as the prior MRE, somewhat more conservative metallurgical recoveries and otherwise similar modifying factors.

• The MRE remains open at depth along the 8.1km strike of the deposit, with many of the areas below current drilling depths are considered l within potential open pit extraction depths.

"The delivery of our 2025 MRE update is a significant achievement by our team. We have exceeded our own expectations for resource growth in declared tonnes, grade and contained metal, with a considerable increase to the confidence levels in resource categories. The 2025 MRE firmly establishes our Luanga Project as one of the few large-scale, multi-million-ounce, open-pit PGM deposits available globally, in mining friendly, geopolitically favourable locations", said Luis Azevedo, Chairman and CEO. "Centrally located in the Americas and within reach of major PGM consumers, Luanga also stands out for having access to all essential infrastructure for mining development and operations, including access to cost-efficient renewable power, highways, rail, ports and a skilled mining workforce. With strong community support, as evident in our successful recent public hearing for the permitting process, Bravo Mining is well positioned for continued success, complemented by our continuing copper exploration."

_________________________________
1	For grades by individual metals, see Table 1 below, where the footnotes also detail the basis of the PdEq1 calculation

2025 MRE Details:

Bravo's 2025 pit constrained MRE has an effective date of February 18, 2025, and it is comprised of 158 Mt grading 2.04 g/t PdEq1 for a total of 10.4 Moz of PdEq1 in the Measured + Indicated category, and 78 Mt grading 2.01 g/t PdEq1 for 5.0 Moz PdEq1 in the Inferred category. Table 1 shows a breakdown of the MRE by tonnage, grade and metal content for each metal, weathering type, and resource classification category. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all mineral resources will be converted into mineral reserves. This MRE includes Inferred Mineral Resources which have had insufficient work to classify them as Indicated mineral resources. It is uncertain but reasonably expected that Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

Resource Classification	Weathering	Average Grades and Contained Metal Estimates
		Tonnes	PdEq1		Pd		Pt		Rh		Au		Ni
		Mt	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	g/t	Oz	%	Tonnes
Measured	Oxide	4	1.51	197	0.90	117	0.88	115	0.12	15	0.05	7	—	—
	High talc	—	—	—	—	—	—	—	—	—	—	—	—	—
	Fresh Rock	32	2.06	2,144	0.97	1,009	0.67	694	0.08	88	0.04	46	0.11	35,282
	Total	36	2.00	2,340	0.96	1,126	0.69	809	0.09	104	0.04	53	0.10	35,282
Indicated	Oxide	6	1.51	314	0.97	200	0.73	151	0.11	23	0.04	9	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	113	2.09	7,599	0.99	3,583	0.59	2,133	0.09	318	0.05	193	0.14	156,406
	Total	122	2.06	8,058	0.99	3,872	0.59	2,326	0.09	348	0.05	210	0.13	159,566
Measured + Indicated	Oxide	10	1.51	510	0.94	317	0.79	266	0.11	38	0.04	15	—	—
	High talc	2	1.83	146	1.12	89	0.54	43	0.08	6	0.11	9	0.13	3,160
	Fresh Rock	145	2.08	9,743	0.98	4,592	0.60	2,827	0.09	407	0.05	239	0.13	191,688
	Total	158	2.04	10,399	0.98	4,998	0.62	3,135	0.09	451	0.05	262	0.12	194,848
Inferred	Oxide	3	1.57	130	0.88	73	1.04	86	0.13	11	0.05	4	—	—
	High talc	0.1	1.76	5	1.08	3	0.53	2	0.07	0	0.10	0	0.14	133
	Fresh Rock	75	2.02	4,878	0.97	2,344	0.58	1,389	0.08	191	0.05	123	0.13	97,586
	Total	78	2.01	5,013	0.97	2,421	0.59	1,476	0.08	202	0.05	128	0.13	97,719

Table 1: MRE Declaration at a Cut-off of 0.5g/t PdEq1*

* Notes:
1.	The MRE has been prepared by Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both independent Qualified Person ("QP") for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). The effective date of the MRE is 18 February 2025.
2.	Mineral resources are reported using the 2014 CIM Definition Standards and were estimated in accordance with the CIM 2019 Best Practices Guidelines, as required by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
3.	The MRE Estimate is reported/confined within an economic pit shell generated by Dassault Geovia Whittle software, using the following assumptions:
	Generated from work completed by Bravo and historical test work: Metallurgical recovery in sulphide material of 77% Pd, 81% Pt, 51% Rh, 48% Au, 50% Ni to a Ni-PGM concentrate. Metallurgical recovery in oxide material of 81% Pd, 23% Pt, 54% Rh, 90% Au to a PGM ash residue (Ni not applicable). Metallurgical recovery in high-talc sulphide material of 51% Pd, 55% Pt, 27% Rh, 27% Au, 50% Ni to a Ni-PGM concentrate. Independent Geotechnical Testwork – Overall pit slopes of 40 degrees in oxide and 50 degrees in Fresh Rock. Densities are based on 27,170 drillhole core and 112 in situ samples density measurements. The Mineral Resources are reported on a dry density basis. External downstream payability has not been included, as the base case MRE assumption considers internal downstream processing, with operating costs for downstream processing included in the calculation of the 0.5g/t PdEq1 cut-off used for the declared MRE. Payable royalties of 2%. Metal Pricing   For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model (a 10-year trailing average – 2014-2023): Pd price of US$1,380/oz, Pt price of US$1,100/oz, Rh price of US$6,200/oz, Au price of US$1,500/oz, Ni price of US$7.10/lb. Palladium Equivalent ("PdEq1") Calculation: The PdEq equation is: PdEq1 = Pd g/t + F1 + F2 + F3 + F4 Where: F1 = (Ptp*PtR)/(Pdp*PdR) Ptt F2 = (Rhp*RhR)/(Pdp*PdR) Rht F3 = (Aup*AuR)/(Pdp*PdR) Aut F4 = (Nip*NiR)/(Pdp*PdR) Nit P = Metal Price R = Metallurgical Recover Costs are taken from comparable projects in GE21's extensive database of mining operations in Brazil, which includes not only operating mines, but recent actual costs from what could potentially be similarly sized operating mines in the Carajás. Costs considered a throughput rate of ca. 10Mtpa. Mining costs: US$2.00/t oxide, US$3.00/t Fresh Rock. Processing costs: US$9.00/t fresh rock, US$7.50/t oxide. US$1.50/t processed, for General & Administration. US$1.00/t processed for grade control. US$0.50/t processed for rehabilitation. Several of these considerations (metallurgical recovery, metal price projections for example) should be regarded as preliminary in nature, and therefore PdEq1 calculations should be regarded as preliminary in nature.
4.	The current MRE supersedes and replaces the Previous Estimate (2023), which should be no longer relied upon.
5.	The QP is not aware of political, environmental, or other risks that could materially affect the potential development of the Mineral Resources other than those typical for mining projects at this stage of development, including those listed in the Technical Report dated October 22nd, 2023 and in the Company's Annual Information Form dated April 22nd, 2024.
6.	Totals may not sum due to rounding.

Luanga Mineral Resource Estimate

The Luanga deposit mineral resource database consists of 531 drillholes (Bravo + historic drilling) inside the Luanga deposit, with 108,343 metres of drilling between 1992 to 2025. This database includes 107,516 metres of assayed drill intervals at an average interval of approximately 1m per assay interval.

All assayed drill interval lengths of core used in the mineralized domains are HQ diameter diamond drill core in the oxide and NQ2 diameter diamond drill core in fresh rock.

All historic data used for the MRE has been validated statistically to show no significant bias, either by twinned drillholes, extensive re-sampling and assaying of historic drill core, statistical comparison of historical data with Bravo drilling, and by field validation of collar locations. In addition, the MRE included sample assay results from 45 trenches for 8,714 metres and 9,355 assays at an average sampling interval approximately to 1m.

Thirteen mineralized style domains were generated based on position in deposit and geological and metallurgical behaviour, with most of the tonnage contained within the Main Sulphide Zone.

There are no known issues that materially affect the MRE, other than the usual risks faced by any mining project in Brazil or other jurisdictions, such as the risks and uncertainties inherent in mineral exploration and development, environmental, permitting, taxation, socio-economic, marketing, political factors or any additional risks listed in the Technical Report dated October 22nd, 2023, the Company's Annual Information Form April 22nd, 2024  and "Forward-Looking Statements" section in this news release.

The metallurgical recovery assumptions for the 2025 MRE have been based on results generated from multiple phases of laboratory-scale metallurgical test work including approximately 150 flotation tests conducted for Bravo Mining (2022 – 2025) at independent laboratories in Brazil and Canada.

Oxide recoveries used in the MRE calculation are based on results generated from exploratory and detailed parameter leaching programs (2022 – 2024) performed for Bravo through independent laboratories in Brazil. Refer to Schedule 2 of this press release for further details.

Metal price assumptions were previously derived in the 2023 MRE from the 10-year trailing price averages to smooth out volatility and price cycle movement in each of these metals. For the 2025 MRE, the same pricing regime has been used, as there have been no significant changes in prices. This also allows for a direct comparison between the new 2025 MRE and the now superseded 2023 model.

The current 2025 MRE supersedes and replaces the previous estimate (2023), which should be no longer relied upon.

For illustration purposes, the pie chart below (Figure 1) shows the relative percentages of metal value contribution to the Luanga MRE using 'grade x metallurgical recovery x metal price' for each metal.

Figure 1: Metal Value Contribution Per Element in the 2025 MRE. (CNW Group/Bravo Mining Corp.)

Based on recoveries and GE21's estimates of costs, a cut-off grade ("COG") of 0.5 g/t PdEq1 was determined for reporting the base case of the MRE. Refer to Schedule 1 of this press release for further details on the factors contributing to the COG estimate. A sensitivity analysis of the COG on the MRE, from 0.1 to 1.0 g/t PdEq1, in increments of 0.1 g/t is shown in Table 2.

MEASURED + INDICATED			INFERRED
PdEq1  Cut-off grade	Tonnes	Recovered Pd/Eq1	PdEq1  Cut-off grade	Tonnes	Recovered Pd/Eq1
(g/t)	Mt	(g/t)	(g/t)	Mt	(g/t)
0.1	165	1.97	0.1	80	1.96
0.2	164	1.99	0.2	79	1.97
0.3	162	2.00	0.3	79	1.98
0.4	161	2.02	0.4	79	1.99
0.5	158	2.04	0.5	78	2.01
0.6	147	2.15	0.6	74	2.07
0.7	134	2.30	0.7	67	2.23
0.8	124	2.43	0.8	57	2.48
0.9	118	2.52	0.9	54	2.59
1.0	115	2.55	1.0	53	2.61

Table 2: MRE Sensitivity (grade/tonnes/cut-off) with a 0.5g/t PdEq1 selected for the base case.

*Notes:
	See footnotes below Table 1 on Page 2. The PdEq1 calculation (as defined by the formula in the footnotes below Table 1) includes metallurgical recovery for each metal. Therefore, the PdEq1 grade is one that has a reasonable expectation of what can be recovered after allowing for mining and processing costs and recoveries.

Figure 2: Oblique View of Luanga 2025 MRE PdEq1 grade distribution within constraining pit shell, over 8.1km of Strike. (CNW Group/Bravo Mining Corp.)Figure 3: Oblique View of Luanga 2025 MRE within Constraining pit shell, showing resource classification distribution over 8.1km of Strike. (CNW Group/Bravo Mining Corp.)

Mineral Resource growth potential

The Company believes that there is further  potential to increase this updated MRE at Luanga, as follows:

• The mineralization is open at depth along the entire 8.1km of strike.

• The 2025 MRE generally extends to drilled depths that align with the depths of the Phase 1, 2, 3 and 4 drilling, typically up to 400m below surface in the Central Sector (Figure 4) and approximately 250 metres from surface in the North (Figure 4) and Southwest Sectors and is largely untested below those depths.

• This depth potential can be seen in section in Figure 4, where modelling of Inferred resource block on this section is supported by deeper drilling on the sections on either side, leaving opportunity to further extend mineralization at depth and, on this section (Figure 4), the opportunity to convert Inferred resources to a higher category with infill drilling.

• There are few drill holes that extend below the 2025 MRE constraining pit shell. Drilling in the Phase 1 (completed) program targeted the depth extent of historical drilling (typically up to ~150m), while the Phase 2, 3 and 4 programs tested the extensions of mineralization to >250m below surface. To date, only the Central Sector drilling has reached depths of >300m below surface, with the constraining pit shell still reaching or passing the limit of the drill data (Figure 4). The section shown in Figure 4 in the Central Zone is one of the deepest parts of the 2025 MRE constraining pit shell.

• The cross-section in Figure 5 (Southwest Sector) also shows how the lack of data at depth is restricting the potential for MRE extensions at depth.

• Similarly, in Figure 3, the interpreted continuation of mineralization at depth (unclassified, coloured grey) also demonstrates where deeper drilling is required.

Figure 4: 2025 MRE Section Central Sector. Deepest part of the MRE, showing opportunity to convert additional high-grade Inferred blocks at depth in the MSZ, where blocks are supported by deeper drilling on adjacent sections. Mineralization remains open at depth. (CNW Group/Bravo Mining Corp.)

• Many of the deeper drill holes completed by Bravo, the deepest on their individual sections (See examples in press release February 10, 2025), intersected wider and higher-grade mineralization intervals than typical of the MRE. This indicates potential for higher grades and greater widths of mineralization below the limit of the current MRE, with potential for additional tonnage.

• Some of Bravo's drilling has also intersected mineralized horizons stratigraphically above or below the Main Sulphide Zone ("MSZ"). However, existing drilling in the 2025 MRE does fully test some of these other zones, or their extensions at depth (Figure 5). As a result, they are relatively minor contributors to the 2025 MRE, and present further opportunity, as these mineralized zones may develop into more significant contributors in the future.

Figure 5: 2025 MRE Section Southwest Sector, showing MRE constraining pit shell reaching the limit of drilling data, and the presence of additional mineralized zones stratigraphically higher. (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

Bravo is a Canadian and Brazil-based mineral exploration and development company focused on advancing its 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 and engineers, has a proven track record of PGM, nickel, and copper discoveries in the region and elsewhere. The individuals in the team 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. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in and around the project area in the past 30 months, while hiring personnel and contracting services locally.

Technical Disclosure

Technical Disclosure and Qualified Persons

Bernardo Horta de Cerqueira Viana, Geologist, BSc (Geology), FAIG, CEO of GE21 Consultoria Mineral Ltda. and Porfírio Cabaleiro Rodriguez, Mining Engineer, BSc (Mine Eng), FAIG, CKO of GE21 Consultoria Mineral Ltda., both are an Independent QP as defined in NI 43-101 and are responsible for the MRE. Independent peer reviews were carried out internally within the GE21 Group, over the complete MRE process.

The technical assurance program developed and implemented for the 2023 MRE process (See press release for details October 22, 2023), has operated continuously, with the same procedures and protocols in practice since implementation, and thus applied here to the 2025 MRE.

Mr. Cabaleiro has reviewed and approved the scientific and technical information related to the MRE contained in this news release.

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

Details of the MRE will be provided in a technical report with an effective date of February 18, 2025, prepared in accordance with NI 43-101, which will be filed under the Company's SEDAR+ profile within 45 days of this news release.

For further information about Bravo, please visit www.bravomining.com.

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

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "believes", "substantial", ''improve", ''increase", ''significant", ''expectations ", ''considerable", ''increase", ''favourable", ''well-positioned", ''success ", ''potential ", ''opportunity", variants of these words and other similar words, phrases, or statements that certain events or conditions "could", "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's 2025 MRE update; that the mineral resource remains open at depth, the potential for future MRE growth from deeper drilling, and/or additional zones and/or drilling of geophysical targets; potential repeatability and improvements to the economic assumptions and/or to metallurgical recoveries used in the MRE; the potential to convert some or all of the MRE to mineral reserves through economic studies and the results of any such studies; the assumption that onsite downstream processing will be technically and economically feasible; the outcomes of future economic studies and the Company's plans in respect thereof. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, unexpected results from exploration programs, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage; and other risks and uncertainties involved in the mineral exploration and development industry. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that the assay results confirm that the interpreted mineralization contains significant values of nickel, PGMs and Au; that the mineralization remains open at depth, that PGM and/or Ni grades and mineralized thicknesses are improving at depth; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Cautionary Note for U.S. Investors Concerning Mineral Resources

This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of United States securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under the U.S. Securities and Exchange Commission ("SEC") modernization rules, known as "S-K 1300", and are normally not permitted to be used in reports and registration statements filed with the SEC. Investors are cautioned not to assume that all or any part of an "measured mineral resource", "indicated mineral resource" or "inferred mineral resource" will ever be upgraded to a higher category or converted into mineral reserves in accordance with S-K 1300. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Disclosure of "contained ounces" in a mineral resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC S-K 1300 standards as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this News Release contain descriptions of the Company's mineral deposits that may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Schedule 1: Key Assumptions and Methods Used for the MRE

Variography and Interpolations

Grade estimation for sulphide material was completed using the E-type post-processing of the conditional TBS for each element and each domain. 50 simulations with 400 bands were performed. Raw Variography and raw histogram were validated according to the TBS simulation. No grade variables were capped. The simulations are compared and validated with the OK methodology and Nearest Neighbor Estimation.

The conditional TBS was performed in a block size of 2.5mx2.5mx2.5m and was upscaled for a parental block model of 25mx25mx5m. The parental block model was then sub-blocked with a minimum block size of 3.125m m x 3.125 m x 1.25 m. Grade estimation for oxide material was completed using the OK technique for each element and each domain in the parental block size.

Cut-off Grade

The PdEq1 COG of 0.5 g/t was calculated by taking the all-in cost (oxide and fresh rock) and dividing them by the value of one gram of Pd multiplied by metallurgical recovery. From this a global average COG of 0.5 g/t PdEq1 was calculated.

COG (PdEq1)
Oxide			Units
Costs		14.0	US$/t
DGV1		31.95	US$/g
Cut-Off		0.43	PdEq1/ g/t
Downstream OPEX allowance		14	%
2025 Cut-off		0.49	PdEq1/ g/t
High Talc			Units
Costs		16.0	US$/t
DGV1		35.5	US$/g
Cut-Off		0.44	PdEq1/ g/t
Downstream OPEX allowance		14	%
2025 Cut-off		0.50	PdEq1/ g/t
Fresh			Units
Costs		16.0	US$/t
DGV1		35.5	US$/g
Cut-Off		0.44	PdEq1/ g/t
Downstream OPEX allowance		14	%
2025 Cut-off		0.50	PdEq1/ g/t
Avg Cut-off		0.5	PdEq1/ g/t

1 Deposit Grade Value ("DGV") = (P-Pd/31.1035) * R-PdWhere: P-Pd = Palladium Price in US$/oz,R-Pd = Palladium Metallurgical Recovery

Classification of Mineral Resource

A study of spatial continuity for Pd was conducted using variography and conditional simulation to classify mineral resources.

This study established a continuity zone suitable to consider as "Measured Mineral Resources," with a drilling grid of approximately 45m x 45m, requiring a minimum of 3 drillholes in perpendicular sections.

Establishing a continuity zone of "Indicated Mineral Resources" was considered with a drilling grid of approximately 75m x 75m, with a minimum of 2 drillholes in perpendicular sections. Subsequently, manual post-processing was undertaken to construct wireframes representing the volumes categorized as Measured and Indicated while considering the blocks within the resource pit shell. Any remaining blocks within the resource-limiting pit were classified as "Inferred Mineral Resources."

Reasonable Prospect for Eventual Economic Extraction

The reported MRE is pit-constrained, using Whittle software to create a pit shell with reasonable prospects for eventual economic extraction. Relevant parameters used in the MRE are shown below the MRE table and include commodity prices used, metallurgical recoveries, geotechnical assumptions, and cost structures.

Further, no known environmental or community matters are likely to constrain the future extraction of the reported MRE.

Schedule 2: Metallurgical Analysis

Metallurgical recoveries used in the MRE calculation are as follows:

• Sulphide (Fresh rock) recovery inputs: Pt 81%, Pd 77%, Rh 51%, Au 48%, Ni 50% (for an ≥80g/t concentrate).

• High talc recovery inputs: Pt 55%, Pd 51%, Au 27%, Rh 27%, (for an ≥80g/t concentrate).

• Oxide recovery inputs: Au 90%, Pd 81%, Rh 54%, Pt 23% (for an ≥80g/t concentrate).

Fresh rock recoveries used in the 2025 MRE calculation are based on results generated from multiple phases of laboratory flotation testwork performed by Bravo (117 flotation tests) and three programs of historical flotation testwork, including two historical pilot plant tests. Results indicate that Luanga mineralization has the metallurgical character to potentially produce saleable PGM + sulphide Ni concentrates at grades in line with grades achieved for PGM operators in established jurisdictions around the world, including concentrate grades of ≥80g/t PGM, 5-10% Ni + Sulphur of 15–20%, at the feed grade range of 2g/t PGM.

Bravo testwork considered geospatially representative samples with feed grades ranging from 0.9 – 7.0 g/t PdEq1. Final concentrate grades produced in the Bravo test work ranged from 37–475 g/t PGM. Metallurgical recovery assumptions are based on target concentrate grade of 80g/t.

Input assumptions for the generation of the MRE constraining pit were derived from a grade-recovery curve based on relevant results generated from the 2022 – 2024 test work programs. Where applicable, specific recoveries have been assigned to geological domains that demonstrate materially different metallurgical character and performance relative to the general mineralization observed across the Luanga deposit.

Mini plant tests were also conducted to generate a wide spectrum of concentrate chemistries for pyrometallurgical evaluation. Metallurgical data generated from the mini plant tests were further incorporated into the MRE assumptions. The sample source for the mini plant were inherited, historical, large diameter diamond cores, drilled into a localized, high talc zone in the SW sector of the Luanga deposit. Recoveries achieved were broadly in line with current assumptions (73% 4E PGM) but due to high talc contamination, target concentrate grade was not achieved under the utilised circuit configuration (35g/t). Recovery assumptions for the high talc zone were domained separately, while recoveries for all other zones are  based on an 80g/t concentrate.

The resultant reduced metallurgical recovery assumption of 51% (4E PGM) was assigned to the high talc domain.

Oxide recoveries used in the MRE calculation are based on results generated from two programs (2022 – 2024) of conventional leaching test work performed for Bravo.

The conceptual oxide processing flowsheet has been validated at each processing stage through testwork, including: PGM and Au solubility in the presence of cyanide at ambient temperature/pressure and within reasonable reagent dosage conditions; PGM and Au adsorption onto carbon; Final product generation as saleable high grade PGM ash residue ("ashing" or "ashed" is the burning of the loaded carbon for final mass reduction to an ultra-high grade ash residue) with an assayed average grade of 119,100g/t PGM (or 11.91% PGM). Bravo's current data demonstrates a reasonable probability for economic recovery of PGM from oxide material at Luanga through conventional cyanide leaching, carbon-in-leach extraction, and high grade 'ashed' residue production. The recommendations for oxide metallurgical input into the MRE are based on laboratory-generated data for each stage of processing to a final product, from the Luanga 2022 – 2024 programs. Key factors that have contributed to successful recovery of PGM from oxide material include:

• Intense host rock weathering in oxide and a high degree of naturally liberated PGM, contributing to lower mining and comminution costs.

• High degree of solubility in cyanide, particularly for Pd and Au.

• High PGM absorption kinetics and recovery for PGM onto carbon.

Details of the metallurgical programs and their results will be documented in the Technical Report prepared in accordance with NI 43-101, which will be filed under the Company's SEDAR profile within 45 days of this news release.

Schedule 3: Geological Interpretation

The Luanga Complex is a 6km long and up to 3.5km wide (~18km²) mafic-ultramafic layered intrusion that belongs to the Neoarchean Large Igneous Province ("LIP") of the Carajás Mineral Province. Host rocks of the Luanga Complex consist of highly foliated gneisses and migmatites of the Xingu Complex and mafic volcanics plus iron formations of the Grão Pará Group. The igneous layers have consistent steep dips to the SE in the Central and Southwestern portions of the complex, indicating that the layered sequence is tectonically overturned. The Luanga complex is up to 3,500m thick in the central portion of the complex, which is likely to represent the axial portion of the original magma chamber. Metamorphic assemblages are at the transition of greenschist to amphibolite facies and commonly replace the primary igneous minerals of the Luanga complex. This metamorphic alteration is heterogeneous, largely preserving primary textures, bulk rock compositions and the compositional domains of igneous minerals, thus allowing the identification of primary rocks throughout the intrusion. The layered sequence is subdivided based on the different type and/or proportion of cumulus minerals in three zones, Ultramafic Zone ("UZ"), Transition Zone ("TZ") and Mafic Zone ("MZ").

The UZ is up to 800m thick and consists of wehrlite (Olivine ("Ol") + Clinopyroxene ("Cpx") cumulates) and lesser dunite and Cpx. The contact of the UZ with the stratigraphically overlying TZ is indicated by a few meters thick upward transition from Cpx bearing cumulates to Opx bearing cumulates (orthopyroxenite ("Opx") and minor harzburgite("Hz")) in the TZ. Typically, ultramafic rocks of the TZ are partially to extensively altered, consisting mainly of serpentinites. The UZ follows the stratigraphy of the Luanga complex but at the northern portion the UZ occurs as discordant irregular zones of variably altered ultramafic cumulates within host rocks.

The TZ consists of an up to 500m thick pile of interlayered ultramafic and mafic cumulate rocks. Interlayering of different rock types is a distinctive feature of the TZ. Cumulate rocks have variable textures, from adcumulate to orthocumulate, and variable assemblages of cumulus and intercumulus minerals. The most common rock types are Opx and lesser interlayered norite and Hz. Chromitite layers with variable thickness (commonly 10cm but up to 60cm) and textures occur mainly in the upper portions of the TZ and the lowermost portion of the MZ. Chromitites are fine- to medium-grained chromite cumulates with variably altered intercumulus plagioclase ("Pl") and orthopyroxene.

The MZ, about 5km long and up to 1.5km thick, comprises a thick monotonous pile of noritic rocks. Norite (Opx + Pl cumulate) consists of medium-grained massive rocks variably altered to fine-grained aggregates consisting mainly of amphiboles (hornblende-actinolite), chlorite and epidote-group minerals. Minor interlayered ultramafic rocks in the MZ, including Opx and minor chromitite, have petrographic features like those described in the TZ.

The Luanga mineralized envelope is continuous along the arc-shaped structure of the mafic-ultramafic complex, striking for approximately 8.1km. The deposit is subdivided into three separate mineralized sectors, named North, Central and Southwestern. The mineralized envelope of the Luanga Complex hosts several PGM mineralized zones, including the Main Sulphide Zone ("MSZ"), which hosts the bulk of current mineral resources. Other mineralized zones are identified within the UZ, the TZ, as well as mineralization hosted in chromitites layers or lenses distributed within the TZ and the immediate contact with the overlying MZ.

Mineralized zones of the Luanga complex are grouped into six different styles of PGM mineralization: (1) MSZ; (2) Low Sulphide Zone ("LSZ"); (3) Chromite-associated Zone ("Chr-PGM"); (4) Ni-Rh Sulphide Zone ("Ni-Rh"); (5) Sulphide Zone ("SZ") and (6) Massive Sulphides ("MASU").

MSZ: PGM mineralization associated with disseminated sulphides in the MSZ hosts the bulk of PGM+Au+Ni mineral resources of the Luanga complex. The stratigraphic interval hosting the MSZ consists of a 10–50m thick interval with disseminated sulphides located along the contact of the UZ and TZ. The MSZ is stratabound-style PGM mineralization consisting of interstitial sulphides (~1-5 vol.%) hosted by Opx and minor Hz. The MSZ is characterized by very high Ni tenors (10-15%) and Pt-Pd (up to 100 ppm) tenors (content of 100% sulphides), Pt/Pd < 0.5, and Pd/Rh ~0.05.

Low Sulphide Zone ("LSZ"). The LSZ style of mineralization comprises PGM-mineralized rocks devoid of base metal sulphides and/or abundant chromite. The LSZ mineralization of the Luanga Complex consists of up to 30m thick stratabound zones across the TZ. These zones do not show extensive lateral continuity and commonly occur at the contact between layers of distinct cumulate rocks. The host rocks, mainly Hz and Opx, do not show any distinctive texture or change in modal composition that characterizes the PGM enrichment. The LSZ is characterized by very low Ni content, Pt-Pd contents < 1-2 ppm, and Pt/Pd ~ 1.0-2.0. Pt-Pd show moderate to strong positive correlation.

Chromite-associated Zone ("Chr-PGM"). Chr-PGM mineralization occurs as chromitite pods (< 60cm thick) closely associated with intersections containing disseminated clusters of chromite within Opx, Hz and norite. The Chr-PGM style of mineralization is characterized by very low Ni content, high Pt/Pd ratio (~4.0), and Rh/Pt ~0.3.

Ni-Rh Sulphide Zone ("Ni-RhZ"). The Ni-RhZ mineralized zone has been identified only within the UZ and occurs as lenses of disseminated to net-textured sulphides (up to 25%) interstitial to cumulus Cpx and Ol or their pseudomorphs. Ni-Rh zones have variable thicknesses (up to 40 m) and are commonly hosted by interlayered wehrlite and dunite, and minor clinopyroxenite. Ni-RhZ mineralization has Pt/Pd and Rh/Pd ratios of around 0.15 and 0.20, respectively. The high modal percentage of pentlandite (i.e. around 30-40% of the total sulphides) indicates very high Ni tenor (~10-12%) for the Ni-Rh zones.

Sulphide Zone ("SZ"). The SZ mineralization style is recognized exclusively in the Northern sector, characterized by mineralized bands of variable thickness hosted in rocks of the TZ. SZ occurs as several irregular north-south trending zones of disseminated sulphides hosted mainly in Opx. The SZ is characterized by moderate to high PGM contents (30-40 m intercepts with 2-3 g/t of Pt + Pd) with predominantly low Pt/Pd ratios (commonly < 0.5, but up to 1.0) and variable Ni contents (up to 0.20%). Weak positive correlation between Pd-Ni and Pd-Rh possibly results from variably altered sulphides.

(vI) Massive Sulphide Zone ("MASU"). The MASU is a new zone and style of mineralization identified by Bravo during infill drilling. A robust intercept of MASU (DDH22LU047 – 11m at 4.24 g/t 3PGM+Au, 2.04% Ni, 1.23% Cu) occurs within a hydrothermal alteration zone at the eastern border of the North sector. Host rocks and the footwall sequence of the MASU intercepted in DDH22LU047 consist of massive rocks with variable proportions of amphibole-garnet-biotite-magnetite, and banded iron formation. Sulphide-bearing Opx and interlayered norite occur above the MASU and in adjacent drill holes. Cumulate rocks close to the alteration zone are partially to pervasively replaced by Fe-Ca-K hydrothermal minerals, including MASU to semi-MASU breccias. Sulphides consist mainly of pyrrhotite (~80-90%) and pentlandite (~10-20%) with local chalcopyrite-rich domains (up to 60-70% cpy). Pentlandite occurs mainly associated with po as fine-grained exsolutions (e.g., flames, flakes). MASU has variable contents of Ni, Cu and PGM, generally with Ni>Cu and Pd>Pt. Except for the broad positive correlation between Ni and Pd, correlations between metals are only subtle, including Pd-Pt, Ni-Cu and Pd-Rh. Contents of Ni (< 6.0%), Pd (< 6.0 ppm), Pt (< 2.5 ppm) and Rh (0.2 ppm) in samples of MASU provide approximate tenors for these metals in this style of mineralization.

The bulk of the world's PGM resources are mined from mafic-ultramafic layered intrusions, commonly from stratiform mineralized layers located near the transition from mafic to ultramafic cumulate rocks. Magmatic Ni-Cu-PGM sulphides formed by the accumulation of immiscible sulphide liquid, that scavenged chalcophile elements from a coexisting silicate magma. Textural relationships between sulphides and their host silicates are key evidence for their origin as immiscible sulphide liquids. The magmatic origin of the Luanga deposit is supported by textural and mineralogical features described in different styles of PGM mineralization, particularly the MSZ, Ni-Rh and SZ. In these different PGM zones, sulphide blebs consisting of pyrrhotite + pentlandite ± chalcopyrite are interstitial to cumulus olivine and/or pyroxene. In addition, sulphide blebs enclosed in cumulate crystals, as well as their rounded/corroded faces, provide unequivocal evidence for a magmatic origin of sulphides and PGM. Variable litho-chemical features in PGM zones located in distinct stratigraphic horizons of the Luanga complex, including different metal tenors, as well Pt/Pd and Rh/Pd ratios, indicate that several events of mineralization occurred during the magmatic evolution of the Luanga complex. The occurrence of several mineralized horizons in the Luanga complex, including PGM mineralization hosted in chromitites, has remarkable similarity with reef-type productive deposits (e.g., Bushveld and Stillwater).

The widespread alteration of rocks from the Luanga complex has partially disrupted their primary magmatic features. In the Luanga complex, magmatic silicates are partially altered and commonly occur as pseudomorphs. The magmatic sulphides have also been partially altered during the widespread alteration. The most common alteration of primary sulphides (pyrrhotite – pentlandite – chalcopyrite) consists of their replacement by magnetite and Fe-hydroxides. Because this alteration is heterogeneous at different scales (from mineral crystals up to several hundred meters thick zones) and largely preserves primary textures and compositions of cumulate rocks and PGM mineralized zones, magmatic features can be recognized throughout the layered intrusion.

Schedule 4: Assay Methodologies and QAQC

Samples follow a chain of custody between collection, processing, and delivery to the SGS Geosol laboratory in Parauapebas, state of Pará, Brazil. The drill core is delivered to the core shack at Bravo's Luanga site facilities and processed by geologists who insert certified reference materials, blanks, and duplicates into the sampling sequence. Drill core is half cut and placed in secured polyurethane bags, then in security-sealed sacks before being delivered directly from the Luanga site facilities to the Parauapebas SGS Geosol laboratory by Bravo staff. Additional information about the methodology can be found on the SGS Geosol website (SGS) in their analytical guides. Information regarding preparation and analysis of historic drill core is also presented in the table below, where the information is known. Historical drilling used a similar QAQC procedure, and as described in the section "Luanga Mineral Resource Estimate". Data generated by this work has been validated statistically to show no significant bias, prior to inclusion.

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

Bravo SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	Sulphide Ni	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B
Historic Drill Assaying SGS Geosol
Preparation	Method	Method	Method	Method
For All Elements	Pt, Pd, Au	Rh	TOTAL Ni	Trace Elements
Crushed to <200 mesh	FA30A	FA30B	ICP-117	ICP-117

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SOURCE Bravo Mining Corp.

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