Tech Metals Archives - Page 14 of 69

Specialty Plant Nutrition Volume Growth: More than 20% year-on-year increase.
Specialty Plant Nutrition Revenue Growth: Increased by more than 12% despite lower prices.
Lithium Sales Volume: Over 51,000 metric tonnes, an 18% growth year-on-year.
Lithium Average Realized Prices: 24% lower than the second quarter of this year.

Warning! GuruFocus has detected 7 Warning Sign with SQM.

Release Date: November 20, 2024

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) reported positive volume growth in almost all business lines compared to last year.
Specialty plant nutrition volumes increased by more than 20% year-on-year, boosting revenues by over 12%.
Iodine prices have shown a subtle but continued increase, with strong demand growth and limited supply potentially leading to further price rises.
The company posted its first revenue from Mount Holland and initiated its first spodumene concentrate bidding event, enhancing lithium market efficiency.
Lithium sales volumes grew by 18% year-on-year, demonstrating strong market demand despite price pressures.

Negative Points

Lithium prices continued a downward trend, with average realized prices 24% lower than the previous quarter.
The lithium market is experiencing temporary oversupply, pressuring prices despite strong demand growth.
There is a risk of negative profitability and start-up issues at the Kwinana refinery, similar to competitors’ experiences.
The company is under investigation by the SEC for potential violations of the Foreign Corruption Practices Act (FCPA).
SQM’s iodine demand growth is expected to moderate to 2.5% next year, with new supply potentially insufficient to meet demand.

Q & A Highlights

Q: Does SQM need to cut volume to support the lithium market given the current pricing trends? A: Felipe Smith, Commercial Vice President, SQM Salar, stated that SQM plans to maintain its sales volume target of 195,000 tonnes for the year and does not plan any curtailment. Instead, they aim to increase sales in line with production growth.

Q: What is the status of the Mount Holland project in Australia, and how does it impact SQM’s operations? A: Mark Fones, CEO of SQM International Lithium, explained that the Mount Holland project is ramping up, with expected production of 110,000 to 130,000 tonnes of spodumene concentrate this year. The Kwinana refinery is 91% complete, with commissioning underway, and first product expected by mid-2025. SQM remains flexible in selling either spodumene concentrate or lithium hydroxide.

Q: What is the outlook for the lithium market in 2025, and how does SQM view the market balance? A: Pablo Hernandez, Senior Director of Business Strategy and Development, noted that global lithium demand remains strong, driven by the EV market. They expect demand to grow by 16% to 18% annually over the next five years, with EV penetration increasing significantly. Supply is expected to grow in line with demand, though some projects may be disincentivized if prices remain low.

Q: Can you provide an update on the iodine market and expected new capacity? A: Juan Pablo Bellolio, Commercial Vice President of Iodine and Industrial Chemicals, stated that the iodine market is around 38,000 to 39,000 tonnes, with demand growing by 7% this year. New supply is expected in the second half of 2025 and 2026, but it may not meet demand growth, leading to strong prices.

Q: What is the status of the agreement with Codelco and the SEC investigation? A: Ricardo Ramos Rodriguez, CEO, mentioned that the agreement with Codelco is progressing as expected, with no specific issues to report. Gerardo Illanes, CFO, added that SQM is cooperating with an SEC inquiry related to potential FCPA violations, and the investigation is a nonpublic fact-finding inquiry with no conclusions reached yet.

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

This article first appeared on GuruFocus.

The single biggest threat to the U.S. military is war with China. A war that could start with Beijing blocking exports of one metal that is critical to the entire American military arsenal.

That metal is antimony (Sb), and it’s one of the top-performing commodities this year.

Which makes antimony miners in any Western-friendly country some of the hottest runners in the markets right now. And one company in particular has positioned itself to take advantage of supply shortages with a number of strategic acquisitions that could help reduce Noth America’s reliance on China and other non-friendly suppliers.

Antimony has already seen a 200% price increase this year, with publicly listed companies in the space seeing increases of more than 800%. And as more analysts wake up to the opportunity, there could be even larger gains in the near future.

China which currently controls nearly half of the total global output of this metal, and the lion’s share of its refined end-product has recently upset Washington by restricting antimony exports to the United States.

But one little-known miner could be set to tip the tides back in the West's favor.

Military Metals Corp. (CSE:MILI; OTCQB:MILIF) is a breakout player in the antimony space, that has a plan to bring new supply onstream with a string of antimony assets from central Europe all the way to North America. The company has been on a major acquisition binge, scooping up past-producing mines, initial discoveries and future opportunities from North America to Europe.

MILI's recent acquisitions are exactly what's needed to help keep Western defenses locked and loaded as Putin's nuclear saber rattling intensifies.

In Slovakia, Military Metals boasts two antimony projects, including one historically producing mine and one brownfield project with a large historical resource. In Canada, they are sitting on a historical antimony/gold play that serviced the needs of the Allies in WWI, the West Gore past-producing antimony project in Nova Scotia.

The Right Place at the Right Time

One of the companies that has already seen a large move is Perpetua Resources, who is finalizing a $1.86-billion government loan to develop their strategic resource including participation from the U.S. Department of Defense.

Perpetua is valued at around $700 million, with 90,000 tons of antimony.

By comparison, Military Metals recently announced that it has purchased one of Europe’s largest antimony deposits in Slovakia. The Slovakian Trojarovadeposit has 60,998 tons of antimony in a Historical Resource and is currently valued at $23 million, creating the opportunity for a potential run.

MMC

Source: Military Metals Corp.

"This definitive agreement strategically positions Military Metals as a leading explorer and developer of antimony," said CEO Scott Eldridge. "The Trojarova and Tienesgrund projects offer significant potential for rapid advancement, particularly given Slovakia's strong mining infrastructure and history. We see this as a perfect alignment with the European Union's Critical Raw Materials Act, opening the door to potential EU funding sources as we advance these projects toward production."

MMC

Figure 1 Military Metals Corp. (CSE:MILI; OTC:MILIF):

The above resource table shows the cut-off grade, tonnage, average grade and contained antimony in tonnes, with in situ value derived by multiplying the antimony tonnage (60,998) by the spot price ($38,700), for a in situ value of over ~$2 billion. The company’s next plan is to make Military Metals Historical Resource 43-101 compliant to westernized Standards. The table demonstrates this is a primary antimony project with a gold by-product, whereas most antimony production globally is a by-product of some gold mines.

But the acquisition spree has not stopped there …

On October 24, 2024, Military Metals (CSE:MILI; OTCQB:MILIF) signed a binding letter of intent to acquire further claims surrounding its West Gore Antimony Project in Nova Scotia. This was a strategic consolidation move. This past-producing brownfield project has historical drilling results showing over seven meters of 10.6 gpt gold and 3.4% antimony, with investors likely eyeing the fact that this was historically Canada’s biggest producing antimony mine at one time.

MMC

The move to consolidate territory surrounding West Gore—one of the biggest heroes of WWI—is a strategic move that could tie the junior mining company directly to North American defense at a time when prices are skyrocketing.

This is Commodity Warfare, and Antimony is the Latest Ammunition

In July 2023, China targeted rare earth metals Germanium and Gallium–both of which are used in semiconductors–restricting exports to the U.S. On December 1, 2023, China tightened graphite export controls, causing exports to plunge this year.

Now, it is targeting antimony, which is used in semiconductors, batteries, paints, flame-retardant materials, solar, and as an alloy to improve the strength of other metals. For the military, most urgently, it is used for everything for armor-piercing bullets and night vision goggles laser sighting, explosive formulations, nuclear weapons production, infrared sensors to military-grade electronics and a whole laundry list of other military needs.

What Beijing is now taking advantage of is the fact that it controls 48% of the antimony raw material and about 65% of the refining and processing. Yet, the United States gets over 60% of its antimony from China. On a technical level, the U.S. could refine its own antimony, but it does not have any mines, so it still relies on the supply of third-party raw material.

Even before China implemented antimony restrictions, supply-side troubles were brewing, making Beijing’s decision two-pronged: (1) a shot at the U.S. military-industrial complex; and (2) a failsafe to ensure domestic supply. Russia has also seen disruption to its antimony exports due to Western sanctions, which is a significant disruption when considering the country accounts for 24% of global supply (as of 2023).

“Given we are still at record prices, it’s likely that prices will go even higher with this announcement,” Exiger quoted Chetan Soni, an analyst at London-based consultancy CRU, as saying last month.

The U.S. military is vulnerable on the critical metals battlefield, and the company is hoping to fill some antimony gaps.

Military Metals (CSE:MILI; OTCQB:MILIF), is rushing the antimony playing field, moving at breakneck speed to acquire critical assets at the same time China is tightening the reins on the rarest components of its national defense machine.

In late September, European Defense Commissioner Andrius Kubilius called for a mandatory stockpiling of ammunition and other supplies in preparation for a Russian attack within a few years. That means Europe is much more likely to get its hands on antimony from China or elsewhere, particularly due to the new Chinese restrictions.

This confluence of events and Military Metals strategically timed acquisitions could turn Slovakia into a significant hub for European arms development and national defense, and Washington will likely be eyeing the company’s movements both across the Atlantic and closer to home in Nova Scotia, Canada.

Other companies to keep an eye on:

United States Steel (NYSE: X)

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

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

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

SQM (NYSE: SQM)

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

Securing a reliable and stable supply of lithium is crucial for countries like the United States that are heavily reliant on advanced technology for their defense capabilities. By sourcing lithium from SQM, nations can reduce their dependence on potentially unstable or adversarial nations for this critical material. This reduces supply chain vulnerabilities and ensures that defense industries have the necessary resources to produce the equipment and weapons systems required for national security.

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

Vale S.A. (NYSE: VALE)

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

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

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

Piedmont Lithium (NASDAQ: PLL)

Piedmont Lithium is a development-stage company focused on establishing a fully integrated lithium hydroxide business in the United States. Their core operation centers around the Carolina Tin-Spodumene Belt in North Carolina, a region with a history of lithium production. Piedmont aims to be a key supplier of lithium hydroxide, a crucial component in electric vehicle batteries and energy storage systems, to the burgeoning U.S. market.

This company matters because they are addressing a critical need for domestically sourced lithium. The U.S. currently relies heavily on imports for its lithium supply, creating potential vulnerabilities in the supply chain. Piedmont's operations contribute to a more secure and resilient domestic supply of this essential mineral, which is vital for the production of advanced batteries used in defense applications such as electric vehicles, drones, and communication systems.

Furthermore, Piedmont Lithium's commitment to responsible mining and environmental sustainability aligns with the growing emphasis on ethical sourcing of critical minerals. By adhering to high environmental standards and engaging with local communities, Piedmont contributes to a more sustainable and socially responsible domestic lithium supply chain, which is crucial for ensuring that the production of lithium for defense applications is conducted in an ethical and environmentally conscious manner.

Leidos (NYSE: LDOS)

Leidos is a significant player in the national security arena, providing innovative solutions to the Department of Defense and intelligence agencies. The company's work in areas such as artificial intelligence, machine learning, and big data analytics is helping to transform the way these agencies operate and make critical decisions.

Leidos is also a leader in the civil market, providing a wide range of services to government agencies and commercial customers. The company's expertise in areas such as transportation, energy, and healthcare is helping to improve the lives of people around the world.

Leidos is a company with a strong commitment to its employees and the communities in which it operates. The company is also focused on sustainability and environmental stewardship. Leidos is a responsible corporate citizen and a valuable partner to its customers.

Kratos Defense & Security Solutions (NASDAQ: KTOS)

Kratos is a relatively small company compared to some of the other defense giants on this list. However, the company has a strong focus on innovation and is developing cutting-edge technologies that are disrupting the defense industry. Kratos is also committed to providing affordable solutions to its customers, which is a key differentiator in the market.

Kratos operates in a highly competitive market. The company faces competition from larger, more established defense contractors. Kratos must continue to innovate and develop new technologies to maintain its competitive edge.

Despite these challenges, Kratos is well-positioned for future growth. The company's focus on innovation, affordability, and customer service makes it a valuable partner to the U.S. government and its allies.

Uranium Energy Corp (NYSE American: UEC)

Uranium Energy Corp is a U.S.-based uranium mining and exploration company with a focus on in-situ recovery (ISR) mining projects in Texas, Wyoming, and New Mexico. ISR mining is a less invasive and more environmentally friendly method of uranium extraction compared to traditional open-pit mining. Uranium Energy Corp has a portfolio of permitted and development-stage ISR projects, positioning them to be a significant contributor to the U.S. uranium supply.

This company is important because they are contributing to the revitalization of the U.S. uranium mining industry. After a period of decline, the U.S. is increasingly recognizing the importance of securing a domestic supply of uranium for both energy security and national security purposes. Uranium Energy Corp's ISR projects offer a more sustainable and environmentally responsible approach to uranium mining, which is crucial for ensuring the long-term viability of the industry and minimizing the environmental impact of uranium production.

Furthermore, Uranium Energy Corp's focus on U.S. uranium production helps to reduce dependence on foreign sources of this strategically important material. This is crucial for national security, as it ensures that the U.S. has access to a reliable supply of uranium for its nuclear power plants and its nuclear deterrent, without being subject to the geopolitical dynamics or potential disruptions associated with relying on foreign suppliers.

Compass Minerals International (NYSE: CMP)

Compass Minerals International based in Overland Park, Kansas, is a leading provider of essential minerals, including salt, sulfate of potash, magnesium chloride, and even sustainable lithium. The company's diversified product mix serves a wide range of markets, including agriculture, consumer deicing, water conditioning, and various industrial applications.

Beyond its current offerings, Compass Minerals is investing in new technologies and methods to enhance the efficiency and environmental sustainability of its operations. The company's focus on innovation is particularly evident in its approach to lithium extraction, where it aims to capitalize on the growing demand in the electric vehicle market. This strategic direction not only diversifies their portfolio but also positions Compass Minerals as a key player in the transition to a more sustainable global economy.

Freeport-McMoRan Inc. (NYSE: FCX)

Freeport-McMoRan Inc. based in Phoenix, Arizona, is one of the world's leading mining companies, with significant reserves of copper, gold, and molybdenum. The company's sizeable asset base includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits, and significant mining operations in the Americas. With copper being a critical material in renewable energy and electric vehicle technologies, Freeport-McMoRan stands to benefit from the global push towards greener economies.

Freeport-McMoRan is also actively involved in community engagement and environmental stewardship. The company has implemented various initiatives aimed at reducing its environmental footprint and promoting sustainable mining practices. These efforts include water management, biodiversity conservation, and emission reduction strategies. By focusing on responsible mining, Freeport-McMoRan is not only ensuring compliance with environmental standards but is also contributing to the broader goal of sustainable development in the regions it operates.

FMC Corporation (NYSE: FMC)

FMC Corporation based in Philadelphia, Pennsylvania, is a global agricultural sciences company that delivers innovative technology to growers around the world. While not a mining company in the traditional sense, FMC has a significant stake in lithium, a critical component in rechargeable batteries and other high-tech applications.

FMC's commitment to innovation and sustainability is noteworthy, and the company's agricultural products contribute to increased crop yield and quality, making it a significant player in addressing global food security issues. In recent years, FMC has benefited from robust demand for its crop protection products, driven by higher commodity prices and strong agricultural market fundamentals.

By. Michael Kern

**IMPORTANT! BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. PLEASE READ CAREFULLY**

Forward-Looking Statements

This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. The forward-looking statements in this publication are based on current expectations and assumptions about future events, including, but not limited to, geopolitical developments, trade policies, and market conditions. Factors that could change or prevent these statements from coming to fruition include, but are not limited to, the potential impact of the upcoming U.S. elections on various industries and specific companies, changes in government policies, market conditions, and geopolitical events. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

DISCLAIMERS

This communication is for entertainment purposes only. Never invest purely based on our communication. We have not been compensated by the companies mentioned in this article. While the opinions expressed in this article are based on information believed to be accurate and reliable, such information in our communications and on our website has not been independently verified and is not guaranteed to be correct. The content of this article is based solely on our opinions which are based on very limited analysis, and we are not professional analysts or advisors.

SHARE OWNERSHIP. The owner of Oilprice.com owns shares of the companies featured in this article and therefore has an incentive to see the featured companies’ stock perform well. The owner of Oilprice.com will not notify the market when it decides to buy more or sell shares of the featured companies in the market. The owner of Oilprice.com will be buying and selling shares of the featured companies for its own profit and may take this opportunity to liquidate a portion of its position. Accordingly, our views and opinions in this article are subject to bias, and why we stress that you should conduct your own extensive due diligence regarding the featured companies as well as seek the advice of your professional financial advisor or a registered broker-dealer before you consider investing in any securities of the featured companies or otherwise.

NOT AN INVESTMENT ADVISOR. Oilprice.com is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. You should not treat any opinion expressed herein as an inducement to make a particular investment or to follow a particular strategy, but only as an expression of opinion. The opinions expressed herein do not consider the suitability of any investment with your particular objectives or risk tolerance. Investments or strategies mentioned in this article and on our website may not be suitable for you and are not intended as recommendations.

ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making any investment. This communication should not be used as a basis for making any investment in any securities. Past performance is not indicative of future results.

RISK OF INVESTING. Investing is inherently risky. Do not trade with money you cannot afford to lose. There is a real risk of loss (including total loss of investment) in following any strategy or investment discussed in this article or on our website. This is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction. No representation is being made as to the future price of securities mentioned herein, or that any stock acquisition will or is likely to achieve profits.

Read this article on OilPrice.com

We recently compiled a list of the 8 Best Fertilizer Stocks To Buy Now. In this article, we are going to take a look at where Sociedad Química y Minera de Chile S.A. (NYSE:SQM) stands against the other fertilizer stocks.

An Overview of the Fertilizer Industry

The fertilizer industry is a crucial sector in agriculture that focuses on the production and distribution of substances that enhance plant growth. By supplying necessary nutrients, fertilizers help improve crop yields and quality, which are essential for feeding the growing global population.

The industry has evolved significantly over time, with modern practices relying heavily on chemically manufactured fertilizers to support large-scale farming and meet the global demand for food. According to Mordor Intelligence, the global fertilizer market is estimated to have reached a value of $381.7 billion in 2024. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 5.99% during 2024-2030 to reach $541.2 billion by the end of the forecast period.

There is a strong sense of optimism within the industry. The Fertilizer Institute’s 2023 Industry Trends Survey highlighted a positive outlook within the fertilizer sector, with many respondents expressing confidence in future growth. About 40% of those surveyed believe that market conditions have improved over the past five years, despite challenges like the COVID-19 pandemic and supply chain disruptions. Companies attribute their resilience to strategic practices such as precommitment purchases and careful planning. Nearly 80% of participants are optimistic about their businesses being equally or more profitable in the next five years.

The fertilizer industry is currently experiencing several key trends that are shaping its future. Advances in technology are transforming how fertilizers are produced and applied. Innovations such as precision agriculture, which uses data analytics and sensors, help farmers optimize fertilizer usage based on specific soil conditions and crop needs.

Additionally, there is a growing demand for fertilizers that offer more nutrients while reducing their environmental impact. The emphasis on maximizing the efficiency of fertilizer application to promote sustainable farming practices is increasing, which is driving the development of new and innovative solutions.

On August 13, CNBC reported that Windfall Bio, a California-based startup, is addressing methane emissions using "mems," or methane-eating microbes. These microbes naturally consume methane and convert it into fertilizer. This innovative approach helps reduce harmful methane from sources like agriculture, landfills, and oil production. Farmers can use the fertilizer produced, while companies generating waste methane can sell it back to Windfall, creating a new revenue stream.

These trends indicate a dynamic shift in the fertilizer industry, balancing the need for increased food production with environmental sustainability and innovation.

Methodology

To compile our list of the 8 best fertilizer stocks to buy now, we used the Finviz and Yahoo stock screeners to find the largest fertilizer companies. We also reviewed our own rankings and consulted various online resources to compile a list of the best fertilizer stocks.

We carefully verified our list to remove any companies that can not be classified as fertilizer stocks. From an initial pool of over 15 fertilizer stocks, we focused on the stocks that analysts believe possess the greatest potential for growth. Finally, we ranked the 8 best fertilizer stocks to buy now based on their average price target upside potential according to analysts, as of November 18, 2024.

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

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

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

Average Upside Potential According to Analysts: 34.23%

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) is a Chilean company that offers a variety of products for different industries, including agriculture, health, nutrition, and renewable energy. The company is well-known for its fertilizers, particularly potassium nitrate and sodium nitrate, which are essential for enhancing crop yields. Sociedad Química y Minera de Chile S.A. (NYSE:SQM) also produces lithium and iodine.

In the first half of 2024, SQM reported revenues of $2.37 billion, a decrease from $4.31 billion in the same quarter last year. Despite this drop, the company experienced strong sales growth in its lithium, iodine, and fertilizer segments, with fertilizer demand increasing by over 20% compared to last year.

Although Sociedad Química y Minera de Chile S.A.’s (NYSE:SQM) performance in its recent quarter was less than ideal, it has demonstrated resilience with a compound annual growth rate of 10% in revenue over the past decade.

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) is one of the best fertilizer stocks to buy now. Analysts are optimistic about SQM’s future. The 12-month median price target for the stock set by analysts indicates a potential upside of 34% from the current stock price.

With ongoing demand for both lithium and fertilizers expected to rise, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) presents a compelling investment opportunity.

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

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

SANTIAGO CHILE, Chile (AP) — SANTIAGO CHILE, Chile (AP) — Sociedad Quimica y Minera de Chile SA (SQM) on Wednesday reported third-quarter earnings of $131.4 million.

On a per-share basis, the Santiago Chile, Chile-based company said it had net income of 46 cents.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.

The chemicals company posted revenue of $1.08 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $1.09 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

Highlights

SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of US$6,155.9 million for the same period last year.

Net loss(1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income(2) of US$1,809.5 million or US$6.33 per share for the same period last year.

Solid sales volumes in lithium, iodine, and fertilizer businesses.

SPN and Potassium businesses posted healthy growth showing market recovery.

Slight increase in iodine prices, due to strong market demand and limited supply.

First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile, Nov. 20, 2024 /PRNewswire/ — Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss([1]),(2) for the nine months ended September 30, 2024, of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit(3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024, lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023. Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024, representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023.

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million, 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos, stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China, we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.comIsabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

1 Includes the net effect of accounting adjustments for the payments of the specific tax on mining activities for the exploitation of lithium for the nine months ended September 30, 2024, in a total amount of US$1.303,3 million. For more detail, please refer to Note (1) to this Earnings release.

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/sqm-reports-earnings-for-the-nine-months-ended-september-30-2024-302311456.html

SOURCE Sociedad Quimica y Minera de Chile, S.A. (SQM)

We recently compiled a list of the 8 Best Fertilizer Stocks To Buy Now. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other fertilizer stocks.

An Overview of the Fertilizer Industry

These trends indicate a dynamic shift in the fertilizer industry, balancing the need for increased food production with environmental sustainability and innovation.

Methodology

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Average Upside Potential According to Analysts: 26.74%

FMC Corporation (NYSE:FMC) is a prominent American agricultural sciences company that specializes in producing a variety of products, including herbicides, insecticides, and fungicides. The company also has a strong biological portfolio featuring biopesticides, biostimulants, biofertilizers, and pheromones.

The company is committed to innovation and has introduced several new products to the fertilizer and agriculture market. For instance, the Accudo biostimulant was first registered in South Korea as a bio-fertilizer for fruits and vegetables, improving root development and providing anti-fungal benefits. Another notable product is the Furagro Legend biofertilizer, which contains organic potash and is designed to enhance gene activation and expression and overall crop quality.

In the third quarter of 2024, FMC Corporation (NYSE:FMC) reported revenues of $1.07 billion, a 9% increase from Q3 2023. The company turned around from a net loss of $4 million in Q3 2023 to a net income of $66 million in the third quarter of 2024. This growth was driven by higher sales and cost reductions from restructuring efforts. New products like the fluindapyr-based fungicide also contributed significantly to this positive performance.

Analysts also have a positive outlook on FMC. The 12-month median price target set by analysts indicates a potential increase of 26% from the stock’s current price.

With strong revenue growth and effective cost management strategies, FMC Corporation (NYSE:FMC) presents an attractive investment opportunity.

Overall FMC ranks 4th on our list of the best fertilizer stocks to buy. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter 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.

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

Canada Carbon Inc.

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

Toronto, ON, Canada, Nov. 19, 2024 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the "Company") (TSX-V: CCB) is pleased to announce the closing of the first tranche of a non-brokered private placement of 7,333,333 units (each, a “Unit”) at a price of $0.015 per Unit for aggregate gross proceeds of $110,000 (the “Offering”). Each Unit is comprised of one (1) common share (each, a “Share”) in the capital of the Company and one (1) common share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company at a price of $0.06 per share for a period of 60 months from the closing of the Offering.

All securities issued pursuant to the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The proceeds of the Offering will be used by the Company for general working capital purposes.

Ellerton Castor, Chief Executive Officer of the Company, purchased 666,666 Units pursuant to the Offering. The insider private placement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company which will be issued to Mr. Castor does not exceed 25% of its market capitalization.

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

CANADA CARBON INC.

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

FORWARD LOOKING STATEMENTS

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

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

TORONTO, Nov. 14, 2024 (GLOBE NEWSWIRE) — McChip Resources Inc. (“McChip” or the “Company”) (TSX-V:MCS) announces that, on November 13, 2024 it acquired units consisting of 227,273 flow-through shares and 227,273 flow-through warrants resulting in McChip’s collective holdings of 14,046,000 shares and 660,606 warrants in the capital of Taranis Resources Inc. (the “Reporting Issuer”), a TSX-V listed company. These warrants entitle McChip to purchase flow-through shares of the Reporting Issuer as follows:

(a) 227,273 warrants are exercisable at $0.50 per share until November 13, 2026,

Immediately prior to the acquisition, McChip owned 13,818,727 Shares representing approximately 14.26% of the then issued and outstanding Shares. The recent acquisition increases McChip’s position in the Shares of the Reporting Issuer by 660,606 Shares to 14,046,000 Shares or approximately 14.26% of the current issued and outstanding Shares of the Reporting Issuer.

The securities were acquired by means of a private placement. McChip has acquired the shares for investment purposes, and may acquire further Shares, or dispose of its holding of the Shares, both as investment conditions warrant. The reporting issuer is listed on the TSX Venture Exchange under the symbol “TRO”.

About McChip McChip has had continual business operations since 1935. Prior to a name change in 1981 the company operated as Madsen Red Lake Gold Mines Limited. The company is listed on the TSX Venture Exchange , trades under the symbol MCS and has 5,710,096 common shares issued and outstanding.

For further information contact:

Edward G. Dumond Corporate Secretary McChip Resources Inc. 289 231 4765

Neither the TSX 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.

Certain statements in this news release constitute “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information contained in forward-looking statements can be identified by the use of words such as “are expected”, “is forecast”, “is targeted”, “approximately”, “plans”, “anticipates”, “projects”, “continue”, “estimate”, “believe” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. This news release contains forward-looking information regarding: (i) the expectations relating to whether a transaction will be consummated, including, without limitation, whether conditions to the consummation of the transaction will be satisfied, or the timing for completing the transaction; and (ii) expectations for the effects of the transaction or the ability of the Company to successfully achieve business objectives, including the effects of unexpected costs, liabilities or delays, and if the transaction is completed, the ability of the Company to allocate the net proceeds as stated above. Forward-looking information involves a number of known and unknown risks and uncertainties, which, if incorrect, may cause actual results to differ materially from those anticipated by the Company, including, without limitation, the risks that the transaction as described in the Agreement may not be completed and the parties may be unable to realize on the anticipated benefits of the transaction. Accordingly, readers should not place undue reliance on forward-looking information.

For additional information with respect to these and other factors and assumptions underlying the forward-looking information made in this news release, see the Company’s most recent management's discussion and analysis, as well as other public disclosure documents that can be accessed under the issuer profile of “McChip Resources Inc.” on SEDAR at www.sedar.com. The forward-looking information set forth herein reflects the Company’s reasonable expectations as at the date of this news release and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Highlights

Locked-cycle testing of the Ashram Deposit's flotation-only flowsheet has resulted in high-grade rare earth mineral concentrate at strong recovery.
- 36 to 37% REO1 at overall recoveries of 65 to 68%.
Mineral concentrate grades compare favourably to historical and current hard rock global rare earth producers, of which 30% REO is the typical lowest grade concentrate produced.
Results will be incorporated into a pending Preliminary Economic Assessment on the Ashram Rare Earth and Fluorspar Deposit on schedule for Q2-2025.
Variability testing and pilot plant testing scheduled for the first half of 2025 as next steps.
Fluorite recovery from rare earth flotation tailings to be evaluated.

Ross Carroll, Director and CEO of the Company comments: "The results of the locked-cycle tests confirm the robustness of the simplified, flotation-only, continuous recovery process for the Ashram Deposit. The strong recoveries will ensure we maximize returns from the high-value in-situ mineralization, and the high-grade mineral concentrate produced will reduce the scale of the downstream processing resulting in lower capital and operating expense. We are thrilled with these outcomes and are grateful for the innovative attention to maximizing the potential of one of the world's largest rare earth resources by the technical team, many of whom have remained engaged with advancing the Project since its discovery over a decade ago."

Rare Earth Oxide ("REO") includes the sum of the lanthanides plus yttrium.

VANCOUVER, BC / ACCESSWIRE / November 14, 2024 / Commerce Resources Corp. (TSXV:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to announce that it has successfully completed flotation locked-cycle testing on whole rock material from the Ashram Rare Earth and Fluorspar Deposit (the "Ashram Deposit"). The Ashram Deposit is located central to the Eldor Property, is unencumbered (royalty free), is wholly owned by the Company, and one of the largest undeveloped rare earth deposits in the world.

The locked-cycle test ("LCT") program was completed on the Ashram Deposit's simplified flotation-only beneficiation flowsheet (see news release dated March 4, 2024) and has demonstrated improved grade and recovery compared to the prior bench-scale test program. Monazite dominate rare earth mineral concentrates grading 35.8 to 36.8% REO at 65 to 68% overall recovery were achieved through the LCT test work on the flotation-only beneficiation flowsheet. The locked-cycle test was carried out by SGS Canada at their Lakefield, ON, facility and utilized bulk sample material (~2.1% REO head grade) collected from an outcrop of the Ashram Deposit.

A locked-cycle test is an iterative laboratory-scale batch flotation test which recycles the tailings material between flotation stages to best simulate a continuous closed-circuit operating process plant. The test evaluates the influence of re-circulation on flotation recovery and is a laboratory test which provides more relevant data of anticipated commercial operation performance compared to a bench-scale test. The locked-cycle test also provides insight on potential buildup of reagents within a circuit and optimizes reagent dose rates. The locked-cycle test on Ashram whole rock was performed with nine (9) cycles using 1 kg of feed material stage-ground to 80% passing 25 μm (Figure 1, Figure 2, and Figure 3).

The LCT results (i.e., the high-grades of rare earth mineral concentrate) will be incorporated into a pending updated Preliminary Economic Assessment ("PEA") on the Ashram Rare Earth and Fluorspar Deposit, which remains on schedule for Q2-2025. The historical PEA completed in 2012 was based on a rare earth mineral concentrate grade of only 10% REO. Therefore, the simplified flotation-only flowsheet with more than triple the mineral concentrate grade is anticipated to have a significant positive impact on the pending PEA update.

A higher-grade mineral concentrate has the benefit of resulting in a smaller downstream hydromet plant size, smaller footprint, reduced reagent consumption, reduced shipping requirements, simpler logistics, and reduced overall technical and project risk. Further, Ashram's flotation-only mineral processing flowsheet will permit an operator to leverage the size of the deposit and optimize mining for effective recovery into a high-grade monazite dominant concentrate in order to significantly simplify and thereby reduce Project mineral processing and downstream hydromet capital and operating expenditures.

Variability testing and pilot plant testing is scheduled for the first half of 2025 as next steps. Additionally, following the positive LCT results, which further confirm the robustness of the flotation-only beneficiation flowsheet, the Company has initiated a program to evaluate fluorite recovery from the rare earth mineral concentrate tailings. Fluorspar (or fluorine) is recognized as a critical/strategic mineral by Canada, Europe, Japan, and the United States, and is also a key input into lithium-ion batteries.

Figure 1: The flotation locked-cycle test flowsheet. Each cycle consisted of a rougher flotation stage, three (3) cleaner flotation stages, and a 1st cleaner-scavenger stage. The three streams shown in red were recirculated from one cycle to the next (e.g. the 3rd cleaner concentrate from cycle A was fed to the 2nd cleaner of Cycle B).

Figure 2: Flotation of Ashram whole rock sample material in a 2-litre Denver cell.

Figure 3: Combined final locked-cycle test high-grade (>35% REO) rare earth flotation mineral concentrate

NI 43-101 Disclosure

Jordan Zampini, P.Eng., Process Manager – Montreal for DRA Americas Inc., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information, and verified the data, contained in this news release.

About The Ashram Deposit

The Ashram Deposit ranks as one of the largest REE deposits globally, consisting of a monazite-dominated, single mineralized body outcropping at surface, and has a footprint approximately 700 m along strike, over 300 m across, and 600 m deep, remaining open in several directions. Therefore, the deposit is envisioned to be an open-pit extraction operation at production, with a very low strip ratio. Coupled with a monazite rare earth mineralogy and strong NdPr distributions (>20%), these attributes allow for flexibility in flowsheet design, whereby a 60+% overall recovery of the NdPr into saleable product is significant.

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 DirectorsCOMMERCE RESOURCES CORP.

"Ross Carroll"

Ross CarrollPresident and DirectorTel: 604-484-2700Email: rcarroll@commerceresources.comWeb: http://www.commerceresources.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 that the results of the locked-cycle testing will be incorporated into a pending Preliminary Economic Assessment on the Ashram Project scheduled for Q2 of 2025; that variability testing and pilot plant testing is scheduled for the first half of 2025; that the Ashram Deposit is envisioned to be an open-pit extraction operation; ; that Ashram has the potential to become one of the largest fluorspar deposit and 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; and that the Company is exploring the potential of other high-value commodities on the Ashram Deposit such as niobium and phosphate minerals. 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 we may not be able to fully finance any additional exploration on the Ashram Deposit; that even if we are able raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; 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 Deposit may not all yield positive results, such as the possibility that future metallurgical variability testing is not guaranteed to confirm that the entirety of the deposit responds as has been demonstrated on the sample reported in this news release, and even if such tests are successful or initial sample results are positive, the economic and other outcomes 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 Deposit, conditions changing such that even if metals or minerals are discovered on the Ashram Deposit, the project may not be commercially viable; The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

ESTES PARK, CO / ACCESSWIRE / November 14, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) announces that it has closed the private placement announced on October 29, 2024 which consisted of the sale of 454,546 flow-through units (the "FT Units") at a price of $0.55 per FT Unit for gross proceeds of $250,000. Each FT Unit consisted of one flow-through common share and one share purchase warrant (each a "Warrant"), with each Warrant entitling the holder to purchase one additional common share at a price of $0.50 until November 13, 2026. All of the securities issued pursuant to this private placement, including any shares that may be issued pursuant to the exercises of the Warrants, are subject to a hold period in Canada until March 14, 2025.

Insiders subscribed for all of the FT Units. The participation of insiders in the private placement constituted a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 – "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). Taranis relied on exemptions from the formal valuation and minority shareholder approval requirements provided for under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the private placement did not exceed 25% of Taranis's market capitalization.

About Taranis and Thor

Taranis Resources Inc. 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 2km long epithermal deposit. This exploration uses modern geological models and state-of-the-art exploration tools including airborne magnetotellurics, magnetics and drill hole alteration geochemistry. The Company's exploration approach in the Silver Cup Mining District is that historic mines in the area are potentially underlain by comparatively large mineral deposits that do not outcrop at surface.

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 a 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.

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

Taranis currently has 100,082,187 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) 209-3049johnjgardiner@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 accesswire.com

Eastern Platinum (TSE:ELR) Third Quarter 2024 ResultsKey Financial Results

Revenue: US$11.0m (down 50% from 3Q 2023).
Net loss: US$3.39m (down by 209% from US$3.13m profit in 3Q 2023).
US$0.017 loss per share (down from US$0.015 profit in 3Q 2023).

TSX:ELR Earnings and Revenue History November 9th 2024

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

Eastern Platinum shares are down 10% from a week ago.

Risk Analysis

You should always think about risks. Case in point, we've spotted 3 warning signs for Eastern Platinum 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.

VANCOUVER, BC, Nov. 8, 2024 /CNW/ – Eastern Platinum Limited (TSX: ELR) (JSE: EPS) ("Eastplats" or the "Company") is pleased to report that it has filed its condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 and the corresponding management's discussion and analysis ("MD&A"). Below is a summary of the Company's financial results for the third quarter of 2024 ("Q3 2024") and for the nine months ended September 30, 2024 ("YTD 2024") in comparison to the same respective period in in 2023 ("Q3 2023" and "YTD 2023") (all amounts in USD unless specified):

Revenue for Q3 2024 decreased to $11.0 million (Q3 2023 – $21.8 million), representing a $10.8 million or 49.5% decrease. Revenue for YTD 2024 decreased to $45.5 million (YTD 2023 – $76.5 million), representing a $31.0 million or 40.5% decrease.
Mine operating income decreased by $8.0 million (or -114.3%) to a mine operating loss of $1.0 million in Q3 2024 (Q3 2023 – mine operating income of $7.0 million) as gross margin declined to -9.4% in Q3 2024 from 32.1% in Q3 2023. Mine operating income in YTD 2024 decreased by $15.1 million (or -63.4%) to $8.7 million (YTD 2023 – $23.8 million), resulting from a reduced gross margin of 19.1% in YTD 2024 from 31.1% in YTD 2023.
Eastplats incurred an operating loss of $5.7 million in Q3 2024 compared to operating income of $3.6 million in Q3 2023. Operating loss was $4.1 million in YTD 2024 compared to operating income of $15.8 million in YTD 2023.
Net loss attributable to equity shareholders was $3.4 million ($0.02 loss per share) in Q3 2024 versus net income attributable to equity shareholders of $3.1 million ($0.02 earnings per share) in Q3 2023. The decrease in Q3 2024 net income was largely attributable to lower chrome sales in the quarter offset by a decrease in finance costs and a foreign exchange gain in the period due to the strengthening of the South African Rand.
Net loss attributable to equity shareholders was $0.8 million ($0.00 loss per share) in YTD 2024 compared to net income attributable to equity shareholders of $10.4 million ($0.06 earnings per share) in YTD 2023. The decrease of YTD 2024 net income was mainly attributable to lower gross margins earned on year-to-date chrome sales offset by a decrease in finance costs and a foreign exchange gain in the period due to the strengthening of the South Africa Rand.

The Company had a working capital deficit (current assets less current liabilities) of $26.6 million as at September 30, 2024 (December 31, 2023 – working capital deficit of $15.5 million) and short-term cash resources of $8.5 million (consisting of cash, cash equivalents and short-term investments) (December 31, 2023 – $21.3 million).

Wanjin Yang, Chief Executive Officer and President of Eastplats commented, "We continue to ramp up tonnages at the Zandfontein underground section at the Crocodile River Mine to produce high grade PGM and metallurgical chrome concentrate. As we approach the end of 2024 and plan for 2025, we are focussed on improving recoveries and operating efficiently."

Operations

The Company derived revenue from the processing of PGM and chrome concentrates at the Crocodile River Mine ("CRM"). Eastplats' majority of revenue (approximately 84% and 92% for Q3 2024 and YTD 2024, respectively) is from chrome concentrate sales.

Retreatment Project – Chrome recovery

Summary of chrome production for the three and nine months ended September 30, 2024 and 2023:

	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Total Tailings Feed (Tons)	294,246	519,914	961,412	1,766,928
Average grade Cr concentrate	38.1 %	38.6 %	38.4 %	38.7 %
Tons of Cr concentrate	45,988	102,898	198,175	377,110

The Company continues the tailings storage facility ("TSF") wall building program, utilizing waste rock and paddocking, to raise the wall to facilitate continued depositing of reprocessed tailings. The reprocessing of the original CRM tailings (the "Retreatment Project") is expected to be completed by early 2025.

PGM Circuits

Summary of PGM production from processing historic tailings resource through the PGM circuits for the three and nine months ended September 30, 2024 and 2023:

	Q3 2024	Q3 2023	YTD 2024	YTD 2023
Tons of PGM concentrate	223	854	1,976	2,969
PGM ounces produced (6E)*	273	1,187	2,827	5,294

*PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can take up to three months

Year-over-year production decreased between Q3 2023 and Q3 2024 due to operational challenges in the current period, as lower grade sections of the TSF, containing vegetation and other impediments, were being processed.

Underground Operations

In Q3 2024, while commissioning of the processing plant continued, the Company began processing run-of-mine ("ROM") UG2 ore produced from the Zandfontein underground section at the CRM. A total of 75,000 tons of ROM ore was blasted up to October 1, 2024, with approximately 22,000 tons of the ROM ore processed in September.

Summary of PGM and chrome production from underground operations for the three and nine months ended September 30, 2024:

	Q3 2024	YTD 2024
Tons of chrome concentrate	4,354	4,354
Tons of PGM concentrate	242	242
PGM ounces produced (6E)*	1,211	1,211

*PGM 6E ounces are estimates until final exchanges and umpire results have been concluded, which can take up to three months.

Prior Period Restatement of Comparatives

Certain 2023 comparative numbers in the condensed interim consolidated financial statements and corresponding MD&A have been restated to show the impact of an error that was identified and reported during the 2023 year end process, as discussed below.

As discussed in the previous news release of May 3, 2024, in connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2023, an error was identified in the recognition of revenue related to a chrome concentrate sales transaction in the fourth quarter of 2022 which impacted the Company's previously filed audited consolidated financial statements for the year ended December 31, 2022 and its unaudited condensed interim consolidated financial statements up to and including the three and nine months ended September 30, 2023.

A sales transaction that was included in deferred revenue at the end of 2022 and recognized as revenue in the first quarter of 2023 should have been recognized in the fourth quarter of 2022 based on the fact that the Company had met all of its required performance obligations at the time, as supported by the underlying contract and bill of lading. Previously reported revenue for the first quarter of 2023 was overstated by $4.0 million, with associated adjustments in production costs, accumulated other comprehensive loss and deficit. These adjustments carried forward into the year-to-date figures reported as comparatives in the Company's quarterly financial statements.

The following table presents the effects of the restatement on the individual line items within the Company's unaudited Condensed Interim Consolidated Statement of Income, Condensed Interim Statement of Comprehensive Income, Condensed Interim Statement of Financial Position and Condensed Interim Consolidated Statements of Cash Flow, expressed in thousands of U.S. dollars, except for per share amounts.

	Nine months ended September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Revenue	80,501	(4,021)	76,480
Production costs	(50,197)	2,324	(47,873)
Mine operating income	25,490	(1,697)	23,793
Operating income	17,474	(1,697)	15,777
Net income for the period	12,125	(1,697)	10,428
Net income attributable to equity shareholders of the Company	12,134	(1,697)	10,437
Earnings per share, basic and diluted	0.07	(0.01)	0.06
Comprehensive income for the period	3,890	(1,766)	2,124

	As at September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Accumulated other comprehensive loss	(326,032)	(13)	(326,045)
Deficit	(840,110)	13	(840,097)

	Nine months ended September 30, 2023
	As previously reported	Adjustment	As restated
	$	$	$
Net changes in non-cash working capital items
Inventories	2,092	(2,324)	(232)
Deferred revenue	(4,677)	4,021	(656)

The Company's audited consolidated financial statements for the year ended December 31, 2023 reflected these changes. The unaudited interim consolidated financial statements and related financial information for the affected period contained in the Company's unaudited interim filings prior to August 12, 2024 should no longer be relied upon.

The Company has a primary listing on the Toronto Stock Exchange and a secondary listing on the JSE Limited.

The Company has filed the following documents, under the Company's profile on SEDAR+ at www.sedarplus.ca:

Condensed interim consolidated financial statements for the three and nine months ended September 30, 2024; and
Management's discussion and analysis for the three and nine months ended September 30, 2024.

The condensed interim consolidated financial statements for the three and nine months ended September 30, 2024 are available for download at https://www.eastplats.com/investors/quarterly-reports/F2024/ and are also available on the JSE's website at:

https://senspdf.jse.co.za/documents/2024/JSE/ISSE/EPS/Q324.pdf.

About Eastern Platinum Limited

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

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

Cautionary Statement Regarding Forward-Looking Information

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

In particular, this press release contains, without limitation, forward-looking statements pertaining to: completion of the original CRM tailings and improvement of PGM and chrome recoveries and operations. These forward-looking statements are based on assumptions made by and information currently available to the Company. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties and readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the beliefs, plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to, unanticipated problems that may arise in the Company's production processes, commodity prices, lower than expected grades and quantities of resources, need for additional funding and availability of such additional funding on acceptable terms, economic conditions, currency fluctuations, competition and regulations, legal proceedings and risks related to operations in foreign countries.

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

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

SOURCE Eastern Platinum Ltd.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/08/c4232.html

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common approach is to try and find a company with returns on capital employed (ROCE) that are increasing, in conjunction with a growing amount of capital employed. Ultimately, this demonstrates that it's a business that is reinvesting profits at increasing rates of return. However, after briefly looking over the numbers, we don't think Zimplats Holdings (ASX:ZIM) has the makings of a multi-bagger going forward, but let's have a look at why that may be.

Understanding Return On Capital Employed (ROCE)

For those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. To calculate this metric for Zimplats Holdings, this is the formula:

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

0.033 = US$75m ÷ (US$2.5b – US$245m) (Based on the trailing twelve months to June 2024).

Therefore, Zimplats Holdings has an ROCE of 3.3%. Ultimately, that's a low return and it under-performs the Metals and Mining industry average of 10%.

See our latest analysis for Zimplats Holdings

ASX:ZIM Return on Capital Employed November 8th 2024

Historical performance is a great place to start when researching a stock so above you can see the gauge for Zimplats Holdings' ROCE against it's prior returns. If you want to delve into the historical earnings , check out these free graphs detailing revenue and cash flow performance of Zimplats Holdings.

The Trend Of ROCE

On the surface, the trend of ROCE at Zimplats Holdings doesn't inspire confidence. Over the last five years, returns on capital have decreased to 3.3% from 13% five years ago. And considering revenue has dropped while employing more capital, we'd be cautious. If this were to continue, you might be looking at a company that is trying to reinvest for growth but is actually losing market share since sales haven't increased.

The Bottom Line On Zimplats Holdings' ROCE

From the above analysis, we find it rather worrisome that returns on capital and sales for Zimplats Holdings have fallen, meanwhile the business is employing more capital than it was five years ago. Yet despite these concerning fundamentals, the stock has performed strongly with a 99% return over the last five years, so investors appear very optimistic. Regardless, we don't feel too comfortable with the fundamentals so we'd be steering clear of this stock for now.

On a final note, we found 2 warning signs for Zimplats Holdings (1 is potentially serious) you should be aware of.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

Toronto, Ontario–(Newsfile Corp. – November 8, 2024) – CEO.CA Technologies Ltd. ("CEO.CA"), the leading investor social network in junior resource and venture stocks, shares exclusive updates with CEOs of junior mining explorers.

Founded in 2012, CEO.CA, a wholly owned subsidiary of EarthLabs, Inc., is one of the most popular free financial websites and apps in Canada and for investors globally – with industry leading audience engagement and mobile functionality. Millions of people visit CEO.CA each year to connect with investors from around the world, share knowledge and view impactful stories about stocks, commodities, and emerging companies.

Meet the Executives Shaping the Junior Landscape

'Inside the Boardroom' is more than just an interview series – it's a chance to gain firsthand knowledge from industry leaders, understanding their vision, challenges, and strategy.

This week, CEO.CA had the opportunity to sit down with Michael Rowley, President & CEO of Stillwater Critical Minerals to discuss their latest results at Stillwater West.Stillwater Critical Minerals(TSXV: PGE) (OTCQB: PGEZF)

Cannot view this video? Visit:https://www.youtube.com/watch?v=VeDmgLt1DpQ

Tune in to 'Inside the Boardroom' each week and be part of the conversation that's shaping the business landscape. Visit CEO.CA or our YouTube page for hundreds more executive interviews from CEO.CA here.

Interested in showcasing your company on 'Inside the Boardroom'? Get in touch with our team at james@ceo.ca for further details and opportunities.About CEO.CA

The leading community for investors & traders in junior resource & venture stocks. CEO.CA is one of the most popular free financial websites and apps in Canada and for small-cap investors globally — with industry leading audience engagement and mobile functionality. Since 2012, CEO.CA has brought millions of investors together from over 164 countries to discuss their portfolio holdings and find new investment opportunities. Download our App on iOS or Android marketplace or visit us today at CEO.CA to set up your free account.

CEO.CA is a wholly owned subsidiary of EarthLabs, Inc.

For further information please contact:

CEO.CAEmail: james@ceo.caWebsite: CEO.CA

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

Cautionary Statement

The information regarding any issuer contained or referred to in any interviews conducted by CEO.CA has been furnished by such issuer directly, and neither CEO.CA nor any of its affiliates or principals assumes any responsibility for the accuracy or completeness of such information or for any failure by an issuer to ensure disclosure of events or facts which may affect the significance or accuracy of any such information.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the objectives, goals, future plans, statements regarding exploration results and exploration and/or development plans of companies featured on the CEO.CA platform. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects, currency risk and the other risks involved in the applicable exploration and development industry, and those risks set out in the public documents of such companies filed on SEDAR or elsewhere from time to time. Undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. CEO.CA disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229260

Investors in FMC Corporation FMC need to pay close attention to the stock based on moves in the options market lately. That is because the Nov 15, 2024 $40.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?

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

What do the Analysts Think?

Clearly, options traders are pricing in a big move for FMC shares, but what is the fundamental picture for the company? Currently, FMC is a Zacks Rank #3 (Hold) in the Agriculture – Operations industry that ranks in the Bottom 43% of our Zacks Industry Rank. Over the last 60 days, one analyst has increased the earnings estimates for the current quarter, while three have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from earnings of $1.71 per share to $1.67 in that period.Given the way analysts feel about FMC right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Looking to Trade Options?

Check out the simple yet high-powered approach that Zacks Executive VP Kevin Matras has used to close recent double and triple-digit winners. In addition to impressive profit potential, these trades can actually reduce your risk.Click to see the trades now >>

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

To read this article on Zacks.com click here.

Zacks Investment Research

Highlights include 21m at 9.34g/t PGM+Au, 116m at 1.59g/t PGM+Au,5m at 16.40g/t PGM+Au, and 42m at 2.41g/t PGM+Au, 0.12% Ni

VANCOUVER, BC, Nov. 5, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") received assay results from twenty-five diamond drill holes ("DDH") from its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga deposit" or "Luanga PGM+Au+Ni deposit"), located in the Carajás Mineral Province, state of Pará, Brazil.

"Today's drilling results mark another step forward as Bravo progresses towards completing the 2024 PGM definition drilling program to support future MRE updates. These results continue to intercept high grades over thick intersections, including those in the Oxide and Low Sulphide zones that have high platinum to palladium ratios.", said Luis Azevedo, Chairman and CEO. "The Luanga Project's consistent delivery of robust results and advancements across various potential development tracks solidify its position as a leading candidate to become a major new Western supplier of these essential metals through market cycles and away from sources affected by geopolitical risks and deep operational challenges. The Project's potential benefits from the substantial infrastructure of the Carajás District, including cost-effective hydro power as well as ready access to power lines, highways, rail, water, labour, and suppliers."

Highlights Include:

Infill and extensional drilling in the Central Sector continue to reveal improved mineralized grades and thicknesses as compared to previous 100m spaced sections.
Much of the mineralization intersected in the new drilling lies within 150m of surface and remains open for further extension to depth.
Drilling in the North Sector of the Luanga deposit continues to demonstrate high-grade supergene mineralization in the oxide zone (e.g. 21m at 9.34g/t PGM+Au in DDH24LU264) and wide zones of mineralization in the fresh rock (e.g. 116m at 1.59g/t PGM+Au in DDH24LU266).
Drilling at T5 target continues to extend mineralization eastward. Testing of the Bore Hole Electromagnetic ("BHEM") anomaly at T1 will commence soon, as well as drill testing of a new copper/gold target west of T5.

HOLE-ID	From (m)	To (m)	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE	Sector
HOLE-ID	From (m)	To (m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE	Sector
DDH24LU264	0.00	21.00	21.00	1.05	8.14	0.08	0.07	9.34	NA	Ox	North
DDH24LU265	128.30	164.60	36.30	0.45	1.36	0.04	0.01	1.87	0.01	FR/LS	North
And	201.60	228.60	27.00	1.64	0.93	0.18	0.04	2.78	0.07	FR	North
DDH24LU266	29.70	146.00	116.30	0.54	1.01	0.03	0.01	1.59	0.02	FR	North
DDH24LU269	49.65	54.65	5.00	10.46	5.09	0.77	0.08	16.40	0.04	FR	Central
DDH24LU271	69.20	81.20	12.00	2.09	0.92	0.14	0.01	3.16	0.12	FR	Central
DDH24LU275	25.80	46.90	21.10	2.34	0.81	0.15	0.03	3.33	0.10	FR	Central
DDH24LU277	86.90	89.90	3.00	22.13	8.56	1.01	0.06	31.65	0.03	FR	Central
And	175.90	179.90	4.00	3.21	13.93	0.62	0.01	17.77	0.02	FR/LS	Central
DDH24LU278	23.00	27.00	4.00	4.13	2.18	0.31	0.03	6.64	0.02	FR	Central
DDH24LU280	150.50	184.50	34.00	1.71	0.56	0.08	0.17	2.52	0.29	FR	Central
DDH24LU281	102.80	142.80	40.00	1.43	0.51	0.07	0.14	2.16	0.23	FR	Central
DDH24LU282	170.65	213.30	42.65	1.67	0.61	0.09	0.04	2.41	0.28	FR	Central

Notes: All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material. Given the orientation of drilling and mineralization, intercepts are estimated at 115% to 135% of true thickness in the Central Sector, and 135% to 155% of true thickness in the North Sector. Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization. * Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays.

Luanga Drilling Update

Results from twenty-five diamond drill holes have been received, eight from the North Sector and seventeen from the Central Sector of the Luanga PGM+Au+Ni deposit. All the drill holes reported herein are angled holes (-60 degrees), towards an azimuth of 090° in the North Sector and 330° in the Central sector. Together, this set of drill holes comprise a total of 4,994.6 metres of diamond drilling.

Section 1 (Figure 1) in the Central Sector shows an infill section, with DDH24LU282 being the deepest drill hole on the section, exhibiting a wide zone of mineralization, open at depth, within 150m from surface, and consistently increasing in grade from DDH23LU230 to DDH24LU237 to DDH24LU282. These results continue to support the mineralization defined on Bravo's earlier 100m spaced sections. This work continues to bode well for potential future project studies.

Figure 1: Central Sector (Section 1 on Figure 4). Mineralized Grades and thicknesses continue to increase with depth. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) shows infill hole DDH24LU280, in the Central Sector, aimed at increasing classification confidence in the next MRE update. Drilling also shows mineralized grades and thicknesses that are similar to, or better than, drilling from earlier Bravo phases on either side of this drill hole (DDH23LU058 and DDH23LU136). Trenching (TRC24LU031A/B) on this section also demonstrates the more significant volume of near surface oxide mineralization (due to dispersion) compared to more discrete thicknesses intersected by drilling in the fresh rock below. These results will support future Mineral Resource Estimate ("MRE") updates.

Figure 2: Central Sector (Section 2 on Figure 4). Infill drilling continues to support previous drilling results by Bravo. (CNW Group/Bravo Mining Corp.)

Section 3 (Figure 3) is an infill section in the Central Sector. Drilling (DDH24LU275, and DDH22LU059) also shows clear evidence of better mineralized grades and thicknesses compared to historic drilling (PPT-LUAN-FD0121) between the Bravo drill holes, again with mineralization defined to date less to ~150m from surface and still open at depth.

Figure 3: Central Sector (Section 3 on Figure 4). Better mineralized grades and thicknesses compared to historic drilling. (CNW Group/Bravo Mining Corp.)

HeliTEM (Helicopter borne EM) and Copper/Gold Exploration Update

Exploration is progressing on both BHEM targets and HeliTEM targets. Drilling continues at T5, the previously reported massive sulphide Cu-Ni discovery (see news release dated May 28, 2024), expanding mineralization to the east. Drilling to follow up BHEM at T1 will commence soon, along with drill testing of a new copper target located west of T5.

Drill Results Status Update

A total of 338 drill holes have been completed by Bravo to date, for 72,006 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 297 Bravo drill holes to date. Assay results for 33 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes). A total of 42 trenches have been completed to date (for 8,317 metres), with results for 37 trenches reported and results for 5 trenches pending.

Complete Table of Recent Intercepts.

HOLE-ID	From	To	Thickness (m)	Pd	Pt	Rh	Au	PGM + Au	Ni* (%) Sulphide	TYPE
HOLE-ID	(m)	(m)	Thickness (m)	(g/t)	(g/t)	(g/t)	(g/t)	(g/t)	Ni* (%) Sulphide	TYPE
DDH24LU260	119.90	123.90	4.00	2.68	4.24	2.22	0.52	9.66	0.01	FR/LS
DDH24LU261	0.00	41.50	41.50	0.44	0.77	0.03	0.01	1.24	NA	Ox
And	53.90	73.90	20.00	0.27	0.59	0.08	<0.01	0.94	0.02	FR/LS
And	88.90	90.90	2.00	0.31	0.89	0.13	0.01	1.34	0.02	FR/LS
And	111.90	113.90	2.00	0.95	2.53	0.49	0.02	4.00	0.02	FR/LS
And	181.90	192.90	11.00	0.39	0.23	0.04	0.01	0.66	0.03	FR
DDH24LU262	0.00	35.00	35.00	0.33	0.68	0.03	0.01	1.05	NA	Ox
And	35.00	49.00	14.00	0.16	0.46	0.05	0.01	0.66	0.01	FR/LS
And	58.00	63.00	5.00	1.16	4.61	0.92	0.03	6.71	0.02	FR/LS
And	146.00	152.00	6.00	0.91	2.62	0.42	0.15	3.96	0.15	FR
DDH24LU263	0.00	29.90	29.90	0.64	0.68	0.02	<0.01	1.34	NA	Ox
And	62.50	68.55	6.05	0.35	0.76	0.03	0.01	1.15	0.01	FR/LS
And	72.55	104.60	32.05	0.27	0.60	0.04	<0.01	0.91	0.01	FR/LS
And	147.60	151.60	4.00	0.64	0.63	0.11	0.03	1.40	0.14	FR
And	177.60	192.60	15.00	0.39	0.18	0.02	0.05	0.64	0.09	FR
DDH24LU264	0.00	21.00	21.00	1.05	8.14	0.08	0.07	9.34	NA	Ox
And	31.25	85.30	54.05	0.37	0.71	0.02	<0.01	1.10	0.01	FR/LS
DDH24LU265	128.30	164.60	36.30	0.45	1.36	0.04	0.01	1.87	0.01	FR/LS
And	201.60	228.60	27.00	1.64	0.93	0.18	0.04	2.78	0.07	FR
DDH24LU266	0.00	7.85	7.85	0.30	1.01	0.04	0.01	1.35	NA	Ox
And	29.70	146.00	116.30	0.54	1.01	0.03	0.01	1.59	0.02	FR
And	186.00	194.00	8.00	0.59	0.42	0.08	0.01	1.10	0.10	FR
DDH24LU267	67.00	92.00	25.00	0.21	0.49	0.03	<0.01	0.73	0.01	FR
And	236.80	242.80	6.00	0.54	0.37	0.05	<0.01	0.97	0.06	FR
And	269.80	277.80	8.00	0.23	0.10	0.04	<0.01	0.37	0.21	FR
DDH24LU268	0.00	12.00	12.00	0.31	0.62	0.07	0.01	1.02	NA	Ox
DDH24LU269	49.65	54.65	5.00	10.46	5.09	0.77	0.08	16.40	0.04	FR
And	107.30	149.30	42.00	0.31	0.25	<0.01	<0.01	0.57	0.03	FR
DDH24LU270	47.00	88.00	41.00	0.27	0.22	0.01	<0.01	0.51	0.02	FR
DDH24LU271	0.00	5.15	5.15	0.84	0.33	0.03	0.03	1.25	NA	FR
And	69.20	81.20	12.00	2.09	0.92	0.14	0.01	3.16	0.12	FR
And	181.20	249.20	68.00	0.31	0.29	0.01	<0.01	0.61	0.02	FR
DDH24LU272	0.00	2.70	2.70	0.49	0.29	0.06	0.02	0.87	NA	Ox
And	20.10	28.35	8.25	0.44	0.18	0.03	0.02	0.67	NA	Ox
And	31.00	38.00	7.00	1.01	0.41	0.08	0.03	1.54	0.19	FR
And	48.00	58.00	10.00	1.48	0.54	0.09	0.18	2.29	0.21	FR
And	136.00	191.00	55.00	0.34	0.31	0.01	<0.01	0.66	0.01	FR
DDH24LU273	0.00	12.75	12.75	1.21	0.49	0.08	0.02	1.80	NA	Ox
And	86.60	110.60	24.00	0.29	0.24	0.01	<0.01	0.53	0.01	FR
And	122.60	125.60	3.00	0.20	0.61	0.10	<0.01	0.92	0.01	FR/LS
DDH24LU274	0.00	6.00	6.00	0.33	0.21	0.01	0.01	0.56	NA	Ox
And	20.50	52.70	32.20	0.32	0.26	0.01	<0.01	0.59	0.01	FR
DDH24LU275	0.00	5.80	5.80	0.50	0.34	0.05	0.03	0.92	NA	Ox
And	25.80	46.90	21.10	2.34	0.81	0.15	0.03	3.33	0.10	FR
And	131.90	174.90	43.00	0.31	0.24	0.01	<0.01	0.57	0.02	FR
DDH24LU276	0.00	4.00	4.00	0.60	0.26	0.03	0.01	0.89	NA	Ox
And	84.50	96.50	12.00	0.33	0.20	0.01	<0.01	0.54	0.02	FR
DDH24LU277	0.00	1.79	1.79	0.49	0.22	0.28	0.02	1.01	NA	FR
And	75.90	80.90	5.00	0.67	0.39	0.04	0.02	1.11	0.05	FR
And	86.90	89.90	3.00	22.13	8.56	1.01	0.06	31.65	0.03	FR
And	149.90	161.90	12.00	0.18	0.38	0.01	0.01	0.58	0.01	FR/LS
And	175.90	179.90	4.00	3.21	13.93	0.62	0.01	17.77	0.02	FR/LS
DDH24LU278	14.00	17.00	3.00	2.28	0.93	0.16	0.02	3.38	NA	Ox
And	23.00	27.00	4.00	4.13	2.18	0.31	0.03	6.64	0.02	FR
And	120.50	126.77	6.27	0.20	0.33	0.01	0.01	0.54	0.01	FR
DDH24LU279	39.50	44.50	5.00	0.35	0.33	0.01	0.01	0.69	0.02	FR
DDH24LU280	107.95	112.75	4.80	0.59	0.20	0.03	0.06	0.88	0.31	FR
And	150.50	184.50	34.00	1.71	0.56	0.08	0.17	2.52	0.29	FR
And	206.50	237.50	31.00	0.25	0.24	<0.01	0.01	0.51	0.02	FR
DDH24LU281	15.90	19.60	3.70	0.60	0.26	<0.01	0.32	1.18	NA	Ox
And	56.80	60.80	4.00	0.45	0.15	<0.01	0.09	0.68	0.19	FR
And	63.80	66.80	3.00	0.61	0.24	<0.01	0.11	0.97	0.12	FR
And	79.80	87.80	8.00	0.29	0.11	0.01	0.10	0.50	0.11	FR
And	93.80	96.80	3.00	0.23	0.10	0.01	0.02	0.36	0.20	FR
And	102.80	142.80	40.00	1.43	0.51	0.07	0.14	2.16	0.23	FR
And	146.80	171.80	25.00	0.24	0.22	0.02	0.01	0.47	0.02	FR
DDH24LU282	170.65	213.30	42.65	1.67	0.61	0.09	0.04	2.41	0.28	FR
And	218.30	252.30	34.00	0.32	0.23	0.01	0.01	0.57	0.01	FR
And	295.30	299.30	4.00	1.80	1.75	0.27	0.14	3.97	0.04	FR
And	306.30	310.30	4.00	0.15	0.40	0.02	<0.01	0.61	0.02	FR
DDH24LU283	22.10	27.80	5.70	0.60	0.23	0.02	0.01	0.86	0.01	FR
DDH24LU284	109.38	113.97	4.59	0.25	0.31	0.01	<0.01	0.57	0.01	FR

Notes:	All 'From', 'To' depths, and 'Thicknesses' are downhole. 'NA' Not applicable for Oxide material.
	Given the orientation of drilling and mineralization, intercepts are estimated at 115% to 135% of true thickness in the Central Sector, and 135% to 155% of true thickness in the North Sector.
	Type: Ox = Oxide. FR = Fresh Rock. LS = Low Sulphide. Recovery methods and results will differ based on the type of mineralization.
	* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 4: Location of Bravo Drilling and Sections Reported in this News Release (CNW Group/Bravo Mining Corp.)

About Bravo Mining Corp.

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

The Luanga Project is situated on mature freehold farming land and benefits from being in a location close to operating mines and a mining-experienced workforce, with excellent access and proximity to existing infrastructure, including road, rail, and clean renewable hydro grid power. A fully funded +70,000 infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 high-value trees in the project area, hiring and contracting locally, and ensuring protection of the environment during its exploration activities.

Technical Disclosure

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

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

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 "continues", "significant", "critical", "undoubtedly", "robust", "potential", "solidify", "essential", "substantial", "improved", "further extension", "high-grade", "consistently increasing", "better", "wide", "bode well", variants of these words and other similar words, phrases, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing drill program and the results thereof; comparisons to historical and/or prior Bravo drilling; the potential for extensions to mineralization at depth; the potential for greater thicknesses and/or higher grades at depth; the impact of current and future drilling on future mineral resource estimates, after taking into account other modifying factors; whether or not the mineralization is amenable to open pit mining and, if so, to what extent; potential economic outcomes, including strip ratios, in 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 to depth, that PGM and/or Ni grades and mineralized thicknesses are improving to depth; that final drill and assay results will be in line with management's expectations; that activities will not be adversely disrupted or impeded by regulatory, political, community, economic, environmental and/or healthy and safety risks; that the Luanga Project will not be materially affected by potential supply chain disruptions; and general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Schedule 1: Drill Hole Collar Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Depth (m)	Azimuth	Dip	Sector
DDH24LU260	Bravo	659449.835	9343124.194	258.596	SIRGAS2000_UTM_22S	165.25	90.00	-60.00	North
DDH24LU261	Bravo	659398.590	9343123.961	255.949	SIRGAS2000_UTM_22S	245.40	90.00	-60.00	North
DDH24LU262	Bravo	659539.417	9342814.041	273.110	SIRGAS2000_UTM_22S	190.60	90.00	-60.00	North
DDH24LU263	Bravo	659451.586	9342974.382	267.848	SIRGAS2000_UTM_22S	260.55	90.00	-60.00	North
DDH24LU264	Bravo	659387.575	9343074.446	252.390	SIRGAS2000_UTM_22S	160.35	90.00	-60.00	North
DDH24LU265	Bravo	659297.480	9343074.500	237.800	SIRGAS2000_UTM_22S	260.30	90.00	-60.00	North
DDH24LU266	Bravo	659356.430	9343124.000	249.810	SIRGAS2000_UTM_22S	245.75	90.00	-60.00	North
DDH24LU267	Bravo	659655.160	9342616.070	254.510	SIRGAS2000_UTM_22S	350.35	90.00	-60.00	North
DDH24LU268	Bravo	658508.010	9340906.000	235.950	SIRGAS2000_UTM_22S	105.70	330.00	-60.00	Central
DDH24LU269	Bravo	658730.170	9340927.830	237.050	SIRGAS2000_UTM_22S	165.80	330.00	-60.00	Central
DDH24LU270	Bravo	658731.530	9341015.780	229.700	SIRGAS2000_UTM_22S	100.45	330.00	-60.00	Central
DDH24LU271	Bravo	658755.370	9340883.910	238.040	SIRGAS2000_UTM_22S	250.20	330.00	-60.00	Central
DDH24LU272	Bravo	658655.830	9340855.020	245.410	SIRGAS2000_UTM_22S	205.45	330.00	-60.00	Central
DDH24LU273	Bravo	658630.870	9340898.340	242.680	SIRGAS2000_UTM_22S	150.15	330.00	-60.00	Central
DDH24LU274	Bravo	658604.230	9340944.550	238.180	SIRGAS2000_UTM_22S	100.10	330.00	-60.00	Central
DDH24LU275	Bravo	658693.880	9340890.480	239.010	SIRGAS2000_UTM_22S	185.35	330.00	-60.00	Central
DDH24LU276	Bravo	658700.910	9340978.290	237.550	SIRGAS2000_UTM_22S	105.55	330.00	-60.00	Central
DDH24LU277	Bravo	658830.010	9340945.250	239.620	SIRGAS2000_UTM_22S	220.75	330.00	-60.00	Central
DDH24LU278	Bravo	658802.200	9340993.410	230.410	SIRGAS2000_UTM_22S	150.25	330.00	-60.00	Central
DDH24LU279	Bravo	658774.840	9341040.260	221.600	SIRGAS2000_UTM_22S	85.10	330.00	-60.00	Central
DDH24LU280	Bravo	658485.620	9340648.530	283.830	SIRGAS2000_UTM_22S	295.10	330.00	-60.00	Central
DDH24LU281	Bravo	658333.870	9340511.980	280.550	SIRGAS2000_UTM_22S	275.20	330.00	-60.00	Central
DDH24LU282	Bravo	658405.280	9340488.590	285.330	SIRGAS2000_UTM_22S	340.25	330.00	-60.00	Central
DDH24LU283	Bravo	658090.780	9340435.240	232.570	SIRGAS2000_UTM_22S	180.45	330.00	-60.00	Central
DDH24LU284	Bravo	658051.730	9340402.830	245.820	SIRGAS2000_UTM_22S	200.20	330.00	-60.00	Central

Schedule 2: Assay Methodologies and QAQC

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

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

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

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

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/05/c7866.html

If you're looking for a multi-bagger, there's a few things to keep an eye out for. In a perfect world, we'd like to see a company investing more capital into its business and ideally the returns earned from that capital are also increasing. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. So when we looked at Eastern Platinum (TSE:ELR) and its trend of ROCE, we really liked what we saw.

Return On Capital Employed (ROCE): What Is It?

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

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

0.083 = US$7.9m ÷ (US$164m – US$69m) (Based on the trailing twelve months to June 2024).

So, Eastern Platinum has an ROCE of 8.3%. On its own that's a low return, but compared to the average of 3.3% generated by the Metals and Mining industry, it's much better.

See our latest analysis for Eastern Platinum

TSX:ELR Return on Capital Employed November 4th 2024

While the past is not representative of the future, it can be helpful to know how a company has performed historically, which is why we have this chart above. If you're interested in investigating Eastern Platinum's past further, check out this free graph covering Eastern Platinum's past earnings, revenue and cash flow.

What The Trend Of ROCE Can Tell Us

It's great to see that Eastern Platinum has started to generate some pre-tax earnings from prior investments. Historically the company was generating losses but as we can see from the latest figures referenced above, they're now earning 8.3% on their capital employed. At first glance, it seems the business is getting more proficient at generating returns, because over the same period, the amount of capital employed has reduced by 37%. This could potentially mean that the company is selling some of its assets.

On a side note, we noticed that the improvement in ROCE appears to be partly fueled by an increase in current liabilities. The current liabilities has increased to 42% of total assets, so the business is now more funded by the likes of its suppliers or short-term creditors. Given it's pretty high ratio, we'd remind investors that having current liabilities at those levels can bring about some risks in certain businesses.

Our Take On Eastern Platinum's ROCE

From what we've seen above, Eastern Platinum has managed to increase it's returns on capital all the while reducing it's capital base. Astute investors may have an opportunity here because the stock has declined 33% in the last five years. So researching this company further and determining whether or not these trends will continue seems justified.

Eastern Platinum does have some risks though, and we've spotted 2 warning signs for Eastern Platinum that you might be interested in.

If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity.

PHILADELPHIA, Nov. 1, 2024 /PRNewswire/ —

FMC Corporation (NYSE:FMC) and Environmental Science U.S. LLC, known as Envu, today announced the successful completion of the sale of FMC's Global Specialty Solutions (GSS) business to Envu. The companies announced the signing of a definitive acquisition agreement on July 11, 2024, and have now satisfied all necessary conditions and regulatory approvals.

The divestiture of GSS, which includes a line of products that serve a diverse mix of non-crop markets such as golf courses, professional sports stadiums and pest control, is a key step in FMC's strategic plan to focus solely on innovating products and services for the global crop protection market.

"The successful sale of our GSS business to Envu marks an important milestone for FMC," said Pierre Brondeau, FMC Chairman and CEO. "This transaction enables us to further sharpen our focus on our core agricultural business while ensuring the GSS business and employees have the right partner in Envu to support their continued growth and success. We look forward to our ongoing collaboration with Envu to ensure a smooth transition and drive innovation in the non-crop market."

As part of the agreement, FMC will work with Envu through the companies' transition period and will remain a contracted supplier of key products and actives. This ongoing collaboration will support a seamless transition for customers and employees while allowing Envu continued access to innovation.

"This is a very exciting day for Envu, and we believe for our customers as well," said Gilles Galliou, Envu CEO. "Now that the deal is closed, we will move quickly to begin integrating the GSS team and exploring ways that we can leverage our collective strengths to deliver more innovation and more value for our customers. We look forward to continuing to collaborate with FMC as a trusted supplier and partner."

FMC intends to allocate all proceeds from the sale to debt reduction.

About FMC

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

About Envu

Envu was founded in 2022, a company built on years of environmental science experience, for the sole purpose of advancing healthy environments for everyone, everywhere. Envu offers dedicated services in: Professional Pest Management, Forestry, Ornamentals, Golf, Industrial Vegetation Management, Lawn & Landscape, Mosquito Management, and Range & Pasture. Envu collaborates with customers to design innovative solutions that meet their requirements today and well into the future. The Envu portfolio consists of over 180 trusted and well-known brands. The company employs 900 people, operates in 100 countries, and has four global innovation hubs. For additional information, visit www.envu.com.

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

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

We specifically decline to undertake any obligation, and specifically disclaims any duty, to publicly update or revise any forward-looking statements that have been made to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as may be required by law.

Envu (PRNewsfoto/FMC Corporation)Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-and-envu-complete-the-sale-of-fmcs-global-specialty-solutions-business-302294119.html

SOURCE FMC Corporation

FMC (NYSE:FMC) Third Quarter 2024 ResultsKey Financial Results

Revenue: US$1.07b (up 8.5% from 3Q 2023).
Net income: US$65.9m (up by US$61.1m from 3Q 2023).
Profit margin: 6.2% (up from 0.5% in 3Q 2023).
EPS: US$0.53 (up from US$0.038 in 3Q 2023).

earnings-and-revenue-growth

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

FMC Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) missed analyst estimates by 2.6%.

Looking ahead, revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Chemicals industry in the US.

Performance of the American Chemicals industry.

The company's shares are up 7.3% from a week ago.

Risk Analysis

It's necessary to consider the ever-present spectre of investment risk. We've identified 3 warning signs with FMC (at least 2 which don't sit too well with us), and understanding them should be part of your investment process.

Sales Growth: 9% overall growth, with organic sales growth of 12%.
Volume Growth: 17% increase, led by Brazil and the US.
North America Sales Increase: 48% due to strong volume growth.
Latin America Sales Growth: 8% with 15% growth excluding currency impacts.
Asia Sales Decline: 10% decrease, primarily due to lower sales in India.
Adjusted EBITDA Growth: 15% year-over-year increase.
Cost Savings Target: $125 million to $150 million in 2024, with a gross run rate of over $225 million in 2025.
Interest Expense: $58.7 million for the third quarter, down nearly $6 million from the prior year.
Effective Tax Rate: 11.8% for the third quarter, with a full-year range of 13% to 15%.
Gross Debt: Approximately $4.1 billion as of September 30, down $110 million from the prior quarter.
Free Cash Flow: $132 million in the third quarter, an improvement of $100 million from the prior year period.
Full Year Free Cash Flow Expectation: $400 million to $500 million for 2024.

Warning! GuruFocus has detected 7 Warning Signs with FMC.

Release Date: October 30, 2024

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

Positive Points

FMC Corp (NYSE:FMC) reported strong third-quarter sales growth of 9%, with organic sales growth of 12%, driven by volume increases in Brazil and the US.
North America outperformed expectations, with a 48% increase in sales due to strong volume growth and increased orders from diamide partners.
New products, including fluindapyr and Isoflex, are showing strong growth potential, with expected combined sales of over $100 million in the second half of the year.
The company is accelerating cost savings initiatives, targeting $125 million to $150 million in savings for 2024, with a gross run rate of over $225 million in 2025.
FMC Corp (NYSE:FMC) confirmed its full-year guidance, expecting fourth-quarter sales growth of 19% at the guidance midpoint, driven by new product introductions and cost benefits from restructuring.

Negative Points

Latin America faced unexpected challenges, particularly in Brazil and Argentina, due to delayed rains, increased borrowing rates, and the bankruptcy of a large customer.
Pricing pressures were significant, with about two-thirds of the total company price decline attributed to Brazil and Argentina.
Asia experienced a 10% sales decline, primarily due to lower sales in India as the country continues to work through excess channel inventory.
FMC Corp (NYSE:FMC) anticipates continued FX headwinds, particularly from the Brazilian real, impacting revenue growth.
The company expects a mid-single-digit price headwind in the fourth quarter due to ongoing challenging market conditions, especially in Asia and Latin America.

Q & A Highlights

Q: Can you provide an update on the 2025 revenue growth outlook and cost favorability? A: Pierre Brondeau, CEO, stated that FMC is targeting around 6% revenue growth for 2025, assuming flat pricing and no FX impact. The company anticipates stronger cost savings, leaning towards the higher end of the $150 million to $200 million range previously discussed.

Q: How is the situation in Latin America, and what factors contributed to the weaker-than-expected performance in Q3? A: Pierre Brondeau explained that Latin America’s challenges were due to delayed rains, increased borrowing rates, and the bankruptcy of a large customer in Brazil. FMC is focusing on maintaining market share, which has led to pricing adjustments.

Q: Can you elaborate on the pricing trajectory for diamides and non-diamides? A: Pierre Brondeau noted that pricing pressure is linked to market conditions, with the strongest correlation being the state of the channel. Diamides face less pricing pressure in regions with strong patent protection, and FMC expects price pressure to ease as markets normalize, potentially by the second half of 2026.

Q: What is the status of FMC’s R&D cost reduction, and is it sustainable? A: Pierre Brondeau stated that the R&D cost reduction is sustainable, achieved through improved decision-making processes, better screening tools, and increased coordination between central and regional R&D to avoid duplication and create synergies.

Q: How is FMC positioned in terms of production capacity to meet potential demand increases? A: Pierre Brondeau confirmed that FMC has sufficient production capacity and raw material supply to meet demand increases, and the company is not concerned about capacity constraints as the market recovers.

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

This article first appeared on GuruFocus.

Participants

Curt Brooks; Director of Investor Relations; FMC Corp

Pierre Brondeau; Chairman and Chief Executive Officer; FMC Corp

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

Ronaldo Pereira; President; FMC Corp

Joel Jackson; Analyst; BMO Capital Markets

Aleksey Yefremov; Analyst; KeyBanc Capital Markets Inc

Kevin McCarthy; Analyst; Vertical Research Partners, LLC

Stephen Byrne; Analyst; BofA Securities

Laurent Favre; Analyst; BNP Paribas Exane

Josh Spector; Analyst; UBS Investment Bank

Christopher Parkinson; Analyst; Wolfe Research

Vincent Andrews; Analyst; Morgan Stanley

Jeffrey Zekauskas; Analyst; JPMorgan Chase & Co

Laurence Alexander; Analyst; Jefferies

Patrick Cunningham; Analyst; Citigroup Inc

Presentation

Operator

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

Curt Brooks

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

Pierre Brondeau

Thank you, Curt, and good morning, everyone. Before we get into the details of the third quarter and the forward guidance, I want to start by giving an overview of the company's performance and our view of the current market conditions. Overall, we reported a strong third quarter with growth at the top and bottom line. The quarter unfolded mostly as expected in Europe and Asia. However, we operated in a weaker-than-expected market landscape in Latin America, which was offset by a stronger-than-anticipated performance in North America. Latin America faced some unanticipated challenges this quarter, but we still delivered growth. Markets in Brazil and Argentina were more challenging than expected due to the delayed rains and increased borrowing rates. The bankruptcy of a large customer in Brazil added specific challenges for FMC. Given that we believe we are only a couple of quarters away from a more normal market situation, we decided to take pricing actions to maintain our market position. In fact, about 2/3 of the total company price decline in the quarter came from Brazil and Argentina. The rest of the region performed at or above expectations. While conditions are improving, it is clear that Latin America has not yet emerged from the down cycle as distributors and growers continue to manage their inventories carefully. On the other hand, North America performance was stronger than expected. More than half of the regional sales growth was due to increased order by diamide partners. I would add a note of clarification here. While the sales to these partners are recognized in North America, the final product is not always sold by the partner in that region. This creates the potential for North America sales to appear higher at the expense of other regions. The North America region also benefited from distributors shifting purchases from Q4 into Q3 in response to lower-than-expected inventory levels in the channel. On the product line front, sales appear one of our two diamide products reported growth in every region and was the fastest-growing molecule with 58% higher sales than the prior year. Strong branded sales (inaudible) sales and increased orders from the partners led to the diamides outperforming the overall portfolio. As we mentioned on the Q2 earnings call, the performance of new products is critical to a second half growth expectation. These products include new formulations of diamides as well as two of the four new — of the four brand new active ingredients we highlighted during our Q2 earnings call. Fluindapyr based from fungicide and herbicide containing Isoflex active are already receiving strong interest and demonstrating their growth potential. We expect combined sales of fluindapyr and Isoflex based products to reach over $100 million in sales in the second half of the year. The launch of fluindapyr especially important as fungicides are product category in which FMC has historically been underway. These products are opening up new markets for FMC. As I mentioned earlier, we saw more challenging markets than expected in Latin America, especially Brazil and Argentina. With expected channel inventory improvement on the horizon, we made the conscious decision to protect our market share in those countries even if it created price pressure beyond what was forecasted. This strategy is validated by North America, where price pressure was the lowest this quarter as its channel normalized. Looking ahead, our view on the time line of channel inventory recoveries is relatively unchanged from what we communicated during our August earnings call. The US and most countries in Europe are normalizing the fastest and Latin America is expected to be much improved in the second quarter of 2025. Asia markets are still expected to be challenging in 2025, with no recovery expected until 2026 as India continues to work through excess channel inventory. On a cost basis, we are accelerating the delivery of savings and increasing our targets. We are now targeting cost benefits from restructuring of $125 million to $150 million to be reflected in the P&L in 2024 with greater than $225 million of gross run rate in 2025. To accomplish this, we're accelerating restructuring, taking new critical initiatives to realign our manufacturing footprint, and using attrition as a key tool to drive further savings. We are confirming our full year guidance adjusted for the sale of the Global Specialty Solutions business, which we are now expecting to be sold in early November. This translates to fourth quarter sales growth of 19% at the guidance midpoint. Despite continued channel inventory issues in India and less than optimal early season conditions in Brazil and Argentina, we are confident in our ability to deliver on our guidance based on the strength of our new products as well as cost benefits from restructuring actions while market conditions improve. With that, let's review the company's third quarter performance in more detail. Slide 3 through Slide 5 provide an overview of our third quarter results. Sales growth of 9% was above the midpoint of our guidance range with organic sales growth of 12%. Volume grew by 17% led by Brazil and the US. In addition, sales to diamide partners grew strongly in North America. Pricing was lower [like 5%] with approximately 2/3 of the decline attributed to Brazil and Argentina due to the challenging conditions I mentioned earlier. On a regional basis, North America sales increased 48% because of strong volume growth. Insecticides delivered significantly higher sales due to increased order from diamide products and gains in branded (inaudible) products. Latin America sales grew 8% with 15% growth, excluding currency. Sales were higher across all product categories due to volume growth versus the prior year period, mainly in Brazil more than offset lower pricing and FX headwinds. New products were a key factor to growth, most notably from the fluindapyr based (inaudible) fungicide now commercialized in Brazil, Argentina, and Paraguay. We also saw increases in the new diamide formulation (inaudible)Argentina, and the sulfentrazone based herbicide borough fuel in Brazil. The robust sales of new products in a challenging market environment reflects the strength of FMC's R&D pipeline. In Asia, the 10% sales decline was mostly due to lower sales in India. Destocking in country's channel is making good progress aided by favorable weather. Finally, in (inaudible) sales declined 7%, driven by lower volume from expected registration losses. Branded diamides showed very strong growth, especially Exirel in Germany. Excessive wet weather in Central Europe acted as a moderate headwind, especially in herbicides. Turning to Slide 5. Adjusted EBITDA grew 15% year-over-year, above the high end of against range. Increased sales volume, FX tailwinds and above target cost savings from restructuring more than offset lower pricing and unabsorbed fixed cost from prior periods. Slide 6 provides an update on these restructuring actions. We are pleased to report continued solid progress on this front. As I stated in my opening, we now expect cost savings of $125 million to $150 million delivered to the P&L in 2024 with gross run rate savings greater than $225 million in 2025. Earlier this year, we announced our agreement with (inaudible) to divest a Global Specialty Solutions business for $350 million. We expect this deal to close in early November. As such, we are confirming a full year guidance less the foregone revenue and earnings from this business after the sale closes. This equates to an impact of $20 million in revenue and $10 million in EBITDA. This adjustment for GSS has been made to the full year outlook on Slide 7. Other than this adjustment, the outlook for the full year remains unchanged. We expect revenue to decline 2% as volume growth is more than offset by lower price and FX headwinds. EBITDA is expected to be lower by 8% and growth in the last nine months of the year is not expected to fully offset the lower results from the first quarter. EPS is guided to be lower by 12% at the midpoint from lower EBITDA. Slide 8 provides our expectations for the fourth quarter, which has been revised from the prior guidance to adjust for the GSS sale and the over delivery in Q3. At the midpoint, we expect revenue growth of 19% driven by higher volume in all regions. Price is expected to be a mid-single-digit headwind as challenging market conditions persist mostly in Asia and Latin America. FX is expected to be a low single-digit headwind. New products are expected to be a key contributor to growth, including new formulations of diamides across the region such as (inaudible) in Argentina. Fungicides, such as (inaudible) in Brazil and — in US, and there's no growing in Brazil, the herbicide based on Isoflex active. New product sales are expected to contribute about half of the sales growth of Q4. They are key to overall growth as they were in the Q3 performance despite suboptimal market conditions. EBITDA in the quarter is expected to grow by 32% at the midpoint due mainly to higher sales as volume more than offset lower price and FX headwinds. The unabsorbed fixed cost and sell-through of higher cost inventory that acted as COGS headwinds for most of the year are expected to have a much smaller impact in Q4 and will be more than offset by lower raw materials and restructuring benefits. EPS is expected to grow by 54% at the midpoint mainly from higher earnings. I will now hand the call over to Andrew to cover some financial items, including cash performance and outlook.

Andrew Sandifer

Thanks, Pierre. I'll start this morning with a review of some key income statement items. FX was a 3% headwind to revenue growth in the third quarter, largely stemming from the Brazilian real. For the remainder of 2024, we anticipate continued low single-digit FX headwinds in revenue, again, driven primarily by the Brazilian real. Interest expense for the third quarter was $58.7 million, down nearly $6 million compared to the prior year period, driven by lower debt balances. For full year 2025, we continue to expect interest expense to be in the range of $235 million to $240 million, essentially flat year-on-year at the midpoint with the impact of higher rates on domestic debt offset by lower overall borrowings. We've lowered our outlook for effective tax rate on adjusted earnings for full year 2024 to a range of 13% to 15%, reflecting improved clarity on the impacts of recent tax law changes on FMC's 2024 tax rate. In light of this, our effective tax rate for the third quarter was 11.8%, bringing our year-to-date accrual for income taxes in line with the 14% midpoint of this range. Moving next to the balance sheet and leverage. Gross debt at September 30 was approximately $4.1 billion, down $110 million from the prior quarter. Cash on hand decreased $55 million to $417 million, resulting in net debt of approximately $3.7 billion. Gross debt to trailing 12-month EBITDA was 5.0 times at quarter end, while net debt to EBITDA was 4.5 times. Relative to our covenant, which measures leverage with a number of adjustments to both the numerator and denominator, leverage was 5.0 times as compared to a covenant of 6.0 times. As a reminder, our covenant leverage limit will step down to 5.0 times at December 31, 2024. We expect covenant leverage to be approximately 4 times by year-end, reflecting both year-on-year EBITDA growth in the second half as well as the receipt of proceeds from the sale of our Global Specialty Solutions business, which, as Pierre noted earlier, is expected to close in early November. We remain committed to returning our leverage to levels consistent with our targeted BBB/BAA2 long-term credit ratings. We will do this through EBITDA growth and disciplined cash management with all discretionary free cash flow directed towards debt reduction until we return to our targeted metrics. Moving on to free cash flow on Slide 9. Free cash flow in the third quarter was $132 million, an improvement of $100 million versus the prior year period. Improved cash from operations and lower capital additions more than offset somewhat higher legacy and transformation spending, resulting from our ongoing restructuring program. Year-to-date free cash flow of $225 million is an increase of over $1 billion compared to the prior year period. Cash provided by improved accounts payable and inventory more than offset increased cash used by receivables, lower EBITDA and restructuring spending. We continue to expect free cash flow of $400 million to $500 million for full year 2024, driven by significant cash release from rebuilding accounts payable and reducing inventory, partially offset by higher accounts receivable due to revenue growth in the second half of the year. I'll now hand the call back over to Pierre for some closing comments.

Pierre Brondeau

Thank you, Andrew. The crop protection industry is in the process of recovering although at different paces depending upon the region. In this context, we delivered on our Q3 targets and a highly positive momentum heading into Q4. The growth embedded in the guidance we put forward for the fourth quarter is sizable, but it is centered largely around sales of new products and improved cost, both of which are real under our control. This should pave the way into 2025, where we continue to expect solid earnings growth driven by cost favorability along with moderate top line growth as demand continues to recover. Before we open up for Q&A, I want to provide a brief look forward to our earnings call and two key areas will cover. I mentioned on our August call that we are introducing four new active ingredients and developing [postpartan] defense strategy for diamides. On our next call, we will focus on these two pillars of growth and how they will contribute to the new three year target, which will demonstrate the strong revenue and earnings growth potential for the company. With that, we are now ready to take your questions.

Question and Answer Session

Operator

(Operator Instructions) Joel Jackson, BMO Capital Markets.

Joel Jackson

Good morning. Here, Andrew, you were very gracious a few months ago to give some building blocks for what the bridge for '25 look like. I was hoping if maybe you could give an update on that. So I think you talked about targeting 6% revenue growth next year, which would be volume growth with maybe some price contraction on flattish pricing. Talked about $150 million to $200 million of cost favorability, talked about $35 million of lower EBITDA, of course, from the sale of GSS. Are you able to update those numbers or reiterate today?

Pierre Brondeau

Thank you, Joel. Yes, we pretty much have the same — same view for 2025. But let me maybe give you some more detail around the latest thoughts. So yes, we are — we believe in a growth of around 6%, 6% range next year. This being said, when we say 6%, we made no assumption on pricing, which was pretty much pricing flat and didn't make any assumption on FX. At this stage, could we be facing more challenging pricing, possible. But frankly, we do not know yet. We have not been able to go deeper into those considerations. On the other hand, on the positive front, I think with the progress we have made on the cost front, we are heading more to the higher end of the range we gave at the last earnings call, so closer to the $200 million than the lower end. So still 6% range, undefined pricing situation at this stage, we are not able to make assumptions. We need to see how Q4 is going to be unfolding and maybe stronger savings than we were expecting and toward the higher end of the range.

Operator

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov

Thanks, and good morning, everyone. Pierre, I mean, you stated that Latin America was worse than expected in Q3. Is it getting any better in the fourth quarter? And also, if you could just describe why Q3 was worse specifically, was it more weather issues? Was the drought in Brazil? Or was it just fundamentally the market is weak due to low crop prices?

Pierre Brondeau

Yes. I think Q3 was a bit more difficult than we were expecting for multiple reasons. First of all, I think that the weather did not help at the beginning of the quarter with delayed rain. Rain came in, and it's actually right now in a pretty good situation, but in Q3 and beginning of the quarter, it was delayed. I think overall, the pricing situation remains challenging. The region is still with a (inaudible) inventory situation, which seen in the couple of quarters before going to normal. I also think that it was a bit more difficult for FMC than some of the competitors for multiple reasons. Versus where I was when I gave the first call, just a couple of months coming back. I'm more and more convinced that FMC was later than some of the other competitors in adjusting pricing. So I believe we've lost market share, more toward some of the peers like the Bayer, BSF or Syngenta of this world. There is pressure from generics, but I don't see a big change versus the past. But the lack of adjusting our pricing is forcing us to keep market share, and we're making the intentional decision to keep market share, we had to accelerate pricing adjustment. On top of that, we had to do it in the face of losing a very large customer. You know about the bankruptcy of a large distributor. We were highly exposed to that distributor. And we're clearly not wanted to lose that volume. So we had to go get that volume elsewhere. And there is always a price to pay when you have to go to find to other customers, what you lose from one. So on in on, the situation was not helping with increased rates, weather, delayed rain, the loss of a large customer for us, and the deliberate decisions we have made to stay where — to keep our market share position and maybe get back more to all the market share we have pre-downturn than where we are today.

Operator

Kevin McCarthy, VRP.

Kevin McCarthy

Yes, thank you, and good morning. Pierre, can you elaborate on the forward price trajectory. Maybe you could comment on your experience in diamides versus non-diamides. What is behind the competitive intensity that you alluded to? And what does the path to 0 price look like in your crystal ball as we progress into 2025?

Pierre Brondeau

Certainly, yes. I think the pricing situation is — the way we look at it, we believe that the number one correlation to pricing is the state of the channel. Certainly, farm income has an impact. But by far, when you are in a shrinking market and all of us — suppliers of products, trying to retain market share, you create a competitive situation, which has a negative impact on pricing. So that's why we want to stay underground in Latin America because we do believe that pressing the strongest correlation is with the state of the market. And that's why we saw maybe the latest pressure on price in North America while Latin America and Asia were the place where we had the highest pressure. Diamides, there is no more pressure on pricing in diamides, except maybe in places where we are — in countries where there is not the same consideration for patent protection. And I'm mostly talking about India — India and in China. In other places, the pricing situation is not worse for diamides than it is for other products, it's even better when the — in the countries where there is a stronger respect for patent protection. But going back to 0, I think it's going to highly depend upon the recovery of the market. I do believe that the price pressure will be way less when we get to a more normalized cycle and right now, crystal ball, I would see price pressure later potentially in the second half in '26, that is when we should be in a situation where most of the regions, maybe we said Asia will be in a more normal situation from a channel and inventory standpoint.

Kevin McCarthy

Thank you very much.

Operator

Stephen Byrne, Bank of America (inaudible).

Stephen Byrne

Yes. Thank you. With respect to your volume gain in North America, can you split that into three buckets — how much of that increase was to your diamide partners? And then for the balance that's targeting the North American market, what fraction do you sell to wholesalers versus retailers that sell directly to growers?

Pierre Brondeau

The growth to diamide's partners, I think is — as a percentage of diamide growth, it's going to be more than half of the growth of the diamides. In terms of the selling, I would say 100% of the sales are going toward the wholesalers. Then from this point, it goes into the channel toward the growers. But wholesalers represent our customer base.

Stephen Byrne

Thank you.

Operator

Laurent Favre, BNP Paribas.

Laurent Favre

Yes, good morning. Generally, my question is around R&D. And I think on the cost reduction plan is about $50 million. I think this year that will come from lower R&D. I was wondering if you could talk about the approach that you're taking there, whether the reduction is temporary or whether you're actually structurally being more selective in the areas where you're investing? Thank you.

Pierre Brondeau

Yes. Thank you. I think it's more of a sustainable cost savings. We might be sell at some point in the future to increase because of specific reasons. But — let me talk to you about how and why we are reducing our R&D spending. First of all, just to make sure we're very clear on this one, there is absolutely no impact on the launch of the four products, new molecules Ronaldo described at the last earnings call. Someone — a large part of the saving is coming from the discovery part of our process. We have now a process where we are much more strict on the decision to hold in the pipeline in discovery, low probability products. We had a tendency maybe to keep them longer — and usually, it comes with significant expenses. And we have a process, which allow us to grow faster in making those decisions. We also have developed better screening tools. And I think I wasn't there, but I think they were presented at the Investor Day, but those are also allowing us to make faster and better decisions in early-stage research. The last point is we've changed the governance process for R&D. You know that about — if you take the spending in R&D, about half goes to central R&D and half spending goes to regional R&D. We are increasing the coordination between the original research center and the Central Research Center, in order to make sure we do not have duplication and we create synergies. So we are just changing the way we work to make those savings not negatively impacting the quality of our innovation pipeline, but at the same time, reducing our cost.

Laurent Favre

Thank you.

Operator

Josh Spector, UBS.

Josh Spector

Yeah, hi, good morning. I wanted to ask a couple of things about volumes. So 3Q came in better than expected. You talked a little bit about pull forward, but your fourth volume guidance is still kind of the same ballpark, mid-20s-ish plus year-on-year growth. So one, what happened there? Is there any increased confidence, I guess, in fourth quarter? And then related to that is with the diamide sell in North America. Is that a headwind we need to worry about next year? Or is that not at the magnitude where that's a risk? Thanks.

Pierre Brondeau

I think regarding sales, we pretty much took our full year forecast we gave in Q2 and removed the sales, which we knew were expected to be delivered in Q4. So we just took the overselling in North America and remove that from a full year target in order to stay at the same level we were initially planning, of course, adding the correction for the GSS business. Regarding diamide in 2025, I must confess that we have not yet done a 2025 precise budget. We are in this process right now. We are going through it. It's complex because we have to look at all of the branded diamides and the sales with the partners, all of those negotiations are taking place right now. I cannot answer specifically on the year-on-year growth of diamides in '25 versus '24 at this stage. I almost have one certainty is that sales at here will be doing very well in 2025. It's a product — it's a good product. We have a very, very strong demand. There is very little competition. There is no generic, but the overall diamide, when except [PR] it's a bit early for me to comment until we move — we're more advanced in terms of a contract with our partners.

Josh Spector

Okay. Thank you.

Operator

Chris Parkinson, Wolfe Research.

Christopher Parkinson

Good morning. Pierre, just thinking about things, I'm not going to ask you to forecast the weather for 2025. But at the (inaudible), how should we be thinking about the new product introductions in terms of the cadence in the '25 as that relates to the growth rate you've already given as well as your own registration losses. And as just a real quick corollary of that second part, do you view your competitors' registration losses or likely registration losses over the next 2 years as more of a — as a potential tailwind for your new products?

Pierre Brondeau

Well, I think those are two separate events. We have the registration lots, which are mostly happening in Europe, where we know it's been there for many years. And — so it's going to be part of the forecast going into next year, and then there is the new products. New products are usually more than cover on a global basis, whatever registration loss we have. The new product also we are introducing next year and especially fluindapyr and Isoflex, those two molecules will be a little impacted by the channel situation. Those products are not in the channel. They are new. So pretty much we believe will be required, will be solved. So on balance, 2025 is going to realize the growth is going to rely a lot only product. We do not believe — it's hard for us to think about taking into account potential whether it's how to do, but that's one of the parts, which will be the most certain part of our forecast will be the new product. Registration loss, we usually know them pretty well in advance, especially for Europe. So we're expecting the balance of the two to be a significant positive. The more question we have looking to next year is how fast the channel we recover and the overall growth of the portfolio. As I said, we are not excluding a big bump in H2 2025. We just can't predict it. Overall (inaudible) comments around new products and the restriction side?

What I can share is where these products are expected to be sold in 2025. So registrations, Pierre already mentioned, the importance of Europe. That is already embedded in our plans. You asked, Chris about whether or not we benefit from those. The overall market in Europe has been flat despite of the registration. So I think the short answer is yes for the products that remain in the market. There is an increased opportunity because of the lack of options driven by those registration losses across the entire industry, the same way that — sometimes it hits our products. It also benefits us throughout the quarters. We — for next year, we expect though in the period to continue to grow, and I think the number one geography for that product will continue to be LatAm followed by US. That means that most of that growth should come in the second half of the year just because of seasonality in LatAm. The US portion of that will come probably between the second and third quarter of 2025 in the US. We also expect to launch the first launches in Europe for Isoflex, but that is more on the UK side, the broader Europe registration, we expect in a couple of years. So not for 2025, but for the near-term future.

Christopher Parkinson

Thank you for the color.

Operator

Vincent Andrews, Morgan Stanley.

Vincent Andrews

Thank you, and good morning. Maybe on the fourth quarter, I just want to dig into two things you mentioned before. First, on the incremental cost out that you announced — how much of that was already achieved in the third quarter? And how much of that can your account on for 4Q? And then at the same time, you referenced 4Q being heavily a function of new product introduction. What's your visibility on those sales are those orders? How much do you already have in hand versus how much are you still waiting to achieve?

Pierre Brondeau

Maybe I'll take the savings and Ronaldo you take the orders in hand. I'm going to do — all right, I'm going to do a high-level math under the control of my CFO here, so you correct me, Andrew, if I'm not correct. So off the top of my head, we said $50 million of savings in H2. So think about it that way roughly will be to Q3 by $20 million EBITDA, [$10 million] came from sales, which were higher than expected. And we also faced about a $20 million price decline. That leaves you — lead to about a $30 million savings. So your $20 million bet is plus sales in [10 plus 30] in savings, minus [20] in price. So which means that for the remainder of the year for Q4, we're expecting about $20 million. So the $30 million in Q3, $20 million in Q4 is about the break that we see for the overall $50 million additional savings. Andrew is not reacting, so it must about right?

Andrew Sandifer

It's about right here. So as for the orders, we track that more closely in Brazil, as you know, the other countries, we tend to get the orders and start shipping right away. And Brazil, today, we have about 40% of the orders that we forecast for the quarter. This is better than we had last year, and it's lower than we had in the best years in the region. So it's more or less in between, which is in line with our view that, that market is still recovering. Once again, about 40% of the orders that we need for the quarter.

Vincent Andrews

Thanks for all the detail. Very helpful.

Operator

Jeff Zekauskas, JPMorgan.

Jeffrey Zekauskas

Thanks very much. We think that prices — or it may be the case that prices of technical grade, CTPR active ingredient in your diamides in China have fallen from maybe I don't know, $350,000 a ton to $30,000 a ton over the past two years, and it may be that new product registrations have — I don't know, tripled or quadrupled over that time. What do you see — if you think that's true, what do you see as the analytical significance of CTPR prices coming down so sharply in China. And if you can remind us, how big is your diamide business in China roughly, and what's happening to it in terms of prices and volumes?

Pierre Brondeau

I'll let Ronaldo helping with that question around the pricing. The size of the China market for us in terms of diamides is more. It is not a major, major market for us, but Ronaldo around the pricing, you want to make your comments.

Ronaldo Pereira

We have seen different references for pricing. Way more references that we have seen products flowing around the world. So it's still unclear in terms of capacity and how much of that — those prices are real or not. What we have seen is in the two markets that they are commercializing China and India, as you pointed out, the prices have come down. I'll just make a correction for the price that I mentioned. It's for the kilo of technical product, not for the ton of technical products. We do believe, though, that some of the prices that we have seen in reference are lower than the production cost of even the low-quality providers, which would suggest more of a dumping of existing inventories in the market. We calculate how low it can be and some of those products are being offered, not necessarily sold but offered at costs that are lower — prices that are lower than the production cost. So I think that gives you a sense of how we think about this going forward. We do not believe those are the stable prices of the diamide.

Pierre Brondeau

I think I want to — and I hate to do that. But — we are truly doing a deep dive in our diamide strategy. We intend to be very open at our Feb recall on what future we see for diamide. We're actually pretty optimistic, but we're going to have to explain how we see a way to expand this market. I am not right now too much concerned by the kind of pricing we see in India or China. As Ronaldo said, a lot of inventory was built which could not be sold because we want multiple litigation in other countries, creating very, very high inventory people had to get rid of at price, which seem to be incredibly low versus even a low manufacturing cost. As part of the diamide strategy, we do have a — we are working on a very aggressive manufacturing cost road map, allowing us to compete in a different way. So all of that is being put in place right now. We do have time because besides China and India, we do not have to worry about this kind of pricing, which do not seem to be sustainable and be the pricing will be facing when we are off patent in the future — in the regions where we are competing. So hand to that to you. I think it's a very valid question, but I want to come with a more complete and (inaudible) diamide at the February call.

Jeffrey Zekauskas

Well, if I could follow up, just in terms of descriptively what's happening to your business — in Asia, what's happening to your diamide volumes and prices quantitatively, roughly?

Pierre Brondeau

So right now, what is happening to a market — to a diamide market right now, okay? And it's difficult because we are combining a situation where we have two countries which are accepting illegal sales of products below production cost in the middle of the downturn. So it's not a very normal situation. But today, overall, diamide are growing, driven by very strong demand of sales. I think when we talk diamides, we have to separate sales at here from — (inaudible) is growing very fast. Rynaxypyr is — because, and mostly because of Asia has a negative growth in the low single digits globally, driven by Asia. So I think about it overall, growing positively. But at the same time, I think our overall market for diamides global is up 10%. It's driven by (inaudible) being up in the 50% to 60% and Rynaxypyr down mid-single digits driven by Asia. That's what is happening today to the overall diamide portfolio. This answers your question.

Jeffrey Zekauskas

Yeah, thank you.

Operator

Laurence Alexander, Jefferies.

Laurence Alexander

Good morning. Could you just characterize how your production capacity is positioned for the signals you're getting from the distribution channel. That is, do you have any product areas where capacity is down and you won't be able to ramp up fast enough to meet what distributors are saying they may need this winter? Or do you think you're appropriately positioned to get the full operating benefit and the leverage that would come with a restock cycle?

Pierre Brondeau

No, I think we're good. We do have capacity that being said. We are much more I would say, manufacturing is much busier than it was a year ago. Most of the lines are actually operating, but we do have capacity to face the demand to come and the increase we are facing. So we're not concerned about capacity. From a raw material supply, we are also in a good shape. We are securing the product we need. As we said before, it's going to be a tailwind going into next year. But this is not a concern at this stage.

Laurence Alexander

Thank you.

Operator

Patrick Cunningham, Citigroup.

Patrick Cunningham

Hi, good morning. Thanks for taking my question. And just on the pricing challenges in Latin America, how should we think about additional incremental incentives to gain or maintain share in the fourth quarter and perhaps any into 2025?

Pierre Brondeau

Yes. So the forecast we've made for this — the fourth quarter includes a mid-single-digit price decrease year-on-year for the fourth quarter. We still believe we are in a challenging situation. We still believe there are going to be price pressure. I would say until the end of the second quarter of the season, which is the end of the first quarter in [2015]. I believe the pricing pressure is going to start to relieve significantly when we — as we move into 2025. As we say, the pricing is linked to how competitive the situation is versus the market. Plus, as I said before, it is very much also an FMC situation where we decided to reposition a market share where it was pre-downturn, and we had to do what we had to do to get to this position. So Ronaldo, maybe you want to comment on anything else specific on pricing in Latin America?

Ronaldo Pereira

Particularly in Brazil and Argentina, what I can share is there are some products that we have been very stable in terms of market share traditionally. I can talk about sulfentrazone and sugarcane, (inaudible) and cotton. Those are products that are very traditional products from FMC. And those are the products that we priced at a point that we allowed growers to make a decision on replacement. And we are now fighting back for share, getting back to the share that we had before the downturn on those products. So there specifics — that our pricing actions are specific to some products. They are primarily very traditional products in our portfolio. And it takes us back, those actions take us back to the share that we used it to hold before the downturn of the industry.

Pierre Brondeau

And I will just add something I've already said and it's been — because there has been many comments, generics are not the drivers of what we do. Generic pressure is here. It's always here, but there is nothing which has fundamentally changed the last couple of quarters versus where it was before. It is truly positioning of pricing against our peers, competitors also technology-based where we think we've lost ground from a volume standpoint because of a more aggressive pricing strategy, we need to reset.

Operator

Thank you. This concludes the FMC Corporation conference call. Thank you all for attending, and you may now disconnect.

Lindian Resources Limited (ASX:LIN) is possibly approaching a major achievement in its business, so we would like to shine some light on the company. Lindian Resources Limited, together with its subsidiaries, engages in the exploration of mineral properties in Tanzania, Guinea, Malawi, and Australia. On 30 June 2024, the AU$111m market-cap company posted a loss of AU$4.8m for its most recent financial year. The most pressing concern for investors is Lindian Resources' path to profitability – when will it breakeven? In this article, we will touch on the expectations for the company's growth and when analysts expect it to become profitable.

Check out our latest analysis for Lindian Resources

Lindian Resources is bordering on breakeven, according to some Australian Metals and Mining analysts. They expect the company to post a final loss in 2025, before turning a profit of AU$13m in 2026. So, the company is predicted to breakeven approximately 2 years from now. How fast will the company have to grow each year in order to reach the breakeven point by 2026? Working backwards from analyst estimates, it turns out that they expect the company to grow 114% year-on-year, on average, which is extremely buoyant. If this rate turns out to be too aggressive, the company may become profitable much later than analysts predict.

earnings-per-share-growth

Underlying developments driving Lindian Resources' growth isn’t the focus of this broad overview, though, keep in mind that typically a metal and mining business has lumpy cash flows which are contingent on the natural resource mined and stage at which the company is operating. So, a high growth rate is not out of the ordinary, particularly when a company is in a period of investment.

One thing we’d like to point out is that Lindian Resources has no debt on its balance sheet, which is rare for a loss-making metals and mining company, which typically has high debt relative to its equity. This means that the company has been operating purely on its equity investment and has no debt burden. This aspect reduces the risk around investing in the loss-making company.

Next Steps:

There are key fundamentals of Lindian Resources which are not covered in this article, but we must stress again that this is merely a basic overview. For a more comprehensive look at Lindian Resources, take a look at Lindian Resources' company page on Simply Wall St. We've also put together a list of key factors you should further research:

Historical Track Record: What has Lindian Resources' performance been like over the past? Go into more detail in the past track record analysis and take a look at the free visual representations of our analysis for more clarity.

Management Team: An experienced management team on the helm increases our confidence in the business – take a look at who sits on Lindian Resources' board and the CEO’s background.

Other High-Performing Stocks: Are there other stocks that provide better prospects with proven track records? Explore our free list of these great stocks here.

ESTES PARK, CO / ACCESSWIRE / October 30, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing an update on its Thor project located northeast of Trout Lake, British Columbia. Taranis has completed all of the field activities related to the 2024 exploration program at Thor. This exploration program had two main areas where exploration activities were focused, and these are discussed below.

Deep Drilling

A total of ten drill holes were completed in the Deep Drilling program of 2024. One drill hole was lost due to caving (Thor-241), and two others (Thor-244 & 245) were short confirmation holes that tested an unexpected zone encountered in Thor-242. Of the seven drill holes that tested deep exploration targets below the epithermal deposit, the average depth was 501 m. Drill hole results are pending, and will be provided once the analytical results are received and analyzed. The following table summarizes the statistics from the 2024 Deep Drilling program:

Drill Hole	Meters	Comments
Thor-241	105.5	Lost hole
Thor-242	576.0	South Tusk target
Thor-244	105.0	Thor-242 confirmation
Thor-245	141.0	Thor-242 confirmation
Thor-246	525.0	Spider Hole resistivity target
Thor-247	393.0	Spider Hole resistivity target
Thor-248	496.0	Spider Hole/magnetic target
Thor-250	546.0	West Spider Hole
Thor-251	393.0	Spider Hole resistivity target
Thor-252	579.0	North Crab Claw resistivity target
Total	3,859.5

One main drilling access road was completed in the area south and east of the Broadview Mine, and this road was approximately 1,100 m in length. A considerable amount of analytical sampling was undertaken on the drill cores, and this included standard drill core sampling to assess mineralization and specialized sampling that included determinations of graphitic carbon, calcite, rare earth elements and major oxide geochemistry.

Exploration Item	No. of Samples
Deep Drilling Assaying	~680
Deep Drilling Alteration Analytical	185
Total Samples	~865

Taranis has also initiated investigations regarding the mineralogy of drill cores from the deep drilling, and the results of this will be forthcoming.

Horton Area

Exploration continued in an area west of the Great Northern Zone where many high-grade boulders were discovered late in the 2023 field season. Systematic multi-channel Very Low Frequency ("VLF") and ground magnetic/gradiometer surveys were completed on a grid established in 2024 that covered this area. Soil sampling with a mechanized auger was completed on the grid and Induced Coupled Plasma ("ICP") trace element sampling was completed on the soil samples.

The following table highlights the data that was collected from the exploration surveys that will be used to assess the origin of the high-grade surface boulders found in the area.

Exploration	Station Spacing	Number of Measurements/Samples
Ground VLF surveys	5m	1,230
Ground magnetic-gradiometer surveys	5m	860
ICP and gold soil samples	10m	205
Boulder sampling	N/A	33

Three short diamond drill holes were completed along the Horton Road which will provide additional information about the geology in this poorly understood area. The following table summarizes the three drill holes that were completed at Horton.

Drill Hole	Meters
Thor-243	100.21
Thor-249	83.21
Thor-254	90.22
Total	273.64

Horton was severely impacted by the 2024 wildfire, and virtually all the trees and surface vegetation were destroyed. The burn allowed for unprecedented exposure of new outcrops in the area, and the discovery of many more high-grade boulders at surface (Boulder Sampling). The results of these surveys will be available once all of the analytical data has been received, and the data has been interpreted.

Epithermal Drill Hole Confirmation

A single drill hole (Thor-253, 109.12 m) was completed in vicinity of the Great Northern Zone where previous drilling had intersected three ‘stacked' mineralized zones. This drill hole will aid in the interpretation of the main epithermal deposit but is also expected to add information pertaining to the deep drilling conducted in 2024.

About Taranis and Thor

Taranis Resources Inc. 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 2km long epithermal deposit. This exploration uses modern geological models and uses state-of-the-art exploration tools including airborne magnetotellurics, magnetics and geochemistry. The Company's approach is that many of the historic mines in the area are underlain by comparatively large mineral deposits that do not outcrop at surface and have the potential to become much larger deposits that can be mined using modern mining methods.

Qualified Person

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com.

Taranis currently has 99,627,581 shares issued and outstanding (113,093,135 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

SOURCE: Taranis Resources Inc.

View the original press release on accesswire.com

FMC Corporation FMC logged earnings of 52 cents per share in third-quarter 2024. This compares favorably with a loss of 3 cents in the year-ago quarter. Barring one-time items, adjusted earnings per share were 69 cents, topping the Zacks Consensus Estimate of 49 cents.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues were $1,065.4 million, up around 9% from the year-ago quarter’s level. The top line surpassed the Zacks Consensus Estimate of $1,030.5 million.The top line in the reported quarter was driven by a 17% year-over-year rise in volumes. This was partly offset by a 5% price decline and a 3% currency headwind. The company benefited from volume growth and lower costs from restructuring actions in the reported quarter. FMC saw strong volume growth in Latin America and North America, partly masked by lower pricing driven by Latin America due to challenging market conditions in Brazil and Argentina.

FMC Corporation Price, Consensus and EPS SurpriseFMC Corporation Price, Consensus and EPS Surprise

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

FMC’s Regional Sales Performance

In North America, sales climbed 48% year over year to $236 million in the quarter on higher volumes. It was above the consensus estimate of $205.9 million.Latin American sales saw an 8% year-over-year increase to $504 million in the reported quarter, primarily due to higher volumes that more than offset weak pricing in Brazil and Argentina. It beat the consensus estimate of $484.2 million.In Asia, revenues declined 10% compared to the previous year to $187 million, hurt by lower volumes and reduced prices. It was above the consensus estimate of $174.7 million.EMEA saw a 7% year-over-year sales decline to $139 million in the reported quarter due to registration losses. It missed the consensus estimate of $155.5 million.

FMC’s Financials

The company had cash and cash equivalents of $416.7 million, down roughly 12% sequentially. Long-term debt was $3,026.8 million, flat sequentially.The company generated cash from operations of $160 million and free cash flow of $132 million in the third quarter.

FMC’s Guidance

FMC sees revenues between $4.33 billion and $4.44 billion for 2024, indicating a 2% decline at the midpoint compared to 2023. Adjusted EBITDA is expected in the range of $885-$915 million, suggesting an 8% decline at the midpoint compared to the prior year. Adjusted earnings are now forecast in the band of $3.16-$3.52 per share, reflecting a 12% year-over-year decline at the midpoint. Full-year free cash flow is anticipated to be $400-$500 million.FMC also forecasts fourth-quarter revenues to be between $1.3 billion to $1.41 billion, reflecting a 19% increase at the midpoint compared to the fourth quarter of 2023. Adjusted EBITDA is forecast in the band of $321-$351 million, indicating a 32% rise versus the prior-year period’s levels. Adjusted earnings are expected in the range of $1.47-$1.83 in the fourth quarter, calling for a 54% rise at the midpoint compared with fourth-quarter 2023 levels.

FMC Stock’s Price Performance

FMC’s shares have gained 13.1% in the past year against the Zacks Chemicals Diversified industry’s 7.7% rise.

Zacks Investment Research

Image Source: Zacks Investment Research

FMC’s Zacks Rank & Other Key Picks

FMC currently carries a Zacks Rank #4 (Sell).Better-ranked stocks in the Basic Materials space are IAMGOLD Corporation IAG, DuPont de Nemours, Inc. DD and AdvanSix Inc. ASIX, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.IAMGOLD is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for IAG’s third-quarter earnings is pegged at 11 cents. IAG beat the consensus estimate in each of the last four quarters with the average surprise being 200%. Its shares have shot up roughly 127% in the past year. DuPont is slated to release third-quarter results on Nov. 5. The consensus estimate for DD’s third-quarter earnings is pegged at $1.03. The company's shares have rallied roughly 15% in the past year. AdvanSix is scheduled to release third-quarter results on Nov. 1. The Zacks Consensus Estimate for ASIX’s third-quarter earnings is pegged at 66 cents. ASIX has gained around 3% in the past year.

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

DuPont de Nemours, Inc. (DD) : Free Stock Analysis Report

FMC Corporation (FMC) : Free Stock Analysis Report

Iamgold Corporation (IAG) : Free Stock Analysis Report

AdvanSix (ASIX) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

ESTES PARK, CO / ACCESSWIRE / October 29, 2024 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) announces a non-brokered private placement (the "Offering") of up to $250,000, to consist of the sale of up to 454,545 flow-through units (the "FT Units") at a price of $0.55 per FT Unit.

Each FT Unit will consist of one flow-through common share and one share purchase warrant (each a "Warrant"), with each Warrant to entitle the holder to purchase one additional common share at a price of $0.50 for a period of 24 months from closing.

The proceeds from the sale of the FT Units will be used to incur expenses that qualify as Canadian Exploration Expenses in order to finalize the engineering work/documents as required under Taranis's Notice of Work permit prior to construction of the bulk sampling plant at its Thor property in southeastern British Columbia. The Offering is subject to TSX Venture Exchange acceptance.

Taranis anticipates that insiders may subscribe for all or a portion of the Offering. The participation of insiders in the private placement would constitute a related party transaction within the meaning of TSX-V Policy 5.9 and Multilateral Instrument 61-101 – "Protection of Minority Security Holders in Special Transactions" ("MI 61-101"). Taranis intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided for under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of insider participation in the Offering would not exceed 25% of Taranis's market capitalization.

About Taranis and Thor

Qualified Person

For additional information on Taranis or its 100%-owned Thor project in British Columbia, visit www.taranisresources.com

Taranis currently has 99,627,581 shares issued and outstanding (113,093,135 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

SOURCE: Taranis Resources, Inc.

View the original press release on accesswire.com

PHILADELPHIA (AP) — PHILADELPHIA (AP) — FMC Corp. (FMC) on Tuesday reported third-quarter net income of $65 million.

On a per-share basis, the Philadelphia-based company said it had profit of 52 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 69 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 49 cents per share.

The chemical producer posted revenue of $1.07 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $1.03 billion.

For the current quarter ending in December, FMC expects its per-share earnings to range from $1.47 to $1.83.

The company said it expects revenue in the range of $1.3 billion to $1.4 billion for the fiscal fourth quarter.

FMC expects full-year earnings in the range of $3.16 to $3.52 per share, with revenue ranging from $4.33 billion to $4.44 billion.

_____

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

Volume growth and higher cost savings led to earnings above the high end of guidance range

Third Quarter 2024 Highlights

Revenue of $1.07 billion, an increase of 9 percent versus Q3 2023 and up 12 percent organically1
Consolidated GAAP net income of $66 million, up $70 million from a net loss of $4 million in Q3 2023
Adjusted EBITDA of $201 million, up 15 percent versus Q3 2023
Consolidated GAAP net income of $0.52 per diluted share, up $0.55 from a net loss of $0.03 per diluted share in Q3 2023
Adjusted earnings per diluted share of $0.69, up 57 percent versus Q3 2023
GAAP Cash from operations of $160 million with free cash flow of $132 million

Full-Year Outlook2

Revenue outlook of $4.33 billion to $4.44 billion, reflecting a 2 percent decline at the midpoint versus 2023; reduced $20 million for loss of contribution from Global Specialty Solutions (GSS) business3
Adjusted EBITDA outlook range of $885 million to $915 million, reflecting an 8 percent decline at the midpoint versus 2023; reduced $10 million for loss of contribution from GSS business3
Adjusted earnings per diluted share outlook range of $3.16 to $3.52, reflecting a 12 percent decrease at the midpoint versus 2023
Increases target restructuring savings range to $125 million to $150 million of adjusted EBITDA net benefit
Free cash flow outlook range unchanged at $400 million to $500 million

PHILADELPHIA, Oct. 29, 2024 /PRNewswire/ —

FMC Corporation Logo. (PRNewsFoto/FMC Corporation)

FMC Corporation (NYSE: FMC) today reported third quarter 2024 revenue of $1.07 billion, an increase of 9 percent versus third quarter 2023 and up 12 percent organically. On a GAAP basis, the company reported net income of $0.52 per diluted share in the third quarter, up from a net loss of $0.03 per diluted share in the third quarter 2023 driven by higher sales and lower costs from restructuring actions as well as a lower effective tax provision. Adjusted earnings were $0.69 per diluted share, an increase of 57 percent versus third quarter of 2023.

Third Quarter Adjusted EPS versus Prior-Year Quarter	+25 cents
Adjusted EBITDA	+18 cents
Interest Expense	+4 cents
Depreciation & Amortization	+2 cents
Minority Interest	-1 cent
Taxes	+3 cents
Rounding	-1 cent

"We delivered revenue and earnings growth as market conditions improved although at varying rates across the regions," said Pierre Brondeau, FMC chairman and chief executive officer. "Strong volume growth in Latin America and North America more than offset lower pricing, particularly in Brazil and Argentina which accounted for two-thirds of the total company price decline. Despite suboptimal market conditions, we saw increased demand for new products, specifically fluindapyr-based fungicide products, which confirms the strength of FMC's innovation pipeline."

Revenue growth in the quarter of 9 percent was driven by a 17 percent increase in volume, with some North America second half orders occurring earlier than expected due to improved channel inventory levels. Price was lower by 5 percent, driven primarily by Latin America due to challenging market conditions in Brazil and Argentina including delayed rains and elevated channel inventory. In addition, the bankruptcy of a large customer led FMC to offer additional incentives to replace lost volumes and maintain market share. FX was a 3 percent headwind to sales in the quarter. Diamides growth outperformed the overall company, led by strong growth of Cyazypyr® based products.

In North America, revenue increased 48 percent year-over-year driven by strong volume growth as diamide partners increased orders and branded sales grew with improved channel inventory levels. EMEA revenue declined 7 percent (down 6 percent organically) compared to third quarter 2023 almost entirely due to expected registration losses. Sales in Asia declined 10 percent (down 12 percent organically) due to volume declines, mainly in India, as well as lower pricing. In Latin America, revenue improved 8 percent year-over-year (up 15 percent organically). Pricing challenges in Brazil and Argentina were more than offset by volume growth, primarily in Brazil, including strong demand for Onsuva® fungicide – a fluindapyr-based formulation. Globally, Plant Health revenue improved 11 percent (up 14 percent organically) versus prior year driven by growth in biologicals, most prominently in Asia.

FMC Revenue	Q3 2024
Total Revenue Change (GAAP)		9 %
Less FX Impact			(3) %
Organic1 Revenue Change (Non-GAAP)			12 %

Third quarter adjusted EBITDA was $201 million, an increase of 15 percent versus the prior-year period and above the top-end of our guidance range. Higher sales volume, FX tailwinds and above-target restructuring benefits more than offset lower pricing and the recognition of unabsorbed fixed costs from lower manufacturing activity in prior periods.

Full-Year 2024 Outlook2,3

The company is confirming its full-year 2024 outlook for sales and EBITDA and updating its outlook for adjusted EPS. The midpoints for sales and EBITDA are adjusted for the imminent sale of the GSS business, which is expected to close in early November. Full-year revenue guidance has tightened to be in the range of $4.33 billion to $4.44 billion, representing a 2 percent decrease at the midpoint versus 2023. Mid-single digit volume growth is expected to be more than offset by price and, to a lesser extent, FX headwinds. Full-year adjusted EBITDA range has been narrowed and is expected to be $885 million to $915 million, an 8 percent decline at the midpoint versus prior year. The range for 2024 adjusted earnings per share is updated to be $3.16 to $3.52 per diluted share, representing a decrease of 12 percent year-over-year. The tax rate range is narrowed to 13 to 15 percent, a 150 bps reduction versus prior guidance at the midpoint. The company is maintaining its full-year free cash flow guidance range of $400 million to $500 million.

Fourth Quarter Outlook2,3

The fourth quarter outlook has been adjusted to reflect the imminent sale of the GSS business ($20 million loss in revenue and $10 million loss in EBITDA) and outperformance in Q3. Fourth quarter revenue is now expected to be in the range of $1.30 billion to $1.41 billion, a 19 percent increase at the midpoint compared to fourth quarter 2023. Adjusted EBITDA is forecasted to be in the range of $321 million to $351 million, representing a 32 percent increase at the midpoint versus fourth quarter 2023. FMC now expects adjusted earnings per diluted share to be in the range of $1.47 to $1.83 in the fourth quarter, which represents an improvement of 54 percent at the midpoint versus fourth quarter 2023.

"We plan to deliver strong fourth quarter growth despite a shift of some second half orders from the fourth quarter into the third quarter, while many countries continue operating in challenging conditions," said Brondeau. "Key fourth quarter earnings growth drivers are robust sales of new products as well as additional cost benefits from our restructuring program. We still expect further earnings growth in 2025 from cost tailwinds as well as moderate top line growth as market conditions improve."

	Full Year 2024 Outlook2,3	Q4 2024 Outlook2,3
Revenue	$4.33 to $4.44 billion	$1.30 to $1.41 billion
Growth at midpoint vs. 2023*	-2 %	19 %
Adjusted EBITDA	$885 to $915 million	$321 to $351 million
Growth at midpoint vs. 2023*	-8 %	32 %
Adjusted EPS^	$3.16 to $3.52	$1.47 to $1.83
Growth at midpoint vs. 2023*	-12 %	54 %

^Adjusted EPS estimates assume 125.3 million diluted shares for Q4 and full year.

*Percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Supplemental Information

The company will post supplemental information on the web at investors.fmc.com, including its webcast slides for tomorrow's earnings call, definitions of non-GAAP terms and reconciliations of non-GAAP figures to the most directly comparable GAAP term.

Always read and follow all label directions, restrictions and precautions for use. Products listed here may not be registered for sale or use in all states, countries or jurisdictions. FMC, the FMC logo, Cyazypyr and Onsuva are trademarks of FMC Corporation or an affiliate.

About FMC

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

Organic revenue growth (non-GAAP) excludes the impact of foreign currency changes.

Although we provide forecasts for adjusted earnings per share, adjusted EBITDA, and free cash flow (non-GAAP financial measures), we are not able to forecast the most directly comparable measures calculated and presented in accordance with GAAP. Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for us to forecast. Such elements include, but are not limited to, restructuring, acquisition charges, and discontinued operations. As a result, no GAAP outlook is provided.

Adjusted for anticipated sale of Global Specialty Solutions (GSS) business expected to close in early November 2024

FMC CORPORATION CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited and in millions, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Revenue	$ 1,065.4	$ 981.9	$ 3,021.8	$ 3,340.7
Costs of sales and services	679.0	600.7	1,897.6	1,945.4
Gross margin	$ 386.4	$ 381.2	$ 1,124.2	$ 1,395.3
Selling, general and administrative expenses	159.2	171.3	487.9	562.8
Research and development expenses	69.0	80.9	205.8	247.0
Restructuring and other charges (income)	22.6	28.2	158.6	48.0
Total costs and expenses	$ 929.8	$ 881.1	$ 2,749.9	$ 2,803.2
Income from continuing operations before non-operating pension andpostretirement charges (income), interest expense, net and income taxes	$ 135.6	$ 100.8	$ 271.9	$ 537.5
Non-operating pension and postretirement charges (income)	4.4	4.2	12.9	13.4
Interest expense, net	58.7	64.6	184.0	180.5
Income (loss) from continuing operations before income taxes	$ 72.5	$ 32.0	$ 75.0	$ 343.6
Provision (benefit) for income taxes	6.0	27.4	(298.9)	77.7
Income (loss) from continuing operations	$ 66.5	$ 4.6	$ 373.9	$ 265.9
Discontinued operations, net of income taxes	(0.9)	(8.3)	(16.2)	(41.3)
Net income (loss)	$ 65.6	$ (3.7)	$ 357.7	$ 224.6
Less: Net income (loss) attributable to noncontrolling interests	0.6	(0.2)	0.3	1.6
Net income (loss) attributable to FMC stockholders	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Amounts attributable to FMC stockholders:
Income (loss) from continuing operations	$ 65.9	$ 4.8	$ 373.6	$ 264.3
Discontinued operations, net of tax	(0.9)	(8.3)	(16.2)	(41.3)
Net income (loss)	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Basic earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$ 0.53	$ 0.04	$ 2.98	$ 2.11
Discontinued operations	(0.01)	(0.07)	(0.13)	(0.33)
Basic earnings per common share	$ 0.52	$ (0.03)	$ 2.85	$ 1.78
Average number of shares outstanding used in basic earnings per share computations	125.0	124.9	125.0	125.1
Diluted earnings (loss) per common share attributable to FMC stockholders:
Continuing operations	$ 0.53	$ 0.04	$ 2.98	$ 2.10
Discontinued operations	(0.01)	(0.07)	(0.13)	(0.33)
Diluted earnings per common share	$ 0.52	$ (0.03)	$ 2.85	$ 1.77
Average number of shares outstanding used in diluted earnings per share computations	125.5	125.3	125.3	125.7

Other Data:
Capital additions and other investing activities	$ 13.7	$ 35.5	$ 51.5	$ 116.6
Depreciation and amortization expense	43.2	45.6	133.2	138.4

FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO ADJUSTED AFTER-TAX EARNINGS FROM CONTINUING OPERATIONS, ATTRIBUTABLE TO FMC STOCKHOLDERS (NON-GAAP) (Unaudited and in millions, except per share amounts)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income (loss) attributable to FMC stockholders (GAAP)	$ 65.0	$ (3.5)	$ 357.4	$ 223.0
Corporate special charges (income):
Restructuring and other charges (income) (a)	22.6	28.2	158.6	48.0
Non-operating pension and postretirement charges (income) (b)	4.4	4.2	12.9	13.4
Income tax expense (benefit) on Corporate special charges (income) (c)	(5.0)	(4.2)	(28.4)	(8.5)
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income)	—	0.4	—	(1.6)
Discontinued operations attributable to FMC stockholders, net of income taxes (d)	0.9	8.3	16.2	41.3
Tax adjustment (e)	(0.7)	22.0	(305.0)	25.5
Adjusted after-tax earnings from continuing operations attributable to FMC stockholders (Non-GAAP) (1)	$ 87.2	$ 55.4	$ 211.7	$ 341.1

Diluted earnings per common share (GAAP)	$ 0.52	$ (0.03)	$ 2.85	$ 1.77
Corporate special charges (income) per diluted share, before tax:
Restructuring and other charges (income)	0.18	0.22	1.27	0.39
Non-operating pension and postretirement charges (income)	0.03	0.03	0.10	0.11
Income tax expense (benefit) on Corporate special charges (income), per diluted share	(0.04)	(0.03)	(0.23)	(0.07)
Adjustment for noncontrolling interest, net of tax on Corporate special charges (income) per diluted share	—	—	—	(0.02)
Discontinued operations attributable to FMC stockholders, net of income taxes per diluted share	0.01	0.07	0.13	0.33
Tax adjustments per diluted share	(0.01)	0.18	(2.43)	0.20
Diluted adjusted after-tax earnings from continuing operations pershare, attributable to FMC stockholders (Non-GAAP)	$ 0.69	$ 0.44	$ 1.69	$ 2.71

Average number of shares outstanding used in diluted adjusted after-taxearnings from continuing operations per share computations	125.5	125.3	125.3	125.7

____________________

(1)	Referred to as Adjusted earnings. The Company believes that Adjusted earnings, a Non-GAAP financial measure, and its presentation on a per share basis provides useful information about the Company's operating results to management, investors, and securities analysts. Adjusted earnings excludes the effects of corporate special charges, tax-related adjustments and the results of our discontinued operations. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period.
(a)	Three Months Ended September 30, 2024:
	Restructuring and other charges (income) includes restructuring charges of $15.7 million primarily related to the previously announced global restructuring plan, referred to as "Project Focus." Charges incurred related to Project Focus consist of $7.0 million of severance and employee separation costs, $5.4 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $6.2 million on assets identified for disposal in connection with the restructuring initiative. These Project Focus restructuring charges were partially offset by a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. Other charges (income) of $6.9 million is comprised of $4.8 million of charges associated with our environmental sites and $2.1 million of other miscellaneous charges.
	Three Months Ended September 30, 2023:
	Restructuring and other charges (income) includes $2.5 million of employee separation and $0.4 million of other exit costs incurred as part of various restructuring initiatives. Other charges (income) of $25.3 million is comprised of $11.9 million in charges resulting from the third quarter acquisition of in-process research and development assets that do not meet the criteria for capitalization. Additionally, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions, $4.5 million of charges associated with our environmental sites, and $4.0 million of other miscellaneous charges.
	Nine Months Ended September 30, 2024:
	Restructuring and other charges (income) includes restructuring charges of $133.2 million primarily related Project Focus. Charges incurred in connection with Project Focus consist of $53.3 million of non-cash asset write off charges resulting from the contract termination with one of our third-party manufacturers, $44.5 million of severance and employee separation costs, including costs associated with the previously announced CEO transition, $24.1 million of professional service provider costs and other miscellaneous charges, and accelerated depreciation of $14.4 million on assets identified for disposal in connection with the restructuring initiative. These Project Focus restructuring charges were partially offset by a $3.1 million gain recognized on the disposition of a previously closed manufacturing site. Other charges (income) of $25.4 million is comprised of $13.8 million of charges associated with our environmental sites and $11.6 million of other miscellaneous charges.
	Nine Months Ended September 30, 2023:
	Restructuring and other charges (income) includes $6.8 million of employee separation costs as well as $1.9 million of asset impairment and other charges related to various global restructuring initiatives. These restructuring charges were offset by a $5.8 million gain recognized on the disposition of land related to a previously closed manufacturing facility. Other charges (income) of $45.1 million, is comprised of $11.9 million in charges resulting from the third quarter acquisition of in-process research and development assets that do not meet the criteria for capitalization. We recognized a $6.9 million remeasurement charge triggered during the period as a result of the significant currency depreciation of the Pakistani Rupee. On January 25, 2023, the Pakistani Rupee experienced its largest single day drop against the US dollar in over two decades following the removal of the USD-PKR exchange cap in place on the country's currency. Additionally, we incurred $4.9 million in losses related to the devaluation of the Argentine peso driven by government actions during the period, $14.3 million of charges associated with our environmental sites, and $7.1 million of other miscellaneous charges.
(b)	Our non-operating pension and postretirement charges (income) are defined as those costs (benefits) related to interest, expected return on plan assets, amortized actuarial gains and losses and the impacts of any plan curtailments or settlements. These are excluded from our Adjusted Earnings and are primarily related to changes in pension plan assets and liabilities which are tied to financial market performance and we consider these costs to be outside our operational performance. We continue to include the service cost and amortization of prior service cost in our Adjusted Earnings results noted above. These elements reflect the current year operating costs to our businesses for the employment benefits provided to active employees.
(c)	The income tax expense (benefit) on Corporate special charges (income) is determined using the applicable rates in the taxing jurisdictions in which the corporate special charge or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.
(d)	Discontinued operations includes provisions, net of recoveries, for environmental liabilities and legal reserves and expenses related to previously discontinued operations and retained liabilities. Discontinued operations for the nine months ended September 30, 2024 includes cash proceeds, net of fees of $18.0 million received as the result of an insurance settlement for retained legal reserves.
(e)	We exclude the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and include a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but are not limited to: income tax expenses or benefits that are not related to continuing operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to continuing operating results thereby providing investors with useful supplemental information about FMC's operational performance.

	Three Months EndedSeptember 30,		Nine Months EndedSeptember 30,
(in Millions)	2024	2023	2024	2023
Non-GAAP tax adjustments
Revisions to valuation allowances of historical deferred tax assets	$ —	$ —	$ (1.6)	$ —
Foreign currency remeasurement and other discrete items	(0.7)	22.0	(303.4)	25.5
Total Non-GAAP tax adjustments	$ (0.7)	$ 22.0	$ (305.0)	$ 25.5

In connection with our plans to establish a global technology and innovation center in Switzerland, we initiated changes to our corporate entity structure, including intra-entity transfers of certain intellectual property, during the second quarter of 2024. As a result, we recorded a net tax benefit of approximately $300 million in the nine months ended September 30, 2024. This benefit, net of valuation allowance, was primarily a result of the recognition of a step-up in tax basis to the fair value of the transferred intellectual property by the Company's Swiss subsidiary. In addition, local tax impacts associated with the disposition of the transferred intellectual property were recorded as well as an increase in our valuation allowance associated with Swiss nonrefundable tax credits as a result of indirect effects of the transferred intellectual property.

RECONCILIATION OF NET INCOME (LOSS) (GAAP) TO ADJUSTED EARNINGS FROM CONTINUINGOPERATIONS, BEFORE INTEREST, INCOME TAXES, DEPRECIATION AND AMORTIZATION, AND NONCONTROLLING INTERESTS (NON-GAAP) (Unaudited, in millions)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Net income (loss) (GAAP)	$ 65.6	$ (3.7)	$ 357.7	$ 224.6
Restructuring and other charges (income)	22.6	28.2	158.6	48.0
Non-operating pension and postretirement charges (income)	4.4	4.2	12.9	13.4
Discontinued operations, net of income taxes	0.9	8.3	16.2	41.3
Interest expense, net	58.7	64.6	184.0	180.5
Depreciation and amortization	43.2	45.6	133.2	138.4
Provision (benefit) for income taxes	6.0	27.4	(298.9)	77.7
Adjusted earnings from continuing operations, before interest, incometaxes, depreciation and amortization, and noncontrolling interests (Non-GAAP) (1)	$ 201.4	$ 174.6	$ 563.7	$ 723.9

___________________

(1)	Referred to as Adjusted EBITDA. Defined as operating profit excluding restructuring and other charges (income) and depreciation and amortization expense.

RECONCILIATION OF CASH PROVIDED (REQUIRED) BY OPERATING ACTIVITIES OF CONTINUING OPERATIONS (GAAP) TO FREE CASH FLOW (NON-GAAP) (Unaudited, in millions)

	Three Months EndedSeptember 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Cash provided (required) by operating activities of continuing operations (GAAP)	$ 159.5	$ 101.6	$ 308.8	$ (618.2)
Project Focus transformation spending (1)	26.4	—	89.9	—

Capital expenditures	(15.7)	(33.0)	(46.3)	(108.8)
Other investing activities	2.0	(2.5)	(5.2)	(7.8)
Capital additions and other investing activities	$ (13.7)	$ (35.5)	$ (51.5)	$ (116.6)

Cash provided (required) by operating activities of discontinued operations	(18.3)	(34.1)	(37.2)	(61.0)
Project Focus transformation spending (1)	(26.4)	—	(89.9)	—
Proceeds from Land Disposition	—	—	—	5.8
Legacy and transformation	$ (44.7)	$ (34.1)	$ (127.1)	$ (55.2)

Divestiture transaction costs (2)	$ 4.6	$ —	$ 4.6	$ —
Free cash flow (Non-GAAP)(3)	$ 132.1	$ 32.0	$ 224.7	$ (790.0)

___________________

(1)	Represents cash payments made in connection with our Project Focus transformation program. This spending is reclassified within this reconciliation to be reflected in the "Legacy and transformation" category. The presentation has no impact on our cash provided (required) by operating activities of continuing operations (GAAP) or free cash flow (non-GAAP).
(2)	Represents transactional-related costs such as legal and professional third-party fees associated with the anticipated sale of our Global Specialty Solutions ("GSS") business. Proceeds from the sale of our GSS business anticipated for the fourth quarter 2024 will be excluded from free cash flow when received. Therefore, we have also excluded the related transaction costs from free cash flow.
(3)	Free cash flow is defined as cash provided (required) by operating activities of continuing operations (GAAP) adjusted for spending for capital additions and other investing activities as well as legacy and transformation spending and divestiture transaction costs associated with the anticipated sale of our GSS business. As noted above, Project Focus transformation spending is reclassified into "Legacy and transformation" for presentation purposes. We believe that this Non-GAAP financial measure provides a useful basis for investors and securities analysts about the cash generated by routine business operations, including capital expenditures, in addition to assessing our ability to repay debt, fund acquisitions and return capital to shareholders through share repurchases and dividends. Our use of free cash flow has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results under U.S. GAAP.

RECONCILIATION OF REVENUE CHANGE (GAAP) TO ORGANIC REVENUE CHANGE (NON-GAAP) (1) (Unaudited)

	Three Months Ended September 30, 2024 vs. 2023	Nine Months Ended September 30, 2024 vs. 2023
Total Revenue Change (GAAP)	9 %	(10) %
Less: Foreign Currency Impact	(3) %	(2) %
Organic Revenue Change (Non-GAAP)	12 %	(8) %

___________________

(1)	We believe organic revenue growth (non-GAAP) provides management and investors with useful supplemental information regarding our ongoing revenue performance and trends by presenting revenue growth excluding the impact of fluctuations in foreign exchange rates.

RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO FMC STOCKHOLDERS (GAAP) TO RETURN ON INVESTED CAPITAL ("ROIC") NUMERATOR (NON-GAAP) AND ROIC (USING NON-GAAP NUMERATOR)(1) (Unaudited)

	Twelve Months Ended
	September 30, 2024
Net income (loss) attributable to FMC stockholders (GAAP)	$ 1,455.9
Interest expense, net, net of income taxes	206.1
Corporate special charges (income)	366.4
Income tax expense (benefit) on Corporate special charges (income)	(52.7)
Discontinued operations attributable to FMC stockholders, net of income taxes	73.4
Tax adjustments	(1,497.9)
ROIC numerator (Non-GAAP)	$ 551.2

	September 30, 2024	September 30, 2023
Total debt	$ 4,070.0	$ 4,115.7
Total FMC stockholders' equity	4,607.8	3,290.9
Total debt and FMC stockholders' equity (GAAP)	$ 8,677.8	$ 7,406.6
ROIC denominator (2 yr average total debt and FMC stockholders' equity)	$ 8,042.2

ROIC (using Net income (loss) attributable to FMC stockholders (GAAP) as numerator)	18.10 %
ROIC (using Non-GAAP numerator)	6.85 %

___________________

(1)	We believe ROIC (non-GAAP) provides management and investors with useful supplemental information regarding our utilization of capital provided by both equity and debt as well as our working capital and free cash flow management.

FMC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	September 30, 2024	December 31, 2023
Cash and cash equivalents	$ 416.7	$ 302.4
Trade receivables, net of allowance of $41.5 in 2024 and $29.1 in 2023	2,890.5	2,703.2
Inventories	1,392.1	1,724.6
Prepaid and other current assets	616.2	398.9
Total current assets	$ 5,315.5	$ 5,129.1
Property, plant and equipment, net	869.4	892.5
Goodwill	1,517.8	1,593.6
Other intangibles, net	2,421.7	2,465.1
Deferred income taxes	1,621.1	1,336.6
Other long-term assets	473.2	509.3
Total assets	$ 12,218.7	$ 11,926.2
Short-term debt and current portion of long-term debt	$ 1,043.2	$ 934.0
Accounts payable, trade and other	802.9	602.4
Advanced payments from customers	0.4	482.1
Accrued and other liabilities	739.3	684.8
Accrued customer rebates	835.1	480.9
Guarantees of vendor financing	77.9	69.6
Accrued pensions and other postretirement benefits, current	6.4	6.4
Income taxes	83.2	124.4
Total current liabilities	$ 3,588.4	$ 3,384.6
Long-term debt, less current portion	$ 3,026.8	$ 3,023.6
Long-term liabilities	973.4	1,084.6
Equity	4,630.1	4,433.4
Total liabilities and equity	$ 12,218.7	$ 11,926.2

FMC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Nine Months Ended September 30,
	2024	2023
Cash provided (required) by operating activities of continuing operations	$ 308.8	$ (618.2)

Cash provided (required) by operating activities of discontinued operations	(37.2)	(61.0)

Cash provided (required) by investing activities of continuing operations	(55.9)	(126.8)

Cash provided (required) by financing activities of continuing operations	(101.5)	562.1

Effect of exchange rate changes on cash	0.1	(4.3)

Increase (decrease) in cash and cash equivalents	$ 114.3	$ (248.2)

Cash and cash equivalents, beginning of period	$ 302.4	$ 572.0

Cash and cash equivalents, end of period	$ 416.7	$ 323.8

Cision

View original content to download multimedia:https://www.prnewswire.com/news-releases/fmc-corporation-reports-strong-growth-in-third-quarter-confirms-full-year-outlook-adjusted-for-expected-sale-of-gss-business-302290484.html

SOURCE FMC Corporation

Key Insights

Given the large stake in the stock by institutions, Sociedad Química y Minera de Chile's stock price might be vulnerable to their trading decisions
51% of the business is held by the top 3 shareholders
Using data from analyst forecasts alongside ownership research, one can better assess the future performance of a company

Every investor in Sociedad Química y Minera de Chile S.A. (NYSE:SQM) should be aware of the most powerful shareholder groups. With 35% stake, institutions possess the maximum shares in the company. In other words, the group stands to gain the most (or lose the most) from their investment into the company.

Last week's US$426m market cap gain would probably be appreciated by institutional investors, especially after a year of 15% losses.

Let's delve deeper into each type of owner of Sociedad Química y Minera de Chile, beginning with the chart below.

See our latest analysis for Sociedad Química y Minera de Chile

ownership-breakdownWhat Does The Institutional Ownership Tell Us About Sociedad Química y Minera de Chile?

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

As you can see, institutional investors have a fair amount of stake in Sociedad Química y Minera de Chile. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there's always a risk that they are in a 'crowded trade'. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Sociedad Química y Minera de Chile's historic earnings and revenue below, but keep in mind there's always more to the story.

earnings-and-revenue-growth

Hedge funds don't have many shares in Sociedad Química y Minera de Chile. The company's largest shareholder is Inversiones SQYA S.A, with ownership of 25%. With 22% and 4.2% of the shares outstanding respectively, Tianqi Lithium Corporation and State Street Global Advisors, Inc. are the second and third largest shareholders.

A more detailed study of the shareholder registry showed us that 3 of the top shareholders have a considerable amount of ownership in the company, via their 51% stake.

While it makes sense to study institutional ownership data for a company, it also makes sense to study analyst sentiments to know which way the wind is blowing. Quite a few analysts cover the stock, so you could look into forecast growth quite easily.

Insider Ownership Of Sociedad Química y Minera de Chile

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

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

Our data cannot confirm that board members are holding shares personally. Not all jurisdictions have the same rules around disclosing insider ownership, and it is possible we have missed something, here. So you can click here learn more about the CEO.

General Public Ownership

The general public, who are usually individual investors, hold a 17% stake in Sociedad Química y Minera de Chile. While this size of ownership may not be enough to sway a policy decision in their favour, they can still make a collective impact on company policies.

Private Company Ownership

It seems that Private Companies own 26%, of the Sociedad Química y Minera de Chile stock. Private companies may be related parties. Sometimes insiders have an interest in a public company through a holding in a private company, rather than in their own capacity as an individual. While it's hard to draw any broad stroke conclusions, it is worth noting as an area for further research.

Public Company Ownership

Public companies currently own 22% of Sociedad Química y Minera de Chile stock. It's hard to say for sure but this suggests they have entwined business interests. This might be a strategic stake, so it's worth watching this space for changes in ownership.

Next Steps:

It's always worth thinking about the different groups who own shares in a company. But to understand Sociedad Química y Minera de Chile better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for Sociedad Química y Minera de Chile (of which 2 are significant!) you should know about.

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.

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

The Canadian stock market is enjoying a robust year, with the TSX up over 17%, reflecting a broader trend of economic growth, favorable interest-rate policies, and rising corporate profits. In this context of market strength, penny stocks—though an older term—remain relevant as they often represent smaller or newer companies with potential for significant returns. By focusing on those with strong financial health and clear growth trajectories, investors can uncover hidden value in these lesser-known opportunities.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.66	CA$620.8M	★★★★★★
Alvopetro Energy (TSXV:ALV)	CA$5.00	CA$183.06M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.33	CA$119.2M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$12.03M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.16	CA$4.71M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.35	CA$314.9M	★★★★★★
Foraco International (TSX:FAR)	CA$2.44	CA$227.75M	★★★★★☆
Amerigo Resources (TSX:ARG)	CA$1.77	CA$290.15M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.045	CA$3.17M	★★★★★★
Enterprise Group (TSX:E)	CA$2.12	CA$126.75M	★★★★☆☆

Click here to see the full list of 948 stocks from our TSX Penny Stocks screener.

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

GT Resources

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

Overview: GT Resources Inc. is involved in the exploration and development of mineral resource properties, with a market cap of CA$11.65 million.

Operations: No revenue segments are reported.

Market Cap: CA$11.65M

GT Resources, with a market cap of CA$11.65 million, is pre-revenue and debt-free, yet it faces challenges typical of early-stage mining ventures. Recent drilling at the Canalask Nickel-Copper Project revealed complex geological conditions but also potential for significant mineralization akin to world-class deposits. Despite historical earnings declines and shareholder dilution, the company maintains a sufficient cash runway for two years under current conditions. While short-term assets cover liabilities comfortably, GT’s high volatility and negative return on equity highlight risks inherent in its speculative exploration activities. Revenue growth is anticipated at 40.54% annually according to forecasts.

TSXV:GT Debt to Equity History and Analysis as at Oct 2024Rock Tech Lithium

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

Overview: Rock Tech Lithium Inc. is involved in the exploration and development of lithium properties, with a market cap of CA$128.04 million.

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

Market Cap: CA$128.04M

Rock Tech Lithium, with a market cap of CA$128.04 million, is pre-revenue and debt-free, reflecting its early-stage status in lithium exploration. The company has experienced shareholder dilution with shares outstanding increasing by 7.6% over the past year. Despite unprofitability and forecasts indicating further earnings decline, Rock Tech’s short-term assets of CA$6.8 million exceed its liabilities, providing some financial stability. Recent private placements have raised additional capital totaling approximately CA$4.71 million, including participation from Canada’s Critical Minerals Infrastructure Fund, which may support ongoing development activities amidst a volatile market environment.

TSXV:RCK Debt to Equity History and Analysis as at Oct 2024Unigold

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

Overview: Unigold Inc. is a junior natural resource company engaged in exploring and developing gold projects in the Dominican Republic, with a market cap of CA$16.46 million.

Operations: Unigold Inc. has not reported any revenue segments.

Market Cap: CA$16.46M

Unigold Inc., with a market cap of CA$16.46 million, is a pre-revenue junior resource company focused on gold exploration in the Dominican Republic. The company remains unprofitable, with losses narrowing slightly over the past year but still significant at CA$0.60 million for Q2 2024. Unigold has no long-term liabilities and is debt-free, yet its cash runway is under one year, raising concerns about financial sustainability without additional capital inflows. Shareholder dilution occurred with shares outstanding increasing by 7.3% last year. Despite high volatility and negative return on equity, short-term assets cover liabilities comfortably.

TSXV:UGD Debt to Equity History and Analysis as at Oct 2024Where To Now?

Unlock more gems! Our TSX Penny Stocks screener has unearthed 945 more companies for you to explore.Click here to unveil our expertly curated list of 948 TSX Penny Stocks.
Have a stake in these businesses? Integrate your holdings into Simply Wall St’s portfolio for notifications and detailed stock reports.
Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.

Interested In Other Possibilities?

Explore high-performing small cap companies that haven’t yet garnered significant analyst attention.
Jump on the AI train with fast growing tech companies forging a new era of innovation.
Find companies with promising cash flow potential yet trading below their fair value.

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

Companies discussed in this article include TSXV:GT TSXV:RCK and TSXV:UGD.

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

Canada Carbon Inc.

Toronto, ON, Canada, Oct. 24, 2024 (GLOBE NEWSWIRE) — Canada Carbon Inc. (the “Company”) (TSX-V:CCB), (FF:U7N1) reports that it has completed the Bulk Sample Program for its 100% owned Asbury Graphite Project located 80 kilometers (“km”) NNE of Gatineau, near Notre-Dame-du-Laus, Québec. Working with SGS Lakefield, the Bulk Sample Program consisted of work to complete a full scope of analysis in the following areas:

Head assays
Bond Ball Work Index Analysis
Flowsheet optimization

Head Assays

As previously reported (see Press Release dated August 8th, 2024), the Company provided three ore samples for the program : BK1 – high grade drill core, BK2 – low grade drill core, and BK3 – a high grade outcrop. These samples were prepared for testing, and a composite of the two drill core samples (BK1 and BK2) was prepared and named Core Comp. The Company believe that the Core Comp will be a fairly representative sample of the overall Asbury deposit.

Carbon speciation analyses of these samples shows graphitic carbon (C(g)) ranging from 1.36% to 5.86% from low to high grade drill core, and a very high graphitic carbon concentration of 15.7% in the outcrop sample. The 3.68% C(g) of the Core Comp was well in excess of the average C(g) measured in the Company’s Initial Resource Estimate (see Press Release dated May 16th, 2024). As measured in all samples, carbon occurs as both graphitic carbon (C(g)) as well as carbonate (CO3) minerals. In this flotation program, CCB evaluated the recovery of graphitic carbon as opposed to total carbon (C(t)). Carbonates are expected to be flushed to the tailings products. Total Organic Carbon (TOC) is minimal in all samples.

Please click here to view image

Bond Ball Work Index AnalysisBond Ball Work Index testing was conducted on the three samples, BK1, BK2 and BK3 which produced similar work indices ranging from 14.1 (BK2) to 14.6 (BK1). In comparison with SGS’s database of thousands of ore types, shown in the graph below, the Asbury samples fall in the median range of hardness percentile, ranging from 47.4% to 53.3%. The result of this analysis suggests that the hard rock host material of the Asbury deposit results from geological events which contributed significantly to the macro-crystalline nature of the flake to be produced from the Asbury deposit.

Note: F80 denotes feed size (in microns), while P80 denotes product size (i.e – measurement at which 80% of particles are finer in size). BWI – Bond Work Index. KWh/t – Kilowatt Hour per tonne.

Please click here to view image

Flowsheet Optimization As the figure below indicates, the Company and SGS engaged in a very thorough process of developing and optimizing the evaluate tradeoffs between flake size and purity based on the length of primary and secondary grind cycles and the number of rougher columns or cells through which the concentrate will be cycled. Global operating parameters utilized in the optimized flowsheet are as follows:

Primary Grind:	18 minutes in 2 kg rod mill @ 50% solids with steel rods
Polishing Grind of Combination Flash & Rougher (Ro) Concentrate:	15 minutes @ ~40% solids in pebble mill with ceramic media
+100 M Regrind:	10 minutes @ ~40% solids in SMM mill with ceramic media
-100 M Regrind:	20 minutes @ ~40% solids in SMM mill with ceramic media

Note: SMM – Stirred Media Mill

In the optimized flowsheet a flash flotation stage was conducted on the crushed ore producing flash rougher concentrates. The flash rougher tailings were ground and a rougher concentrate produced. Two regrind circuits were added down-process from a 100-mesh concentrate screen. The flowsheet then provides for three cleaner columns to follow each of the +100 and -100 mesh lines.

While the company was initially focused on minimizing required grinding power, as well as the potential for preservation of coarse-flake graphite, subsequent testing shows that increased primary grinding eliminates +48 mesh flake from the concentrate profile but results in significant gains in purity. Given the focus on future participation in the battery anode supply chain, producing a higher purity concentrate, which would be easier and cheaper to purify, is ideal for the Company and its potential future clients.

Please click here to view image

Floatation Tests Results

The Company’s final floatation test achieved combined concentrate grades of greater than 98% C(t). Important observations from the optimization process are as follows:

Primary grind time was increased first from 12 minutes to 15 minutes and then from 12 minutes to 18 minutes.
The 15-minute primary grind resulted in P80 230 µm, while the 18-minute primary grind resulted in P80 214 µm. However, it was determined that grinding to P80 214 µm is not required.
Because of the finer primary grind, the +100 M concentrate exceeded our target 95% C(t) grade after screening (achieving 96.2% C(t)) and may not need cleaner stages at all.
The -100 M concentrate, after secondary grinding, achieved a 95.2% C(t) grade after the 1st -100 M cleaner, suggesting that the remaining two cleaner stages provided for in the work sheet may not be necessary at all.
It was also critical to note that, in the final floatation test, the Company’s +150 mesh and the +325 mesh assayed out at 99.1% and 99.0% C(t) respectively.

Note: In concentrate samples C(t) is assumed equal to C(g) as any carbonates are expected to flow to the tailings.

Please click here to view image

"The completion of our Bulk Sample Program by SGS Lakefield produced results beyond our expectations. We were able to demonstrate that a composite sample of our ore recorded in-situ grades in excess of the average in our Initial resource estimate. Additionally, we have engineered a flowsheet which produces high Ct concentrate from an efficient primary processing operation. This will allow us to market an anode market product which will be significantly easier and more cost effective to purify. These characteristics are certainly important to the battery anode space, but also attractive across a variety of high margin applications. We intend to ensure that this scalable, exceptional deposit is expeditiously developed and properly positioned to maximize shareholder value." declared Ellerton Castor, CEO of Canada Carbon.

Next Steps

With the Bulk Sample program complete, Canada Carbon will target completion of the Asbury Pre-Feasibility Study by the end of Q1, 2025. Additionally, the results will allow CCB to conduct battery cell testing on the concentrate through Polaris Labs. Finally, the Company will also expand its scope of lab testing to begin qualifying the Asbury concentrate for a variety of additional industry verticals.

Qualified Person This press release was prepared by Rick Keevil, who is an independent qualified persons as defined under National Instrument 43-101, and who reviewed and approved the geological information provided in this news release.

Asbury Project OverviewThe 100%-owned Asbury Graphite Project is a past producing property made up of 25 claims with a total surface area of 1,384.59 ha. It is located 8.1 km northeast of Notre-Dame-Du-Laus in the Laurentides Region of southern Quebec. The property is accessible via gravel roads from Provincial Road 309 and Chemin du Ruisseau Serpent in the Notre-Dame-du-Laus area. A power transmission line runs through the property. Mont-Laurier, located approximately 44 km north, provides all amenities needed to perform basic mineral exploration, such as a hospital, accommodations, restaurants, groceries and other primary services. Additional amenities for exploration, and a seasoned mining and exploration workforce, are available from nearby towns of Gatineau to the south.

CANADA CARBON INC.“Ellerton Castor”Chief Executive Officer and DirectorContact InformationE-mail inquiries: info@canadacarbon.com P: (905) 407-1212

FORWARD LOOKING INFORMATION

This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking information in this press release includes statements regarding the development of the Company’s Asbury deposit and financing thereof, the entering of the joint venture with Irondequoit Offering, future production from the Company’s Asbury deposit, sales agreements and other matters related thereto. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: compliance with extensive government regulations; financial abilities; the ability to develop the Asbury deposit; domestic and foreign laws and regulations adversely affecting the Company’s business and results of operations; the impact of COVID-19; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

CONNECT WITH US

Tweets

Tweet with hash tag #miningfeeds or @miningfeeds and your tweets will be displayed across this site.

Tweets by MiningFeeds

MOST ACTIVE MINING STOCKS

Daily Gainers


CMC Metals Ltd.	CMB.V	+900.00%
Eden Energy Ltd	EDE.AX	+200.00%
GoviEx Uranium Inc.	GXU.V	+42.86%
Eagle Nickel Ltd.	ENL.AX	+41.67%
Citigold Corp. Limited	CTO.AX	+33.33%
Mount Burgess Mining NL	MTB.AX	+33.33%
Exalt Resources Limited	ERD.AX	+31.94%
Casa Minerals Inc.	CASA.V	+30.00%
Cariboo Rose Resources Ltd	CRB.V	+28.57%
Belmont Resources Inc.	BEA.V	+28.57%

CONNECT WITH US

Tweets

MOST ACTIVE MINING STOCKS

Daily Gainers

Articles

FOUND POSTS

Guinea Orders Domestic Refining for All Gold Exports

Building the Future of Copper: Inside Solaris Resources’ Warintza Project

Canada Grants Italy Priority Access to Critical Minerals Amid Graphite Supply Expansion

Copper One Restarts as World’s First Autonomy-First Copper Mine and Refinery

Brazil Emerging as Rare Earth Powerhouse Amid Shift From China