Tech Metals Archives - Page 15 of 71

Many investors define successful investing as beating the market average over the long term. But the risk of stock picking is that you will likely buy under-performing companies. We regret to report that long term Zimplats Holdings Limited (ASX:ZIM) shareholders have had that experience, with the share price dropping 54% in three years, versus a market return of about 29%. And over the last year the share price fell 43%, so we doubt many shareholders are delighted. Shareholders have had an even rougher run lately, with the share price down 17% in the last 90 days.

With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.

View our latest analysis for Zimplats Holdings

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).

Zimplats Holdings saw its EPS decline at a compound rate of 76% per year, over the last three years. This fall in the EPS is worse than the 23% compound annual share price fall. So the market may not be too worried about the EPS figure, at the moment — or it may have previously priced some of the drop in. With a P/E ratio of 99.85, it's fair to say the market sees a brighter future for the business.

You can see below how EPS has changed over time (discover the exact values by clicking on the image).

ASX:ZIM Earnings Per Share Growth February 16th 2025

Before buying or selling a stock, we always recommend a close examination of historic growth trends, available here.

What About The Total Shareholder Return (TSR)?

We'd be remiss not to mention the difference between Zimplats Holdings' total shareholder return (TSR) and its share price return. The TSR attempts to capture the value of dividends (as if they were reinvested) as well as any spin-offs or discounted capital raisings offered to shareholders. Dividends have been really beneficial for Zimplats Holdings shareholders, and that cash payout explains why its total shareholder loss of 46%, over the last 3 years, isn't as bad as the share price return.

A Different Perspective

While the broader market gained around 15% in the last year, Zimplats Holdings shareholders lost 43%. Even the share prices of good stocks drop sometimes, but we want to see improvements in the fundamental metrics of a business, before getting too interested. Longer term investors wouldn't be so upset, since they would have made 6%, each year, over five years. If the fundamental data continues to indicate long term sustainable growth, the current sell-off could be an opportunity worth considering. While it is well worth considering the different impacts that market conditions can have on the share price, there are other factors that are even more important. To that end, you should learn about the 2 warning signs we've spotted with Zimplats Holdings (including 1 which is a bit concerning) .

Of course Zimplats Holdings may not be the best stock to buy. So you may wish to see this free collection of growth stocks.

Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Australian exchanges.

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.

As U.S. stock markets approach record highs, driven by a deceleration in wholesale inflation and a tempered approach to tariffs, investors are keenly observing opportunities for potential value investments. In this environment, identifying stocks that may be trading below their estimated value can offer strategic entry points for those looking to capitalize on market inefficiencies and long-term growth prospects.

Top 10 Undervalued Stocks Based On Cash Flows In The United States

Name	Current Price	Fair Value (Est)	Discount (Est)
Provident Financial Services (NYSE:PFS)	$18.93	$37.03	48.9%
Atour Lifestyle Holdings (NasdaqGS:ATAT)	$29.57	$58.94	49.8%
Old National Bancorp (NasdaqGS:ONB)	$23.86	$45.68	47.8%
Incyte (NasdaqGS:INCY)	$70.01	$135.22	48.2%
DiDi Global (OTCPK:DIDI.Y)	$4.97	$9.60	48.2%
Advanced Micro Devices (NasdaqGS:AMD)	$111.81	$214.70	47.9%
Constellium (NYSE:CSTM)	$9.53	$18.34	48%
First Advantage (NasdaqGS:FA)	$20.01	$38.21	47.6%
Marcus & Millichap (NYSE:MMI)	$37.27	$73.76	49.5%
Kyndryl Holdings (NYSE:KD)	$41.54	$82.14	49.4%

Click here to see the full list of 164 stocks from our Undervalued US Stocks Based On Cash Flows screener.

Let’s uncover some gems from our specialized screener.

Advanced Micro Devices

Overview: Advanced Micro Devices, Inc. is a global semiconductor company with a market capitalization of approximately $181.04 billion.

Operations: The company’s revenue is derived from four main segments: Client ($7.05 billion), Gaming ($2.60 billion), Embedded ($3.56 billion), and Data Center ($12.58 billion).

Estimated Discount To Fair Value: 47.9%

Advanced Micro Devices (AMD) is trading significantly below its estimated fair value, suggesting potential undervaluation based on cash flows. The company has demonstrated robust earnings growth, with a 95.4% increase over the past year and forecasts of 32% annual growth. Recent strategic alliances, such as collaborations with CEA and Ocient, enhance AMD’s technological capabilities in AI computing and data analytics. These factors contribute to AMD’s strong position for future revenue expansion amidst ongoing buybacks totaling US$3.31 billion.

NasdaqGS:AMD Discounted Cash Flow as at Feb 2025Sociedad Química y Minera de Chile

Overview: Sociedad Química y Minera de Chile S.A. operates as a global mining company with a market cap of $10.71 billion.

Operations: The company’s revenue segments include Potassium ($255.71 million), Industrial Chemicals ($79.76 million), Iodine and Derivatives ($960.89 million), Lithium and Derivatives ($2.50 billion), and Specialty Plant Nutrition ($941.07 million).

Estimated Discount To Fair Value: 41%

Sociedad Química y Minera de Chile (SQM) is trading at US$40.17, significantly below its estimated fair value of US$68.1, indicating potential undervaluation based on cash flows. Despite a challenging period with declining sales and earnings, the company is forecast to achieve above-average market growth and become profitable in three years. However, current dividends are not well covered by earnings or free cash flows, and debt coverage by operating cash flow remains a concern.

NYSE:SQM Discounted Cash Flow as at Feb 2025TransUnion

Overview: TransUnion is a global consumer credit reporting agency offering risk and information solutions, with a market cap of $18.22 billion.

Operations: The company’s revenue segments include U.S. Markets at $2.48 billion, International at $1.14 billion, and Consumer Interactive at $1.59 billion.

Estimated Discount To Fair Value: 34.6%

TransUnion, trading at US$100.25, is significantly undervalued with a fair value estimate of US$153.25. Despite its debt not being well covered by operating cash flow, the company’s earnings are expected to grow substantially at 29% per year, outpacing the broader market. Recent initiatives include a new consumer platform with Credit Sesame and a share repurchase program worth up to US$500 million, potentially enhancing shareholder value and operational reach in the U.S.

NYSE:TRU Discounted Cash Flow as at Feb 2025Key Takeaways

Click through to start exploring the rest of the 161 Undervalued US Stocks Based On Cash Flows now.
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Ready To Venture Into Other Investment Styles?

Explore high-performing small cap companies that haven’t yet garnered significant analyst attention.
Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.
Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.

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 NasdaqGS:AMD NYSE:SQM and NYSE:TRU.

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

FMC Corporation's (NYSE:FMC) earnings announcement last week didn't impress shareholders. However, our analysis suggests that the soft headline numbers are getting counterbalanced by some positive underlying factors.

See our latest analysis for FMC

NYSE:FMC Earnings and Revenue History February 14th 2025The Impact Of Unusual Items On Profit

Importantly, our data indicates that FMC's profit was reduced by US$238m, due to unusual items, over the last year. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And that's hardly a surprise given these line items are considered unusual. Assuming those unusual expenses don't come up again, we'd therefore expect FMC to produce a higher profit next year, all else being equal.

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

An Unusual Tax Situation

Having already discussed the impact of the unusual items, we should also note that FMC received a tax benefit of US$151m. It's always a bit noteworthy when a company is paid by the tax man, rather than paying the tax man. The receipt of a tax benefit is obviously a good thing, on its own. However, the devil in the detail is that these kind of benefits only impact in the year they are booked, and are often one-off in nature. In the likely event the tax benefit is not repeated, we'd expect to see its statutory profit levels drop, at least in the absence of strong growth. So while we think it's great to receive a tax benefit, it does tend to imply an increased risk that the statutory profit overstates the sustainable earnings power of the business.

Our Take On FMC's Profit Performance

In its last report FMC received a tax benefit which might make its profit look better than it really is on a underlying level. But on the other hand, it also saw an unusual item depress its profit. Considering the aforementioned, we think that FMC's profits are probably a reasonable reflection of its underlying profitability; although we'd be confident in that conclusion if we saw a cleaner set of results. So while earnings quality is important, it's equally important to consider the risks facing FMC at this point in time. Every company has risks, and we've spotted 3 warning signs for FMC (of which 1 is concerning!) you should know about.

Our examination of FMC has focussed on certain factors that can make its earnings look better than they are. But there are plenty of other ways to inform your opinion of a company. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

As the U.S. markets react to a hotter-than-expected inflation report, with the Dow and S&P 500 closing lower and treasury yields soaring, investors are increasingly focused on finding stability amidst economic uncertainty. In such volatile times, dividend stocks can offer a reliable income stream, making them an attractive option for those looking to balance their portfolios against market fluctuations.

Top 10 Dividend Stocks In The United States

Name	Dividend Yield	Dividend Rating
Columbia Banking System (NasdaqGS:COLB)	5.29%	★★★★★★
Interpublic Group of Companies (NYSE:IPG)	4.93%	★★★★★★
Peoples Bancorp (NasdaqGS:PEBO)	4.92%	★★★★★★
FMC (NYSE:FMC)	6.33%	★★★★★★
Southside Bancshares (NYSE:SBSI)	4.60%	★★★★★★
Regions Financial (NYSE:RF)	5.94%	★★★★★★
Citizens & Northern (NasdaqCM:CZNC)	5.20%	★★★★★★
First Interstate BancSystem (NasdaqGS:FIBK)	5.87%	★★★★★★
Virtus Investment Partners (NYSE:VRTS)	4.88%	★★★★★★
Archer-Daniels-Midland (NYSE:ADM)	4.51%	★★★★★★

Click here to see the full list of 135 stocks from our Top US Dividend Stocks screener.

We’re going to check out a few of the best picks from our screener tool.

Copa Holdings

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Copa Holdings, S.A. operates through its subsidiaries to offer airline passenger and cargo services, with a market cap of approximately $3.71 billion.

Operations: Copa Holdings generates its revenue primarily from air transportation services, totaling approximately $3.48 billion.

Dividend Yield: 7.1%

Copa Holdings has a high dividend yield of 7.06%, placing it in the top 25% of U.S. dividend payers, but its dividends have been volatile over the past decade and are not well covered by free cash flows, with a high cash payout ratio of 243.4%. Despite reasonable earnings coverage with a low payout ratio of 37.5%, sustainability concerns persist due to inconsistent dividend history and reliance on non-cash earnings.

NYSE:CPA Dividend History as at Feb 2025EOG Resources

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: EOG Resources, Inc. is engaged in the exploration, development, production, and marketing of crude oil, natural gas liquids, and natural gas across various producing basins in the United States and internationally, with a market cap of approximately $74.09 billion.

Operations: EOG Resources generates revenue of $23.86 billion from its crude oil and natural gas exploration and production activities.

Dividend Yield: 3%

EOG Resources offers a dividend yield of 3.03%, which is lower than the top 25% of U.S. dividend payers. However, its dividends are well-covered by earnings and cash flows, with payout ratios of 29.2% and 36.7%, respectively. Despite trading at a good value relative to peers, EOG’s dividend history has been volatile over the past decade, raising concerns about reliability and stability for income-focused investors. Recent executive changes may impact strategic direction but have no immediate effect on dividends.

NYSE:EOG Dividend History as at Feb 2025FMC

Simply Wall St Dividend Rating: ★★★★★★

Overview: FMC Corporation is an agricultural sciences company that offers crop protection, plant health, and professional pest and turf management products, with a market cap of $4.55 billion.

Operations: FMC Corporation’s revenue segment includes Innovative Solutions, generating $4.25 billion.

Dividend Yield: 6.3%

FMC’s dividend yield of 6.33% ranks in the top 25% of U.S. dividend payers, supported by stable and growing payments over the past decade. The dividends are well-covered by earnings (payout ratio: 72%) and cash flows (cash payout ratio: 48%). However, FMC’s recent financial performance shows a decline in profit margins and net income, with debt not fully covered by operating cash flow. Recent amendments to its $2 billion credit facility address leverage and interest coverage ratios.

NYSE:FMC Dividend History as at Feb 2025Turning Ideas Into Actions

Reveal the 135 hidden gems among our Top US Dividend Stocks screener with a single click here.
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Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
Find companies with promising cash flow potential yet trading below their fair value.

Companies discussed in this article include NYSE:CPA NYSE:EOG and NYSE:FMC.

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

NOTRE-DAME-DU-LAUS, QC, Feb. 11, 2025 /CNW/ – Canada Carbon Inc. (the "Company" or "CCB") (TSXV: CCB), in collaboration with the Municipality of Notre-Dame-du-Laus ("NDL"), held a meeting of the Asbury Community Advisory Committee (the "Committee"). This was the second meeting of the Committee, which met for the first time in May 2024.

The Committee was set up to encourage NDL residents to collaborate and participate in the harmonious development of the Asbury graphite mine project (the "Project"), for the benefit of the entire community, the environment and the regional economy. Its mission is to submit recommendations to the Company to foster a transparent development process for the Project, ensure the adoption of best practices, and propose actions and initiatives based on the community's recommendations.

The meeting was an opportunity for the Company to provide an update on the Project's progress, to inform the Committee of the various work that has taken place in recent months, and to present the Project's next steps and deadlines. For its part, the Municipality reiterated its desire to collaborate with the Company, as well as to act as a channel of communication with all its taxpayers regarding the next steps.

At the end of the meeting, it was agreed to combine the Committee's next meeting with a citizens' information meeting, to enable NDL residents to ask questions and express their opinions on the project and its development.

"This new meeting of the Community Advisory Committee reiterates the commitment of the Municipality of Notre-Dame-du-Laus to foster collaboration and citizen participation in Canada Carbon's Asbury project. This is what we will continue to do, with the aim of maximizing the positive spin-offs for all our fellow citizens.", commented Yves Plouffe, deputy mayor of Notre-Dame-du-Laus.

"I would like to thank the members and the municipality for their participation and would like to underline the quality of the constructive and collaborative exchanges between the community of Notre-Dame-du-Laus and Canada Carbon. These discussions demonstrate a shared commitment to a transparent approach that respects everyone. Our goal remains to foster ongoing dialogue and build a lasting partnership that benefits the entire community.", said Ellerton Castor, President and CEO of Canada Carbon.

Graphite plays an essential role in the energy transition, as well as in the manufacture of lithium-ion batteries, which are vital to the electrification of transportation and the economy. This critical mineral can enable Quebec to make further progress in its electrification policies, in its efforts to combat climate change and to secure a crucial resource in the current geopolitical context.

About Notre-Dame-du-LausThe Municipality of Notre-Dame-du-Laus is part of the Antoine-Labelle MRC, located in the Laurentians region. Located in the southwest of the MRC, it covers a total area of 866 kilometres2, or 14.9% of the MRC's municipalized territory. It is bordered to the north by the municipalities of Notre-Dame-de-Pontmain, Lac-du-Cerf and Kiamika, and to the north and east by a vast non-municipalized territory that forms part of the Papineau-Labelle wildlife reserve. To the southeast, it is bordered by the Papineau MRC, and to the southwest by the Vallée-de-la-Gatineau MRC.

About Canada Carbon Inc.Canada Carbon Inc. is a mineral exploration company focused on the acquisition, exploration and development of graphite deposits. The company has acquired two historic graphite mines, the Miller and Asbury mines, located respectively in Grenville-sur-la-Rouge and Notre-Dame-du-Laus, Quebec. Canada Carbon is committed to realizing its potential as a producer of high-quality graphite while maintaining the highest standards of social and environmental responsibility.

For more information on Canada Carbon's mining activities, please visit our website at www.canadacarbon.com.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking information" within the meaning of 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 of the date of this press release. Any statements that address predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using expressions such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", etc.) are forward-looking statements, "The forward-looking statements contained in this press release are not statements of historical fact and may constitute forward-looking information. The forward-looking statements contained in this press release include statements relating to the settlement of debt. 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 reflected in the forward-looking information will prove to have been correct. Known and unknown risks, uncertainties and other factors may affect the company's results. These 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, 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 the 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.

Canada Carbon Logo (CNW Group/Canada Carbon)Municipalité de Notre-Dame-du-Laus Logo (CNW Group/Canada Carbon)

SOURCE Canada Carbon

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/11/c1994.html

We recently compiled a list of the These 10 Firms Were Last Week's Worst Performers. In this article, we are going to take a look at where FMC Corp. (NYSE:FMC) stands against the other stocks.

Volatile trading persisted on the stock market last week as investors scrambled to react to a flurry of positive and negative news that sparked both buying and selling positions.

On Friday alone, all Wall Street main indices fell into the red territory, with trading dampened mainly by tariff threats and expectations of a higher inflation rate in the US.

Ten companies under mixed sectors also mirrored the decline, with each booking double-digit slumps. This article details which 10 companies suffered the most last week and what specifically caused investor pessimism.

To come up with last week’s worst performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corp. (NYSE:FMC)

Shares of FMC Corp. fell by 38 percent week-on-week, ending Friday’s trading at $34.54 each from the $55.78 registered on January 31, as investors were disappointed by a plunge in its earnings performance in the fourth quarter and full year of 2024.

In a statement last week, FMC Corp. said net profit for the full year 2024 plummeted by 74 percent to $342 million while revenues declined by 5 percent to $4.25 billion.

In the fourth quarter alone, the company swung to a net loss of $16 million, reversing a net income in the same quarter in 2023.

Revenues for the quarter, however, increased by 7 percent to $1.22 billion.

For the full year 2025, the company also posted a conservative outlook, with revenues expected to settle between $4.15 billion and $4.35 billion, flat from 2024.

Following the release, UBS downgraded its rating for the company to “neutral” from “buy” given ongoing pressure from declining crop chemical demand.

It also slashed its price target by 42 percent to $38 apiece from $66 previously.

Overall FMC ranks 1st on our list of last week's worst performers. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as 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.

Highlights include 39m at 2.34g/t PGM+Au, 34m at 2.24g/t PGM+Au, and 36m at 2.21g/t PGM+Au

VANCOUVER, BC, Feb. 10, 2025 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") has received assay results from the final seven diamond drill holes ("DDH") in the Central Sector of its 100% owned Luanga palladium + platinum + rhodium + gold + nickel deposit ("Luanga deposit" or "Luanga PGM+Au+Ni deposit"), located in the Carajás Mineral Province, Pará State, Brazil.

"Results from infill and extensional drilling in the Central Sector at the Luanga PGM+Au+Ni deposit continue to demonstrate Luanga's mineral resource upside potential. Drilling consistently intercepts substantial mineralized thicknesses and grades, often matching or exceeding results from earlier drill holes on the same section. Sections in this news release also demonstrate that grades frequently improve at depth, from hole to hole, across multiple intervals," said Luis Azevedo, Chairman and CEO. "We are extremely pleased with the outcomes of our 2024 drilling and trenching programs, which were completed under budget and have set a positive outlook for the forthcoming MRE update."

Highlights Include:

The 2024 drill program is complete, and the results reported herein finalize the reporting of all assay data in readiness for the upcoming mineral resource estimate ("MRE") update.
Infill and extensional drilling, at depth in the Central Sector, continue to demonstrate improved mineralized thicknesses and grades as compared to previous shallower drilling on the same section.
Drilling has extended mineralization to depth in the Central Sector and demonstrates yet further potential for the addition of mineralization, potentially with increased grades and thicknesses, that are still considered to be within reach of a potential future open pit.
The 2024 drill program increased the depth extent and thickness of the mineralized zones, and improved grades within the mineralized envelope.
Exploration is progressing on EM targets and newly identified Cu-Au targets, with drilling scheduled to recommence at T5 in Q1'2025.

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
DDH24LU286	118.00	157.0	39.0	1.70	0.54	0.06	0.04	2.34	0.32	FR
DDH24LU287	121.6	155.6	34.0	1.45	0.53	0.08	0.18	2.24	0.24	FR
DDH24LU288	122.3	178.3	56.0	1.39	0.52	0.05	0.02	1.97	0.24	FR
DDH24LU289	100.7	136.7	36.0	1.59	0.53	0.09	0.01	2.21	0.25	FR
DDH24LU290	49.7	53.7	4.0	1.80	1.54	0.03	0.03	3.39	0.08	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 140% of true thickness.Type: Ox = Oxide. FR = Fresh 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 seven diamond drill holes have been received, all 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 320 – 330°. Together, this set of drill holes comprise a total of 1,471.4 metres of diamond drilling.

Section 1 (Figure 1) in the Central Sector shows a drill section where mineralization has been intersected at depth in drill hole DDH24LU286, and forms part of the recently completed 2024 drilling program. The 2024 drill program aimed to further define mineralization at greater depths than previous drilling as is the case in Section 1. Further drilling was aimed at infilling areas of wider spaced drill sections with the objective of upgrading the confidence levels of existing resources in the MRE. DDH24LU286 extends the mineralization approximately a further 75m to depth, now reaching approximately 175m from surface, with mineralized thicknesses and grades showing excellent consistency, equal or better to shallower drill holes. The mineralization remains open at depth with potential for further extension below 175 m depth.

Figure 1: Central Sector (Section 1 on Figure 4). Mineralized Grades and thicknesses continue to impress, adding substantial depth extension. (CNW Group/Bravo Mining Corp.)

Section 2 (Figure 2) shows extensional drill hole DDH24LU282 in the Central Sector, which also extends the depth of intersected mineralization a further 75m, to approximately 250m from surface. Here, mineralized grades can be seen to consistently improve with depth, while the overall interpreted thickness of mineralization is also increasing with depth. As in Section 1 above, DDH24LU282 of the 2024 drill program has significantly extended the volume of mineralization at depth on this section. The potential remains to further extend mineralization at depth, potentially with increasing thickness and grades.

Figure 2: Central Sector (Section 2 on Figure 4). Extensional drilling defines significant future MRE growth potential, still open shallow depths. (CNW Group/Bravo Mining Corp.)

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

Exploration is progressing on both EM targets and new Cu-Au targets (Figure 3) within the Luanga licence.

Drilling is expected to recommence, starting at T5, in Q1.

Figure 3: Location (over magnetics) of priority Cu/Au targets outside the Luanga PGM+Au+Ni deposit, the focus of regional exploration. (CNW Group/Bravo Mining Corp.)

Drill Results Status Update

A total of 345 drill holes have been completed by Bravo to date, for 73,675.65 metres, including 8 metallurgical holes (not subject to routine assaying). Results have been reported for 311 Bravo drill holes to date. Assay results for 26 holes are currently outstanding (excluding the metallurgical holes). These 26 holes relate to exploration outside of the Luanga PGM+Au+Ni resource area. A total of 45 trenches have been completed to date (for 9,065.73 metres), with all results reported.

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
DDH24LU285	0.0	11.0	11.0	0.64	0.32	0.01	0.01	0.99	NA	Ox
And	30.5	37.4	6.9	0.77	0.68	0.01	0.05	1.51	NA	Ox/FR
DDH24LU286	118.0	157.0	39.0	1.70	0.54	0.06	0.04	2.34	0.32	FR
And	163.0	193.0	30.0	0.27	0.25	<0.01	<0.01	0.52	0.02	FR
DDH24LU287	0.0	12.9	12.9	0.58	0.23	0.01	0.11	0.93	NA	Ox
And	106.8	114.8	8.0	0.63	0.25	0.02	0.10	1.00	0.22	FR
And	121.6	155.6	34.0	1.45	0.53	0.08	0.18	2.24	0.24	FR
And	164.6	200.6	36.0	0.29	0.25	<0.01	0.03	0.57	0.02	FR
DDH24LU288	122.3	178.3	56.0	1.39	0.52	0.05	0.02	1.97	0.24	FR
DDH24LU289	57.7	62.7	5.0	0.52	0.15	0.24	0.01	0.91	0.34	FR
And	75.7	143.8	68.0	1.10	0.38	0.06	0.01	1.55	0.19	FR
Including	100.7	136.7	36.0	1.59	0.53	0.09	0.01	2.21	0.25	FR
DDH24LU290	6.3	34.7	28.4	0.70	0.24	0.02	0.01	0.97	NA	Ox/FR
Including	29.7	34.7	5.0	1.37	0.48	0.05	0.01	1.91	0.30	FR
And	49.7	53.7	4.0	1.80	1.54	0.03	0.03	3.39	0.08	FR
DDH24LU291	No Significant Result

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 140% of true thickness.Type: Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.* Bravo's nickel grades are sulphide nickel, and do not include non-recoverable silicate nickel, unlike historical total nickel assays

Figure 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 PGM+Au+Ni Luanga Project, as well as our Cu-Au exploration opportunities in the world-class Carajás Mineral Province, Para State, Brazil.

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

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

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.

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

Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "continues", "significant", "potential", "substantial", "improved", "further extension", "consistent increase", "better", "wide", "upside", "match", "exceed", "frequently", 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 2024 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
DDH24LU285	Bravo	658439.86	9340827.80	246.41	SIRGAS2000_UTM_22S	110.55	330.00	-60.00	Central
DDH24LU286	Bravo	658431.29	9340643.68	276.80	SIRGAS2000_UTM_22S	244.70	330.00	-60.00	Central
DDH24LU287	Bravo	658500.82	9340722.17	269.40	SIRGAS2000_UTM_22S	240.25	330.00	-60.00	Central
DDH24LU288	Bravo	658378.87	9340533.22	283.91	SIRGAS2000_UTM_22S	285.40	330.00	-60.00	Central
DDH24LU289	Bravo	658296.91	9340475.55	273.69	SIRGAS2000_UTM_22S	300.60	330.00	-60.00	Central
DDH24LU290	Bravo	658166.89	9340503.37	256.91	SIRGAS2000_UTM_22S	180.45	330.00	-60.00	Central
DDH24LU291	Bravo	658352.08	9340261.87	253.23	SIRGAS2000_UTM_22S	109.45	320.00	-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	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	AA04B	ICP40B

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

SOURCE Bravo Mining Corp.

Cision

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We recently compiled a list of the 15 Biggest Agriculture Stocks in 2025. 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 agriculture stocks. We also discuss the increase in technology adoption in the industry to improve operations in agriculture and farming.

The agriculture sector is crucial for food security and economic stability. It extends beyond farm businesses to include other farm-related industries in the United States. According to the Bureau of Economic Analysis, agriculture, food, and related industries contributed over $1.5 trillion to the American economy in 2023, representing 5.5% of the GDP.

The output of farm businesses stood at $222.3 billion, or 0.8% of the GDP. However, economists believe agriculture's overall contribution is much higher than this figure because numerous players in various sectors rely on agricultural inputs and contribute added value to the economy.

According to McKinsey, the global food and agribusiness industry is valued at over $5 trillion, and given current trends, this number is expected to rise further. By 2050, caloric demand is projected to grow by 70%, while crop demand for human consumption and animal feed is forecast to soar by at least 100%.

The surge in population worldwide continues to lead to an increased demand for food, necessitating innovative agricultural practices. Recent trends have highlighted a shift toward the adoption of technology in agriculture and farming, which aims to enhance sustainable production.

A 2024 survey by a leading consultancy firm has revealed a growing trend among farmers for technology adoption, with a 3 percent increase since 2022 in farmers who are using or are willing to adopt digital technology to improve operations. North America continues to lead agricultural technology adoption, while Latin America experienced the fastest rate of growth – 10% – between 2022 and 2024.

The United States has the highest rate of technology adoption, with 61% of the farmers using or willing to adopt digital agronomy, and 51% for precision agriculture hardware, while the adoption rate for remote-sensing technologies among American farmers stood at 38%. More than two-thirds of farmers were using or willing to adapt to farm management software. The study also highlighted that large farms were 45% more likely to adopt agriculture technology than smaller farms, citing scale factors to generate positive ROI.

The growing focus on sustainable practices and innovative technologies among farmers to enhance their productivity not only bodes well for the future of the agriculture industry but also presents an opportunity for organizations that provide these technologies to cater to farmers’ diverse needs across different regions.

Methodology

For this article, we sifted through screeners to get a pool of stocks in the agricultural inputs and farm products industries. We also referred to our previous articles on the industry to further enrich our list of stocks. From there, we picked the top 15 companies with the highest market cap, as of the close of the day on Friday, January 31, 2025. The 15 biggest agriculture stocks are ranked in ascending order of market cap.

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

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

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

Market Cap: $11.03 billion

Sociedad Química y Minera de Chile S.A. (NYSE:SQM) is a Chilean chemical company that produces a wide range of products, such as specialty plant nutrients, iodine, lithium, potassium chloride, and other chemicals. For the last five decades, the company has been committed to the agriculture sector and has provided nutritional solutions for high-value crops worldwide.

During its Q3 2024 earnings call on November 19, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) reported a net income of $131.4 million, or 46 cents per share. This was down 72.6% from last year. The company’s revenue came in at $1.08 billion, which was also 41.5% lower compared to Q3 2023. SQM’s financial performance was pressured during the quarter by weaker year-over-year pricing.

However, in an encouraging trend, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) experienced positive volume growth in most business segments compared to last year. The fertilizer markets are showing great recovery. The Specialty Plant Nutrition business line saw a 21% year-over-year increase in volume and a revenue growth of 12%. The company is also seeing strong demand for iodine, resulting in an increase in both volume and revenue from last year. In lithium, SQM had a sales volume of over 51,000 metric tons, which was up 18% year-over-year. This demonstrated strong demand, mainly driven by EV sales growth in China.

While demand remains robust, Sociedad Química y Minera de Chile S.A. (NYSE:SQM) conceded the challenges associated with a 24% drop in average realized lithium prices from Q2 2024 due to oversupply in the market. However, it is confident that it enjoys a strong competitive edge in the lithium market and will continue to work on its ongoing projects, which will position the company to harvest benefits as the world transitions to clean energy.

Wall Street analysts anticipate a 21% uptick, on average, in Sociedad Química y Minera de Chile S.A. (NYSE:SQM)’s share price. Investor sentiment continues to improve as well. According to Insider Monkey’s database for Q3 2024, 12 hedge funds held a stake in the company, up from 9 at the end of Q2.

Overall SQM ranks 8th on our list of the biggest agriculture stocks in 2025. 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 timeframe. If you are looking for an AI stock that is more promising than SQM but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

We recently compiled a list of the 15 Biggest Agriculture Stocks in 2025. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other agriculture stocks. We also discuss the increase in technology adoption in the industry to improve operations in agriculture and farming.

Methodology

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Market Cap: $6.96 billion

FMC Corporation (NYSE:FMC) is a leading agricultural sciences company providing solutions for crop protection and crop enhancement. It produces and sells crop protection chemicals like insecticides, herbicides, and fungicides; crop nutrition; biologicals; and seed treatment products.

On November 1, the company announced the sale of its Global Specialty Solutions (GSS) business to Envu. The divestiture includes a line of products serving non-crop markets and is a key step in FMC Corporation's (NYSE:FMC) plans to focus solely on its core crop protection business. Analysts believe the strategic move will also enhance the company’s operational efficiency.

On December 13, FMC Corporation (NYSE:FMC) declared a quarterly dividend of 58 cents, reflecting its commitment to shareholder returns. During its Q4 2024 earnings call on February 5, the company reported a revenue of $1.22 billion, growing 7% year-over-year. Adjusted diluted EPS stood at $1.79, improving 67% compared to Q4 2023.

FMC Corporation (NYSE:FMC) is one of the best agriculture stocks to buy in 2025, with Wall Street analysts anticipating an average share price upside potential of nearly 16%. Investor sentiment around the stock continues to improve as well. According to Insider Monkey’s database for Q3 2024, 41 hedge funds held a stake in the company, an improvement from 35 at the end of the second quarter.

Overall FMC ranks 14th on our list of the biggest agriculture stocks in 2025. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FMC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

We recently compiled a list of the Jim Cramer Discusses These 9 Stocks & US AI GPU Advantages. In this article, we are going to take a look at where FMC Corporation (NYSE:FMC) stands against the other stocks.

In his latest appearance on CNBC's Squawk on the Street, Jim Cramer spent nearly all of his show discussing stocks. As has been the case with most of his morning appearances in 2025, he discussed Wall Street's favorite GPU stock in quite a bit of detail. While we've covered a lot of his remarks in our coverage of the stock in our next list, some points are worth mentioning in the introduction.

While Wall Street is focused on whether cloud and data center spending for the firm will materialize after China's DeepSeek purportedly demonstrated lower training costs and by effect lower spending requirements, Cramer is focused on the firm's Blackwell GPU.

For Cramer, while the Blackwell GPU is an impressive product, the timeline of its orders materializing is surprising. He commented on a recent share price target reduction by Citi to share that the only significant takeaway for him from the note concerned the orders. Before he read the note, Cramer kept "thinking that Blackwell, which is the next generation, is selling like mad." However, reading the note surprised him as he learned that the first customer was only starting to receive the products. This leads Cramer to conclude that the money from the latest AI GPUs that the firm earns is "going to be much more forward and not now in front of us."

Yet, he remains optimistic because the orders will materialize as Cramer believes "because obviously if you're spending all this money you're gonna get Blackwell." The CNBC host then shifted the conversation to the importance of the Blackwell GPUs. After analyzing the GPU orders, "you say to yourself, why do you need Blackwell? Why do you need this incredibly important platform that has software?" he wondered.

The answer to this question, according to Cramer is because "you need it [Blackwell] for both inference and you need it for training," even though according to him "There are people who said with DeepSeek you don't."

The GPU orders are particularly important when we analyze Cramer's first remarks for the GPU stock after the DeepSeek stock market selloff. Orders are one key metric that Cramer believes investors should watch to confirm whether the damage done by the selloff is permanent. In a recent morning appearance, he outlined that "any [GPU] order pullback" is a key metric along with a potentially reduced focus on energy spending.

Our Methodology

To make our list of the stocks that Jim Cramer talked about, we listed down the stocks he mentioned during CNBC’s Squawk on the Street aired on February 5th.

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

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Number of Hedge Fund Holders In Q3 2024: 41

FMC Corporation (NYSE:FMC) is an agricultural inputs company that sells insecticides, herbicides, and other associated products. Its shares closed 2024 22% lower as the firm struggled from a weak agricultural market beset with inventory problems. FMC Corporation (NYSE:FMC)'s shares were dealt a hefty blow in February when they dropped by a stunning 33% in one day following the firm's fourth-quarter earnings. The results saw the firm's midpoint 2025 earnings guidance of $3.48 miss analyst estimates of $4.36 by a wide margin. Here's what Cramer said as FMC Corporation (NYSE:FMC)'s shares were falling:

"There's a company called FMC. And that's an agricultural company. It's an old food machinery company, it's based in Philadelphia. And the stock is down 35% today because they have inventory problems. Too much of the crop chemicals used for . . . corn, potatoes, and sorghum. I just remind that there certain industries that are in this economy that are seemed to just, I don't know we have to stay close to ag[riculture]. That's a very very bad number. And I'm kind of shocked because it's a pretty reliable company. But the ag business maybe not as great as we think judging from the fact that they have a lot of insecticides, herbicides. So, stay close to ag."

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

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

Investing.com — UBS downgraded FMC Corporation (NYSE:FMC) to "Neutral" from "Buy" given increased execution risks tied to the company's strategic pivot and ongoing pressure from declining crop chemical demand. The brokerage also slashed its price target by 42% to $38 from $66.

UBS analysts noted that FMC’s revised 2025 outlook marks a third consecutive year of EBITDA below $1 billion, with risks mounting from pricing pressure and a shift toward a direct-to-farm sales model in key markets like Brazil. The transition, expected to take place over the next one to two quarters, adds complexity and potential delivery risks.

The abrupt change to lower manufacturing costs and pricing for channel partners was a bit of a surprise, UBS said, warning that ongoing debates over diamide patent expirations could weigh on the stock for years.

The firm also lowered its 2025 EBITDA forecast by 14% to $877 million, 7% below consensus estimates, and flagged concerns over weaker free cash flow (FCF). With projected FCF of around $290 million in 2025, FMC may face extended deleveraging, limiting cash for growth initiatives.

UBS cut its valuation multiple on the stock, citing a "delayed earnings recovery trajectory" and heightened exposure to commodity-driven pricing risks.

UBS downgrades FMC Corp, slashes price target on execution risks

BPER CEO says Italy's M&A wave prompted defensive bid for Pop Sondrio

U.S. stocks slip after weak nonfarm payrolls, decline in consumer sentiment gauge

Very Exciting Development at Thor!

ESTES PARK, CO / ACCESS Newswire / February 6, 2025 / Taranis Resources Inc. ("Taranis" or the "Company") (TSX.V:TRO)(OTCQB:TNREF) is providing an initial overview of the 2024 diamond drilling program at Thor. Taranis undertook a drilling exploration program at Thor using a ‘linked epithermal-porphyry' geological model, and this approach has resulted in the identification of two intrusive bodies at Thor. The basic premise of this geological model is that epithermal deposits can be underlain by large, mineralized intrusives. This News Release will be the first of several that discuss more detailed exploration results of the 2024 exploration program.

In the +130-year history of exploration and mining at Thor, there have been no documented occurrences of intrusive rocks. The presence of deep, underlying intrusive rocks at Thor became a high-level priority in 2021 after it was recognized that there were large areas of hydrothermal alteration at Thor surrounding the epithermal deposit that had hallmarks of alteration related to something other than the epithermal deposit itself. The host rocks at Thor are Lower Paleozoic metasedimentary-metavolcaniclastic rocks, and alteration has manifested itself quite differently from deposits in British Columbia that are hosted in volcanic rocks.

In May 2022, Expert Geophysics completed an airborne magnetotelluric ("MT")/magnetic survey at Thor and identified a number of geophysical features that indicated the presence of a concealed intrusive. In 2024, the initial drill holes were completed to test some of these features, and a variety of formations were encountered that either have direct connection with an intrusive – or are related to contact alteration around an intrusive. These intrusive-related rocks bear little or no resemblance to the geology mapped at surface and are subject of ongoing investigation including geochemistry, age-dating and Transmission Electron Microscopy ("TEM") mineralogical analyses at the Colorado School of Mines, Golden, Colorado. Taranis has also completed Rare Earth Element and Major Oxide geochemistry on drill cores from 2024 to gain further insight into the large-scale alteration patterns seen in the host rocks.

Two Types of Intrusives at Thor and Relationship to the Epithermal Deposit

The figure that accompanies this News Release shows the spatial relationship between the epithermal deposit at Thor, and some of the underlying alkalic intrusive and intrusive-related rocks. This model is based on surface mapping, diamond drilling (over 250 drill holes), and inverted magnetic and resistivity data from Expert Geophysics. Alkalic rocks are rich in sodium and potassium relative to silica, and are important when differentiating intrusive rocks in British Columbia because this particular type of intrusive is related to some of the largest intrusive-related gold and copper deposits in British Columbia.

Intrusive Event #1

The oldest, and largest igneous event is I-1 ("Igneous Event #1") and is identifiable as a resistive, 1.2 km diameter circular-shaped igneous body ~2.0 km southeast of where the epithermal deposit is located. The top of this intrusive body is located at least 400m below the surface. Immediately overlying this feature is Z-900/1300 that is an elongated resistivity feature that is a contact-related alteration zone that is heavily albitized (55% albite), ankerite (16%) and kaolinite (19%) characteristic of advanced argillic alteration. It also contains ludwigite (5%) that is found in skarn zones around intrusives. Z-900/1300 will be discussed in greater detail in upcoming news releases, but contains anomalous gold over substantial widths (+30m). Only the northern edge of this feature could be drill-tested in 2024, but Taranis has taken actions to be able to fully evaluate this sizeable feature in 2025. The fine-grained nature of the minerals in the rock precluded the identification of minerals (including albite) in the field and TEM had to be used. Based on various age relationships, I-1 is known to be the same age as the Thor epithermal deposit, and it is almost certainly the source of the precious and base metals in the Thor epithermal deposit.

Intrusive Event #2

A younger, second intrusive (I-2) ("Igneous Event #2") forms two dyke-like bodies that flank I-1. This dyke system is enveloped in wide zones of epidote, chlorite and magnetite. I-2 crosscuts the Silver Cup Anticline. The dyke itself is alkalic and mafic in composition, and has high levels of magnesium. The presence of up to 40% magnetite makes the dykes mappable using geophysical surveys. I-2 is completely devoid of precious or base metals, but again contains a considerable amount of albite (up to 58%). I-2 is a late-stage magmatic event that occurred after the emplacement of the Thor epithermal deposit, and has in fact intruded and disrupted the epithermal deposit. This observation means that the Thor epithermal deposit likely continues down-dip of the known deposit east of the dyke.

Comment

John Gardiner, President and CEO of Taranis states "Exploration companies talk about finding large, hidden mineral deposits in British Columbia, and unequivocally this approach is going to find British Columbia's next generation of mines. This requires a long-term approach not only being able to identify favorable geology, but the investment of time and capital. The jewel at Thor lies in the ability to find a mineralized intrusive, and we have made significant progress in that direction. Taranis' prescription has involved a systematic approach to targeting, transitioning from shallow to deeper exploration. Taranis has also leveraged modern technology to define and understand these targets, of which some examples include passive electromagnetic surveying, alteration geochemistry, TEM and most of all experience".

About Taranis and Thor

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

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

TARANIS RESOURCES INC.

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

For further information contact:

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

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

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

SOURCE: Taranis Resources, Inc.

View the original press release on ACCESS Newswire

Key Insights

The projected fair value for FMC is US$53.74 based on 2 Stage Free Cash Flow to Equity
FMC's US$35.92 share price signals that it might be 33% undervalued
Analyst price target for FMC is US$59.56, which is 11% above our fair value estimate

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of FMC Corporation (NYSE:FMC) as an investment opportunity by projecting its future cash flows and then discounting them to today's value. This will be done using the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.

We would caution that there are many ways of valuing a company and, like the DCF, each technique has advantages and disadvantages in certain scenarios. For those who are keen learners of equity analysis, the Simply Wall St analysis model here may be something of interest to you.

See our latest analysis for FMC

Is FMC Fairly Valued?

We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we discount the value of these future cash flows to their estimated value in today's dollars:

10-year free cash flow (FCF) estimate

	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
Levered FCF ($, Millions)	US$492.0m	US$573.7m	US$635.5m	US$499.0m	US$425.8m	US$385.4m	US$362.8m	US$350.8m	US$345.4m	US$344.4m
Growth Rate Estimate Source	Analyst x5	Analyst x7	Analyst x2	Analyst x1	Est @ -14.68%	Est @ -9.49%	Est @ -5.86%	Est @ -3.31%	Est @ -1.53%	Est @ -0.29%
Present Value ($, Millions) Discounted @ 7.5%	US$458	US$497	US$512	US$374	US$297	US$250	US$219	US$197	US$181	US$168

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$3.2b

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.6%. We discount the terminal cash flows to today's value at a cost of equity of 7.5%.

Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$344m× (1 + 2.6%) ÷ (7.5%– 2.6%) = US$7.3b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$7.3b÷ ( 1 + 7.5%)10= US$3.6b

The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is US$6.7b. The last step is to then divide the equity value by the number of shares outstanding. Compared to the current share price of US$35.9, the company appears quite good value at a 33% discount to where the stock price trades currently. Remember though, that this is just an approximate valuation, and like any complex formula – garbage in, garbage out.

NYSE:FMC Discounted Cash Flow February 6th 2025The Assumptions

Now the most important inputs to a discounted cash flow are the discount rate, and of course, the actual cash flows. If you don't agree with these result, have a go at the calculation yourself and play with the assumptions. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at FMC as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 7.5%, which is based on a levered beta of 1.175. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

SWOT Analysis for FMC

Strength

Debt is well covered by earnings.

Dividends are covered by earnings and cash flows.

Dividend is in the top 25% of dividend payers in the market.

Weakness

Earnings declined over the past year.

Opportunity

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

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

Threat

Debt is not well covered by operating cash flow.

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

Next Steps:

Although the valuation of a company is important, it is only one of many factors that you need to assess for a company. DCF models are not the be-all and end-all of investment valuation. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. Can we work out why the company is trading at a discount to intrinsic value? For FMC, we've compiled three additional factors you should assess:

Risks: To that end, you should learn about the 3 warning signs we've spotted with FMC (including 1 which doesn't sit too well with us) .

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

Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing!

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

We recently compiled a list of the 10 Firms Defy Wednesday's Broader Market Optimism. In this article, we are going to take a look at where FMC Corp. (NYSE:FMC) stands against the other stocks.

Wall Street extended its winning streak on Wednesday, with all of its main indices closing in the green territory, as investors seemed to have already factored in the news of tariffs imposition alongside uncertainties surrounding the Artificial Intelligence industry.

The Dow Jones gained another 0.71 percent, the S&P 500 grew 0.39 percent, and the tech-heavy Nasdaq increased by 0.19 percent.

Ten companies, however, defied a broader market optimism, mostly due to disappointing earnings results. This article details the reasons behind the drop in their share prices and latest earnings performance.

To come up with Wednesday’s biggest losers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corp. (NYSE:FMC)

Chemical manufacturer FMC Corp. nosedived by 33.53 percent on Wednesday to finish at $35.92 apiece following a plunge in its earnings performance in the fourth quarter and full year of 2024.

In a statement, FMC Corp. said net income for the full year 2024 plummeted by 74 percent to $342 million while revenues declined by 5 percent to $4.25 billion.

In the fourth quarter alone, the company swung to a net loss of $16 million, reversing a net income in the same quarter in 2023.

Revenues for the quarter, however, increased by 7 percent to $1.22 billion.

For the full year 2025, the company also posted a conservative outlook, with revenues expected to settle between $4.15 billion and $4.35 billion, flat from 2024.

“While we saw a good increase in volume, the growth was below our expectations as we learned during the quarter that customers in many countries sought to hold significantly less inventory than they have historically. This dynamic, along with more pronounced FX impacts, acted as a headwind to further growth,” said FMC Chairman and CEO Pierre Brondeau.

Overall FMC ranks 1st on our list of Wednesday's top losers. While we acknowledge the potential of FMC as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than FMC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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

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

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

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

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

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

Our Methodology

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

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

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

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

Number of Hedge Fund Holders: 12

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

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

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

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

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

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

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

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

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

This post was written by Josh Lynch

Video Transcript

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

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

What is FMC, you might ask?

Well, guess what?

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

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

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

Listen to this.

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

Earnings per share is at most $3.70.

Analysts had been looking for 440.

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

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

Analysts are weigh in.

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

Morgan Stanley cut the target to 46.

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

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

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

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

Participants

Curt Brooks; Director, Investor Relations; FMC Corp

Pierre Brondeau; Chairman & Chief Executive Officer; FMC Corp

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

Ronaldo Pereira; President; FMC Corp

Vincent Andrews; Analyst; Morgan Stanley & Co. LLC

Joshua Spector; Analyst; UBS Securities LLC

Christopher Parkinson; Analyst; Wolfe Research, LLC

Richard Garchitorena; Analyst; Wells Fargo Securities, LLC

Arun Viswanathan; Analyst; RBC Capital Markets Wealth Management

Benjamin Theurer; Analyst; Barclays Capital Inc.

Stephen Byrne; Analyst; BofA Global Research (US)

Frank Mitsch; Analyst; Fermium Research LLC

Michael Harrison; Analyst; Seaport Global Securities LLC

Kevin McCarthy; Analyst; Vertical Research Partners

Presentation

Operator

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

Curt Brooks

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

Pierre Brondeau

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

Andrew Sandifer

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

Ronaldo Pereira

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

Pierre Brondeau

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

Question and Answer Session

Operator

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

Vincent Andrews

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

Pierre Brondeau

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

Operator

Josh Spector, UBS.

Joshua Spector

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

Pierre Brondeau

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

Ronaldo Pereira

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

Operator

Chris Parkinson, Wolfe Research.

Christopher Parkinson

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

Pierre Brondeau

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

Andrew Sandifer

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

Operator

Richard Garchitorena, Wells Fargo.

Richard Garchitorena

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

Pierre Brondeau

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

Operator

Arun Viswanathan, RBC.

Arun Viswanathan

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

Pierre Brondeau

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

Operator

Ben Theurer, Barclays.

Benjamin Theurer

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

Pierre Brondeau

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

Operator

Steve Byrne, Bank of America.

Stephen Byrne

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

Pierre Brondeau

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

Operator

Frank Mitsch, Fermium Research.

Frank Mitsch

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

Pierre Brondeau

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

Operator

Mike Harrison, Seaport Research Partners.

Michael Harrison

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

Ronaldo Pereira

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

Operator

Kevin McCarthy, VRP.

Kevin McCarthy

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

Pierre Brondeau

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

Andrew Sandifer

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

Pierre Brondeau

That's the full thing —

Andrew Sandifer

It's a smaller piece.

Pierre Brondeau

So those together are beyond $250 million.

Operator

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

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

Warning! GuruFocus has detected 11 Warning Signs with FMC.

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

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

This article first appeared on GuruFocus.

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

Our Methodology

A laboratory technician carefully mixing chemicals in a laboratory.

FMC Corporation (NYSE:FMC)

Number of Hedge Fund Holders: 41

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

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

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

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

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

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

FMC Corporation Price, Consensus and EPS Surprise

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

FMC’s Regional Sales Performance

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

FMC’s FY24 Results

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

FMC’s Financials

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

FMC’s Guidance

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

FMC’s Stock Price Performance

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

Zacks Investment Research

Image Source: Zacks Investment Research

FMC’s Zacks Rank & Key Picks

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

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Zacks Investment Research

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

Warning! GuruFocus has detected 11 Warning Signs with FMC.

Release Date: February 04, 2025

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

Positive Points

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

Negative Points

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

Q & A Highlights

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

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

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

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

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

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

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

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

This article first appeared on GuruFocus.

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

Top 10 Penny Stocks In Canada

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

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

District Metals

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

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

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

Market Cap: CA$51.58M

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

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

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

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

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

Market Cap: CA$117.63M

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

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

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

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

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

Market Cap: CA$26.02M

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

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

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

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

About Lundin Mining

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

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

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

SOURCE Lundin Mining Corporation

Cision

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

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

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

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

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

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

Environmental and Economic Benefits

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

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

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

A Sustainable Partnership

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

ABOUT ROCK TECH

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

ABOUT SCHWENK ZEMENT

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

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

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

Cision

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SOURCE Rock Tech Lithium Inc.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2025/30/c5315.html

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

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

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

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

Highlights

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

Upcoming Events

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

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

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

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

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

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

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

About Stillwater Critical Minerals Corp.

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

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

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

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

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

Forward-Looking Statements

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

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

SOURCE: Stillwater Critical Minerals Corp.

Forget the gold rush….

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

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

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

Power Nickel: A Polymetallic Powerhouse

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

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

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

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

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

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

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

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

And the best part?

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

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

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

And this is just from the summer drill program.

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

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

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

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

(Source: Power Nickel investor presentation)

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

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

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

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

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

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

Analysts See 130% Upside from Current Levels

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

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

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

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

Other resource and mining companies to keep an eye on:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Neo Performance Materials (TSX: NEO)

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

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

Champion Iron (TSX: CIA)

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

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

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

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

By. Michael Kern

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Casa Minerals Inc.	CASA.V	+30.00%
Poseidon Nickel Limited	POS.AX	+25.00%
Azincourt Energy Corp.	AAZ.V	+20.00%
ALX Uranium Corp.	AL.V	+16.67%

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Spain Targets Mineral Deposits With US$223 Million Exploration Plan

Minnova Plans US$53M Investment to Restart Manitoba Gold Mine by 2028

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SuperCritical, Michigan Researchers Advance Offshore Uranium Recovery System