Tech Metals Archives - Page 17 of 71

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

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

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

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

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

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

See our latest analysis for Eastern Platinum

TSX:ELR Return on Capital Employed November 4th 2024

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

What The Trend Of ROCE Can Tell Us

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

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

Our Take On Eastern Platinum's ROCE

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

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

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

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.

PHILADELPHIA, Nov. 1, 2024 /PRNewswire/ —

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

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

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

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

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

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

About FMC

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

About Envu

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

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

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

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

Envu (PRNewsfoto/FMC Corporation)Cision

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

SOURCE FMC Corporation

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

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

earnings-and-revenue-growth

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

FMC Revenues Beat Expectations, EPS Falls Short

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

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

Performance of the American Chemicals industry.

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

Risk Analysis

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

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

Warning! GuruFocus has detected 7 Warning Signs with FMC.

Release Date: October 30, 2024

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

Positive Points

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

Negative Points

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

Q & A Highlights

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

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

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

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

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

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

This article first appeared on GuruFocus.

Participants

Curt Brooks; Director of Investor Relations; FMC Corp

Pierre Brondeau; Chairman and Chief Executive Officer; FMC Corp

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

Ronaldo Pereira; President; FMC Corp

Joel Jackson; Analyst; BMO Capital Markets

Aleksey Yefremov; Analyst; KeyBanc Capital Markets Inc

Kevin McCarthy; Analyst; Vertical Research Partners, LLC

Stephen Byrne; Analyst; BofA Securities

Laurent Favre; Analyst; BNP Paribas Exane

Josh Spector; Analyst; UBS Investment Bank

Christopher Parkinson; Analyst; Wolfe Research

Vincent Andrews; Analyst; Morgan Stanley

Jeffrey Zekauskas; Analyst; JPMorgan Chase & Co

Laurence Alexander; Analyst; Jefferies

Patrick Cunningham; Analyst; Citigroup Inc

Presentation

Operator

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

Curt Brooks

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

Pierre Brondeau

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

Andrew Sandifer

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

Pierre Brondeau

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

Question and Answer Session

Operator

(Operator Instructions) Joel Jackson, BMO Capital Markets.

Joel Jackson

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

Pierre Brondeau

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

Operator

Aleksey Yefremov, KeyBanc Capital Markets.

Aleksey Yefremov

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

Pierre Brondeau

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

Operator

Kevin McCarthy, VRP.

Kevin McCarthy

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

Pierre Brondeau

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

Kevin McCarthy

Thank you very much.

Operator

Stephen Byrne, Bank of America (inaudible).

Stephen Byrne

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

Pierre Brondeau

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

Stephen Byrne

Thank you.

Operator

Laurent Favre, BNP Paribas.

Laurent Favre

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

Pierre Brondeau

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

Laurent Favre

Thank you.

Operator

Josh Spector, UBS.

Josh Spector

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

Pierre Brondeau

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

Josh Spector

Okay. Thank you.

Operator

Chris Parkinson, Wolfe Research.

Christopher Parkinson

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

Pierre Brondeau

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

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

Christopher Parkinson

Thank you for the color.

Operator

Vincent Andrews, Morgan Stanley.

Vincent Andrews

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

Pierre Brondeau

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

Andrew Sandifer

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

Vincent Andrews

Thanks for all the detail. Very helpful.

Operator

Jeff Zekauskas, JPMorgan.

Jeffrey Zekauskas

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

Pierre Brondeau

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

Ronaldo Pereira

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

Pierre Brondeau

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

Jeffrey Zekauskas

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

Pierre Brondeau

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

Jeffrey Zekauskas

Yeah, thank you.

Operator

Laurence Alexander, Jefferies.

Laurence Alexander

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

Pierre Brondeau

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

Laurence Alexander

Thank you.

Operator

Patrick Cunningham, Citigroup.

Patrick Cunningham

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

Pierre Brondeau

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

Ronaldo Pereira

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

Pierre Brondeau

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

Operator

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

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

Check out our latest analysis for Lindian Resources

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

earnings-per-share-growth

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

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

Next Steps:

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

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

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

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

Deep Drilling

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

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

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

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

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

Horton Area

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

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

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

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

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

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

Epithermal Drill Hole Confirmation

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

About Taranis and Thor

Taranis Resources Inc. is a Canadian mineral exploration company. The Thor Project is in southeast British Columbia. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep drilling aimed at finding the source of the 2km long epithermal deposit. This exploration uses modern geological models and uses state-of-the-art exploration tools including airborne magnetotellurics, magnetics and geochemistry. The Company's approach is that many of the historic mines in the area are underlain by comparatively large mineral deposits that do not outcrop at surface and have the potential to become much larger deposits that can be mined using modern mining methods.

Qualified Person

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 99,627,581 shares issued and outstanding (113,093,135 shares on a fully-diluted basis).

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

For further information contact:

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

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

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

SOURCE: Taranis Resources Inc.

View the original press release on accesswire.com

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

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

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

FMC’s Regional Sales Performance

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

FMC’s Financials

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

FMC’s Guidance

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

FMC Stock’s Price Performance

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

Zacks Investment Research

Image Source: Zacks Investment Research

FMC’s Zacks Rank & Other Key Picks

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

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

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

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

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

About Taranis and Thor

Taranis Resources Inc. is a Canadian mineral exploration company. The Thor Project is in southeast British Columbia. Taranis has completed upwards of 250 drill holes, linking all previously known mines into a single, near-surface epithermal deposit that has been recently updated into an NI 43-101 Mineral Resource Estimate (see Taranis News Release dated April 11, 2024). In the summer of 2024, Taranis initiated deep drilling aimed at finding the source of the 2km long epithermal deposit. This exploration uses modern geological models and state-of-the-art exploration tools including airborne magnetotellurics, magnetics and drill hole alteration geochemistry. The Company's exploration approach in the Silver Cup Mining District is that historic mines in the area are potentially underlain by comparatively large mineral deposits that do not outcrop at surface.

Qualified Person

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

Taranis currently has 99,627,581 shares issued and outstanding (113,093,135 shares on a fully-diluted basis).

TARANIS RESOURCES INC.

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

For further information contact:

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

SOURCE: Taranis Resources, Inc.

View the original press release on accesswire.com

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

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

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

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

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

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

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

_____

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

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

Third Quarter 2024 Highlights

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

Full-Year Outlook2

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

PHILADELPHIA, Oct. 29, 2024 /PRNewswire/ —

FMC Corporation Logo. (PRNewsFoto/FMC Corporation)

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

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

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

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

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

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

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

Full-Year 2024 Outlook2,3

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

Fourth Quarter Outlook2,3

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

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

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

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

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

Supplemental Information

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

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

About FMC

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

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

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

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

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

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

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

FMC CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

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

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

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

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

____________________

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

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

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

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

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

___________________

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

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

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

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

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

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

___________________

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

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

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

___________________

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

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

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

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

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

___________________

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

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

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

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

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

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

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

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

Effect of exchange rate changes on cash	0.1	(4.3)

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

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

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

Cision

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

SOURCE FMC Corporation

Key Insights

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

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

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

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

See our latest analysis for Sociedad Química y Minera de Chile

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

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

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

earnings-and-revenue-growth

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

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

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

Insider Ownership Of Sociedad Química y Minera de Chile

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

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

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

General Public Ownership

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

Private Company Ownership

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

Public Company Ownership

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

Next Steps:

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

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

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

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

Top 10 Penny Stocks In Canada

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

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

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

GT Resources

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

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

Operations: No revenue segments are reported.

Market Cap: CA$11.65M

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

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

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

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

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

Market Cap: CA$128.04M

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

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

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

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

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

Market Cap: CA$16.46M

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

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

Unlock more gems! Our TSX Penny Stocks screener has unearthed 945 more companies for you to explore.Click here to unveil our expertly curated list of 948 TSX Penny Stocks.
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Interested In Other Possibilities?

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

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

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

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

Canada Carbon Inc.

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

Head assays
Bond Ball Work Index Analysis
Flowsheet optimization

Head Assays

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

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

Please click here to view image

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

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

Please click here to view image

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

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

Note: SMM – Stirred Media Mill

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

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

Please click here to view image

Floatation Tests Results

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

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

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

Please click here to view image

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

Next Steps

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

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

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

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

FORWARD LOOKING INFORMATION

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

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.

The Canadian stock market has been experiencing a robust year, with the TSX up over 17%, mirroring the positive trends seen in other major indices like the S&P 500. As investors navigate these buoyant conditions, attention often turns to identifying stocks that can leverage current economic strengths. Penny stocks, though an older term in investment circles, still represent a compelling area for those seeking growth opportunities in smaller or newer companies with strong financial foundations.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.67	CA$620.84M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$11.75M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.18	CA$5.18M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.34	CA$304.56M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.37	CA$116.65M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.80	CA$298.44M	★★★★★☆
Foraco International (TSX:FAR)	CA$2.37	CA$236.62M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.17M	★★★★★★
Newport Exploration (TSXV:NWX)	CA$0.115	CA$12.14M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.11	CA$29.82M	★★★★★★

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

Underneath we present a selection of stocks filtered out by our screen.

Questerre Energy

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

Overview: Questerre Energy Corporation is an energy technology and innovation company focused on acquiring, exploring, and developing non-conventional oil and gas projects in Canada, with a market cap of CA$117.84 million.

Operations: The company’s revenue is generated from its Oil & Gas – Exploration & Production segment, amounting to CA$34.25 million.

Market Cap: CA$117.84M

Questerre Energy, with a market cap of CA$117.84 million, is focused on non-conventional oil and gas projects in Canada. Recent developments include the initiation of new drilling programs at Kakwa North and Central, which could impact future production levels. Although currently unprofitable, Questerre has managed to reduce its losses over the past five years by 2.4% annually. The company maintains a strong balance sheet with short-term assets exceeding both short- and long-term liabilities, and it holds more cash than total debt. However, its share price remains highly volatile compared to most Canadian stocks.

TSX:QEC Debt to Equity History and Analysis as at Oct 2024Santacruz Silver Mining

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

Overview: Santacruz Silver Mining Ltd. is involved in the acquisition, exploration, development, and operation of mineral properties in Latin America, with a market cap of CA$140.56 million.

Operations: The company’s revenue is derived from its operations at Porco ($31.21 million), Bolivar ($75.81 million), Zimapan ($67.26 million), SAN Lucas ($76.09 million), and the Caballo Blanco Group ($62.69 million).

Market Cap: CA$140.56M

Santacruz Silver Mining, with a market cap of CA$140.56 million, has recently become profitable, supported by operations across several Latin American sites. The company’s financial health is bolstered by short-term assets exceeding both short- and long-term liabilities. Despite a large one-off gain impacting recent earnings, Santacruz’s return on equity remains outstanding at 101.4%. However, the share price has been highly volatile over recent months. A recent executive change saw Andres Bedregal appointed as interim CFO following Gregg Orr’s resignation, potentially influencing future strategic directions and financial management practices within the company.

TSXV:SCZ Financial Position Analysis as at Oct 2024Taranis 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$47.82 million.

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

Market Cap: CA$47.82M

Taranis Resources Inc., with a market cap of CA$47.82 million, remains pre-revenue as it focuses on exploration activities in Canada. The company has strengthened its financial position through recent private placements totaling CA$299,999.9, enhancing its cash runway beyond a year despite being unprofitable. Short-term assets exceed both short- and long-term liabilities, indicating stable financial health. However, shareholder dilution occurred over the past year with shares outstanding increasing by 5.3%. Recent challenges include resuming exploration at the Thor deposit after a wildfire affected operations but left core infrastructure intact and ready for continuation.

TSXV:TRO Financial Position Analysis as at Oct 2024Turning Ideas Into Actions

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Seeking Other Investments?

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

Companies discussed in this article include TSX:QEC TSXV:SCZ and TSXV:TRO.

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

VANCOUVER, BC / ACCESSWIRE / October 22, 2024 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") is pleased to announce that it has been invited to present at the Emerging Growth Conference on October 30th, 2024.

This live, interactive online event will give existing shareholders and the investment community the opportunity to interact live with the Company's President & CEO, Michael Rowley.

Starting at 3:00pm ET, Mr. Michael Rowley will provide an update on the Company and its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana, USA, followed by Q&A. Participants are invited to submit questions in advance to Questions@EmergingGrowth.com or ask questions during the event.

To register, click here or the thumbnail.

An archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel, http://www.YouTube.com/EmergingGrowthConference following the event.

About the Emerging Growth Conference

The Emerging Growth conference is an effective way for public companies to present opportunities and communicate major announcements to the investment community in a time efficient manner.

Conference focus and coverage includes companies in a wide range of growth sectors with strong management teams, focused strategy and execution, and overall potential for long-term growth. The audience includes individual and institutional investors, as well as investment advisors and analysts.

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 Black Lake-Drayton 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

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

Forward-Looking Statements

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

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

SOURCE: Stillwater Critical Minerals Corp.

View the original press release on accesswire.com

Highlights include 112m at 1.19g/t PGM+Au, including 16m at 2.76g/t PGM+Au and, 156m at 1.01g/t PGM+Au, including 5m at 5.24g/t PGM+Au

VANCOUVER, BC, Oct. 16, 2024 /CNW/ – Bravo Mining Corp. (TSXV: BRVO) (OTCQX: BRVMF), ("Bravo" or the "Company") is pleased to report that it has received assay results from eight trenches in the Central and North Sectors at its 100% owned Luanga palladium + platinum + rhodium + gold + nickel project ("Luanga" or "Luanga PGM+Au+Ni Project"), located in the World Class Carajás Mineral Province, state of Pará, Brazil.

"Trenching has uncovered a wider lateral extent of oxide PGM+Au mineralization at surface, which includes areas with higher grades. These findings suggest a potential increase in the volume of oxide mineralization at Luanga. Additionally, the higher-grade zones within these sections align with or enhance the grades observed in the drilling below the trench lines, supporting our interpretation of supergene enrichment," said Luis Azevedo, Chairman and CEO of Bravo.

Highlights Include:

Trenching across the strike of the Luanga PGM+Au+Ni deposit continues to be successful, with work to date almost complete in the North and Central Sectors. Results highlight significant expansion in the lateral extent of shallow oxide mineralization, which extends across the topographic highs, along the entire 8.1km strike length of the Luanga deposit tested to date.
Results confirm the presence of enrichment in the saprolite zone, while encountering grades that are on par or better than the grade of the oxide mineralization and often improve upon intersections encountered by drilling in the underlying fresh rock.
In the North Sector, trench TRC24LU043, where more pronounced topography again provides clearer evidence of supergene enrichment, returned 156.5m @ 1.01g/t PGM+Au, including 5m @ 5.24g/t PGM+Au.
This "mushrooming" of oxide mineralization in the supergene zone demonstrates the potential for volumetric growth in future volumes of oxide mineralization.
Drilling continues at the T5 target, with assays pending for six drill holes, all of which have all intersected copper sulphide mineralization on the eastern end of T5.

TRENCH-ID	From (m)	To (m)	Width (m)	Pd (g/t)	Pt (g/t)	Rh (g/t)	Au (g/t)	PGM + Au (g/t)	TYPE
TRC24LU030	51.25	249.45	198.20	0.48	0.22	0.03	0.08	0.81	Ox
TRC24LU031B	17.40	129.75	112.35	0.69	0.40	0.03	0.07	1.19	Ox
Including	39.50	56.10	16.60	1.79	0.70	0.12	0.16	2.76	Ox
TRC24LU032	216.30	329.85	113.55	0.69	0.38	0.02	0.02	1.12	Ox
TRC24LU043	30.15	186.65	156.50	0.56	0.37	0.06	0.02	1.01	Ox
Including	38.00	43.00	5.00	2.87	2.00	0.28	0.09	5.24	Ox

Notes:	All 'From', 'To' depths, and 'Thicknesses' are along the topographic surface.
	Type: Ox = Oxide. Recovery methods and results will differ based on the type of mineralization.

Luanga Trenching ProgramTrenching across the strike of the Luanga PGM+Au+Ni deposit aims to improve the interpretation of near surface mineralization and to reduce the distance/spacing between assay data points with the objective of supporting mineral resource classification to the indicated category. The program continues to be successful in meeting Bravo's objectives, with trenching almost complete in the North and Central Sectors and only eight trenches remaining to be completed this year.

Trenches TRC24LU030, 031A+B, 032, 035 and 036 (Figure 1) cover the southern extent of the Central Sector, while trenches TRC24LU043 and 044 are at the southern extent of the North Sector. Trenching continues in the Central Sector, with only 1 trench to complete before commencing in the Southwest Sector. Figure 3 shows the location of trenches in the Central Sector reported in this news release.

Figure 1: Trenching in the Central Sector. (CNW Group/Bravo Mining Corp.)

Trenching results continue to highlight significant expansion in the lateral extent of shallow oxide mineralization, which extends across the topographically elevated areas, along the entire 8.1km strike length of the Luanga PGM+Au deposit. Results also continue to confirm the presence of enrichment in the saprolite zone (above the base of oxidation), but to lesser degree in the Central Sector where the topographic highs are less exaggerated (see the plan view in Figure 1 and Section 1 in Figure 2), encountering grades that are equal or better than average grades of oxide mineralization in surrounding drill holes. In the North Sector, trench TRC24LU043, where more pronounced topography demonstrates clearer evidence of supergene enrichment, returned a result of 156m @ 1.01g/t PGM+Au, including 5m @ 5.24g/t PGM+Au.

Figure 2 (Section 1) illustrates the extent of surface oxide mineralization compared to underlying narrower zones of primary (fresh rock) mineralization observed in drilling below the trench. This "mushrooming" of oxide mineralization in the supergene zone demonstrates the potential for volumetric growth in future oxide mineralization that it was not possible to define by drilling alone.

Trenching continues along the entire 8.1km strike length of the Luanga deposit, with work finalizing the Central Sector and progressing to completion in the Southwest Sector.

Figure 2: Central Sector (Section 1 on Figure 3) – Trenching showing the extent of surface mineralization in comparison to drilling below. (CNW Group/Bravo Mining Corp.)

The same sampling, assay laboratory procedures and QAQC protocols as applied to drill core sampling are applied to trench samples.

Luanga Drilling & Trenching Status

A total of 332 drill holes have been completed by Bravo to date, for 70,577.75 metres, including eight metallurgical holes (not subject to routine assaying). Results have been reported for 267 Bravo drill holes to date. Assay results for 57 Bravo drill holes that have been completed are currently outstanding (excluding the metallurgical holes). A total of 37 trenches have been completed to date (for 7,623.08 metres), with results for 36 trenches reported and results for 1 trench pending.

T5 Target – Exploration UpdateDrilling continues at the T5 target, located 1km east of the Luanga PGM+Au Deposit. Assays are pending for drill holes DDH2405T012, 013, 014, 015, 016, and 017, all of which have intersected copper sulphide mineralization on the eastern end of T5.

Complete Table of Recent Intercepts – Trenching

TRENCH-ID	From (m)	To (m)	Thickness (m)	Pd (g/t)	Pt (g/t)	Rh (g/t)	Au (g/t)	PGM + Au (g/t)	TYPE
TRC24LU030	8.00	15.00	7.00	0.49	0.18	0.01	0.07	0.74	Ox
And	22.65	34.65	12.00	0.56	0.17	0.01	0.11	0.85	Ox
And	51.25	249.45	198.20	0.48	0.22	0.03	0.08	0.81	Ox
Including	159.45	328.20	68.75	0.24	0.22	0.01	0.01	0.48	Ox
TRC24LU031A	36.10	51.50	15.40	0.48	0.19	<0.01	0.29	0.97	Ox
And	127.00	133.00	6.00	0.30	0.13	0.08	0.11	0.62	Ox
TRC24LU031B	0.00	4.50	4.50	0.34	0.15	0.07	0.27	0.83	Ox
And	17.40	129.75	112.35	0.69	0.40	0.03	0.07	1.19	Ox
Including	39.50	56.10	16.60	1.79	0.70	0.12	0.16	2.76	Ox
And	135.75	171.40	35.65	0.23	0.38	0.04	0.03	0.68	Ox
And	182.40	205.40	23.00	0.24	0.64	0.03	0.01	0.92	Ox
TRC24LU032	88.20	91.20	3.00	0.63	0.34	<0.01	0.06	1.03	Ox
And	124.60	141.60	17.00	0.32	0.10	0.01	0.12	0.54	Ox
And	145.6	149.60	4.00	0.50	0.22	0.03	0.04	0.79	Ox
And	'65.60	199.30	33.70	0.55	0.22	0.04	0.12	0.93	Ox
And	216.30	329.85	113.55	0.69	0.38	0.02	0.02	1.12	Ox
TRC24LU035	86.10	100.60	14.50	0.24	0.13	0.02	0.12	0.51	Ox
And	108.60	112.60	4.00	0.21	0.12	0.02	0.05	0.40	Ox
And	116.05	135.75	19.70	0.41	0.18	0.02	0.02	0.62	Ox
And	139.75	178.95	39.20	0.61	0.22	0.02	0.01	0.86	Ox
TRC24LU036	No Significant Result
TRC24LU043	30.15	186.65	156.50	0.56	0.37	0.06	0.02	1.01	Ox
Including	38.00	43.00	5.00	2.87	2.00	0.28	0.09	5.24	Ox
TRC23LU044	8.60	75.20	66.60	0.58	0.34	0.06	0.08	1.06	Ox
And	152.05	182.25	30.20	0.71	0.23	0.07	0.02	1.03	Ox

Notes:	All 'From', 'To' depths, and 'Thicknesses' are along the topographic surface.
	Type: Ox = Oxide. FR = Fresh Rock. Recovery methods and results will differ based on the type of mineralization.

Bravo Mining Corp. Logo (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 and copper-gold Luanga Project 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, and hydro grid power. A fully funded +70,000m infill, step out and exploration drilling and trenching program is well advanced for 2024. Bravo's current Environmental, Social and Governance activities includes planting more than 30,000 trees in and around the Project area, hiring and contracting locally, and working to ensure protection of the environment during its exploration activities.

Technical DisclosureTechnical 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 StatementsThis news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "Expand", "significant", "greater", "high-grade", "validate", "improve", "enrichment", "successful", "expansion", "clearer evidence", "potential", "growth", "aims", "highlight", "better", variants of these words and other similar words, phrases, or statements that certain events or conditions "may", "should" or "will" occur. This news release contains forward-looking information pertaining to the Company's ongoing trenching program; the interpretation of the results of trench data, including that the mineralization thickens in the saprolite, is locally supergene enriched, and the impact on future mineral resource estimates thereof; the potential that similar thickening and supergene enrichment may be present along the entire strike length of the Luanga deposit and the impact on mineral resource estimates thereafter; the potential future economics of the saprolite material, including the recoverability of PGMs and Au therein; the results of planned additional trenching; 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 results from trenching reasonably reflect consistent zones of oxide mineralization and that future results from additional trenching will continue to see similar broad distribution of oxides with higher grades that the current MRE; 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: Trench Location Details

HOLE-ID	Company	East (m)	North (m)	RL (m)	Datum	Length (m)	Azimuth	Dip	Sector
TRC23LU030	Bravo	658585.030	9340680.410	329.000	SIRGAS2000_UTM_22S	330.45	330.00	0.00	Central
TRC24LU031A	Bravo	658492.930	9340644.180	284.250	SIRGAS2000_UTM_22S	133.00	330.00	0.00	Central
TRC24LU031B	Bravo	658429.546	9340753.902	257.074	SIRGAS2000_UTM_22S	205.40	330.00	0.00	Central
TRC24LU032	Bravo	658455.671	9340506.294	284.139	SIRGAS2000_UTM_22S	382.95	330.00	0.00	Central
TRC24LU035	Bravo	658191.791	9340365.885	249.945	SIRGAS2000_UTM_22S	257.45	330.00	0.00	Central
TRC24LU036	Bravo	658080.962	9340321.578	251.552	SIRGAS2000_UTM_22S	215.70	330.00	0.00	Central
TRC24LU043	Bravo	659850.135	9342569.586	278.419	SIRGAS2000_UTM_22S	186.65	90.00	0.00	North
TRC24LU044	Bravo	659823.827	9342659.840	272.184	SIRGAS2000_UTM_22S	199.35	90.00	0.00	North

Schedule 2: Assay Methodologies and QAQCSamples follow a chain of custody between collection, processing, and delivery to the SGS 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 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
For All Elements	Pt, Pd, Au	Rh	Trace Elements
PRPCLI (85% at 200#)	FAI515	FAI30V	ICP40B

Figure 3: Location of Bravo Trenches and Section 1 Reported in this News Release (CNW Group/Bravo Mining Corp.)

SOURCE Bravo Mining Corp.

Cision

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/October2024/16/c9123.html

VANCOUVER, BC / ACCESSWIRE / October 16, 2024 / Stillwater Critical Minerals Corp. (TSXV:PGE)(OTCQB:PGEZF)(FSE:J0G) (the "Company" or "Stillwater") is pleased to announce the completion of a property-wide geophysical airborne survey and a breakthrough in 3D geologic modeling of the lower Stillwater Igneous Complex. This new data will drive continued advancement of the project including drill campaigns and the expansion of mineral resources, among other objectives at its flagship Stillwater West Ni-PGE-Cu-Co + Au project in Montana.

Highlights

Property-wide geophysical surveys completed in September 2024 informed the first-ever detailed 3D geologic model of the lower Stillwater Igneous Complex;
The model demonstrates continuity of mineralization across the 9.5-kilometer length of lower Stillwater Igneous Complex which hosts the Company's current resources in five deposits at Stillwater West project;
Historically, continuity of mineralization across the entire surface expression of the magmatic layers of the Stillwater Igneous Complex has been demonstrated primarily by Sibanye-Stillwater's J-M Reef deposit, a high-grade PGE-bearing nickel-copper sulphide deposit that spans more than 40km and supports the highest-grade palladium-platinum mines in the world, and;
Stillwater's current resources of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold are hosted in five deposits that remain open for expansion along trend and at depth across 9.5-kilometers at the center of the 61-square-kilometer Stillwater West project, which is adjacent to Sibanye-Stillwater along approximately 32km of strike within the Stillwater Igneous Complex.

Stillwater's President and CEO, Michael Rowley, said "The team's work this year regarding both the airborne survey and also the detailed geologic model confirm the expansion potential we see in several possible mining scenarios at Stillwater West and inform our campaigns to reach that objective. Together we have successfully leveraged a substantial database including approximately 40,000 meters of drilling to date to complete the first ever geologic model of the lower part of this famously productive and metal-rich American mining district, with a focus on magmatic nickel-copper sulphide mineralization. That wealth of data, combined with Glencore plc's backing and in-house expertise from similar geology in South Africa's Bushveld Igneous Complex, has positioned us exceptionally well with robust inventories of nickel, copper, cobalt, platinum group elements and chromium in an active American mining district at a time when the US is aggressively looking to diminish the current heavy import reliance of nine of the commodities we have inventoried."

"We look forward to further announcements with a focus on continued expansion at Stillwater West while also turning our attention to various studies relating to potential production scenarios. Updates on other initiatives, including pursuit of government funding, monetization of non-core assets, CO2 sequestration and geologic hydrogen studies are also expected."

Property-Wide Airborne Geophysical SurveyExpert Geophysics Ltd. has completed the geophysical surveys over the Stillwater West project as announced July 18, 2024. The surveys, designed and executed in collaboration with Glencore plc via the Stillwater West technical committee, totaled approximately 1,170 line-kilometers and included test surveys over the Chrome Mountain resource area for the purpose of comparing the TargetEM26 time-domain electromagnetic ("EM") survey with the MobileMTm magneto-telluric ("MMT") survey. Evaluation of these test surveys alongside the first generation DIGHEM airborne EM survey flown over the project in 2000, together with smaller surveys and extensive ground-based Induced Polarization ("IP") and magnetic/VLF by the Company, resulted in the decision to fly the property-wide survey using the MMT system. The decision was based on the MMT system's demonstrated ability to better distinguish and define multiple conductive targets, and to greater depths.

Stillwater, along with input from Glencore, is now fine-tuning multiple large-scale priority conductive drill targets across the 12-kilometer main resource area in addition to ranking additional large, untested conductive targets across the broader 61-square-kilometer property based on preliminary results of the 2024 survey. Detailed results of the approximately 178 and 992 line-kilometer EM and MMT (respectively) surveys, plus related VLF and magnetic surveys completed by Expert, will be the subject of a subsequent news release as final results become available.

Geologic ModelThe development of a new 3D geologic model of Stillwater West is a major milestone in the advancement of the project as it is the first time the lower portion of the iconic Stillwater Igneous Complex has been modeled in detail. Developed by the Company from over 40,000 meters of drill data in addition to recent mapping and geophysical surveys, it effectively connects the east and west ends of a large and world-class district and provides a roadmap to expansion of the Company's resources and advancement of the overall project, which is focused on the lower Stillwater Igneous Complex.

Figure 1 presents a long section view of the 3D model, focused on 9.5 kilometers in area of the current resources, within the core of the 32-kilometer-long Stillwater West project. The highly prospective Peridotite Zone is shown hosting all deposits from the January 2023 Mineral Resource Estimate and demonstrating the expansion potential that remains untested to date in all directions: between deposits, down dip, and along strike. Strong correlations are shown between the Peridotite Zone, geophysical anomalies, and geochemical soil anomalies across the Stillwater West project, demonstrating exceptional expansion potential.

The surface expression of the J-M Reef deposit is also shown. In production since 1986, the J-M Reef deposit is a 40-kilometer-long high-grade PGE-bearing nickel and copper sulphide reef-type deposit that is located stratigraphically above Stillwater West. Currently mined in three locations by Sibanye-Stillwater, the J-M Reef is known as the highest-grade palladium-platinum deposit in the world. It has been drilled and mapped extensively since its discovery in the early 1970s and is an indicator of the continuity of mineralization across the parallel magmatic layers of the Stillwater Igneous Complex, including the adjacent Stillwater West project.

Vice-President of Exploration Dr. Danie Grobler, said, "Recent breakthroughs in our detailed geological model show pronounced continuity of the mineralized zones along strike in the layered Stillwater Igneous Complex. This is further enhanced by our understanding of the geometry and orientation of these units at depth, improving our confidence in completing successful intersections in future drill campaigns. Preliminary results from the latest geophysical airborne survey – which was designed to provide comprehensive coverage of the prospective lower Stillwater Igneous Complex – indicates strong electromagnetic anomalies along the footwall contact zone of the Stillwater West project which are consistent with the massive sulphide and contact-style Ni-Cu sulphide-rich bodies that we targeted with the survey. These anomalies form important Platreef-contact-style targets for testing in planned upcoming drill campaigns."

Dr. Grobler continued, "It is further anticipated that the survey will open the remainder of the strike length held by the Company for exploring high confidence discovery targets in the future. This season also included a follow-up confirmatory investigation by our technical advisor, Professor Wolfgang Maier, who is in the process of completing a detailed collaborative scientific paper on the Peridotite Zone of the Stillwater Igneous Complex, as first author. This work has enhanced our understanding of the geochemistry and mineralization styles and controls of the lower Stillwater Igneous Complex stratigraphy."

Government FundingThe Company is now partner to USD 2.75M in funding from the U.S. Department of Energy ("DOE") via two grants under the Advanced Research Projects Agency program via collaborations with Cornell University and Lawrence Berkeley National Laboratory, as announced February 14, 2023, and August 15, 2024, in addition to work with the US Geological Survey and state organizations.

The Company has been partnered with the US Geological Survey at Stillwater West for over six years, continuing their multi-decade interest in the Stillwater Igneous Complex.

Stillwater is pursuing additional US government funding, including recent applications in response to announced opportunities available through the Department of Energy and the Department of Defense.

Parallels With the South Africa's Bushveld ComplexThe Stillwater Igneous Complex is well-known to parallel South Africa's Bushveld Igneous Complex, and developments at the Stillwater complex have generally paralleled those at the Bushveld, highlighting their significant geologic similarities. For example, Sibanye-Stillwater's high-grade J-M Reef deposit was discovered by the direct application of geologic models developed during discovery of the high-grade Merensky reef deposit in the Bushveld.

More recent developments on the Bushveld have focused on the Platreef deposits, in the northern limb of the Bushveld, which depart from the conventional narrow reef-type mines that dominate global platinum group element mining with the occurrence of thick mineralized horizons that support bulk mining techniques and include much higher battery metal content. The mines of the Platreef are among the largest and most profitable in the world, and their mix of commodities offers an attractive internally hedged suite of in-demand critical minerals that is globally very rare. Starting with 1 Anglo American's PGE-Ni-Cu Mogalakwena mines in 1993 and continuing today with 2 Ivanhoe's underground Platreef mine, these mines have demonstrated the world-class nature of these bulk-tonnage, critical mineral systems within the Bushveld complex. With more than 20 billion pounds of nickel and copper in sulphide mineralization, and over 200 million ounces of platinum group metals and gold, these two mines are known primarily as platinum group element mines yet are also the largest nickel mines in South Africa.

Platreef-style deposits also compare very favorably in an environmental sense as they contain nickel sulphide mineralization that is capable of producing nickel metal with a much smaller footprint than nickel recovered from laterite deposits, which currently provides the majority of global nickel supply. Additional environmental benefits are possible through reaction of atmospheric carbon dioxide with certain ultramafic rocks present in Platreef-style deposits, and the production of hydrogen from those rocks. Testwork is underway to evaluate the potential for commercial-scale carbon sequestration and hydrogen production during a possible mining operation Stillwater West.

Footnote 1. Anglo American Mineral Resources and Reserves Report 2022: Measured and Indicated Mineral Resources: 1,665.40 MT at 2.29 4E g/t, Inferred Mineral Resources: 423.8 MT at 2.18 4E g/t.

Footnote 2. Ivanhoe Mines Ltd, Platreef Feasibility Study, March 2022: Indicated Mineral Resources; 2 g/t Cut-off 3PE+Au 346 MT at 1.68 g/t Pt, 1.70 g/t Pd, 0.28 g/t Au, 0.11 g/t Rh, 0.16% Cu, 0.32% Ni Inferred Mineral Resources; 2 g/t Cut-off 3PE+Au 506 MT at 1.42 g/t Pt, 1.46 g/t Pd, 0.26 g/t Au, 0.10 g/t Rh, 0.16% Cu, 0.31% Ni.

Upcoming EventsStillwater's President and CEO, Michael Rowley, will be available for meetings and presenting at the following events:

Red Cloud Fall Mining Showcase – Toronto, ON, October 16-17. To register, click here.

Commodities Global Expo 2024 – Fort Lauderdale, FLA, October 20-21. For more information and registration, click here.

Precious Metals Summit – Zurich, CH, November 11-12, 2024. For more information, click here.

121 Mining Events – London, UK, November 14-15. For more 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. To date, five Platreef-style nickel and copper sulphide deposits host a total of 1.6 billion pounds of nickel, copper and cobalt, and 3.8 million ounces of palladium, platinum, rhodium, and gold at Stillwater West. All of these deposits remain open for expansion along trend and at depth.

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

Quality Control and Quality AssuranceMr. Mike Ostenson, P.Geo., is the qualified person for the purposes of National Instrument 43-101, and he has reviewed and approved the technical disclosure contained in this news release.

Forward-Looking StatementsThis 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.sedar.com.

SOURCE: Stillwater Critical Minerals Corp.

View the original press release on accesswire.com

The long-suffering lithium sector is enjoying a rare boom after mining giant Rio Tinto Group (NYSE:RIO) announced an all-cash $6.7 billion deal for Arcadium Lithium Plc (NYSE:ALTM), good for a hefty 90% premium to the Oct. 4 closing price. Both company boards unanimously approved the merger, with the deal expected to close mid-2025. Arcadium Lithium was formed in January 2024 following the US$10.6 billion merger of equals between U.S.-based Livent and Australia’s Alkem.

Arcadium Lithium’s shares have nearly doubled since the merger was announced; Albemarle Corp. (NYSE:ALB), the world’s largest lithium producer, gained 9.4%, SQM (NYSE: SQM) went up 7.9%%, Standard Lithium (TSXV: SLI, NYSE: SLI) gained 39.2% while Lithium Americas Corp. (TSX: LAC, NYSE:LAC) was up 6.7%.

The acquisition is seen as a major win for Rio Tinto, with the company having struggled to get traction in the lithium market after its Jadar project in Serbia ran into local opposition. This means that Rio Tinto now owns the world’s third-largest lithium reserves, behind only Corporacion Minera de Bolivia, also known as COMIBOL, and SQM.

But it’s Albemarle that the markets will be looking at much more closely now. Its strong Q2 performance was impressive, given the extremely fragile nature of the lithium market. Despite these conditions, ALB managed to increase lithium sales volumes and the outlook has been highly optimistic, with ALB forecasting $15-per-kilogram prices. Under pressure from falling lithium prices, a weakening EV market and Chinese oversupply, ALB has taken a beating, shedding 45% year-to-date. That makes this stock a potential buy-on-the-dip opportunity, particularly in the wake of the Rio Tinto developments.

We could be in the middle of a lithium turning point here, and if that is the case, Albemarle has its ducks lined up in a neat row.

Turning Point

That said, the broad-based lithium rally kicked in well before the Rio Tinto merger. The Global X Lithium & Battery Tech ETF (NYSEARCA:LIT) has jumped nearly 30% after sinking to a 3-year low exactly 30 days ago.

The rebound coincides with growing predictions that lithium prices could have bottomed out. A month ago, Citi analysts raised their near-term price target for lithium carbonate to $14K/metric ton and for lithium hydroxide to $14.2K/ton, from a prior forecast of $10K/ton for both products, predicting a near-term rally in lithium prices as investors cover their short positions. However, Citi added that over the next 6-12 months "does not expect the rally to have 'follow through' as higher prices could very well trigger a supply response, potentially leading to loosening of lithium balances."

Lithium carbonate edged higher to CNY 75,500 ($10.663) per tonne after steadying at the three-year low of CNY 71,500 ($10,098) through September, as economic stimulus from the Chinese government momentarily countered persistent oversupply concerns. Lithium carbonate prices have declined 21% in the year-to-date, adding to an 80% plunge in 2023 driven by the flood of new supply relative to dwindling demand for new electric vehicles, the main use for lithium. Still, market players expect global supply to soar by nearly 50% this year, as hopes of eventual balance in the market drove the race to secure battery metals drove China to expand projects in Africa while Chile signaled it would aim to double output over the next decade.

Adding to the bearish pressure are growing tariffs on China’s renewable energy products. Recently, the Office of the U.S. Trade Representative (USTR) finalized its plan to raise tariffs on a slew of Chinese goods, largely adopting hikes it first proposed in May. The expanded tariffs mainly target strategic product categories, including electric vehicles, batteries, solar cells, semiconductors and critical minerals.

The final tariff structure covers thousands of items under 14 product categories, with the first tariff hikes set to go into effect on Sept. 27 and the rest over the next two years. And, they are just as punitive as those of the Trump era: Chinese EVs have been slapped with a hefty 100% tariff; a 25% tariff on lithium-ion EV batteries, and a 50% tariff on photovoltaic solar cells. Meanwhile, a 50% tariff on China-made semiconductors will go into effect in 2025.

However, other lithium bulls are hanging on. BMI, a Fitch Solutions research unit, has predicted a lithium shortage could hit as early as 2025 largely due to China’s lithium demand exceeding supply.

“We expect an average of 20.4% year-on-year annual growth for China’s lithium demand for EVs alone over 2023-2032,” the report stated. In contrast, BMI sees China’s lithium supply growing at a much slower 6% annual clip over the same period, pointing out that that rate is not enough to meet even one-third of forecast demand.

BMI is not the only lithium bull here. “We do fundamentally believe in a shortage for the lithium industry. We forecast supply growth of course, but demand is set to grow at a much faster pace,” Corinne Blanchard, Deutsche Bank’s director of lithium and clean tech equity research, has told CNBC. Blanchard sees a “modest deficit” of around 40,000 to 60,000 tonnes of lithium carbonate equivalent by the end of 2025, but has forecast a much wider deficit to the tune of 768,000 tonnes by the end of 2030.

By Alex Kimani for Oilprice.com

And here are a number of other miners to keep an eye on this autumn:

BHP Group (NYSE:BHP), a global resources giant, showcases a diversified portfolio encompassing iron ore, copper, coal, nickel, and energy operations. With a substantial presence in Australia and the Americas, BHP’s operational scale is impressive. The company’s commitment to sustainable practices, including environmental impact reduction and community engagement, further solidifies its position as a responsible and forward-thinking leader in the global resources sector.

FMC Corporation (NYSE: FMC) Based in Philadelphia, FMC Corporation is a global agricultural sciences company delivering innovative technology to growers worldwide and has a significant stake in lithium for rechargeable batteries and other high-tech applications. The company’s agricultural products contribute to increased crop yield and quality, addressing global food security issues. FMC’s commitment to innovation and sustainability has driven robust demand for its crop protection products, supported by higher commodity prices and strong agricultural market fundamentals.

Lithium Americas (NYSE:LAC) has emerged as a significant player in the lithium market, driven by the growing demand for lithium-ion batteries in electric vehicles and renewable energy. The company’s Thacker Pass project in Nevada holds the potential to be one of the world’s largest lithium sources, positioning Lithium Americas as a major contributor to the global lithium supply chain. Strategic investments and partnerships with established industry players further enhance the company’s prospects for growth and expansion.

Albemarle Corporation (NYSE:ALB) stands as a global specialty chemicals leader, distinguished by its position as the world’s largest lithium producer. This prominence in the lithium market aligns with the surging demand for electric vehicle batteries, a key growth driver for the company. Albemarle’s diversified portfolio, encompassing bromine, catalysts, and pharmaceuticals, showcases its adaptability and commitment to innovation across various sectors.

Piedmont Lithium Limited (NASDAQ:PLL) is an Australian mining company focused on developing lithium resources in the United States. Its flagship Piedmont Lithium Project in North Carolina is projected to produce a substantial amount of lithium hydroxide annually, catering to the increasing demand for lithium-based products. Piedmont Lithium’s strategic partnerships with industry leaders like LG Chem highlight its commitment to building a robust supply chain for the burgeoning electric vehicle market.

MP Materials Corp. (NYSE:MP) holds a unique position as the sole operator of a fully integrated rare earth mining and processing facility in the United States. The company’s focus on producing rare earth oxides and metals, critical components in various technologies, is particularly significant given the growing demand for these materials in emerging sectors like renewable energy and electronics. MP Materials’ vertical integration model ensures quality and consistency in its products, further strengthening its market position.

Rare Element Resources Ltd. (TSX:RES) is dedicated to the exploration and development of rare earth elements (REEs), crucial components in clean energy technologies. The company’s flagship Bear Lodge project in Wyoming, recognized as one of the world’s largest undeveloped REE deposits, holds immense potential to contribute to the global supply of REEs. REE’s commitment to sustainable and responsible mining practices underscores its dedication to ethical resource extraction and environmental stewardship.

Avalon Advanced Materials Inc. (TSX:AVL) is a Canadian company specializing in developing and manufacturing specialty materials for diverse industries. With expertise in high-purity metals and alloys used in electronics, aerospace, and biomedical applications, Avalon plays a vital role in advancing various technological fields. The company’s focus on developing materials for energy storage solutions, particularly lithium-ion and solid-state batteries, demonstrates its commitment to innovation and addressing the evolving needs of the market.

First Quantum Minerals Ltd. (TSX:FM) is a Canadian mining and metals company with a diverse global portfolio. The company’s operations span multiple countries and encompass the production of copper, nickel, gold, and zinc. First Quantum’s commitment to responsible mining practices and community engagement is evident in its efforts to create economic opportunities and minimize environmental impact in the regions where it operates.

Allkem Limited (TSX:AKE), an Australian mining company, is a significant player in the lithium market. Its diverse portfolio of lithium projects in Australia, Argentina, and Canada, including a substantial presence in the lithium-rich Salar de Atacama, positions it as a major contributor to the global lithium supply chain. Allkem’s integrated approach to lithium production, spanning exploration, production, and refining, solidifies its role in meeting the growing demand for lithium in the electric vehicle and renewable energy sectors.

Teck Resources Limited (TSX:TECK), a Canadian mining powerhouse, is a leading producer of zinc and copper. Its extensive operations in Canada, the United States, Chile, and Peru contribute significantly to the global supply of these essential metals. Teck’s zinc production is particularly noteworthy due to its critical role in various battery technologies, aligning with the increasing demand for energy storage solutions across multiple industries.

Read this article on OilPrice.com

FMC Corporation FMC is benefiting from efforts to expand its product portfolio through new product launches and its restructuring actions. FMC, which is among the prominent players in the chemical space along with Dow Inc. DOW, Celanese Corporation CE and Air Products and Chemicals, Inc. APD, delivered better-than-expected results in the second quarter on the back of higher volumes. It saw improved demand in the quarter, leading to an increase in sales volumes, especially in the United States and Brazil.The company is investing in technologies as well as new product launches to enhance value to the farmers. New products launched in Europe, North America and Asia are gaining significant traction. Product introductions are expected to support FMC’s results this year.FMC generated $590 million in sales in 2023 from new products launched in the past five years. It sees revenues from new products to grow by roughly $200 million in 2024. It expects a significant amount of volume growth to come from new products in the second half of 2024. FMC is seeing strong gains in new products including Coragen eVo and Premio Star insecticides and the Onsuva fungicide in Latin America.The acquisition of BioPhero ApS, a Denmark-based pheromone research and production company, also adds biologically produced state-of-the-art pheromone insect control technology to the company’s product portfolio and R&D pipeline, highlighting FMC's role as a leader in delivering innovative and sustainable crop protection solutions.FMC is also expected to benefit from reduced input costs, a favorable product mix and its cost-control actions. It benefited from favorable input costs in the second quarter of 2024. FMC is also making progress with its global restructuring and cost-reduction program. It sees benefits from restructuring to contribute $75-$100 million to full-year 2024 adjusted EBITDA, net of inflation.FMC, on its second-quarter call, updated its revenue outlook for full-year 2024. It now sees revenues between $4.30 billion to $4.50 billion, indicating a 2% decline at the midpoint compared to 2023. Adjusted EBITDA is now expected in the range of $880 million and $940 million, suggesting a 7% decline at the midpoint compared to the prior year. Adjusted earnings are now forecast between $3.02-$3.64 per share, reflecting a 12% year-over-year decline at the midpoint. Another prominent chemical maker, Dow updated its third-quarter 2024 earnings guidance last month. It sees revenues of roughly $10.6 billion and operating EBITDA of about $1.3 billion. DOW stated that its revised outlook is mainly prompted by a major unexpected incident in late July at one of its ethylene crackers in Texas. The company is also dealing with higher input costs and margin pressures in Europe.Celanese expects adjusted earnings in the range of $2.75-$3 per share for the third quarter of 2024. Based on the impact of the second-quarter force majeure and ongoing demand issues, CE forecasts full-year adjusted earnings per share in the range of $10.25 to $10.75.Air Products, on its fiscal third-quarter call, maintained its fiscal 2024 full-year adjusted earnings per share projection of $12.20 to $12.50, suggesting a 6-9% increase from the previous year. The company’s adjusted earnings per share guidance for the fiscal fourth quarter is $3.33-$3.63.

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Zacks Investment Research

As an investor its worth striving to ensure your overall portfolio beats the market average. But the risk of stock picking is that you will likely buy under-performing companies. Unfortunately, that's been the case for longer term FMC Corporation (NYSE:FMC) shareholders, since the share price is down 30% in the last three years, falling well short of the market return of around 26%. On top of that, the share price is down 6.1% in the last week.

With the stock having lost 6.1% in the past week, it's worth taking a look at business performance and seeing if there's any red flags.

Check out our latest analysis for FMC

There is no denying that markets are sometimes efficient, but prices do not always reflect underlying business performance. One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

During the unfortunate three years of share price decline, FMC actually saw its earnings per share (EPS) improve by 38% per year. This is quite a puzzle, and suggests there might be something temporarily buoying the share price. Alternatively, growth expectations may have been unreasonable in the past.

Since the change in EPS doesn't seem to correlate with the change in share price, it's worth taking a look at other metrics.

We think that the revenue decline over three years, at a rate of 4.4% per year, probably had some shareholders looking to sell. And that's not surprising, since it seems unlikely that EPS growth can continue for long in the absence of revenue growth.

The image below shows how earnings and revenue have tracked over time (if you click on the image you can see greater detail).

earnings-and-revenue-growth

We consider it positive that insiders have made significant purchases in the last year. Having said that, most people consider earnings and revenue growth trends to be a more meaningful guide to the business. So we recommend checking out this free report showing consensus forecasts

What About Dividends?

As well as measuring the share price return, investors should also consider the total shareholder return (TSR). The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. In the case of FMC, it has a TSR of -25% for the last 3 years. That exceeds its share price return that we previously mentioned. This is largely a result of its dividend payments!

A Different Perspective

FMC provided a TSR of 1.7% over the last twelve months. Unfortunately this falls short of the market return. On the bright side, that's still a gain, and it is certainly better than the yearly loss of about 3% endured over half a decade. It could well be that the business is stabilizing. It's always interesting to track share price performance over the longer term. But to understand FMC better, we need to consider many other factors. Like risks, for instance. Every company has them, and we've spotted 3 warning signs for FMC (of which 2 make us uncomfortable!) you should know about.

FMC is not the only stock that insiders are buying. For those who like to find lesser know companies this free list of growing companies with recent insider purchasing, could be just the ticket.

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

Highlights:

Commerce Resources confirms significant niobium mineralization with 122.5m at 0.62% Nb2O5 from near surface at the Mallard Prospect, Eldor Property, located within 2 km of the Company's globally significant Ashram Rare-Earth and Fluorspar Deposit, Quebec, Canada.
Core assay results from the first seven (7) drill holes of the 2024 program, which targeted the Mallard Prospect and Spoke Target, are reported herein:

Mallard Prospect:

122.5 m at0.62% Nb2O5and 6.4% P2O5 (EC24-208), including,
- 12.0 m at 0.82% Nb2O5and 7.5% P2O5
- 7.5 m at 1.01% Nb2O5and 12.3% P2O5
- 15.5 m at 0.62%Nb2O5, 360 ppm Ta2O5, and 6.6% P2O5 (EC24-211), including,
  - 8.1 m at 0.79% Nb2O5, 439 ppm Ta2O5, and 7.7% P2O5
- 42.9 m at 0.60% Nb2O5and 7.1% P2O5 (EC24-211), including,
  - 2.9 m at 1.13% Nb2O5and 12.7% P2O5
- 24.0 m at 0.69% Nb2O5and6.2% P2O5 (EC24-210)

Spoke Target:

27.5 m at 0.60% Nb2O5and 8.7% P2O5 (EC24-212)
17.9 m at 0.66% Nb2O5and 5.2% P2O5 (EC24-213)
21.3 m at 0.60% Nb2O5and 5.8% P2O5 (EC24-213)
The 2024 drill program of twenty-nine (29) NQ-size drill holes totalling 8,253 m has now concluded, with remaining drill core assays anticipated within Q4 of 2024.

VANCOUVER, BC / ACCESSWIRE / October 10, 2024 / Commerce Resources Corp. (TSXv:CCE)(FSE:D7H0)(OTCQX:CMRZF) (the "Company" or "Commerce") is pleased to confirm a significant niobium intercept of 122.5 m at 0.62% Nb2O5 from near surface at the Eldor Property, located within 2 km of the globally significant Ashram Deposit in Quebec, Canada. The 2024 summer-fall drill program at the Eldor Property has concluded, with a total of twenty-nine (29) NQ-size diamond drill holes, for approximately 8,253 m completed between early-July to mid-September 2024. The program had two main objectives; 1) follow-up on the known niobium (±tantalum & phosphate) mineralized carbonatites at the Mallard and Miranna Prospects, and 2) initial drill testing of several geophysical anomalies characteristic of niobium-mineralized occurrences at the Property (Figure 1). Assay results from the first seven drill holes, which targeted the Mallard Prospect and Spoke, returned strong niobium mineralization. This adds to Commerce's portfolio of critical element occurrences at the Eldor Property, including the globally significant rare-earth Ashram Deposit, which has 73.2 million tonnes (Mt) at 1.89% TREO (total rare-earth oxide) (indicated), and 131.1 Mt at 1.91% TREO (inferred) (see MRE news release dated May 22, 2024).

Ross Carroll, President and CEO of Commerce, comments: "The Company remains focused on the development of the Ashram Deposit and its pending Preliminary Economic Assessment. However, the potential for the Property to hold a significant mineral resource of niobium is something that has been recognized by the Company for many years. Thanks to our experienced exploration team, we continue to deliver highly successful niobium drilling results at the Property, with impressive grades and widths of mineralization providing confidence that a stand-alone niobium project is possible. Additional drilling in support of a maiden mineral resource estimate and subsequent studies for the niobium at Eldor are the logical next steps to unlock the value of this potential, which is situated proximal to Ashram."

Patrik Schmidt, Vice President of Exploration of Commerce, comments: "The 2024 drill program was highly successful in accomplishing both of our primary objectives. All drill holes testing the geophysical anomalies intersected carbonatite, confirming that Nb-mineralization exists beyond the known targets. Additionally, we are also very pleased with the first batch of results that followed up on known targets. The assays continue to deliver very strong results with substantial intersections of 0.5 to 0.7% Nb2O5 at Mallard and Spoke".

The niobium (±tantalum & phosphate) targets at the Eldor Property are situated proximal (typically < 2 km) to the Company's Ashram Rare Earth and Fluorspar Deposit. Therefore, the discovery of a substantial niobium deposit in this area would present a significant opportunity for joint infrastructure development and use.

Figure 1. 2024 drill assay highlights from drill holes EC24-208 to EC24-214

One of the main objectives for the 2024 drill program was to focus on completing several follow-up drill holes at the Mallard Prospect to further delineate along-strike mineralization potential of carbonatite in this target area. The first drill hole of the 2021 drill program at Mallard – EC21-175 – returned the best niobium intercept to-date from the Property at 1.00% Nb2O5 over 17.1 m (and 136 ppm Ta2O5), within a larger interval of 0.82% Nb2O5 over 42.3 m (and 153 ppm Ta2O5; see news release dated November 1st, 2021). The first drill hole of the 2024 campaign (EC24-208) was therefore aimed at testing the extent of down-dip mineralization adjacent to hole EC21-175, and the nearby EC19-174A, which returned similar niobium-mineralized carbonatite intercepts during the 2019 drill program (0.80% Nb2O5 over 31.5 m, including 1.36% Nb2O5 over 4.5 m; see news release dated June 11th, 2019). Drill hole EC24-208 successfully demonstrated the down-dip continuity of niobium-enrichment within carbonatite intersected at Mallard, with notable high-grade intercepts of 0.82% Nb2O5 over 12.0 m and 1.01% Nb2O5 over 7.5 m, all within a broad interval of 122.5 m of 0.62% Nb2O5 (Table 1; Figure 1). Subsequent drill holes at Mallard (EC24-209 to EC24-211) were designed as step-outs both to the northwest and southwest of previously drill-tested areas of the Mallard Prospect (Figure 1).

The Company also followed-up on the initial drill testing that targeted an anomalous magnetic high known as "Spoke" during the Company's inaugural drilling campaign at the Property in 2008. Two (2) holes drilled at the Spoke Target (EC24-212 and EC24-213) returned promising results with niobium-mineralized intercepts, including an interval of 27.5 m at 0.60% Nb2O5 starting from 133 m depth in EC24-212 and two intervals in EC24-213 of 17.9 m at 0.66% Nb2O5 starting from 247.7 m in addition to a wider interval of 21.3 m at 0.60% Nb2O5 starting at 278.5 m depth. Although further drill-testing is required at Spoke, these deeper mineralized intercepts could indicate a continuation of the Mallard niobium-enrichment trend in carbonatites, extending the mineralization trend to the northwest beyond Mallard.

The geological team has completed all core processing for the 2024 drill program, and all core samples for the program have now been received by Activation Laboratories Ltd. located in Ancaster, ON, for preparation and analyses. Core assay results for twenty-one (21) drill holes from the 2024 drill program are still pending (Table 2).

Table 1. 2024 initial drilling assay highlights from Mallard and Spoke Target AreasTable 2. Summary of 2024 drill hole attributes for results reported and results pending

Quality Assurance / Quality Control (QAQC)

A Quality Assurance & Quality Control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches at a rate of approximately 5%. All core samples collected were shipped to Activation Laboratories Ltd. in Ancaster, ON, Canada, for sample preparation (code RX1) which includes crushing up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples were homogenized and subsequently analyzed for multi-element using fusion with lithium metaborate /tetraborate in platinum crucibles and analysis by fusion XRF (codes 8-Nb-Ta, Majors + REE). Fluorine (F) assay was requested based on visual presence of fluorspar by lithium metaborate/tetraborate fusion and acid dissolution with analysis by Ion Selective Electrode (ISE) with a detection limit of 0.01%

NI 43-101 Disclosure

Patrik T. Schmidt, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

About Commerce Resources Corp.

Commerce Resources Corp. is a junior mineral resource company focused on the development of the Ashram Rare Earth and Fluorspar Deposit located within their Eldor Property, in northern Quebec, Canada. The Ashram Deposit is characterized by simple rare earth (monazite, bastnaesite, xenotime) and gangue (carbonates) mineralogy, a large tonnage resource at favourable grade, and has demonstrated the production of high-grade (more than 30 – 45% TREO) mineral concentrates at high recovery (more than 60 – 75%) in line with active global producers. The Ashram Deposit also has a fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets. The Company is positioning to be one of the lowest cost rare earth producers globally, with a specific focus on being a long-term supplier of mixed rare earth carbonate and/or NdPr oxide to the global market. Additionally, Commerce is committed to exploring the potential of other high-value commodities on the Property such as niobium and phosphate minerals, which may help advance Ashram by reducing costs through shared development.

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

On Behalf of the Board of DirectorsCOMMERCE RESOURCES CORP."Ross Carroll"Ross CarrollCEO and PresidentTel: 604.484.2700Email: rcarroll@commerceresources.comWeb: http://www.commerceresources.com

Forward Looking Statements

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

SOURCE: Commerce Resources Corp.

View the original press release on accesswire.com

SQM's Role in Global Markets

Sociedad Quimica y Minera de Chile S.A. (NYSE:SQM), based in Chile, has established itself as one of the world's leading producers of lithium, iodine, and potassium derivatives. Their global sales and production presence is spanned across multiple continents, with numerous Commercial Offices, Joint Ventures, Production Plants, and Mining Operations across North America, Europe, South America, with the bulk of sales being generated from Asia, and Oceania.

Warning! GuruFocus has detected 8 Warning Sign with SQM.