LATEST COMPANY NEWS. - Free Online Library (2024)

BNamericas - Orla arbitration and loss of investment grade pile pressure on Panama's mining stance - 1/4/2024

The announcement by Canada's Orla Mining that it is beginning arbitration proceedings over its Cerro Quema gold project in Panama, along with Fitch Ratings' decision to remove the country's sovereign debt investment grade, adds to the pressure on the local government to reconsider its stance against mining.

For the complete story, see:

https://www.bnamericas.com/en/analysis/orla-arbitration-and-loss-of-investment-grade-pile-pressure-on-panamas-mining-stance

Mining.com - First Quantum execs discuss investment, disputed copper with Chinese officials - 29/3/2024

Executives from Canadian miner First Quantum Minerals met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper Co, three sources with knowledge of the matter said.

For the complete story, see:

https://www.mining.com/web/first-quantum-execs-discuss-investment-disputed-copper-with-chinese-officials/

Mining.com - Calibre inks commissioning contract for Valentine gold mine - 28/3/2024

Calibre Mining (TSX: CXB) has signed a key pre-commissioning and commissioning agreement with Reliable Controls (RCC) for the Valentine gold mine in Newfoundland.

For the complete story, see:

https://www.mining.com/calibre-inks-pre-commissioning-and-commissioning-contract-for-valentine-gold-mine/

Other Stories

Global Mining Review - Magna Mining signs off-take agreement with Vale Canada - 28/3/82024

Investing.com - Hudbay Minerals projects increased copper and gold output - 28/3/2024

Mining.com - Canada introduces tougher security reviews of foreign investments - 27/3/2024

ARY News - Barrick Gold CEO speaks up on prospects of Reko Diq project - 24/3/2024

Bloomberg.com - Uranium's 22% Price Plunge Is Bottoming Out on Nuclear Future - 21/3/2024

Media Releases

Hudbay Minerals Inc. (NYSE: HBM, TSE: HBM) - HUDBAY PROVIDES ANNUAL RESERVE AND RESOURCE UPDATE AND PRODUCTION OUTLOOK - 28/3/2024

Barrick Gold Corporation (NYSE: GOLD, TSE: ABX) - Strategy-Driven Barrick Builds on Value Foundation - 28/3/2024

Sherritt International Corporation (TSE: S) - Sherritt Announces Changes to its Board of Directors - 21/3/2024

Latest Research

Historical gold mining increased metal(loid) concentrations in lake sediments from Nova Scotia, Canada - By Branaavan Sivarajah, Linda M. Campbell, John P. Smol, Jesse C. Vermaire and Joshua Kurek

Industry Overview

The Mining of Association of Canada

Canadian mining industry

Overviews of Leading Companies

Agnico Eagle Mines Limited (NYSE: AEM, TSE: AEM)

Barrick Gold Corporation (NYSE: GOLD, TSE: ABX)

Cameco Corporation (NYSE: CCJ, TSE: CCO)

Franco Nevada Corporation (NYSE: FNV, TSE: FNV)

Hudbay Minerals Inc. (NYSE: HBM, TSE: HBM)

Lundin Mining Corporation (TSE: LUN)

Newmont Goldcorp Corporation (NYSE: NEM, TSE: NGT)

Nutrien Ltd (NYSE: NTR, TSE: NTR)

Sherritt International Corporation (TSE: S)

Teck Resources Limited (NYSE: TECK, TSE: TECK.A)

Turquoise Hill Resources Ltd (NYSE: TRQ, TSE: TRQ)

Wheaton Precious Metals Corp. (NYSE: WPM, TSE: WPM)

Senior Associate: Theadore Leighton Manjah

News and Commentary

BNamericas - Orla arbitration and loss of investment grade pile pressure on Panama's mining stance - 1/4/2024

The announcement by Canada's Orla Mining that it is beginning arbitration proceedings over its Cerro Quema gold project in Panama, along with Fitch Ratings' decision to remove the country's sovereign debt investment grade, adds to the pressure on the local government to reconsider its stance against mining.

For the complete story, see:

https://www.bnamericas.com/en/analysis/orla-arbitration-and-loss-of-investment-grade-pile-pressure-on-panamas-mining-stance

Mining.com - First Quantum execs discuss investment, disputed copper with Chinese officials - 29/3/2024

Executives from Canadian miner First Quantum Minerals met with Chinese government officials last week to discuss funding and business options involving top investor Jiangxi Copper Co, three sources with knowledge of the matter said.

For the complete story, see:

https://www.mining.com/web/first-quantum-execs-discuss-investment-disputed-copper-with-chinese-officials/

Mining.com - Calibre inks commissioning contract for Valentine gold mine - 28/3/2024

Calibre Mining (TSX: CXB) has signed a key pre-commissioning and commissioning agreement with Reliable Controls (RCC) for the Valentine gold mine in Newfoundland.

For the complete story, see:

https://www.mining.com/calibre-inks-pre-commissioning-and-commissioning-contract-for-valentine-gold-mine/

Global Mining Review - Magna Mining signs off-take agreement with Vale Canada - 28/3/82024

Magna Mining Inc. has announced the signing of a Definitive Off-Take Agreement with Vale Base Metals' wholly-owned subsidiary Vale Canada for the advanced exploration portion of the Crean Hill Project in Ontario.

For the complete story, see:

https://www.globalminingreview.com/mining/28032024/magna-mining-signs-off-take-agreement-with-vale-canada/

Investing.com - Hudbay Minerals projects increased copper and gold output - 28/3/2024

Hudbay Minerals Inc. (TSX, NYSE: NYSE: HBM), a copper-focused mining company, announced its updated three-year production guidance and annual mineral reserve and resource update.

For the complete story, see:

https://www.investing.com/news/company-news/hudbay-minerals-projects-increased-copper-and-gold-output-93CH-3356603

Mining.com - Canada introduces tougher security reviews of foreign investments - 27/3/2024

Canada has introduced tougher national security reviews of proposed foreign investments in sensitive sectors to enable it to quickly spot potentially problematic deals, the government said on Wednesday.

For the complete story, see:

https://www.mining.com/web/canada-introduces-tougher-security-reviews-of-foreign-investments/

ARY News - Barrick Gold CEO speaks up on prospects of Reko Diq project - 24/3/2024

Barrick Gold Corporation's President and Chief Executive, Mark Bristow spoke up on the prospects of Reko Diq project, ARY News reported.

For the complete story, see:

https://arynews.tv/barrick-gold-ceo-speaks-up-on-prospects-of-reko-diq-project/

Bloomberg.com - Uranium's 22% Price Plunge Is Bottoming Out on Nuclear Future - 21/3/2024

Uranium may have lost some sizzle after an electrifying 10-month rally, but analysts and investors aren't losing faith in the long-term prospects of the nuclear fuel.

For the complete story, see:

https://www.bloomberg.com/news/articles/2024-03-21/uranium-s-22-price-plunge-is-bottoming-out-on-nuclear-future

Media Releases

Hudbay Minerals Inc. (NYSE: HBM, TSE: HBM) - HUDBAY PROVIDES ANNUAL RESERVE AND RESOURCE UPDATE AND PRODUCTION OUTLOOK - 28/3/2024

Consolidated copper production is expected to average 153,000i tonnes per year over the next three years, representing a 16% increase from 2023 and demonstrating Hudbay's strong and stable operating portfolio with three long-life operations in tier-one mining jurisdictions in the Americas.

Strong complementary gold exposure with consolidated gold production expected to average 272,500i ounces per year over the next three years, reflecting strong production in Manitoba and a contribution from Pampacancha high grade gold zones.

Enhanced operating platform with the recent acquisition of Copper Mountain, positioning Hudbay as the fourth largest copper producer and the fifth largest gold producer in Canada in 2023ii.

Constancia's expected mine life extended by three years to 2041 as a result of mineral reserve conversion and the addition of a further mining phase at the Constancia pit.

Snow Lake's expected mine life maintained until 2038 with average annual gold production of 185,000i ounces expected over the next three years.

Exploration activities in Peru focused on advancing drill permitting for highly prospective satellite properties near Constancia.

Commenced largest annual exploration program in Snow Lake consisting of geophysical surveys and drill campaigns testing the newly acquired Cook Lake claims, former Rockcliff properties and near-mine exploration at Lalor.

Developing access drift at the 1901 deposit in Snow Lake, located within 1,000 metres from the underground ramp to the Lalor mine, with a focus on confirming the optimal mining method for the base metal and gold lenses and converting inferred mineral resources in the gold lenses to mineral reserves.

Continuing to de-risk Copper World after enhanced pre-feasibility study published in 2023 and remaining state level permits expected in 2024.

Advancing Flin Flon tailings reprocessing opportunities through metallurgical test work and early economic evaluation to potentially produce critical minerals and precious metals while reducing the environmental footprint.

Entered into an option agreement with Marubeni Corporation relating to three exploration projects located near Hudbay's Flin Flon processing facilities.

Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) today released its annual mineral reserve and resource update and issued new three-year production guidance. All amounts are in U.S. dollars, unless otherwise noted.

"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's high-quality operating platform with annual production of more than 150,000 tonnes of copper and 270,000 ounces of gold from three long-life mines located in tier-one mining friendly jurisdictions in the Americas," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "We saw strong reserve conversion in Peru after successful geotechnical work confirmed the addition of another mining phase at Constancia, extending the mine life to 2041, and we continued to progress drill permitting activities for the high-potential exploration satellites in Peru. Manitoba exploration efforts are focused on advancing the largest geophysical and drilling program in our history in Snow Lake to test the newly acquired land claims for another anchor deposit and extend the mine life well beyond 2038. Our Copper Mountain mine has a robust copper production profile over its 21-year mine life as reflected in the recent technical report. We already have a resilient operating platform delivering stable copper production and complementary gold production, and we expect to continue to add to our robust production outlook by leveraging our proven track record of delivering value through exploration and development as we advance our quality pipeline of growth assets."

Constancia Operations

Constancia is Hudbay's 100% owned copper operation located in the province of Chumbivilcas in southern Peru and consists of the Constancia and Pampacancha deposits. Current mineral reserve estimates total 548 million tonnes at 0.27% copper containing approximately 1.5 million tonnes of copper. Constancia's expected mine life has been extended by three years to 2041 as a result of the successful conversion of mineral resources to mineral reserves with the addition of a further mining phase at the Constancia pit following positive geotechnical drilling and studies in 2023. There remains potential for future mine life extensions based on the mineral resources that have not yet been converted to mineral reserves.

Hudbay continues to mine the high-grade Pampacancha satellite deposit located approximately six kilometres from the Constancia processing plant. Mining at the Pampacancha pit commenced in 2021 and is expected to extend until the third quarter of 2025, resulting in continued higher copper and gold production over this period. Annual production at the Constancia operations is expected to average approximately 101,000i tonnes of copper and 62,000i ounces of gold over the next three years.

Maria Reyna and Caballito Exploration

Hudbay controls a large, contiguous block of mineral rights with the potential to host satellite mineral deposits in close proximity to the Constancia processing facility, including the past producing Caballito property and the highly prospective Maria Reyna property. The company commenced early exploration activities at Maria Reyna and Caballito after completing a surface rights exploration agreement with the community of Uchucarcco in August 2022. A drill permit application was submitted for the Maria Reyna property in November 2023, and a similar application for the Caballito property is planned for the first half of 2024. In parallel, Hudbay continues to advance community engagement activities. Surface mapping and geochemical sampling confirm that both Caballito and Maria Reyna host sulfide and oxide rich copper mineralization in skarns, hydrothermal breccias and large porphyry intrusive bodies, as shown in Figure 1.

Snow Lake Operations

Hudbay's 100% owned Snow Lake operations in Manitoba include the Lalor gold, copper and zinc mine, the New Britannia gold mill, the Stall base metals concentrator and several satellite deposits. Current mineral reserve estimates in Snow Lake total 17 million tonnes with approximately 2 million ounces in contained gold, and the expected mine life of the Snow Lake operations continues to extend until 2038. The Snow Lake operations continue to achieve higher gold production levels due to the New Britannia mill operating at 10% above design capacity in 2023, the recent completion of the Stall mill recovery improvement project and the implementation of several optimization initiatives at the Lalor mine to improve the quality of ore production and minimize waste dilution. The company also increased its land package in Snow Lake by 250% in 2023, as shown in Figure 2, and has since launched the largest Snow Lake exploration program in the company's history to explore the highly prospective land package for new discoveries to maximize and extend the life of the Snow Lake operations beyond 2038.

Infill drilling at Lalor in 2023 resulted in the successful conversion of high value gold material from inferred resources to mineral reserves. There remains another 1.4 million ounces of gold contained in inferred resources in Snow Lake that have the potential to maintain strong annual gold production levels beyond 2030 and further extend the mine life in Snow Lake. The company is advancing an access drift at the nearby 1901 deposit to enable infill drilling aimed at converting the inferred mineral resources in the gold lenses to mineral reserves.

The Snow Lake mineral reserve and mineral resource estimates include the copper-gold WIM deposit, the gold-rich 3 Zone and the zinc-rich Watts, Pen II and Talbot deposits, which have the potential to provide feed for the Stall and New Britannia processing facilities and further extend the life of the Snow Lake operations. Hudbay is also conducting geophysical and drilling programs on the newly acquired land in Snow Lake, including the Cook Lake claims and the former Rockcliff claims, as discussed further below.

Hudbay has been executing a multi-phased gold strategy in Snow Lake since 2019, which has resulted in increased annual gold production from optimization initiatives, including higher processing capacity and gold recoveries since the start-up of the New Britannia mill in late 2021. As a result, annual gold production from Snow Lake increased from 69,657 ounces in 2020 to 146,233 ounces in 2022, New Britannia's first full year of production. The New Britannia mill achieved record throughput levels averaging 1,650 tonnes per day in 2023, exceeding its design capacity of 1,500 tonnes per day, which contributed to record annual gold production of 187,363 ounces in 2023. Annual gold production from Snow Lake is expected to average 185,000i ounces over the next three years, in line with 2023 levels.

2024 Snow Lake Exploration Program

The planned 2024 exploration program is Hudbay's largest Snow Lake program in the company's history and consists of modern geophysical programs and multi-phased drilling campaigns:

Modern geophysics program - A majority of the newly acquired Cook Lake and former Rockcliff claims have been untested by modern deep geophysics, which was the discovery method for the Lalor deposit. A large geophysics program is currently underway consisting of surface electromagnetic surveys using cutting-edge techniques that enable the team to detect targets at depths of almost 1,000 metres below surface.

Multi-phased drilling program - The winter 2024 surface drill program is underway with eight drill rigs that are currently focused on testing the deep extensions of the gold and copper zones at Lalor and completing follow up drilling at the Lalor Northwest target, as shown in Figure 3. The drill rigs will be relocated to the Cook Lake and Rockcliff claims later in the 2024 season to test additional geophysical targets.

The goal of the 2024 exploration program is to test mineralized extensions of the Lalor deposit and to find a new anchor deposit within trucking distance of the Snow Lake processing infrastructure, which has the potential to extend the life of the Snow Lake operations beyond 2038.

Advancing Access to the 1901 Deposit

The 1901 deposit was discovered by Hudbay in 2019 and is located within 1,000 metres of the existing underground haulage ramp to Lalor. The deposit consists of a series of zinc and gold-rich lenses that were defined by surface drilling and pre-feasibility studies conducted between 2019 and 2021. In early 2024, the company commenced the development of an access drift from the existing Lalor ramp, which is expected to enable underground drill platforms for diamond drilling to further confirm the optimal mining method to extract the base metal and gold lenses and to convert the inferred mineral resources in the gold lenses to mineral reserves. The 1901 development and exploration drift program is expected to take place over 2024 and 2025. For further information, please see Figure 4.

Copper Mountain Mine

Current mineral reserve estimates at the Copper Mountain mine total 367 million tonnes at 0.25% copper and 0.12 grams per tonne gold with approximately 900 thousand tonnes of contained copper and 1.4 million ounces of contained gold. Hudbay acquired Copper Mountain as part of its acquisition of Copper Mountain Mining Corporation in June 2023 and holds a 75% interest in the mine with Mitsubishi Materials Corp. holding the remaining 25% interest. The current mineral reserve estimates support a 21-year mine life, as previously disclosed on December 5, 2023 in the company's first NI 43-101 technical report in respect of the Copper Mountain mine.

As detailed in the technical report, the mine plan contemplates average annual copper production of 46,500 tonnes in the first five years, 45,000 tonnes in the first ten years and 37,000 tonnes over the 21-year mine life. The updated mine plan represents an approximate 90% increase in average annual copper production and an approximate 50% decrease in cash costs over the first 10 years compared to 2022 levels.

Hudbay's mine plan for Copper Mountain is based on a revised resource model that was constructed using the same methods applied at the Constancia, Copper World and Mason deposits. There exists significant upside potential for reserve conversion and extending mine life beyond 21 years through an additional 140 million tonnes of measured and indicated resources at 0.21% copper and 0.10 grams per tonne gold and 370 million tonnes of inferred resources at 0.25% copper and 0.13 grams per tonne gold, in each case, exclusive of mineral reserves.

Since completing the acquisition of Copper Mountain in June 2023, Hudbay has been focused on advancing its plans to stabilize the Copper Mountain mine over the next few years to improve reliability and drive sustainable long-term value. This includes increasing mining activities by remobilizing the idle mining fleet from 14 trucks to 28 trucks, accelerating stripping to access higher grades, and improving mill throughput and recoveries with a more consistent ore feed grade and several planned mill enhancement projects. The new technical report filed in December 2023 reflects Hudbay's base case stabilization plan.

3-Year Production Outlook

The consolidated copper and gold production guidance demonstrates the continued strong growth from the successful completion of brownfield investments in Peru and Manitoba and the enhanced operating platform with the acquisition of Copper Mountain. Consolidated copper production over the next three years is expected to average 153,000i tonnes, representing an increase of 16% from 2023 levels. Consolidated gold production over the next three years is expected to average 272,500i ounces, reflecting continued high annual gold production levels in Manitoba and a smoothing of Pampacancha high grade gold zones in Peru over the 2023 to 2025 period, as further described below.

Peru's three-year production guidance reflects continued higher copper and gold grades from Pampacancha into the third quarter of 2025. Mill ore feed throughout 2024 and 2025 is expected to revert to the typical one-third from Pampacancha and two-thirds from Constancia until the depletion of Pampacancha, unlike 2023 when a majority of the ore feed was from Pampacancha in the second half of the year. Gold production reflects a smoothing of Pampacancha high grade gold zones over the 2023 to 2025 period as additional high grade areas were mined in 2023 ahead of schedule, resulting in gold production exceeding 2023 guidance levels, and other high grade areas being deferred to 2025. Total expected gold production in Peru over the 2023 to 2025 period is higher than previous expectations with 2025 gold production now expected to total 80,000i, compared to 58,500i ounces in the company's previous guidance.

Manitoba's three-year production guidance reflects continued strong gold production levels averaging 185,000i ounces per year as the Snow Lake operations have achieved steady levels after the successful refurbishment and optimization of the New Britannia mill, the completion of the Stall mill recovery improvement program and the improvement in the quality of ore production and operating efficiencies at the Lalor mine. The production guidance anticipates Lalor operating at 4,500 tonnes per day and an increase in New Britannia mill throughput to 1,800 tonnes per day starting in 2024 given the mill has been consistently operating above its 1,500 tonnes per day nameplate capacity. Zinc production is expected to decline over the next three years as the Lalor mine continues to prioritize higher grade gold and copper zones.

British Columbia's three-year production guidance reflects sequentially higher annual copper production as a result of the implementation of several improvement initiatives as part of the company's stabilization plan. The Copper Mountain production guidance ranges in 2024 and 2025 are wider than typical ranges and coincide with the operation ramp up activities over the stabilization period. Copper production at the Copper Mountain mine is expected to increase by 32%i in 2026 compared to 2024, reflecting operational improvements consistent with the NI 43-101 technical report for Copper Mountain issued in December 2023.

Copper World Project

The 100% owned Copper World project is located in Pima County, Arizona, approximately 50 kilometres southeast of Tucson. The Copper World project includes seven deposits discovered in 2021, together with the East deposit (formerly known as the Rosemont deposit). The new deposits were defined after the completion of an expanded drill program following a successful initial drill program in 2020. A new resource model was completed for the preliminary economic assessment ("PEA") of Copper World in 2022, which contemplated a two-phased mine plan with Phase I as a standalone operation requiring state and local permits only and Phase II expanding onto federal lands requiring federal permits.

In September 2023, Hudbay released its enhanced pre-feasibility study ("PFS") for Copper World reflecting the results of further technical work on Phase I of the project. Phase I has a mine life of 20 years, which is four years longer than the Phase I mine life that was presented in the PEA, largely due to an increase in the capacity for tailings and waste deposition as a result of optimizing the site layout. Phase II is expected to involve an expansion on to federal lands with a significantly longer mine life and enhanced project economics. Phase II would be subject to the federal permitting process and was not included in the PFS results.

The first key state permit required for Copper World, the Mined Land Reclamation Plan, was initially approved by the Arizona State Mine Inspector in October 2021 and was subsequently amended to reflect a larger private land project footprint. This approval was challenged in state court, but the challenge was dismissed in May 2023. In late 2022, Hudbay submitted the applications for an Aquifer Protection Permit and an Air Quality Permit to the Arizona Department of Environmental Quality. Hudbay expects to receive these two outstanding state permits in 2024.

Based on the PFS, Phase I contemplates average annual copper production of 85,000 tonnes over a 20-year mine life, at average cash costs and sustaining cash costs of $1.47 and $1.81 per pound of copperiii, respectively. A variable cut-off grade strategy allows for higher mill head grades in the first ten years, which increases annual production to approximately 92,000 tonnes of copper at average cash costs and sustaining cash costs of $1.53 and $1.95 per pound of copperiii, respectively.

At a copper price of $3.75 per pound, the after-tax net present value ("NPV") of Phase I using an 8% discount rate is $1.1 billion and the internal rate of return ("IRR") is 19%. The valuation metrics are leveraged to higher copper prices and at a price of $4.25 per pound, the after-tax NPV (8%) of Phase I increases to $1.7 billion, and the IRR increases to 25.5%.

Copper World is one of the highest-grade open pit copper projects in the Americasiv with proven and probable mineral reserves of 385 million tonnes at 0.54% copper. There remains approximately 60% of the total copper contained in measured and indicated mineral resources (exclusive of mineral reserves), providing significant potential for Phase II expansion and mine life extension. In addition, the inferred mineral resource estimates are at a comparable copper grade and also provide significant upside potential.

Mason Project

The Mason project is a 100% owned greenfield copper deposit located in the historic Yerington District of Nevada and is one of the largest undeveloped copper porphyry deposits in North America. The Mason project's measured and indicated mineral resources are comparable in size to Constancia. Hudbay views the Mason project as a long-term future development asset as part of the company's pipeline of high-quality copper growth opportunities. Since acquiring Mason, Hudbay has consolidated a prospective package of patented and unpatented mining claims contiguous to the Mason project and has advanced a number of technical studies, including a revised resource model and the completion of a PEA on Mason.

The Mason PEA was completed in April 2021 and contemplates a 27-year mine life with average annual copper production of approximately 140,000 tonnes over the first ten years of full production. At a copper price of $3.50 per pound, the after-tax net present value using a 10% discount rate is $1,191 million and the internal rate of return is 18%. For information regarding the limitations of a PEA, please refer to the Qualified Person and NI 43-101 statement at the end of this news release.

Since 2021, the company completed a geophysical program and additional drilling at Mason, while continuing to focus on local stakeholder engagement. For the first time since Hudbay acquired the Mason project, Hudbay initiated a drill program in September 2023 to test satellite deposits which confirmed the occurrence of high-grade skarn mineralization near the historical mines potentially amenable to open pit mining but of limited spatial extent. Hudbay is currently compiling and analyzing the results from the 2023 drilling. Additional metallurgical studies are underway with the objective of further enhancing the project economics.

Llaguen Project

The Llaguen project is a 100% owned copper-molybdenum porphyry deposit located near the city of Trujillo, the third largest city in Peru. Llaguen is at moderate altitude and in close proximity to existing infrastructure, water and power supply, including the port of Salaverry located 62 kilometres away and the Trujillo Nueva electric power substation located 40 kilometres away. Hudbay completed a 28-hole confirmatory drill program in 2021 and 2022 which confirmed and extended the footprint of the known mineralization and highlighted the existence of a high-grade zone in the center of the deposit.

After completing an initial mineral resource estimate in November 2022, Hudbay initiated preliminary technical studies, including metallurgical test work as well as geotechnical and hydrogeological studies, which are expected to be incorporated into a preliminary economic assessment for the Llaguen project. Additional exploration drilling is warranted on the Llaguen property to test the areas of the deposit that remain open and the several untested geophysical targets in the area to fully define the regional extent of the mineralization. The current mineral resource is also surrounded by a large halo of low grade hypogene copper mineralization, not currently included in the mineral resource estimate, but for which metallurgical test work could assess the potential for economic sulfide heap leaching via commercially available technologies.

Flin Flon Opportunities

Unlocking Value Through Tailings Reprocessing

Hudbay is advancing studies to evaluate the opportunity to reprocess Flin Flon tailings where more than 100 million tonnes of tailings have been deposited for over 90 years from the mill and the zinc plant. Please refer to Figure 5 for an aerial view of the tailings facility. The studies are evaluating the potential to use the existing Flin Flon concentrator, which is currently on care and maintenance after the closure of the 777 mine in 2022, with flow sheet modifications to reprocess tailings to recover critical minerals and precious metals while creating environmental and social benefits for the region. The company is completing metallurgical test work and an early economic study to evaluate the tailings reprocessing opportunity.

Zinc plant tailings - Hudbay operated a hydrometallurgical zinc facility where high grade critical minerals and precious metals were deposited for more than 25 years. Hudbay is currently completing a confirmatory drill program over this facility.

Mill tailings - Initial confirmatory drilling completed in 2022 indicated higher zinc, copper and silver grades than predicted from historical mill records while confirming the historical gold grade. In 2023, Hudbay advanced metallurgical test work and evaluated metallurgical technologies, including the signing of a test work co-operation agreement with Cobalt Blue Holdings ("COB") examining the use of COB technology to treat Flin Flon mill tailings. Initial results from preliminary roasting test work were encouraging in converting more than 90% of pyrite into pyrrhotite and low-carbon sulphur, and the project has been advanced to the next stage of testing.

Reducing environmental footprint - The tailings reprocessing opportunity is expected to reduce acid-generating properties of the tailings, which would improve the environmental impacts through higher quality water in the tailings facility and reduce the need for long-term water treatment.

Marubeni Flin Flon Exploration Partnership

In March 2024, Hudbay entered into an option agreement (the "Marubeni Option Agreement") with Marubeni Corporation ("Marubeni"), pursuant to which Hudbay has granted Marubeni's wholly-owned Canadian subsidiary an option to acquire a 20% interest in three projects located within trucking distance of Hudbay's processing facilities in the Flin Flon area. Pursuant to the Marubeni Option Agreement, Marubeni must fund a minimum of C$12 million in exploration expenditures over a period of approximately five years in order to exercise its option. All three properties hold past producing mines that generated meaningful production with attractive grades of both base metals and precious metals. The properties remain highly prospective with potential for further discovery based on the attractive geological setting, limited historical deep drilling and promising geochemical and geophysical targets.

Upon successful completion of Marubeni's earn-in obligations and the exercise of the option, a joint venture will be formed to hold the selected projects with Hudbay, acting as operator, holding an 80% interest and Marubeni indirectly holding the remaining 20% interest.

Qualified Person and NI 43-101

The technical and scientific information in this news release related to the company's material mineral projects has been approved by Olivier Tavchandjian, P. Geo, Senior Vice President, Exploration and Technical Services. Mr. Tavchandjian is a qualified person pursuant to NI 43-101 (as defined below). Additional details on the company's material mineral projects, including a year-over-year reconciliation of reserves and resources for all of our material projects except for Copper Mountain, is included in Hudbay's Annual Information Form for the year ended December 31, 2023 (the "AIF"), which is available on SEDAR+ at

www.sedarplus.ca

.

The Mason PEA is preliminary in nature, includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the preliminary economic assessments will be realized.

https://www.hudbayminerals.com/news-media/default.aspx#2024#Hudbay-Provides-Annual-Reserve-and-Resource-Update-and-Production-Outlook

Barrick Gold Corporation (NYSE: GOLD, TSE: ABX) - Strategy-Driven Barrick Builds on Value Foundation - 28/3/2024

Five years after the transformational Merger with Randgold Resources, Barrick Gold Corporation (NYSE:GOLD) (TSX:ABX) has been restructured and repurposed as a modern mining business with a constantly replenished, global asset base of peerless quality, managed by a team with an unparalleled record of recognizing and realizing opportunities, says chairman John Thornton in the company's 2024 Information Circular published today and available now at www.barrick.com/agm and also filed on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov).

"This Barrick is guided by a long-term, future-facing strategy, finely attuned to the demands and expectations of a rapidly changing world. Its aim is not only to secure the company's sustainable profitability but also to make sustainability, in every sense, the core of its activities. Barrick's pioneering partnership philosophy, a key component of its commitment to sustainability, has already transformed the once-derelict Tanzanian mines into a complex with Tier One1 potential; reconstituted the Reko Diq project in Pakistan and is now developing it into one of the world's largest copper-gold producers; and after three years of negotiation, achieved an agreement for the re-opening of the Porgera gold mine in Papua New Guinea, where mining and processing have restarted and will be ramping up over the next two quarters," he says.

"It is clear to me that we have achieved all the initial objectives we set for ourselves. The renewed emphasis on exploration has placed Barrick in the unique position of more than replenishing the reserves depleted by mining year after year. Major organic growth projects, such as Reko Diq, the current extension of Pueblo Viejo's Tier One mine life by more than 20 years2, and the transformation of Lumwana into one of the world's major copper mines, will secure Barrick's production profile well into the future. Expanding the copper portfolio was one of Barrick's key strategic aims, and when the new Lumwana and Reko Diq are commissioned in 2028, Barrick will become a major-league producer. In the meantime, we continue to pursue opportunities for growing our copper portfolio."

Thornton says Barrick's balance sheet, once burdened by heavy debt, is now one of the industry's most robust and its strong operational cash flows ensure that it has the capacity to fund existing and new organic growth projects, as well as to take advantage of any fresh opportunities that meet the company's stringent investment criteria.

"Barrick's footprint is being expanded and currently comprises mines, projects and exploration programs in 18 countries across four continents, covering the main prospective regions for gold and copper," he says.

Also in the Information Circular, lead director Brett Harvey says Barrick's Board prioritizes renewal and diversity in its own ranks in order to enhance its already high level of global business experience and to make its membership more fully representative of the societies in which the company operates. "Since the Merger, seven new members have been appointed and women now account for 40% of our directors standing for election, while 40% identify as racially or ethnically diverse," Harvey says.

Barrick is pleased to host a virtual meeting format for this year's Annual Meeting that shareholders may attend virtually by way of a live webcast regardless of their geographic location.

The meeting will be held on Tuesday, April 30, 2024 at 10:00 a.m. (Toronto time) at https://web.lumiagm.com/406457272. Registered shareholders, non-registered (or beneficial) shareholders and their duly appointed proxyholders will be able to participate, ask questions, and vote in "real time" through the online portal.

https://www.barrick.com/English/news/news-details/2024/strategy-driven-barrick-builds-on-value-foundation/default.aspx

Sherritt International Corporation (TSE: S) - Sherritt Announces Changes to its Board of Directors - 21/3/2024

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)-- Sherritt International Corporation ("Sherritt" or the "Corporation") (TSX:S) is pleased to announce the appointments of Louise Blais and Steven H. Goldman to its Board of Directors effective immediately. The appointments of Ms. Blais and Mr. Goldman are in accordance with Sherritt's Board succession planning with the retirements of Maryse Belanger and John Warwick, both of whom are not seeking re-election at the Corporation's 2024 Annual General Meeting ("AGM"). Ms. Belanger will be retiring from the Board as of today and Mr. Warwick will be retiring from the Board at the AGM on May 9, 2024.

Sir Richard Lapthorne, Chair of Sherritt's Board of Directors commented, "We are delighted to welcome Louise and Steven to our Board of Directors. Louise's 25 years of experience as a senior diplomat have cultivated strong government relationships in Canada and internationally which will be invaluable to Sherritt. Her government experience working in North America and in other markets of interest to Sherritt align well with our strategic objectives. Steven brings a differentiated blend of business and legal acumen to the Board as well as extensive experience fostering new avenues for companies to achieve success. His insights will be instrumental to Sherritt as our planned future growth ultimately enables us to consider new markets and strategies."

Sir Richard Lapthorne continued, "Additionally, I would like to extend my gratitude to both Maryse and John for their extensive contributions and tireless commitment."

Louise Blais was Canada's Ambassador and Deputy Permanent Representative to the United Nations in New York from 2017 to 2021. During this time, she also served as Vice President to UNICEF's Executive Board. As a senior diplomat, she served abroad in Washington and Tokyo and as Minister-Counsellor for Political Affairs at the Embassy in Paris. In 2014 she was appointed Consul General of Canada in Atlanta, covering North Carolina, South Carolina, Tennessee, Georgia, Alabama and Mississippi. Ms. Blais is currently an Associate at the Pendleton Group and Special Senior Advisor, International Affairs, to the Business Council of Canada and the QG100 in Quebec. Ms. Blais holds a B.A. from McGill University.

Steven H. Goldman is a founding member of the Toronto law firm of Goldman Hine LLP which he retired from in January 2021. He is currently President, CEO and director of Comstock Metals Inc. and a director and audit committee member of Select Sands Corp. Mr. Goldman was formerly a director and audit committee member of Tribute Pharmaceuticals Inc. and a director of Allegro Health Corp. Mr. Goldman received his B.A. (President's Medal) from Carleton University and his JD from Queen's University.

About Sherritt International

Sherritt is a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt - metals deemed critical for the energy transition. Sherritt's Moa Joint Venture has a current estimated mine life of 25 years and has embarked on an expansion program focused on increasing annual mixed sulphide precipitate production by approximately 20% of contained nickel and cobalt (100% basis). The Corporation's Power division, through its ownership in Energas S.A., is the largest independent energy producer in Cuba with installed electrical generating capacity of 506 MW, representing approximately 10% of the national electrical generating capacity in Cuba. The Energas facilities are comprised of two combined cycle plants that produce low-cost electricity from one of the lowest carbon emitting sources of power in Cuba. Sherritt's common shares are listed on the Toronto Stock Exchange under the symbol "S".

https://www.sherritt.com/English/Investor-Relations/News-Releases/News-Release-Details/2024/Sherritt-Announces-Changes-to-its-Board-of-Directors/default.aspx

Latest Research

Historical gold mining increased metal(loid) concentrations in lake sediments from Nova Scotia, Canada

Branaavan Sivarajah, Linda M. Campbell, John P. Smol, Jesse C. Vermaire and Joshua Kurek

Abstract

Historical gold mining operations between the 1860s and 1940s have left substantial quantities of arsenic- and mercury-rich tailings near abandoned mines in remote and urban areas of Nova Scotia, Canada. Large amounts of materials from the tailings have entered the surface waters of downstream aquatic ecosystems at concentrations that present a risk to benthos. We used paleolimnological approaches to examine long-term trends in sedimentary metal(loid) concentrations, assess potential sediment toxicity, and determine if geochemical recovery has occurred at four lakes located downstream of three productive gold-mining districts. During the historical mining era, sedimentary total arsenic and mercury concentrations and enrichment factors increased substantially at all downstream lakes that received inputs from tailings. Similarly, chromium, lead, and zinc concentrations increased in the sediments after mining activities began and the urbanization that followed. The calculated probable effects of concentration quotients (PEC-Qs) for sediments exceeded the probable biological effects threshold (PEC-Q > 2) during the mining era. Although sedimentary metal(loid) concentrations have decreased for most elements in recent sediments, relatively higher PEC-Q and continued exceedance of Canadian Interim Sediment Quality Guidelines suggest that complete geochemical recovery has not occurred. It is likely that surface runoff from tailing fields, urbanization, and climate-mediated changes are impacting geochemical recovery trajectories.

https://www.facetsjournal.com/doi/full/10.1139/facets-2023-0063

The Industry

THE STATE OF CANADA'S MINING INDUSTRY

The Mining Association of Canada (MAC) is the national organization of the Canadian mining industry. We represent companies involved in mineral exploration, mining, smelting, refining and semi-fabrication. Our member companies account for most of Canada's output of metals and minerals. MAC's functions include advocacy, stewardship and collaboration. Our goals are to promote the industry's interests nationally and internationally, to work with governments on policies affecting minerals, to inform the public and to encourage member firms to cooperate to solve common problems. We work closely with provincial and territorial mining associations, other industries, and environmental and community groups in Canada and around the world.

DATA AND SOURCES

This annual report reflects currently available data, the majority from 2020, though some from prior years and some from 2021. Dollar amounts are expressed in Canadian dollars unless noted otherwise.

Author: Brendan Marshall, Vice President, Economic and Northern Affairs

Acknowledgments: This report could not have been prepared without the significant assistance of the dedicated staff of the Minerals and Metals Sector at Natural Resources Canada. Special thanks are also extended to Cynthia Waldmeier from MAC and Monique Laflèche.

As the world addresses the ongoing impacts of COVID-19, there is no doubt that the pandemic continues to loom large over all facets of our lives. COVID-19 has impacted all industries to some degree, and Canada's mining sector was not immune to its effects, but the past two years have highlighted the resiliency of the industry in the face of unprecedented challenges. As the supplier of the materials required for the manufacture of products essential for Canadians, it has been critical that supply chains stay open so that mined products are readily available for the people and businesses who rely on them. With minerals and metals, like gold, copper, carbon, zinc, uranium and nickel, being required inputs for healthcare and communications technologies, the mining industry continues to play an essential role in pandemic recovery efforts.

Globally, Canadian mining operations have withstood COVID-19 better than many peers in other jurisdictions, with companies adapting their health and safety policies to accommodate risks, build confidence, and ultimately return to production with comparably limited disruption. As people and their families continue to get vaccinated and follow public health guidelines, there is optimism in the mining sector that a return to normalcy may be ahead in 2022.

Alongside COVID-19, the other dominant issue facing the world today is climate change and the need for a lower-carbon future. Given that mining literally supplies the materials needed to build the tech that will lower our GHG footprint the question is not whether we require minerals and metals to reach our climate goals, but rather the extent to which Canada will be the supplier the world needs.

Our industry provides the building blocks for clean tech like wind turbines, solar panels, nuclear energy and EV batteries and there is no question that the world needs mining in order to achieve a greener future. At the same time, Canadian mining companies are increasingly recognizing the role they must play in lessening their carbon footprint and are taking the initiative to embrace innovative technologies and practices to do just that.

There are plenty of reasons why these materials should be mined in Canada. Our country produces some of the lowest carbon intensity mineral and metal products anywhere in the world and can and should play a much more significant role in providing the materials the world needs to get to net-zero. As a resource rich nation that sets the global standard of excellence in sustainable mining practices through the Mining Association of Canada's internationally recognized Towards Sustainable Mining® initiative, countries want us for how we go about our business, how we work with communities and raise standards. This program has received international attention with nine mining associations outside of Canada, including most recently Australia and Colombia, having adopted it to support meeting society's needs for minerals, metals and energy products in the most socially, economically and environmentally responsible way. There is no doubt that Canada is one of the safest jurisdictions for mining in the world, and we are recognized for bringing these standards and practices wherever we go.

As demand for minerals and metals continues to grow, there is also an increasing focus on what are referred to as "critical minerals" - vital in aerospace, defence, healthcare, telecommunications, computing and an array of innovative technologies. More than just rare earth elements, critical minerals encompass several minerals and metals critical to the functioning of both our economies and our livelihoods. One of the most frequently referenced benefits of enhancing Canada's critical minerals supply is due to the role these materials play as essential inputs in low-carbon technologies. Another is the fact that our allies in Europe and the US need reliable supplies from countries with strong ESG credentials and few countries can meet this need better than Canada.

ECONOMIC CONTRIBUTION

The mining industry has contributed greatly to Canada's economic strength. The industry directly employs over 377, 000 workers across the country in mineral extraction, smelting, fabrication and manufacturing, and indirectly employs an additional 315,000 people. Proportionally, the mining industry is also the largest private sector employer of Indigenous peoples, providing over 16,500 jobs. In 2020, the minerals sector directly and indirectly contributed $107 billion, or roughly 5%, to Canada's total nominal GDP.

Mining's value to Canada doesn't stop at Canada's borders, however. Canada's mining sector has investments in over 100 countries worldwide and travelling with and working for the sector are the thousands of Canadian mining supply and services companies. Internationally, Canada is one of the leading mining countries and one of the largest producers of minerals and metals. Valued at $102 billion in 2020, mineral exports accounted for 21% of Canada's total domestic exports, selling a diversified array of minerals and metals abroad.

While mining is important to Canada at the local community level, it also contributes to the economies of large cities. Toronto, for example, is the global hub for mining finance. The Toronto Stock Exchange (TSX) and TSX Venture Exchange are the world's number one mining and exploration listing venues, where 34%, or $7.5 billion, of global mining equity capital was raised in 2020.

Other evidence of the industry's vast economic reach is that mining is the single largest industrial customer group of Canada's railways and is a major user of Canada's ports. Annually, the industry accounts for approximately 50% of total rail freight revenue generated and is the largest single shipping sector by volume by both rail and marine modes.

A STATE OF TRANSITION

Canada has long been the dominant global mining nation-in mineral production, mining finance, mining services and supplies, and sustainability and safety. However, there are signs that this leadership position is slipping, which has the potential to jeopardize Canada's ability to seize new opportunities for growth. While 2020 saw a modest increase in the value of mining projects pleading anned and under construction from 2020 to 2030 (by $2 billion year-over-year), the total 10-year projected value ($82 billion) remains nearly 50% below the 2014 level of $160 billion.

Critical to bolstering the industry's domestic and international leadership is a predictable and consistent domestic policy and regulatory environment, with proactive and bold policy to position the country for longer term success. This is particularly important now more than ever given the opportunity before Canada to supply the materials, specifically critical minerals, needed for the low-carbon transition.

Source: The Mining Association of Canada

https://mining.ca/download/36715/

Canadian mining industry - statistics & facts

Canada's mining industry is one of the largest in the world. Producing more than 60 metals and minerals, Canada is among the top ten worldwide producers of several commodity metals and minerals. Canada is the largest producer of potash worldwide, the fourth-largest uranium producer, and the third-largest diamond producer. For primary aluminum and nickel, it is the world's fourth and sixth-largest producer, respectively.

Economic contribution of Canada's mining sector

Given the substantial production volume and wide range of mineral products produced by the Canadian mining industry, it is not surprising that it has a significant impact on the country's economy. In 2020, the mining industry contributed some 34.6 billion Canadian dollars to Canada's real gross domestic product (gdp). The mining industry has the highest average wages/salaries of any industry in the country, and as of 2020 there were some 377,000 people directly employed by the mining industry, and a further 315,000 people indirectly employed.

Canadian mining companies

A significant amount of the world's leading mining companies are headquartered in Canada, operating domestically and internationally. For example, Barrick Gold and Teck Resources are both headquartered in Toronto, and the largest potash producing company in the world, Nutrien (known as PotashCorp prior to the 2018 merger with Agrium) is based in Saskatchewan. Additionally, there are more than 3,700 companies that supply the financial, environmental, engineering, geotechnical, and other services to the mining activities throughout the country.

Source: Statista

https://www.statista.com/topics/3067/canada-s-mining-industry/#topicHeader__wrapper

Leading Companies

Agnico Eagle Mines Limited (NYSE: AEM, TSE: AEM)

About Agnico

Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.

OUR STRATEGY

Build a growing, high-quality, low risk, sustainable business

Deliver on performance and growth expectations: Ensure our existing portfolio delivers on expectations, lowers operational risk and generates free cash flow.

Build and maintain a high-quality project pipeline: Ensure we develop a best-in-class project pipeline to replenish mineral reserves and production, while maintaining the quality, manageability and fit of our future portfolio.

Develop our people: Develop and provide growth opportunities for our people, and provide the skills infrastructure to support development of our operations and projects.

Operate in a socially responsible manner: Create value for our shareholders while operating in a safe, and socially and environmentally responsible manner, as we contribute to the prosperity of our people, their families and the communities in which we operate.

https://www.agnicoeagle.com/English/about-agnico/default.aspx

AGNICO EAGLE REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS - RECORD QUARTERLY AND ANNUAL GOLD PRODUCTION AND FREE CASH FLOW; RECORD MINERAL RESERVES INCREASED 10.5%; UPDATED THREE-YEAR GUIDANCE

February 15, 2024

(All amounts expressed in U.S. dollars unless otherwise noted)

Stock Symbol: AEM (NYSE and TSX)

TORONTO, Feb. 15, 2024 /CNW/ - Agnico Eagle Mines Limited (NYSE:AEM) (TSX:AEM) ("Agnico Eagle" or the "Company") today reported financial and operating results for the fourth quarter and full year of 2023, as well as future operating guidance.

"We had a very strong close to 2023, with our fourth quarter results driving a record year in terms of safety, operating and financial performance. We achieved the top end of our gold production guidance range and the mid-point of our cost guidance ranges despite inflationary pressures throughout the year," said Ammar Al-Joundi, Agnico Eagle's President and Chief Executive Officer. "We are extremely pleased with the results that our teams have accomplished with their hard work this year and we have much to look forward to. We are reporting record mineral reserves and a stable production profile at industry leading costs, anchored by the two largest gold operations in Canada, the Detour Lake mine and the Canadian Malartic complex. We continue to advance studies on optimizing our Abitibi platform and we expect to provide additional updates in the first half of 2024. Our track record of executing and delivering results demonstrates the strength of our business and we are well positioned to create long-term value and generate strong returns," added Mr. Al-Joundi.

Fourth quarter and full year 2023 highlights:

Record quarterly gold production - Payable gold production 1 in the fourth quarter of 2023 was 903,208 ounces at production costs per ounce of $861, total cash costs per ounce 2 of $888 and all-in sustaining costs ("AISC") per ounce 3 of $1,227. Gold production in the fourth quarter of 2023 was led by strong production at the Detour Lake mine, the LaRonde complex and the Macassa mine, offsetting lower production at the Fosterville mine

Record quarterly cash provided by operating activities and free cash flow - The Company reported a quarterly net loss of $381.0 million or $0.77 per share and adjusted net income 4 of $282.3 million or $0.57 per share for the fourth quarter of 2023. Included in the quarterly net loss are impairment charges totaling $667 million (net of tax) or $1.35 per share relating to the Macassa and Pinos Altos mines. Cash provided by operating activities was $1.47 per share ($1.57 per share before working capital adjustments 5 ) and free cash flow 5 was $0.61 per share ($0.71 per share before working capital adjustments 5 )

Record annual safety performance, annual gold production and free cash flow driven by solid operational performance - Payable gold production in 2023 was 3,439,654 ounces at production costs per ounce of $853, total cash costs per ounce of $865 and AISC per ounce of $1,179. Production for 2023 was at the very top end of the Company's 2023 guidance range of 3.24 million ounces to 3.44 million ounces. Total cash costs per ounce were at the midpoint of the Company's 2023 guidance and AISC per ounce were in the range of the Company's 2023 guidance. Free cash flow for the full year 2023 was $947.4 million ($1,093.8 million before changes in non-cash components of working capital)

Record gold mineral reserves driven by declaration of initial mineral reserves at East Gouldie - Year-end 2023 gold mineral reserves increased by 10.5% to 53.8 million ounces of gold (1,287 million tonnes grading 1.30 grams per tonne ("g/t") gold). The year-over-year increase in mineral reserves is largely due to the declaration of initial mineral reserves at East Gouldie, the acquisition of the remaining 50% interest in the Canadian Malartic complex and net mineral reserve additions at Macassa. At year-end 2023, measured and indicated mineral resources were 44.0 million ounces (1,189 million tonnes grading 1.15 g/t gold) and inferred mineral resources were 33.1 million ounces (411 million tonnes grading 2.50 g/t gold), including initial underground inferred mineral resources at Detour Lake. For further details, see the Company's exploration news release dated February 15, 2024

Stable three-year production outlook - Payable gold production is forecast to be approximately 3.35 to 3.55 million ounces in 2024 and approximately 3.40 to 3.60 million ounces in 2025 (unchanged from prior three-year guidance issued on February 16, 2023 ("Previous Guidance")). Payable gold production is forecast to remain stable in 2026 at an expected range of approximately 3.40 to 3.60 million ounces

Unit costs reflect easing rate of inflation - Total cash costs per ounce and AISC per ounce in 2024 are forecast to be $875 to $925 and $1,200 to $1,250, respectively. The midpoints of these ranges each represent an approximate 4% increase when compared to the full year 2023 total cash costs per ounce of $865 and AISC per ounce of $1,179. The expected cost increases in 2024 are mostly related to labour, spare parts and maintenance

Capital expenditures forecast to be approximately $1.65 billion in 2024 - Capital expenditures in 2024 (excluding capitalized exploration) are expected to increase relative to Previous Guidance of $1.40 to 1.60 billion. The expected increase in 2024 is mostly attributable to 100% ownership of Canadian Malartic for the full year, inflation and additional capital expenditures at Detour Lake

Strategic optimization initiatives improve Canadian production base, with further clarity on the medium term potential to be provided through 2024 - Key developments in 2023 included the declaration of commercial production at Canadian Malartic's Odyssey South deposit, a 12% increase in mill throughput at Detour Lake year-over-year and development of the Near Surface ("NSUR") and Amalgamated Kirkland ("AK") deposits at Macassa. The Company expects to provide updates on additional opportunities that are being evaluated in the Abitibi region in the first half of 2024

Odyssey mine at the Canadian Malartic complex - The planned mining rate of 3,500 tonnes per day ("tpd") at Odyssey South was reached earlier than anticipated and sustained through the fourth quarter of 2023. Ramp development has also exceeded target, reaching a depth of 715 metres as at December 31, 2023. The Company is evaluating the potential to accelerate initial production from East Gouldie to 2026 from 2027. Surface construction is progressing as planned, with approximately 65% completed at year-end, and shaft sinking activities continued to ramp up through the quarter. Infill and expansion drilling in 2023 resulted in the declaration of an initial mineral reserve in the central portion of the East Gouldie deposit of 5.17 million ounces of gold (47.0 million tonnes grading 3.42 g/t gold) and the extension of the East Gouldie mineral resource laterally by 870 metres

Detour Lake - The mill delivered a strong performance in the fourth quarter of 2023, operating at a throughput rate of 71,826 tpd (equivalent to an annualized rate of approximately 26.2 million tonnes per annum ("Mtpa"). With sustained improvements year-over-year, the Company now expects the mill to reach a throughput rate of approximately 76,700 tpd (equivalent to an annualized rate of approximately 28 Mtpa) late in the second half of 2024, previously expected in 2025. At year-end 2023, the Company reported an initial underground inferred mineral resource below and to the west of the existing pit, totaling 1.56 million ounces of gold (21.8 million tonnes grading 2.23 g/t gold) and continues to evaluate the potential for underground mining. Exploration in 2024 is expected to continue to test the west plunge extension of the main deposit. An exploration ramp is also being considered to facilitate drilling that would increase confidence in the continuity of the inferred mineral resource and, potentially, to collect a bulk sample. The Company expects to provide an update on mill optimization efforts, the Detour underground project and ongoing exploration results in the first half of 2024

Abitibi region of Quebec and Ontario - Macassa's NSUR and AK deposits have now been incorporated in the Company's production guidance. At Upper Beaver, the Company is conducting a trade-off analysis comparing transporting and processing ore at the LaRonde mill to a standalone central mill for Upper Beaver and satellite deposits. An exploration ramp and shaft are being considered at Upper Beaver in order to upgrade and further explore the deeper portions of the deposit. At Wasamac, the Company is assessing hauling alternatives and the optimal mining rate for transporting and processing ore at the Canadian Malartic mill. The Company expects to complete internal technical evaluations for Upper Beaver and Wasamac in the first half of 2024

Amaruq mine at the Meadowbank complex - The Company extended Amaruq's mine life to 2028 (previous mine life was to 2026), adding approximately 500,000 ounces of gold to the expected mining profile, as a result of continuous improvement and cost optimization efforts, positive infill drilling and positive reconciliation to the geological model

Hope Bay - At the Madrid deposit, the target area in the gap between the Suluk and Patch 7 zones delivered strong drill results in the quarter, including 16.3 g/t gold over 28.6 metres at 385 metres depth and 12.7 g/t gold over 4.6 metres at 677 metres depth. Results confirm the potential to expand gold mineralization in the Madrid deposit at depth and along strike to the south. Based on recent exploration success, the Company is evaluating a larger potential production scenario for Hope Bay. The Company expects to report results from this internal technical evaluation in 2025

A quarterly dividend of $0.40 per share has been declared

For the full release, see:

https://www.agnicoeagle.com/English/investor-relations/news-and-events/news-releases/news-release-details/2024/AGNICO-EAGLE-REPORTS-FOURTH-QUARTER-AND-FULL-YEAR-2023-RESULTS---RECORD-QUARTERLY-AND-ANNUAL-GOLD-PRODUCTION-AND-FREE-CASH-FLOW-RECORD-MINERAL-RESERVES-INCREASED-10.5-UPDATED-THREE-YEAR-GUIDANCE/default.aspx

Barrick Gold Corporation (NYSE: GOLD, TSE: ABX)

ABOUT BARRICK

Our mission is to be the world's most valued gold and copper mining business by finding, developing, and owning the best assets, with the best people, to deliver sustainable returns for our owners and partners.

We are committed to partnering with our host countries and communities to transform their natural resources into tangible benefits and mutual prosperity.

Barrick is a sector-leading gold and copper producer, operating mines and projects in 18 countries in North and South America, Africa, Papua New Guinea and Saudi Arabia.

Our portfolio spans the world's most prolific gold and copper districts and is focused on high-margin, long-life assets. Our highly diversified workforce is drawn almost entirely from our host nations and equipped with world-class skills.

The company's shares trade on the New York Stock Exchange under the symbol GOLD, and on the Toronto Stock Exchange under the symbol ABX.

https://www.barrick.com/English/about/default.aspx

From World-Class Asset Base, Barrick Hunts New Opportunities

3 May 2023

The completion of major processing plant maintenance at Nevada Gold Mines, the conversion of the Goldstrike autoclave to a carbon-in-leach process, a much-improved performance from Turquoise Ridge and the steady ramp-up of throughput at Pueblo Viejo's expanded plant will boost production in the second half of the year and keep Barrick on track to achieve its 2023 guidance, the company said today.

Reporting on the results for the first quarter, president and chief executive Mark Bristow said production, while lower than Q4 2022, was on plan, and free cash flow1 had still increased, demonstrating the value of Barrick's Tier One2 asset portfolio. Net earnings per share for the quarter were $0.07, while adjusted net earnings per share3 were $0.14, and the quarterly dividend was maintained at $0.10 per share.

"At NGM, we have introduced a flatter and more responsive organizational structure and instilled the Barrick style of leadership in what is still a relatively new management team. Through this process, we have passed a major milestone in our journey to unlock Nevada's full potential and strengthen its 15-year business plan," he said.

"In the Dominican Republic, construction of Pueblo Viejo's expanded process plant was 93% complete at the end of Q1 and we're ramping up to full capacity by July. Currently our biggest growth project, it has been designed to extend the mine's Tier One life to beyond 2040 at an expected average annual production rate of 800,000 ounces4 of gold."

The development of another major project, Reko Diq in Pakistan, is also advancing steadily with continued progress on the updating of the feasibility study and the establishment of a Community Development Committee as well as a school. Scheduled to go into production in 2028, Reko Diq hosts one of the world's largest undeveloped copper-gold deposits.

The Africa and Middle East region finished Q1 with gold production ahead of plan, setting the foundation for another year of delivery. At the Loulo-Gounkoto complex in Mali, the first high-grade stope at the new Gounkoto underground mine was successfully mined ahead of schedule. At North Mara in Tanzania, mining has started at the new Gena open pit. During the quarter, Barrick committed $30 million to a new education initiative in partnership with the Tanzanian government.

"While we continue to build our peerless asset base, we are also casting our net wider and stepping up the hunt for fresh opportunities. During the past quarter, we have opened up new frontiers and secured multiple interesting prospects in Canada, the USA, Peru, the Dominican Republic, Saudi Arabia and Tanzania," Bristow said.

"We're also maintaining our carefully planned transition to cleaner energy. In Nevada, work has started on the TS Power Plant's natural gas co-fire project as well as the TS Solar project. At Loulo, work is under way on the expansion of its solar plant and the addition of a battery storage system and at Kibali in the Democratic Republic of Congo ("DRC"), a battery back-up system for the three hydropower stations that supply the bulk of its energy is being planned."

Bristow said Barrick's consistent reserve replacement and resource growth has allowed it to underpin each operation and project with a fully planned 10+ year production profile. This secures the generation of a robust free cash flow that consistently delivers strong returns to shareholders and enables Barrick to drive organic growth by investing in the development of its world-class assets.

For the full release, see:

https://s25.q4cdn.com/322814910/files/doc_news/2023/05/Barrick_Q1_2023_Results.pdf

Cameco Corporation (NYSE: CCJ, TSE: CCO)

About

Cameco is one of the largest global providers of the fuel needed to energize a clean-air world.

Utilities around the world rely on our nuclear fuel products to generate safe, reliable, emissions-free nuclear power. Together, we are meeting the ever-increasing demand for clean, baseload electricity while delivering energy solutions to support the world's net-zero goals.

We have interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds (our share) of uranium concentrates annually, backed by more than 464 million pounds (our share) of proven and probable mineral reserves. We are also a leading supplier of uranium refining, conversion and fuel manufacturing services.

We are proud to be one of Canada's largest employers of Indigenous people, and our land holdings, including exploration, span about 2.1 million acres, the majority near our existing operations in northern Saskatchewan.

A strategy to achieve our vision

Our uranium and fuel services products are used around the world in the generation of safe, carbon-free, affordable, base-load nuclear energy. As we seek to energize a clean-air world, we will do so in a manner that reflects our values. We are committed to identifying and addressing the environmental, social and governance (ESG) risks and opportunities that we believe may have a significant impact on our ability to add long-term value.

We are a pure-play nuclear fuel supplier, focused on providing a clean source of energy, and taking advantage of the long-term growth we see coming in our industry. Our strategy to capture full-cycle value is focused on being disciplined, profitably producing from our tier-one assets, and pursuing value-adding vertical integration while emphasizing safety, people and the environment.

https://www.cameco.com/about

https://www.cameco.com/about/sustainability/our-vision

Cameco Reports 2023 Fourth Quarter Results

Cameco announces 2023 results; strategically positioned to increase tier-one production as security of supply contracting cycle advances; maintaining disciplined financial management and growth; improving Westinghouse outlook

Saskatoon, Saskatchewan, Canada, February 8, 2024

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the fourth quarter and year ended December 31, 2023, in accordance with International Financial Reporting Standards (IFRS).

"Our 2023 financial performance benefitted from higher sales volumes and realized prices in our uranium and fuel services segments. Our net earnings, adjusted net earnings, and cash from operations all more than doubled compared to 2022, with adjusted EBITDA up 93%. In 2024, we expect strong financial performance as we begin to realize the benefits from our investment in Westinghouse. We plan to continue to transition to our tier-one cost structure and make the capital and other expenditures we believe are necessary to position the company for continued sustainable growth. Growth that will be sought in the same manner as we approach all aspects of our business; strategic, deliberate, disciplined, and with a focus on generating full-cycle value," said Tim Gitzel, Cameco's president and CEO.

"Heightened geopolitical uncertainty, global production shortfalls, and transportation challenges in 2023 further highlighted the growing security of supply risk at a time when we believe the demand outlook is stronger and more durable than ever. The benefits of nuclear power have come clearly into focus, with 28 countries around the world declaring support for the tripling of capacity to help achieve global net-zero greenhouse gas emissions by 2050. The uncertainty about where nuclear fuel supplies will come from to satisfy growing demand has led to increased long-term contracting activity, and in 2023, about 160 million pounds of uranium was placed under long-term contracts by utilities. Prices across the nuclear fuel cycle continued to rise. Spot enrichment prices are up 38% and conversion prices continue to achieve record highs. Uranium spot prices have more than doubled from around $48 (US) per pound at the end of 2022 to $100 (US) per pound at the end of January 2024, after peaking at $106 (US) per pound earlier in the month, and the long-term price for uranium was $72 (US) per pound, an increase of about 38% over the same period.

"We continue to believe that Cameco remains an excellent opportunity to invest in the recovery of the nuclear fuel cycle. We have 35 years of experience in this market and have built a strong reputation as a proven and reliable supplier with a diversified production portfolio that provides us with the flexibility to work with our customers to ensure they maintain access to our reliable supplies to satisfy their ongoing fuel requirements. We have designed our strategy of full-cycle value capture to be resilient. We have multiple supply options, including production, purchases, inventory and loans we can draw on to help ensure we continue to meet our delivery commitments to our customers. Given the nature of our contracts, we have good visibility into when and where we need to deliver material, and we have put in place a number of tools that allow us to self-manage risk.

"We continue to have success gaining and preserving exposure to the improving market fundamentals under long-term contracts that will underpin the sustainable operation of our assets. In our uranium segment, our contracting focus has been on obtaining market-related pricing mechanisms, while also providing adequate downside protection. We continue to be strategically patient in our discussions to maximize value in our contract portfolio and to maintain exposure to higher prices with unencumbered future productive capacity.

"With ongoing improvements in the market, the new long-term contracts we have put in place and our pipeline of contracting discussions, we are planning to produce 18 million pounds (100% basis) at each of McArthur River/Key Lake and Cigar Lake in 2024. We have also converted 73.4 million pounds (100% basis) (40 million pounds our share) of resources to reserves at Cigar Lake, and plan to begin the work necessary to extend the estimated mine life to 2036. At McArthur River/Key Lake, we will undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity of 25 million pounds (100% basis), which we expect will allow us to take advantage of this opportunity when the time is right.

"We are excited to have added a 49% interest in Westinghouse to our portfolio of investments in 2023. We believe Westinghouse is well-positioned for long-term growth driven by the expected increase in global demand for nuclear power. In 2024, we expect our share of its adjusted EBITDA to be between $445 million and $510 million. Further, over the next five years, we expect its adjusted EBITDA will grow at a compound annual growth rate of 6% to 10%.

"Thanks to the disciplined execution of our strategy, including our conservative financial management, our balance sheet remains strong. We expect it will enable us to continue executing our strategy and self-managing risk, including risks related to global macro-economic uncertainty and volatility. As of December 31, 2023, we had $567 million in cash and cash equivalents with approximately $1.8 billion in total debt. And, we recently initiated a partial repayment of $200 million (US) on the $600 million (US) floating-rate term loan that was used to finance the acquisition of Westinghouse. Our $1.0 billion credit facility continues to be undrawn.

"With the renewed recognition of the role nuclear power must play in providing clean and secure baseload power, we are optimistic about Cameco's role in supporting the transition to a net-zero carbon economy. We have a plan to achieve a 30% absolute reduction from our total Scope 1 and 2 emissions level by 2030 from our 2015 baseline, which is the first major milestone on the journey to achieve our ambition of being net-zero. We believe our largest contribution to the net-zero transition comes from the uranium, nuclear fuel, services and technology that we supply to support the generation of nuclear power - 100% carbon-free electricity. Recently, we put further support behind our commitment to climate action and our vision of energizing a clean-air world by joining Net Zero Nuclear, an initiative between government, industry leaders and civil society to triple global nuclear capacity to achieve carbon neutrality by 2050.

"We believe we have the right strategy to achieve our vision of 'energizing a clean-air world' and we will do so in a manner that reflects our values. Embedded in all our decisions is a commitment to addressing the environmental, social and governance risks and opportunities that we believe will make our business sustainable over the long term."

Summary of Q4 and 2023 results and developments:

2024 guidance: With the improvements in the market, the new long-term contracts we have put in place, and a pipeline of contracting discussions, our plan is to produce 18 million pounds (100% basis) at each of McArthur River/Key Lake and Cigar Lake in 2024. We also plan to begin the work necessary to extend the estimated mine life at Cigar Lake to 2036. In addition, at McArthur River/Key Lake, we plan to undertake an evaluation of the work and investment necessary to expand production up to its annual licensed capacity of 25 million pounds (100% basis), which we expect will allow us to take advantage of this opportunity when the time is right. Based on Kazatomprom's (KAP) announcement on February 1, 2024, production in Kazakhstan is expected to remain 20% below the level stipulated in subsoil use agreements, similar to in 2023, primarily due to the sulfuric acid shortage in the country. We are still in discussions with JV Inkai and KAP to determine how this may impact production at Inkai in 2024 and thereafter and therefore our corresponding purchase obligation. At our Port Hope conversion facility, we plan to produce between 13.5 million and 14.5 million kgU, including

12 million kgU of UF6 to satisfy our book of long-term business for conversion services and customer demand at a time when conversion prices are at historic highs. As a result of these plans, we expect strong financial performance in 2024, including cash flow generation. See Outlook for 2024 and Uranium - Tier-one operations in our 2023 annual MD&A.

Fourth quarter net earnings of $80 million; adjusted net earnings of $90 million: Fourth quarter results are driven by normal quarterly variations in contract deliveries and the continued execution of our strategy. Our results include the addition of a new segment with the close of the acquisition of Westinghouse Electric Company (Westinghouse) in the fourth quarter. Adjusted net earnings is a non-IFRS measure, see page 5.

Annual net earnings of $361 million; adjusted net earnings of $339 million: Annual results reflect the continued transition back to a tier-one cost structure. Our results also reflect higher sales volumes and the improvement in average realized prices as uranium and conversion prices continued to increase, catalyzed by security of supply concerns. In our uranium segment, we delivered 32 million pounds of uranium at an average realized price of $67.31. Production for 2023 was 17.6 million pounds in our uranium segment, slightly lower than anticipated in September. In our fuel services segment, we delivered 12 million kgU under contract at an average realized price of $35.61 and produced 13.3 million kgU. In addition, we generated $688 million in cash from operations and adjusted EBITDA of $831 million. Our annual results include $101 million in adjusted EBITDA from our investment in Westinghouse. Adjusted net earnings and adjusted EBITDA are non-IFRS measures, see page 5.

Disciplined long-term contracting continues: As of December 31, 2023, in our uranium segment, we had commitments requiring delivery of an average of about 27 million pounds of uranium per year from 2024 through 2028, with commitment levels higher than the average in 2024 and 2025, and below the average in 2026 through 2028. Our total portfolio of long-term contracts includes commitments for approximately 205 million pounds of uranium. These commitments only represent about 20% of our current reserve and resource base, providing us with a great deal of exposure to improving demand from our customers as they look to secure their long-term needs. We continue to have a large and growing pipeline of uranium business under discussion. Our focus continues to be on obtaining market-related pricing mechanisms, while also providing adequate downside protection. We continue to be strategically patient in our discussions to maximize value in our contract portfolio and to maintain exposure to higher prices with unencumbered future productive capacity. In addition, with strong demand in the UF6 conversion market, we were successful in adding new long-term contracts that bring our total contracted volumes to over 75 million kgU of UF6 that will underpin our Port Hope conversion facility for years to come.

JV Inkai shipments: The first shipment containing approximately two thirds of our share of Inkai's 2023 production was received in the fourth quarter. The second shipment with the remaining volume of our share of 2023 production has arrived at a Canadian port. We continue to work closely with JV Inkai and our joint venture partner, KAP, to receive our share of production via the Trans-Caspian International Transport Route, which does not rely on Russian rail lines or ports. We could experience further delays to our expected Inkai deliveries if transportation using this shipping route takes longer than anticipated. To mitigate the risk of delays, we have inventory, long-term purchase agreements and loan arrangements in place we can draw on to meet our commitments. Depending on when we receive shipments of our share of Inkai's production, our share of earnings from this equity-accounted investee and the timing of the receipt of our share of dividends from the joint venture may be impacted. See Uranium - Tier-one operations - Inkai in our 2023 annual MD&A.

Acquisition of Westinghouse: In November, we announced the closing of the acquisition of Westinghouse in a strategic partnership with Brookfield Asset Management alongside its publicly listed affiliate Brookfield Renewable Partners (Brookfield) and institutional partners. Cameco now owns a 49% interest and Brookfield owns the remaining 51% in Westinghouse. We believe bringing together our expertise in the nuclear industry with Brookfield's expertise in clean energy positions nuclear power at the heart of the clean energy transition and creates a powerful platform for strategic growth across the nuclear sector. In 2024, we expect our share of its adjusted EBITDA to be between $445 million and $510 million. Further, over the next five years, we expect its adjusted EBITDA will grow at a compound annual growth rate of 6% to 10%. Adjusted EBITDA is a non-IFRS measure, see page 5. See Westinghouse Electric Company in our 2023 annual MD&A.

Strong balance sheet: As of December 31, 2023, we had $567 million in cash and cash equivalents and $1.8 billion in total debt. In addition, we have a $1.0 billion undrawn credit facility. We have a $500 million senior unsecured debenture maturing on June 24, 2024. Over the coming months, we will look for an opportunity to refinance this debenture, prior to maturity or as it comes due. Ultimately, our decision will be made with consideration for our cash generation, the interest rate environment and other capital allocation considerations. In addition, we have initiated a partial repayment of $200 million (US) on the $600 million (US) floating-rate term loan that was used to finance the acquisition of Westinghouse. The prepayment will be applied to the $300 million (US) tranche, which matures in November 2026. See Financing Activities in our 2023 annual MD&A for more information about the term loan.

Received dividends from JV Inkai: In the first quarter of 2023, we disclosed the receipt of a cash dividend payment from JV Inkai totaling $79 million (US), net of withholdings. JV Inkai distributes excess cash, net of working capital requirements, to the partners as dividends. See Uranium - Tier-one operations - Inkai in our 2023 annual MD&A.

Canada Revenue Agency (CRA) tax dispute: In March, we announced CRA issued revised reassessments for the 2007 through 2013 tax years, which resulted in a refund of $297 million of the $780 million in cash and letters of credit held by CRA at the time. The refund consisted of cash in the amount of $86 million and letters of credit in the amount of $211 million, which were returned in the second quarter. In the third quarter MD&A, we disclosed the receipt of $12 million from CRA for disbursem*nts related to costs awarded by the courts, based on their decisions in our favour for the 2003, 2005 and 2006 tax years. The costs were in addition to the $10 million we received from CRA in April 2021 as reimbursem*nt for legal fees. In late 2023, we received a reassessment for the 2017 tax year based on CRA's alternate reassessing position and expect we will be required to provide letters of credit of about $70 million as security. See Transfer pricing dispute in our 2023 annual MD&A for more information.

Licence renewals: In January, the Canadian Nuclear Safety Commission (CNSC) granted a 20-year licence renewal for Cameco Fuel Manufacturing, which also allows for a slight increase to 1,650 tonnes as UO2 fuel pellets (previously 1,200 tonnes). In October, the CNSC renewed the licences for McArthur River, Key Lake and Rabbit Lake. We were pleased to receive 20-year licences for McArthur River and Key Lake and a 15-year licence for Rabbit Lake. We believe that our commitment to protecting the health and safety of our employees, the public and the environment is reflected in the extended duration of the licences.

For the full release, see:

https://s3-us-west-2.amazonaws.com/assets-us-west-2/news/2023-Q4-News-Release.pdf

Franco Nevada Corporation (NYSE: FNV, TSE: FNV)

Our Company

Franco-Nevada is the leading gold-focused royalty and streaming company globally with the largest and most diversified portfolio of royalties and streams by commodity, geography, revenue type and stage of project.

Franco-Nevada's shares are listed on the Toronto and New York stock exchanges under the symbol FNV. An investment in Franco-Nevada's shares is expected to provide investors with yield and exposure to commodity price and exploration optionality while limiting exposure to cost inflation and other operating risks.

Our aspiration is to make Franco-Nevada the "go to" gold stock for the generalist investor. We believe that our emphasis on minimizing risk, paying dividends and maintaining a strong balance sheet along with high environmental, social and governance standards is attractive to generalist investors.

Our Team

Franco-Nevada currently operates a small organization. As of March 17, 2022, Franco-Nevada has 35 full-time employees and 5 part-time contractors. As such, Franco-Nevada is dependent upon the continued availability and commitment of our key management, whose contributions to the immediate and future operations of Franco-Nevada are of significant importance. From time to time, we may also need to identify and retain additional skilled management and specialized technical personnel to efficiently operate our business.

https://www.franco-nevada.com/about-us/Overview/default.aspx

Franco-Nevada Reports 2023 Results

Toronto, March 5, 2024

Business Remains Robust Despite Production Halt at Cobre Panama

"In late 2023, we were challenged by the unprecedented production halt at Cobre Panama. We are hopeful that the issues can be resolved, although we have taken a prudent approach for the carrying value of the asset", stated Paul Brink, CEO. "Despite the issue at Cobre Panama, our business remains robust and we continue to benefit from a longduration, diversified portfolio. We finished the year with no debt and $1.4 billion in cash and cash equivalents. The balance of our business performed well in 2023 and is expected to grow in 2024 with contributions from the completion of the Tocantinzinho, Greenstone and Salares Norte gold mines. Our growth outlook through 2028 is driven by numerous new mines and mine expansions. $2.4 billion of available capital positions us well for attractive acquisitions in an environment where many project developers are capital constrained."

Strong Financial Position

No debt and $2.4 billion in available capital as at December 31, 2023

Generated close to $1 billion in operating cash flow in 2023

Quarterly dividend increased 5.88% to $0.36/share effective Q1 2024

Sector-Leading ESG

Rated #1 precious metals company and #1 gold company by Sustainalytics, AA by MSCI and Prime by ISS ESG

Committed to the World Gold Council's Responsible Gold Mining Principles

Partnering with our operators on community and ESG initiatives

Goal of 40% diverse representation at the Board and top leadership levels as a group by 2025

Diverse, Long-Life Portfolio

Most diverse royalty and streaming portfolio by asset, operator and country

Core precious metal streams on world-class copper assets outperforming acquisition expectations

Long-life reserves and resources

Growth and Optionality

Mine expansions and new mines driving 5-year growth profile

Long-term optionality in gold, copper and nickel and exposure to some of the world's great mineral endowments

Strong pipeline of precious metal and diversified opportunities

Cobre Panama Updates

As previously disclosed, Cobre Panama has been in preservation and safe management ("P&SM") with production halted since November 2023. On November 28, 2023, following protests and President Cortizo's call for a mining moratorium, the Supreme Court of Justice of Panama (the "Supreme Court") released its ruling declaring Law 406 unconstitutional.

In light of these events, we carried out an impairment assessment of our Cobre Panama streams at December 31, 2023. We took a prudent approach in our judgement of the facts and circ*mstances, and based on the halting of production and the political environment surrounding the ruling by the Supreme Court, we determined the recoverable amount under applicable accounting standards to be nil as at December 31, 2023. As a result, we recognized a full impairment loss of $1,169.2 million. This impairment has been taken without prejudice to, or without at present attributing any specific value to, the legal remedies that may be obtained through any arbitration proceedings or otherwise.

Presidential and national legislative elections are scheduled to take place in May 2024, with a new president, Government of Panama cabinet and National Assembly expected to assume office in July 2024. In the event that there is a change in the facts and circ*mstances surrounding the halting of production at Cobre Panama and there is a resumption of precious metal stream deliveries to Franco-Nevada, we will assess the recoverable amount of our Cobre Panama streams at that time, which may lead to a reversal of part or all of the impairment loss we have recognized.

We are pursuing legal avenues to protect our investment in Cobre Panama. We have notified the Ministry of Commerce and Industries of Panama ("MICI") of our intent to initiate arbitration pursuant to the Canada-Panama Free Trade Agreement. As announced to MICI, Franco-Nevada presently and preliminarily estimates its damages to be at least $5 billion, subject to further analysis and development.

While we continue to pursue these legal remedies, we strongly prefer and hope for a resolution with the State of Panama that results in the best outcome for the Panamanian people and all parties involved.

2024 Guidance

For both our 2024 guidance and 5-year outlook, when reflecting revenue from gold, silver, platinum, palladium, iron ore, oil and gas commodities to GEOs, we assumed the following prices: $1,950/oz Au, $22.50/oz Ag, $850/oz Pt, $900/oz Pd, $115/tonne Fe 62% CFR China, $75/bbl WTI oil and $2.50/mcf Henry Hub natural gas. In addition, we do not assume any other acquisitions and do not reflect any incremental revenue from additional contributions we may make to the Royalty Acquisition Venture with Continental as part of our remaining commitment of $69.8 million. The 2024 guidance and 5-year outlook are based on public forecasts and other disclosure by the third-party owners and operators of our assets and our assessment thereof. Please see our MD&A for the year ended December 31, 2023 for more details on our guidance and see "Forward-Looking Statements" below.

We present our guidance in reference to GEO sales. For streams, our projected GEOs reflect GEOs we acquire from the operators of our assets and subsequently sell. Our GEO sales may differ from operators' production based on timing of deliveries, and are presented net of recovery and payability factors.

We assume Cobre Panama will remain in P&SM through 2024 and have not included any contributions from the asset in our guidance. We expect an increase in GEO sales from the balance of our Precious Metal assets in 2024. The net increase reflects initial contributions from new mines including Tocantinzinho, Greenstone and Salares Norte. We are guiding towards lower GEOs from our Energy assets based on lower assumed oil and gas prices.

5-Year Outlook

We expect our portfolio to generate sales between 540,000 and 600,000 GEOs in 2028, of which 385,000 to 425,000 GEOs are expected to be generated from Precious Metal assets. This outlook assumes the commencement of production at Valentine Gold, Stibnite Gold, Eskay Creek, Castle Mountain Phase 2, and Copper World. It includes an expected increase in attributable sales from Vale's Northern and Southeastern systems, higher production from Guadalupe-Palmarejo and Antamina, and continued production from Sudbury through the end of 2028. Production growth from the continued development of our U.S. Energy assets is expected to be partly offset by lower assumed commodity prices when compared to 2023. The outlook anticipates that our Candelaria stream will step down in 2027 from 68% to 40% of gold and silver produced and that our deliveries from Antapaccay will be based on 30% of gold and silver produced rather than indexed to copper production in 2028. At this stage, our outlook does not assume any deliveries from Cobre Panama. Had Cobre Panama remained in production, we would have expected deliveries and sales of between 130,000 and 150,000 GEOs.

Environmental, Social and Governance (ESG)

Updates During the quarter, we partnered with G Mining Ventures at Tocantinzinho to help fund infrastructure and other community initiatives in Para, Brazil and with Endeavour Mining on their Great Green Wall reforestation initiative and 'Elites de Demain' educational assistance initiative, both in Senegal. We also renewed our funding support for the Enseña Perú education initiative in Peru. We continue to rank highly with leading ESG rating agencies. We were ranked by Sustainalytics as the #1 precious metals company and the #1 gold company for 2024 and we tied for the second ranked mining company in The Globe and Mail's 2023 Board Games.

For the full release, see:

https://s201.q4cdn.com/345177888/files/doc_financials/2023/q4/Franco-Nevada-Reports-2023-Results-vFFF-2024-03-05.pdf

Hudbay Minerals Inc. (NYSE: HBM, TSE: HBM)

ABOUT US

Guided by our values and powered by the expertise, experience and commitment of our people, our vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas.

Hudbay is a diversified mining company primarily producing copper concentrate (containing copper, gold and silver), zinc metal and silver/gold doré. Directly and through its subsidiaries, Hudbay owns three polymetallic mines, four ore concentrators and a zinc production facility in northern Manitoba and Saskatchewan (Canada) and Cusco (Peru), and copper projects in Arizona and Nevada (United States). The company's growth strategy is focused on the exploration, development, operation and optimization of properties it already controls, as well as other mineral assets it may acquire that fit its strategic criteria. Hudbay's vision is to be a responsible, top-tier operator of long-life, low-cost mines in the Americas. Hudbay's mission is to create sustainable value through the acquisition, development and operation of high-quality, long-life deposits with exploration potential in jurisdictions that support responsible mining, and to see the regions and communities in which the company operates benefit from its presence.

OUR STRATEGY

Hudbay has implemented a consistent long-term growth strategy to drive sustainable value for our shareholders and the countries and communities in which we operate. We leverage our exploration, project development, capital discipline and ESG (environmental, social and governance) expertise to build long-life, low-cost mines in mining-friendly jurisdictions. Our intent is to build a world-class asset base with meaningful scale that increases reserves and drives growth through multiple cycles. Our strategy is inextricably linked to our values and deep commitment to responsible mining and sustainable development. This translates into strong, trust-based relationships with our community and government partners, generating mutual benefits and allowing us to build and operate our mines unimpeded by social conflict. We are intensely focused on attracting, retaining and developing top-tier people to sustain our competitive advantages in exploration, mine building and ESG.

https://hudbayminerals.com/about-us/default.aspx

HUDBAY DELIVERS RECORD FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND PROVIDES ANNUAL GUIDANCE

FEBRUARY 23, 2024

Hudbay Minerals Inc. ("Hudbay" or the "company") (TSX, NYSE: HBM) today released its fourth quarter and full year 2023 financial results, and announced 2024 annual production and cost guidance. All amounts are in U.S. dollars, unless otherwise noted. All production and cost amounts reflect the Copper Mountain mine on a 100% basis, with Hudbay owning a 75% interest in the mine.

Delivering Record Fourth Quarter and Full Year Operating and Financial Results

Achieved record quarterly and annual revenue of $602.2 million and $1,690.0 million, respectively, with strong consolidated copper production of 45,450 tonnes and record consolidated gold production of 112,776 ounces in the fourth quarter from continued higher grades at the Pampacancha deposit in Peru and the Lalor mine in Manitoba and the contributions of the newly acquired Copper Mountain mine in British Columbia.

Delivered a significant increase in operating cash flow before change in non-cash working capital to $246.5 million in the fourth quarter, a 35% increase compared to $182.0 million in the third quarter, which was meaningfully higher than prior quarters.

Achieved 2023 consolidated production guidance for all metals. Full year 2023 copper production of 131,691 tonnes, gold production of 310,429 ounces and silver production of 3,575,234 ounces increased by 26%, 41% and 13%, respectively, compared to 2022.

Consolidated 2023 cash costi and sustaining cash costi were better than expected and significantly outperformed the 2023 guidance range. Full year 2023 consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, were $0.80 and $1.72, respectively, increasing by 7% and 17%, respectively, compared to 2022.

Consolidated cash cost and sustaining cash cost per pound of copper produced, net of by-product creditsi, in the fourth quarter, were $0.16 and $1.09, respectively, improving by 85% and 42%, respectively, compared to the third quarter of 2023.

Peru operations benefited from continued higher grades at the Pampacancha satellite pit, resulting in 33,207 tonnes of copper production and 49,418 ounces of gold production in the fourth quarter. Full year copper production was within 2023 guidance ranges while gold production exceeded the top end of guidance. Peru cash cost per pound of copper produced, net of by-product creditsi, in the fourth quarter improved to $0.54, and full year cash costs significantly improved over 2022 levels and achieved the low end of the 2023 annual cost guidance range.

Manitoba operations produced 59,863 ounces of gold in the fourth quarter, a quarterly record as higher gold and copper grade zones were mined at Lalor and the New Britannia mill processed significantly higher amounts of gold ore. Full year gold production was well within the 2023 guidance range and exceeded recent expectations of being positioned at the lower end of the range. Manitoba cash cost per ounce of gold produced, net of by-product creditsi, was $434 during the fourth quarter and full year cash costs were within the 2023 annual guidance range.

British Columbia operations produced 8,508 tonnes of copper at a cash cost per pound of copper produced, net of by-product creditsi, of $2.67 in the fourth quarter. Full year production and cash costs were within Hudbay's post-acquisition guidance ranges. Operational stabilization plans continue to be implemented at the Copper Mountain mine with a focus on opening additional mining faces, optimizing ore feed to the plant and improving plant reliability.

Fourth quarter net earnings and earnings per share were $33.5 million and $0.10, respectively. After adjusting for a non-cash loss of $34.0 million related to a quarterly revaluation of a closed site environmental reclamation provision and a non-cash revaluation loss of $9.0 million related to the gold prepayment liability, among other items, fourth quarter adjusted earningsi per share were $0.20.

Cash and cash equivalents increased by $4.6 million to $249.8 million during the fourth quarter due to strong operating cash flows bolstered by higher copper and gold prices and sales volumes enabling a $94.5 million reduction in net debti during the quarter.

Strong Operating Performance Driving Free Cash Flow Generation with Continued Financial Discipline

Executed on planned higher production levels and achieved continued operating and capital cost efficiencies to generate significant free cash flow in the fourth quarter.

Achieved adjusted EBITDAi of $274.4 million in the fourth quarter, the highest quarterly level over the last five years and a 44% increase from the previous recent high in the third quarter of 2023.

Completed $90 million in debt repayments during the fourth quarter with a $30 million net reduction in the company's revolving credit facility balance and a $59.7 million redemption of the remaining Copper Mountain bonds, well ahead of the 2026 maturity to increase financial flexibility and lower financing costs. Deleveraging efforts continued into the first quarter of 2024 with an additional $10 million repayment of the company's revolving credit facility balance in January 2024.

Increased cash and total liquidity by $34.1 million to $573.7 million compared to the end of the third quarter. Net debti reduced to approximately $1,038 million during the fourth quarter, which together with higher levels of adjusted EBITDA, improved the net debt to adjusted EBITDA ratioi to 1.6x compared to 2.0x at the end of 2022.

Delivered annual discretionary spending reduction targets for 2023 with lower growth capital and exploration expenditures compared to 2022. As a result of a continued focus on discretionary spending reductions, total capital expenditures for 2023 (excluding Copper Mountain) of approximately $243 million were $57 million lower than original guidance levels, a further decrease from the $30 million in reductions announced in the third quarter.

Executing on Growth Initiatives

Post-acquisition plans to stabilize the Copper Mountain operations are underway with a focus on mining fleet ramp-up activities, accelerated stripping and increasing mill reliability. Achieved the targeted $10 million in annualized corporate synergies as of January 2024.

Released a NI 43-101 technical report for the Copper Mountain mine in December 2023, which contemplates average annual copper production of 46,500 tonnes in the first five years, 45,000 tonnes in the first ten years and 37,000 tonnes over the 21-year mine life. Average cash costs and sustaining cash costs over the mine life are expected to be $1.84 and $2.53 per pound of copperi, respectively. Several opportunities to further increase production, improve costs and extend mine life are being evaluated for future mine plans.

Achieved record copper recoveries of 87.4% at the Constancia mill in the fourth quarter of 2023 as a result of the successful completion of the recovery improvement program in the second quarter, on time and on budget.

Achieved higher copper recoveries above 90% and gold recoveries above 65% at the Stall mill in the second half of 2023 because of the successful ramp up of the Stall mill recovery improvement project in the second quarter, on time and on budget.

The New Britannia mill achieved record throughput levels averaging 1,650 tonnes per day in 2023 and 1,800 tonnes per day in the fourth quarter, exceeding its original design capacity of 1,500 tonnes per day due to the successful implementation of process improvement initiatives.

Commenced largest annual exploration program in Snow Lake consisting of geophysical surveys and drill campaigns testing the newly acquired Cook Lake claims, former Rockcliff properties and near-mine exploration at Lalor.

Advancing a development and exploration drift at the 1901 deposit in Snow Lake, located within 1,000 metres from the underground ramp access to the Lalor mine, with a focus on confirming the optimal mining method for the base metal and gold lenses and converting the inferred mineral resources in the gold lenses to mineral reserves.

Continuing to evaluate the Flin Flon tailings reprocessing opportunity through advancing metallurgical test work studies and analyzing metallurgical technologies.

"We had a strong end to the year with increased copper production, record gold production and record financial performance in the fourth quarter, resulting in the successful achievement of our annual guidance metrics," said Peter Kukielski, President and Chief Executive Officer. "2023 was a year of execution and delivery as we realized the higher grades in Peru, achieved record gold production in Manitoba and enhanced our operating base with the addition of the Copper Mountain mine. We continued to demonstrate financial discipline in 2023 through reduced discretionary spending to drive free cash flow generation and debt reduction. These 2023 achievements are a testament to our outstanding team, which continues to deliver the plan while always operating safely and efficiently. Our commitment to continued financial discipline, together with our resilient operating platform, will allow us to prudently advance and unlock value from our leading organic pipeline of brownfield expansion and greenfield exploration and development opportunities."

2024 Annual Guidance and Outlook

Consolidated copper production is forecast to increase by 19% to 156,500 tonnesii in 2024, compared to 2023, with continued higher grades in Peru and a full year of British Columbia production.

Consolidated gold production is forecast to decrease slightly to 291,000 ouncesii in 2024, compared to 2023, due to higher than planned gold grades being mined in Peru in the fourth quarter of 2023 and a deferral of high grade gold zones in Peru to 2025. Total gold production in Peru over the 2023 to 2025 period is expected to be higher than previous guidance levelsii.

Consolidated cash cost, net of by-product creditsi, in 2024 is expected to be within a range of $1.05 and $1.25 per pound of copper, higher than 2023 as a result of lower gold by-product credits and a full year of contributions from British Columbia.

Total capital expenditures are expected to be $335 million in 2024, reflecting lower expenditures in Peru, Manitoba and Arizona, offset by higher expenditures in British Columbia associated with accelerated stripping to access higher grades and a reclassification of costs from operating to capitalized stripping versus the recent technical report.

Exploration expenditures are expected to increase in 2024 as the company executes its largest-ever exploration program in the Snow Lake region, which is being partially funded by a critical minerals premium flow-through financing that was completed in the fourth quarter.

Continued focus on reducing discretionary spending in 2024 with total growth capital expenditures 23% lower than 2023.

Summary of Fourth Quarter Results

Consolidated copper production in the fourth quarter of 2023 was 45,450 tonnes, an 8% increase from the third quarter of 2023, while consolidated gold production was 112,776 ounces, an 11% increase, and consolidated silver production was 1,197,082 ounces, a 13% increase. The increases in production were primarily due to continued high recoveries in Peru and Manitoba, mining of the high copper and gold grade zones at the Pampacancha deposit and higher gold and copper grade zones at Lalor, record throughput at the New Britannia gold mill, and incremental production from the Copper Mountain mine. Consolidated zinc production in the fourth quarter of 2023 decreased compared to the prior quarter primarily due to lower base metals throughput and lower zinc grades at Lalor, as planned.

Cash generated from operating activities in the fourth quarter of 2023 increased by 50% to $228.5 million compared to $151.9 million in the third quarter of 2023. Operating cash flow before change in non-cash working capital was a record $246.5 million, reflecting an increase of $64.5 million compared to the third quarter. The increase in operating cash flow before change in non-cash working capital was primarily the result of higher copper and gold sales volumes from mining the high copper and gold grade zones of the Pampacancha deposit and higher gold and copper grade zones at Lalor and higher copper and gold metal prices.

Net earnings and earnings per share in the fourth quarter of 2023 were $33.5 million and $0.10, respectively, compared to net earnings and earnings per share of $45.5 million and $0.13, respectively in the third quarter. The results were positively impacted by higher copper, gold and silver sales volumes as well as higher copper, gold and silver realized prices. This was partially offset by a non-cash loss of $34.0 million related to the quarterly revaluation of the environmental reclamation provision at closed sites and a non-cash revaluation loss of $9.0 million related to the gold prepayment liability.

Adjusted net earningsi and adjusted net earnings per sharei in the fourth quarter of 2023 were $71.3 million and $0.20 per share, respectively, after adjusting for the non-cash loss related to the revaluation of the company's environmental provision and the revaluation loss on the gold prepayment liability, among other items. This compares to adjusted net earnings and adjusted net earnings per share of $24.4 million, and $0.07 in the prior quarter. Fourth quarter adjusted EBITDAi was $274.4 million, an increase of 44% compared to $190.7 million in the third quarter of 2023.

In the fourth quarter of 2023, consolidated cash cost per pound of copper produced, net of by-product creditsi, was $0.16, compared to $1.10 in the third quarter. Consolidated sustaining cash cost per pound of copper produced, net of by-product creditsi, was $1.09 in the fourth quarter of 2023 compared to $1.89 in the third quarter. The significant decrease in both was the result of higher copper production and higher by-product credits, partially offset by higher mining, milling and G&A costs from incorporating Copper Mountain.

Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product creditsi, was $1.31 in the fourth quarter of 2023, lower than $2.04 in the third quarter, due to the same reasons outlined above as well as lower corporate selling and administrative expenses.

As at December 31, 2023, total liquidity increased to $573.7 million, including $249.8 million in cash and cash equivalents as well as undrawn availability of $323.9 million under the company's revolving credit facilities. Net debt declined by $94.5 million to $1,037.7 million as at December 31, 2023. During the quarter, Hudbay redeemed, in full, the remaining $59.7 million of outstanding Copper Mountain bonds and reduced the net balance drawn under the revolving credit facilities by $30 million. Based on continued free cash flow generation in the fourth quarter of 2023, the company continues to make progress on the deleveraging targets set out in the "3-P" plan for sanctioning Copper World. Current liquidity combined with cash flow from operations is expected to be sufficient to meet liquidity needs for the foreseeable future.

Summary of Full Year Results

Hudbay achieved its 2023 consolidated production guidance for all metals. On a business unit stand-alone basis, Peru exceeded the top end of the gold production guidance range, Manitoba exceeded the top end of the copper production guidance range and Copper Mountain exceeded the top end of the silver production guidance range for the portion of 2023 since acquisition. Consolidated copper, gold and silver production for the full year 2023 increased by 26%, 41% and 13%, respectively, compared to 2022 with the acquisition of Copper Mountain as well as higher throughput and recoveries in Peru and Manitoba and higher overall copper, gold and silver grades.

Consolidated cash cost per pound of copper produced, net of by-product creditsi, in 2023 was $0.80, compared to $0.86 in 2022, and achieved the low end of the 2023 annual cost guidance range. This decrease was mainly the result of higher copper production and higher by-product credits, partially offset by higher mining and milling costs from incorporating Copper Mountain. Consolidated sustaining cash cost per pound of copper produced, net of by-product creditsi, was $1.72 in 2023, compared to $2.07 in 2022, outperforming 2023 guidance expectations. This decrease was driven by the above reasons as well as the lower cash sustaining capital expenditures. Consolidated all-in sustaining cash cost per pound of copper produced, net of by-product creditsi, was $1.92 in 2023, lower than $2.26 in 2022, due to the same reasons outlined above partially offset by higher corporate selling and administrative expenses.

Cash generated from operating activities decreased to $476.9 million in 2023 from $487.8 million in 2022 primarily due to a $189.2 million decrease in non-cash working capital caused by timing and changes in provisionally priced receivables and an increase in inventory. Operating cash flow before change in non-cash working capital increased to $570.0 million from $391.7 million in 2022. The increase in operating cash flow before change in non-cash working capital was primarily the result of higher copper and gold sales volumes and higher gold prices, partially offset by lower zinc sales volumes, lower copper and zinc metal prices and higher treatment and refining charges. Zinc sales volumes were lower than the prior year due to the planned closure of the 777 mine in June 2022.

Net earnings and earnings per share for 2023 were $69.5 million and $0.22, respectively, compared to 2022 net earnings and earnings per share of $70.4 million and $0.27, respectively. Full year 2023 net earnings were impacted by $21.4 million in non-cash mark-to-market losses arising from the revaluation of the gold prepayment liability, investments and share-based compensation, partially offset by a non-cash gain of $11.4 million related to the revaluation of the Flin Flon environmental reclamation provision. The prior period results benefited from a non-cash $133.5 million revaluation gain for the Flin Flon environmental reclamation provision, partially offset by a $95.0 million pre-tax impairment loss related to the previous stand-alone development plan for the Rosemont deposit. Full year 2023 adjusted EBITDAi was $647.8 million, an increase of 36% compared to $475.9 million in 2022.

https://www.hudbayminerals.com/news-media/default.aspx#2024#Hudbay-Delivers-Record-Fourth-Quarter-and-Full-Year-2023-Results-and-Provides-Annual-Guidance

Lundin Mining Corporation (TSE: LUN)

Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.

https://lundinmining.com/

Lundin Mining Fourth Quarter and Full Year 2023 Results

VANCOUVER, BC, Feb. 21, 2024 /CNW/ - (TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") today reported its fourth quarter and full year 2023 financial results. Unless stated otherwise, results are presented on a 100% basis and Caserones results are from July 13, 2023.

Jack Lundin, President and CEO commented, "2023 was a milestone year for the Company. We finished the year generating a record $3.4 billion in revenues and achieved our best-ever quarterly and full year copper production which we forecast to further increase by over 15% in 2024. Our 2023 financial performance was strong with $1.4 billion in adjusted EBITDA 1 , $345 million in free cash flow from operations 1 and we returned $206 million to our shareholders in dividends.

"The Company's record copper production was driven by our strategic acquisition of a majority interest in Chile's Caserones copper mine, as well as organically through our expansion project at Neves-Corvo, which also contributed to record fourth quarter zinc production for the Company. Going forward, we will be disciplined in our growth plans and capital allocation as we continue to optimize assets and operational efficiencies to drive down costs.

"At Josemaria, we're derisking the project via optimization and trade-off studies that aim to enhance the overall value of the Project. We are concurrently continuing to explore potential partnership opportunities and actively working towards establishing stability agreements in Argentina."

Fourth Quarter Highlights

Copper Production: Consolidated production of 103,337 tonnes of copper in the fourth quarter, a quarterly record for the Company and an increase of over 80% on the same quarter in the previous year.

Other Production: During the quarter, a total of 50,719 tonnes of zinc, 3,729 tonnes of nickel and approximately 44,000 ounces of gold were produced. The zinc expansion project ("ZEP") at Neves-Corvo contributed to record quarterly zinc volumes being produced.

Revenue: $1,060.0 million in the fourth quarter.

Adjusted EBITDA 1 : $419.7 million generated during the quarter.

Adjusted Earnings 1 : Net earnings attributable to shareholders of the Company were $38.8 million ($0.05 per share) in the fourth quarter with adjusted earnings of $79.7 million ($0.10 per share).

Cash Generation: Cash provided by operating activities 1 was $306.1 million and free cash flow from operations was $116.8 million, which included a working capital build of $56.0 million.

Full Year 2023 Highlights

Copper Production: Record copper production of 314,798 tonnes of copper for the full year which is above the midpoint of originally-published 2 2023 annual copper production guidance.

Revenue: $3,392.1 million for the full year.

Adjusted EBITDA: $1,363.5 million generated during the full year.

Adjusted Earnings: Net earnings attributable to shareholders of the Company were $241.6 million ($0.31 per share) in 2023 and adjusted earnings of $336.2 million ($0.44 per share).

Cash Generation: During the year, cash provided by operating activities 1 was $1,016.6 million and free cash flow from operations 1 amounted to $345.1 million, which included a working capital build of $7.6 million.

Balance Sheet: To fund the Caserones acquisition, the Company obtained a term loan in July 2023 of a principal amount of $800.0 million with an additional $400.0 million accordion option, maturing July 2026 ("Term Loan"). As at December 31, 2023, the Company had a net debt balance of $946.2 million, excluding lease liabilities.

Growth: The Company acquired a 51% interest in the Caserones copper mine on July 13, 2023 which added an additional 120,000 to 130,000 tonnes of copper 2 to the Company's production profile on a 100% basis. The acquisition adds another long-life asset in a tier one jurisdiction, which is strategically located in the Vicuña District.

Leadership: Jack Lundin assumed the role of CEO in the fourth quarter of 2023. During the year several senior leadership changes took place to add financial, technical and operational capacity to the team as the Company's head office relocated to Vancouver.

For the full release, see:

https://lundinmining.com/news/lundin-mining-fourth-quarter-and-full-year-2023-re-123146/

Newmont Goldcorp Corporation (NYSE: NEM, TSE: NGT)

(Formerly Goldcorp Inc)

Newmont's Vision

Newmont is the world's leading gold company and a producer of copper, silver, zinc and lead. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in North America, South America, Australia and Africa. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. The Company is an industry leader in value creation, supported by robust safety standards, superior execution and technical proficiency. Newmont was founded in 1921 and has been publicly traded since 1925.

Newmont History

Newmont rich legacy spans most of the 20th century and is intimately linked to many of the key industrial milestones of the 1900s.

Colonel William Boyce Thompson founded the Newmont Company in 1916 as a holding company for private acquisitions in oil and gas, mining and minerals enterprises. Thompson named the company "Newmont" because, as one biographer described it, "he grew up in Montana and made his money in New York."

Publicly traded on the New York Stock Exchange (NYSE) since 1940, Newmont has spent about century primarily in the natural resources industry, mining gold, copper, silver, lead, zinc, lithium, uranium, coal, nickel and aggregates, and even developing oil and gas. Today, Newmont is the world's leading gold company as measured by assets, prospects and people. Newmont has actively operating mines in nine countries across the globe.

As one of a relatively small number of companies that have been listed on the NYSE since 1940, Newmont continues to create value and opportunities for our shareholders, employees and host communities.

We invite you to read more about our diverse and storied past and the remarkable foundation upon which our company was built.

In The Beginning

When mine promoter and financier Colonel William Boyce Thompson decides to create a company in 1916 to handle his larger private acquisitions - spanning oil and gas, mining and even hats - he names it the Newmont Company based on the assets he created in New York and his love for his home state of Montana. Reincorporated as Newmont Corporation in 1921, the word Mining is added to its name in 1925 as it sells its first shares to the public. Recognized for its "imposing array of financial and technical talent," Newmont quickly becomes an industry leader, and its stock skyrockets from $40 to $236 in just four years.

With the acquisition of the Empire-Star Mines in California in 1929 and President Roosevelt's decision to increase the fixed gold price from $20 per ounce to $35, Newmont weathers the Great Depression. The Company also becomes a shareholder of Magma Copper in Arizona - one of the largest copper producers in the United States - and opens copper mines in southern Africa and acquires two historic lead and zinc mines in Colorado.

https://www.newmont.com/about-us/default.aspx

Newmont Reports Fourth Quarter and Full Year 2023 Results; Provides 2024 Outlook for Integrated Company

February 22, 2024

Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (Newmont or the Company) today announced fourth quarter and full year 2023 results, as well as its 2024 outlook.

"2023 was a transformational year for Newmont, and for all of our stakeholders," said Tom Palmer, Newmont's President and Chief Executive Officer. "With the acquisition of Newcrest now complete, our principal focus for 2024 is to integrate and transform our leading portfolio of Tier 1 assets into a unique collection of the world's best gold and copper operations and projects. With stable production and structured reinvestment throughout the year, we are strongly positioned to deliver on our commitments in 2024 and set the stage for meaningful growth in 2025 and beyond."

2023 Results

Completed the acquisition of Newcrest Mining Limited on November 6, 2023, creating the world's leading gold company with robust copper optionality

Delivered $1.4 billion in dividends to shareholders in 2023

Produced 5.5 million gold ounces and 891 thousand gold equivalent ounces (GEOs) 2 from copper, silver, lead and zinc; in-line with revised guidance range and incorporating the legacy Newcrest assets from the acquisition close date

Reported gold Costs Applicable to Sales (CAS) per ounce 3 of $1,050 and gold All-In Sustaining Costs (AISC) per ounce 3 of $1,444; in-line with revised guidance range and incorporating higher sustaining capital spend for 2023

Generated $2.8 billion of cash from continuing operations and reported $88 million in Free Cash Flow 3 after unfavorable working capital changes of $513 million and $2.7 billion of reinvestment to sustain current operations and advance near-term projects

Reported Net Loss of $2.5 billion driven by $1.9 billion in impairment charges, $1.5 billion in reclamation charges and $464 million in Newcrest transaction and integration costs; these items are excluded from adjusted earnings results

Adjusted Net Income (ANI) 3 of $1.61 per share and Adjusted EBITDA 3 of $4.2 billion for the full year; fourth quarter ANI was $0.50 per share

Declared increased total Newmont reserves of 136 million gold ounces and resources of 174 million gold ounces 4 ; significant upside to other metals, including copper, silver, lead and zinc

Outlook

Announced Newmont's go-forward Tier 1 Portfolio 6 , which is underpinned by eleven managed Tier 1 and Emerging Tier 1 assets and three non-managed operations; seeking to divest six non-core assets

2024 production guidance is expected to be approximately 6.9 million gold ounces for the Total Newmont portfolio; underpinned by 5.6 million gold ounces from the Tier 1 Portfolio 6

Gold CAS is expected to be $1,050 per ounce 3 , with Gold AISC of $1,400 per ounce 3 in 2024 for the Total Newmont portfolio

Sustaining capital spend of approximately $1.8 billion for the Total Newmont portfolio

Development capital spend of approximately $1.3 billion in 2024 for the Total Newmont portfolio

Progressing key near-term development projects of Tanami Expansion 2, Ahafo North, Cadia Block Caves and Cerro Negro Expansion 1

Updated Tanami Expansion 2 development capital estimate of $1.7 to $1.8 billion with commercial production expected in the second half of 2027

Remain on track to deliver an expected $500 million in synergies related to the Newcrest transaction by the end of 2025

FOURTH QUARTER 2023 KEY RESULTS DRIVERS

In the fourth quarter, Newmont delivered a sequential improvement in production compared to the third quarter, primarily driven by the inclusion of the sites acquired in the Newcrest transaction combined with higher production at all Newmont managed operations except for Boddington, Yanacocha and CC&V due to planned mine sequencing. In addition, Newmont's non-managed operations at Nevada Gold Mines and Pueblo Viejo delivered higher production during the quarter. Notably, Peñasquito safely ramped up operations after a resolution of the labor strike was reached with the National Union of Mine and Metal Workers of the Mexican Republic ("the Union") on October 13, 2023.

Excluding the impact from the acquisition of Newcrest, direct operating costs were largely consistent with the third quarter as inflationary pressures have continued to stabilize, with improvements to commodity input pricing, partially offset by higher third party royalties due to higher gold prices. AISC was higher due to increased sustaining capital during the fourth quarter compared to the third quarter.

Cash Flow from Continuing Operations and Free Cash Flow were both lower than the third quarter at $616 million and $(304) million, respectively. This was primarily driven by unfavorable working capital changes of $297 million compared to the third quarter, including an unfavorable build of accounts receivable and the timing of accounts payable, as well as higher current cash tax and timing of debt interest payments. In addition, Newmont invested $920 million in capital spend during the fourth quarter, including $377 million in development capital spend to continue to progress near-term projects and $543 million in sustaining capital to progress site improvement projects.

Newmont reported a GAAP Net Loss from Continuing Operations of $(3.2) billion. Adjusted Net Income increased to $486 million or $0.50 per share, primarily driven by higher sales volumes and higher realized gold prices compared to the third quarter. Adjusted Net Income excludes significant non-cash accounting charges, primarily related to impairment charges of $1.9 billion recorded at year end in conjunction with the Company's annual impairment review and reclamation charges of $1.2 billion. In addition, Newmont incurred $427 million of costs related to the acquisition and integration of Newcrest.

$1.9 billion of impairment charges primarily due to the write-down of goodwill of $1.2 billion at Peñasquito, $293 million at Musselwhite and $246 million at Éléonore

The goodwill impairment at Peñasquito was driven by an update to the geological model that impacted expected metal grade and recoveries, resulting in lower underlying cash flows

The goodwill impairments at Musselwhite and Éléonore were driven by a deterioration in underlying cash flows as a result of higher costs due to inflationary pressures

The long-lived assets at all three sites were evaluated for impairment and no impairment was identified

The site-specific goodwill amounts originated from the Goldcorp purchase price allocation in 2019, which was based on best estimates of each site's value and country-risk assumptions at that time

$1.2 billion reclamation adjustment charges primarily at Yanacocha due to increased estimated water management costs

$427 million of Newcrest transaction and integration costs; primarily due to the accrual of $316 million in stamp duty tax incurred in connection with the transaction

Newmont intends to file its 2023 Form 10-K on or about the close of business on February 27, 2024.

FOURTH QUARTER 2023 FINANCIAL AND PRODUCTION SUMMARY

Attributable gold production 1 for the fourth quarter increased 7 percent to 1,741 thousand ounces compared to the prior year quarter, primarily due to the addition of the Newcrest operations in November 2023. This favorable impact was partially offset by lower production at Peñasquito, Boddington and Akyem. Gold sales were slightly higher than production for the quarter primarily due to the timing of shipments at Cadia and Telfer.

Gold CAS totaled $1.9 billion for the quarter. Gold CAS per ounce 2 increased 16 percent to $1,086 per ounce compared to the prior year quarter, primarily due to higher direct operating costs incurred at the Newcrest sites after the acquisition, including at Brucejack and Telfer as operations at both sites were temporarily suspended for a portion of December, as well as higher costs incurred at Nevada Gold Mines due to leach pad write-downs and at Merian and Cerro Negro due to increased inflationary pressures on labor and consumables costs. These increases were partially offset by lower costs incurred at Peñasquito as the site ramped up to full productivity in the fourth quarter of 2023 after the resolution of the labor strike in October 2023.

Gold AISC per ounce 2 increased 22 percent to $1,485 per ounce compared to the prior year quarter, primarily due to higher CAS per ounce and higher sustaining capital spend.

Attributable GEO production from other metals for the quarter remained largely flat at 289 thousand ounces from the prior year quarter, primarily due to the addition of copper production from Cadia, Red Chris and Telfer, partially offset by the ramp-up of production at Peñasquito after the resolution of the labor strike. Other metal GEO sales were slightly higher than production for the quarter, primarily due to the timing of shipments at Cadia and Telfer.

CAS from other metals totaled $403 million for the quarter. CAS per GEO 2 increased 46 percent to $1,254 per ounce from the prior year quarter, primarily due to a higher allocation of costs to co-product metals with the addition of co-product production at Cadia, Red Chris and Telfer.

AISC per GEO 2 for the quarter increased 46 percent to $1,697 per ounce from the prior year quarter, primarily due to higher CAS from other metals, higher sustaining capital spend and higher treatment and refining costs.

Average realized gold price for the quarter increased $246 per ounce to $2,004 per ounce compared to the prior year quarter, including $2,003 per ounce of gross price received, the favorable impact of $13 per ounce mark-to-market on provisionally-priced sales and $12 per ounce reductions for treatment and refining charges.

Revenue for the quarter increased 24 percent to $4.0 billion compared to the prior year quarter, primarily due to higher sales volumes and higher realized gold prices.

Net loss from continuing operations attributable to Newmont stockholders for the quarter was $(3.2) billion or $(3.22) per diluted share, a decrease of $1.7 billion from the prior year quarter, primarily due to higher impairment charges recognized primarily related to the write-off of goodwill at Peñasquito, Musselwhite and Éléonore, as well as higher reclamation and remediation expense resulting from adjustments mainly related to non-operating Yanacocha sites.

Adjusted net income 3 for the quarter was $486 million or $0.50 per diluted share compared to $348 million or $0.44 per diluted share in the prior year quarter. Primary adjustments to fourth quarter net income include reclamation and remediation adjustments of $1.2 billion, total impairment charges of $1.9 billion, and Newcrest transaction and integration costs of $427 million.

Adjusted EBITDA 3 for the quarter increased 19 percent to $1.4 billion for the quarter compared to $1.2 billion for the prior year quarter.

Capital expenditures 4 increased 42 percent to $920 million for the quarter compared to prior year quarter, primarily due to higher sustaining capital spend as well as slightly higher development capital spend.

Consolidated operating cash flow from continuing operations decreased 39 percent to $616 million for the quarter compared to the prior year quarter, primarily due to the impact of the Peñasquito strike, which was partially offset by higher average realized gold prices.

Free Cash Flow 5 decreased to $(304) million for the quarter compared to the prior year quarter, primarily due to lower operating cash flow and higher capital expenditures.

Nevada Gold Mines (NGM) 6 attributable gold production for the quarter was 322 thousand ounces, with CAS of $1,125 per ounce 2 and AISC of $1,482 per ounce 2 .

Pueblo Viejo (PV) 7 attributable gold production was 61 thousand ounces for the quarter. Cash distributions received from the Company's equity method investment in Pueblo Viejo were $8 million for the fourth quarter. Capital contributions of $16 million for the quarter were made related to the expansion project at Pueblo Viejo.

Fruta del Norte 8 attributable gold production is reported on a quarterly lag and will not be reported until the first quarter of 2024. Cash distributions received from the Company's equity method investment in Fruta del Norte were $6 million for the fourth quarter.

FULL YEAR 2023 FINANCIAL AND PRODUCTION SUMMARY

Attributable gold production 1 for the year decreased 7 percent to 5,545 thousand ounces compared to the prior year, primarily due to lower production at Peñasquito, Akyem, Merian and Boddington. In addition, the non-managed joint venture at Pueblo Viejo delivered lower production than in the prior year. These unfavorable impacts were partially offset by the addition of the Newcrest operations in November 2023. Gold sales were largely in line with production for the year.

Gold CAS totaled $5.7 billion for the year. Gold CAS per ounce 2 increased 13 percent to $1,050 per ounce compared to the prior year, primarily due to lower gold sales volumes, higher maintenance costs and higher materials, labor and contract services costs. These increases were partially offset by lower costs incurred at Peñasquito during the labor strike and lower profit-sharing in 2023 due to lower taxable income at the site.

Gold AISC per ounce 2 increased 19 percent to $1,444 per ounce compared to the prior year, primarily due to higher CAS per ounce and higher sustaining capital spend.

Attributable GEO production from other metals for the year decreased 30 percent to 891 thousand ounces compared to the prior year, primarily due to the Peñasquito labor strike in 2023, partially offset by the addition of copper production from Cadia, Red Chris and Telfer. Other metal GEO sales were largely in line with production for the year.

CAS from other metals totaled $1.0 billion for the year. CAS per GEO 2 increased 38 percent to $1,127 per ounce from the prior year, primarily due to lower sales volumes as a result of the Peñasquito labor strike in 2023.

AISC per GEO 2 for the year increased 42 percent to $1,577 per ounce from the prior year, primarily due to lower sales volumes as a result of the Peñasquito labor strike in 2023 and higher sustaining capital spend.

Average realized gold price for the year increased $162 per ounce to $1,954 per ounce compared to the prior year, including $1,957 per ounce of gross price received, the favorable impact of $6 per ounce mark-to-market on provisionally-priced sales and $9 per ounce reductions for treatment and refining charges.

Revenue for the year remained largely flat at $11.8 billion compared to $11.9 billion for the prior year.

Net loss from continuing operations attributable to Newmont stockholders for the year was $(2.5) billion or $(2.97) per diluted share, a decrease of $2.0 billion from the prior year primarily due to higher impairment charges, higher reclamation and remediation expense resulting from adjustments, primarily related to non-operating Yanacocha sites, the impact of the Peñasquito labor strike, and the Newcrest transaction and integration costs, including the accrual of a stamp duty tax of $316 million. These decreases were partially offset by higher average realized prices for gold, silver and copper.

Adjusted net income 3 for the year was $1.4 billion or $1.61 per diluted share compared to $1.5 billion or $1.85 per diluted share in the prior year. Primary adjustments to 2023 net income include total impairment charges of $1.9 billion, reclamation and remediation adjustments of $1.3 billion, and Newcrest transaction and integration costs of $464 million.

Adjusted EBITDA 3 for the year decreased 7 percent to $4.2 billion, compared to $4.6 billion for the prior year.

Capital expenditures 4 increased 25 percent to $2.7 billion for the full year compared to prior year, primarily due to higher sustaining capital spend as well as slightly higher development capital spend. Development capital expenditures in 2023 primarily related to Tanami Expansion 2, Yanacocha Sulfides, Ahafo North, Cerro Negro District Expansion 1, Pamour, Cadia Block Caves, and the TS Solar Plant and Goldrush Complex at Nevada Gold Mines.

Consolidated operating cash flow from continuing operations decreased 14 percent to $2.8 billion for the full year compared to the prior year, primarily due to the impact of the Peñasquito strike and lower sales volumes at Akyem. These impacts were partially offset by income provided by the newly acquired sites and higher average realized gold, silver and copper prices.

Free Cash Flow 5 decreased to $88 million for the full year compared to $1.1 billion for the prior year, primarily due to lower operating cash flow and higher capital expenditures.

Balance sheet and liquidity remained strong in 2023, ending the year with $3.0 billion of consolidated cash, with approximately $6.1 billion of total liquidity; reported net debt to adjusted EBITDA of 1.1x 9 .

Nevada Gold Mines (NGM) 7 attributable gold production for the year was 1,170 thousand ounces, with CAS of $1,070 per ounce 2 and AISC of $1,397 per ounce 2 .

Pueblo Viejo (PV) 8 attributable gold production was 224 thousand ounces for the year. Cash distributions received from the Company's equity method investment in Pueblo Viejo were $106 million for the year. Capital contributions of $97 million for the year were made related to the expansion project at Pueblo Viejo.

For the full release, see:

https://newmont.com/investors/news-release/news-details/2024/Newmont-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Provides-2024-Outlook-for-Integrated-Company/default.aspx

Nutrien Ltd (NYSE: NTR, TSE: NTR)

ABOUT NUTRIEN

We produce and distribute over 27 million tonnes of potash, nitrogen and phosphate products for agricultural, industrial and feed customers world-wide. Combined with our leading agriculture retail network that services over 500,000 grower accounts, we are well positioned to meet the needs of a growing world and create value for our stakeholders.

Retail Products and Services

Our network of over 2,000 retail locations in seven countries provide a wide range of products and services to help growers around the world feed the future. We provide our customers with complete agriculture solutions including nutrients, crop protection products, seed, service and digital tools.

Our Retail Business

Our Nutrien Ag Solutions© and Landmark© Retail businesses provide complete agricultural solutions, including nutrients, crop protection products, seed, services and agronomic advice to growers.

https://www.nutrien.com/what-we-do/our-business/retail

Nutrien Reports Fourth Quarter and Full-Year 2023 Results

21 February 2024

Fourth quarter results reflect strong fertilizer market fundamentals in North America. Expect increased fertilizer sales volumes and growth in Retail earnings in 2024.

All amounts are in US dollars except as otherwise noted

Nutrien Ltd. (TSX and NYSE: NTR) announced today its fourth quarter 2023 results, with net earnings of $176 million ($0.35 diluted net earnings per share). Fourth quarter 2023 adjusted net earnings per share 1 was $0.37 and adjusted EBITDA 1 was $1.1 billion.

"We saw a continuation of strong fertilizer market fundamentals in North America during the fourth quarter driven by improved affordability, an extended fall application season and low channel inventories. Utilizing the strengths of our integrated business, we achieved record fourth-quarter potash deliveries, increased crop nutrient sales volumes across our global Retail network and generated strong cash flow from operations," commented Ken Seitz, Nutrien's President and CEO.

"As we look ahead to 2024, we expect to deliver higher fertilizer sales volumes and Retail earnings, supported by increased crop input market stability and demand. We continue to prioritize strategic initiatives that enhance our capability to serve growers in our core markets, maintain the low-cost position and reliability of our assets, and position the Company for growth," added Mr. Seitz.

Highlights:

Generated net earnings of $1.3 billion ($2.53 diluted net earnings per share) and adjusted EBITDA 1 of $6.1 billion ($4.44 adjusted net earnings per share 1 ) in 2023, down from the record levels achieved in 2022. Adjusted EBITDA declined primarily due to lower net realized selling prices across all segments and lower Nutrien Ag Solutions ("Retail") earnings. Cash provided by operating activities totaled $5.1 billion in 2023, representing 84 percent of adjusted EBITDA.

Retail adjusted EBITDA of $1.5 billion in 2023 decreased primarily due to lower gross margin for both crop nutrients and crop protection products, as we sold through high-cost inventory. Crop nutrient sales volumes increased as growers returned to more normalized application rates to replenish nutrients in the soil. We continued to grow our proprietary nutritional and biostimulant sales and margins through differentiated product offerings and expanded manufacturing capacity.

Potash full year 2023 adjusted EBITDA declined to $2.4 billion due to lower net realized selling prices. We delivered record fourth quarter potash sales volumes driven by strong demand in North America and increased offshore sales.

Nitrogen full year 2023 adjusted EBITDA decreased to $1.9 billion due to lower net realized selling prices for all major nitrogen products, which more than offset lower natural gas costs and higher sales volumes.

In the fourth quarter of 2023, we recognized a $76 million non-cash impairment in our Nitrogen segment relating to our Trinidad property, plant and equipment due to a new natural gas contract and the resulting outlook for higher expected natural gas costs and constrained near-term availability. We expect improved natural gas availability in Trinidad as the development of additional gas fields is anticipated to add new supply starting in 2026.

Returned $2.1 billion to shareholders in 2023 through dividends and share repurchases. Nutrien's Board of Directors approved an increase in the quarterly dividend to $0.54 per share. Nutrien continues to target a stable and growing dividend with our dividend per share increasing by 35 percent since the beginning of 2018. Nutrien's Board of Directors also approved the purchase of up to 5 percent of Nutrien's outstanding common shares over a twelve-month period through a normal course issuer bid ("NCIB"). The NCIB is subject to acceptance by the Toronto Stock Exchange.

Market Outlook and Guidance

Agriculture and Retail

Global grain stocks-to-use ratios remain historically low going into the 2024 growing season as tightening supplies of wheat and rice have offset increased corn supplies in the US and Brazil. We expect weather and geopolitical issues will continue to impact grain and oilseed production, exports and inventory levels.

Crop prices have declined from historically high levels in 2022, but lower crop input prices have resulted in improved demand, evidenced by the strong North American fall application season in 2023. We expect US corn plantings to range from 91 to 92 million acres in 2024 and soybean plantings to range from 87 to 88 million acres.

In Brazil, dry weather during the summer crop growing season and lower corn prices could result in lower corn area in 2024. Brazilian growers are expected to continue to expand soybean acreage, which we anticipate will support the need for strong fertilizer imports in the second and third quarters of 2024.

In Australia, growers have benefited from multiple years of above-average yields and fundamentals remain supportive entering 2024. Timely precipitation led to higher-than-expected winter crop production, however if the El Niño weather pattern continues, it could pose a risk for the 2024 growing season.

Crop Nutrient Markets

Global potash demand was strong through the second half of 2023, and we estimate full-year shipments were between 67 to 68 million tonnes. The increase was supported by strong consumption and increased imports in key markets such as North America, China and Brazil.

We expect global potash demand will continue to recover towards trend levels in 2024 with full-year shipments projected between 68 to 71 million tonnes. We anticipate a relatively balanced global market with incremental supply from producers in Canada, Russia, Belarus and Laos.

We are seeing strong potash demand ahead of the North American spring application season as channel inventories were tight to start the year. Potash demand in Southeast Asia is expected to increase significantly in 2024 due to much lower inventory levels compared to the prior year and favorable economics for key crops such as oil palm and rice. We expect lower potash imports from China compared to the record levels in 2023 but for demand to remain at historically high levels driven by increased consumption.

We expect nitrogen supply constraints to persist in 2024, including limited Russian ammonia exports, reduced European operating rates and Chinese urea export restrictions. North American natural gas prices remain highly competitive compared to Europe and Asia, and we expect Henry Hub natural gas prices to average approximately $2.50 per MMBtu for the year.

The US nitrogen supply and demand balance is projected to be tight ahead of the spring application season, as nitrogen fertilizer net imports in the first half of the 2023/2024 fertilizer year were down an estimated 55 percent compared to the three-year average. Global industrial nitrogen demand remains a risk in 2024 as industrial production, most notably in Europe and Asia, has yet to rebound to historical levels.

Phosphate fertilizer markets have remained relatively strong in the first quarter of 2024, particularly in North America where channel inventories were low entering the year. We expect Chinese phosphate exports to be similar to 2023 levels and tight stocks in India to support demand ahead of their key planting season.

Financial Guidance

We have revised our guidance practice in 2024 to provide forward looking estimates on those metrics that we believe are of value to our shareholders and are less impacted by fertilizer commodity prices. We continue to provide guidance for Retail adjusted EBITDA, fertilizer sales volumes and other key financial modeling metrics as well as fertilizer pricing sensitivities.

Retail adjusted EBITDA guidance of $1.65 to $1.85 billion assumes increased gross margins in all major product lines compared to 2023. We anticipate that crop nutrient gross margin will be supported by higher sales volumes and per-tonne margins, in particular compared to the compressed levels in the first half of the prior year. We expect a recovery in Brazilian crop protection margins in the second half of 2024.

Potash sales volume guidance of 13.0 to 13.8 million tonnes assumes demand growth in offshore markets and a return to more normal Canpotex port operations in 2024. In North America, we expect increased first quarter sales volumes compared to the prior year due to strong customer engagement to refill depleted inventories.

Nitrogen sales volume guidance of 10.6 to 11.2 million tonnes assumes higher operating rates at our US and Trinidad plants compared to 2023. Phosphate sales volume guidance of 2.6 to 2.8 million tonnes assumes improved operating rates compared to the prior year.

Total capital expenditures of $2.2 to $2.3 billion are expected to be below the prior year. This total includes approximately $500 million in investing capital expenditures focused on proprietary products, network optimization and digital capabilities in Retail, mine automation projects in Potash, and low-cost brownfield expansions in Nitrogen.

All guidance numbers, including those noted above are outlined in the table below. In addition, set forth below are anticipated fertilizer pricing and natural gas price sensitivities relating to adjusted EBITDA (consolidated) and adjusted net earnings per share.

For the full release, see:

https://www.nutrien.com/investors/news-releases/2024-nutrien-reports-fourth-quarter-and-full-year-2023-results

Sherritt International Corporation (TSE: S)

About Us

Sherritt is a world leader in the mining and refining of nickel and cobalt -- metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba.

https://www.sherritt.com/English/Company-Profile/default.aspx

Nickel

Sherritt is one of the world's largest producers of nickel from lateritic sources with mining operations in Moa, Cuba and refining operations in Fort Saskatchewan, Canada.

Nickel Is Used in Thousands of Everyday Products

Nickel is a strong, lustrous, silver-coloured metal. Its principal values lie in its resistance to corrosion and oxidation and its strength at high temperatures. Used primarily in the production of alloys including stainless steel, nickel is used to make everything from highly specialized materials (such as airplane engines and medical equipment) to buildings, electronics and batteries. Today, it is a staple in our daily lives and can be found in over 300,000 products.

https://www.sherritt.com/English/operations/metals/default.aspx

Our Purpose and Our Promises

At Sherritt, we believe success is best achieved when every employee understands the direct impact their function has in achieving our collective purpose and objectives as a company. Our Purpose and Our Promises articulates these shared values as a company and will help guide our actions.

Our Purpose is to be a low-cost nickel producer that creates sustainable prosperity for our employees, investors and communities.

We have implemented specific initiatives across our divisions to advance this Purpose and will continue to make it our core focus.

Our Purpose means different things for different stakeholders. For our employees, it means we will strive to offer a safe and rewarding workplace. For our investors and our partners, it means we will seek to deliver long-term superior results. And in the communities where we work, it means we will work to create lasting economic benefits while respecting and embracing the local culture and honouring our commitments.

Our Promises Spell Out How We Will Work as a Company

Integrity and inclusion - operating ethically, openly and with discipline while being inclusive and respectful of all employees and stakeholders.

Agility - acting decisively on opportunities to build an even stronger company.

Safety and sustainability - keeping our people and the communities we serve healthy and safe while actively protecting the environments we impact.

Learning and innovation - achieving our best by leveraging the past and proactively shaping our future.

Shared prosperity - sharing economic and social benefits with all of our stakeholders.

https://www.sherritt.com/English/Company-Profile/Our-Purpose-and-Our-Promises/default.aspx

Sherritt Reports Fourth Quarter and Full Year 2023 Results; 2024 Guidance for Metals Outlines Improved Production and Lower Costs

February 07, 2024

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)-- Sherritt International Corporation ("Sherritt", the "Corporation") (TSX: S), a world leader in using hydrometallurgical processes to mine and refine nickel and cobalt - metals deemed critical for the energy transition, today reported its financial results for the three months and year ended December 31, 2023 and provided its 2024 guidance. All amounts are in Canadian currency unless otherwise noted.

Leon Binedell, President and CEO of Sherritt commented, "Last year was a challenging year for the Moa JV. The nickel price fell faster and further than forecast, particularly in the second half of the year. Nickel pricing suffered from a significant over supplied market due to the conversion of Class II nickel into intermediates suitable for the electric vehicle market and even into Class I LME deliverable metal putting further downward pressure on pricing."

Mr. Binedell continued, "For our part, at the start of the year, we acknowledged that 2023 would be a transitional year at the mine; however, we had not anticipated encountering the more immediate operational issues we found ourselves facing at the mine and consequently at the refinery. Working together with our partner we successfully resolved each of these operational hurdles and we are continuing to work together to materially improve the operational performance at both facilities. In addition, in our fertilizer business, we suffered a significant outage in our ammonia plant. Despite our established multi-year capital refurbishment program, this required the advancement of significant operational spend which would otherwise be covered under our planned capital program and also led to reduced fertilizer sales. In support of our initiatives to improve operational oversight, we have changed Sherritt's operational leadership to a Chief Operating Officer with considerable experience and recent successes, including working closely with our partner in Cuba to deliver phase one of our expansion program on time and below budget.

Despite the challenges faced in 2023, we accomplished a number of objectives which further build the foundation for our future success. We delivered our technical report for the Moa JV, doubling mine life and extending it beyond 2040. We achieved growth in our power business with energy production in the fourth quarter reaching our highest quarterly production level since 2016. We successfully completed the first year of the Cobalt Swap agreement and we continued advancing the Moa JV expansion on budget and on schedule."

Commenting on managing the lower nickel price environment that is forecasted for 2024 Mr. Binedell added, "The nickel market turned quickly during the third quarter of 2023. Our established process of forecasting long-term cash flows prepared us early to implement an effective cost mitigation and cash conservation program which we expect to begin realizing the benefits from in 2024. With the support from our partner, we have optimized operating plans for 2024 and beyond and combined with the spending reductions during the third quarter and headcount reductions early this year, we are better aligned with the current nickel price environment."

In finishing his remarks, Mr. Binedell closed by saying, "Looking ahead, we will continue to proactively pursue opportunities to improve profitability and liquidity while delivering operational improvements, translating to higher production of nickel and cobalt at lower net direct cash costs. With our stronger operational outlook, we remain well positioned to take advantage of the expected long-term demand growth for the critical minerals we produce."

FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND SELECTED DEVELOPMENTS

Sherritt's share(1) of finished nickel and cobalt production in Q4 2023 at the Moa Joint Venture ("Moa JV") was 3,744 tonnes and 330 tonnes, respectively. During the quarter, Moa mixed sulphides production was impacted by heavy rainfall which required processing lower grade and quality stockpiled material. Full year 2023 finished nickel and cobalt production on a 100% basis was 28,672 tonnes and 2,876 tonnes, respectively, slightly below their annual guidance(2) ranges.

Net direct cash cost ("NDCC")(3) was US$7.87/lb in Q4 2023. Full year 2023 NDCC(3) of US$7.22/lb was within guidance(2).

Electricity production in Q4 2023 was 225 GWh. Full year 2023 production of 745 GWh exceeded guidance(2) due to additional gas from the two gas wells that went into production during Q2 2023 and improved equipment availability.

Electricity unit operating cost(3) in Q4 2023 was $29.16/MWh. Full year 2023 unit operating costs(3) of $27.70/MWh was within guidance(2).

Net loss from continuing operations of $53.4 million, or $(0.13) per share in Q4 2023 and $64.3 million, or $(0.16) per share for the full year 2023, was primarily impacted by delayed nickel sales, lower fertilizer sales volumes, lower average-realized prices(3), higher maintenance costs, inventory write-downs and an increase in rehabilitation and closure costs related to legacy Oil and Gas assets.

Adjusted net loss from continuing operations(3), was $27.9 million or $(0.07) per share in Q4 2023 and $28.1 million or $(0.07) per share for the full year 2023.

Adjusted EBITDA(3) in Q4 2023 was $(7.0) million and $46.2 million for full year 2023 and included $2.3 million and $14.6 million in inventory write-downs in Q4 and the full year 2023, respectively.

Available liquidity in Canada as at December 31, 2023 was $63.0 million.

Completed the first year of the Cobalt Swap(4) which included receipt of 2,082 tonnes of cobalt from the Moa JV which was sold by Sherritt realizing cash receipts of $80.3 million, a cash dividend of $64.0 million, and a corresponding reduction in the GNC receivable of $76.0 million.

Slurry Preparation Plant ("SPP") construction was completed; commissioning and capacity testing is ongoing, and in January 2024, the SPP began processing ore at design capacity. The overall timing and budget of phase two to reach target levels of production remains unchanged and is on schedule for an expected end of year 2024 completion with commissioning and ramp up in 2025.

2024 ANNUAL GUIDANCE

Nickel and cobalt production are both expected to increase in 2024 compared to 2023 due to increased feed of mixed sulphides from the Moa mine site to the refinery as a result of access to additional ore sources to improve the blend of feed as well as increased quality and feed rates following the ramp-up of the SPP, and reduced downtime from maintenance. NDCC (1) is expected to be lower in 2024 compared to 2023 due to lower expected maintenance activity, cost optimization, and higher expected production and sales, including increased fertilizer by-product sales.

Electricity production is expected to be higher in 2024 compared to 2023 primarily due to the full year receipt of additional gas from the two wells that went into production in Q2 2023. Unit operating cost (1) for electricity in 2024 reflects higher planned maintenance activities related to gas turbines, partly offset by the impact of higher electricity production and sales.

Production and costs:

finished nickel production of 30,000 to 32,000 tonnes (100% basis);

finished cobalt production of 3,100 to 3,400 tonnes (100% basis);

NDCC (1) of US$5.50 to US$6.00 per pound of nickel sold;

electricity production of 775 to 825 GWh (331/3% basis); and

electricity unit operating cost (1) of $32.50 to $34.00 per MWh.

Spending on capital:

sustaining: Metals (Moa JV 50% basis, Fort Site 100% basis) of $40.0 million;

sustaining: Power (331/3% basis) of $5.5 million; and

growth: Metals (Moa JV 50% basis) of $15.0 million.

https://www.sherritt.com/English/Investor-Relations/News-Releases/News-Release-Details/2024/Sherritt-Reports-Fourth-Quarter-and-Full-Year-2023-Results-2024-Guidance-for-Metals-Outlines-Improved-Production-and-Lower-Costs/default.aspx

Teck Resources Limited (NYSE: TECK, TSE: TECK.A)

Teck is one of Canada's leading mining companies, focused on providing products that are essential to building a better quality of life for people around the globe.

https://www.teck.com/operations/

OUR HISTORY

Teck has grown over more than 100 years to become a leading diversified natural resource company, committed to responsible mining and mineral development.

https://www.teck.com/about/our-history/

ABOUT

Our Purpose

To provide essential resources the world is counting on to make life better while caring for the people, communities, and land that we love.

Our Businesses

Copper

A significant copper producer in the Americas and a global leader. With QB2 as our cornerstone, we have one of the best copper production growth profiles in the industry.

Zinc

One of the largest producers of mined zinc globally. We own one of the world's largest fully integrated zinc and lead smelting and refining facilities.

Steelmaking Coal

The world's second largest seaborne exporter, with some of the highest-quality steelmaking coal required for the low-carbon transition.

Energy

Interest in an oil sands mine that produces a low-carbon intensity product with a wells-to-wheel emissions intensity equivalent to that of the average barrel of crude oil refined in the U.S.

OUR INVESTMENT PROPOSITION: COPPER GROWTH

Driving long-term sustainable shareholder value through:

Industry leading copper growth

QB2 expected to double consolidated copper production by 2023

Portfolio of attractive projects has the potential to add 5x current copper equivalent production

Rebalance portfolio of high-quality assets to low-carbon metals

Proven operational excellence and RACE21 TM underpins cost competitiveness

Average 5-year adjusted EBITDA margins of 41% (2017-2021)

Maximize cash flows to fund copper growth

Balance growth and cash returns to shareholders

Investment grade balance sheet

Rigorous capital allocation framework distributes 30-100% of available cash flow to shareholders

Approaching cash flow inflection and potential increase in cash returns

Leadership in ESG and operational excellence

Industry-leading ESG rankings

Among world's lowest carbon intensities for copper, zinc and steelmaking coal production

Net-zero operations by 2050

https://www.teck.com/investors/

TECK REPORTS UNAUDITED FOURTH QUARTER RESULTS FOR 2023

February 21, 2024

Strong fourth quarter with cash returned to shareholders and record copper production

Vancouver, B.C. - Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited fourth quarter results for 2023.

"We had strong fourth quarter performance across our business, generating adjusted EBITDA1 of $1.7 billion in the quarter, returning cash to shareholders and advancing ramp-up of our QB Operations, resulting in Teck's record quarterly copper production," said Jonathan Price, President and CEO. "We are well positioned to deliver on our strategic priorities in 2024 as we execute on the planned separation of our base metals and steelmaking coal businesses while significantly increasing our copper production."

Highlights

Adjusted EBITDA 1 was $1.7 billion in Q4 2023 and $6.4 billion for the year, driven by robust prices for steelmaking coal and copper and higher steelmaking coal sales volumes. Profit from continuing operations before taxes was $694 million in Q4 2023 and $3.9 billion for the year.

Adjusted profit attributable to shareholders 1 of $735 million, or $1.41 per share, in Q4 2023 and $2.7 billion, or $5.23 per share, for the year. Profit from continuing operations attributable to shareholders was $483 million, $0.93 per share, in Q4 2023 and $2.4 billion, $4.70 per share, for the year.

Our liquidity as at February 21, 2024 is $7.9 billion, including $2.5 billion of cash. We generated cash flows from operations of $1.1 billion in Q4, ending the year with a cash balance of $744 million.

We returned a total of $765 million to shareholders in 2023 through the purchase of $250 million of Class B subordinate voting shares pursuant to our normal course issuer bid, and $515 million paid to shareholders as dividends. Since 2019, we have returned $3.9 billion to shareholders, including $2.5 billion of Class B subordinate voting share buybacks.

On February 21, 2024, the Board authorized up to a $500 million share buyback, and approved the payment of our quarterly base dividend of $0.125 per share payable on March 28, 2024 to shareholders of record on March 15, 2024.

We achieved record quarterly copper production in Q4 2023. Production and sales volumes in our copper and zinc business units were higher than the same period last year. Quebrada Blanca (QB) production of copper in concentrate was 34,300 tonnes in the fourth quarter and 55,500 tonnes for the year with QB operating near design throughput capacity at the end of 2023.

Our steelmaking coal business generated $1.4 billion of gross profit before depreciation and amortization 1 in Q4 with strong sales volumes of 6.1 million tonnes and realized steelmaking coal prices that averaged US$270 per tonne.

On November 13, 2023, we announced a transformational transaction to further focus our portfolio on base metals and copper growth, with the full sale of our steelmaking coal business Elk Valley Resources (referred to as EVR). A majority stake in EVR will be sold to Glencore plc (Glencore) at an implied enterprise value of US$9.0 billion and a minority stake was sold to Nippon Steel Corporation (NSC) and POSCO.

The transactions with NSC and POSCO closed on January 3, 2024, with NSC paying US$1.3 billion in cash on closing.

We continued to progress our copper growth portfolio in the fourth quarter with the HVC Mine Life Extension project completing the feasibility study and submitting the permit application to the British Columbia regulatory agencies in October 2023, and permit submission to the Mexican regulatory authorities for San Nicolás in January 2024.

Key Updates

Executing on our Copper Growth Strategy

At QB, our focus in the fourth quarter was on achieving reliable and consistent operations. This took longer than expected to achieve and, as a result, production was lower than expected. However, by the end of December, QB was operating near design throughput capacity, and ramp-up continues in 2024, with no change in our previously disclosed annual production guidance.

At various points during the second half of 2023, each of the operations at QB, including mine operations, crushing, grinding, flotation, tailings, desalination and concentrate handling, all operated at or above design capacity.

On the QB2 project, construction of the molybdenum plant was substantially complete at the end of 2023 and commissioning is well underway. Ramp-up of the molybdenum plant is expected to be completed by the end of the second quarter of 2024. Additionally, all in-water works at the port have been successfully concluded, and we remain on track to finalize the construction of the offshore facilities at the port by the end of the first quarter of 2024.

Our previously disclosed QB2 project capital cost guidance is unchanged at US$8.6 - $8.8 billion with US$500 to $700 million expected to be spent in 2024.

We continue to advance our copper growth portfolio with completion of the feasibility study at HVC Mine Life Extension and further progression of the feasibility studies at our San Nicolás and Zafranal projects.

We submitted the environmental permit for the HVC Mine Life Extension to the British Columbia regulator in October 2023, and finalized a Mexican Environmental Impact Assessment (MIA-R) for San Nicolás, which was submitted in January 2024.

On February 14, 2024, approval of the Modification of Environmental Impact Assessment (MEIA) for the mine life expansion at Antamina was received.

Safety and Sustainability Leadership

Our High Potential Incident Frequency rate for 2023 remained low at 0.14 but was elevated compared to 2022. In response, we have investigated each incident, shared learnings across the organization and enhanced safety standards focused on managing high potential risk and related critical controls.

Our QB and Carmen de Andacollo Operations were awarded the Copper Mark in December and in February 2024, our Red Dog Operations was awarded the Zinc Mark in recognition of environmentally and socially responsible operating practices.

We announced an agreement with shipping company Oldendorff Carriers GmbH & Co. KG (Oldendorff) to use wind propulsion intended to reduce CO2 emissions in our steelmaking coal supply chain. The joint investment will see the vessel Dietrich Oldendorff outfitted with a Flettner Rotor sail system by mid-2024 with emissions savings expected to be in the range of 53% from baseline.

Teck was named to the S&P Dow Jones Sustainability World Index for the 14th consecutive year, indicating that we are in the top 10 percent of the largest 2,500 companies in the S&P Global Broad Market Index based on long-term economic, environmental and social criteria. We were ranked as one of Canada's Top 100 Employers in November and recognized in January as one of the 2024 Global 100 Most Sustainable Corporations by Corporate Knights.

Guidance

On January 15, 2024, we disclosed our 2024 guidance, which is unchanged in this news release.

Our guidance is outlined in summary below and our usual guidance tables, including three-year production guidance, can be found on pages 26 - 31 of Teck's fourth quarter results for 2023 at the link below.

For the full release, see:

https://www.teck.com/news/news-releases/2024/teck-reports-unaudited-fourth-quarter-results-for-2023

Turquoise Hill Resources Ltd (NYSE: TRQ, TSE: TRQ)

Rio Tinto has completed its acquisition of Turquoise Hill Resources Ltd (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill") for a consideration of approximately $3.1 billion1, simplifying its ownership of the world-class Oyu Tolgoi mine in Mongolia, significantly strengthening Rio Tinto's copper portfolio, and demonstrating its long-term commitment to the project and Mongolia.

https://www.riotinto.com/en/news/releases/2022/rio-tinto-completes-acquisition-of-turquoise-hill

Overview

Turquoise Hill (TRQ: TSX & NYSE) is an international mining company focused on the operation and further development of the Oyu Tolgoi copper-gold mine in southern Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; the remaining 34% interest is held by Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity.

https://turquoisehill.com/turquoise-hill/overview/default.aspx

Oyu Tolgoi

Oyu Tolgoi is one of the world's largest new copper-gold mines and is located in the South Gobi region of Mongolia, approximately 550 km south of the capital, Ulaanbaatar, and 80 km north of the Mongolia-China border.

Oyu Tolgoi has the potential to operate for approximately 100 years from five known mineralized deposits. The first of those (the Oyut deposit) was put into production as an open-pit operation in 2013.

A second deposit, Hugo North (Lift One), is under development as an underground operation and is scheduled to begin sustainable production in 2022. The other three deposits, Hugo North (Lift Two), Hugo South and Heruga, are not yet scheduled for development.

https://turquoisehill.com/turquoise-hill/oyu-tolgoi/default.aspx

Rio Tinto releases fourth quarter production results

17 January 2023

Rio Tinto Chief Executive Jakob Stausholm, said: "We were fatality free for the fourth consecutive year, as we continue to put safety at the forefront of everything we do. A number of operational records were achieved in the second half across the Pilbara iron ore mine and rail system. Deployment of our Safe Production System resulted in improved performance at those sites and overall production was higher versus 2021 across all commodities, with the exception of aluminium and alumina.

"The acquisition of Turquoise Hill Resources strengthens our copper portfolio and demonstrates our ability to allocate capital with discipline to grow in materials the world needs for the energy transition and delivering long-term value for our shareholders. Copper guidance has been increased accordingly. We continue to invest in future growth, progressing the Rincon lithium project in Argentina and are working with our partners to progress the Simandou project in Guinea.

"We continue to work hard to transform our culture and invest in genuine partnerships. I am proud that we have reached new agreements with the Yindjibarndi and Puutu Kunti Kurrama and Pinikura peoples in Australia, and the Pekuakamiulnuatsh First Nation in Canada.

"In line with our new purpose of finding better ways to provide the materials the world needs, we will continue to progress our four objectives and strategy to strengthen the business, which will lead to profitable growth and continue to deliver attractive shareholder returns."

2022 operational highlights and other key announcements

We continue to prioritise the safety, health and wellbeing of our workforce and communities where we operate. We experienced our fourth consecutive year with no fatalities at our managed operations, and continue to work hard with our partners to achieve the same results at our non-managed assets and marine operations.

Pilbara operations produced 324.1 million tonnes (100% basis) in 2022, 1% higher than 2021. Shipments were 321.6 million tonnes (100% basis), in line with 2021. Performance improvements continued across the system and we achieved record second half performance across the mine and rail system. We expect Gudai-Darri to reach its nameplate capacity on a sustained basis during 2023.

Bauxite production of 54.6 million tonnes was 1% higher than 2021, despite equipment reliability issues at Weipa and Gove in Australia.

Aluminium production of 3.0 million tonnes was 4% lower than 2021 due to reduced output at our Kitimat smelter in British Columbia, Canada and Boyne smelter in Queensland, Australia. The rate of pot restarts at Kitimat picked up in the fourth quarter and Boyne smelter cell recovery efforts continued. Recovery at both smelters is progressing with full ramp-up expected to be completed during the course of 2023. All of our other aluminium smelters continued to demonstrate stable performance.

On 1 December, we

commissioned

the second tunnel (T2) to carry water into the Kemano Powerhouse in British Columbia, marking the end of the Kemano T2 hydropower project. The new, 16-kilometre tunnel produced its first megawatt of electricity in July 2022 after construction was completed in May 2022. Both T1 and T2 are now operating together, ensuring the long-term reliability of the power supply for our aluminium smelter in Kitimat and neighbouring communities.

Mined copper production of 521 thousand tonnes was 6% higher than 2021 due to higher grades at Kennecott and Escondida, partly offset by lower grades and recoveries at Oyu Tolgoi as a result of planned mine sequencing. Unplanned maintenance was required at Kennecott in the fourth quarter of 2022 in our anode furnaces leading to extended downtime and continued poor anode production, likely to result in weak cathode production in the first quarter of 2023. Refined copper production at Kennecott will continue to be challenged due to the smelter and refinery performance, until we undertake the largest rebuild in nine years which is planned for the second quarter of 2023 and is expected to take approximately three months.

On 16 December, we

completed

the acquisition of Turquoise Hill Resources Ltd for a consideration of approximately $3.1 billion 1 , simplifying ownership of the world-class Oyu Tolgoi mine in Mongolia, significantly strengthening Rio Tinto's copper portfolio, and demonstrating our long-term commitment to the project and Mongolia. We now hold a 66% direct interest in the Oyu Tolgoi project with the remaining 34% owned by the Government of Mongolia through Erdenes Oyu Tolgoi. Cash consideration of approximately $2.9 billion was paid in December 2022. Oyu Tolgoi production for 2022 remains on a 33.52% Rio Tinto share basis.

Titanium dioxide slag production of 1,200 thousand tonnes was 18% higher than 2021, due to community disruptions at Richards Bay Minerals (RBM) in South Africa in 2021, and continued improved performance of operations at Rio Tinto Fer et Titane (RTFT), Canada. Production constraints related to nationwide electrical power loadshedding at RBM were experienced in the fourth quarter.

Iron Ore Company of Canada (IOC) production of pellets and concentrate was 6% higher than 2021. Successful deployment of the Rio Tinto Safe Production System (SPS) at the concentrator was completed in the year, with record performance metrics achieved in the year, including monthly records for concentrate production and total material moved in the second quarter. Planning for SPS deployment at the pellet plant commenced in December.

We achieved our SPS deployment target for 2022 with 30 deployments across 16 sites. Roll-outs are ongoing to continuously improve safety, strengthen employee engagement and sustainably lift operational performance across our global portfolio.

As reported in the first half, higher rates of inflation have increased our closure liabilities with an impact to underlying earnings. This resulted in increased charges for the year of approximately $1.3 billion pre-tax within underlying earnings (first half 2022: $0.4 billion) compared with 2021, including a $1.1 billion full year increase in amortisation of discount (first half 2022: $0.3 billion), with the remainder impacting Underlying EBITDA.

As part of the agreement reached with the Australian Taxation Office (ATO) in July, we paid the ATO additional tax of A$613 million for the period from 2010 to 2021 in August 2022.

The sale of a royalty on an area including the Cortez mine operational area, a direct wholly-owned subsidiary of Royal Gold Inc., for $525 million in cash, was settled in August. This amount will be recorded in 'Sales of financial assets' in the group cash flow statement and is therefore not included in Free cash flow.

The sale of our wholly owned Roughrider uranium development completed in October for total consideration of $150 million, including $80 million in cash, will be recorded in 'Disposal of subsidiaries' in the group cash flow statement and is therefore not included in Free cash flow.

On 30 November, we provided a detailed update at our

Investor Seminar

on execution of our strategy and evolution of our culture, including SPS and decarbonisation activities, to strengthen the business, grow in a decarbonising world and continue to deliver attractive shareholder returns. Capital expenditure to decarbonise our assets of an estimated $7.5 billion to 2030 is being prioritised and phased. This remains subject to Traditional Owner and other stakeholder engagement, regulatory approvals and technology developments. New long-term power contracts will also be required for the aluminium business to meet targets. Our incremental operating expenditure on building new teams and energy efficiency initiatives remains around $200 million per annum in addition to Research and Development investment.

On 19 December, we

announced

the appointment of Kaisa Hietala as a non-executive director to the Rio Tinto Board, commencing 1 March 2023. Ms Hietala, a Finnish citizen, played a central role in the commercial transformation of Neste, the world's largest and most profitable producer of renewable products, as Executive Vice President of Renewable Products. She serves on the Boards of Exxon Mobil and Smurfit Kappa Group, and is Chair of the Board at Tracegrow, a private Finnish sustainable fertilisers company.

All figures in this report are unaudited. All currency figures in this report are US dollars, and comments refer to Rio Tinto's share of production, unless otherwise stated.

https://www.riotinto.com/news/releases/2023/Rio-Tinto-releases-fourth-quarter-production-results

Wheaton Precious Metals Corp. (NYSE: WPM, TSE: WPM)

(Formerly Silver Wheaton Corp.)

ABOUT WHEATON

Wheaton Precious Metals is one of the largest precious metals streaming companies in the world. The Company has entered into agreements to purchase all or a portion of the precious metals or cobalt production from high-quality mines for an upfront payment and an additional payment upon delivery of the metal. Wheaton currently has streaming agreements for 23 operating mines and 13 development stage projects. The Company's production profile is driven by a portfolio of low-cost, long-life assets, including a gold stream on Vale's Salobo mine, and a silver stream on Newmont's Peñasquito mine.

VISION

To be the world's premier precious metals investment vehicle.

MANDATE

To deliver value through streaming to all of our stakeholders:

to our Shareholders, by delivering low risk, high quality, diversified exposure and growth optionality to precious metals;

to our Partners, by crystallizing value for precious metals yet to be produced; and

to our Neighbours, by promoting responsible mining practices and supporting the communities in which we live and operate.

UNIQUE BUSINESS MODEL

Our unique business model creates significant shareholder value by providing:

Leverage to increases in the price of precious metals;

Additional growth through the acquisition of new streams;

A dividend yield, which has the potential to grow over time; and,

Participation in the exploration and expansion success of the mines underlying our current agreements.

Wheaton offers these benefits while at the same time reduces many of the downside risks faced by traditional mining companies. In particular, Wheaton offers its investors both capital and operating cost predictability. Other than its initial upfront payment, Wheaton typically has no ongoing capital or exploration costs.

The Company has an experienced management team with a strong track record of success and is well positioned for further growth.

The Company has an experienced management team with a strong track record of success and is well positioned for further growth.

https://www.wheatonpm.com/Company/company-profile/default.aspx

WHEATON PRECIOUS METALS ANNOUNCES 2023 PRODUCTION AND SALES RESULTS AND FORECASTS 40% GROWTH IN THE NEXT FIVE YEARS

February 20, 2024

VANCOUVER, BC, Feb. 20, 2024 /CNW/ - "In 2023, the importance of our diversified portfolio of high-quality, low-cost assets was underscored by Wheaton's ability to meet its annual production guidance, well within the projected range for the year, as strong outperformances by Salobo and Constancia offset headwinds faced by other assets. Moreover, in 2023, we expanded our portfolio by securing agreements for eight development assets, further enhancing our production profile and contributing to our five-year growth profile of 40%," said Randy Smallwood, President and Chief Executive Officer of Wheaton Precious Metals. "While our projected 2024 production is consistent with levels attained in 2023, we anticipate growth in the near-term as several assets are slated to commence operations by year-end, with the expanded range in our 2024 guidance accommodating the typical variability associated with development project ramp-ups.

As the premier streaming company with the highest proportion of revenue stemming from precious metals, we consider Wheaton to be the best investment vehicle available to gain long term exposure to precious metals. In addition, with the strength of our balance sheet combined with the demand for streaming capital, we believe Wheaton is strategically positioned to further enhance its industry-leading growth profile."

Wheaton Precious Metals[TM] Corp. ("Wheaton" or the "Company") will provide full production and financial details with the release of its 2023 fourth quarter and full year results on Thursday, March 14, 2024, after market close.

2023 Attributable Production and Sales

In 2023, gold equivalent production came within 2% of the mid-point of the guidance range, primarily as a result of stronger than expected production at Salobo due to higher throughput as the Salobo III expansion project ramped up, and higher grades at Constancia from the mining of the high-grade zones of the Pampacancha deposit. These outperformances were partially offset by lower production from Peñasquito due to the temporary suspension of the mine resulting from a labour dispute lasting from June 7, 2023 to October 13, 2023, the suspension of operations at Minto beginning May 13, 2023, and the halting of production at Aljustrel beginning September 24, 2023.

2024 Production Outlook

In 2024, GEO3 production is forecast to be consistent with levels achieved in 2023, as expected stronger attributable production from Peñasquito and Voisey's Bay is forecast to be offset by lower production from Salobo, the suspension of operations at Minto, and the temporary halting of production at Aljustrel. Attributable production is forecast to increase at Peñasquito as a result of uninterrupted operations, and at Voisey's Bay due to the ongoing transition from the Ovoid pit to the underground mines. Attributable production is forecast to decrease slightly at Salobo due to lower grades as per the mine plan, which are expected to partially offset increasing throughput as the Salobo III expansion project continues toward completion. In addition, the Company anticipates production from the Blackwater and Platreef Projects to commence in the fourth quarter of 2024.

On May 13, 2023, it was announced that operations at the Minto Mine had been suspended, and the Yukon Government had assumed care and control of the site. On September 12, 2023, it was announced that as a result of low zinc prices, the production of zinc and lead concentrates at the Aljustrel Mine would be halted from September 24, 2023, until the second quarter of 2025. Combined, the removal of production from Minto and Aljustrel accounts for a 25,000 GEO3 reduction in 2024 production guidance.

Long-Term Production Outlook

Production is forecast to increase by approximately 40% over the next five years to over 800,000 GEOs3,4 by 2028, primarily due to growth from Operating assets including Salobo, Antamina, Peñasquito, Voisey's Bay and Marmato; Development projects which are in-construction and/or permitted including Platreef, Blackwater, Goose, Mineral Park, Fenix and Santo Domingo; and Pre-development projects including Curipamba, Marathon and Copper World, for which production is anticipated towards the latter end of the five-year forecast period.

From 2029 to 2033, attributable production is forecast to average over 850,000 GEOs3,4 in the five-year period and incorporates additional incremental production from pre-development assets including the Cangrejos, Kudz ze Kayah, Curraghinalt, Victor, Toroparu and Kutcho projects, in addition to the Brewery Creek, Black Pine and Mt. Todd royalties.

Not included in Wheaton's long-term forecast and instead classified as 'optionality', includes potential future production from Pascua Lama, Navidad, Cotabambas, Metates and additional expansions at Salobo outside of the Salobo III mine expansion project.

For the full release, see:

https://www.wheatonpm.com/news/pressreleases/News-Releases-Details/2024/Wheaton-Precious-Metals-Announces-2023-Production-and-Sales-Results-and-Forecasts-40-Growth-in-the-Next-Five-Years/default.aspx

ACQ_REF: IS/42726/20240402/CAN/14/8

ACQ_AUTHOR: Senior Associate/Theadore Leighton Manjah