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Ferroglobe Reports Results for First Quarter of 2018

  • Sales of $560.7 million, an increase of 19.8% from $468.2 million in Q4 2017
  • Net profit of $35.6 million, or $0.21 on a fully diluted per share basis, up from a net profit of $6.3 million, or  $0.04 per share, in the prior quarter. Adjusted net profit of $33.3 million, or $0.19 on a fully diluted per share basis, compared to a net profit of $8.1 million, or $0.05 on a fully diluted per share basis, in the prior quarter
  • Reported EBITDA of $93.5 million, an increase of 321.2% compared to reported EBITDA of $22.2 million in Q4 2017
  • Adjusted EBITDA of $89.6 million, an increase of 66.9% compared to $53.7 million adjusted EBITDA in Q4 2017
  • The Board decided to reinstate the dividend with an interim payment of $0.06 per share with a record date of June 8, 2018 and a payment date of June 29, 2018

LONDON, May 21, 2018 (GLOBE NEWSWIRE) -- Ferroglobe PLC (NASDAQ:GSM), the world’s leading producer of silicon metal, and a leading silicon- and manganese-based specialty alloys producer, today announced results for the first quarter of 2018.

In Q1 2018, Ferroglobe posted a net profit of $35.6 million, or $0.21 per share on a fully diluted basis. On an adjusted basis, Q1 2018 net profit was $33.3 million, or $0.19 per share on a fully diluted basis.

Q1 2018 reported EBITDA was $93.5 million, up from $22.2 million in the prior quarter. On an adjusted basis, Q1 2018 EBITDA was $89.6 million, up 66.9% from Q4 2017 adjusted EBITDA of $53.7 million. The Company reported adjusted EBITDA margins of 16.0% for Q1 2018, compared to adjusted EBITDA margins of 11.5% for Q4 2017.

Sales in Q1 2018 totaled $560.7 million, up 19.8% from $468.2 million in Q4 2017. Selling prices for Ferroglobe’s key products continued to improve over the course of the quarter across both the U.S. and Europe:

  • The average selling price for silicon metal increased by 13.2% to $2,762/MT in Q1 2018, as compared to $2,440/MT in Q4 2017;
  • The average selling price for silicon-based alloys increased by 12.3% to $1,956/MT in Q1 2018, as compared to $1,741/MT in Q4 2017; and
  • The average selling price for manganese-based alloys increased by 2.2% to $1,375/MT in Q1 2018, as compared to $1,346/MT in Q4 2017.

In addition to improved pricing, the Company saw solid demand across its key products. In terms of sales volumes, silicon metal experienced a 9.3% increase quarter-over-quarter, silicon-based alloys experienced a 8.4% increase quarter-over-quarter, while manganese-based alloys experienced a 1.7% decrease quarter-over-quarter. Note that the acquisition of the two manganese-based alloys production plants (at Dunkirk and Mo i Rana) was completed on February 1, 2018. All inventory of finished product at that date was retained by the party from whom the plants were acquired; sales and volumes of product produced after that date will be shown in the Company’s results for the second quarter of 2018.


  Quarter Ended Quarter Ended Quarter Ended Year Ended 
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017 
Shipments in metric tons:             
Silicon Metal    91,615    83,785    75,753    325,884 
Silicon-based Alloys    76,328    70,399    75,386    283,021 
Manganese-based Alloys    71,176    72,374    63,700    274,119 
Total shipments*    239,119    226,558    214,839    883,024 
              
  Quarter Ended Quarter Ended Quarter Ended Year Ended 
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017 
Average selling price ($/MT):             
Silicon Metal $  2,762 $  2,440 $  2,080 $  2,270 
Silicon-based Alloys $  1,956 $  1,741 $  1,473 $  1,608 
Manganese-based Alloys $  1,375 $  1,346 $  1,298 $  1,327 
Total* $  2,092 $  1,873 $  1,635 $  1,765 
              
  Quarter Ended Quarter Ended Quarter Ended Year Ended 
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017 
Average selling price ($/lb.):             
Silicon Metal $  1.25 $  1.11 $  0.94 $  1.03 
Silicon-based Alloys $  0.89 $  0.79 $  0.67 $  0.73 
Manganese-based Alloys $  0.62 $  0.61 $  0.59 $  0.60 
Total* $  0.95 $  0.85 $  0.74 $  0.80 
__________________________             
* Excludes by-products and other             
              

“First quarter results reflect the strong fundamentals of our Company and of the markets we are serving. We have significantly increased volumes in most of our products and the newly acquired assets will start to contribute to our shipment volumes and financials in Q2. All of our end markets are showing strong demand and high capacity utilizations,” said Pedro Larrea, CEO of Ferroglobe. “Prices in all of our products have continued to increase, and supply/demand dynamics in our industry provide a good support for continued healthy pricing levels.”

Cash flow generation affected by acquisition of new assets

Working capital increased by $57.5 million during the period. The new assets acquired from Glencore AG on February 1, 2018 have contributed $55.5 million to this working capital increase.

Ferroglobe continued to generate positive cash flows. During the first quarter, cash flows used for operations was $20.4 million.  Excluding the cash flows related to Glencore AG, the Company generated operating cash flows of $35.5 million.

Ferroglobe’s net debt was $449.3 million as of  March 31, 2018, up from $386.9 million as of  December 31, 2017.  The increase in net debt is mainly due to the $55.5 million working capital increase from the  acquisition of the new assets from Glencore AG on February 1, 2018, including the build-up of  inventories of raw materials (mostly manganese ore) and finished goods (ferromanganese and silicomanganese) of the new plants. Excluding the impact of the Glencore AG acquisition, net debt increased by $6.6 million as compared to December 31, 2017.  Net of one-off items, the Company generated over $35 million of cash during Q1.

The Company has decided to reinstate a dividend payment

The Board of Ferroglobe has decided to declare an interim dividend of $0.06 per share, reflecting the confidence in the underlying strength of the business and the Company’s long-term outlook.  The dividend will have a record date of June 8, 2018 and a payment date of June 29, 2018.

About the Board’s decision, Javier López Madrid, Executive Chairman of Ferroglobe, said, “As we balance our capital allocation alternatives, we believe this level of dividend is an effective way of returning value to shareholders, while continuing to focus on strengthening our balance sheet.”

Adjusted EBITDA:

         
  Quarter Ended Quarter Ended Quarter Ended Year Ended
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017
Profit (loss) attributable to the parent $  36,680   $  6,364   $  (6,554) $  (678)
Loss attributable to non-controlling interest    (1,066)    (84)    (1,561)    (5,144)
Income tax (benefit) expense    15,668     (26,022)    (1,214)    (14,821)
Net finance expense    13,156     19,659     12,970     61,704 
Financial derivatives loss    1,765     956     —     6,850 
Exchange differences    (729)    (2,500)    20     (8,214)
Depreciation and amortization charges, operating allowances and write-downs    28,016     23,830     27,222     104,529 
EBITDA    93,490      22,203      30,883      144,226  
Non-controlling interest settlement    —     —     —     1,751 
Power credit    —     —     —     (3,696)
Long lived asset charge due to reclassification of discontinued operations to
continuing operations
    —     —     —     2,608 
Accrual of contingent liabilities    —     6,044     —     12,444 
Impairment loss    —     30,618     —     30,618 
Business interruption    —     —     —     (1,980)
Revaluation of biological assets    —     (5,195)    —     (5,195)
Step-up valuation adjustment    —     —     —     3,757 
Share-based compensation    (3,886)    —     —     — 
Adjusted EBITDA $  89,604   $  53,670   $  30,883   $  184,533  
             


Adjusted profit (loss) attributable to Ferroglobe:


         
  Quarter Ended Quarter Ended Quarter Ended Year Ended
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017
Profit (loss) attributable to the parent $  36,680   $  6,364   $  (6,554) $  (678)
Tax rate adjustment    (742)    (19,705)    1,771     (8,215)
Non-controlling interest settlement    —     —     —     1,191 
Power credit    —     —     —     (2,513)
Long lived asset charge due to reclassification of discontinued operations to
continuing operations
    —     —     —     1,773 
Accrual of contingent liabilities    —     4,110     —     8,462 
Impairment loss    —     20,820     —     20,820 
Business interruption    —     —     —     (1,346)
Revaluation of biological assets    —     (3,533)    —     (3,533)
Step-up valuation adjustment    —     —     —     2,555 
Share-based compensation    (2,642)    —     —     — 
Adjusted profit (loss) attributable to the parent $  33,296   $  8,056   $  (4,783) $  18,516  
             

 

Adjusted diluted profit (loss) per share:


           
  Quarter Ended  Quarter Ended Quarter Ended Year Ended 
  March 31, 2018 December 31, 2017 March 31, 2017 December 31, 2017 
Diluted profit (loss) per ordinary share $  0.21   $  0.04   $  (0.04) $    
Tax rate adjustment    —     (0.11)    0.01     (0.05) 
Non-controlling interest settlement    —     —     —     0.01  
Power credit    —     —     —     (0.01) 
Long lived asset charge due to reclassification of discontinued operations to continuing operations    —     —     —     0.01  
Accrual of contingent liabilities    —     0.02     —     0.05  
Impairment loss    —     0.12     —     0.12  
Business interruption    —     —     —     (0.01) 
Revaluation of biological assets    —     (0.02)    —     (0.02) 
Step-up valuation adjustment    —     —     —     0.01  
Share-based compensation    (0.02)    —     —     —  
Adjusted diluted profit (loss) per ordinary share $  0.19   $  0.05   $  (0.03) $  0.11   
              

Conference Call

Ferroglobe will review the first quarter results of 2018 during a conference call at 9:00 a.m. Eastern Time on Tuesday, May 22, 2018.

The dial-in number for the call for participants in the United States is 877‑293‑5491 (conference ID 7495697). International callers should dial +1 914‑495‑8526 (conference ID 7495697). Please dial in at least five minutes prior to the call to register. The call may also be accessed via an audio webcast available at https://edge.media-server.com/m6/p/8pjs2qum

About Ferroglobe

Ferroglobe PLC is one of the world’s leading suppliers of silicon metal, silicon-based specialty alloys, and ferroalloys serving a customer base across the globe in dynamic and fast-growing end markets, such as solar, automotive, consumer products, construction and energy. The Company is based in London. For more information, visit http://investor.ferroglobe.com.

Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of U.S. securities laws. Forward-looking statements are not historical facts but are based on certain assumptions of management and describe the Company’s future plans, strategies and expectations. Forward-looking statements often use forward-looking terminology, including words such as "anticipate", "believe", "could", "estimate", "expect", "forecast", "guidance", "intends", "likely", "may", "plan", "potential", "predicts", "seek", "will" and  words of similar meaning or the negative thereof.

Forward-looking statements contained in this press release are based on information currently available to the Company and assumptions that management believe to be reasonable, but are inherently uncertain. As a result, Ferroglobe’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements, which are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control.

Forward-looking financial information and other metrics presented herein represent the Company’s goals and are not intended as guidance or projections for the periods presented herein or any future periods.

All information in this press release is as of the date of its release. Ferroglobe does not undertake any obligation to update publicly any of the forward-looking statements contained herein to reflect new information, events or circumstances arising after the date of this press release. You should not place undue reliance on any forward-looking statements, which are made only as of the date of this press release.

Non-IFRS Measures

EBITDA, adjusted EBITDA, adjusted diluted profit (loss) per ordinary share and adjusted profit (loss) attributable to the parent are, we believe, pertinent non-IFRS financial metrics that Ferroglobe utilizes to measure its success.

Ferroglobe has included these financial metrics to provide supplemental measures of its performance. The Company believes these metrics are important because they eliminate items that have less bearing on the Company’s current and future operating performance and highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS financial measures.

INVESTOR CONTACT:
Ferroglobe PLC
Joe Ragan, US: +1 917 2098581, UK: +44 (0) 7827 227 688
Chief Financial Officer
Email: jragan@ferroglobe.com


  
Ferroglobe PLC and Subsidiaries 
Unaudited Condensed Consolidated Income Statement 
(in thousands of U.S. dollars, except per share amounts) 
              
  Quarter Ended
March 31, 2018
 Quarter Ended
December 31, 2017
 Quarter Ended
March 31, 2017
 Year Ended
December 31, 2017
 
Sales $  560,704  $  468,218  $  396,037  $  1,741,693  
Cost of sales    (320,678)    (284,614)    (241,138)    (1,043,395) 
Other operating income    6,786     5,158     1,629     18,199  
Staff costs    (82,423)    (87,127)    (66,485)    (301,963) 
Other operating expense    (70,862)    (55,052)    (60,124)    (239,926) 
Depreciation and amortization charges, operating allowances
and write-downs
    (28,016)    (23,830)    (27,222)    (104,529) 
Impairment losses    —     (30,859)    —     (30,957) 
Other (loss) gain    (37)    6,479     964     575  
Operating profit (loss)    65,474      (1,627)    3,661      39,697   
Finance income    4,445     2,493     795     3,708  
Finance expense    (17,601)    (22,152)    (13,765)    (65,412) 
Financial derivatives loss    (1,765)    (956)    —     (6,850) 
Exchange differences    729     2,500     (20)    8,214  
Profit (loss) before tax    51,282      (19,742)    (9,329)    (20,643) 
Income tax (expense) benefit    (15,668)    26,022     1,214     14,821  
Profit (loss) for the period    35,614      6,280      (8,115)    (5,822) 
Loss attributable to non-controlling interest    1,066     84     1,561     5,144  
Profit (loss) attributable to the parent $  36,680   $  6,364   $  (6,554) $  (678) 
              
              
EBITDA $  93,490  $  22,203  $  30,883  $  144,226  
Adjusted EBITDA $  89,604  $  53,670  $  30,883  $  184,533  
              
Weighted average shares outstanding             
Basic    171,977     171,953     171,838     171,949  
Diluted    172,215     172,128     171,838     171,949  
              
Profit (loss) per ordinary share             
Basic $  0.21  $  0.04  $  (0.04) $  —  
Diluted $  0.21  $  0.04  $  (0.04) $  —  
              

 

 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Financial Position
(in thousands of U.S. dollars)
         
 March 31,  December 31,  March 31,
 2018  2017  2017
ASSETS
Non-current assets        
Goodwill$  204,537 $  205,287 $  230,733
Other intangible assets   61,774    58,658    56,854
Property, plant and equipment   980,101    917,974    790,501
Non-current financial assets    147,744    89,315    5,967
Deferred tax assets   6,581    5,273    47,768
Non-current receivables from related parties   2,464    2,400    2,139
Other non-current assets   32,125    30,059    20,892
Total non-current assets   1,435,326     1,308,966     1,154,854
Current assets        
Inventories   493,108    361,231    312,757
Trade and other receivables   142,641    111,463    214,738
Current receivables from related parties   8,841    4,572    5,576
Current income tax assets   6,524    17,158    16,614
Current financial assets   897    2,469    3,640
Other current assets   16,095    9,926    10,703
Cash and cash equivalents   197,669    184,472    172,647
Assets and disposal groups classified as held for sale   —    —    120,094
Total current assets   865,775     691,291     856,769
Total assets$  2,301,101  $  2,000,257  $  2,011,623
         
EQUITY AND LIABILITIES
Equity$  979,504  $  937,758  $  902,872
Non-current liabilities        
Deferred income   7,321    3,172    3,656
Provisions   82,957    82,397    83,993
Bank borrowings   71,242    —    78,123
Obligations under finance leases   68,101    69,713    1,906
Debt instruments    341,036    339,332    339,693
Other financial liabilities   58,288    49,011    86,962
Other non-current liabilities   64,457    3,536    2,317
Deferred tax liabilities   64,733    65,142    132,753
Total non-current liabilities   758,135     612,303     729,403
Current liabilities        
Provisions   30,162    33,095    11,915
Bank borrowings   850    1,003    1,545
Obligations under finance leases   13,478    12,920    586
Debt instruments    2,735    10,938    4,156
Other financial liabilities   91,243    88,420    1,616
Payables to related parties   10,671    12,973    10,283
Trade and other payables   298,438    192,859    177,015
Current income tax liabilities   5,889    7,419    3,616
Other current liabilities   109,996    90,569    63,346
Liabilities associated with assets classified as held for sale   —    —    105,270
Total current liabilities   563,462     450,196     379,348
Total equity and liabilities$  2,301,101  $  2,000,257  $  2,011,623
         

  

 
Ferroglobe PLC and Subsidiaries
Unaudited Condensed Consolidated Statement of Cash Flows 
(in thousands of U.S. dollars) 
            
  Quarter Ended
March 31, 2018
   Quarter Ended
March 31, 2017
   Year Ended
December 31, 2017
 
Cash flows from operating activities:           
Profit (loss) for the period$35,614  $  (8,115) $  (5,822)
Adjustments to reconcile net profit (loss) to net cash (used) provided by operating activities:           
Income tax expense (benefit) 15,668     (1,214)    (14,821)
Depreciation and amortization charges, operating allowances and write-downs 28,016     27,222     104,529 
Finance income (4,445)    (795)    (3,708)
Finance expense 17,601     13,765     65,412 
Financial derivatives loss 1,765     —     6,850 
Exchange differences (729)    20     (8,214)
Impairment losses   —     —     30,957 
(Gain) loss on disposals of non-current and financial assets   —   (558)    4,316 
Share-based compensation   699     —     2,405 
Other adjustments   37   (406)    (4,891)
Changes in operating assets and liabilities           
(Increase) decrease in inventories   (107,481)  7,108     (16,274)
(Increase) decrease in trade receivables   (513)  3,765     50,168 
Increase in trade payables   70,375   18,156     17,613 
Other   (49,770)  (34,545)    (12,251)
Income taxes paid   (9,982)  (2,297)    (26,764)
Interest paid   (17,301)  (9,729)    (39,130)
Net cash (used) provided by operating activities (20,446)  12,377     150,375 
Cash flows from investing activities:           
Payments due to investments:           
Other intangible assets (703  (410  (811
Property, plant and equipment (22,531)  (12,362)  (74,616)
Non-current financial assets  —   (14)  (343)
Disposals:           
Non-current financial assets   942     —     — 
Acquisition of subsidiary   (20,379)    —     — 
Interest and finance income received   3,147   353
     952 
Net cash used by investing activities   (39,524)  (12,433)    (74,818)
Cash flows from financing activities:           
Dividends paid   —     —     — 
Payment for debt issuance costs   (4,476)    (10,477)    (16,765)
Proceeds from debt issuance   —     350,000     350,000 
Increase/(decrease) in bank borrowings:           
Borrowings   182,364   31,425     31,455 
Payments   (106,514)  (372,380)    (453,948)
Proceeds from stock option exercises   —     —     180 
Other amounts paid due to financing activities   (2,987)  (7,211)    (24,319)
Net cash provided (used) by financing activities   68,387   (8,643)    (113,397)
Total net cash flows for the period 8,417   (8,699)    (37,840)
Beginning balance of cash and cash equivalents 184,472   196,982     196,982 
Exchange differences on cash and cash equivalents in foreign currencies   4,780   4,748     25,330 
Ending balance of cash and cash equivalents$197,669  $193,031  $  184,472 
            

Kilimapesa Processing Plant Update

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
21 May 2018
Goldplat plc ('Goldplat' or 'the Company')
Kilimapesa Processing Plant Update

Goldplat plc, the AIM listed gold producer with international gold recovery operations based in South Africa and Ghana and a gold mine in Kenya, is pleased to announce that following the successful installation and subsequent "Stage 2" expansion of a new processing plant at the Company's Kilimapesa Gold Mine in Kenya, the new plant is now processing at a rate of circa 5,000 tonnes per month and as a result, and in line with previously announced plans, the incumbent plant, Plant 1, will be closed. This major step forward will reduce overall production costs, allow gold recovery to be optimised and increase the life of the mine.

Without the economies of scale provided by Plant 2, the higher cost of production at Plant 1 requires a comparatively higher feed grade to make a contribution to the overall operation. The fine material currently being processed through Plant 1 will be sent to Plant 2, where it will be processed directly through the classifier and the cyclone, bypassing the milling process, and increasing throughput with an overall improvement in the margin per ounce recovered. 

Further cost savings will also be achieved through the restructuring of labour, although the closure of Plant 1 will not result in a significant reduction in labour numbers as employees will be re-assigned to other positions at Plant 2 and at the mine where possible.

The previously reported planned Stage 3 expansion at Plant 2 will be undertaken on a modular basis, as and when finances allow.  The planned Stage 3 expansion will include:

  • an additional thickener and CIL tanks will be erected, to further optimise recovery efficiencies;
  • a second mill (already purchased and onsite) will be installed, initially as a spare, and in production when downstream capacity is increased; and
  • a more cost-effective tailings dam layout will be constructed.

The closure of Plant 1 will initially result in a reduction in production during the last quarter with gold production for the year expected to be slightly below 5,000 ounces.  Management however believe that the changes in production will positively impact profitability at Kilimapesa that will be reflected in the results for the quarter, due to the lower production costs per ounce at Plant 2.

These changes in Kilimapesa's production profile are not expected to have a material impact on market forecasts for the Company's profitability for the financial year to 30 June 2018.

Gerard Kisbey-Green, CEO of Goldplat plc, said: "Our commitment and focus at Kilimapesa and indeed our operations as a whole, is to build production output and profitability.  Having successfully executed a phased development plan to improve operational efficiencies at the mine by installing a new processing plant, we are delighted that Plant 2 is now established enough that we can continue running this plant as our sole processing facility.  This will have a positive effect on profitability and help ensure we operate a more robust operation moving forward."

** ENDS **

For further information visit www.goldplat.com, follow on Twitter @GoldPlatPlc or contact:

Gerard Kisbey-Green Goldplat plc
(CEO)
Tel: +27 (71) 8915775
Colin Aaronson / Jen Clarke Grant Thornton UK LLP
(Nominated Adviser)
Tel: +44 (0) 20 7383 5100
James Joyce / Jessica Cave WH Ireland Limited
(Broker)
Tel: +44 (0) 207 220 1666
Charlotte Page / Susie Geliher St Brides Partners Ltd
(Financial PR)
Tel: +44 (0) 20 7236 1177

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Goldplat                                                                                               
Goldplat plc is an AIM quoted gold producer with two market leading recovery operations in South Africa and Ghana and an operational gold mine in Kenya.   The Company produced 42,857 ounces of gold during FY 2017, with 40,285 gold equivalent ounces sold and transferred, resulting in an operating profit from continuing operations of £2.9m for the year.  This result does not benefit from the increased processing capacity that was achieved at the Kilimapesa Gold Mine towards the end of FY 2017, with operational profitability achieved during last two months of FY 2017.  Accordingly, the Company believes it is well placed to build upon production and profitability during FY 2018.

The Company's strategy is focussed on utilising cash flow generated from its flagship gold recovery and mining operations to self-fund the sustainable growth and expansion of its niche gold recovery business model internationally. The Company is also committed to increasing its primary mining production output through acquisition / gaining interests in producing or near-production assets, preferably in Africa.  Goldplat retains exposure to a small exploration project in Ghana, in which Ashanti Gold Corp. is earning an interest via an earn-in option agreement.

New Jersey Mining Company Sells Its Toboggan Project to Hecla Mining Company for $3-Million

COEUR D'ALENE, Idaho, May 21, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has sold its Toboggan project to Hecla Silver Valley, a wholly-owned subsidiary of Hecla Mining Company (NYSE:HL) (“Hecla”) for $3-million cash.

New Jersey’s Toboggan property sold to Hecla Silver Valley was comprised of the surface rights to the Little Baldy patented claims and 106 unpatented mining claims totaling more than 2,100 acres along a northwest-trending lineament of gold in quartz vein prospects within North Idaho’s Murray Gold Belt. The property is located three miles north of NJMC’s Golden Chest Mine, which is currently producing gold from both open pit and underground operations.

The Toboggan project was a joint venture between Newmont Mining Company and NJMC for the 2008 through 2010 exploration seasons, during which Newmont explored and analyzed multiple prospects. The entire data base generated by Newmont and NJMC was included in the sale to Hecla Silver Valley.

In addition to the monetary consideration, the sale terms include the establishment of a defined “Area of Interest” surrounding the Toboggan project, and within the Toboggan Trend. NJMC also retains a 2-percent Net Smelter Returns (NSR) royalty on the Toboggan property, of which Hecla Silver Valley has the right to buy back 1-percent for $1-million.

Hecla also participated in a private placement, purchasing $500,000 of restricted NJMC common stock for $0.13 per unit, with a unit comprised of one share of common stock and a half warrant. Each full warrant allows for the purchase of one share of common stock for $0.22 per share and expires three years from the date of participation.

NJMC CEO and President John Swallow stated, “We view this transaction as a win-win not only for Hecla and New Jersey, but also for the Murray Gold Belt and the future of the district.  This transaction is a testament to the long-term diligence of our team and the potential of the Murray Gold Belt.  We welcome Hecla as a fellow regional landholder and as a NJMC shareholder.”

NJMC controls more than 3,500 acres along the Murray Gold Belt – including the producing Golden Chest Mine. Gold was first discovered in the Coeur d’Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC and its redevelopment of the Golden Chest Mine.

About New Jersey Mining Company

New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, developed with more than $50-million by NJMC and other companies. The Company’s objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 17-percent of NJMC common stock.

The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC.”

For more information on New Jersey Mining Company go to www.newjerseymining.com or call:

Monique Hayes, Corporate Secretary/Investor Relations
Email: monique@newjerseymining.com
(208) 625-9001

Forward Looking Statements

This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such factors include, among others, the potential of the Murray Gold Belt or the Company’s plans to expand future exploration and resource development, the risk that the mine plan changes due to rising costs or other operational details, the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise

Invitation to UPM's Capital Markets Day and webcast

(UPM, Helsinki, 21 May 2018 at 15:30 EET) - UPM will arrange a Capital Markets Day for investors and analysts in London on Thursday, 31 May, 2018. Participants of the event will meet the members of UPM executive team and have the opportunity to hear their views and discuss UPM's strategy, business portfolio, performance, growth opportunities and innovation.

Participants are kindly asked to register for the event by email, address ir@upm.com.

A live webcast of the presentations will be available via UPM's web site, starting at 10:00 am local time. Recordings of the presentations will be posted on the UPM web site after the event.

Timetable of the Capital Markets Day (local time):
At 09:30 - 10:00 Registration and coffee
At 10:00 - 14:00 Presentations 
At 14:00 - 15:00 Lunch

The venue of the event:
Landing Forty Two
The Leadenhall Building
122 Leadenhall Street
London EC3V 4AB
United Kingdom

For further information, please contact:
Aija Syvänen, UPM Investor Relations, Tel. +358 (0) 20 415 0033, email: aija.syvanen@upm.com

UPM, Investor Relations
Mon-Fri from 9:00 to 16:00 EET
tel. +358 20 415 0033
ir@upm.com

UPM, Media Relations
9.00-16.00 EET
tel. +358 40 588 3284
media@upm.com

UPM
UPM leads the forest-based bioindustry into a sustainable, innovation-driven and exciting future across six business areas: UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. UPM provides sustainable and safe solutions to the growing global consumption. Products are made of renewable and recyclable materials. The group employs around 19,100 people worldwide and its annual sales are approximately EUR 10 billion. UPM shares are listed on NASDAQ OMX Helsinki. UPM - The Biofore Company - www.upm.com

Follow UPM on Twitter | LinkedIn | Facebook | YouTube | Instagram | upmbiofore.com

A-Mark Precious Metals Sets Financial Conference Schedule for May and June 2018

EL SEGUNDO, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ:AMRK), a full-service precious metals trading company and an official distributor for all the major sovereign mints, is scheduled to participate at the following financial conferences during May and June:

19th Annual B. Riley FBR Institutional Investor Conference
Thursday, May 24, 2018 at 2:00 p.m. Pacific time
Loews Santa Monica Beach Hotel in Santa Monica, CA

8th Annual LD Micro Invitational
Tuesday, June 5, 2018 at 1:30 p.m. Pacific time
Luxe Sunset Boulevard Hotel in Los Angeles, CA
Webcast

For additional information or to schedule a one-on-one meeting with A-Mark management, please contact Liolios Group at (949) 574-3860.

About A-Mark Precious Metals
A-Mark Precious Metals, Inc. is a full-service precious metals trading company and an official distributor for many government mints throughout the world. The company offers gold, silver, platinum and palladium in the form of bars, plates, powder, wafers, grain, ingots and coins. Its Industrial unit services manufacturers and fabricators of products utilizing or incorporating precious metals, while its Coin & Bar unit deals in over 200 coin and bar products in a variety of weights, shapes and sizes for distribution to dealers and other qualified purchasers. The company operates trading centers in El Segundo, California, and Vienna, Austria, for buying and selling precious metals.

In addition to wholesale and trading activity, A-Mark offers customers a variety of services, including financing, consignment and various customized financial programs. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including in Australia, Austria, Canada, China, Mexico and South Africa. Customers of A-Mark include mints, manufacturers and fabricators, refiners, coin and metal dealers, banks and other financial institutions, jewelers, investors and collectors. For more information about A-Mark Precious Metals, visit www.amark.com

Through its subsidiary Collateral Finance Corporation, a licensed California Finance Lender, the company offers loans collateralized by numismatic and semi-numismatic coins and bullion to coin and metal dealers, investors and collectors. Through its Transcontinental Depository Services subsidiary, it offers a variety of managed storage options for precious metals products to financial institutions, dealers, investors and collectors around the world. Through its A-M Global Logistics subsidiary, the company provides its customers an array of complementary services, including storage, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Through its Goldline subsidiary, A-Mark sells precious metals directly to the global collector and investor community, while also acting as the exclusive supplier to Goldline. For more information, visit www.goldline.com.

A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint. SilverTowne Mint is a leading producer of fabricated silver bullion and specialty products. For more information about SilverTowne Mint, please visit www.silvertownemint.com

Company Contact:
Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
310-587-1414
thor@amark.com

Investor Relations Contact:
Matt Glover
Liolios Group, Inc.
949-574-3860
AMRK@liolios.com

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Metals and Mining Expert Corner - David Stein of Aerecura Capital Corp.

http://www.aerecuracapital.com/

Investorideas.com talks metals and mining with David Stein of Aerecura

David Stein

Aerecura Capital Corp Discusses the Mining Sector and Alternative Financing Options for Juniors

"2016 was an oasis year in what has been a long desert for financing junior miners" - David Stein, MSc., CFA

Full interview - read here

Mining Stocks Directory

Listed Mining Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges

Preview

49 North Resources Inc. ( TSX:FNR.V ) is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies.

A-Cap Resources ( ASX:ACB.AX ) engages in the exploration of mineral properties primarily in Australia and Africa. It principally explores for uranium.Through A-Cap’s extensive exploration program it has achieved its goal of becoming the first company to produce a compliant resource in Botswana from the Letlhakane and Serule Projects. The Company firmly believes that as further exploration dollars are spent in Botswana it will become a significant contributor to the world uranium inventory.

Abacus Mining & Exploration ( TSX:AME.V ) is an exploration and mine development company with a 43-101 compliant positive preliminary economic assessment report (June 22, 2009) for its Ajax copper-gold project located 10 km southwest of Kamloops, British Columbia. Sensitivity analyses therein indicate a NPV of $1.46 billion discounted 8% over a 23 year mine life, with an IRR of 35.4%, cash costs of $0.90 per pound copper, and payback of 2.0 years using metal prices approximating US$3.00 per pound copper and US$1,000 per ounce gold. The Ajax extension remains open along strike and at depth. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Abbastar Resources Corp . ( TSX:ABA.V ) is an aggressive junior exploration company focused on identifying high potential gold deposits in politically stable, mining friendly districts. Abbastar's present focus is its high-grade Talbot Lake project, located within the world-renowned gold producing region, the Uchi Subprovince of North Western Ontario, Canada.

Abcourt Mines ( TSX:ABI.V ; OTCPK:ABMBF ) is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder Mine with 43-101 gold resources, the Abcourt-Barvue Project with 43-101 silver-zinc ore reserves and resources and the Aldermac property with historical copper-zinc resources are all former producers. Abcourt is now focused on bringing the Elder and Abcourt-Barvue projects back into production with Elder as the first priority. At the same time the company is working on other projects (Aldermac, Jonpol and Vendome) to increase its mineral resources inventory. A 43-101 resource calculation was completed in July, 2009, for the Elder Mine. A positive 43-101 feasibility study was completed by GENIVAR in 2007 on the Abcourt-Barvue Project. In addition, mill equipment was purchased.

Aberdeen International ( OTCPK:AABVF ) is a publicly-traded global resource investment and merchant banking company focused on small cap companies in the Resource sector. We have a highly Experienced Management Team with a Global network to generate deal flow. Our Team has raised and financed over $1 Billion in the last five years in the Mining and Resource sector

Abington Resources Ltd. ( TSX:ABL.V ) is engaged in the acquisition, exploration, development and production of precious metals and natural resources.

Abitex Resources Inc. ( TSX:ABE.V ) is an exploration company based in Val d'Or, Quebec which is focused on acquiring and advancing uranium properties in Quebec.

ABM Resources Ltd ( ASX:ABU.AX ) explores for various mineral properties, principally gold, uranium, zinc, lead, and copper in Australia, Mozambique, and Zambia. Its principal properties include Mimosa gold property in Mozambique; Broads Dam, Erayinia, Gascoyne, and Harbutt Range properties in Western Australia; and Myunga and Kandole Hill copper and gold properties in Zambia.

Abzu Gold Ltd. ( TSX:ABS.V ) is a gold exploration and development company working in Ghana, Africa's 2nd largest gold producer and host to some of the world's largest gold deposits. Ghana has strong land title laws and is one of the world's most mining-friendly jurisdictions. Abzu has invested several years developing local and national relationships, key to its strategic land position on over 360 square kilometres of highly sought after and productive gold belts.

See the full stock directory here

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Direxion Daily Gold Miners Bear 2x Shares ETF (DUST)

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Global X Aluminum ETF (ALUM)

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Global X Gold Explorers ETF (GLDX)

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Market Vectors Gold Miners ETF (GDX)

Market Vectors Junior Gold Miners ETF (GDXJ)

Market Vectors Rare Earth/Strategic Metals ETF (REMX)

BMO Junior Gold Index ETF (ZJG-TSX)

Claymore S&P/TSX Global Mining ETF (CMW-TSX)

Horizons BetaPro S&P/TSX Global Gold Bear Plus ETF (HGD-TSX)

Horizons BetaPro S&P/TSX Global Gold Bull Plus ETF (HGU-TSX)

Horizons BetaPro S&P/TSX Global Mining Bear Plus ETF (HMD-TSX)

Horizons BetaPro S&P/TSX Global Mining Bull Plus ETF (HMU-TSX)

iShares CDN Gold Sector Index Fund (XGD-TSX)

sPDR S&P Metals and Mining ETF (XME)

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ETFX Russell Global Gold Mining ETF (AUCO-LSE)

ETFX Russell Global Gold Mining Fund (Sterling) (AUCP-LSE)