09:01 PM EDT, 08/13/2024 (MT Newswires) -- Franco-Nevada (TSX...

09:01 PM EDT, 08/13/2024 (MT Newswires) -- Franco-Nevada (TSX and NYSE: FNV) reported US$144.9 million in Adjusted Net Income, or $0.75 per share, for the second quarter -- a decrease of 21%. "Franco-Nevada benefited from record gold prices in the quarter and realized higher revenues and cash from operations compared to Q1 2024," said Paul Brink, CEO. "However, our year over year results were lower without the contribution from Cobre Panama and due to lower production at Candelaria and Antapaccay. Results for the second quarter include a catch-up of higher tax rates due to tax measures enacted in response to the OECD's Global Minimum Tax initiative. In the second half of the year, we expect stronger contributions from Candelaria and growing contributions from Tocantinzinho, Greenstone and Salares Norte which have all recently commenced production. We expect to be at the lower end of our GEO guidance range, taking into account lower relative prices from our other commodities. We are pleased to have added two potentially long-life assets to the portfolio subsequent to the quarter: a gold stream on SolGold's Cascabel copper-gold development project in Ecuador and an existing royalty on Newmont's Yanacocha operations in Peru."

Separately, FNV announced that its wholly-owned subsidiary has acquired from Buenaventura and its subsidiary, an existing 1.8% net smelter return royalty on all minerals covering Newmont Corporation's (NGT.TO, NEM) Yanacocha mine and adjacent mineral properties located in Peru. Consideration for the Royalty consists of US$210 million paid in cash on closing, plus a contingent payment of $15 million in Franco-Nevada common shares, payable upon achievement of certain conditions. "We are pleased to partner with Buenaventura to acquire this existing Royalty which adds immediately cash flowing gold production and growth from a leading gold operator," said Paul Brink, President & CEO. "Yanacocha has been one of the largest gold mines globally and the district covered by the Royalty remains highly prospective with over 47 Moz AuEq in total reserves and resources. The Royalty covers current oxide production, the planned sulfide project and high-quality growth projects, including Conga, which together have the potential to add decades of contributions to Franco-Nevada."

Lthium Americas (Argentina) Corp. (TSX and NYSE: LAAC), second quarter results showed income per share basic and diluted of US$0.01. In operational highlights at Cauchari-Olaroz, it said production guidance of 20,000-25,000 tonnes of lithium carbonate in 2024 remains unchanged.

"We are very pleased with the ramp up progress that has been made at Cauchari-Olaroz in recent months," said Sam Pigott, President and CEO. "The operation is achieving around 70% capacity on a sustained basis and has hit record monthly production in each of the last three months. Furthermore, the project has demonstrated it can operate at near design capacity with gradual improvements to quality We are prioritizing consistent production volumes at these higher rates which should continue to bring down costs. These operational efforts, coupled with effective cost management through disciplined spending, optimized working capital, and a strong financial position are crucial to ensuring our success today and in the future." Pigott added, "Argentina's improving financial outlook and efforts to promote foreign investment should serve as a supportive backdrop as we continue progressing the ramp-up of the battery quality plant at Cauchari-Olaroz to become one of the largest sources of lithium carbonate globally."

Meanwhile, Almonty Industries (AII.TO) reported Q2 loss per share basic and diluted of $(0.01) each. It said: "While our Panasqueira mine in Portugal consistently provides a positive EBITDA from mining operations, Almonty's Q2-2024 loss includes non-cash charges of approximately $450k for interest settled by share issuance, share-based compensation expense of $935k and $1.3 million of unrealized foreign exchange loss."

AII added: "EBITDA from mining operations at our Panasqueira mine was $2,401,000 for the six months ended June 30, 2024 and is in line with equaling or exceeding $10 million of EBITDA from mining operations for the year ending December 31, 2024. In addition, Almonty continued to clean up its balance sheet by converting over $9 million of long-term debt into shares of the Company as well as push out the maturity date of an additional $21.4 million of long-term debt to March 2027. The Company's working capital deficiency has also shown a significant positive trend with a decrease of 79% from $30.4 million as at December 31, 2023 down to $6.1 million as at June 30, 2024."

Almonty said it is in "an exciting phase right now" with the build-out of its Sangdong Mine being "in full swing" towards completion of construction, with drawdowns on its KfW IPEX-Bank US$75.1 million loan facility being received on time and as planned and with the 7th and 8th drawdowns, totaling US$10.64 million, having been received during July 2024. In addition, given the fact that AII's underground Panasqueira mine, with a grade of 0.14%, is providing a significant positive EBITDA from mining operations, the company expects "very positive" results from its underground Sangdong mine in South Korea, once it commences production, given its 0.46% grade of material to be mined.

For its part, Condor Energies (CDR.TO), a Canadian based, internationally focused energy transition company focused on Central Asia announced the release of its unaudited interim condensed consolidated financial statements for the three and six months ended June 30, 2024. Don Streu, President and CEO, said: "Since assuming the Uzbekistan field operations on March 1, 2024, the team has arrested a 20% natural production decline rate while initiating a multi-well workover program to grow production and reserves volumes. We're encouraged with the early gains we've realized by implementing proven technologies and operating practices. The first well workover yielded over a 100 percent production rate increase compared to its pre-workover rate. With more than 100 existing wells on the eight producing fields, we have a large inventory of enhancement opportunities and are working to increase production volumes and revenues beyond the second quarter of 2024 operating results. We are also excited to receive a reprocessed 3-D seismic data set this year to improve subsurface imaging that could identify additional well interventions and future infill and multi-lateral drilling programs.

"We are equally excited with our first-mover LNG initiative in Kazakhstan, given that we've secured the feed gas supply for the first liquefaction facility and executed the Framework Agreement with KTZ and Wabtec, which introduces Condor as the LNG supplier and distributor. By applying field proven technologies to displace diesel fuel usage with LNG, end users can expect to reduce emissions and operating costs while increasing operating ranges with faster freight delivery times.

"Over the past few years, we've truly built a strong foundation for continued growth with multiple near-term catalysts that are being actively matured."

Elsewhere, Peyto Exploration & Development (PEY.TO) in Q2 delivered $154.8 million in funds from operations, or $0.79 per diluted share, generated earnings of $51.4 million, or $0.26 per diluted share, and returned $64.4 million of dividends to shareholders.

Also, Superior Plus Corp. (SPB.TO) reported net loss of US$45.3 million in Q2 2024 compared to a net loss of $29.2 million in the prior year primarily due to an unrealized gain on derivatives in the prior year. The company confirmed 2024 Adjusted EBITDA growth expectation of approximately 5% compared to 2023 Pro Forma Adjusted EBITDA.

"We were pleased with the performance of the propane distribution business this quarter, even in this seasonally slower period, despite the impact of warmer weather on volumes in the United States. Our Canadian Propane Distribution business delivered a strong quarter, posting year over year growth while lapping results that included the contribution from divested assets. This success was driven by our disciplined focus on customer acquisition and growth, cost-saving initiatives and margin management," said Allan MacDonald, President and CEO.

"Certarus grew its delivered volumes by over 15% compared to the prior year quarter. Despite some regional pricing pressures, we are pleased with the returns generated by the Certarus business. We are confident that Certarus' leadership in CNG, RNG and hydrogen distribution gives Superior Plus a significant strategic advantage in these rapidly evolving sectors," continued MacDonald.