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2025 highlights include the benefits of increased throughput to 5,000 tpd and improved gold recoveries and an exploration program with 80,000 metres of drilling VANCOUVER, BC , Dec. 9, 2024 /CNW/ - Lundin Gold Inc. LUG (Nasdaq Stockholm: LUG) LUGDF ("Lundin Gold" or the "Company") is pleased to announce its 2025 guidance and three-year outlook for its 100% owned Fruta del Norte ("FDN") gold mine in southeast Ecuador . All amounts are in U.S. dollars unless otherwise indicated. View PDF 2025 Guidance Highlights: Gold production is estimated between 475,000 to 525,000 ounces ("oz"). Cash operating costs 1 and all-in sustaining costs 1 ("AISC") are expected to range between $730 to $790 and $935 to $995 per oz of gold sold 2 , respectively. Total sustaining capital in 2025 is estimated at $75 to $85 million which includes 15,000 metres planned to be drilled under the resource conversion program. In light of exploration success, the Company's near-mine exploration program's footprint is being expanded to incorporate additional land which was previously considered part of the regional program. 65,000 metres is planned to be drilled (see Figure 1). The regional exploration program will broaden with a new three-year greenfield strategy over the Company's unexplored land package of over 50,000 hectares. In its first year the focus will consist of surface exploration and airborne surveys to identify new targets for exploration drilling in 2026. Lundin Gold anticipates continuing to declare quarterly dividends of $0.20 per share. The Company's guidance for the year 2025 is provided in the table below. 2025 Gold Production (oz) 475,000 – 525,000 Mill Throughput (tpd) 5,000 Head Grade (g/t Au) 9.2 Average Mill Recovery (%) 90 % Sustaining Capital ($ million) 75 – 85 Cash operating cost 1 ($/oz sold) 2 730 – 790 AISC 1 ($/oz sold) 2 935 – 995 Near-mine Exploration Program ($ million) 32 Regional Exploration Program ($ million) 8 1 See Non-GAAP Financial Measures section. 2 Gold/silver price per oz assumptions are $2,500/$31.00, respectively. Ron Hochstein , President and CEO commented, "2025 will be another exciting year for Lundin Gold . The commissioning of the plant expansion project is going well, which is expected to increase plant throughput to 5,000 tonnes per day and to improve gold recovery. With investments in the mine including the new dispatch system, and based on the new mill configuration, we have already identified opportunities to further debottleneck and increase average throughput starting in 2026 to 5,500 tonnes per day. By maximizing the potential of FDN through our operational excellence program to increase efficiencies and reduce costs combined with a strong gold price environment, we are confident in our ability to continue to generate meaningful free cash flow. In parallel, we will continue our ambitious exploration program, building on the success of our 2024 program, which, to date, was the largest ever conducted on our extensive, highly prospective land package." The Company's outlook for production, mill throughput, sustaining capital and AISC for the next three years is provided in the table below. 2025 2026 2027 Gold Production (oz) 475,000 - 525,000 475,000 - 525,000 475,000 - 525,000 Mill Throughput (tpd) 5,000 5,500 5,500 Sustaining Capital ($ million) 75 - 85 75 - 90 70 - 85 Cash operating cost ($/oz sold) 1, 2 730 - 790 750 - 810 750 - 810 AISC ($/oz sold) 1, 2 935 - 995 950 - 1,020 925 - 995 2025 Guidance and 2025-2027 Outlook Gold production at FDN for 2025 is estimated to be between 475,000 to 525,000 oz based on an average throughput rate of 5,000 tonnes per day ("tpd"). Head grade is estimated to average 9.2 g/t, with fluctuations expected during the year as different sections of the ore body are mined. Grades are slightly lower relative to 2024, as a result of continued extension of the mine life at FDN and adjustments to the mine sequence. Average mill recovery for the year is estimated at 90%. Several opportunities have been identified to further debottleneck operations and increase average throughput to 5,500 tonnes per day starting in 2026. Mine operations will benefit from increased mine equipment availability and utilization resulting from the new underground workshop and dispatch system. At the processing plant the debottlenecking opportunities can be implemented with minimal cost as they are optimizations to the new configuration of the process plant. Cash operating costs 1 are estimated to range between $730 and $790 per oz of gold sold 2 in 2025. AISC 1 for 2025 is expected to range between $935 and $995 per oz of gold sold 2 and to fluctuate quarterly based on sustaining capital activities. Unit costs are anticipated to be higher compared to 2024 and are primarily attributable to increased royalties and employee profit sharing resulting from the increase in the assumed gold price from $1,900 /oz to $2,500 /oz, and an increase in sustaining capital expenditures. Gold production and sales are expected to be backend weighted in 2025 as mill throughput is anticipated to increase over the year as the plant expansion project is fully commissioned. Mill head grade is also expected to improve as the year progresses due to mine sequencing. This translates to lower anticipated unit costs in the second half of the year relative to the first half. 1 See Non-GAAP Financial Measures section. 2 Gold/silver price per oz assumptions for the three years are $2,500/$31.00, respectively. Total sustaining capital in 2025 is estimated at $75 to $85 million and includes costs related to the expansion of the tailings storage facility (fifth raise), improvements to industrial and potable water supply and distribution, the next phase of upgrades to the waste water treatment plants, resource conversion drilling, mobile equipment rebuilds or replacement and underground development and improvements of the South Portal. In addition, the estimate includes the remaining costs to commission four additional diesel generators purchased in 2024 which will allow the FDN process plant to run slightly below capacity in the event of a power disruption from the national grid. Sustaining capital in 2026 has increased from previous guidance due to the impact of increased mineral reserves and tonnage, leading to adjustments to the maintenance and replacement schedule of the mobile equipment fleet, as well as a larger tailings storage facility design. This increase in sustaining capital, combined with the increase in the assumed gold price 1 , has resulted in an increase in AISC 2 per oz sold in 2026 compared to previous guidance. Consistent with previous years, the Company expects its free cash flow 2 during the second quarter of 2025 to be lower than other quarters due to the payment of annual profit sharing to the government and employees along with remaining income taxes owed. This variation is expected to be more pronounced in 2025 due to the Company's strong operating performance achieved so far in 2024 which has been further bolstered by high gold prices. 2025 Resource Conversion Program Based on the results of the 2024 conversion drilling program, the Company intends to release updated estimates of Mineral Reserves and Resources for FDN early in 2025. A total of 15,000 metres of resource conversion drilling is anticipated in 2025. 2025 Exploration Programs Lundin Gold's near-mine exploration program's footprint is being expanded to incorporate additional land which was previously considered part of the regional program (see Figure 1). As part of the near-mine program a total of 65,000 metres of drilling is planned from surface and underground using 12 rigs at an estimated cost of $32 million . The program will focus on extending the mine life of FDN by exploring several advanced targets within and around the FDN system including but not limited to FDN, FDNS, FDN East, FDN North and the Bonza Sur deposit. The Company is currently drilling and evaluating the Bonza Sur deposit and anticipates publishing an initial resource by mid year 2025. The regional exploration program will focus on the unexplored large package of mineral concessions located on a highly prospective environment which hosts the Fruta del Norte deposit (see Figure 1). This will be the first year of a new three-year greenfield strategy to identify new areas for exploration drilling. The 2025 program includes a geophysical magnetic survey and a geochemical sampling program and is estimated to cost $8 million . 1 Gold/silver price per oz assumptions for the three years are $2,500/$31.00, respectively. 2 See Non-GAAP Financial Measures section. Figure 1: Map showing expanded near-mine exploration program and 1 st year focus of new three year regional exploration program Dividend Consistent with the Company's dividend policy, Lundin Gold anticipates continuing to pay quarterly dividends of $0.20 per share, subject to the approval of the Board of Directors. Non-GAAP Financial Measures This news release refers to certain financial measures, such as cash operating costs, AISC, and free cash flow, which are not measures recognized under IFRS and do not have a standardized meaning prescribed by IFRS. These measures may differ from those made by other companies and accordingly may not be comparable to such measures as reported by other companies. These measures have been calculated on a basis consistent with historical periods. Please refer to the Company's MD&A filed on SEDAR+ under the Company's profile at www.sedarplus.ca , pages 14 to 18, for the third quarter of 2024 for an explanation of non-IFRS measures used. Qualified Persons The technical information relating to FDN contained in this News Release has been reviewed and approved by Terry Smith P. Eng , Lundin Gold's COO, who is a Qualified Person in accordance with the requirements of NI 43-101. The disclosure of exploration information contained in this press release was prepared by Andre Oliveira , P.Geo, Lundin Gold's V.P. Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. About Lundin Gold Lundin Gold , headquartered in Vancouver, Canada , owns the Fruta del Norte gold mine in southeast Ecuador . Fruta del Norte is among the highest-grade operating gold mines in the world. The Company's board and management team have extensive expertise in mine operations and are dedicated to operating Fruta del Norte responsibly. The Company operates with transparency and in accordance with international best practices. Lundin Gold is committed to delivering value to its shareholders, while simultaneously providing economic and social benefits to impacted communities, fostering a healthy and safe workplace and minimizing the environmental impact. The Company believes that the value created through the development of Fruta del Norte will benefit its shareholders, the Government and the citizens of Ecuador . Additional Information The information in this release is subject to the disclosure requirements of Lundin Gold under the EU Market Abuse Regulation. This information was publicly communicated on December 9, 2024 at 2:30 p.m. Pacific Time through the contact persons set out below. Caution Regarding Forward-Looking Information and Statements Certain of the information and statements in this press release are considered "forward-looking information" or "forward-looking statements" as those terms are defined under Canadian securities laws (collectively referred to as "forward-looking statements"). Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should" "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements. By their nature, forward-looking statements and information involve assumptions, inherent risks and uncertainties, many of which are difficult to predict, and are usually beyond the control of management, that could cause actual results to be materially different from those expressed by these forward-looking statements and information. Lundin Gold believes that the expectations reflected in this forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. This information speaks only as of the date of this press release, and the Company will not necessarily update this information, unless required to do so by securities laws. This press release contains forward-looking information in several places, such as in statements relating to the Company's 2025 guidance and 2025-2027 outlook, including estimates of gold production, grades, recoveries and its expectations regarding ASIC , cash operating costs, sustaining costs, free cash flow and capital costs, plans to declare and pay dividends, the timing of updates to Mineral Reserve and Resource estimates, actions taken to mitigate the impacts of disruptions to power to Fruta del Norte, and the Company's exploration plans and success. There can be no assurance that such statements will prove to be accurate, as Lundin Gold's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in Lundin Gold's Annual Information Form dated March 26, 2024 , which is available at www.lundingold.com or www.sedarplus.ca . Lundin Gold's actual results could differ materially from those anticipated. Factors that could cause actual results to differ materially from any forward-looking statement or that could have a material impact on the Company or the trading price of its shares include: instability in Ecuador ; community relations; forecasts relating to production and costs; mining operations; security; non-compliance with laws and regulations and compliance costs; tax changes in Ecuador ; waste disposal and tailings; government or regulatory approvals; environmental compliance; gold price; infrastructure; dependence on a single mine; exploration and development; control of Lundin Gold ; availability of workforce and labour relations; dividends; information systems and cyber security; Mineral Reserve and Mineral Resource estimates; title matters and surface rights and access; health and safety; human rights; employee misconduct; measures to protect biodiversity; endangered species and critical habitats; global economic conditions; shortages of critical resources; competition for new projects; key talent recruitment and retention; market price of the Company's shares; social media and reputation; insurance and uninsured risks; pandemics, epidemics or infectious disease outbreak; climate change; illegal mining; conflicts of interest; ability to maintain obligations or comply with debt; violation of anti-bribery and corruption laws; internal controls; claims and legal proceedings; and reclamation obligations. SOURCE Lundin Gold Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/09/c4075.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Despite the quick response and containment of the fire, the incident serves as a reminder of the importance of having robust disaster recovery and business continuity plans in place. Data centers are critical infrastructure for companies like Alibaba, as they store and process vast amounts of data that are essential for their operations. Any disruption or loss of data can have serious consequences for both the company and its customers.
NEW YORK , Dec. 23, 2024 /PRNewswire/ -- A closed-end fund that invests in global equities using a disciplined value approach Average weekly trading volume of approximately 48,746 shares Fund's adviser has more than 50 years of small- and micro-cap investment experience *Not Annualized Important Performance and Expense Information All performance information reflects past performance, is presented on a total return basis, and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.royceinvest.com . The market price of the Fund's shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small-cap and mid-cap companies, which may involve considerably more risk than investing in larger-cap companies. The Fund's broadly diversified portfolio does not ensure a profit or guarantee against loss. From time to time, the Fund may invest a significant portion of its net assets in foreign securities, which may involve political, economic, currency and other risks not encountered in U.S. investments. 1 Geometric Average : This weighted calculation uses each portfolio holding's market cap in a way designed to not skew the effect of very large or small holdings; instead, it aims to better identify the portfolio's center, which Royce believes offers a more accurate measure of average market cap than a simple mean or median. 2 Harmonic Average : This weighted calculation evaluates a portfolio as if it were a single stock and measures it overall. It compares the total market value of the portfolio to the portfolio's share in the earnings of its underlying stocks. The Price-Earnings , or P/E, ratio is calculated by dividing a company's share price by its trailing 12-month earnings-per-share (EPS). The Fund's P/E ratio calculation excludes companies with zero or negative earnings (18% of portfolio holdings as of 11/30/24). The Price-to-Book, or P/B, Ratio is calculated by dividing a company's share price by its book value per share. The Price-to-Book , or P/B, Ratio is calculated by dividing a company's share price by its book value per share. Net leverage is the percentage, in excess of 100 %, of the total value of equity type investments, divided by net assets. Portfolio Composition Recent Developments The investment goal of Royce Global Trust is long-term growth of capital. Under normal market circumstances, the Fund will invest at least 80% of its net assets in equity securities, such as common stock and preferred stock, and at least 65% of its net assets in the equity securities of companies located in at least three countries outside of the United States . Royce & Associates, LP manages the Fund. Daily net asset values (NAVs) for Royce Global Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRGTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.royceinvest.com . An investor in Royce Global Trust should consider the Fund's investment goals, risks, fees, charges, and expenses carefully before purchasing share's of the Fund's common stock. Important Disclosure Information Closed-End Funds are registered investment companies whose shares of common stock may trade at a discount to their net asset value. Shares of each Fund's common stock are also subject to the market risks of investing in the underlying portfolio securities held by the Fund. Royce Fund Services, LLC. ("RFS") is a member of FINRA and has filed this material with FINRA on behalf of each Fund. RFS does not serve as a distributor or as an underwriter to the closed-end funds. SOURCE Royce Global Value Trust, Inc.Beyond the physical consequences, the man's addiction to betel nuts also brought about social ostracization and emotional turmoil. His disfigured appearance made him a target of ridicule and mockery, further exacerbating his sense of isolation and despair. The once vibrant and engaging individual became a shell of his former self, trapped in a cycle of self-destructive behavior with no way out.Quebec passes controversial law capping number of international studentsFerdinand, a former Manchester United defender and club legend, recently spoke out about the need for the club to be more ruthless in dealing with players who are not performing at their best. In a recent interview, he stated that too many players at the club have been allowed to coast along without facing any consequences for their poor performances. He believes that this lack of accountability has contributed to the club's recent struggles on the pitch.
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HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. Read this article for free: Already have an account? To continue reading, please subscribe: * HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. Read unlimited articles for free today: Already have an account? HOUSTON (AP) — An elaborate parody appears to be behind an effort to resurrect Enron, the Houston-based energy company that exemplified the worst in American corporate fraud and greed after it went bankrupt in 2001. If its return is comedic, some former employees who lost everything in Enron’s collapse aren’t laughing. “It’s a pretty sick joke and it disparages the people that did work there. And why would you want to even bring it back up again?” said former Enron employee Diana Peters, who represented workers in the company’s bankruptcy proceedings. Here’s what to know about the history of Enron and the purported effort to bring it back. What happened at Enron? Once the nation’s seventh-largest company, Enron filed for bankruptcy protection on Dec. 2, 2001, after years of accounting tricks could no longer hide billions of dollars in debt or make failing ventures appear profitable. The energy company’s collapse put more than 5,000 people out of work, wiped out more than $2 billion in employee pensions and rendered $60 billion in Enron stock worthless. Its aftershocks were felt throughout the energy sector. Twenty-four Enron executives, including former CEO Jeffrey Skilling, were eventually convicted for their roles in the fraud. Enron founder Key Lay’s convictions were vacated after he died of heart disease following his 2006 trial. Is Enron coming back? On Monday — the 23rd anniversary of the bankruptcy filing — a company representing itself as Enron announced in a news release that it was relaunching as a “company dedicated to solving the global energy crisis.” It also posted a video on social media, advertised on at least one Houston billboard and a took out a full-page ad in the Houston Chronicle In the minute-long video that was full of generic corporate jargon, the company talks about “growth” and “rebirth.” It ends with the words, “We’re back. Can we talk?” Enron’s new website features a company store, where various items featuring the brand’s tilted “E” logo are for sale, including a $118 hoodie. In an email, company spokesperson Will Chabot said the new Enron was not doing any interviews yet, but that “We’ll have more to share soon.” Signs point to the comeback being a joke. In the “terms of use and conditions of sale” on the company’s website, it says “the information on the website about Enron is First Amendment protected parody, represents performance art, and is for entertainment purposes only.” Documents filed with the U.S. Patent and Trademark Office show that College Company, an Arkansas-based LLC, owns the Enron trademark. The co-founder of College Company is Connor Gaydos, who helped create a joke conspiracy theory that claims all birds are actually surveillance drones for the government. What do former Enron employees think of the company’s return? Peters said that since learning about the “relaunch” of Enron, she has spoken with several other former employees and they are also upset by it. She said the apparent stunt was “in poor taste.” Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. “If it’s a joke, it’s rude, extremely rude. And I hope that they realize it and apologize to all of the Enron employees,” Peters said. Peters, who is 74 years old, said she is still working in information technology because “I lost everything in Enron, and so my Social Security doesn’t always take care of things I need done.” “Enron’s downfall taught us critical lessons about corporate ethics, accountability, and the consequences of unchecked ambition. Enron’s legacy was the employees in the trenches. Leave Enron buried,” she said. ___ Follow Juan A. Lozano on X at https://x.com/juanlozano70 Advertisement AdvertisementThe issue of burden-sharing within NATO is not a new one, as previous U.S. administrations have also called on European allies to increase their defense spending. However, President Trump's blunt and confrontational style has brought renewed attention to the issue and raised questions about the future of U.S. involvement in the alliance.
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In response to the escalating crisis, Barcelona's coaching staff has been working tirelessly to restore order and harmony within the team. Measures have been taken to address the underlying issues and foster a sense of unity among the players, with team-building exercises and counseling sessions being organized to help mend relationships and rebuild trust.Furthermore, the inflated prices charged by flight butler services could have a detrimental impact on the affordability of air travel, particularly for budget-conscious travelers. By inflating ticket prices to such an extent, these services are effectively pricing out a significant portion of the population from accessing air travel, exacerbating economic inequalities in the process.The Israeli Defense Forces (IDF) have not officially claimed responsibility for the attacks, but the scale and precision of the strikes point to their involvement. Israeli jets and missiles were reported to have hit targets across several locations in Syria, including Damascus, Homs, and Aleppo. The strikes were said to have been in response to earlier incidents involving the firing of rockets into Israeli territory from Syrian soil.
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The draconian penalties that Hunter Biden escaped affect people whose fathers can’t save themIn this era of rapid technological advancement, artificial intelligence (AI) has become an integral part of various industries, influencing the way we work, communicate, and even create content. Recently, the launch of the KuaiShou Kelin AI Director Cooperative Program signifies a new milestone in the fusion of AI technology and social welfare, offering a fresh perspective on how AI can be utilized for the greater good of society.
ARway.ai Announces Board Member ChangesFurthermore, the introduction of Answers also aligns with Reddit's broader efforts to increase monetization opportunities and drive revenue growth. By improving the search experience for users, Reddit can potentially increase user engagement, drive more targeted advertising opportunities, and boost its overall ad revenue.