Latest news with #ETM
News.com.au
2 days ago
- Business
- News.com.au
Resources Top 5: Many Peaks charges to record high on broad, high-grade gold in Côte d'Ivoire
Strong gold results to the viability of any potential bulk tonnage operation at Ouarigue prospect ETM has near-term critical minerals production opportunity in Spain Dante polymetallic project confirmed as a globally significant critical minerals discovery Your standout small cap resources stocks for Monday, August 11, 2025 Many Peaks Minerals (ASX:MPK) Broad, high-grade gold hits from the Ferké gold project in Côte d'Ivoire, including 75m at 6.11g/t from 427m, have seen Many Peaks Minerals charge to a new record of 90c, a lift of 25% on the August 8 close, and the market cap has lifted to about $108.47m. Extension and infill drilling at Ferké this year reveals that gold grades increase with depth and this along with potential increases in volume – point to the viability of any future bulk tonnage operation. Many Peaks Minerals (ASX:MPK) has high hopes for the Ouarigue prospect within the larger Ferké project that hosts a >37km corridor of gold anomalism where limited drill testing has occurred to date. The target is hosted in a tonalite intrusive unit, which is a similar host setting to the multi-million-ounce Bankan and Fekola deposits. MPK's diamond drilling program was extended from 6,000m to 15,000m earlier this year, with assays from six diamond holes at Ouarigue returning: 75m at 6.11g/t gold from 427m, including 7.07m at 52.9g/t; 87m at 1.50g/t Au from 340m, including 12m at 6.15g/t; 35.85m at 1.77g/t Au from 378.15m, including 10m at 4.14g/t; and 44m at 1.16g/t Au from 135m including 2m at 5.27g/t from 172m. The program has successfully added material volume to the mineralised intrusion, with gold mineralisation extended down-dip and south along strike. 'High-grade gold intercepts at Ferké, including today's 75m at 6.11g/t, continue to underpin the likelihood of a significant discovery in progress at our flagship project in Côte d'Ivoire,' managing director Travis Schwertfeger said. 'Our team is pleased to see a strong continuity of gold mineralisation in context of a bulk tonnage target at Ouarigue, and we are excited about the significant underground potential the high-grade intercepts represent for continuing exploration upside.' Diamond drilling continues with two drill rigs active on site enabling the company to complete 46 diamond core holes totalling more than 13,200m completed since the program started in April. Assays from 22 of these holes for more than 5700m remain pending. A further 4000m of diamond core drilling is planned as MPK works to define the extent of gold mineralisation. Energy Transition Minerals (ASX:ETM) A successful bid announced on August 7 for the Penouta tin-tantalum-niobium mine in Galicia, Spain, not only presents Energy Transition Minerals (ASX:ETM) with a near-term production opportunity, it has seen the company charge ahead on the ASX. Shares reached a 4-year high of 15c, a 173% increase on the previous close, with more than 116m changing hands valued at more than $13m. The offer of €5.2million (A$9.2 million) was successful for the mine and processing plant and will see ETM transition into a multi-asset, EU-based operator, expanding its strategy beyond a single asset in Greenland, its Tier-1 Kvanefjeld rare earths project. Penouta last operated in 2024 and is the only developed tin-tantalum-niobium project in the European Union. The bid aligns Penouta and ETM with the EU's goal to increase critical mineral production and enhance supply chain security. ETM said it represented a deep value opportunity, with the mine and processing plant acquired for well below the €28m (A$49.8m) cost of historical investment including processing infrastructure. ETM managing director Daniel Mamadou said securing the mine was a huge opportunity for the company as it was the only recent producer of the critical metals in Europe. 'This acquisition represents a compelling entry point into a near-term production opportunity for tin, tantalum and niobium, all of which are critical to Europe's industrial and technological ambitions,' he said. 'Importantly, Penouta also stands as the only current source of tantalum and niobium in the European Union, adding a key ethical dimension to sourcing conflict-free critical minerals. 'The upside for tantalum, particularly as an essential input for the semi-conductor industry, further enhances the strategic value of the acquisition.' Penouta has a Foreign Mineral Resource calculated in 2021 comprising an indicated and measured resource of 76.3Mt grading 149ppm tantalum pentoxide equivalent (443ppm tin and 73ppm tantalum). It also has an inferred 43-101 resource of 57Mt at 129ppm Ta2O5. Terra Metals (ASX:TM1) Terra Metals (ASX:TM1) has confirmed the Dante polymetallic project in WA as a globally significant critical minerals discovery after defining a maiden resource with plenty of upside and shares increased 24.64% to 8.6c, a new 12-month high. The resource of 148Mt grading 14.8% titanium dioxide, 0.54% vanadium pentoxide, 0.18% copper and 0.33% PGE and contains 22Mt TiO2, 800,000t V2O5, 270,000t copper, 400,000oz gold, 880,000oz platinum and 330,000oz palladium. It includes a high-grade indicated resource of 38Mt at 18.4% TiO2, 0.73% V2O5, 0.23% copper and 0.72g/t 3PGE. This resource was defined within 12 months of initial discovery and was made at a low discovery cost of 7c per tonne, highlighting the simple, laterally extensive and near-surface nature of the system. Adding further interest, the resource covers less than 10% of the mapped mineralised trend, which remains open along strike and at depth. Initial metallurgical testwork using flotation and magnetic separation has also confirmed excellent recoveries and concentrate grades across all key metals – titanium, vanadium, copper, gold and platinum – with optimisation work ongoing. Dalaroo Metals (ASX:DAL) Dalaroo Metals (ASX:DAL) has completed a strongly supported placement for $1m with proceeds to progress the next phase of exploration in Cote d'Ivoire as well as its Greenland and WA projects. Funds will also be used to assess new complementary business opportunities. There were 35.1m fully paid ordinary shares issued at 2.5c per share with DAL also issuing 11.7m 1:3 free attaching options, exercisable at $0.036 each, expiring on August 23, 2029. The placement was conducted on an invitation only basis and cornerstoned by existing large shareholders of the company, Dalaroo's in-country partners in Cote d'Ivoire and all three directors. Bids received were significantly in excess of the minimum amount sought. Beacon Minerals (ASX:BCN) After stage 2 grade control drilling at the Lady Ida gold project in WA returned bonanza-grade intersections, Beacon Minerals (ASX:BCN) reached $1.67, a high of almost six years and a lift of 28.96% on the previous close. The 298-hole program for 16,506m, the largest RC drill program ever conducted by BCN, was aimed at increasing geological confidence in the Iguana stage 1 pit and results have been received from the first batch of 2,970 assays from multiple mineralised zones. Significant intersections include: 5m at 39.3g/t Au from 49m, including 1m at 179g/t from 49m; 6m at 46.8g/t Au from 32m, including 2m at 135.5g/t from 32m; 2m at 39.9g/t Au from 41m, including 1m at 75.9g/t from 41m; and 2m at 21.9 g/t Au from 18m. Beacon expects the remaining 13,536 assay results to be received over the next six to eight weeks. This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Many Peak Minerals and Terra Metals are Stockhead advertisers, they did not sponsor this article.
Yahoo
6 days ago
- Business
- Yahoo
Kelly Reports Second-Quarter 2025 Earnings
TROY, Mich., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the second quarter of 2025. Q2 revenue of $1.1 billion, up 4.2% year-over-year reflecting previously disclosed acquisitions, and down 3.3% on an organic basis Q2 operating earnings of $22.2 million; $24.6 million on an adjusted basis, down 12.1% versus the prior year period Q2 adjusted EBITDA of $37.0 million, down 8.7% versus the prior year; adjusted EBITDA margin decreased 40 basis points ('bps') to 3.4% Company expects year-over-year revenue decline of 5% to 7% in Q3 driven by reduced demand for U.S. federal contractors and from certain large customers. Adjusted EBITDA margin expansion of 80 to 90 bps is expected in Q3 and modest year-over-year margin improvement for the full year. 'In the second quarter, Kelly continued to drive growth in more resilient markets, including K-12 staffing in our Education business, telecom and engineering solutions in SET, and payroll process outsourcing in ETM. Across the business, particularly in areas where customers are taking a more measured approach to hiring, we maintained our focus on aligning resource levels with demand,' said Peter Quigley, president and chief executive officer. 'Our results reflect our commitment to staying close to our customers and creating opportunities in the current operating environment. By meeting employers' evolving needs and executing on our efficiency and growth initiatives, we'll continue to deliver near-term results while positioning Kelly for the future.' Financial Results for the thirteen-week period ended June 29, 2025: Revenue of $1.1 billion, a 4.2% increase compared to the corresponding quarter of 2024 resulting primarily from the May 2024 acquisition of Motion Recruitment Partners, LLC ('MRP'). Excluding the impact of the MRP acquisition, revenue was down 3.3% on an organic basis, including approximately 1.4% of revenue decline due to reduced demand for U.S. federal government contractors and growth of 5.6% in the Education segment. Operating earnings of $22.2 million, compared to earnings of $12.2 million reported in the second quarter of 2024. Adjusted earnings1 were $24.6 million in the second quarter of 2025 and $28.1 million in the second quarter of 2024. Adjusted EBITDA1 of $37.0 million, a decrease of 8.7% versus the prior year period. Adjusted EBITDA margin of 3.4%, a decrease of 40 basis points driven primarily by near-term margin pressure in SET and ETM reflecting timing of revenue trends and related expense management actions. Earnings per share were $0.52 compared to earnings per share of $0.12 in the second quarter of 2024. On an adjusted basis1, earnings per share were $0.54 in the second quarter of 2025 compared to $0.71 per share in the corresponding quarter of 2024. The year-over-year decline includes $0.08 of increased net interest expense due to an elevated average cash balance in the prior year quarter and debt incurred in conjunction with the MRP acquisition as well as lower operating earnings. Financial Results for the 26-week period ended June 29, 2025: Revenue of $2.3 billion, a 7.8% increase compared to the corresponding period in 2024 resulting primarily from the May 2024 acquisition of MRP. Excluding the impact of the MRP acquisition, revenue was down 1.6% on an organic basis and includes approximately 1.1% revenue decline due to reduced demand for U.S. federal government contractors and growth of 6.1% in the Education segment. Operating earnings of $33.0 million, compared to earnings of $39.0 million reported over the same period in 2024. Adjusted earnings1 were $46.7 million in the first half of 2025 and $51.2 million in the corresponding period of 2024. Adjusted EBITDA1 of $71.9 million, a decrease of 2.6% versus the prior year period. Adjusted EBITDA margin of 3.2%, a decrease of 30 basis points driven primarily by near-term margin pressure in SET and ETM reflecting timing of revenue trends and related expense management actions. Earnings per share were $0.67 compared to earnings per share of $0.83 in the same period of 2024. On an adjusted basis1, earnings per share were $0.93 for the first half of 2025 compared to $1.26 per share in the corresponding period of 2024 reflecting higher interest expense following the MRP acquisition and lower operating earnings. _________________________________________1 Adjusted measures represent non-GAAP financial measures. Refer to our reconciliation of non-GAAP financial measures to the most closely related GAAP measure included in this document. Quarterly Cash Dividend: Kelly also reported that on August 6, its board of directors declared a dividend of $0.075 per share. The dividend is payable on September 3, 2025 to stockholders of record as of the close of business on August 20, 2025. In conjunction with its earnings release, Kelly has published a financial presentation and will host a live webcast of a conference call at 9 a.m. ET on August 7 to review the financial and operation results from the quarter. The presentation and a link to the live webcast will be accessible through the Company's public website on the Investor Relations page under Events & Presentations. The webcast will be recorded, and a replay will be available within one hour of completion of the event through the same link as the live webcast. Chief Accounting Officer Transition: Kelly also announced that it has appointed Nick Zuhlke as vice president, controller and chief accounting officer, effective August 11, 2025. He succeeds Laura Lockhart, whose planned retirement was previously announced by the Company. Zuhlke brings to Kelly decades of global finance leadership experience with DexKo Global, Plastipak Holdings, and KPMG. Forward-Looking Statements: This release contains statements that are forward looking in nature and, accordingly, are subject to risks and uncertainties. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Kelly's financial expectations, are forward-looking statements. Factors that could cause actual results to differ materially from those contained in this release include, but are not limited to, (i) changing market and economic conditions, (ii) disruption in the labor market and weakened demand for human capital resulting from technological advances, loss of large corporate customers and government contractor requirements, (iii) the impact of laws and regulations (including federal, state and international tax laws), (iv) unexpected changes in claim trends on workers' compensation, unemployment, disability and medical benefit plans, (v) litigation and other legal liabilities (including tax liabilities) in excess of our estimates, (vi) our ability to achieve our business's anticipated growth strategies, (vii) our future business development, results of operations and financial condition, (viii) damage to our brands, (ix) dependency on second parties for the execution of critical functions, (x) conducting business in foreign countries, including foreign currency fluctuations, (xi) availability of temporary workers with appropriate skills required by customers, (xii) cyberattacks or other breaches of network or information technology security, and (xiii) other risks, uncertainties and factors discussed in this release and in the Company's filings with the Securities and Exchange Commission. In some cases, forward-looking statements can be identified by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'target,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. All information provided in this press release is as of the date of this press release and we undertake no duty to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. About Kelly® Kelly Services, Inc. (Nasdaq: KELYA, KELYB) helps companies recruit and manage skilled workers and helps job seekers find great work. Since inventing the staffing industry in 1946, we have become experts in the many industries and local and global markets we serve. With a network of suppliers and partners around the world, we connect more than 400,000 people with work every year. Our suite of outsourcing and consulting services ensures companies have the people they need, when and where they are needed most. Headquartered in Troy, Michigan, we empower businesses and individuals to access limitless opportunities in industries such as science, engineering, technology, education, manufacturing, retail, finance, and energy. Revenue in 2024 was $4.3 billion. Learn more at KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE 13 WEEKS ENDED JUNE 29, 2025 AND JUNE 30, 2024 (UNAUDITED) (In millions of dollars except per share data) % 2025 2024 Change Change Revenue from services $ 1,101.8 $ 1,057.5 $ 44.3 4.2 % Cost of services 876.3 843.8 32.5 3.8 Gross profit 225.5 213.7 11.8 5.5 Selling, general and administrative expenses 207.3 191.5 15.8 8.2 Asset impairment charge — 5.5 (5.5 ) NM (Gain) loss on sale of EMEA staffing operations (4.0 ) 10.0 (14.0 ) (139.3 ) Gain on sale of assets — (5.5 ) 5.5 NM Earnings from operations 22.2 12.2 10.0 81.0 Other income (expense), net (2.3 ) (6.5 ) 4.2 65.0 Earnings before taxes 19.9 5.7 14.2 249.1 Income tax expense 0.9 1.1 (0.2 ) (23.8 ) Net earnings $ 19.0 $ 4.6 $ 14.4 314.7 % Basic earnings per share $ 0.52 $ 0.13 $ 0.39 300.0 % Diluted earnings per share $ 0.52 $ 0.12 $ 0.40 333.3 % STATISTICS: Permanent placement revenue (included in revenue from services) $ 14.8 $ 10.7 $ 4.1 38.7 % Gross profit rate 20.5 % 20.2 % 0.3 pts. Adjusted EBITDA $ 37.0 $ 40.5 $ (3.5 ) Adjusted EBITDA margin 3.4 % 3.8 % (0.4 ) pts. Effective income tax rate 4.2 % 19.4 % (15.2 ) pts. Average number of shares outstanding (millions): Basic 35.2 35.5 Diluted 35.7 35.9 KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS FOR THE 26 WEEKS ENDED JUNE 29, 2025 AND JUNE 30, 2024 (UNAUDITED) (In millions of dollars except per share data) % 2025 2024 Change Change Revenue from services $ 2,266.7 $ 2,102.6 $ 164.1 7.8 % Cost of services 1,804.7 1,683.2 121.5 7.2 Gross profit 462.0 419.4 42.6 10.2 Selling, general and administrative expenses 433.0 382.0 51.0 13.3 Asset impairment charge — 5.5 (5.5 ) NM Gain on sale of EMEA staffing operations (4.0 ) (1.6 ) (2.4 ) (139.3 ) Gain on sale of assets — (5.5 ) 5.5 NM Earnings from operations 33.0 39.0 (6.0 ) (15.5 ) Gain on forward contract — 1.2 (1.2 ) NM Other income (expense), net (5.5 ) (4.7 ) (0.8 ) (15.8 ) Earnings before taxes 27.5 35.5 (8.0 ) (22.6 ) Income tax expense 2.7 5.1 (2.4 ) (48.0 ) Net earnings $ 24.8 $ 30.4 $ (5.6 ) (18.3 ) % Basic earnings per share $ 0.68 $ 0.84 $ (0.16 ) (19.0 ) % Diluted earnings per share $ 0.67 $ 0.83 $ (0.16 ) (19.3 ) % STATISTICS: Permanent placement revenue (included in revenue from services) $ 26.3 $ 18.7 $ 7.6 40.7 % Gross profit rate 20.4 % 19.9 % 0.5 pts. Adjusted EBITDA $ 71.9 $ 73.8 $ (1.9 ) Adjusted EBITDA margin 3.2 % 3.5 % (0.3 ) pts. Effective income tax rate 9.7 % 14.4 % (4.7 ) pts. Average number of shares outstanding (millions): Basic 35.1 35.5 Diluted 35.6 35.9 KELLY SERVICES, INC. AND SUBSIDIARIES SEGMENT INFORMATION (UNAUDITED) (In millions of dollars) We utilize business unit profit (loss) to evaluate the performance of our segments. Business unit profit (loss) and SG&A expenses as presented in the segment information table below do not include depreciation and amortization expenses. Adjusted SG&A expenses and business unit profit (loss) further exclude integration, realignment and restructuring charges. Second Quarter % 2025 2024 Change Enterprise Talent Management Revenue from services $ 520.2 $ 541.2 (3.9 ) % Gross profit 104.0 109.0 (4.6 ) Adjusted SG&A expenses 91.8 93.2 (1.6 ) Integration, realignment and restructuring charges 1.1 0.3 387.4 Total SG&A expenses 92.9 93.5 (0.7 ) Business unit profit (loss) 11.1 15.5 (28.5 ) Adjusted business unit profit (loss) 12.2 15.8 (22.6 ) Gross profit rate 20.0 % 20.1 % (0.1 ) pts. Science, Engineering & Technology Revenue from services $ 317.3 $ 265.7 19.4 % Gross profit 82.4 67.8 21.5 Adjusted SG&A expenses 62.2 48.6 28.1 Integration, realignment and restructuring charges 0.9 0.3 166.9 Total SG&A expenses 63.1 48.9 29.0 Business unit profit (loss) 19.3 18.9 2.1 Adjusted business unit profit (loss) 20.2 19.2 4.9 Gross profit rate 26.0 % 25.5 % 0.5 pts. Education Revenue from services $ 265.3 $ 251.1 5.6 % Gross profit 39.1 36.9 6.1 Adjusted SG&A expenses 25.4 24.2 5.2 Integration, realignment and restructuring charges 0.1 — NM Total SG&A expenses 25.5 24.2 5.6 Business unit profit (loss) 13.6 12.7 7.1 Adjusted business unit profit (loss) 13.7 12.7 7.9 Gross profit rate 14.7 % 14.7 % — SERVICES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS BY SEGMENT (UNAUDITED) (In millions of dollars) We utilize business unit profit (loss) to evaluate the performance of our segments. Business unit profit (loss) and SG&A expenses as presented in the segment information table below do not include depreciation and amortization expenses. Adjusted SG&A expenses and business unit profit (loss) further exclude integration, realignment and restructuring charges. June Year-to-Date % 2025 2024 Change Enterprise Talent Management Revenue from services $ 1,054.2 $ 1,065.3 (1.0 ) % Gross profit 212.0 215.2 (1.5 ) Adjusted SG&A expenses 190.3 190.6 (0.2 ) Integration, realignment and restructuring charges 3.8 1.0 296.2 Total SG&A expenses 194.1 191.6 1.3 Business unit profit (loss) 17.9 23.6 (24.0 ) Adjusted business unit profit (loss) 21.7 24.6 (11.4 ) Gross profit rate 20.1 % 20.2 % (0.1 ) pts. Science, Engineering & Technology Revenue from services $ 639.7 $ 497.3 28.6 % Gross profit 164.7 125.2 31.5 Adjusted SG&A expenses 130.0 91.8 41.6 Integration, realignment and restructuring charges 2.0 0.3 NM Total SG&A expenses 132.0 92.1 43.3 Business unit profit (loss) 32.7 33.1 (1.3 ) Adjusted business unit profit (loss) 34.7 33.4 3.6 Gross profit rate 25.7 % 25.2 % 0.5 pts. Education Revenue from services $ 574.3 $ 541.0 6.1 % Gross profit 85.3 79.0 8.1 Adjusted SG&A expenses 52.3 48.2 8.7 Integration, realignment and restructuring charges 0.1 — NM Total SG&A expenses 52.4 48.2 9.0 Business unit profit (loss) 32.9 30.8 6.6 Adjusted business unit profit (loss) 33.0 30.8 7.1 Gross profit rate 14.9 % 14.6 % 0.3 SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions of dollars) June 29, 2025 December 29, 2024 June 30, 2024 Current Assets Cash and equivalents $ 18.0 $ 39.0 $ 38.2 Trade accounts receivable, less allowances of $10.8, $8.4, and $7.9 respectively 1,181.1 1,255.5 1,193.9 Prepaid expenses and other current assets 54.0 71.0 78.7 Total current assets 1,253.1 1,365.5 1,310.8 Noncurrent Assets Property and equipment, net 22.8 25.8 26.8 Operating lease right-of-use assets 44.5 47.0 53.1 Deferred taxes 337.3 330.1 302.3 Retirement plan assets 272.1 258.1 245.9 Goodwill 304.1 304.2 372.6 Intangibles, net 241.0 256.3 272.3 Other assets 37.0 45.3 44.4 Total noncurrent assets 1,258.8 1,266.8 1,317.4 Total Assets $ 2,511.9 $ 2,632.3 $ 2,628.2 Current Liabilities Accounts payable and accrued liabilities $ 613.8 $ 613.8 $ 594.8 Operating lease liabilities 12.1 12.3 12.4 Accrued payroll and related taxes 161.6 163.9 168.3 Accrued workers' compensation and other claims 18.8 19.0 18.7 Income and other taxes 20.4 17.5 18.1 Total current liabilities 826.7 826.5 812.3 Noncurrent Liabilities Long-term debt 74.3 239.4 210.4 Operating lease liabilities 47.5 50.9 49.6 Accrued workers' compensation and other claims 33.4 33.8 34.7 Accrued retirement benefits 254.5 239.9 232.6 Other long-term liabilities 9.4 7.2 8.7 Total noncurrent liabilities 419.1 571.2 536.0 Stockholders' Equity Common stock 38.5 38.5 38.5 Treasury stock (55.3 ) (61.4 ) (52.3 ) Paid-in capital 34.0 34.2 29.5 Earnings invested in the business 1,249.5 1,230.2 1,266.7 Accumulated other comprehensive income (loss) (0.6 ) (6.9 ) (2.5 ) Total stockholders' equity 1,266.1 1,234.6 1,279.9 Total Liabilities and Stockholders' Equity $ 2,511.9 $ 2,632.3 $ 2,628.2 STATISTICS: Working Capital $ 426.4 $ 539.0 $ 498.5 Current Ratio 1.5 1.7 1.6 Debt-to-capital % 5.5 % 16.2 % 14.1 % Global Days Sales Outstanding 59 59 57 Year-to-Date Free Cash Flow $ 114.8 $ 15.8 $ 25.5 KELLY SERVICES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE 26 WEEKS ENDED JUNE 29, 2025 AND JUNE 30, 2024 (UNAUDITED) (In millions of dollars) 2025 2024 Cash flows from operating activities: Net earnings $ 24.8 $ 30.4 Adjustments to reconcile net earnings to net cash from operating activities: Asset impairment charge — 5.5 Depreciation and amortization 21.5 17.6 Operating lease asset amortization 5.4 4.6 Provision for credit losses and sales allowances 3.2 (0.2 ) Stock-based compensation 7.2 5.2 Gain on sale of EMEA staffing operations (4.0 ) (1.6 ) Gain on sale of assets — (5.5 ) Gain on forward contract — (1.2 ) Other, net (0.1 ) (1.1 ) Changes in operating assets and liabilities, net of acquisition 61.3 (21.5 ) Net cash from operating activities 119.3 32.2 Cash flows from investing activities: Capital expenditures (4.5 ) (6.7 ) Proceeds from sale of EMEA staffing operations, net of cash disposed 21.8 77.1 Proceeds from sale of PersolKelly investment 6.4 — Proceeds from sale of assets — 4.4 Acquisition of company, net of cash received — (427.4 ) Payment for settlement of forward contract — (2.4 ) Other investing activities 1.0 1.9 Net cash from (used in) investing activities 24.7 (353.1 ) Cash flows from financing activities: Proceeds from long-term debt 774.4 378.6 Payments on long-term debt (939.5 ) (168.2 ) Dividend payments (5.5 ) (5.4 ) Payments of tax withholding for stock awards (1.9 ) (2.1 ) Other financing activities (0.2 ) (1.3 ) Net cash used in (from) financing activities (172.7 ) 201.6 Effect of exchange rates on cash, cash equivalents and restricted cash 7.6 (2.7 ) Net change in cash, cash equivalents and restricted cash (21.1 ) (122.0 ) Cash, cash equivalents and restricted cash at beginning of period 45.6 167.6 Cash, cash equivalents and restricted cash at end of period $ 24.5 $ 45.6 KELLY SERVICES, INC. AND SUBSIDIARIES REVENUE FROM SERVICES BY SERVICE TYPE (UNAUDITED) (In millions of dollars) Second Quarter 2025 StaffingServices Outcome-basedServices TalentSolutions PermanentPlacement Total Enterprise Talent Management $ 269.6 $ 120.8 $ 126.9 $ 2.9 $ 520.2 Science, Engineering & Technology 200.7 107.3 — 9.3 317.3 Education 262.7 — — 2.6 265.3 Total Segment Revenue $ 733.0 $ 228.1 $ 126.9 $ 14.8 $ 1,102.8 Intersegment (1.0 ) Total Revenue from Services $ 1,101.8 Second Quarter 2024 StaffingServices Outcome-basedServices TalentSolutions PermanentPlacement Total Enterprise Talent Management $ 292.2 $ 128.8 $ 117.9 $ 2.3 $ 541.2 Science, Engineering & Technology 164.7 95.2 — 5.8 265.7 Education 248.5 — — 2.6 251.1 Total Segment Revenue $ 705.4 $ 224.0 $ 117.9 $ 10.7 $ 1,058.0 Intersegment (0.5 ) Total Revenue from Services $ 1,057.5 KELLY SERVICES, INC. AND SUBSIDIARIES REVENUE FROM SERVICES BY SERVICE TYPE (continued) (UNAUDITED) (In millions of dollars) June Year-to-Date 2025 StaffingServices Outcome-basedServices TalentSolutions PermanentPlacement Total Enterprise Talent Management $ 550.3 $ 254.0 $ 244.7 $ 5.2 $ 1,054.2 Science, Engineering & Technology 405.6 216.7 — 17.4 639.7 Education 570.6 — — 3.7 574.3 Total Segment Revenue $ 1,526.5 $ 470.7 $ 244.7 $ 26.3 $ 2,268.2 Intersegment (1.5 ) Total Revenue from Services $ 2,266.7 June Year-to-Date 2024 StaffingServices Outcome-basedServices TalentSolutions PermanentPlacement Total Enterprise Talent Management $ 578.1 $ 259.6 $ 222.6 $ 5.0 $ 1,065.3 Science, Engineering & Technology 304.7 182.6 — 10.0 497.3 Education 537.3 — — 3.7 541.0 Total Segment Revenue $ 1,420.1 $ 442.2 $ 222.6 $ 18.7 $ 2,103.6 Intersegment (1.0 ) Total Revenue from Services $ 2,102.6 KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (In millions of dollars) Second Quarter June Year-to-Date SG&A Expenses: 2025 2024 2025 2024 As reported $ 207.3 $ 191.5 $ 433.0 $ 382.0 Integration and realignment costs(1) (6.1 ) — (16.8 ) — Transaction costs(2) (0.1 ) (1.6 ) (0.4 ) (7.2 ) Executive transition costs(3) (0.2 ) — (0.5 ) — Restructuring(6) — (4.3 ) — (6.6 ) Adjusted SG&A expenses $ 200.9 $ 185.6 $ 415.3 $ 368.2 Second Quarter June Year-to-Date Earnings from Operations: 2025 2024 2025 2024 As reported $ 22.2 $ 12.2 $ 33.0 $ 39.0 Integration and realignment costs(1) 6.1 — 16.8 — Transaction costs(2) 0.1 1.6 0.4 7.2 Executive transition costs(3) 0.2 — 0.5 — (Gain) loss on sale of EMEA staffing operations(4) (4.0 ) 10.0 (4.0 ) (1.6 ) Restructuring(6) — 4.3 — 6.6 Gain on sale of assets(7) — (5.5 ) — (5.5 ) Asset impairment charge(8) — 5.5 — 5.5 Adjusted earnings from operations $ 24.6 $ 28.1 $ 46.7 $ 51.2 KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (In millions of dollars except per share data) Second Quarter June Year-to-Date 2025 2024 2025 2024 Income tax expense $ 0.9 $ 1.1 $ 2.7 $ 5.1 Taxes on integration and realignment costs(1) 1.6 — 4.3 — Taxes on transaction costs(2) — 1.1 0.1 2.3 Taxes on executive transition costs(3) — — 0.1 — Taxes on (gain) loss on sale of EMEA staffing operations(4) — — — (1.2 ) Taxes on restructuring charges(6) — 1.1 — 1.7 Taxes on gain on sale of assets(7) — (1.4 ) — (1.4 ) Taxes on asset impairment charge(8) — 1.4 — 1.4 Adjusted income tax expense $ 2.5 $ 3.3 $ 7.2 $ 7.9 Second Quarter June Year-to-Date 2025 2024 2025 2024 Net earnings $ 19.0 $ 4.6 $ 24.8 $ 30.4 Integration and realignment costs, net of taxes(1) 4.5 — 12.5 — Transaction costs, net of taxes(2) 0.1 8.3 0.4 12.7 Executive transition costs, net of taxes(3) 0.2 — 0.4 — (Gain) loss on sale of EMEA staffing operations, net of taxes(4) (4.0 ) 10.0 (4.0 ) (0.4 ) Gain on forward contract, net of taxes(5) — — — (1.2 ) Restructuring charges, net of taxes(6) — 3.2 — 4.9 Gain on sale of assets, net of taxes(7) — (4.1 ) — (4.1 ) Asset impairment charge, net of taxes(8) — 4.1 — 4.1 Adjusted net earnings $ 19.8 $ 26.1 $ 34.1 $ 46.4 Second Quarter June Year-to-Date 2025 2024 2025 2024 Per Share Per Share Net earnings $ 0.52 $ 0.12 $ 0.67 $ 0.83 Integration and realignment costs, net of taxes(1) 0.12 — 0.34 — Transaction costs, net of taxes(2) — 0.23 0.01 0.35 Executive transition costs, net of taxes(3) — — 0.01 — (Gain) loss on sale of EMEA staffing operations, net of taxes(4) (0.11 ) 0.27 (0.11 ) (0.01 ) Gain on forward contract, net of taxes(5) — — — (0.03 ) Restructuring charges, net of taxes(6) — 0.09 — 0.13 Gain on sale of assets, net of taxes(7) — (0.11 ) — (0.11 ) Asset impairment charge, net of taxes(8) — 0.11 — 0.11 Adjusted net earnings $ 0.54 $ 0.71 $ 0.93 $ 1.26 Note: Earnings per share amounts for each quarter are required to be computed independently and may not equal the amounts computed for the total year. KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (In millions of dollars) Total Adjusted EBITDA: Second Quarter June Year-to-Date 2025 2024 2025 2024 Net earnings $ 19.0 $ 4.6 $ 24.8 $ 30.4 Other (income) expense, net 2.3 (1.4 ) 5.4 (3.2 ) Income tax expense (benefit) 0.9 1.1 2.7 5.1 Depreciation and amortization 12.5 12.5 25.3 22.7 EBITDA 34.7 16.8 58.2 55.0 Integration and realignment costs(1) 6.0 — 16.7 — Transaction costs(2) 0.1 9.4 0.5 15.0 Executive transition costs(3) 0.2 — 0.5 — (Gain) loss on sale of EMEA staffing operations(4) (4.0 ) 10.0 (4.0 ) (1.6 ) Gain on forward contract(5) — — — (1.2 ) Restructuring(6) — 4.3 — 6.6 Gain on sale of assets(7) — (5.5 ) — (5.5 ) Asset impairment charge(8) — 5.5 — 5.5 Adjusted EBITDA $ 37.0 $ 40.5 $ 71.9 $ 73.8 Adjusted EBITDA margin 3.4 % 3.8 % 3.2 % 3.5 % Business Unit Adjusted EBITDA: Second Quarter 2025 Enterprise Talent Management Science, Engineering & Technology Education Business unit profit (loss) $ 11.1 $ 19.3 $ 13.6 Integration and realignment costs(1) 1.1 0.9 0.1 Adjusted EBITDA $ 12.2 $ 20.2 $ 13.7 Adjusted EBITDA margin 2.3 % 6.4 % 5.2 % Second Quarter 2024 EnterpriseTalentManagement Science,Engineering &Technology Education Business unit profit (loss) $ 15.5 $ 18.9 $ 12.7 Restructuring(6) 0.3 0.3 — Adjusted EBITDA $ 15.8 $ 19.2 $ 12.7 Adjusted EBITDA margin 2.9 % 7.2 % 5.1 %KELLY SERVICES, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (UNAUDITED) (In millions of dollars) Business Unit Adjusted EBITDA (continued): June Year-to-Date 2025 EnterpriseTalentManagement Science,Engineering &Technology Education Business unit profit (loss) $ 17.9 $ 32.7 $ 32.9 Integration and realignment costs(1) 3.8 2.0 0.1 Adjusted EBITDA $ 21.7 $ 34.7 $ 33.0 Adjusted EBITDA margin 2.1 % 5.4 % 5.7 % June Year-to-Date 2024 EnterpriseTalentManagement Science,Engineering &Technology Education Business unit profit (loss) $ 23.6 $ 33.1 $ 30.8 Restructuring(6) 1.0 0.3 — Adjusted EBITDA $ 24.6 $ 33.4 $ 30.8 Adjusted EBITDA margin 2.3 % 6.7 % 5.7 %Free Cash Flow: June Year-to-Date 2025 2024 Net cash from operating activities $ 119.3 $ 32.2 Capital expenditures (4.5 ) (6.7 ) Free Cash Flow $ 114.8 $ 25.5 KELLY SERVICES, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURES(UNAUDITED) Management believes that the non-GAAP (Generally Accepted Accounting Principles) information excluding the 2025 integration and realignment costs, the 2025 and 2024 transaction costs, the 2025 executive transition costs, the 2025 and 2024 gains and losses on the sale of our EMEA staffing operations, the 2024 gain on forward contract, and the 2024 restructuring charges are useful to understand the Company's fiscal 2025 financial performance and increases comparability. Specifically, Management believes that removing the impact of these items allows for a meaningful comparison of current period operating performance with the operating results of prior periods. Management also believes that such measures are used by those analyzing performance of companies in the staffing industry to compare current performance to prior periods and to assess future performance. Management uses Adjusted EBITDA (adjusted earnings before interest, taxes, depreciation and amortization) and Adjusted EBITDA Margin (percent of total GAAP revenue) which Management believes is useful to compare operating performance compared to prior periods and uses it in conjunction with GAAP measures to assess performance. Our calculation of Adjusted EBITDA may not be consistent with similarly titled measures of other companies and should be used in conjunction with GAAP measurements. Management also uses year-to-date free cash flow (operating cash flows less capital expenditures) to indicate the change in cash balances arising from operating activities, net of working capital needs and expenditures on fixed assets. These non-GAAP measures may have limitations as analytical tools because they exclude items which can have a material impact on cash flow and earnings per share. As a result, Management considers these measures, along with reported results, when it reviews and evaluates the Company's financial performance. Management believes that these measures provide greater transparency to investors and provide insight into how Management is evaluating the Company's financial performance. Non-GAAP measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. (1) Integration and realignment costs in the second quarter and June year-to-date 2025 reflect various initiatives aimed at integrating MRP and other prior acquisitions, consolidating operating segments, and further aligning processes and technology across the Company. Included in the total integration and realignment costs is $0.1 million of accelerated amortization included within depreciation and amortization. The costs incurred associated with these initiatives are summarized in the table below (in millions of dollars): Second Quarter 2025 June Year-to-Date 2025 IT-related charges $ 1.7 $ 7.0 Severance 2.1 6.5 Fees and other costs 2.3 3.3 Total integration and realignment costs $ 6.1 $ 16.8 (2) Transaction costs in 2025 and 2024 include costs incurred directly related to the sale of the EMEA staffing operations, which includes employee termination costs and transition costs. Transaction costs in 2024 also includes $7.9 million of transaction costs related to the acquisition of MRP in the second quarter of 2024. (3) Executive transition costs represent non-recurring expenses associated with our CEO transition in 2025. (4) (Gain) loss on sale of EMEA staffing operations represents the gains and losses recorded in each period as a result of the sale in January 2024. The gain on the sale in the second quarter of 2025 is the result of the Company receiving the remaining proceeds from working capital and other adjustments, which exceeded the recorded receivable. (5) Gain on forward contract represents the gain recognized in the first quarter of 2024 for the settlement of the foreign currency forward contract relating to the sale of the EMEA staffing operations. KELLY SERVICES, INC. AND SUBSIDIARIESRECONCILIATION OF NON-GAAP MEASURES(UNAUDITED) (6) Restructuring charges in 2024 represent a comprehensive transformation initiative that started in 2023 to further streamline the Company's operating model to enhance organizational efficiency and effectiveness. In the second quarter of 2024, these restructuring charges included $1.9 million of costs to execute the transformation and $2.4 million of severance. For June year-to-date 2024, these restructuring charges included $3.5 million of severance and $3.1 million of costs to execute the transformation. (7) Gain on sale of assets represents the sale of Ayers Group in the second quarter of 2024. (8) Asset impairment charge in the second quarter of 2024 was for certain right-of-use assets related to our leased headquarters facility reflects adjustments to how we are utilizing the building as part of our ongoing transformation in to access your portfolio
News.com.au
6 days ago
- Business
- News.com.au
Resources Top 5: Energy Transition Minerals enters EU critical minerals supply chain
Penouta aligns ETM with the EU's goal to increase critical mineral production and enhance supply chain security Commissioning of interim tailings filter presses at Al Washhi Majaza copper-gold project has resulted in a production boost High-grade gold results have been returned from rock chips at the Sir Walter Scott prospect Your standout small cap resources stocks for Thursday, August 7, 2025 Energy Transition Minerals (ASX:ETM) Energy Transition Minerals has a near-term production opportunity for critical minerals in Europe after winning a bid for the Penouta tin-tantalum-niobium mine in Galicia, Spain. The offer of €5.2million (A$9.2 million) was successful for the mine and processing plant, which is being acquired within the insolvency proceedings of Strategic Minerals Spain. Penouta last operated in 2024 and is the only developed tin-tantalum-niobium project in the European Union. This aligns Penouta and ETM with the EU's goal to increase critical mineral production and enhance supply chain security. ETM shares reached 5.4c, an increase of 22.73% on the pre-trading halt close, before closing at 4.8c. The successful bid will expand ETM's strategy beyond a single asset in Greenland, its Tier-1 Kvanefjeld rare earths project, into a multi-asset, EU-based operator. ETM said this represented a deep value opportunity, with the mine and processing plant acquired for well below the €28m (A$49.8m) cost of historical investment including processing infrastructure. ETM managing director Daniel Mamadou said securing the Penouta tin-tantalum-niobium mine was a huge opportunity for the company as it was the only recent producer of these critical metals in Europe, making it a uniquely strategic asset. 'This acquisition represents a compelling entry point into a near-term production opportunity for tin, tantalum and niobium, all of which are critical to Europe's industrial and technological ambitions,' he said. 'Importantly, Penouta also stands as the only current source of tantalum and niobium in the European Union, adding a key ethical dimension to sourcing conflict-free critical minerals. 'The upside for tantalum, particularly as an essential input for the semi-conductor industry, further enhances the strategic value of the acquisition.' Mamadou said ETM was drawn to Penouta due to its significant established infrastructure and its deep alignment with Spain's critical minerals strategy. Penouta has a Foreign Mineral Resource calculated in 2021 comprising an indicated and measured resource of 76.3Mt grading 149ppm tantalum pentoxide equivalent (443ppm tin and 73ppm tantalum). It also has an inferred 43-101 resource of 57Mt at 129ppm Ta2O5. Alara Resources (ASX:AUQ) Successful commissioning by Alara Resources of interim tailings filter presses (TFPs) at the copper-gold processing plant of Al Washhi Majaza Copper-Gold Project in Oman has resulted in a production boost. The project is operated by Al Hadeetha Resources LLC (AHRL), in which Alara holds a 51% interest, and AUQ shares lifted 34.3% to a high of 4.3c. Two new TFPs were sourced from China in a bid to overcome limitations with the existing press and enhance plant output. The units are currently operating in semi-automatic mode under supervision of the original equipment manufacturer's representatives. Prior to the new TFPs coming online AHRL had achieved some improvements in plant performance from an earlier stage when operational efficiency was only around 50%. Over the past six months AHRL's operations team made substantial adjustments and modifications to the original TFP, increasing plant availability to about 65%. With the interim TFPs now in operation the plant is expected to achieve at least 85-90% of its design production capacity – due to a significant reduction in unplanned stoppages and improved throughput. As a result, projected monthly copper-gold concentrate production is expected to increase to an estimated 3000-3200 dry metric tonnes (DMT). Alara managing director Atmavireshwar Sthapak said: 'Commissioning of the new interim filter presses is a key milestone for the Al Wash-hi plant. 'This upgrade enhances reliability and boosts capacity, strengthening our ability to achieve consistent, high-volume production. It reflects Alara's ongoing focus on operational excellence and delivering near-term value for shareholders.' The acquisition of a permanent TFP is in progress which, once installed, is expected to enable the plant to operate at or near full design capacity. Alara is continuing exploration at its other Omani projects, including the Block 7 exploration licence under the Daris JV, Mullaq and Al Ajal licences under the Al Hadeetha JV, Block 8 licence under the Awtad Copper-Power Metal JV and the recently awarded Block 22B exploration licence under the Al Hadeetha Mining LLC JV. Infinity Mining (ASX:IMI) High-grade gold results from rock chips at the Sir Walter Scott prospect in northeast NSW have given Infinity Mining another focal point at the Cangai copper project and shares were up 30% to a daily high of 1.3c. Twelve rock chip samples collected in July 2025 have returned nine gold assays over 1 g/t with a maximum assay of 68.6 g/t. Sir Walter Scottt, which lies ~3km south of the historical Cangai Copper Mine, was mined in the 1890s, producing 1,790oz Au from 2,203 tonnes at an average grade of ~25g/t. The John Bull project of Novo Resources (ASX:NVO) is ~3km along strike to the NW and has recently reported anomalous rock chip samples and drill hole intercepts containing gold. Infinity's technical team will return to Sir Walter Scott to undertake more detailed geological/structural mapping and surface geochemical sampling in the coming months to better understand its exploration potential. Marquee Resources (ASX:MQR) Australia's largest undeveloped antimony deposit covering the Mount Clement and Eastern Hills projects in WA is set to grow with Marquee Resources returning strong antimony results from first phase drilling at Mount Clement. There were 1,346 metres drilled across seven RC holes and antimony was intersected in every hole. Best results were: 8m at 1.05% Sb and 2.85% lead from 137m, including 4m at 1.35% Sb and 3.55% Pb from 137m; 8m at 1.02% Sb from 81m, including 4m at 1.48% from 81m; 2m at 1.96% Sb from 144m; and 3m at 1.27% Sb from 24m, including 1m at 2.31% from 25m. Mt Clement is contiguous on the eastern flank of the Eastern Hills antimony resource owned by Black Cat Syndicate (ASX:BC8). Black Cat states that its portion of this deposit is Australia's largest undeveloped antimony project and the fourth largest antimony JORC resource in Australia comprising 794,000t at 1.7% Sb. Marquee's maiden resource is expected to be reported before the end of August 2025 and phase 2 drilling will begin later this quarter. TG Metals (ASX:TG6) The foundations of Gold City prospect within TG Metals Van Uden gold project in WA have been strengthened with a series of new drill targets. Soil assays from recent sampling have been combined with historical drill results to expand the area of interest around historical workings and generate new targets. Historical drilling returned results such as 14m at 2.26g/t gold from a depth of 20m and 13m at 1.09g/t from 40m. Chief executive officer David Selfe said that while Gold City was known to have gold mineralisation associated with historical workings, the new soil results demonstrated a significantly increased mineralised trend. 'The new soil results are analogous to those already seen over the mineralisation defined by historical drilling, which is clearly a positive sign,' he added. 'This potentially opens up the Gold City prospect as a significant second gold centre for the Van Uden gold project and a future expansion of our substantial resources base as we progress towards first production.'
The Australian
6 days ago
- Business
- The Australian
ETM secures Europe's only tin-tantalum-niobium mine
Energy Transition Minerals' €5.2m (A$9.2m) bid wins Spanish auction for the Penouta tin-tantalum-niobium mine and processing plant Penouta has €28m (A$49.8m) of investment by the previous owner and is Europe's only recent producer of tin and tantalum ETM is raising $10m via a strategic placement to support the acquisition and is also undertaking a $3M Share Purchase Plan Special Report: Energy Transition Minerals has been confirmed as the successful bidder for the Penouta tin-tantalum-niobium mine in Galicia, Spain, giving it a compelling entry point into a near-term production opportunity for these critical minerals in Europe. The company's offer of €5.2 million (A$9.2 million) was confirmed as the successful bidder for the Penouta mine and processing plant, which is being acquired within the insolvency proceedings of Strategic Minerals Spain. Penouta was last operated in 2024 and is the only developed tin-tantalum-niobium project in the European Union. This makes it uniquely aligned with the EU's goal to increase critical mineral production and enhance supply chain security. Energy Transition Minerals' (ASX:ETM) successful bid will expand the company's strategy beyond a single asset in Greenland, its Tier-1 Kvanefjeld rare earths project, into a multi-asset, EU-based operator. ETM says this represents a deep value opportunity, with the mine and processing plant being acquired for well below the €28m (A$49.8m) cost of historic investment including processing infrastructure. The company will acquire all mining and associated rights from the project including Authorisation to exploit the Section B Concession. Re-compliance of the Section C Concession will be required to enable full-scale production. Completion of the transaction is subject to formal documentation and compliance with various Spanish regulatory requirements, and other conditions precedent. The Penouta project. Pic: Energy Transition Minerals Huge opportunity ETM Managing Director Daniel Mamadou said securing the Penouta tin-tantalum-niobium mine is a huge opportunity for the company as it is the only recent producer of these critical metals in Europe, making it a uniquely strategic asset. 'This acquisition represents a compelling entry point into a near-term production opportunity for tin, tantalum, and niobium, all of which are critical to Europe's industrial and technological ambitions,' he added. 'Importantly, Penouta also stands as the only current source of tantalum and niobium in the European Union, adding a key ethical dimension to sourcing conflict-free critical minerals. 'The upside for tantalum, particularly as an essential input for the semi-conductor industry, further enhances the strategic value of the acquisition.' Mamadou added that ETM was drawn to Penouta due to its significant established infrastructure and its deep alignment with Spain's critical minerals strategy. 'Our in-country team has a strong record in sustainable development, giving us confidence in a swift and responsible start.' Penouta mine ETM believes the Penouta mine represents a truly differentiated entry point into the heart of Europe's critical minerals supply chain. As the only advanced tin-tantalum-niobium deposit in the EU, it provides a significant geopolitical advantage in terms of the production of these critical minerals. The presence of existing process infrastructure, historic offtake relationships and a defined mineral resource will enable the company to leverage legacy investment and prior technical work to accelerate project development. ETM also believes the acquisition economics of the project represent a compelling proposition, with the purchase price of A$9.2 million representing a deep discount against the nearly A$49.8 million of past capital invested by Strategic Minerals since 2012. This valuation gap and existing site infrastructure such as the 2Mtpa crushing-grinding-gravity separation processing plant tailored to its polymetallic ore creates an attractive proposition even before the value of the tailings and new mining areas have been realised. Penouta has a history of mining dating back to Roman times for both metals and industrial minerals. In a modern context, the Penouta tin-tantalum-niobium deposit was first developed in the early 1900s which saw intermittent production through to the mid-20th century. The most significant progress during this period was by industrial conglomerate RUMASA from the 1970s to 1983. During that period, it delivered significant quantities of tin concentrate to European smelter using conventional open-pit methods and gravity processing circuits. Declining tin prices and operational challenges led to a suspension of primary extraction, leaving behind well-maintained infrastructure and a thoroughly characterised resource base. Penouta currently has a Foreign Mineral Resource calculated by SRK Consulting in 2021 comprising an indicated and measured resource of 76.3Mt grading 149ppm tantalum pentoxide equivalent (443ppm tin and 73ppm tantalum). It also includes an inferred 43-101 resource of 57Mt at 129ppm Ta2O5. The project also hosts engineered tailings storage facilities, and some utility connection while existing roads provide efficient access to the Port of Vigo about 230km and rail links support bulk concentrate transport to European and international markets. Four legacy employees of Strategic Minerals, who were identified as being critical to the ongoing operations, will remain to help operate the project. Strategic placement ETM has also agreed to undertake a strategic $10 million placement by way of subscription from existing shareholder OCJ Investment to support the acquisition and strengthen its balance sheet. OCJ will own approximately 15.5% of ETM following settlement of the placement and have voting power of approximately 17%. ETM is also undertaking a $3 million SPP to existing shareholders at an issue price of $0.042 per share. This article was developed in collaboration with Energy Transition Minerals, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
TECHx
05-08-2025
- Business
- TECHx
Qualys Unveil Agentic AI for Real-Time Cyber Risk Management
Home » Tech Value Chain » Global Brands » Qualys Unveils Agentic AI for Real-Time Cyber Risk Management Qualys, Inc. (NASDAQ: QLYS), a provider of cloud-based IT, security, and compliance solutions, has announced new Agentic AI capabilities on the Qualys platform. The new AI fabric powers a marketplace of Cyber Risk AI Agents. These agents deliver real-time insights across all attack surfaces, prioritized by business impact. They also help reduce risk and operational costs through autonomous remediation at speed and scale. This enables a more efficient and intelligent Risk Operations Center (ROC). As cyber threats grow in volume and complexity, security teams face millions of exposures with little context. Manual processes lead to delays and unaddressed vulnerabilities. To solve this, Qualys introduced Agentic AI to eliminate repetitive tasks and enable risk-focused workflows. According to Tyler Shields, principal analyst at Enterprise Strategy Group (ESG), 'Integrating Agentic AI into the Qualys platform marks a major leap from reactive response to real-time risk reduction.' He added that this innovation supports faster remediation and greater accuracy. By embedding Agentic AI into Enterprise TruRisk Management (ETM), Qualys enhances risk-centric automation. ETM already aggregates exposures to align cyber risk with business value. With the new AI fabric, Qualys now offers pre-built AI agents for threat prioritization and remediation tailored to each organization. The Cyber Risk Assistant is also introduced. This prompt-driven tool helps teams navigate risks, translate exposures, and deliver context-aware insights through autonomous operations. The Qualys Marketplace now features: Continuous risk insights from fragmented exposures, using pre-built AI agents. from fragmented exposures, using pre-built AI agents. Adaptive remediation via AI agents like the Microsoft Patch Tuesday Lifecycle Agent. via AI agents like the Microsoft Patch Tuesday Lifecycle Agent. Custom AI agents through a no-code interface, enabling reusable, automated workflows. 'Qualys Agentic AI, embedded into Enterprise TruRisk Management, is transforming how organizations manage cyber risk,' said Sumedh Thakar, President and CEO of Qualys. He emphasized that CISOs can now augment their teams with intelligent AI agents for faster, strategic risk reduction. This launch represents a step forward in autonomous cybersecurity and smarter operations powered by AI.
