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RPM Reports Record Fiscal 2025 Fourth-Quarter and Full-Year Results
MEDINA, Ohio--(BUSINESS WIRE)--RPM International Inc. (NYSE: RPM), a world leader in specialty coatings, sealants and building materials, today reported record financial results for its fiscal 2025 fourth quarter and full year ended May 31, 2025. Frank C. Sullivan, RPM chairman and CEO commented, 'By leveraging top-line growth with improved operating efficiency, we demonstrated the Power of RPM and generated record results for the fourth quarter and full year. Our ability to provide systems and turnkey solutions for high-performance buildings, as well as our focus on maintenance and restoration, resulted in solid organic growth in the fourth quarter. Aided by the continued implementation of MAP 2025 operating improvements and acquisitions, we generated double-digit consolidated adjusted EBIT growth during the quarter, with each segment increasing adjusted EBIT.' He added, 'For the full fiscal year, we delivered record sales, adjusted EBIT and adjusted EPS, an accomplishment that we have achieved every year since we began MAP 2025. Importantly, in fiscal year 2025, we also generated record adjusted EBIT margins, despite a mixed economic environment. These results are a testament to the dedication and persistence of our associates.' Sullivan continued, 'In an effort to continue building on this positive momentum, we are reorganizing into three segments—Construction Products Group, Performance Coatings Group and the Consumer Group. The former Specialty Products Group businesses have joined our other segments. This streamlined structure will allow our businesses to collaborate more closely to fuel revenue growth and leverage the cultural shift toward working together that has been enabled by MAP. It will also provide additional operating efficiencies, including reduced overhead, which is a hallmark of our MAP initiatives, to continue expanding margins. As we look forward, we are focused on accelerating growth to take full advantage of the operational improvements we've made over the past several years and realize the full Power of RPM.' Fourth-Quarter 2025 Consolidated Results Consolidated Three Months Ended $ in 000s except per share data May 31, May 31, 2025 2024 $ Change % Change Net Sales $ 2,081,975 $ 2,008,163 $ 73,812 3.7 % Net Income Attributable to RPM Stockholders 225,758 180,611 45,147 25.0 % Diluted Earnings Per Share (EPS) 1.76 1.40 0.36 25.7 % Income Before Income Taxes (IBT) 248,376 239,278 9,098 3.8 % Earnings Before Interest and Taxes (EBIT) 271,034 257,973 13,061 5.1 % Adjusted EBIT (1) 314,377 285,550 28,827 10.1 % Adjusted Diluted EPS (1) 1.72 1.56 0.16 10.3 % (1) Excludes certain items that are not indicative of RPM's ongoing operations. See tables below titled Supplemental Segment Information and Reconciliation of Reported to Adjusted Amounts for details. Expand The fourth-quarter sales increase was primarily driven by sales of systems and turnkey solutions to serve high-performance buildings, as well as products and services focused on maintenance and repair. Acquisitions also contributed to top-line growth. Geographically, Europe led sales growth with an increase of 14.9%, fueled by high-performance coatings and acquisitions. In North America, a 2.7% sales increase was driven by demand for systems and turnkey solutions serving high-performance buildings. Sales were mixed in emerging markets, as growth in products serving infrastructure projects in Latin America was offset by unfavorable foreign currency translation and weak economic conditions in Asia. Africa / Middle East grew modestly after strong prior-year growth. Sales included 2.0% organic growth, 2.0% growth from acquisitions net of divestitures, and a 0.3% decline from foreign currency translation. Adjusted EBIT was a record, driven by organic sales growth, which leveraged MAP 2025 operational improvements, partially offset by transitory costs related to plant consolidations and start-ups, as well as raw material cost inflation. SG&A increased during the quarter, driven by higher M&A expenses, variable compensation related to the sale of technical products, and SG&A from acquired businesses. Additional SG&A streamlining actions were put in place during the quarter to help offset the increased expenses. The adjusted diluted EPS increase was driven by the improvement in adjusted EBIT. Fourth-Quarter 2025 Segment Sales and Earnings Record CPG sales were driven by systems and turnkey roofing solutions serving high-performance buildings. The growth was in addition to strong prior-year sales, which increased 6.6%. Sales included 6.7% organic growth, 0.3% growth from acquisitions, and a 0.7% decline from foreign currency translation. Adjusted EBIT was a record, and the increase was driven by MAP 2025 benefits and higher sales of engineered systems and services that expanded margins, partially offset by temporary inefficiencies from plant consolidations as production was being transferred. Record PCG sales included strong demand for turnkey flooring solutions serving high-performance buildings and a double-digit increase in sales of fiberglass reinforced plastics structures, driven by demand from data centers. An acquisition also contributed to the sales increase. Sales included 4.4% organic growth, a 5.0% increase from acquisitions net of divestitures, and a 0.2% decline from foreign currency translation. Adjusted EBIT increased to a record as higher volumes improved fixed-cost leverage, which was aided by MAP 2025 operational improvement initiatives, and as sales mix improved. The SPG sales increase included improved sales to specialty OEM markets, which showed signs of stabilization after a cyclical downturn. The food coatings and additives business generated strong sales growth, due in part to a prior acquisition. The fluorescent pigments and disaster restoration businesses experienced soft demand during the quarter. Sales included flat organic growth, 1.7% growth from an acquisition, and a 0.2% benefit from foreign currency translation. The adjusted EBIT increase was driven by MAP 2025 operational improvement initiatives. This was partially offset by a $2.5 million bad debt expense due to a customer bankruptcy and higher start-up expenses at the Resin Center of Excellence that SPG managed on behalf of all RPM segments. EBIT includes $13.1 million of non-cash asset impairment charges primarily related to fluorescent pigments, which have been consolidated into the Consumer Group in fiscal year 2026 and have undergone overhead streamlining, and a $5.8 million charge for a legal settlement related to a business that was divested in fiscal year 2023. These charges have been excluded from adjusted EBIT. The Consumer Group's sales decline was driven by softness in DIY markets and product rationalization, partially offset by new product introductions and the benefit of The Pink Stuff acquisition, which closed one month prior to the end of the fiscal quarter. Sales included a 3.8% organic decline, 2.3% growth from acquisitions, and a 0.1% decline from foreign currency translation. Adjusted EBIT was a record, driven by MAP 2025 improvements, which were partially offset by cost inflation and reduced fixed-cost utilization from lower volumes. Fiscal Year 2025 Consolidated Results Consolidated Year Ended $ in 000s except per share data May 31, May 31, 2025 2024 $ Change % Change Net Sales $ 7,372,644 $ 7,335,277 $ 37,367 0.5 % Net Income Attributable to RPM Stockholders 688,688 588,397 100,291 17.0 % Diluted Earnings Per Share (EPS) 5.35 4.56 0.79 17.3 % Income Before Income Taxes (IBT) 792,760 787,837 4,923 0.6 % Earnings Before Interest and Taxes (EBIT) 865,204 860,832 4,372 0.5 % Adjusted EBIT (1) 976,031 941,597 34,434 3.7 % Adjusted Diluted EPS (1) 5.30 4.94 0.36 7.3 % (1) Excludes certain items that are not indicative of RPM's ongoing operations. See tables below titled Supplemental Segment Information and Reconciliation of Reported to Adjusted Amounts for details. Expand Fiscal year 2025 sales were a record, driven by turnkey solutions for high-performance buildings, partially offset by soft market conditions in the DIY and specialty OEM markets. Record adjusted EBIT and adjusted EBIT margin of 13.2% were driven by MAP 2025 benefits, partially offset by lower fixed-cost absorption. SG&A streamlining actions partially offset increased variable compensation, benefits and M&A expenses. Fiscal year 2025 adjusted EPS was a record, driven by the adjusted EBIT growth, and lower interest expense as a portion of the strong operational cash flow was used to repay debt. Cash Flow and Financial Position During fiscal 2025: Cash provided by operating activities was $768.2 million, the second highest amount in company history, driven by working capital efficiency enabled by MAP 2025 initiatives. This compares to a record $1.12 billion in fiscal year 2024 when there was a large working capital release as supply chains normalized. Operating working capital as a percentage of sales increased to 24.3% compared to 23.5% in fiscal year 2024, driven by strategic purchases in the fourth quarter of fiscal 2025 to mitigate the future impact of tariffs. Capital expenditures were $229.9 million compared to $214.0 million during fiscal year 2024 with the increase driven by investments in shared RPM facilities, including the Resin Center of Excellence and the newly opened distribution center in Belgium, as well as new production facilities in Malaysia and India, and MAP 2025-enabled plant consolidations. The company returned $325.6 million to stockholders through cash dividends and share repurchases, an increase of $38.7 million or 13.5% compared to the prior year. As of May 31, 2025: Total debt was $2.65 billion compared to $2.13 billion a year ago, with the $519.5 million increase driven by debt used to finance the acquisitions of The Pink Stuff, TMP Convert and other smaller companies. Total liquidity, including cash and committed revolving credit facilities, was $969.1 million, compared to $1.36 billion a year ago, with the decrease driven by the use of the credit facilities to finance the acquisition of The Pink Stuff. Business Outlook Sullivan added, 'We continue to focus on what we control, which includes offering differentiated turnkey solutions and systems to high-performance building projects and improving our operational efficiency, including SG&A streamlining. Working capital released from MAP 2025 structural improvements has helped to fund several acquisitions, leading to RPM's largest M&A year in fiscal 2025. We will benefit as we integrate these businesses into RPM and leverage our competitive strengths to accelerate their future growth.' He concluded, 'For the full fiscal year 2026, we anticipate solid top-line growth, which will allow us to leverage the operational improvements we've implemented to generate record adjusted EBIT and adjusted EBIT margins. The momentum we generated at the end of fiscal 2025 is expected to continue in the fiscal 2026 first quarter, leading to higher sales and profitability. However, we anticipate inflation will temporarily outpace pricing during the quarter and offset the benefits of efficiency initiatives.' The company expects the following in full-year fiscal 2026: Consolidated sales to increase in the low- to mid-single-digit range compared to prior-year record results. Consolidated adjusted EBIT to increase in the high-single- to low-double-digit percentage range compared to prior-year record results. The company expects the following in the fiscal 2026 first quarter: Consolidated sales to increase in the low- to mid-single-digit percentage range compared to prior-year results. Sales growth to be similar among the three segments, with Consumer slightly higher, driven by the acquisitions of The Pink Stuff and Ready Seal. Consolidated adjusted EBIT to be up in the low- to mid-single-digit percentage range compared to prior-year record results. Earnings Webcast and Conference Call Information Management will host a conference call to discuss these results beginning at 10:00 a.m. ET today. The call can be accessed via webcast at or by dialing 1-844-481-2915 or 1-412-317-0708 for international callers and asking to join the RPM International call. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. The call, which will last approximately one hour, will be open to the public, but only financial analysts will be permitted to ask questions. The media and all other participants will be in a listen-only mode. For those unable to listen to the live call, a replay will be available from July 24, 2025, until July 31, 2025. The replay can be accessed by dialing 1-877-344-7529 or 1-412-317-0088 for international callers. The access code is 2426392. The call also will be available for replay and as a written transcript via the RPM website at About RPM RPM International Inc. owns subsidiaries that are world leaders in specialty coatings, sealants, building materials and related services. The company operates across four reportable segments: consumer, construction products, performance coatings and specialty products. RPM has a diverse portfolio of market-leading brands, including Rust-Oleum, DAP, The Pink Stuff, Zinsser, Varathane, DayGlo, Legend Brands, Stonhard, Carboline, Tremco and Dryvit. From homes and workplaces to infrastructure and precious landmarks, RPM's brands are trusted by consumers and professionals alike to help build a better world. The company employs approximately 17,200 individuals worldwide. Visit to learn more. For more information, contact Matt Schlarb, Vice President – Investor Relations & Sustainability, at 330-220-6064 or mschlarb@ Use of Non-GAAP Financial Information To supplement the financial information presented in accordance with Generally Accepted Accounting Principles in the United States ('GAAP') in this earnings release, we use EBIT, adjusted EBIT and adjusted earnings per share, which are all non-GAAP financial measures. EBIT is defined as earnings (loss) before interest and taxes, with adjusted EBIT and adjusted earnings per share provided for the purpose of adjusting for one-off items impacting revenues and/or expenses that are not considered by management to be indicative of ongoing operations. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT as a performance evaluation measure because interest income (expense), net is essentially related to corporate functions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before income taxes as determined in accordance with GAAP, since EBIT omits the impact of interest and investment income or expense in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets' analysis of our segments' core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. See the financial statement section of this earnings release for a reconciliation of EBIT and adjusted EBIT to income before income taxes, and adjusted earnings per share to earnings per share. We have not provided a reconciliation of our first-quarter fiscal 2026 or full-year fiscal 2026 adjusted EBIT guidance because material terms that impact such measure are not in our control and/or cannot be reasonably predicted, and therefore a reconciliation of such measure is not available without unreasonable effort. Use of Key Performance Indicator Metric To supplement the financial information presented in accordance with Generally Accepted Accounting Principles in the United States ('GAAP') in this earnings release, we use the key performance indicator ('KPI') metric of operating working capital as a percentage of sales, which is defined as the net amount of net trade accounts receivable plus inventories less accounts payable, all divided by trailing twelve-month net sales. We evaluate the working capital investment needs of our business to support current operations as well as future changes in business activity. For that reason, we believe operating working capital as a percentage of sales is also useful to investors as a metric in their investment decisions. Forward-Looking Statements This press release contains 'forward-looking statements' relating to our business. These forward-looking statements, or other statements made by us, are made based on our expectations and beliefs concerning future events impacting us and are subject to uncertainties and factors (including those specified below), which are difficult to predict and, in many instances, are beyond our control. As a result, our actual results could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) global and regional markets and general economic conditions, including uncertainties surrounding the volatility in financial markets, the availability of capital and the viability of banks and other financial institutions; (b) the prices, supply and availability of raw materials, including assorted pigments, resins, solvents, and other natural gas- and oil-based materials; packaging, including plastic and metal containers; and transportation services, including fuel surcharges; (c) continued growth in demand for our products; (d) legal, environmental and litigation risks inherent in our businesses and risks related to the adequacy of our insurance coverage for such matters; (e) the effect of changes in interest rates; (f) the effect of fluctuations in currency exchange rates upon our foreign operations; (g) changes in global trade policies, including the adoption or expansion of tariffs and trade barriers; (h) the effect of non-currency risks of investing in and conducting operations in foreign countries, including those relating to domestic and international political, social, economic and regulatory factors; (i) risks and uncertainties associated with our ongoing acquisition and divestiture activities; (j) the timing of and the realization of anticipated cost savings from restructuring initiatives, the ability to identify additional cost savings opportunities, and the risks of failing to meet any other objectives of our improvement plans; (k) risks related to the adequacy of our contingent liability reserves; (l) risks relating to a public health crisis similar to the Covid pandemic; (m) risks related to acts of war similar to the Russian invasion of Ukraine; (n) risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; (o) risks related to our or our third parties' use of technology including artificial intelligence, data breaches and data privacy violations; (p) the shift to remote work and online purchasing and the impact that has on residential and commercial real estate construction; and (q) other risks detailed in our filings with the Securities and Exchange Commission, including the risk factors set forth in our Form 10-K for the year ended May 31, 2024, as the same may be updated from time to time. We do not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the filing date of this press release. SUPPLEMENTAL SEGMENT INFORMATION IN THOUSANDS (Unaudited) Three Months Ended Year Ended May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Net Sales: CPG Segment $ 809,913 $ 762,174 $ 2,767,428 $ 2,702,466 PCG Segment 399,208 365,555 1,491,695 1,462,460 SPG Segment 181,315 177,975 699,469 712,402 Consumer Segment 691,539 702,459 2,414,052 2,457,949 Total $ 2,081,975 $ 2,008,163 $ 7,372,644 $ 7,335,277 Income Before Income Taxes: CPG Segment Income Before Income Taxes (a) $ 153,455 $ 131,429 $ 426,028 $ 385,339 Interest (Expense), Net (b) (588 ) (551 ) (2,494 ) (5,170 ) EBIT (c) 154,043 131,980 428,522 390,509 MAP initiatives (d) 3,871 6,526 10,327 12,694 Acquisition-related costs (e) 194 - 453 - Adjusted EBIT $ 158,108 $ 138,506 $ 439,302 $ 403,203 PCG Segment Income Before Income Taxes (a) $ 54,711 $ 46,589 $ 225,594 $ 199,951 Interest Income, Net (b) 580 889 2,335 4,642 EBIT (c) 54,131 45,700 223,259 195,309 MAP initiatives (d) 3,128 2,829 6,840 20,233 Acquisition-related costs (e) 515 - 1,012 - Adjusted EBIT $ 57,774 $ 48,529 $ 231,111 $ 215,542 SPG Segment (Loss) Income Before Income Taxes (a) $ (10,763 ) $ 7,439 $ 26,391 $ 43,784 Interest (Expense) Income, Net (b) (126 ) (89 ) (439 ) 204 EBIT (c) (10,637 ) 7,528 26,830 43,580 MAP initiatives (d) 3,159 3,063 10,100 11,179 (Gain) on sale of assets and a business, net (f) - - (237 ) (1,206 ) Legal contingency adjustment on a divested business (h) 5,777 - 6,059 3,953 Goodwill and intangible asset impairments (i) 13,080 - 13,080 - Adjusted EBIT $ 11,379 $ 10,591 $ 55,832 $ 57,506 Consumer Segment Income Before Income Taxes (a) $ 113,441 $ 113,146 $ 357,900 $ 408,200 Interest (Expense) Income, Net (b) (129 ) (58 ) (585 ) 2,561 EBIT (c) 113,570 113,204 358,485 405,639 MAP initiatives (d) 6,339 8,591 28,464 9,840 Acquisition-related costs (e) 2,561 - 2,561 - (Gain) on sale of assets and a business, net (f) - (3,627 ) - (3,627 ) Business interruption insurance recovery (g) - - - (11,128 ) Adjusted EBIT $ 122,470 $ 118,168 $ 389,510 $ 400,724 Corporate/Other (Loss) Before Income Taxes (a) $ (62,468 ) $ (59,325 ) $ (243,153 ) $ (249,437 ) Interest (Expense), Net (b) (22,395 ) (18,886 ) (71,261 ) (75,232 ) EBIT (c) (40,073 ) (40,439 ) (171,892 ) (174,205 ) MAP initiatives (d) 4,719 10,195 32,168 38,827 Adjusted EBIT $ (35,354 ) $ (30,244 ) $ (139,724 ) $ (135,378 ) TOTAL CONSOLIDATED Income Before Income Taxes (a) $ 248,376 $ 239,278 $ 792,760 $ 787,837 Interest (Expense) (25,939 ) (27,276 ) (96,543 ) (117,969 ) Investment Income, Net 3,281 8,581 24,099 44,974 EBIT (c) 271,034 257,973 865,204 860,832 MAP initiatives (d) 21,216 31,204 87,899 92,773 Acquisition-related costs (e) 3,270 - 4,026 - (Gain) on sale of assets and a business, net (f) - (3,627 ) (237 ) (4,833 ) Business interruption insurance recovery (g) - - - (11,128 ) Legal contingency adjustment on a divested business (h) 5,777 - 6,059 3,953 Goodwill and intangible asset impairments (i) 13,080 - 13,080 - Adjusted EBIT $ 314,377 $ 285,550 $ 976,031 $ 941,597 (a) The presentation includes a reconciliation of Income (Loss) Before Income Taxes, a measure defined by Generally Accepted Accounting Principles in the United States (GAAP), to EBIT and Adjusted EBIT. (b) Interest Income (Expense), Net includes the combination of Interest Income (Expense) and Investment Income (Expense), Net. (c) EBIT is defined as earnings (loss) before interest and taxes, with Adjusted EBIT provided for the purpose of adjusting for items impacting earnings that are not considered by management to be indicative of ongoing operations. We evaluate the profit performance of our segments based on income before income taxes, but also look to EBIT, or adjusted EBIT, as a performance evaluation measure because Interest Income (Expense), Net is essentially related to corporate functions, as opposed to segment operations. For that reason, we believe EBIT is also useful to investors as a metric in their investment decisions. EBIT should not be considered an alternative to, or more meaningful than, income before income taxes as determined in accordance with GAAP, since EBIT omits the impact of interest and investment income or expense in determining operating performance, which represent items necessary to our continued operations, given our level of indebtedness. Nonetheless, EBIT is a key measure expected by and useful to our fixed income investors, rating agencies and the banking community all of whom believe, and we concur, that this measure is critical to the capital markets' analysis of our segments' core operating performance. We also evaluate EBIT because it is clear that movements in EBIT impact our ability to attract financing. Our underwriters and bankers consistently require inclusion of this measure in offering memoranda in conjunction with any debt underwriting or bank financing. EBIT may not be indicative of our historical operating results, nor is it meant to be predictive of potential future results. (d) Reflects restructuring and other charges, which have been incurred in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives, as follows: - Restructuring and other related expense, net: Includes charges incurred related to headcount reductions, facility closures and asset impairments recorded in "Restructuring Expense" on the Consolidated Statements of Income. Restructuring Expense totaled $6.8 million and $15.9 million for the quarters ended May 31, 2025 and May 31, 2024 respectively, and $25.0 million and $30.0 million for the year ended May 31, 2025 and May 31, 2024 respectively. Other related expenses include inventory write-offs in connection with restructuring activities recorded in "Cost of Sales", accelerated depreciation and amortization recorded within "Cost of Sales" or "Selling, General, & Administrative Expenses ("SG&A")" depending on the nature of the expense as well as the prior year loss on sale and increase in our allowance for doubtful accounts resulting from of the divestiture of the non-core Universal Sealant's Bridgecare service business within our PCG segment. - Exited product lines: Sale of inventory that had previously been reserved for as a result of prior product line rationalization initiatives at PCG partially offset by inventory write-offs related to the discontinuation of certain product lines within our SPG segment. These amounts resulted from ongoing product line rationalization efforts in connection with our MAP initiatives and were recorded in "Cost of Sales". - ERP consolidation plan: Includes expenses incurred as a result of our stated goals to consolidate over 75 ERP systems across the organization to four ERP platforms, one per segment, as part of our overall MAP strategy as well as costs incurred for other decision support tools to facilitate our commercial initiatives related to MAP 2025 which have been incurred in all segments, as well as Corporate/Other, and have been recorded within "SG&A". - Professional fees: Includes expenses incurred to consolidate accounting locations, costs incurred to implement technologies and processes to drive improved sales mix and salesforce effectiveness and cost incurred to implement new global manufacturing methodologies with the goal of improving operating efficiency incurred within all of our segments and recorded within "SG&A". All of this spend is in support of stated MAP goals with the most significant expense incurred within Corporate/Other. Included below is a reconciliation of the TOTAL CONSOLIDATED MAP initiatives. May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Exited product line - - - (248 ) (e) Acquisition costs reflect amounts included in 'Cost of Sales' for inventory step-ups. (f) Reflects gains associated with post-closing adjustments for the sale of the non-core furniture warranty business in the SPG segment in fiscal 2023 which have been recorded in "SG&A". In addition to this, the prior year reflects the sale of a property within our Consumer segment which has also been recorded in 'SG&A'. (g) Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier, which has been recorded in "SG&A". (h) Represents incremental expense related to an adverse legal ruling from a case associated with a business that was divested in fiscal 2023. (i) Reflects $11.4 million of goodwill impairment recorded in "Goodwill Impairment" and $1.7 million of intangible asset impairment recorded in "SG&A". Both charges are related to the Color Group reporting unit in our SPG Segment due to the continued softness in OEM markets and underperformance in our growth initiatives associated with this reporting unit. Expand SUPPLEMENTAL INFORMATION (Unaudited) Three Months Ended Year Ended May 31, May 31, May 31, May 31, 2025 2024 2025 2024 Reconciliation of Reported Earnings per Diluted Share to Adjusted Earnings per Diluted Share (All amounts presented after-tax): Reported Earnings per Diluted Share $ 1.76 $ 1.40 $ 5.35 $ 4.56 MAP initiatives (d) 0.16 0.19 0.56 0.56 Acquisition-related costs (e) 0.02 - 0.02 - (Gain) on sale of assets and a business, net (f) - (0.02 ) - (0.03 ) Business interruption insurance recovery (g) - - - (0.07 ) Legal contingency adjustment on a divested business (h) 0.03 - 0.04 0.02 Goodwill and intangible asset impairments (i) 0.09 - 0.09 - Investment returns (j) - (0.01 ) (0.02 ) (0.12 ) Income tax adjustments (k) (0.34 ) - (0.74 ) 0.02 Adjusted Earnings per Diluted Share (l) $ 1.72 $ 1.56 $ 5.30 $ 4.94 (d) Reflects restructuring and other charges, which have been incurred in relation to our Margin Acceleration Plan ("MAP to Growth") and our Margin Achievement Plan ("MAP 2025"), together MAP initiatives, as follows: - Restructuring and other related expense, net: Includes charges incurred related to headcount reductions, facility closures and asset impairments recorded in "Restructuring Expense" on the Consolidated Statements of Income. Restructuring Expense totaled $6.8 million and $15.9 million for the quarters ended May 31, 2025 and May 31, 2024 respectively, and $25.0 million and $30.0 million for the year ended May 31, 2025 and May 31, 2024 respectively. Other related expenses include inventory write-offs in connection with restructuring activities recorded in "Cost of Sales", accelerated depreciation and amortization recorded within "Cost of Sales" or "Selling, General, & Administrative Expenses ("SG&A")" depending on the nature of the expense as well as the prior year loss on sale and increase in our allowance for doubtful accounts resulting from of the divestiture of the non-core Universal Sealant's Bridgecare service business within our PCG segment. - Exited product lines: Sale of inventory that had previously been reserved for as a result of prior product line rationalization initiatives at PCG partially offset by inventory write-offs related to the discontinuation of certain product lines within our SPG segment. These amounts resulted from ongoing product line rationalization efforts in connection with our MAP initiatives and were recorded in "Cost of Sales". - ERP consolidation plan: Includes expenses incurred as a result of our stated goals to consolidate over 75 ERP systems across the organization to four ERP platforms, one per segment, as part of our overall MAP strategy as well as costs incurred for other decision support tools to facilitate our commercial initiatives related to MAP 2025 which have been incurred in all segments, as well as Corporate/Other, and have been recorded within "SG&A". - Professional fees: Includes expenses incurred to consolidate accounting locations, costs incurred to implement technologies and processes to drive improved sales mix and salesforce effectiveness and cost incurred to implement new global manufacturing methodologies with the goal of improving operating efficiency incurred within all of our segments and recorded within "SG&A". All of this spend is in support of stated MAP goals with the most significant expense incurred within Corporate/Other. (e) Acquisition costs reflect amounts included in 'Cost of Sales' for inventory step-ups. (f) Reflects gains associated with post-closing adjustments for the sale of the non-core furniture warranty business in the SPG segment in fiscal 2023 which have been recorded in "SG&A". In addition to this, the prior year reflects the sale of a property within our Consumer segment which has also been recorded in 'SG&A'. (g) Business interruption insurance recovery at our Consumer segment related to lost sales and incremental costs incurred during fiscal 2021 and 2022 as a result of an explosion at the plant of a significant alkyd resin supplier, which has been recorded in "SG&A". (h) Represents incremental expense related to an adverse legal ruling from a case associated with a business that was divested in fiscal 2023. We strongly disagree with the legal ruling and have filed an appeal. (i) Reflects $11.4 million of goodwill impairment recorded in "Goodwill Impairment" and $1.7 million of intangible asset impairment recorded in "SG&A". Both charges are related to the Color Group reporting unit in our SPG Segment due to the continued softness in OEM markets and underperformance in our growth initiatives associated with this reporting unit. (j) Investment returns include realized net gains and losses on sales of investments and unrealized net gains and losses on equity securities, which are adjusted due to their inherent volatility. Management does not consider these gains and losses, which cannot be predicted with any level of certainty, to be reflective of the Company's core business operations. (k) The adjustment for the current three-month period and year ended May 31, 2025, includes incremental benefits of the U.S. deduction for foreign derived intangible income and the foreign tax rate differential associated with certain global capital structure initiatives completed during the period. Additionally, the year-to-date adjustment includes adjustments to U.S. foreign tax credits recognized because of global cash redeployment and debt optimization projects, as well as other adjustments to our net deferred tax asset related to U.S. foreign tax credit carryforwards resulting from our reassessment of income tax positions following developments in U.S. income tax case law. For fiscal year 2024, the adjustment relates to income taxes associated with the fiscal year 2023 sale of the furniture warranty business. (l) Adjusted Diluted EPS is provided for the purpose of adjusting diluted earnings per share for items impacting earnings that are not considered by management to be indicative of ongoing operations. Expand CONSOLIDATED BALANCE SHEETS IN THOUSANDS (Unaudited) May 31, 2025 May 31, 2024 Assets Current Assets Cash and cash equivalents $ 302,137 $ 237,379 Trade accounts receivable 1,551,953 1,468,208 Allowance for doubtful accounts (42,844 ) (48,763 ) Net trade accounts receivable 1,509,109 1,419,445 Inventories 1,036,475 956,465 Prepaid expenses and other current assets 322,577 282,059 Total current assets 3,170,298 2,895,348 Property, Plant and Equipment, at Cost 2,738,373 2,515,847 Allowance for depreciation (1,264,974 ) (1,184,784 ) Property, plant and equipment, net 1,473,399 1,331,063 Other Assets Goodwill 1,617,626 1,308,911 Other intangible assets, net of amortization 780,826 512,972 Operating lease right-of-use assets 370,399 331,555 Deferred income taxes 147,436 33,522 Other 215,965 173,172 Total other assets 3,132,252 2,360,132 Total Assets $ 7,775,949 $ 6,586,543 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 755,889 $ 649,650 Current portion of long-term debt 7,691 136,213 Accrued compensation and benefits 287,398 297,249 Accrued losses 36,701 32,518 Other accrued liabilities 379,768 350,434 Total current liabilities 1,467,447 1,466,064 Long-Term Liabilities Long-term debt, less current maturities 2,638,922 1,990,935 Operating lease liabilities 317,334 281,281 Other long-term liabilities 241,117 214,816 Deferred income taxes 224,347 121,222 Total long-term liabilities 3,421,720 2,608,254 Total liabilities 4,889,167 4,074,318 Stockholders' Equity Preferred stock; none issued - - Common stock (outstanding 128,269; 128,629) 1,283 1,286 Paid-in capital 1,177,796 1,150,751 Treasury stock, at cost (953,856 ) (864,502 ) Accumulated other comprehensive (loss) (533,631 ) (537,290 ) Retained earnings 3,193,764 2,760,639 Total RPM International Inc. stockholders' equity 2,885,356 2,510,884 Noncontrolling interest 1,426 1,341 Total equity 2,886,782 2,512,225 Total Liabilities and Stockholders' Equity $ 7,775,949 $ 6,586,543 Expand CONSOLIDATED STATEMENTS OF CASH FLOWS IN THOUSANDS (Unaudited) Year Ended May 31, May 31, 2025 2024 Cash Flows From Operating Activities: Net income $ 690,327 $ 589,442 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 193,840 171,251 Goodwill Impairment 11,352 - Deferred income taxes (104,507 ) (5,638 ) Stock-based compensation expense 27,042 25,925 Net (gain) on marketable securities (4,997 ) (19,914 ) Net (gain) on sales of assets and businesses - (971 ) Other 1,269 2,226 Changes in assets and liabilities, net of effect from purchases and sales of businesses: (Increase) decrease in receivables (55,037 ) 82,895 (Increase) decrease in inventory (34,458 ) 179,843 (Increase) decrease in prepaid expenses and other (62,669 ) 23,426 current and long-term assets Increase (decrease) in accounts payable 84,074 (24,439 ) (Decrease) increase in accrued compensation and benefits (17,130 ) 39,891 Increase in accrued losses 3,899 5,958 Increase in other accrued liabilities 35,185 52,410 Cash Provided By Operating Activities 768,190 1,122,305 Cash Flows From Investing Activities: Capital expenditures (229,930 ) (213,970 ) Acquisition of businesses, net of cash acquired (595,770 ) (15,549 ) Purchase of marketable securities (85,793 ) (32,981 ) Proceeds from sales of marketable securities 87,093 46,689 Proceeds from sales of assets and businesses, net - 6,921 Other (1,134 ) 2,450 Cash (Used For) Investing Activities (825,534 ) (206,440 ) Cash Flows From Financing Activities: Additions to long-term and short-term debt 478,111 - Reductions of long-term and short-term debt (9,008 ) (575,408 ) Cash dividends (255,563 ) (231,883 ) Repurchases of common stock (69,999 ) (54,978 ) Shares of common stock returned for taxes (18,686 ) (24,548 ) Payment of acquisition-related contingent consideration (1,122 ) (1,142 ) Other (1,796 ) (2,075 ) Cash Provided By (Used For) Financing Activities 121,937 (890,034 ) Effect of Exchange Rate Changes on Cash and Cash Equivalents 165 (4,239 ) Net Change in Cash and Cash Equivalents 64,758 21,592 Expand
Motor 1
22-07-2025
- Automotive
- Motor 1
‘Literally the Worst Fault to Chase in a Vehicle:' He Turns on the Turn Signal. Then the RPMs Start Yo-Yoing
You trust your instruments. But what happens when your rpm gauge starts bouncing every time you use your blinkers? Welcome to one of the weirdest and most annoying electrical gremlins a car can throw at you. A viral video from automotive-inclined creator Andywhyisthat (@andywhyisthat) shows the mystifying footage of a Honda idling normally at just over 1,000 rpm. However, when the left blinker is engaged, the tachometer needle starts bobbing in rhythm with the blinker, between 0 and 2,000 rpm, with no change in engine speed. What's Causing the RPM Yo-Yo Effect? The most common explanation? A faulty or corroded ground. Many vehicles rely on shared grounding points for multiple systems. If a ground connection is loose or rusty , electrical signals can 'bleed' between circuits. That's how a blinking turn signal might send a pulse to your gauge cluster, causing your tach needle to bounce like it's trying to keep time with the blinker. There are plenty of forum discussions about this problem. 'When the turn signal is blinking, the tach needle jumps like 50-100 rpm in time and rhythm of blinker,' one user wrote on . 'The engine idle is not fluctuating.' According to Speedway , You Should Check: Negative battery cable (tight and corrosion-free) Engine ground strap Ground connections under the dash Even a small voltage drop can create weird symptoms, especially in older vehicles. A Weak Battery or Alternator Could Make It Worse If your battery or alternator is struggling , even the small electrical load from a turn signal flasher can cause voltage fluctuations. That ripple can interfere with sensitive systems, such as gauges. One Toyota 4Runner forum user noted, 'My thinking is the battery is not fully charged and the extra load causes the alternator to put out more juice, which increases the rpm.' That could mean the tachometer is reflecting a real (but small) change in engine rpm, or just reacting to low voltage and sending false signals to the gauge. On Reddit , multiple users suggested testing the charging system first. A failing voltage regulator, loose battery terminals, or corroded posts can all contribute to the issue. According to Firestone , You Should Check: Battery health and charge level Alternator output (especially at idle) Voltage stability while using turn signals, lights, or A/C It Could Be a Real RPM Change (But Probably Not) There's also a chance the bounce on the gauge reflects a real fluctuation in engine speed, caused by a dirty sensor, failing idle air control valve , or glitchy throttle body . That's especially plausible in drive-by-wire vehicles , where the electronic control unit handles all throttle inputs electronically. A thread on JustAnswer notes that dirty or aging sensors can cause momentary RPM dips or spikes, especially at idle. But more often, these cases turn out to be electrical quirks, not engine issues. How to Tell the Difference, According to JustAnswer: Plug in an OBD-II scan tool and monitor actual rpm readings If the scanner shows steady rpm while the dash needle bounces, it's likely a gauge issue, not a real engine change. Commenters on Facebook were quick to offer their amateur diagnoses, along with some humor. 'Likely a corroded ground. Water takes the path of least resistance. When a ground wire is corroded, it has plenty of resistance, pushing the electricity to take different paths to ground. Literally the worst fault to chase in a car,' one sympathetic gearhead wrote. Another shared their similar experience: 'had a loose fuse cause the speedometer to do that. Only did it while in gear.' And another couldn't hold back with a dad joke: 'Low blinker fluid.... It happens.' Motor1 reached out to Andy via email. Now Trending 'It'll Be $450:' Man Tries to Get a New Key for His 2022 Toyota Camry at the Dealership. Then He's Sent to the Parts Department 'Gimme A Break, Nissan:' Woman's Car Says She Has Low Fuel. Then She Sees How Many Miles She Has Left on Her Current Tank Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
Sydney Morning Herald
21-07-2025
- Business
- Sydney Morning Herald
Hasten slowly: Voters wary of reform surprise from Albanese
Just 20 per cent backed a change to the rate of the 10 per cent GST, with opposition at 47 per cent. Across every group, from Labor to low- and high-income earners, opposition to a different GST rate was high. At least half of retirees, people in marginal seats and Coalition voters oppose a new rate. There was little support for a change to the base of the GST, with some proponents arguing it should be extended to areas such as financial services and fresh food. Just 23 per cent of those surveyed back such a move, with opposition at 40 per cent. On Monday, the Labor-aligned McKell Institute released research into changing the capital gains tax concession in a bid to meet the government's 1.2 million target of new homes by the end of the decade. It found that lifting the current 50 per cent concession to 70 per cent for investors who build new apartments or units while cutting it to 35 per cent for those who bought existing detached homes would create an additional 130,000 properties by 2030. The RPM poll showed support to axe or reduce capital gains tax concessions was the highest of any reform put to those surveyed. Thirty-six per cent backed a change to the concession, with 37 per cent unsure. Opposition was at 27 per cent, although this was driven by Coalition voters, of whom 35 per cent did not support the move. Even among higher-income respondents, more people supported a change (38 per cent) than opposed it outright (31 per cent). Labor went to the 2019 election, which it lost against expectations, promising an overhaul of both CGT and negative gearing. The RPM poll shows less than a third of those surveyed agreed with either reducing negative gearing or axing it completely. Just 31 per cent backed a change compared to 43 per cent who said they were unsure, while 26 per cent opposed. Support was highest among Labor voters and high-income people (at 35 per cent), while support was lowest among Coalition supporters at just 26 per cent. While the poll results are a warning to the government, they also contain a key message for the Coalition. Just 18 per cent of respondents agreed the Coalition should oppose major reforms, with 57 per cent saying the Liberal and Nationals parties should negotiate changes and reach a consensus with the government. Even among Coalition voters, 58 per cent believe in negotiation with the government, with the highest support level among retirees at 69 per cent. A quarter of those polled said the focus of reform should be on health, just ahead of housing, which was identified by 24 per cent as the government's priority. Economic and financial reform was ranked the most important by 21 per cent. Pushed on the state of the budget, 37 per cent said Chalmers should reduce spending to remain in surplus, while just 14 per cent backed current spending levels being paid for by higher taxes. Twenty-eight per cent said the government should maintain spending levels and keep the budget in deficit. Some voters seem prepared to bear the brunt of any cuts. Forty-one per cent of respondents said they were willing to make a personal sacrifice for reform, with just 19 per cent saying they were not. Another 41 per cent said they were unsure. The most prepared to give up something were Labor voters (45 per cent) and those on higher incomes (47 per cent), while the least prepared were Coalition voters (37 per cent) and the unemployed (30 per cent). This week, independent MP Allegra Spender – who is due to attend the government's economic roundtable – will hold her own tax discussion with experts including former Treasury secretary Ken Henry, current head of the Grattan Institute Aruna Sathanapally and Westpac chief economist and former Reserve Bank economist Luci Ellis. She said reform of the tax system had to be on the government's agenda given its importance to the nation's future. 'Tax reform can help young people get ahead, help our businesses thrive and help us transition our energy as cheaply as possible,' she said.
The Age
21-07-2025
- Business
- The Age
Hasten slowly: Voters wary of reform surprise from Albanese
Just 20 per cent backed a change to the rate of the 10 per cent GST, with opposition at 47 per cent. Across every group, from Labor to low- and high-income earners, opposition to a different GST rate was high. At least half of retirees, people in marginal seats and Coalition voters oppose a new rate. There was little support for a change to the base of the GST, with some proponents arguing it should be extended to areas such as financial services and fresh food. Just 23 per cent of those surveyed back such a move, with opposition at 40 per cent. On Monday, the Labor-aligned McKell Institute released research into changing the capital gains tax concession in a bid to meet the government's 1.2 million target of new homes by the end of the decade. It found that lifting the current 50 per cent concession to 70 per cent for investors who build new apartments or units while cutting it to 35 per cent for those who bought existing detached homes would create an additional 130,000 properties by 2030. The RPM poll showed support to axe or reduce capital gains tax concessions was the highest of any reform put to those surveyed. Thirty-six per cent backed a change to the concession, with 37 per cent unsure. Opposition was at 27 per cent, although this was driven by Coalition voters, of whom 35 per cent did not support the move. Even among higher-income respondents, more people supported a change (38 per cent) than opposed it outright (31 per cent). Labor went to the 2019 election, which it lost against expectations, promising an overhaul of both CGT and negative gearing. The RPM poll shows less than a third of those surveyed agreed with either reducing negative gearing or axing it completely. Just 31 per cent backed a change compared to 43 per cent who said they were unsure, while 26 per cent opposed. Support was highest among Labor voters and high-income people (at 35 per cent), while support was lowest among Coalition supporters at just 26 per cent. While the poll results are a warning to the government, they also contain a key message for the Coalition. Just 18 per cent of respondents agreed the Coalition should oppose major reforms, with 57 per cent saying the Liberal and Nationals parties should negotiate changes and reach a consensus with the government. Even among Coalition voters, 58 per cent believe in negotiation with the government, with the highest support level among retirees at 69 per cent. A quarter of those polled said the focus of reform should be on health, just ahead of housing, which was identified by 24 per cent as the government's priority. Economic and financial reform was ranked the most important by 21 per cent. Pushed on the state of the budget, 37 per cent said Chalmers should reduce spending to remain in surplus, while just 14 per cent backed current spending levels being paid for by higher taxes. Twenty-eight per cent said the government should maintain spending levels and keep the budget in deficit. Some voters seem prepared to bear the brunt of any cuts. Forty-one per cent of respondents said they were willing to make a personal sacrifice for reform, with just 19 per cent saying they were not. Another 41 per cent said they were unsure. The most prepared to give up something were Labor voters (45 per cent) and those on higher incomes (47 per cent), while the least prepared were Coalition voters (37 per cent) and the unemployed (30 per cent). This week, independent MP Allegra Spender – who is due to attend the government's economic roundtable – will hold her own tax discussion with experts including former Treasury secretary Ken Henry, current head of the Grattan Institute Aruna Sathanapally and Westpac chief economist and former Reserve Bank economist Luci Ellis. She said reform of the tax system had to be on the government's agenda given its importance to the nation's future. 'Tax reform can help young people get ahead, help our businesses thrive and help us transition our energy as cheaply as possible,' she said.
Yahoo
21-07-2025
- Business
- Yahoo
Nova Minerals Ramps Up Drilling at RPM
Anchorage Alaska, July 21, 2025 (GLOBE NEWSWIRE) -- Nova Minerals Limited ('Nova' or the 'Company') (NASDAQ: NVA) (ASX: NVA) (FRA: QM3) ) is pleased to announce that the 2025 drilling program has commenced at the high-grade RPM deposit, with two diamond drill rigs and one reverse circulation (RC) rig operating during all daylight hours, currently around the clock under Alaska's continuous daylight. Initial geological observations from the first drillholes are highly encouraging and showing similar characteristics to those previously encountered at RPM North. We expect assay results in the coming months. Highlights Diamond drilling at RPM North (Figure 1) is focused on testing extensions to the east and west, with the goal of connecting to the RPM Valley zone. An additional rig at RPM Valley is targeting resource expansion and definition (Figure 2). While assay results are pending, early geological observations from the initial drillholes show similar characteristics to those previously encountered at RPM North. The RC rig has successfully demonstrated its capability to drill through glacial till, with the first hole achieving 30 meters of penetration within just a few hours (Figure 3). Significant resource upside exists within the highly mineralized valley-fill material, which is believed to be derived from erosion of the high-grade RPM North deposit, where a >1g/t gold-in-soil anomaly extending over 1.7km has been identified, with estimated mineralized thickness of nearly 40 meters. An additional rig is also continuing a maiden program at the Stibium antimony-gold prospect (Figure 4) with near-surface mineralization observed in initial drillholes. Initial closed spaced RC drilling in the Korbel starter pit area has been completed, with samples to be sent to the laboratory for analysis shortly. Further exploration mapping and sampling, environmental baseline studies, access road projects, and various technical studies are also underway as part of the ongoing PFS. Progress continues on the potential U.S. Department of Defense grant to fast-track development of the Antimony Project, with the Company anticipating an update in the near term. Nova Minerals Exploration Manager, Mr. Hans Hoffman commented: 'We are excited to be back at RPM this season, advancing our efforts to grow and upgrade the Valley zone resource to the west, while also testing a compelling conceptual target to the east that could significantly expand the RPM footprint. The first drillhole into the RPM Valley zone has already delivered some of the most promising sulfide mineralization and quartz veining observed at RPM to date. Encouragingly, it has also extended our understanding of the mineralized intrusive body further north within the Valley zone. We are optimistic that the intrusive/hornfels contact intersected may represent an extension or offset of the high-grade RPM North zone located on the ridge above. Our RC drilling program is also performing well, rapidly penetrating glacial till and confirming its effectiveness in testing the mineralized valley-fill material derived from RPM North. This material, averaging over 1g/t gold across surface samples, extends for approximately 1.7 kilometers with estimated thickness nearly 40 meters — offering substantial potential for near-surface resource upside. Drilling activities at RPM are progressing at full pace, and we expect to receive assay results in the near term.'Figure 1. Drilling well underway at RPM NorthFigure 2. Drilling underway at the RPM Valley zoneFigure 3. RC rig drilling glacial till > 1 g/t Au materialFigure 4. Drilling at pad 2 at the Stibium antimony-gold prospect Qualified Persons Vannu Khounphakdee, Professional Geologist and member of Australian Institute of Geoscientists contracted by Nova Minerals to provide geologic consulting services. Mr. Khounphakdee holds a Master of Science in Mine Geology and Engineering. He is a qualified person with at least 5 years' experience with this type of project. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Khounphakdee fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for data QA/QC checks relevant to this announcement. Hans Hoffman is a State of Alaska Certified Professional Geologist contracted by Nova Minerals to provide geologic consulting services. Mr. Hoffman is a member of the American Institute of Professional Geologists and holds a Bachelor of Science degree in Geological Engineering with a double major in Geology and Geophysics. He is a qualified person with at least 5 years of experience with these types of projects. By reason of education, affiliation with a professional association, and past relevant work experience, Mr. Hoffman fulfills the requirements of Qualified Person (QP) for the purposes of SEC Regulation SK-1300 for the technical information presented in this announcement. Christopher Gerteisen, Chief Executive Officer of Nova Minerals, is a Professional Geologist and member of Australian Institute of Geoscientists, and has supervised the preparation of this news release and has reviewed and approved the scientific and technical information contained herein. Mr. Gerteisen is a "qualified person" for the purposes of SEC Regulation S-K 1300. About Nova Minerals Limited Nova Minerals Limited is a Gold, Antimony and Critical Minerals exploration and development company focused on advancing the Estelle Project, comprised of 514 km2 of State of Alaska mining claims, which contains multiple mining complexes across a 35 km long mineralized corridor of over 20 advanced Gold and Antimony prospects, including two already defined multi-million ounce resources, and several drill ready Antimony prospects with massive outcropping stibnite vein systems observed at surface. The 85% owned project is located 150 km northwest of Anchorage, Alaska, USA, in the prolific Tintina Gold Belt, a province which hosts a >220 million ounce (Moz) documented gold endowment and some of the world's largest gold mines and discoveries including, Nova Gold and Paulson Advisors Donlin Creek Gold Project and Kinross Gold Corporation's Fort Knox Gold Mine. The belt also hosts significant Antimony deposits and was a historical North American Antimony producer. Further discussion and analysis of the Estelle Project is available through the interactive Vrify 3D animations, presentations, and videos, all available on the Company's website. Forward Looking Statements This press release contains 'forward-looking statements' that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as 'anticipate,' 'believe,' 'contemplate,' 'could,' 'estimate,' 'expect,' 'intend,' 'seek,' 'may,' 'might,' 'plan,' 'potential,' 'predict,' 'project,' 'target,' 'aim,' 'should,' "will' 'would,' or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Nova Minerals Limited's current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities, Gold and other metal prices, the estimation of initial and sustaining capital requirements, the estimation of labor costs, the estimation of mineral reserves and resources, assumptions with respect to currency fluctuations, the timing and amount of future exploration and development expenditures, receipt of required regulatory approvals, the availability of necessary financing for the Project, the availability of funding sources, the availability of collaborative relationships, permitting and such other assumptions and factors as set out herein. Apparent inconsistencies in the figures shown in the MRE are due to rounding. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks related to changes in Gold prices; sources and cost of power and water for the Project; the estimation of initial capital requirements; the lack of historical operations; the estimation of labor costs; general global markets and economic conditions; risks associated with exploration of mineral deposits; the estimation of initial targeted mineral resource tonnage and grade for the Project; risks associated with uninsurable risks arising during the course of exploration; risks associated with currency fluctuations; environmental risks; competition faced in securing experienced personnel; access to adequate infrastructure to support exploration activities; risks associated with changes in the mining regulatory regime governing the Company and the Project; completion of the environmental assessment process; risks related to regulatory and permitting delays; risks related to potential conflicts of interest; the reliance on key personnel; financing, capitalization and liquidity risks including the risk that the financing necessary to fund continued exploration and development. These and other risks and uncertainties are described more fully in the section titled 'Risk Factors' in the Nova Minerals Limited's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on July 3, 2025. Forward-looking statements contained in this announcement are made as of this date, and Nova Minerals Limited undertakes no duty to update such information except as required under applicable law. For Additional Information Please Contact Craig BentleyDirector of Finance & Compliance & Investor RelationsE: craig@ +61 414 714 196Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
