Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Updates Argentine Lithium Projects; PDAC Convention Exhibitor

Portofino Resources INC. (TSXV: POR) (OTCQB: PFFOF) (FSE: POTA) ("Portofino" or the "Company") wishes to update its shareholders and investors on current corporate activities as related to its two drill-ready Argentina lithium brine projects.

Yergo Project, Catamarca Province

Management has been focused on securing funding to commence a drill program on its 100% owned Yergo Project, in Catamarca. Advanced discussions are moving forward positively, with interest from a variety of institutional groups pursuant to both direct investment into the Company as well as non-dilution possibilities related to project partnership financing. Details will be shared when available.

Additionally, lithium development in the northern region of Argentina, is continuing with major projects progressing and significant investments continuing to be announced. The Company is pleased to see ongoing progress with the Tres Quebradas Project ("3Q"), owned by Zijin Mining Group Co., Ltd. ("Zijin"), located within 9km of the Yergo Project. Phase 1 of the 3Q Project was expected to commence production by the end of 2023, with a production capacity of 20,000 tonnes of battery-grade lithium carbonate per annum (source: Zijin, 02-27-24) (see Figure 1). Construction at Zijin's Fiambalá Processing Lithium Carbonate Plant is also showing significant advancement (see Figure 2).

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/199631_portofinoresourcesimage1_550.jpg

Source: Google Earth, 02-27-2024

Figure 1: Zijin 3Q Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/199631_portofinoresourcesimage1.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3751/199631_577e0cbc448c7a73_003.jpg

Source: Google Earth, 02-27-2024

Figure 2: Zijin Fiambalá Processing Lithium Carbonate Plant

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3751/199631_577e0cbc448c7a73_003full.jpg

Arizaro Project, Salta Province

Further to the Company's news release dated January 8, 2024, announcing the execution of a legally binding Partnership Agreement with Lithium Chile Inc. ("LITH") regarding an 8,400-hectare mineral concession, the two companies are co-ordinating efforts to complete a comprehensive definitive agreement (the "Definitive Agreement").

The initial Partnership Agreement remains in good standing as it has no expiry date, however both parties are working toward finalizing the Definitive Agreement in the near-term that will set out details regarding exploration activities, budgets, and timelines. Portofino has received expressions of interest in financing from several institutions subject to completion of the Definitive Agreement and details will follow once finalized. Subject to completion, Portofino intends to exercise its right to earn a 50% net equity interest in the Arizaro Project.

PDAC Attendance
Portofino is pleased to announce it will be attending and exhibiting (Booth #2447) at the Prospector's and Developers International Convention ("PDAC") from March 3rd - 6th, 2024 in Toronto, Canada. The Company wishes to invite any investors and shareholders to visit our team at our booth.

PDAC is the world's premier mineral exploration & mining convention. For more information about PDAC visit: PDAC 2024 Convention.

About Portofino Resources Inc.

Portofino is a Vancouver, Canada-based company focused on exploring and developing mineral resource projects in the Americas. Portofino has executed an agreement with Lithium Chile Inc. to explore and develop the Arizaro Lithium Project located in Salta, Argentina and additionally maintains a 100% interest in the (drill ready) Yergo Lithium Project in Catamarca. Both projects are situated in the heart of the world-renowned Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects.

The Company also has the right to earn 100% interest in three pegmatite lithium projects and several gold projects located within northwestern Ontario, Canada.

ON BEHALF OF THE BOARD

"David G. Tafel"

Chief Executive Officer

For Further Information Contact:

David Tafel CEO, Director 604-683-1991

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans. Forward-Looking information in this news release is based on certain assumptions and expected future events, namely the growth and development of the Company's business as currently anticipated. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-Looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199631

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

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Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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