The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMC

The US State of Louisiana Offers C$15M+ Incentive Package for Ucore's First RapidSX Rare Earth Processing Facility - the Louisiana SMC

  • The proposed incentive package from Louisiana includes US$9.6M in tax incentives and payroll rebates over the first ten years of operation. Upon specific site selection:
    • potential additional state and local economic and workforce incentives
    • an expedited process for all required state permits
  • Ucore's Board of Directors has unanimously agreed to commit the Company toward establishing its first Strategic Metals Complex (SMC) in Louisiana
  • Rare earth oxide products from the Louisiana SMC will be critical to North America's and Louisiana's goal to expand toward green energy technologies

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce a mutual commitment with the US State of Louisiana ("Louisiana" or the "State") toward the establishment of the Company's first Strategic Metals Complex ("SMC") rare earth element ("REE") separation facility - the Louisiana SMC.

The Company's executive team has been in discussions with the State since the spring of 2022 and spent the better part of summer in a due-diligence process. This included an August trip to examine ten existing "brownfield facilities" throughout the State. Each of these facilities provides a head start as the prospective location of the Louisiana SMC versus a new construction or "greenfield facility."

Critical markers for success, such as streamlined inbound and outbound freight, ample supply and proximity of chemicals and reagents, attractive energy costs, the robustness of labor pools, room for ramp-up and production expansion and community support, including technical education infrastructure were all part of the size-up. Over the next few months, Ucore will select the specific facility that provides the Company with the best opportunity to execute its objective of commencing 2,000 tonnes per year of individual rare earth oxide ("REO") production by H2-2024 and 5,000+ tonnes per year from 2026 onward.

After much discussion and visiting the State, the Company received a non-binding Letter of Intent ("LOI") from Louisiana Economic Development ("LED") dated October 14, 2022, detailing an initial 10-year US$9.6 million economic incentive package in consideration of Ucore's projected US$55 million Louisiana SMC. Upon selecting a specific location, the State package may be augmented by: (i) an infrastructure reimbursement program, (ii) the nation's #1 workforce guarantee development program (LED FastStart®) - with estimated potential benefits of US$1.4 million, (iii) R&D tax credits, (iv) a loan guarantee program, (v) an expedited permitting program, and (vi) potential parish-level economic support.

"Louisiana is rapidly expanding its significant energy-centered industry infrastructure to include the renewable energy sector," said Don Pierson, Secretary of Louisiana Economic Development. "Ucore's planned $55 million investment and 80 family wage paying jobs represent a significant opportunity for the State to diversify its energy portfolio. The rare earth oxides produced by Ucore in Louisiana will be essential to North America's electric vehicle and wind-turbine manufacturing supply chain for decades to come."

On October 15, 2022, the Ucore Board of Directors unanimously agreed to commit the Company to establish the location of its first modern rare earth processing facility within Louisiana. The specific SMC location will be subject to the down-selection process of the "brownfield facilities" based on the following criteria:

  • Engineering Fitness
  • Environmental Assessment and Permitting
  • Community Integration
  • Commercial Terms

"Over the last several years, Ucore has been diligently working to establish its first SMC," stated Pat Ryan, P.Eng., Ucore's Chairman & CEO. "At the beginning of this year, we finalized two fundamental tenets. One, the emerging worldwide demand for Western rare earth oxides will far exceed the capacity of just one SMC. Two, the only way to successfully meet the required production timelines of our prospective partners will be to build the first SMC within an established facility - which is just not currently possible with our original plans in Southeast Alaska.

"So, with multiple SMCs in our long-range plans and an initial H2-2024 production objective, we began to search other areas of the United States and Canada. We quickly narrowed in on Louisiana as a location that fit our requirements for the first SMC and ideally integrates with our upstream and downstream partners.

"Ucore's Vice-President and COO, Mike Schrider, P.E., is spearheading the Company's efforts to establish the first SMC. In this embedded video, Mike discusses the rationale, details, and timelines that went into the decision-making process that now sets Ucore on a pathway to revenue generation and the development of North America's first modern rare earth processing plant, the Louisiana SMC," concluded Mr. Ryan.

The Louisiana SMC will be founded on the Company's proprietary RapidSXâ„¢ technology platform, representing North America's first REE processing center based on 21st-century separation technology. It will receive REE feedstock from several US-friendly nations and will produce the individual REOs required for fabricating rare earth permanent magnets used in electric motors and generators, thus, forming a significant part of North America's developing independent REE supply chain.

Engineering for Ucore's first SMC has been underway since 2021, utilizing the vast experience of Mech-Chem Associates, Inc. ("Mech-Chem") of Norfolk, Massachusetts. Additionally, the Ucore, Innovation Metals Corp., Mech-Chem, and Kingston Process Metallurgy("KPM")commercialization team(the "Team") have cooperatively worked on the detailed design and current construction of the 51-Stage RapidSXâ„¢ Demonstration Plant ("Demo Plant").

The Team is constructing the Demo Plant within a 5,000-square-foot building at KPM's facilities in Kingston, Ontario, Canada. This concept of building a processing plant within an existing building is the go-forward engineering and construction template for the process that the Team will replicate to create the full-scale Louisiana SMC once the approximately 50,000-square-foot "brownfield facility" site selection process is finalized.

LED's LOI includes the following salient terms:

  • The financial, economic and tax incentive offers described in the LOI are estimates based on the Company's commitment to and fulfillment of its capital investment, employment and expected payroll schedules for the Louisiana SMC. This includes: (i) a total capital investment by the Company for the Louisiana SMC of at least US$55 million by December 31, 2026; and (ii) new jobs in Louisiana at the Louisiana SMC in the amount of 45 jobs in 2025 with an annual payroll of US$2.4 million rising to 80 jobs in 2034 with an annual payroll of US$5.2 million.

  • Louisiana's Industrial Tax Exemption Program can offer up to a 10-year tax exemption to the Company. LED estimates that the exemption may result in up to US$6.0 million in tax savings for the Company. The State's Industrial Tax Exemption Program is administered by and will be subject to a contract to be finalized between the Company and the Louisiana Board of Commerce and Industry and requires approval from Parish and municipal governing bodies as well as the Parish school board.

  • Louisiana's Quality Jobs Program provides a 4% or 6% payroll rebate on the gross annual payroll for qualifying new jobs for up to 10 years. The program also refunds state sales/use tax paid on construction materials purchased during construction or a 1.5% project facility expense rebate on certain capital expenditures. LED estimates that the value of this program could be up to US$3.6 million for the Company. The Quality Jobs Program is administered by and will be subject to a contract to be finalized between the Company and the Louisiana Board of Commerce and Industry.

  • The LED FastStart® program offers substantial LED investment in customized employment recruitment and training during the Company's period of employment ramp-up. LED estimates that FastStart may provide a benefit to the Company of up to US$1.4 million.

  • Louisiana's Research and Development Tax Credit program encourages businesses to establish or continue qualified research and development activities within the state. The benefit is primarily tied to nationwide employment and ranges from 5 to 30% on increases in qualified expenses. Company eligibility for the program is subject to the statute and rules applicable to the program. The LOI contemplates Ucore's participation in the program; however, the value of the benefits from the program will be determined at a later date and will be dependent upon the actual qualified expenses that the Company incurs.

  • Louisiana's Small Business Loan and Guarantee Program facilitates capital accessibility for small businesses by providing loan guarantees to banks and other small business lenders. The program is administered by the LED. The LOI contemplates Ucore's participation in the program; however, the value of the benefits from the program will be determined during future negotiations between the Company and LED.

# # # 

Ucore's Louisiana SMC Video

Mike Schrider, P.E., Ucore Vice-President & COO, discusses the Company's decision process, required steps and timelines to develop the Louisiana SMC. Click on the link below to watch the video:

https://www.youtube.com/watch?v=Rqlu8MY3I6U

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metal resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this plan includes; disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of a heavy and light rare-earth processing facility in the US State of Louisiana, subsequent SMCs in Alaska and Canada and the longer-term development of Ucore's heavy-rare-earth-element mineral-resource property at Bokan Mountain on Prince of Wales Island, Alaska.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

About LED

Louisiana Economic Development is responsible for strengthening the state's business environment and creating a more vibrant economy. It is the only state agency in the US accredited by the International Economic Development Council, boasting award-winning programs like LED FastStart, rated the No. 1 customized workforce training program in the US 13 years in a row. In 2021, LED attracted 64 new economic development projects representing over 18,100 new direct and indirect jobs, 9,700 retained jobs and more than $20.5 billion in new capital investment. Explore how LED cultivates jobs and economic opportunity for the people of Louisiana and employers of all sizes at OpportunityLouisiana.com.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

Regarding the disclosure in the press release above, including in the "About Ucore Rare Metals Inc." section, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to complete the Demo Plant commissioning and demonstration schedule and also later prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSXâ„¢; RapidSXâ„¢ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSXâ„¢; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140861

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Ucore Announces Private Placement Financing

Ucore Announces Private Placement Financing

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce plans to complete a non-brokered private placement of approximately 3.1 million units ("Units") for total proceeds of $2 million (the "Offering").

Proceeds from the Offering are expected to be used towards the commissioning of the Company's planned RapidSXTM demonstration plant; the processing of initial feedstock through the demonstration plant; finalization of offtake and feedstock agreements; engineering work for the proposed Strategic Metals Complex in Louisiana, USA; and for general working capital purposes.

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Ucore Updates on Bokan 2022 Field Sampling Program

Ucore Updates on Bokan 2022 Field Sampling Program

Ucore continues to advance its Bokan project as a long-range heavy rare earth source to eventually complement the planned Western feedstock sources for its near-term Strategic Metals Complexes.

A summary of the 2022 field sampling program:

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Ucore's Rare Earth Separation Commercial Demonstration Plant On-Track for Q4-2022 Commissioning

Ucore's Rare Earth Separation Commercial Demonstration Plant On-Track for Q4-2022 Commissioning

  • Ucore's rare earth separation commercial demonstration plant is designed to process:
    • Tens of tonnes of mixed rare earth concentrates on a per annum basis.
    • Many feedstock sources, including heavy and light rare earth element feedstocks planned for the full-scale Strategic Metals Complexes (SMC).
    • All RapidSXâ„¢ splits required to produce individual praseodymium, neodymium, terbium, and dysprosium.
  • Planned commissioning in Q4-2022, followed by product qualification trials for prospective North American metal/alloy makers and original equipment manufacturers seeking diversified and sustainable metallic supply chains.
  • The full-scale SMC engineering entity, Mech-Chem Associates, Inc., is now fully integrated into all demonstration plant activities.

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to provide an update on the Innovation Metals Corp.[i] ("IMC") RapidSXâ„¢ rare earth element ("REE") separation technology platform and the Company's commercial Strategic Metals Complex ("SMC") technology deployment process (the "Program"). The work is taking place at the companies' laboratory partner's (Kingston Process Metallurgy Inc. ("KPM")) facility in Kingston, Ontario, Canada.

The Program was enhanced after Ucore received the independent evaluation of the RapidSXâ„¢ technology platform leading to the subsequent July 12, 2022, announcement of the nearly 3X increase in scope of the RapidSXâ„¢ REE demonstration-scale plant ("Demo Plant"). Since then, the Ucore, IMC, KPM, and Mech-Chem Associates, Inc.[ii] ("Mech-Chem") commercialization team (the "Team") has made significant strides in the procurement and construction process for the Demo Plant.

The final engineered layout of the Demo Plant takes up nearly all of the 5,000 square foot Commercialization and Demonstration Facility ("CDF") at KPM. And the concept of building a plant within an existing building is the go-forward transition template for the engineering process that the Team will replicate to create the first full-scale SMC, once the brownfield site[iii] selection process is finalized. This initial SMC is scheduled to produce 2,000 tonnes of total rare earth oxides ("TREOs") by the end of 2024 and 5,000 tonnes by 2026.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_001.jpg

Figure 1 - Engineered Design of the Currently Under Construction 51-Stage RapidSXâ„¢ REE Demo Plant

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_001full.jpg.

"The CDF Team, and the rest of the world, is facing extraordinary supply chain challenges regarding equipment and component availability," stated Mike Schrider, P.E., Ucore's VP and COO. "Despite this situation, we have managed to procure the initial feedstocks and virtually all of the required major equipment and components, and the Demo Plant remains on track for a late 2022 commencement of the commissioning process."

"This process will demonstrate the unprecedented North American separation of tonnes of both heavy and light rare earth elements. It will then continue with end-user qualification trials throughout 2023 for Western entities seeking diversified and sustainable metallic supply chains as Ucore transitions to full-scale commercial mode with the construction of our first SMC."

Ucore's REE Separation Demo Plant is designed to:

  • Have the ability to process tens of tonnes of mixed rare earth concentrates on a per annum basis:

    • from a wide variety of feedstock sources, including the heavy REE ("HREE") and light REE ("LREE") feedstocks planned for the full-scale SMCs.

  • Be capable of processing all RapidSXâ„¢ splits required to produce individual praseodymium, neodymium, terbium, and dysprosium.

  • Have a parallel 51-stage conventional solvent extraction ("CSX") mixer/settler circuit that will match the RapidSXâ„¢ process' configuration and enable direct head-to-head comparison of the performance of RapidSXâ„¢ vs. CSX.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_002.jpg

Figure 2 - A Sampling of the On-hand CDF Components and Construction Efforts

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/1119/137284_ffcfc5cec4a3a9a7_002full.jpg.

Ucore stands alone in its speed of executing the commercial deployment of one of the first modern technology platforms for separating HREEs and LREEs - as a replacement for CSX. Mech-Chem is now fully integrated into all CDF activities and is aligned to assist with the full-scale SMC techno-economic assessment and engineering data transfer. The efficiencies and environmental advantages resulting from the CDF demonstration processes are, and will continue to be, directly incorporated into the full-scale SMC engineering design packages. This integrated process is rapidly positioning Ucore to meet the demanding schedule requirements for the development of the first SMC and REO production for the Company's emerging list of prospective downstream partners.

# # #

About Ucore Rare Metals Inc.

Ucore is focused on rare- and critical-metals resources, extraction, beneficiation, and separation technologies with the potential for production, growth, and scalability. Ucore has an effective 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Element Project in Southeast Alaska, USA. Ucore's vision and plan is to become a leading advanced technology company, providing best-in-class metal separation products and services to the mining and mineral extraction industry.

Through strategic partnerships, this includes disrupting the People's Republic of China's control of the US REE supply chain through the near-term development of heavy and light rare-earth processing facilities - including the Alaska Strategic Metals Complex in Southeast Alaska and the long-term development of Ucore's heavy-rare-earth-element mineral-resource property located at Bokan Mountain on Prince of Wales Island, Alaska.

Ucore is listed on the TSXV under the trading symbol "UCU" and in the United States on the OTC Markets' OTCQX® Best Market under the ticker symbol "UURAF."

For further information, please visit www.ucore.com.

About RapidSXâ„¢ Technology

IMC developed the RapidSXâ„¢ separation technology platform with early-stage assistance from the United States Department of Defense ("US DoD"), later resulting in the production of commercial-grade, separated rare-earth oxides at the pilot scale. RapidSXâ„¢ combines the time-proven chemistry of conventional solvent extraction ("SX") with a new column-based platform, which significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international rare-earth-element ("REE") industry's standard commercial separation technology and is currently used by 100% of all REE producers worldwide for bulk commercial separation of both heavy and light REEs. Utilizing similar chemistry to conventional SX, RapidSXâ„¢ is not a "new" technology but represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements." All statements in this release (other than statements of historical facts) that address future business development, technological development and/or acquisition activities (including any related required financings), timelines, events, or developments that the Company is pursuing, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance or results, and actual results or developments may differ materially from those in forward-looking statements.

In regard to the disclosure in the "About Ucore Rare Metals Inc." section above, the Company has assumed that it will be able to procure or retain additional partners and/or suppliers, in addition to Innovation Metals Corp. ("IMC"), as suppliers for Ucore's expected future Strategic Metals Complexes ("SMCs"). Ucore has also assumed that sufficient external funding will be found to prepare a new National Instrument 43-101 ("NI 43-101") technical report that demonstrates that the Bokan Mountain Rare Earth Elements project ("Bokan") is feasible and economically viable for the production of both REE and co-product metals and the then prevailing market prices based upon assumed customer offtake agreements. Ucore has also assumed that sufficient external funding will be secured to continue the development of the specific engineering plans for the SMCs and their construction. Factors that could cause actual results to differ materially from those in forward-looking statements include, without limitation: IMC failing to protect its intellectual property rights in RapidSXâ„¢; RapidSXâ„¢ failing to demonstrate commercial viability in large commercial-scale applications; Ucore not being able to procure additional key partners or suppliers for the SMCs; Ucore not being able to raise sufficient funds to fund the specific design and construction of the SMCs and/or the continued development of RapidSXâ„¢; adverse capital-market conditions; unexpected due-diligence findings; the emergence of alternative superior metallurgy and metal-separation technologies; the inability of Ucore and/or IMC to retain its key staff members; a change in the legislation in Alaska and/or in the support expressed by the Alaska Industrial Development and Export Authority ("AIDEA") regarding the development of Bokan and/or the Alaska SMC; the availability and procurement of any required interim and/or long-term financing that may be required; and general economic, market or business conditions.

Neither the TSXV nor its Regulation Services Provider (as that term is defined by the TSXV) accept responsibility for the adequacy or accuracy of this release.

CONTACT

Mark MacDonald
Vice President, Investor Relations
Ucore Rare Metals Inc.
1.902.482.5214
mark@ucore.com

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Orca Holdings, LLC Granted Warrants as Part of New Credit Facility for Ucore Rare Metals Inc.

Orca Holdings, LLC Granted Warrants as Part of New Credit Facility for Ucore Rare Metals Inc.

This press release is issued pursuant to Multilateral Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

 This release is being made by Randy Johnson to report information concerning holdings of Mr. Johnson and Orca Holdings, LLC (collectively, the "Acquiror") in Ucore Rare Metals Inc. (the "Issuer" or "Ucore"). Orca Holdings, LLC ("Orca") is wholly owned by Mr. Johnson, serving as a holding company for Mr. Johnson's securities holdings. Mr. Johnson has been a director of Ucore since October 6, 2020.

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Ucore Secures Line of Credit Financing, Maintains Its Fast Track Plan for RapidSX Commercial Deployment

Ucore Secures Line of Credit Financing, Maintains Its Fast Track Plan for RapidSX Commercial Deployment

  • Orca Holdings, LLC provides a Line of Credit Facility in the amount of USD$2 million
  • The primary use of funds is for the continued construction of Ucore's rare earth element Commercial Demonstration Plant and its planned Q4-2022 commissioning

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company") is pleased to announce the receipt of financing by way of a secured line of credit facility in the amount of up to USD$2 million (the "Line of Credit"). Proceeds from the Line of Credit will primarily be used to continue the development of the Company's RapidSXTM Rare Earth Element ("REE") Commercial Demonstration Plant ("Demo Plant"), currently scheduled for commissioning in Q4 of 2022, as detailed in the Company's July 12, 2022 news release.

The Line of Credit has been extended by Orca Holdings, LLC ("Orca"). In consideration for granting the Line of Credit and subject to the approval of the TSX Venture Exchange, two million warrants ("Warrants") will be issued to Orca, with each Warrant entitling Orca to acquire one common share of the Company at an exercise price of CAD$0.75 during a one-year term ending on July 20, 2023. On July 21, 2022, the Company applied to the TSXV for the exchange's approval of the issuance of the Warrants.

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SAGA Metals Announces Non-Brokered Private Placement and Provides Corporate Update

SAGA Metals Announces Non-Brokered Private Placement and Provides Corporate Update

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Saga Metals Corp. (the "Company" or "SAGA") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery in Canada, is pleased to announce that it intends to complete a financing by way of a non-brokered private placement for aggregate gross proceeds of C$2,500,000 comprised of: (i) 2,500,000 flow-through common share units of the Company (the " FT Units ") at C$0.30 per FT Unit for gross proceeds of C$750,000, and, (ii) 7,000,000 hard dollar common share units of the Company (the " HD Units ", and together with the FT Units, the " Securities ") at C$0.25 per HD Unit for gross proceeds of C$1,750,000 (collectively, the " Offering ").

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Aben Minerals Ltd. Receives Name Change Approval to Aben Gold Corp.

Aben Minerals Ltd. Receives Name Change Approval to Aben Gold Corp.

Aben Minerals Ltd. (TSX-V: ABM ) (OTCQB: ABNAF ) (Frankfurt: R26 ) ("Aben" or "the Company") announces change of name to Aben Gold Corp ., effective at market open on Tuesday, May 6, 2025, as approved by the TSX Venture Exchange.

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International Lithium Announces Upsize and Extension of Private Placement

International Lithium Announces Upsize and Extension of Private Placement

International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it is increasing the size of its non-brokered private placement financing (the "Offering") from $600,000 to $855,000 and extending the closing of the Offering to May 30, 2025. The Offering was originally announced on February 5, 2025. The upsized Offering is comprised of up to 57,000,000 common shares of the Company at a price of $0.015 per share for gross proceeds of up to $855,000.

On March 31, 2025, the Company closed the first tranche the Offering and issued 23,666,666 common shares at $0.015 per share for proceeds of $355,000. The proposed payments from the first tranche proceeds included $183,600 to pay the outstanding fees to non-arm's length creditors.

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American Salars Signs Letter Of Intent To Acquire Cauchari Lithium Brine Project, Argentina

American Salars Signs Letter Of Intent To Acquire Cauchari Lithium Brine Project, Argentina

(TheNewswire)

American Salars Lithium Inc

VANCOUVER, BC MAY 1 st 2025 TheNewswire - American Salars Lithium Inc. ("AMERICAN SALARS" OR THE "COMPANY") (CSE: USLI, OTC: USLIF, FWB: Z3P, WKN: A3E2NY ) announces it has signed a Letter of Intent ("LOI") with an arms length Vendor to acquire a 100% interest in the Cauchari Minas Ines 01 Lithium Salar Project ("Cauchari" or  "Project"), located o n the south end of the Cauchari Salt Lake, Department Los Andes in the Province of Salta, Argentina.

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Albemarle Reports First Quarter 2025 Results

Albemarle Reports First Quarter 2025 Results

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2025 .

Albemarle Corp. Logo. (PRNewsFoto/Albemarle Corporation)

First-Quarter   2025 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

  • Net sales of $1.1 billion , with double-digit volume growth in Specialties (+11%) and record Energy Storage lithium salt production from the company's integrated conversion network
  • Net income of $41 million , or ($0.00) per diluted share attributable to common shareholders; adjusted diluted loss per share attributable to common shareholders of ($0.18)
  • Adjusted EBITDA of $267 million ; year-over-year gains in Specialties (+30%) and Ketjen (+76%)
  • Cash from operations of $545 million , which included a $350 million customer prepayment; excluding the prepayment, operating cash flow conversion (a) was 73%; line of sight to breakeven free cash flow assuming current lithium market pricing
  • Through April, achieved approximately 90% run-rate against midpoint $350 million cost and productivity improvement target; identified opportunities to reach high-end of the $300 to $400 million range
  • Maintaining full-year 2025 outlook considerations, including ranges based on recently observed lithium market price scenarios; ranges include the anticipated direct impact of tariffs announced as of April 29, 2025

(a)   Defined as Operating Cash Flow divided by Adj. EBITDA, which is a non-GAAP measure. See Non-GAAP Reconciliations for further details.

"Our business continues to perform in line with our outlook considerations, including first-quarter adjusted EBITDA of $267 million with strong year-over-year improvements in Specialties and Ketjen," said Kent Masters , Chairman and CEO. "We continue to focus on what we can control - taking decisive actions to reduce costs, optimize our lithium conversion network and increase efficiencies to preserve our long-term competitive position. While the full economic impact of the recently announced tariffs and other global trade actions is unclear, we benefit from our global footprint and the current exemptions for critical minerals; as a result, we are maintaining our full year 2025 outlook considerations."

First Quarter 2025 Results

In millions, except per share amounts

Q1 2025


Q1 2024


$ Change


% Change

Net sales

$    1,076.9


$    1,360.7


$      (283.9)


(20.9) %

Net income attributable to Albemarle Corporation

$         41.3


$           2.4


$         38.9


1,620.8 %

Adjusted EBITDA (a)

$       267.1


$       291.2


$       (24.1)


(8.3) %

Diluted loss per share attributable to common
shareholders

$       (0.00)


$       (0.08)


$         0.08


(100.0) %

Non-recurring and other unusual items (a)

(0.18)


0.34





Adjusted diluted (loss) earnings per share attributable
to common shareholders (a)(b)

$       (0.18)


$         0.26


$       (0.44)


(169.2) %


(a)    See Non-GAAP Reconciliations for further details.

(b)    Totals may not add due to rounding.

Net sales for the first quarter of 2025 were $1.1 billion compared to $1.4 billion for the prior-year quarter, a decline of 21% driven primarily by lower pricing in Energy Storage, partially offset by higher volumes in Specialties (+11%). Adjusted EBITDA of $267 million declined by $24 million from the prior-year quarter as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts. Net income attributable to Albemarle of $41 million increased year-over-year by $39 million .

The effective income tax rate for the first quarter of 2025 was 21.0% compared to 2.2% in the same period of 2024. On an adjusted basis, the effective income tax rates were (42.8)% and (12.4)% for the first quarters of 2025 and 2024, respectively, with the decrease primarily due to changes in geographic income mix and the impact of tax valuation allowances in Australia and China.

Energy Storage Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           524.6


$           800.9


$          (276.3)


(34.5) %

Adjusted EBITDA

$           186.4


$           198.0


$           (11.6)


(5.9) %

Energy Storage net sales for the first quarter of 2025 were $525 million , a decrease of $276 million , or 35%, due to lower pricing (-34%). Volumes were flat as record production at our integrated conversion network offset reduced tolling volumes. Adjusted EBITDA of $186 million decreased $12 million , as lower net sales were mostly offset by lower average input costs and on-going cost reduction efforts.

Specialties Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           321.0


$           316.1


$               4.9


1.6 %

Adjusted EBITDA

$             58.7


$             45.2


$             13.5


29.8 %

Specialties net sales for the first quarter of 2025 were $321 million , an increase of $5 million , or 2%, primarily due to higher volumes (+11%), which more than offset lower prices (-8%). Adjusted EBITDA of $59 million increased $13 million versus the year-ago quarter due to higher sales volumes and decreased manufacturing costs related to productivity initiatives.

Ketjen Results

In millions

Q1 2025


Q1 2024


$ Change


% Change

Net Sales

$           231.3


$           243.8


$           (12.5)


(5.1) %

Adjusted EBITDA

$             38.6


$             22.0


$             16.6


75.6 %

Ketjen net sales for the first quarter of 2025 were $231 million , down 5% compared to the prior-year quarter as higher prices (+4%) were more than offset by lower volumes (-8%), primarily due to the timing of sales, offset by favorable pricing due to product mix. Adjusted EBITDA of $39 million increased $17 million , driven by favorable product mix and higher equity income from joint ventures.

2025 Outlook Considerations

Total Corporate Outlook Considerations are Unchanged
The table below reflects expected outcomes for the total company based on recently observed lithium market price scenarios, unchanged from the prior quarter. Ranges include the anticipated direct impact of announced tariffs as of April 29, 2025 . Ranges are based on variation in sales volume and mix, including a projected increase in Energy Storage volumes of 0% to 10% in 2025 compared to 2024. All three scenarios assume flat market pricing flowing through Energy Storage's current contract book. Scenarios also assume spodumene pricing averages 10% of the lithium carbonate equivalent (LCE) price, while other costs are assumed to be constant.


Total Corporate FY 2025E

Including Energy Storage Scenarios

Observed market price case (a)

YE 2024

H1 2024 range

Q4 2023 average

Average lithium market price ($/kg LCE) (a)

~$9

$12-15

~$20

Net sales

$4.9 - $5.2 billion

$5.3 - $6.1 billion

$6.5 - $7.0 billion

Adjusted EBITDA (b)

$0.8 - $1.0 billion

$1.2 - $1.8 billion

$2.5 - $2.7 billion



(a)

Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b)

The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional information regarding Non-GAAP Measures" for more information.

Energy Storage Market Price Scenarios


Energy Storage FY 2025E

Observed market price case (a)

YE 2024

H1 2024 range

Q4 2023 average

Average lithium market price ($/kg LCE) (a)

~$9

$12-15

~$20

Net sales

$2.5 - $2.6 billion

$2.9 - $3.5 billion

$4.2 - $4.5 billion

Adjusted EBITDA

$0.6 - $0.7 billion

$1.0 - $1.5 billion

$2.2 - $2.4 billion

Equity in net income of unconsolidated investments
(net of tax) (b)

$0.2 - $0.3 billion

$0.3 - $0.5 billion

$0.6 - $0.7 billion


(a)

Price represents blend of relevant market pricing including spot and regional indices for the periods referenced.

(b)

Included in adjusted EBITDA on a pre-tax basis.

Specialties and Ketjen Outlook Considerations
Specialties outlook reflects modest volume growth in key end markets led by pharma, automotive, and oilfield, partially offset by weakness in building and construction.

Ketjen outlook assumes favorable product revenue mix, lower input costs and the continuation of its turnaround plan execution.


Segment FY 2025E

Specialties net sales

$1.3 - $1.5 billion

Specialties adjusted EBITDA

$210 - $280 million

Ketjen net sales

$1.0 - $1.1 billion

Ketjen adjusted EBITDA

$120 - $150 million

Other Corporate Outlook Considerations
Albemarle expects its 2025 capital expenditures to be in the range of $700 million to $800 million , down more than 50% from $1.7 billion in 2024. This level of spending reflects a prioritization on sustaining existing assets and resources, with the remainder allocated to select growth projects and high-return, quick payback improvements.


Other Corporate FY 2025E

Capital expenditures

$700 - $800 million

Depreciation and amortization

$630 - $670 million

Adjusted effective tax rate (a)

(40%) - 25%

Corporate costs (b)

$70 - $100 million

Interest and financing expenses

$180 - $210 million

Weighted-average common shares outstanding (diluted)

118 million


(a)    Adjusted effective tax rate dependent on lithium market prices and geographic income mix

(b)    FY 2025E outlook includes FX impact year to date

Cash Flow and Capital Deployment
Cash from operations of $545 million increased $447 million compared to the prior-year period. A customer prepayment received in January and improved working capital more than offset lower adjusted EBITDA and reduced dividends received from equity investments. Capital expenditures of $183 million decreased by $397 million versus the prior-year period, reflecting the impact of decisions that stopped or slowed spending and the completion of capacity expansions in Energy Storage and Specialties.

Balance Sheet and Liquidity
As of March 31, 2025, Albemarle had estimated liquidity of approximately $3.1 billion , including $1.5 billion of cash and cash equivalents, $1.5 billion available under its revolver and $106 million available under other credit lines. Total debt was $3.5 billion , representing a debt covenant net debt to adjusted EBITDA ratio of approximately 2.4 times.

Earnings Call

Date:

Thurs., May 1, 2025

Time:

8:00 AM Eastern time

Dial-in (U.S.):

1-800-590-8290

Dial-in (International):

1-240-690-8800

Conference ID:

ALBQ1

The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com .

About Albemarle
Albemarle Corporation (NYSE: ALB) is a global leader in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "scenario," "should," "would," and "will". Forward-looking statements may include statements regarding: our 2025 company and segment outlooks, including expected market pricing of lithium and spodumene and other underlying assumptions and outlook considerations; expected capital expenditure amounts and the corresponding impact on cash flow; expected impact of tariffs and other trade restrictions; market pricing of lithium carbonate equivalent and spodumene; plans and expectations regarding other projects and activities, cost reductions and accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; changes in trade policies and tariffs; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; geopolitical conflicts and political unrest; trade policies and tariffs; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Corporation and Subsidiaries
Consolidated Statements of Income
(In Thousands Except Per Share Amounts) (Unaudited)


Three Months Ended


March 31,


2025


2024

Net sales

$ 1,076,881


$ 1,360,736

Cost of goods sold

920,582


1,321,798

Gross profit

156,299


38,938

Selling, general and administrative expenses

123,502


161,376

Restructuring charges and asset write-offs

(1,063)


33,536

Research and development expenses

14,099


23,532

Operating profit (loss)

19,761


(179,506)

Interest and financing expenses

(48,977)


(37,969)

Other income, net

10,250


49,901

Loss before income taxes and equity in net income of unconsolidated investments

(18,966)


(167,574)

Income tax benefit

(3,978)


(3,721)

Loss before equity in net income of unconsolidated investments

(14,988)


(163,853)

Equity in net income of unconsolidated investments (net of tax)

64,286


180,500

Net income

49,298


16,647

Net income attributable to noncontrolling interests

(7,950)


(14,199)

Net income attributable to Albemarle Corporation

41,348


2,448

Mandatory convertible preferred stock dividends

(41,688)


(11,584)

Net loss attributable to Albemarle Corporation common shareholders

$         (340)


$      (9,136)

Basic loss per share attributable to common shareholders

$        (0.00)


$        (0.08)

Diluted loss per share attributable to common shareholders

$        (0.00)


$        (0.08)





Weighted-average common shares outstanding – basic

117,603


117,451

Weighted-average common shares outstanding – diluted

117,603


117,451

Albemarle Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited)


March 31,


December 31,


2025


2024

ASSETS




Current assets:




Cash and cash equivalents

$        1,518,511


$        1,192,230

Trade accounts receivable

670,775


742,201

Other accounts receivable

137,080


238,384

Inventories

1,656,365


1,502,531

Other current assets

124,551


166,916

Total current assets

4,107,282


3,842,262

Property, plant and equipment

12,660,018


12,523,368

Less accumulated depreciation and amortization

3,356,979


3,191,898

Net property, plant and equipment

9,303,039


9,331,470

Investments

1,124,777


1,117,739

Other assets

628,277


504,711

Goodwill

1,606,144


1,582,714

Other intangibles, net of amortization

229,739


230,753

Total assets

$      16,999,258


$      16,609,649

LIABILITIES AND EQUITY




Current liabilities:




Accounts payable to third parties

$           778,658


$           793,455

Accounts payable to related parties

139,296


150,432

Accrued expenses

379,871


467,997

Current portion of long-term debt

410,477


398,023

Dividends payable

61,312


61,282

Income taxes payable

174,779


95,275

Total current liabilities

1,944,393


1,966,464

Long-term debt

3,128,655


3,118,142

Postretirement benefits

31,908


31,930

Pension benefits

115,846


116,192

Other noncurrent liabilities

1,125,943


819,204

Deferred income taxes

378,171


358,029

Commitments and contingencies




Equity:




Albemarle Corporation shareholders' equity:




Common stock

1,177


1,176

Mandatory convertible preferred stock

2,235,105


2,235,105

Additional paid-in capital

2,991,389


2,985,606

Accumulated other comprehensive loss

(633,136)


(742,062)

Retained earnings

5,433,704


5,481,692

Total Albemarle Corporation shareholders' equity

10,028,239


9,961,517

Noncontrolling interests

246,103


238,171

Total equity

10,274,342


10,199,688

Total liabilities and equity

$      16,999,258


$      16,609,649

Albemarle Corporation and Subsidiaries
Selected Consolidated Cash Flow Data
(In Thousands) (Unaudited)


Three Months Ended

March 31,


2025


2024

Cash and cash equivalents at beginning of year

$   1,192,230


$      889,900

Cash flows from operating activities:




Net income

49,298


16,647

Adjustments to reconcile net income to cash flows from operating activities:




Depreciation and amortization

161,754


123,751

Stock-based compensation and other

6,966


9,317

Equity in net income of unconsolidated investments (net of tax)

(64,286)


(180,500)

Dividends received from unconsolidated investments and nonmarketable
securities

60,335


50,756

Pension and postretirement expense

1,696


1,273

Pension and postretirement contributions

(5,196)


(4,824)

Realized loss on investments in marketable securities

—


33,746

Unrealized loss on investments in marketable securities

5,331


6,737

Deferred income taxes

(5,669)


116,447

Working capital changes

(21,992)


(52,320)

Noncurrent liability changes and other, net

357,146


(23,076)

Net cash provided by operating activities

545,383


97,954

Cash flows from investing activities:




Capital expenditures

(182,624)


(579,322)

Sales of marketable securities, net

3,381


84,893

Investments in equity investments and nonmarketable securities

(60)


(74)

Net cash used in investing activities

(179,303)


(494,503)

Cash flows from financing activities:




Proceeds from issuance of mandatory convertible preferred stock

—


2,236,750

Repayments of long-term debt and credit agreements

(9,615)


(29,019)

Proceeds from borrowings of long-term debt and credit agreements

—


29,019

Other debt repayments, net

(1,195)


(620,753)

Dividends paid to common shareholders

(47,607)


(46,908)

Dividends paid to mandatory convertible preferred shareholders

(41,688)


—

Dividends paid to noncontrolling interests

(18,169)


—

Proceeds from exercise of stock options

1,186


86

Withholding taxes paid on stock-based compensation award distributions

(2,904)


(10,619)

Other

(14)


(1,256)

Net cash (used in) provided by financing activities

(120,006)


1,557,300

Net effect of foreign exchange on cash and cash equivalents

80,207


5,162

Increase in cash and cash equivalents

326,281


1,165,913

Cash and cash equivalents at end of period

$   1,518,511


$   2,055,813

Albemarle Corporation and Subsidiaries
Consolidated Summary of Segment Results
(In Thousands) (Unaudited)


Three Months Ended


March 31,


2025


2024

Net sales:




Energy Storage

$   524,565


$   800,898

Specialties

321,014


316,065

Ketjen

231,302


243,773

Total net sales

$ 1,076,881


$ 1,360,736





Adjusted EBITDA:




Energy Storage

$   186,355


$   197,996

Specialties

58,666


45,181

Ketjen

38,588


21,979

Total segment adjusted EBITDA

283,609


265,156

Corporate

(16,465)


26,080

Total adjusted EBITDA

$   267,144


$   291,236

See accompanying non-GAAP reconciliations below.

Additional Information regarding Non-GAAP Measures

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, adjusted diluted loss per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin, and operating cash flow conversion are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.

A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com . The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.

Albemarle Corporation AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited)

See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net (loss) income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net (loss) income attributable to Albemarle Corporation common shareholders is defined as net income (loss) after mandatory convertible preferred stock dividends, but before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring, other unusual and non-operating pension and OPEB items as listed below.


Three Months Ended


March 31,


2025


2024

In thousands, except percentages and per share amounts

$


% of
net
sales


$


% of
net
sales

Net income attributable to Albemarle Corporation

$41,348




$    2,448



Add back:








Non-operating pension and OPEB items (net of tax)

125




(351)



Non-recurring and other unusual items (net of tax)

(21,200)




40,044



Adjusted net income attributable to Albemarle Corporation

20,273




42,141



Mandatory convertible preferred stock dividends

(41,688)




(11,584)



Adjusted net (loss) income attributable to Albemarle Corporation common shareholders

$ (21,415)




$  30,557











Adjusted diluted (loss) earnings per share attributable to common shareholders

$     (0.18)




$      0.26











Adjusted weighted-average common shares outstanding – diluted

117,603




117,451











Net income attributable to Albemarle Corporation

$41,348


3.8 %


$    2,448


0.2 %

Add back:








Interest and financing expenses

48,977


4.5 %


37,969


2.8 %

Income tax (benefit)

(3,978)


(0.4) %


(3,721)


(0.3) %

Depreciation and amortization

161,754


15.0 %


123,751


9.1 %

EBITDA

248,101


23.0 %


160,447


11.8 %

Proportionate share of Windfield income tax expense

25,326


2.4 %


73,689


5.4 %

Non-operating pension and OPEB items

275


— %


(325)


— %

Non-recurring and other unusual items

(6,558)


(0.6) %


57,425


4.2 %

Adjusted EBITDA

$ 267,144


24.8 %


$ 291,236


21.4 %









Net sales

$  1,076,881




$  1,360,736



Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income, net. Non-operating pension and OPEB items were as follows (in thousands):


Three Months Ended


March 31,


2025


2024

Interest cost

$       8,810


$       8,505

Expected return on assets

(8,535)


(8,830)

Total

$          275


$        (325)

In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):


Three Months Ended


March 31,


2025


2024

Restructuring charges and asset write-offs (1)

$       (0.02)


$         0.23

Acquisition and integration related costs (2)

0.01


0.01

Loss in fair value of public equity securities (3)

0.03


0.35

Other (4)

(0.08)


(0.15)

Tax related items (5)

(0.12)


(0.10)

Total non-recurring and other unusual items

$       (0.18)


$         0.34



(1)

The Company took several actions during 2024 as part of a broader effort that will focus on preserving its world-class resource advantages, optimizing its global conversion network, improving the Company's cost competitiveness and efficiency, reducing capital intensity and enhancing the Company's financial flexibility. Those actions included stopping construction of Kemerton Trains 3 and 4, as well as certain other capital projects, placing Kemerton Train 2 in care and maintenance and transitioning the Company's operating structure to a fully integrated functional model (excluding Ketjen). Subsequently, in early 2025, the Company announced its additional decision to put the Chengdu, China conversion plant into care and maintenance by mid-year 2025. As a result, the Company recorded restructuring and asset write-off charges of ($1.1 million) in Restructuring charges and asset write-offs and losses of $0.2 million in Other income, net for the three months ended March 31, 2025. Due to the impact of valuation allowances, this resulted in total after-tax gains of $2.1 million, or $0.02 per share for the three months ended March 31, 2025. During the three months ended March 31, 2024, the Company recorded restructuring and asset write-off charges of $33.5 million in Restructuring charges and asset write-offs and losses of $2.7 million in Other income, net. In total, this resulted in after-tax losses of ($27.0 million after income taxes, or $0.23 per share) for the three months ended March 31, 2024.



(2)

Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three months ended March 31, 2025 and 2024 were $1.4 million and $1.9 million ($1.1 million and $1.5 million after income taxes, or $0.01 and $0.01 per share), respectively.



(3)

Loss of $5.0 million ($3.9 million after income taxes, or $0.03 per share) recorded in Other income, net resulting from the net change in fair value of investments in public equity securities for the three months ended March 31, 2025. Losses of $33.7 million and $9.4 million recorded in Other income, net resulting from the sale of investments in public equity securities and the change in fair value of investments in public equity securities, respectively, for the three months ended March 31, 2024 ($41.1 million after income taxes, or $0.35 per share).



(4)

Other adjustments for the three months ended March 31, 2025 included amounts recorded in:


•

Selling, general and administrative expenses - $3.2 million of gains from the sale of assets at a site not part of our operations, partially offset by $0.6 million of expenses related to certain historical legal matters.

•

Other income, net - $9.8 million of income from PIK dividends of preferred equity in a Grace subsidiary and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses, partially offset by $1.9 million of charges for asset retirement obligations at a site not part of our operations.

After income taxes, these net gains totaled $9.8 million, or $0.08 per share.


Other adjustments for the three months ended March 31, 2024 included amounts recorded in:

•

Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements.

•

Selling, general and administrative expenses - $0.1 million of expenses related to certain legal costs.

•

Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.


After income taxes, these net gains totaled $17.3 million, or $0.15 per share.



(5)

Included in Income tax benefit for the three months ended March 31, 2025 are discrete net tax benefits of $14.2 million, or $0.12 per share, primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.




Included in Income tax benefit for the three months ended March 31, 2024 are discrete net tax benefits of $12.3 million, or $0.10 per share primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.

See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reporting in accordance with GAAP (in thousands, except percentages).


(Loss) income
before income taxes
and equity in net
income of
unconsolidated
investments


Income tax (benefit)
expense


Effective income tax
rate

Three months ended March 31, 2025






As reported

$                     (18,966)


$                       (3,978)


21.0 %

Non-recurring, other unusual and non-operating pension and OPEB
items

(6,283)


14,792



As adjusted

$                     (25,249)


$                      10,814


(42.8) %







Three months ended March 31, 2024






As reported

$                   (167,574)


$                       (3,721)


2.2 %

Non-recurring, other unusual and non-operating pension and OPEB
items

57,100


17,407



As adjusted

$                   (110,474)


$                      13,686


(12.4) %

See below for the calculation of operating cash flow conversion, which the Company defines as Net cash provided by operating activities from the statement of cash flows divided by adjusted EBITDA, which is a non-GAAP measure. A reconciliation of adjusted EBITDA, the non-GAAP financial measure, from net income attributable to Albemarle Corporation, the most directly comparable financial measure calculated and reporting in accordance with GAAP, is provided in the above tables (in thousands, except percentages).


Three Months Ended


March 31, 2025

Net cash provided by operating activities

$                545,383

Less: Customer prepayment

350,000

Net cash provided by operating activities excluding customer prepayment

$                195,383



Adjusted EBITDA

$                267,144



Operating cash flow conversion

204 %

Operating cash flow conversion excluding customer prepayment

73 %

Contact:


invest@albemarle.com

1.980.299.5700

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/albemarle-reports-first-quarter-2025-results-302442938.html

SOURCE Albemarle Corporation

News Provided by PR Newswire via QuoteMedia

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Quarterly Activities/Appendix 5B Cash Flow Report

Quarterly Activities/Appendix 5B Cash Flow Report

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