US Antimony Halts Mexico Operations; Piedmont Lithium New Discoveries; Ferroglobe Sees Positive Net Cash And More: Wednesday's Top Mining Stories

U.S. Antimony

U.S. Antimony UAMY reported its first-quarter (Q1) results with revenues rising 28% to $2.83 million and a 108% increase in gross profit due to a lower rise in sales costs. 

• Operating expenses increased by 183%, partly due to non-cash stock compensation and net income for Q1 was $86k. 
• The company ceased its Mexico operations, reduced overhead and shifted to a “Discontinued Operation.” 
• Cash position improved to $11.94 million and chairman and co-CEO Gary C. Evans called the quarter a turning point, emphasizing improved U.S. operations and a strong cash position.

Also Read: Anglo American Expedites Plan To Divest De Beers, Other Assets After Rebuffing BHP Takeover Bid

Piedmont Lithium

Piedmont Lithium PLL announced new high-grade lithium zones at North American Lithium (NAL) in Quebec, jointly owned by Piedmont (25%) and Sayona Mining Limited (75%). 

• The 2023 drill program suggests a potential mineral resource upgrade and mine life extension, discovering thick spodumene-bearing pegmatites beyond current operations. 
• NAL, which restarted production in March 2023, has consistently set record production volumes. 
• President and CEO Keith Phillips highlighted the potential for resource upgrades, emphasizing NAL’s strategic importance and exciting possibilities for extended mine life and increased production.

Ferroglobe

Ferroglobe GSM reported Q1 financial results with an adjusted EBITDA of $25.8 million. The company achieved a positive net cash position for the first time. 

• The company's gross debt hit an all-time low of $81 million. It initiated and announced quarterly cash dividends of 1.3 cents per share. 
• A $200 million stock buyback program over five years was also approved, pending a shareholder vote in June 2024. 
• French operations were fully restarted on April 1. The company is applying for a permit to expand U.S. silicon metal production and signed an MOU with Coreshell, followed by a post-quarter investment after positive lab test results.

Solitario Resources

Solitario Resources XPL discovered three new high-grade gold zones – Holland, Top Dollar and Wildcat – at its Golden Crest project. 

• Reconnaissance sampling revealed gold values up to 57.9 grams per ton (gpt). 
• The zones span a four-square-kilometer area between Downpour and Sleeping Beauty targets, with 203 samples collected, including 27 samples exceeding one gpt gold. 
• President and CEO Chris Herald highlighted these as some of the highest-grade initial samples at Golden Crest and anticipates the upcoming drilling program starting in June.

Now Read: Australia Injects $374M Into Critical Minerals Exploration: ‘We’ve Got Some Huge Advantages’

Benzinga Mining is the bridge between mining companies and retail investors. Reach out to licensing@benzinga.com to get connected with the Benzinga community!