Core Viewpoint - Minerals Technologies reported a sequential improvement in earnings for Q2 2025, surpassing analyst profit expectations but falling short of revenue forecasts, indicating operational recovery amidst mixed market demand [1][5]. Financial Performance - Non-GAAP earnings per share (EPS) for Q2 2025 reached $1.55, exceeding the analyst estimate of $1.41 but down 6.1% from $1.65 in Q2 2024 [2][5]. - GAAP revenue was $528.9 million, missing the consensus estimate by $1.57 million and down 2.3% year-over-year [2][5]. - Operating income (non-GAAP) was $79.0 million, a decrease of 6.8% from the previous year [2]. - Adjusted EBITDA stood at $99.1 million, down 8% compared to Q2 2024 but up 17% from Q1 2025 [2][9]. - Free cash flow increased to $33.8 million, a 13.1% rise from the previous year [2][10]. Business Segments Overview - The Consumer & Specialties segment reported sales of $277.7 million, a 4% increase from Q1 but a 2% decrease year-over-year [6]. - The Engineered Solutions segment generated $251.2 million in sales, growing 12% sequentially but declining 2% year-over-year [7]. - High-Temperature Technologies within Engineered Solutions reported $178.4 million in sales, up 5% sequentially but down 3% year-over-year [7]. Operational Highlights - Margins improved in both segments, with Consumer & Specialties achieving a 13.4% margin and Engineered Solutions posting a 17.4% margin, driven by cost efficiencies and productivity [8][9]. - Cash flow from operations was $62.9 million, reversing a negative result from the previous quarter [10]. Innovation and Sustainability - The company emphasized innovation with an annual R&D spend of approximately $23 million and holds around 240 patents [4]. - Recent product developments include FluoroSorb, aimed at addressing PFAS contamination in drinking water, with over two-thirds of new products featuring sustainable properties [11]. Outlook - Management maintains a positive outlook for the second half of FY2025, focusing on improving operating margins and restoring growth in core consumer lines while navigating raw material cost pressures [13].

[Q2 2025 Earnings Highlights & CEO Commentary](index=1&type=section&id=1.%20Q2%202025%20Earnings%20Highlights%20%26%20CEO%20Commentary) This section provides an overview of Minerals Technologies Inc.'s (MTI) strong financial performance in Q2 2025 and the CEO's strategic insights [Key Financial Highlights](index=1&type=section&id=1.1%20Key%20Financial%20Highlights) Minerals Technologies Inc. (MTI) achieved strong financial performance in Q2 2025, with significant sequential growth in adjusted EPS and operating income, an 8% sequential increase in net sales, and robust cash flow generation | Metric | Q2 2025 (GAAP) | Q2 2025 (Non-GAAP) | Sequential Growth (Non-GAAP) | | :-------------------------------- | :----------------- | :------------------- | :--------------------------- | | Earnings Per Share (EPS) | $1.44 | $1.55 | 36% | | Operating Income | $75 Million | $79 Million | 25% | | Operating Margin | 14.1% | 14.9% | - | | Global Net Sales | $529 Million | - | 8% | | Cash Flow from Operating Activities | $63 Million | - | - | | Free Cash Flow | $34 Million | - | - | | Shareholder Returns | $22 Million | - | - | [CEO's Strategic Outlook](index=1&type=section&id=1.2%20CEO%27s%20Strategic%20Outlook) CEO Douglas T. Dietrich highlighted the company's strong performance and near-record profitability despite market uncertainties, noting improved sales and growth initiatives set the stage for a stronger second half - CEO Douglas T. Dietrich stated that the quarter's strong performance and near-record profitability demonstrate the company's adaptability under a high-performance operating culture[7](index=7&type=chunk) - Significant sales improvement, which began at the end of Q1 and continued into Q2, combined with advancing growth initiatives, lays the foundation for a stronger second half performance[7](index=7&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=2.%20Consolidated%20Financial%20Performance) This section details MTI's consolidated financial results for Q2 2025, including net sales, operating income, and key non-GAAP adjustments [Q2 2025 Consolidated Results Overview](index=1&type=section&id=2.1%20Q2%202025%20Consolidated%20Results%20Overview) MTI achieved global net sales of $529 million in Q2 2025, an 8% sequential increase driven by a significant rebound in demand across all product lines, with adjusted operating income and margin showing substantial sequential improvement | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | Year-over-Year Growth | | :-------------------------------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Global Net Sales | $529M | $491.8M | $541.2M | 8% | (2)% | | Reported Operating Income | $75M | -$160.1M| $50.6M | * | 47% | | Adjusted Operating Income | $79M | $63.2M | $84.8M | 25% | (7)% | | Adjusted Operating Margin | 14.9% | 12.9% | 15.7% | 200 bps | - | | Cash Flow from Operating Activities | $63M | -$4.4M | $50.1M | * | 26% | | Free Cash Flow | $34M | -$22.7M | $29.9M | * | 13.7% | [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statements%20of%20Income%20(Loss)) MTI's net sales for Q2 2025 were $528.9 million, an 8% sequential increase but a 2% year-over-year decrease due to softer market conditions in the prior year, achieving a net income of $45.4 million and diluted EPS of $1.44 | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | Year-over-Year Growth | | :----------------------------------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Net Sales | 528.9 | 491.8 | 541.2 | 8% | (2)% | | Cost of Sales | 392.0 | 372.2 | 397.3 | 5% | (1)% | | Gross Profit | 136.9 | 119.6 | 143.9 | 14% | (5)% | | Operating Income (Loss) | 74.6 | (160.1) | 50.6 | * | 47% | | Net Income (Loss) | 46.3 | (143.0) | 20.9 | * | 122% | | Net Income (Loss) Attributable to MTI | 45.4 | (144.0) | 19.7 | * | 130% | | Diluted Earnings Per Share | 1.44 | (4.51) | 0.61 | * | 136% | [Non-GAAP Financial Measures Reconciliation](index=6&type=section&id=2.3%20Non-GAAP%20Financial%20Measures%20Reconciliation) MTI provides non-GAAP financial measures to exclude the impact of special items, offering a clearer view of the company's ongoing operational performance and historical trends, including litigation reserves, restructuring charges, and asset sale gains - Management believes non-GAAP measures provide meaningful supplemental information as special items do not represent ongoing operational performance and impact the comparability of period results[28](index=28&type=chunk) [Non-GAAP Earnings Per Share](index=6&type=section&id=2.3.1%20Non-GAAP%20Earnings%20Per%20Share) Excluding special items, MTI's net income attributable to MTI for Q2 2025 was $48.9 million, with diluted earnings per share of $1.55, representing significant sequential growth | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | | :----------------------------------------------- | :------ | :------ | :------ | :---------------- | | Net Income (GAAP) Attributable to MTI | 45.4 | (144.0) | 19.7 | * | | Net Income (Excluding Special Items) Attributable to MTI | 48.9 | 36.4 | 53.6 | 34% | | Diluted Earnings Per Share (Excluding Special Items) | 1.55 | 1.14 | 1.65 | 36% | - In Q2 2025, the company recorded **$5.6 million** in net gain on asset sales[29](index=29&type=chunk) - In Q2 2025, the company recorded **$5.8 million** in restructuring and other charges, primarily for asset write-downs and facility consolidation[30](index=30&type=chunk) - In Q1 2025, the company recorded a **$215 million** litigation reserve for talc-related settlements and associated legal costs[31](index=31&type=chunk) [Free Cash Flow](index=7&type=section&id=2.3.2%20Free%20Cash%20Flow) MTI generated $33.8 million in free cash flow in Q2 2025, a significant improvement from the previous quarter, reflecting a strong recovery in cash flow from operating activities | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | | :-------------------------------- | :------ | :------ | :------ | :---------------- | | Cash Flow from Operating Activities | 62.9 | (4.4) | 50.1 | * | | Capital Expenditures | 29.1 | 18.3 | 20.2 | 59% | | Free Cash Flow | 33.8 | (22.7) | 29.9 | * | [Adjusted EBITDA](index=7&type=section&id=2.3.3%20Adjusted%20EBITDA) MTI's Adjusted EBITDA for Q2 2025 was $99.1 million, a 17% sequential increase, with Adjusted EBITDA as a percentage of sales at 18.7%, indicating improved profitability | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | | :----------------------------------- | :------ | :------ | :------ | :---------------- | | Net Income (Loss) Attributable to MTI | 45.4 | (144.0) | 19.7 | * | | EBITDA | 94.7 | (138.6) | 73.5 | * | | Adjusted EBITDA | 99.1 | 84.7 | 107.7 | 17% | | Adjusted EBITDA as % of Sales | 18.7% | 17.2% | 19.9% | 150 bps | [Segment-Specific Performance](index=1&type=section&id=3.%20Segment-Specific%20Performance) This section analyzes the individual performance of MTI's Consumer & Specialties and Engineered Solutions segments in Q2 2025 [Consumer & Specialties Segment](index=1&type=section&id=3.1%20Consumer%20%26%20Specialties%20Segment) The Consumer & Specialties segment's sales grew 4% sequentially to $278 million in Q2 2025, driven by stable customer order patterns and increased seasonal residential construction, with adjusted operating income up 24% and operating margin improving by 220 basis points | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | Year-over-Year Growth | | :----------------------------------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Segment Sales | 277.7 | 268.3 | 284.3 | 4% | (2)% | | Home & Personal Care Product Line Sales | 127.4 | 123.1 | 126.8 | 3% | 0% | | Specialty Additives Product Line Sales | 150.3 | 145.2 | 157.5 | 4% | (5)% | | Adjusted Operating Income | 37.3 | 30.0 | 43.9 | 24% | (15)% | | Adjusted Operating Margin | 13.4% | 11.2% | 15.4% | 220 bps | - | - Sales growth was primarily driven by improved customer order patterns and increased seasonal residential construction activity[8](index=8&type=chunk) - Operating income growth benefited from stronger sales and improved cost efficiencies[9](index=9&type=chunk) [Engineered Solutions Segment](index=2&type=section&id=3.2%20Engineered%20Solutions%20Segment) The Engineered Solutions segment's sales increased 12% sequentially to $251 million in Q2 2025, driven by strong demand from steel and foundry customers and seasonal growth in large project activity, with adjusted operating income up 27% and operating margin reaching 17.4% | Metric (Millions of USD) | Q2 2025 | Q1 2025 | Q2 2024 | Sequential Growth | Year-over-Year Growth | | :----------------------------------- | :------ | :------ | :------ | :---------------- | :-------------------- | | Segment Sales | 251.2 | 223.5 | 256.9 | 12% | (2)% | | High-Temperature Technologies Product Line Sales | 178.4 | 169.4 | 184.7 | 5% | (3)% | | Environmental & Infrastructure Product Line Sales | 72.8 | 54.1 | 72.2 | 35% | 1% | | Adjusted Operating Income | 43.7 | 34.4 | 44.7 | 27% | (2)% | | Adjusted Operating Margin | 17.4% | 15.4% | 17.4% | 200 bps | - | - Sales growth was primarily driven by strong demand from steel and foundry customers, along with large project activity entering its seasonal peak[11](index=11&type=chunk) - Operating income growth was attributed to higher sales, improved productivity, and disciplined cost control[12](index=12&type=chunk) [Corporate Information & Sustainability](index=2&type=section&id=4.%20Corporate%20Information%20%26%20Sustainability) This section covers MTI's sustainability efforts, investor communication details, forward-looking statements, and company overview [17th Annual Sustainability Report Publication](index=2&type=section&id=4.1%2017th%20Annual%20Sustainability%20Report%20Publication) MTI released its 17th annual Sustainability Report, highlighting achievements in environmental, safety, and community areas, including meeting 11 of 12 environmental goals in 2024, maintaining world-class safety, and significantly reducing Scope 1 and 2 emissions and water usage - Achieved **11 of 12** environmental goals in 2024[14](index=14&type=chunk) - Maintained world-class safety performance[15](index=15&type=chunk) - Reduced Scope 1 emissions by **14%** and Scope 2 emissions by **10%** year-over-year[15](index=15&type=chunk) - Decreased water withdrawals by **4%** and discharges by **13%**[15](index=15&type=chunk) - **66%** of new products feature sustainable characteristics, supporting customer sustainability goals[15](index=15&type=chunk) [Investor Conference Call Details](index=2&type=section&id=4.2%20Investor%20Conference%20Call%20Details) MTI will host a conference call on July 25, 2025, at 11:00 AM ET to discuss Q2 results, with investors able to access a live webcast and presentation via the company's website - The conference call will be held on **July 25, 2025, at 11:00 AM ET**[16](index=16&type=chunk) - A live webcast and presentation will be available on the company's investor relations website[16](index=16&type=chunk) [Forward-Looking Statements Disclaimer](index=2&type=section&id=4.3%20Forward-Looking%20Statements%20Disclaimer) This press release contains forward-looking statements regarding expectations and projections for future events, which are based on assumptions, estimates, and limited information, subject to various known and unknown risks and uncertainties that may cause actual results to differ materially - Forward-looking statements are based on assumptions, estimates, and limited information, and actual future results may differ materially[17](index=17&type=chunk) - Risk factors include global economic conditions, customer business cyclicality, competitive capabilities, ability to renew long-term sales contracts, debt repayment capacity, new product development, intellectual property protection, risks of overseas operations, raw material costs, regulatory changes, litigation, and operational risks[17](index=17&type=chunk) - The company undertakes no obligation to publicly update any forward-looking statements[19](index=19&type=chunk) [About Minerals Technologies Inc.](index=3&type=section&id=4.4%20About%20Minerals%20Technologies%20Inc.) Minerals Technologies Inc. (MTI) is a leading technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services for global consumer and industrial markets - MTI is a leading technology-driven specialty minerals company, providing mineral and mineral-based products, systems, and services[21](index=21&type=chunk) - The company serves global consumer and industrial markets, including home, food and pharmaceutical, paper, packaging, automotive, construction, and environmental sectors[21](index=21&type=chunk) - Global sales in 2024 totaled **$2.1 billion**[21](index=21&type=chunk) [Condensed Consolidated Balance Sheets](index=13&type=section&id=5.%20Condensed%20Consolidated%20Balance%20Sheets) As of June 29, 2025, MTI's total assets were $3,454.8 million, total liabilities were $1,766.8 million, and stockholders' equity was $1,688.0 million, with both total assets and liabilities increasing compared to December 31, 2024, while stockholders' equity slightly decreased | Metric (Millions of USD) | June 29, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | **Assets:** | | | | Cash and Cash Equivalents | 313.8 | 333.1 | | Accounts Receivable, Net | 425.9 | 385.2 | | Inventories | 359.6 | 342.1 | | Total Current Assets | 1,172.8 | 1,131.0 | | Property, Plant and Equipment, Net | 1,006.4 | 989.7 | | Goodwill | 915.9 | 913.8 | | Intangible Assets | 214.4 | 218.1 | | Total Assets | 3,454.8 | 3,393.9 | | **Liabilities and Stockholders' Equity:** | | | | Short-Term Debt | 17.7 | 5.1 | | Other Current Liabilities | 380.5 | 200.6 | | Total Current Liabilities | 602.8 | 397.7 | | Long-Term Debt | 959.0 | 959.6 | | Deferred Income Taxes | 87.8 | 130.5 | | Total Liabilities | 1,766.8 | 1,610.7 | | Equity Attributable to MTI Stockholders | 1,654.0 | 1,747.0 | | Total Stockholders' Equity | 1,688.0 | 1,783.2 | | Total Liabilities and Stockholders' Equity | 3,454.8 | 3,393.9 |

Core Insights - Minerals Technologies Inc. (MTI) reported strong second quarter results with earnings per share of $1.44, or $1.55 excluding special items, reflecting a 36% sequential increase [1] - The company achieved an operating income of $75 million, or $79 million excluding special items, which is a 25% sequential increase [3] - MTI's worldwide net sales for the second quarter were $529 million, up 8% sequentially but down 2% year-over-year due to softer market conditions [2] Financial Performance - The operating margin excluding special items improved by 200 basis points sequentially to 14.9% of sales [3] - Cash flow from operations was reported at $63 million, with free cash flow of $34 million [4] - The company returned $22 million to shareholders through stock repurchases and dividends in the second quarter [4] Segment Performance - The Consumer & Specialties segment reported sales of $278 million, up 4% sequentially, driven by improved customer order patterns and higher residential construction activity [6] - The Engineered Solutions segment saw sales of $251 million, up 12% sequentially, with a notable 35% increase in the Environmental & Infrastructure product line [9] - Segment operating income for Consumer & Specialties was $37 million, up 24% sequentially, while Engineered Solutions reported $44 million, a 27% improvement [7][10] Sustainability Initiatives - MTI published its 17th Annual Sustainability Report, highlighting achievements in environmental goals, including a 14% reduction in Scope 1 emissions and a 10% reduction in Scope 2 emissions year-over-year [13][14] - The report indicated that 66% of new products have a sustainable profile, supporting customers in achieving their sustainability goals [14] Market Outlook - The CEO expressed confidence in the company's ability to generate strong results amid market uncertainties, indicating a positive outlook for the second half of the year [5] - The company is well-positioned to capitalize on growth initiatives and the momentum observed in sales improvement [5]

Core Insights - Pacific Booker Minerals Inc. has submitted core samples from the Morrison Project for analysis to confirm the presence of Critical Minerals, with results expected within a month [1] - There has been no work done to determine if the elements are present in a commercially recoverable form, and it is currently unclear if their presence adds significant value to the orebody [2] - No regulatory authority has approved or disapproved the information contained in the news release, and the statements made are considered forward-looking, which may not guarantee future performance [3]

Company Overview - Glenstar Minerals Inc. is a mineral exploration company focused on polymetallic minerals, which are classified as critical minerals essential for manufacturing sophisticated electronics and energy technologies [3] - The company's mission is to explore, acquire, and develop critical mineral and energy metal properties globally [3] Trading and Market Presence - Glenstar has been approved for trading on the Tradegate Exchange in Berlin, Germany, to enhance access and visibility to European and international investors [1] - The company also trades on the Canadian Securities Exchange (CSE) under the symbol "GSTR", on the Frankfurt Stock Exchange under "VO20", and on the OTCQB market in the U.S. under "GSTRF" [4] Benefits of Tradegate Listing - The listing on Tradegate is expected to provide greater visibility to European investors, improved liquidity, direct execution of securities orders, and access to a larger pool of international investors [2] - This move may lead to wider access to investment capital to fund the company's exploration and development activities [2]

Core Points - Midasco Capital Corp. has received conditional acceptance from the TSX Venture Exchange for its acquisition of Spartan Exploration Nevada Corporation, a subsidiary of Ridgeline Minerals Corp. This acquisition is part of a proposed transaction and concurrent reactivation of Midasco's listing to become a Tier 2 mining issuer on the TSXV [1][2] - The company plans to change its name to "Spartan Metals Corp." and its ticker symbol to "W" upon closing the proposed transaction, which is expected to occur in July 2025 [2] - Midasco intends to appoint Kosta Tsoutsis to its Board of Directors, who has over 20 years of experience in finance and capital markets [3]

Core Insights - Minerals Technologies Inc. (MTI) achieved 11 out of 12 environmental targets a year ahead of schedule, demonstrating a strong commitment to sustainability [1][4] - The company reported a 14% reduction in Scope 1 emissions and a 10% reduction in Scope 2 emissions year over year, contributing to a 32% and 36% reduction since 2018, respectively [4] - MTI's new product portfolio is increasingly sustainable, with 66% of new products having a sustainable profile [1][4] Sustainability Achievements - MTI delivered world-class safety performance, with a total recordable injury rate of 0.77 and a lost workday injury rate of 0.15, as defined by OSHA [4] - The company reduced water usage by 4% year over year, achieving a 30% decrease since 2018, and decreased water discharge by 13% year over year, or 52% since 2018 [4] - Over 1.1 million metric tons of waste CO2 were extracted and sequestered in usable consumer products [4] Community Engagement - MTI's employees participated in various community engagement projects, including fundraisers, book donations, and environmental clean-ups [3] - The company emphasizes the importance of sustainable operations as a core aspect of its business strategy, benefiting both growth and environmental goals [2] Financial Performance - In 2024, MTI reported global sales of $2.1 billion, reflecting its strong market position and commitment to sustainability [5]

One stock to keep an eye on is Minerals Technologies (MTX) . MTX is currently sporting a Zacks Rank #2 (Buy), as well as a Value grade of A. The stock holds a P/E ratio of 8.99, while its industry has an average P/E of 23.02. Over the last 12 months, MTX's Forward P/E has been as high as 13.30 and as low as 7.86, with a median of 10.70. Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a preferred metric because revenue ca ...

Core Viewpoint - Snow Lake Resources Ltd. is focusing on strategic investments in U.S.-based critical minerals projects to leverage new U.S. Administration policies aimed at accelerating domestic production of these minerals [1][4]. Investment Strategy - The company is actively seeking opportunities to acquire interests in U.S. critical minerals projects that can be fast-tracked into production, potentially creating substantial value for shareholders [3][5]. - CEO Frank Wheatley emphasized the alignment of Snow Lake's investments with U.S. strategic interests, particularly in uranium, antimony, and rare earths [4][5]. Specific Investments - **Uranium**: Snow Lake has committed AUD$1.4 million to GTi Energy's AUD$4.5 million equity financing to advance the Lo Herma uranium project in Wyoming, which has a resource estimate of 8.7 million pounds U3O8 and a projected annual production of 800,000 pounds U3O8 [6][7]. - **Antimony**: The company has acquired a strategic stake exceeding 5% in Resolution Minerals Ltd., which holds the Horse Heaven Project in Idaho, anticipated to meet approximately 35% of U.S. antimony requirements [8][11]. - **Rare Earths**: Snow Lake holds a cornerstone investment in Commerce Resources Corp., which is advancing the Ashram rare earth elements project in Quebec, one of the largest undeveloped rare earths projects in North America with a resource of 204.3 million tonnes averaging ~1.94% Total Rare Earth Oxides [13][15]. Government and Industry Support - There is unprecedented support from the U.S. government, industry, and public for domestic critical mineral production, highlighted by significant investments in MP Materials Corp, including USD$400 million from the U.S. Department of Defense and USD$500 million from Apple [18][19].

Financing and Exploration Plans - Happy Creek Minerals Ltd. announced a $3.2 million financing to support exploration at the Fox tungsten project [1][4] - The funds will be allocated to a 10,000-metre drill program aimed at expanding the current resource, which is approximately 1 million tons with a tungsten grade over 1% [1][6] Resource Expansion Goals - The drilling program aims to significantly increase the resource to a target range of 3 to 5 million tons, establishing the Fox project as a substantial tungsten deposit globally [2][7] - The current resource is composed of half indicated and half inferred, indicating a high degree of confidence in the geological understanding [7] Investor Interest and Market Context - The financing has attracted institutional investors, including Waratah Capital and Power One, who recognize tungsten as a critical metal for future applications, particularly in military uses [5][4] - The project is positioned in the Cariboo district of British Columbia, providing good access to infrastructure and resources, which enhances its attractiveness to investors [8]