Metals & Mining

5706 Mitsui Mining & Smelting

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 (¥196M)¥25.8B¥6.2B¥6.7B¥1.1B¥37.7B¥14.3B¥46.3B¥47.7B¥53.0B

Retained capital Retained ¥248.9B of earnings over 2017–2026; annual owner earnings grew ¥38.4B, ¥0.15 per ¥1 retained.

Balance sheet Modest net debt, ¥68.8B · dividend paid 10 of 10 yrs, cut at least once

5711 Mitsubishi Materials

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥58.8B(¥6.3B)¥80.2B¥3.3B¥1.6B(¥64.6B)¥762M¥4.7B¥2.8B(¥9.2B)

Retained capital Retained ¥81.8B of earnings over 2017–2026; annual owner earnings fell ¥44.8B, ¥-0.55 per ¥1 retained.

Balance sheet Heavy net debt, ¥531.4B · dividend paid 10 of 10 yrs, cut at least once

5713 Sumitomo Metal Mining

Revenue is Smelting and Refining (78%), Mineral Resources (17%) and Materials (16%).

Owner earnings 2017–2026 (¥6.8B)¥36.4B¥65.1B¥90.8B¥52.3B¥104.1B¥67.1B¥154.5B¥82.6B¥42.0B

Retained capital Retained ¥640.4B of earnings over 2017–2026; annual owner earnings grew ¥61.5B, ¥0.10 per ¥1 retained.

Balance sheet Heavy net debt, ¥547.0B · dividend paid 10 of 10 yrs, cut at least once

5714 Dowa Holdings

A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.

Owner earnings 2017–2026 ¥13.6B(¥6.1B)¥18.9B¥35.8B(¥23.1B)¥37.3B¥21.0B¥93.3B(¥16.0B)(¥29.4B)

Retained capital Retained ¥223.4B of earnings over 2017–2026; annual owner earnings grew ¥7.2B, ¥0.03 per ¥1 retained.

Balance sheet Modest net debt, ¥47.6B · dividend paid 10 of 10 yrs, never cut

AA Alcoa

Revenue is led by Aluminum (66%) and Alumina (29%), with 2 more lines behind.

Owner earnings 2016–2025 ($715M)$819M$49M$307M$41M$530M$342M($440M)$42M$567M

Retained capital Paid out $1.4B more than it earned over 2016–2025; annual owner earnings grew $5M.

Balance sheet Modest net debt, $842M · dividend paid 5 of 10 yrs, never cut

ABAT American Battery Technology Company

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2015–2025 ($33K)($199K)($1M)($3M)($28M)($31M)

Retained capital not read

Balance sheet Net debt against an operating loss, $7M

ALM Almonty Industries Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +C$134M

ALOY REalloys Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2024 ($869K)($704K)($495K)($713K)$142K($692K)($4M)($3M)($706K)

Retained capital not read

Balance sheet Net debt against an operating loss, $5M

ASM Avino Silver & Gold Mines Ltd.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2024 $4M($3M)$8M$3M($74K)$109K$12M$1M$23M

Retained capital Paid out $24M more than it earned over 2016–2024; annual owner earnings grew $9M.

Balance sheet Net cash, +$99M

BHP BHP Group Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $4.9B$13.1B$13.5B$11.6B$11.0B$21.6B$26.3B$13.6B$15.4B$13.2B

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $3.6B.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

BVN Buenaventura Mining Company Inc.

Revenue is led by Colquijirca (38%) and Uchucchacua (28%), with 6 more segments behind.

Owner earnings 2015–2024 ($84M)$25M($47M)$235M($34M)$51M($324M)($110M)($12M)$148M

Retained capital Paid out $112M more than it earned over 2015–2024; annual owner earnings grew $44M.

Balance sheet Net cash, debt-free, +$478M · dividend paid 7 of 10 yrs, cut at least once

CENX Century Aluminum Company

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $16M$20M($152M)($42M)$30M($148M)($60M)$11M($107M)$85M

Retained capital Paid out $320M more than it earned over 2016–2025; annual owner earnings grew $35M.

Balance sheet Meaningful net debt, $414M

CMP Compass Minerals Intl Inc

Compass Minerals International, Inc. through its subsidiaries is a leading provider of essential minerals, primarily salt and plant nutrition.

Owner earnings 2016–2025 ($15M)$37M$86M$62M$90M$56M$24M($48M)($100M)$128M

Retained capital Paid out $731M more than it earned over 2016–2025; annual owner earnings fell $43M.

Balance sheet Heavy net debt, $788M · dividend paid 9 of 10 yrs, cut at least once

CSTM Constellium SE Ordinary Shares (France)

Revenue is P&ARP (60%), A&T (22%) and AS&I (18%).

Owner earnings 2022–2025 $76M$66M($112M)$159M

Retained capital Retained $595M of earnings over 2022–2025; annual owner earnings grew $28M, $0.05 per $1 retained.

Balance sheet Meaningful net debt, $1.8B

ELVR Elevra Lithium Limited

Elevra is among the largest hard rock lithium producers in North America based on the combined life-of-the-mine spodumene concentrate capacity, with an advantaged access to U.S. end markets.

Owner earnings 2023–2025 (A$52M)(A$96M)(A$34M)

Retained capital not read

Balance sheet Net cash, +A$58M

ERO Ero Copper Corp.

Revenue is Copper (79%) and Gold (21%).

Owner earnings 2020–2025 $163M$364M$143M$162M$144M$394M

Retained capital Retained $643M of earnings over 2020–2025; annual owner earnings grew $10M, $0.01 per $1 retained.

Balance sheet Modest net debt, $446M

FCX Freeport-McMoRan Inc.

Freeport-McMoRan digs copper out of the ground and sells it, mostly as refined cathode and as concentrate that smelters cook into metal. The same ore yields gold and molybdenum alongside the copper. Its buyers are the smelters, refiners, and manufacturers who turn the metal into wire, pipe, and the wiring of nearly everything electrical.

Owner earnings 2016–2025 $924M$3.3B$1.9B$70M$1.5B$5.6B$3.1B$3.2B$4.9B$3.4B

Retained capital Retained $8.0B of earnings over 2016–2025; annual owner earnings grew $1.8B, $0.23 per $1 retained.

Balance sheet Modest net debt, $7.3B · buybacks at an average near $38.34 · dividend paid 10 of 10 yrs, cut at least once

GAU Galiano Gold Inc.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 $2M$59M($9M)($9M)($6M)($13M)$2M($4M)$32M$95M

Retained capital Paid out $288M more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Modest net debt, $11M

GSM Ferroglobe PLC

Revenue is led by Silicon Metal Product Line (32%) and Manganese Alloys Product Line (27%), with 4 more lines behind.

Owner earnings 2016–2025 $50M$76M$11M($64M)$124M($29M)$353M$95M$167M($10M)

Retained capital Paid out $690M more than it earned over 2016–2025; annual owner earnings grew $38M.

Balance sheet Net debt against an operating loss, $6M · dividend paid 7 of 10 yrs, cut at least once

HBM Hudbay Minerals Inc.

Revenue is Peru (53%), Manitoba (34%) and British Columbia (14%).

Owner earnings 2016–2025 $282M$290M$289M$52M($122M)$33M$179M$196M$319M$241M

Retained capital Retained $196M of earnings over 2016–2025; annual owner earnings fell $35M, $-0.18 per $1 retained.

Balance sheet Net cash, +$33M · dividend paid 10 of 10 yrs, cut at least once

IE Ivanhoe Electric Inc.

We are a technology-driven United States minerals exploration and development company with a focus on copper and other critical metals vital to electric transmission and generation, manufacturing, infrastructure development, technology, and national security.

Owner earnings 2021–2025 ($52M)($124M)($152M)($165M)($90M)

Retained capital not read

Balance sheet Net cash, debt-free, +$173M

IPI Intrepid Potash Inc

We are a diversified mineral company that delivers potassium, magnesium, sulfur, salt, and water products essential for customer success in agriculture, animal feed and the oil and gas industry.

Owner earnings 2011–2025 $38M($59M)($186M)$66M($23M)($33M)$3M($22M)$34M$26M

Retained capital Paid out $676M more than it earned over 2011–2025; annual owner earnings grew $81M.

Balance sheet Net cash, +$54M · dividend paid 1 of 10 yrs, cut at least once

KALU Kaiser Aluminum Corporation

Revenue is led by Packaging (44%) and Aero Hs Products (25%), with 2 more lines behind.

Owner earnings 2016–2025 $130M$102M$106M$172M$155M$21M($170M)$103M$51M($26M)

Retained capital Paid out $150M more than it earned over 2016–2025; annual owner earnings fell $70M.

Balance sheet Heavy net debt, $1.1B · buybacks at an average near $86.76 · dividend paid 10 of 10 yrs, never cut

KNF Knife Riv Holding Co.

Our 1.3 billion tons of aggregate reserves provide the foundation for our vertically integrated business strategy, with approximately 35 percent of our aggregates in 2025 being used internally to support value-added downstream products and contracting services.

Owner earnings 2021–2025 $80M$90M$211M$185M$85M

Retained capital Retained $788M of earnings over 2021–2025; annual owner earnings grew $33M, $0.04 per $1 retained.

Balance sheet Meaningful net debt, $1.1B

LGO Largo Inc.

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2020–2025 ($78M)$12M($39M)($32M)($31M)($38M)

Retained capital Paid out $121M more than it earned over 2020–2025; annual owner earnings grew $964K.

Balance sheet Net debt against an operating loss, $97M

LZM Lifezone Metals Limited

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2021–2025 ($7M)($23M)($78M)($66M)($37M)

Retained capital not read

Balance sheet Net cash, debt-free, +$20M

MLI Mueller Industries

Revenue is Piping Systems (64%), Industrial Metals (24%) and Climate (12%).

Owner earnings 2016–2025 $120M$10M$129M$169M$201M$280M$686M$633M$593M$687M

Retained capital Retained $2.8B of earnings over 2016–2025; annual owner earnings grew $551M, $0.20 per $1 retained.

Balance sheet Net cash, debt-free, +$1.4B · dividend paid 10 of 10 yrs, cut at least once

MLM Martin Marietta Materials Inc.

Martin Marietta Materials Inc. is a leading natural resource-based building materials company.

Owner earnings 2016–2025 $404M$360M$329M$573M$690M$715M$509M$1.0B$886M$1.1B

Retained capital Retained $5.5B of earnings over 2016–2025; annual owner earnings grew $652M, $0.12 per $1 retained.

Balance sheet Meaningful net debt, $5.3B · buybacks at an average near $318 · dividend paid 10 of 10 yrs, never cut

MP MP Materials

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere.

Owner earnings 2019–2025 ($3M)($4M)$78M$325M$7M($65M)($245M)

Retained capital Retained $43M of earnings over 2019–2025; annual owner earnings fell $125M, $-2.87 per $1 retained.

Balance sheet Net cash, +$167M · buybacks at an average near $14.81

MSB Mesabi Trust

A property business, read on funds from operations and net asset value rather than reported earnings.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

NEXA Nexa Resources S.A.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 $404M$181M$48M($274M)$48M$180M($114M)($54M)$92M$13M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $194M.

Balance sheet Meaningful net debt, $1.1B · dividend paid 10 of 10 yrs, cut at least once

NX Quanex Building Products Corporation

We currently manufacture and distribute components for original equipment manufacturers in the building products industry, including window, door, solar, refrigeration, custom mixing, building access, and cabinetry markets.

Owner earnings 2016–2025 $50M$45M$78M$71M$75M$55M$65M$110M$52M$102M

Retained capital Paid out $157M more than it earned over 2016–2025; annual owner earnings grew $30M.

Balance sheet Net debt against an operating loss, $628M · buybacks at an average near $18.39 · dividend paid 10 of 10 yrs, never cut

RGLD Royal Gold

Revenue is Stream interest (67%) and Royalty interest (33%).

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

RIO Rio Tinto Plc

Revenue is led by Iron Ore (49%) and Aluminium, alumina and bauxite (27%), with 5 more lines behind.

Owner earnings 2016–2025 $5.5B$9.4B$7.8B$10.5B$11.6B$20.6B$15.7B$14.7B$15.0B$16.2B

Retained capital Retained $25.1B of earnings over 2016–2025; annual owner earnings grew $7.8B, $0.31 per $1 retained.

Balance sheet Modest net debt, $12.5B · dividend paid 10 of 10 yrs, cut at least once

SCCO Southern Copper Corporation

Southern Copper Corporation is one of the largest integrated copper producers in the world.

Owner earnings 2016–2025 $276M$1.3B$1.6B$1.2B$2.2B$3.4B$1.9B$2.6B$3.4B$3.9B

Retained capital Retained $5.7B of earnings over 2016–2025; annual owner earnings grew $2.2B, $0.39 per $1 retained.

Balance sheet Modest net debt, $2.3B · buybacks at an average near $24.41 · dividend paid 10 of 10 yrs, cut at least once

SGML Sigma Lithium Corporation

Sigma Lithium Corporation operates one of the world's largest lithium production sites at its Grota do Cirilo operation in Brazil.

Owner earnings 2020–2024 (C$2M)(C$4M)(C$6M)(C$38M)(C$47M)

Retained capital not read

Balance sheet Net debt against an operating loss, C$38M

SQM Sociedad Quimica y Minera S.A.

We are the world's largest producer of potassium nitrate and iodine and one of the world's largest lithium producers.

Owner earnings 2015–2024 $316M$502M$616M$280M$226M($22M)$608M$3.8B($477M)$932M

Retained capital Retained $1.6B of earnings over 2015–2024; annual owner earnings grew $951M, $0.61 per $1 retained.

Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once

SSRM SSR Mining Inc.

Revenue is led by Gold (71%) and Silver (24%), with 2 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 3 of 7 yrs, cut at least once

TECK Teck Resources Ltd

Revenue is Copper (62%) and Zinc (38%).

Owner earnings 2016–2025 C$1.6BC$3.4BC$2.5BC$696M(C$1.6B)C$772MC$3.6BC$199MC$528M(C$359M)

Retained capital Retained C$7.7B of earnings over 2016–2025; annual owner earnings fell C$2.4B, C$-0.31 per C$1 retained.

Balance sheet Net cash, +C$1.1B · dividend paid 10 of 10 yrs, cut at least once

TFPM Triple Flag Precious Metals Corp.

Triple Flag, formed in 2016, is a precious-metals-focused streaming and royalty company offering bespoke financing solutions to the metals and mining industry.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 5 yrs, never cut

TTAM Titan America SA

Titan America is a leading vertically integrated, multi-regional manufacturer and supplier of heavy building materials and services operating primarily in Florida, the New York and New Jersey Metropolitan area, Virginia, North Carolina and South Carolina.

Owner earnings 2022–2025 $53M$110M$113M$135M

Retained capital Retained $399M of earnings over 2022–2025; annual owner earnings grew $27M, $0.07 per $1 retained.

Balance sheet Modest net debt, $179M · dividend paid 2 of 4 yrs, cut at least once

UAMY United States Antimony Corporation

A metals and mining business, a price-taker on a global commodity.

Owner earnings 2016–2025 ($170K)$351K($2M)($804K)($2M)($3M)($1M)($6M)$2M($11M)

Retained capital not read

Balance sheet Net cash, +$30M

USAR USA Rare Earth Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2024–2025 ($13M)($50M)

Retained capital not read

Balance sheet Net cash, debt-free, +$360M

USAS AMERICAS GOLD AND SILVER CORPORATION

Revenue is Galena Complex (51%) and Cosala Operations (49%).

Owner earnings 2016–2025 $727K($6M)($2M)$3M($27M)($64M)($21M)($21M)($22M)($25M)

Retained capital not read

Balance sheet Net cash, +$119M

USLM United States Lime & Minerals Inc.

United States Lime & Minerals Inc. is a manufacturer of lime and limestone products, supplying primarily the construction, industrial, environmental, metals, roof shingle manufacturers, agriculture, and oil and gas services industries.

Owner earnings 2016–2025 $20M$18M$21M$29M$41M$35M$38M$68M$99M$140M

Retained capital Retained $435M of earnings over 2016–2025; annual owner earnings grew $83M, $0.19 per $1 retained.

Balance sheet Net cash, +$354M · buybacks at an average near $11.70 · dividend paid 10 of 10 yrs, cut at least once

VALE VALE S.A.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2021 $2.8B$8.6B$10.0B$9.2B$11.6B$21.6B

Retained capital Retained $13.6B of earnings over 2016–2021; annual owner earnings grew $7.0B, $0.51 per $1 retained.

Balance sheet Modest net debt, $5.7B · dividend paid 5 of 6 yrs, never cut

VMC Vulcan Materials Company

Vulcan Materials Company operates primarily in the U.S. and is the nation's largest supplier of construction aggregates and a major producer of aggregates-intensive downstream products such as asphalt mix and ready-mixed concrete.

Owner earnings 2016–2025 $294M$339M$487M$600M$708M$561M$536M$920M$806M$1.1B

Retained capital Retained $3.9B of earnings over 2016–2025; annual owner earnings grew $581M, $0.15 per $1 retained.

Balance sheet Meaningful net debt, $4.2B · dividend paid 10 of 10 yrs, never cut