Price Target Changed • Mar 15
Price target increased by 39% to CA$1.98 Up from CA$1.42, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CA$1.97. Stock is up 32% over the past year. The company posted a net loss per share of US$0.73 last year. Announcement • Dec 20
Noranda Income Fund Announces Special Cash Distribution, Payable on January 25, 2023 Noranda Income Fund announced that the Board of Trustees of Noranda Operating Trust has approved a special cash distribution of $0.03 per unit payable on January 25, 2023, to Priority and Ordinary Unitholders of record as at the close of business on December 30, 2022. Announcement • Dec 15
Noranda Income Fund Successfully Completes Major Cellhouse Repairs and Restarts Operations Noranda Income Fund provided an update regarding the successful completion of the maintenance shutdown and recommissioning of its electrolytic zinc processing facility (Processing Facility) located in Salaberry-de-Valleyfield, As previously announced, the Fund temporarily shut down operations to proceed with a proactive cell repair program and a cell -by-cell integrity assessment aimed at mitigating risk in the cellhouse. The shutdown lasted approximately six weeks, following which the facility went through a recommissioning phase. The Fund expects to benefit from the findings of its cell-by- cell integrity assessment as it continues the execution of its repair and maintenance program. Quebec. The Fund remains steadfast in its commitment to unitholders that despite unprecedented challenges across the resource industry brought on by global supply chain challenges and labour shortages, the objective remains the same to pursue opportunities to create value for unitholders. To that end, the Board of Trustees and management will continue to focus on solutions that are practical and implementable to deliver on that objective. While the Fund believes the cellhouse repairs conducted during the maintenance shutdown will contribute to stabilizing near- term cellhouse operating conditions, they will not fully address underlying operational issues. The ongoing performance of cellhouse operations will depend on the eventual rate of deterioration of the cells. As previously disclosed, evaluations undertaken thus far have led to the conclusion that a replacement of all cells will be necessary to stabilize and improve operating conditions for the long-term, in addition to planned crane replacements. The cost of a full cell and crane replacement is currently estimated to be approximately US$100 million and replacement would not commence before 2024. Since its last update, the Fund has been advancing its long-term cellhouse revitalization plan, including work on financing options, engineering plans and the procurement of long-lead items. More updates will follow once the plan has been finalized. The project timeline may be influenced by supply chain constraints and by the securing of appropriate financing. Announcement • Nov 08
Noranda Income Fund to Report Q3, 2022 Results on Nov 14, 2022 Noranda Income Fund announced that they will report Q3, 2022 results After-Market on Nov 14, 2022 Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: US$2.32 (vs US$0.25 loss in 2Q 2021) Second quarter 2022 results: EPS: US$2.32 (up from US$0.25 loss in 2Q 2021). Revenue: US$217.5m (up 7.6% from 2Q 2021). Net income: US$87.0m (up US$96.3m from 2Q 2021). Profit margin: 40% (up from net loss in 2Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year and the company’s share price has also fallen by 17% per year. Announcement • Jul 27
Noranda Income Fund Revises Production Guidance for the Full Year 2022 Noranda Income Fund revised production guidance for the full year 2022. The Fund has revised its annual production and sales target to between 225,000 and 240,000 tons of zinc, from its previously disclosed April 8, 2022 target of between 255,000 and 265,000 tons. The downward revision in annual production and sales guidance reflects ongoing labour challenges resulting in lower staffing levels and operator experience as well as higher employee turnover. It also reflects a further deterioration in cellhouse operating conditions and equipment performance in the second quarter of 2022 resulting in lower production and sales. This included a planned cellhouse shutdown in June that took much longer than anticipated and which subsequently negatively impacted operational efficiency for part of the month. Corrective actions implemented in the first quarter of 2022 have not yet fully materialized. With respect to the degradation in cellhouse operations and equipment fragility, management is carefully evaluating the potential capital investments required to address these underlying issues. The Fund’s ability to achieve the low end of its revised guidance range is dependent on maintaining current production cadence through to the end of the year. The Fund’s ability to achieve the higher end of its revised guidance range is dependent on the Processing Facility successfully mitigating its labour challenges and improving operational efficiency before the end of the year. The Fund’s ability to achieve its revised guidance range is subject to a number of risks and uncertainties, which include but are not limited to, continued labour availability constraints, higher employee turnover, a further deterioration in cellhouse operations and equipment failures, unplanned maintenance events, and increased absenteeism due to a potential new wave of COVID-19, among other factors. Announcement • Jul 19
Noranda Income Fund to Report Q2, 2022 Results on Jul 25, 2022 Noranda Income Fund announced that they will report Q2, 2022 results After-Market on Jul 25, 2022 Announcement • Jun 17
Noranda Income Fund Provides Production Guidance for the Year 2022 Noranda Income Fund provided production guidance for the year 2022. For the year, the company expected annual zinc production target is now between 255,000 and 265,000 tonnes. Reported Earnings • May 01
First quarter 2022 earnings released: US$0.72 loss per share (vs US$0.27 profit in 1Q 2021) First quarter 2022 results: US$0.72 loss per share (down from US$0.27 profit in 1Q 2021). Revenue: US$196.1m (up 2.8% from 1Q 2021). Net loss: US$27.0m (down 368% from profit in 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to CA$2.50 Up from CA$1.85, the current price target is provided by 1 analyst. New target price is 51% above last closing price of CA$1.66. Stock is up 51% over the past year. The company posted a net loss per share of US$0.73 last year. Announcement • Apr 16
LM Asset Fund Limited Partnership acquired additional 2.13% stake in Noranda Income Fund (TSX:NIF.UN) for CAD 1.3 million. LM Asset Fund Limited Partnership acquired additional 2.13% stake in Noranda Income Fund (TSX:NIF.UN) for CAD 1.3 million on April 13, 2022. Daniel Lau acquired control and direction over 800,000 priority units of Noranda Income Fund at a price of CAD 1.65 per Unit.
LM Asset Fund Limited Partnership completed the acquisition of additional 2.13% stake in Noranda Income Fund (TSX:NIF.UN) on April 13, 2022. Price Target Changed • Mar 03
Price target increased to CA$1.85 Up from CA$1.50, the current price target is provided by 1 analyst. New target price is 40% above last closing price of CA$1.32. Stock is up 20% over the past year. The company posted a net loss per share of US$0.73 last year. Reported Earnings • Feb 26
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: US$817.7m (up 26% from FY 2020). Net loss: US$27.5m (loss widened 31% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 12% per year. Announcement • Feb 25
Noranda Income Fund Provides Earnings Guidance for the Full Year 2022 Noranda Income Fund provided earnings guidance for the full year 2022. For 2022, the Fund expects its annual production and sales target to be between 270,000 to 280,000 tons, reflecting the planned gradual production ramp up following the commissioning of its strategic expansion projects. Announcement • Feb 17
Noranda Income Fund to Report Q4, 2021 Results on Feb 24, 2022 Noranda Income Fund announced that they will report Q4, 2021 results After-Market on Feb 24, 2022 Announcement • Dec 19
Noranda Income Fund Announces Special Distribution for 2021, Payable on January 25, 2022 Noranda Income Fund announced that the Board of Trustees of Noranda Operating Trust has approved a special cash distribution of $0.02 per unit payable on January 25, 2022, to Priority and Ordinary Unitholders of record as at the close of business on December 31, 2021. This special cash distribution is based on the Fund’s 2021 unconsolidated taxable income calculated in accordance with the Fund’s Trust Indenture. Reported Earnings • Nov 05
Third quarter 2021 earnings released: EPS US$0.10 (vs US$0.056 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$200.0m (up 51% from 3Q 2020). Net income: US$3.89m (up US$5.99m from 3Q 2020). Profit margin: 1.9% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Jul 27
Second quarter 2021 earnings released The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$202.2m (up 25% from 2Q 2020). Net loss: US$9.33m (loss narrowed 35% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • May 03
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$190.8m (up 8.5% from 1Q 2020). Net income: US$10.1m (up 131% from 1Q 2020). Profit margin: 5.3% (up from 2.5% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Executive Departure • May 01
CEO & President of Canadian Electrolytic Zinc Limited Liana Centomo has left the company On the 30th of April, Liana Centomo's tenure as CEO & President of Canadian Electrolytic Zinc Limited of the company ended after 2.1 years in the role. We don't have any record of a personal shareholding under Liana's name. A total of 3 executives have left over the last 12 months. Under Liana's leadership, the company delivered a total shareholder return of -63%. Is New 90 Day High Low • Mar 06
New 90-day low: CA$1.06 The company is down 4.0% from its price of CA$1.10 on 04 December 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Metals and Mining industry, which is also down 4.0% over the same period. Reported Earnings • Feb 25
Full year 2020 earnings released The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$647.2m (down 11% from FY 2019). Net loss: US$21.0m (loss widened US$20.8m from FY 2019). Production and reserves: Zinc Production: 0.268 Mt (0.263 Mt in FY 2019) Copper Production: 2,439 t (2,658 t in FY 2019) Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 18
Noranda Income Fund to Report Q4, 2020 Results on Feb 23, 2021 Noranda Income Fund announced that they will report Q4, 2020 results After-Market on Feb 23, 2021 Upcoming Dividend • Dec 23
Upcoming Dividend of CA$0.03 Per Share Will be paid on the 25th of January to those who are registered shareholders by the 30th of December. The trailing yield of 2.8% is below the top quartile of Canadian dividend payers (5.2%), but it is higher than industry peers (1.2%). Is New 90 Day High Low • Nov 13
New 90-day low: CA$1.09 The company is down 11% from its price of CA$1.22 on 14 August 2020. The Canadian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 5.0% over the same period. Announcement • Nov 06
Noranda Income Fund Extends Terms of Agreements with Glencore Canada Noranda Income Fund announced that it has extended its exclusive agreements with Glencore Canada for the purchase of zinc concentrate and the sale of zinc metal for an additional period of three years through to April 30, 2025. The Supply and Processing Agreement (“SPA”) non-renewal notice period has also been amended to 540 days before April 30, 2025 or any subsequent renewal date thereafter, an increase from the 180 days required by the original agreement. In addition, in the event of a non-renewal of the SPA, Glencore Canada has agreed to use reasonable commercial efforts to provide the Fund with transitional assistance as may be reasonably required to allow the Fund to secure zinc concentrate and to market the zinc metal it produces following the expiry date of the SPA. In January 2017 and March 2018, the Fund entered into agreements pursuant to which Glencore Canada, as principal, will supply the Fund with all of its zinc concentrate requirements and purchase all of the Fund’s metal for the twelve-month period ended April 30, 2018 and the four-year period ending April 30, 2022, which aligns with the end of the current term of the SPA. The Fund extended its exclusive agreements with Glencore Canada for the purchase of zinc concentrate and the sale of zinc metal for an additional period of three years through to April 30, 2025. In addition, the SPA has been amended so that its current term will end on April 30, 2025, and it will renew automatically for five-year terms thereafter, unless Glencore Canada provides a written non-renewal notice at least 540 days prior to the renewal date, an increase from the 180 days required by the original agreement. Corresponding amendments have been made to the Operating and Management Agreement, the Management Services Agreement, and the Administration Agreement. In the event that Glencore Canada provides a written non-renewal notice, Glencore Canada is to use reasonable commercial efforts to assist the Fund in putting into place such arrangements as may be reasonably required by the Fund to secure zinc concentrate and market the zinc metal it produces, following the expiry of the SPA. Announcement • Oct 30
Noranda Income Fund to Report Q3, 2020 Results on Nov 05, 2020 Noranda Income Fund announced that they will report Q3, 2020 results at 5:00 PM, Eastern Standard Time on Nov 05, 2020 Announcement • Jul 23
Noranda Income Fund to Report Q2, 2020 Results on Jul 29, 2020 Noranda Income Fund announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Jul 29, 2020 
