Sign in

    Adrian Day

    Research Analyst at Adrian Day Asset Management

    Adrian Day is Chairman and CEO of Adrian Day Asset Management, where he specializes in global diversification and resource equities, with a particular emphasis on gold and value investing. He covers a range of international resource companies and serves as portfolio manager for the EuroPac Gold Fund, delivering a long-term average return of 90% over 20+ years in his flagship Global Analyst newsletter. Beginning his financial career after graduating with honors from the London School of Economics, Day has authored multiple books on global investing, served as editor-in-chief of Global Analyst, and founded his own advisory firm, with over three decades of experience in the industry. He holds credentials as principal owner of a registered investment advisory firm and president of Investment Consultants International, Ltd.

    Adrian Day's questions to FORTUNA MINING (FSM) leadership

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q2 2025

    Question

    The analyst requested more specific details on the company's greenfield exploration pipeline, asking for quantification of the number of projects, their geographies, the budget for this year and next, and how current spending compares to historical levels.

    Answer

    The CEO detailed greenfield efforts in Cote D'Ivoire (Awale investment, Tongon North JV, Guiglio property), Senegal (generative work around D'Amba Sud), Mexico (2-3 JVs), and a new option agreement in Argentina. He stated the greenfield budget is about $11 million, while the total global exploration budget has increased from $41 million in 2024 to $51 million in 2025, reflecting an increased focus on building the pipeline.

    Ask Fintool Equity Research AI

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q2 2025

    Question

    Adrian Day of Adrian Day Asset Management requested a more detailed quantification of Fortuna's greenfields exploration pipeline, including project count, geographies, and current versus historical spending levels.

    Answer

    President and CEO Jorge Ganoza detailed the greenfields portfolio, which includes projects and investments in Cote D'Ivoire (Awale investment, Tongon North JV), Senegal (generative work around Diamba Sud), Mexico (two to three active JVs), and Argentina (a new option agreement in Salta). He specified that the total exploration budget increased from $41 million in 2024 to $51 million in 2025, with approximately $11 million of that allocated specifically to greenfields exploration.

    Ask Fintool Equity Research AI

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q1 2025

    Question

    Adrian Day of Adrian Day Asset Management inquired about how greenfields exploration, including both solo projects and partnerships, fits into Fortuna's overall growth strategy.

    Answer

    Jorge Durant, President & CEO, confirmed that greenfields exploration is a key strategic component, supported by an increased 2025 budget of $51 million. He detailed several active initiatives, including a drill program at the Tongon project in Côte d'Ivoire, potential joint venture agreements in Mexico, and exploration of new disseminated gold and silver targets at the Antacollo and Santa Rosa projects within the Caylloma land package in Peru.

    Ask Fintool Equity Research AI

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q1 2025

    Question

    Adrian Day of Adrian Day Asset Management asked how greenfield exploration, including both solo projects and partnerships, fits into Fortuna's overall growth strategy.

    Answer

    President and CEO Jorge Durant confirmed that greenfield exploration is an active part of their strategy, supported by an increased exploration budget of $51 million for 2025. He detailed several initiatives, including a 10,000-meter drill program at the Tongon project in Côte d'Ivoire, three potential joint venture opportunities in Mexico, new disseminated gold and silver targets at the Caylloma property in Peru, and expanding exploration around the Diamba Sud project in Senegal.

    Ask Fintool Equity Research AI

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q2 2024

    Question

    Adrian Day asked about the revenue contribution from base metals at the Caylloma mine and its outlook, and also inquired about the company's strategic options for the San Jose mine for the upcoming year.

    Answer

    President and CEO Jorge Alberto Ganoza explained that base metals currently constitute about two-thirds of revenue at Caylloma, a mix he expects to remain stable through 2025. Regarding San Jose, he outlined three potential paths: a progressive closure, placing the mine on care and maintenance, or continuing operations based on the success of ongoing exploration and resource optimization, with a decision expected in Q3 2024.

    Ask Fintool Equity Research AI

    Adrian Day's questions to FORTUNA MINING (FSM) leadership • Q2 2024

    Question

    Adrian Day inquired about the revenue contribution from base metals at the Caylloma mine and its outlook, and also asked for an update on the company's strategic options for the San Jose mine for the upcoming year.

    Answer

    President and CEO Jorge Durant estimated that base metals currently account for approximately two-thirds of the revenue at the Caylloma mine and expects this proportion to remain stable in the near term. Regarding the San Jose mine, he explained that the company is evaluating three options: a progressive closure, placing it on care and maintenance, or continuing operations. A final decision is expected during the third quarter.

    Ask Fintool Equity Research AI

    Adrian Day's questions to OR Royalties (OR) leadership

    Adrian Day's questions to OR Royalties (OR) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management asked if Osisko would consider exchanging its copper assets for a high-quality gold asset to align with its precious metals focus.

    Answer

    President & CEO Jason Attew affirmed that while Osisko has a constructive view on copper for high-quality assets, the company's primary focus is on precious metals. He stated they would be open to swapping copper assets for precious metals if the transaction were accretive to shareholders, though he noted it would require a specific set of circumstances and would not be a simple transaction to facilitate.

    Ask Fintool Equity Research AI

    Adrian Day's questions to OR Royalties (OR) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management asked if Osisko would consider exchanging its copper assets for a high-quality gold asset to align with its precious metals focus.

    Answer

    Jason Attew (executive) affirmed that while Osisko has a constructive view on copper, the company's primary focus is precious metals. He stated they would be open to swapping copper assets for precious metals if the transaction were accretive to shareholders, though he noted such a deal would require a specific set of circumstances and would not be simple to facilitate. The core investment thesis remains centered on being a precious metals vehicle.

    Ask Fintool Equity Research AI

    Adrian Day's questions to PAN AMERICAN SILVER (PAAS) leadership

    Adrian Day's questions to PAN AMERICAN SILVER (PAAS) leadership • Q4 2024

    Question

    Adrian Day of Adrian Day Asset Management followed up on the Escobal mine, asking about the projected timeline from restart approval to initial and full production, and whether the company is prepared to commence operations immediately.

    Answer

    CEO Michael Steinmann estimated that upon approval, initial production from the first stope could begin within one to two quarters, yielding 5-6 million ounces of silver annually. A full ramp-up to the 20-22 million ounce per year rate would take the better part of a year thereafter. He confirmed the company is ready to start immediately, making it a #1 focus, and highlighted the ongoing care and maintenance spending that keeps the asset in a state of readiness.

    Ask Fintool Equity Research AI

    Adrian Day's questions to AngloGold Ashanti (AU) leadership

    Adrian Day's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Adrian Day of Adrian Day Asset Management asked for clarification on drilling activities at the Nevada project, noting what appeared to be significant drilling to the west of the Merlin deposit shown on a presentation map.

    Answer

    An unnamed executive clarified that the primary focus of the current drilling program is infill drilling within the high-grade Merlin pit outline to support the Pre-Feasibility Study (PFS). He explained that other drill holes visible on the map could be from earlier exploration or geotechnical drilling for high wall stability, not part of the current resource infill campaign.

    Ask Fintool Equity Research AI

    Adrian Day's questions to AngloGold Ashanti (AU) leadership • H1 2024

    Question

    Adrian Day of Adrian Day Asset Management asked for clarification on drilling activity shown on the map to the west of the Merlin deposit in Nevada, noting it was mentioned on the previous conference call.

    Answer

    An executive clarified that the company's current focus is on infill drilling within the defined Merlin pit outline to support the Pre-Feasibility Study (PFS). The other drill holes visible to the west on the map were explained as being from earlier programs or for geotechnical purposes, such as high wall stability, rather than for resource expansion.

    Ask Fintool Equity Research AI

    Adrian Day's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Adrian Day of Adrian Day Asset Management asked for clarification on drilling activity in the Nevada region, noting what appeared to be significant drilling to the west of the main Merlin deposit and questioning its significance.

    Answer

    An unnamed executive clarified that the company's current focus is on infill drilling within the defined Merlin pit outline to support the Pre-Feasibility Study (PFS). He explained that other drill holes visible on the map, including those to the west, could be from earlier exploration programs or geotechnical drilling for high-wall stability, rather than part of the current resource infill program.

    Ask Fintool Equity Research AI