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    Adrian Hammond

    Research Analyst at SBG Securities

    Adrian Hammond is an Executive Director and senior research analyst at SBG Securities, specializing in precious metals and energy sectors with a focus on platinum group metals, gold, oil, and gas. He covers major South African and global companies within these sectors, and his research for instruments such as AECI (AFEJ.J) has demonstrated periods of strong absolute and relative returns, including 12-month absolute performance of 4.3% and short-term gains up to 18.1%. Hammond began his research career in 2010 at Cadiz, advancing through BNP Paribas Cadiz following a merger, before joining SBG Securities in August 2014. He is recognized for his in-depth sector expertise and analytical rigor, though specific FINRA registrations or other securities licenses are not publicly listed.

    Adrian Hammond's questions to Sibanye Stillwater (SBSW) leadership

    Adrian Hammond's questions to Sibanye Stillwater (SBSW) leadership • H1 2025

    Question

    Adrian Hammond of SBG Securities (Pty) Ltd asked a series of questions regarding the change in the free cash flow definition, the amount of deferred revenue in H1 EBITDA, the treatment of prepayments in the net debt to EBITDA calculation, and the outlook for the Calibre project, including potential delays and permit status.

    Answer

    Charl Keyter, CFO, explained the definition change was for clarity and that the net debt to EBITDA calculation matches cash inflows with revenue recognition. Richard Stewart, CEO Designate, and Mika Seitovirta, Chief Regional Officer - Europe, addressed the Calibre project. They confirmed the project build will be completed, though the operational start-up may be slowed. They also affirmed the project is ready to proceed as an enhancement order allows work to begin despite a pending appeal.

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    Adrian Hammond's questions to Sibanye Stillwater (SBSW) leadership • Q2 2023

    Question

    Inquired about the timeline, costs, and potential EBITDA for the company's lithium projects, and asked about the future balance sheet strategy given rising gearing and volatile spot prices.

    Answer

    The Keliber lithium project is on track for a 2025 ramp-up, targeting over €200 million in annual EBITDA. The balance sheet will be actively managed to maintain flexibility, utilizing significant liquidity and cost controls without harming operations.

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    Adrian Hammond's questions to SASOL (SSL) leadership

    Adrian Hammond's questions to SASOL (SSL) leadership • H2 2025

    Question

    Adrian Hammond asked about mitigating risks from unplanned outages, the outlook for coal purchases, the intended use of the Transnet settlement funds, options regarding the Natref business risk, and the forecast for the chemicals basket price.

    Answer

    President & CEO Simon Baloyi stated that recent outages were deemed once-off events, with lessons learned being embedded. He and EVP of Mining Hermann Wenhold explained that future coal purchases will be based on competitiveness as internal production ramps up. CFO Walt Bruns confirmed the Transnet funds were used to pay down the RCF to reduce debt. Regarding chemicals, EVP of International Chemicals Antje Gerber noted the FY26 budget assumes lower prices, with margin improvement driven by self-help measures and product mix.

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    Adrian Hammond's questions to SASOL (SSL) leadership • H1 2023

    Question

    Adrian Hammond of SBG asked about several topics: why higher crude costs were not fully captured in SA fuels revenue, clarification on extending Mozambican gas to 2030, the flexibility to increase coal volumes to offset lower quality, and the strategy for refinancing debt, including the potential for convertible or ZAR-denominated debt.

    Answer

    Executive VP, Energy, Priscillah Mabelane explained that fuel margins were eroded by the need for high-cost imports that exceeded the BFP. President and CEO Fleetwood Grobler clarified the gas plateau is confirmed to 2028, not 2030, though work continues to extend it. Executive VP, Mining, Riaan Rademan discussed improving productivity to enhance flexibility. CFO Hanré Rossouw stated that a convertible bond is a low-priority refinancing option, while ZAR-denominated debt is a possibility to reduce dollar exposure over time.

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    Adrian Hammond's questions to SASOL (SSL) leadership • Q4 2016

    Question

    Adrian Hammond of Standard Bank Group asked about the Mozambique PSA, specifically the timeline for declaring reserves and the production scope of Phase 1 Tranche 1. He also sought clarity on the LCCP's depreciation, asking if the $11 billion cost would be straight-lined over 50 years and for the depreciation quantum, and questioned if the CapEx guidance included working capital.

    Answer

    CEO Stephen Cornell confirmed that working capital is excluded from CapEx guidance. EVP Riaan Rademan stated that assessment work on the Mozambique PSA should be completed in the next six months, with a board decision on Tranche 2 expected in early 2018. CFO Paul Victor clarified that LCCP depreciation will be on a straight-line basis, amounting to approximately $230 million per year, noting that while major components have a 50-year life, other parts have shorter useful lives.

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    Adrian Hammond's questions to GOLD FIELDS (GFI) leadership

    Adrian Hammond's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Adrian Hammond of SBG Securities asked about Gold Fields' position in its CapEx cycle given numerous portfolio optimization plans and questioned if the dividend payout ratio should be modeled more conservatively in light of these capital needs.

    Answer

    CEO Mike Fraser stated that the company will rank all opportunities and judiciously balance investing in the business, strengthening the balance sheet, and delivering shareholder returns, leveraging strong cash flow. CFO Alex Dall added that while some projects require CapEx, they must meet return hurdles. Both executives affirmed the interim dividend payout is consistent with past practice and that the company is in a strong position to consider additional returns at year-end.

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    Adrian Hammond's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Adrian Hammond of SBG Securities asked about Gold Fields' position in its CapEx cycle given its portfolio optimization plans, and whether the dividend payout ratio implies a more conservative outlook.

    Answer

    Mike Fraser, ED & CEO, and Alex Dall, CFO, explained that the company is balancing judicious investment in high-return projects, debt reduction, and shareholder returns. They clarified that the interim dividend payout ratio is consistent with prior years and that they are confident in their ability to fund growth while delivering upper-quartile returns, with potential for a year-end top-up.

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

    Adrian Hammond's questions to AngloGold Ashanti (AU) leadership • Q1 2025

    Question

    Adrian Hammond questioned the drivers of Sukari's cost performance, progress on its grid connection, the potential for Tier 2 assets to become Tier 1, and the dividend top-up frequency.

    Answer

    CFO Gillian Doran and CEO Alberto Calderon attributed Sukari's cost improvement to a change in waste stripping classification, higher grades, and strong cost control. They confirmed the grid connection is proceeding for 2026 and the new mining code awaits presidential approval. Calderon identified Cuiaba as a new Tier 1 asset and Siguiri as having Tier 1 potential. He also noted the dividend top-up frequency is under discussion but the current policy is an annual true-up.

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

    Question

    Adrian Hammond of Standard Bank Group inquired about the future potential of AngloGold's cost reduction program and its ability to maintain a competitive cost position. He also asked for an updated timeline on achieving production targets at the Obuasi mine and questioned if the company's credit rating should be upgraded given its improved performance and strategic shifts.

    Answer

    CEO Alberto Calderon stated that the full potential program continues to find significant savings, such as $100 million at Sunrise, aiming to at least counter inflation. He clarified that Obuasi's ramp-up beyond 320,000 ounces is now tied to ventilation infrastructure completion in Q2 2025. CFO Gillian Doran addressed the credit rating, acknowledging positive dialogue with agencies but noting that factors like jurisdictional profile and the non-operating status of Nevada temper expectations for an immediate upgrade.

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

    Question

    Adrian Hammond asked about the future potential of AngloGold Ashanti's cost reduction program, its ability to maintain cost competitiveness, the timeline for Obuasi reaching its production targets, and the potential for a credit rating upgrade.

    Answer

    CEO Alberto Calderon explained that the full asset potential program continues to yield significant benefits, such as a $100 million opportunity at Sunrise, which should help counter inflation and maintain competitiveness. He noted Obuasi's ramp-up to higher production levels is now tied to ventilation infrastructure completion in Q2 of next year. CFO Gillian Doran added that while dialogue with credit rating agencies is positive, they are cautious, noting Nevada is not yet operational and they do not factor in the current high gold price.

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

    Question

    Adrian Hammond asked about the future potential of the full asset potential program to maintain cost competitiveness and inquired about the updated timeline for achieving higher production targets at the Obuasi mine.

    Answer

    CEO Alberto Calderon explained that the full asset potential program continues to yield significant benefits, citing a $100 million potential at Sunrise Dam, which should help counter inflation. Regarding Obuasi, he noted that accessing the high-grade Block 10 is key and is now expected later, likely in Q2 of the next year due to ventilation infrastructure needs, which will delay reaching production levels significantly above 300,000 ounces per year.

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    Adrian Hammond's questions to HARMONY GOLD MINING CO (HMY) leadership

    Adrian Hammond's questions to HARMONY GOLD MINING CO (HMY) leadership • H1 2023

    Question

    Adrian Hammond of SBG Securities asked about the company's broader strategy, including potential diversification into metals other than gold and copper. He also requested details on the funding options and estimated capital expenditure for the Eva Copper project.

    Answer

    CEO Peter Steenkamp stated that Harmony's strategy is to remain focused on gold and copper, as they are comfortable with these metals and see them in the same ore bodies, though he wouldn't entirely rule out other opportunities if they arose. Financial Director Boipelo Lekubo provided a preliminary capex estimate of around $600 million for Eva Copper, subject to the feasibility study, and mentioned that funding could involve a combination of bonds, equity, and project finance.

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