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    Ben Pirie

    Research Analyst at Atrium Research

    Ben Pirie is Co-Founder and Research Analyst at Atrium Research, specializing in equity research across the metals and mining sector with a strong focus on small- and mid-cap mining explorers. He provides coverage on companies such as Andean Precious Metals and Trigon Metals, delivering research with a 59% success rate and an average return of 13.70% per recommendation, according to recent analyst metrics. Pirie’s career began as an engineer with Barrick Gold before transitioning to the analyst side on Bay Street, eventually co-founding Atrium Research in Toronto. He holds engineering credentials and significant industry experience, though securities licenses or FINRA registrations are not publicly disclosed.

    Ben Pirie's questions to Trigon Metals (PNTZF) leadership

    Ben Pirie's questions to Trigon Metals (PNTZF) leadership • Q2 2025

    Question

    Sought clarification on whether the sale price is net of debt, the reason for the wide price range, recent activities at the Kalahari project, and commentary on the negative stock reaction to what appears to be a favorable deal.

    Answer

    The executive confirmed the $30M-$50M in proceeds is for shareholders, as all debt and liabilities are attached to the asset being sold. The wide range is related to the timing of payments, not the total value, with more details to come. Work at Kalahari has been geophysical, with plans to accelerate exploration post-transaction. The negative stock reaction is attributed to a market misunderstanding that debt would be subtracted from the proceeds.

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    Ben Pirie's questions to Sierra Metals (SMTSF) leadership

    Ben Pirie's questions to Sierra Metals (SMTSF) leadership • Q4 2023

    Question

    Asked about the timeline for production increases at Yauricocha following a new permit, the potential for a production ramp-up at Bolivar before the new tailings dam is complete, and the status and impact of the raise borer project in Mexico.

    Answer

    Production from below the 1120 level at Yauricocha will begin to ramp up in Q3 and reach full capacity by Q4. There are no plans to increase Bolivar's capacity until the new tailings dam is complete in 2-3 years. The raise borer project in Mexico is expected to finish by Q3/Q4 of this year and will materially reduce haulage costs by creating a direct underground route to the mill.

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