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    Bryce Adams • CIBC Capital Markets

    Bryce Adams's questions to Ero Copper Corp (ERO) leadership

    Bryce Adams's questions to Ero Copper Corp (ERO) leadership • Q2 2025

    Question

    Bryce Adams followed up on Tucuma, asking for more color on July performance by inquiring about the status of ore stockpiles and whether they were being drawn down or built up during the month.

    Answer

    President and CEO Makko Defilippo clarified that mining rates were slowed in Q2 due to large existing stockpiles but were increased again in July to add to them. He confirmed the stockpile remains substantial, in the 1.5 to 2.0 million tonne range, and is expected to grow further in the second half of the year, aligning with the long-term strategy.

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    Bryce Adams's questions to Ero Copper Corp (ERO) leadership • Q2 2024

    Question

    Bryce Adams from CIBC Capital Markets asked for confirmation of a recent seismic event at Caraiba, its relation to a recent fatality, its operational impact, and the copper grade expectations for Caraiba in the second half of 2024.

    Answer

    COO Makko DeFilippo confirmed a seismic event occurred but stated it was unrelated to the fatality. CEO David Strang added that the mine was temporarily evacuated per protocol but has returned to operations. Regarding grades, David Strang explained that H1 was impacted by development sequencing and dilution, but the mine plan for H2 includes a higher proportion of high-grade stopes, which is expected to lift overall processed grades.

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    Bryce Adams's questions to Hudbay Minerals Inc (HBM) leadership

    Bryce Adams's questions to Hudbay Minerals Inc (HBM) leadership • Q1 2025

    Question

    Bryce Adams of Desjardins Securities asked about the newly approved share buyback program (NCIB), questioning its place within the capital allocation framework, the expected level of activity, and any guideposts for its use.

    Answer

    CFO Eugene Lei explained that the NCIB reflects the company's maturation and provides flexibility. He positioned it as part of a balanced capital allocation strategy, alongside bond repurchases, to be considered for maximizing risk-adjusted returns, especially during periods of market dislocation. While high-return growth projects remain a priority, the NCIB gives Hudbay the facility to act on valuation opportunities.

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    Bryce Adams's questions to Cameco Corp (CCJ) leadership

    Bryce Adams's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Bryce Adams asked for an update on long-term contract negotiations, specifically the levels for floor and ceiling prices, and whether the current $70 floor and $130 ceiling range could increase soon.

    Answer

    Executive VP and CFO Grant Isaac stated that floors are around $70 escalated and ceilings are around $130 escalated. He explained that Cameco resists pressure to lower these figures when the spot market softens, preferring to wait patiently. He suggested that market fundamentals point towards higher prices being required in the future to incentivize necessary supply.

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    Bryce Adams's questions to Teck Resources Ltd (TECK) leadership

    Bryce Adams's questions to Teck Resources Ltd (TECK) leadership • Q3 2024

    Question

    Bryce Adams from CIBC inquired about the San Nicolas project in Mexico, asking for an update on the political situation regarding open-pit mining and whether the company's sentiment has become more positive.

    Answer

    CEO Jonathan Price confirmed that while the tone from Mexican authorities has become slightly more positive, a level of uncertainty remains. He reiterated that the open-cut mine plan is still considered the optimal path for development and will deliver the best returns, and the company continues to pursue that plan.

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    Bryce Adams's questions to Orla Mining Ltd (ORLA) leadership

    Bryce Adams's questions to Orla Mining Ltd (ORLA) leadership • Q2 2024

    Question

    Bryce Adams from CIBC Capital Markets asked for clarification on the accounting treatment for the accelerated stripping costs expected in the second half of the year, specifically if they would be capitalized or expensed and their inclusion in all-in sustaining costs (AISC).

    Answer

    Chief Financial Officer Etienne Morin clarified that the accelerated stripping costs will be expensed and will flow through inventory to the cost of sales. He explicitly stated that these costs will not be capitalized.

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