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    Bryce Adams

    Research Analyst at CIBC Capital Markets

    Bryce Adams is an Equity Research Analyst at CIBC Capital Markets, specializing in the coverage of North American metals and mining companies, with a focus on uranium and other industrial metals. He covers firms such as Denison Mines, Teck Resources, Hudbay Minerals, and O3 Mining Inc., and has maintained a 66.67% success rate with an average return of 5.37% on TipRanks, including an 85.87% profit on his best-performing call for Hudbay Minerals. Adams began his analyst career at Scotia Capital as an Associate and joined CIBC World Markets as an analyst in 2018, holding this position through 2025. He holds relevant industry credentials and is registered with regulatory bodies, accompanying his research with required certifications and disclosures.

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

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

    Question

    Bryce Adams from Desjardins Capital Markets inquired about the status of stockpiled material at Tucumã, asking for the volume as of June and whether stockpiles were drawn upon or added to in July.

    Answer

    President and CEO Makko Defilippo responded that mining rates were slowed in Q2 due to large existing stockpiles. The company began adding to the stockpile again in July, which remains in the 1.5 to 2.0 million tonne range. He expects the stockpile to grow further in the second half of the year.

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

    Question

    Bryce Adams of Desjardins Capital Markets followed up on Tucuma's performance, asking for more details on July's mining and milling rates and the status of the ore stockpile, specifically whether it was being drawn upon or added to during the month.

    Answer

    President and CEO Makko Defilippo stated that after slowing mining rates in Q2 due to a significant existing stockpile, the company began adding to the stockpile again in July. He confirmed the stockpile remains substantial, in the range of 1.5 to 2.0 million tonnes, and is expected to grow further in the second half of the year.

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

    Question

    Bryce Adams sought more detail on Tucumã's July performance, asking about mining and milling rates, the size of the ore stockpile as of June, and whether stockpiles were drawn down or built up during July.

    Answer

    President & CEO Makko Defilippo confirmed that the ore stockpile at Tucumã remains substantial, in the 1.5 to 2.0 million tonne range. He noted that while mining rates were moderated in Q2, the company resumed building the stockpile in July and expects to increase it further in the second half of the year.

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    Bryce Adams's questions to Ero Copper (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 (HBM) leadership

    Bryce Adams's questions to Hudbay Minerals (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 (CCJ) leadership

    Bryce Adams's questions to CAMECO (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 (TECK) leadership

    Bryce Adams's questions to TECK RESOURCES (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 (ORLA) leadership

    Bryce Adams's questions to Orla Mining (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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    Bryce Adams's questions to Orla Mining (ORLA) leadership • Q1 2024

    Question

    Bryce Adams of CIBC Capital Markets inquired about the potential impact of the upcoming Mexican election on permitting, the timeline for the Camino Rojo sulfide project's technical report, the status of the Panama arbitration, the strategic rationale behind the Pony Creek acquisition, and Orla's broader M&A strategy regarding producing assets versus development projects.

    Answer

    President and CEO Jason Simpson stated that the company plans to resubmit permit amendments in Mexico during the governmental transition, targeting a decision from the new administration. He confirmed the Camino Rojo sulfide resource estimate is on track for H2 2024, with subsequent engineering studies to follow, aiming for production before 2030. Regarding Panama, a value for arbitration will be determined around June. For the Pony Creek acquisition, Simpson and SVP of Exploration Sylvain Guerard explained it's a natural geological extension of South Railroad. On M&A, Simpson noted the focus remains on organic growth but the company would consider permitted, construction-ready projects that could accelerate value creation.

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    Bryce Adams's questions to Sierra Metals (SMTSF) leadership

    Bryce Adams's questions to Sierra Metals (SMTSF) leadership • Q1 2024

    Question

    Bryce Adams inquired about the new cost metric reporting, asking for a detailed breakdown of Q1 unit costs per tonne for the Bolivar and Yauricocha mines. He also sought clarity on the cost assumptions used in the recent mineral reserve update and whether the full NI 43-101 filing would include a complete economic analysis. Additionally, Adams asked for a progress report on the development below the 1120 level at Yauricocha, including development status, ventilation, and the timeline to reach full production. Finally, he questioned if the new permit and reserve update were the key enablers for the upcoming balance sheet refinancing.

    Answer

    CEO Ernesto Balarezo Valdéz explained that Yauricocha's Q1 costs were impacted by development below the 1120 level, which is classified as sustaining CapEx, while Bolivar's costs benefited from record production. CFO Jose Fernandez-Baca offered to provide a detailed cost breakdown after the call. Balarezo confirmed the full NI 43-101 report would contain all economic inputs and will be filed within weeks. He detailed that development below the 1120 level is on track for full capacity by Q4 2024, with significant infrastructure work underway. Fernandez-Baca affirmed that the permit and reserve update were the final key items for lenders, and a refinancing announcement is expected in the coming weeks.

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