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    Carey MacRury • Canaccord Genuity Group Inc.

    Carey MacRury's questions to Kinross Gold Corp (KGC) leadership

    Carey MacRury's questions to Kinross Gold Corp (KGC) leadership • Q2 2025

    Question

    In a follow-up question, Carey MacRury asked for clarification on which specific operations are expected to drive the higher costs forecasted for the second half of the year.

    Answer

    EVP & CFO Andrea Freeborough specified that higher costs are expected at Fort Knox, Round Mountain, and Tasiast, primarily due to mine sequencing where stripping costs will shift from being capitalized to being treated as operating waste. She also noted seasonal increases in power costs at Paracatu and in Alaska.

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    Carey MacRury's questions to Kinross Gold Corp (KGC) leadership • Q1 2025

    Question

    Carey MacRury of Canaccord Genuity asked about a theoretical construction timeline for Great Bear if permitting were not a constraint, the gold price floor for executing the $500 million share buyback, and the specific Q2 production outlook for Tasiast.

    Answer

    CEO J. Rollinson stated the company is preparing for various permitting scenarios at Great Bear but has nothing concrete to change its strategy yet. CFO Andrea Freeborough explained the plan is to execute the $500 million buyback even at reasonably lower gold prices. Claude J. Schimper, COO, indicated Tasiast's Q2 would be lighter but that the mine remains on track to meet its full-year guidance.

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    Carey MacRury's questions to Kinross Gold Corp (KGC) leadership • Q4 2024

    Question

    Carey MacRury asked about capital allocation, including the target cash balance ahead of Great Bear development and the long-term debt strategy. He also inquired about the expected quarterly production sequence for 2025 and the potential mine life extension at La Coipa.

    Answer

    EVP and CFO Andrea Freeborough explained that while there's no fixed minimum cash balance, they are mindful of repaying the 2027 notes and will balance CapEx, debt, and shareholder returns. She also confirmed 2025 production should be relatively consistent quarter-over-quarter. EVP and CTO William Dunford added that permitting at La Coipa is for open pit extensions that could take production through 2030 and potentially beyond.

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    Carey MacRury's questions to Kinross Gold Corp (KGC) leadership • Q2 2024

    Question

    Carey MacRury asked about the drivers for the expected 2025 CapEx increase, the long-term plan for La Coipa and Lobo-Marte, and the status of the Maricunga project.

    Answer

    CFO Andrea Freeborough confirmed 2025 CapEx is expected to be around $1 billion, with EVP and COO Claude J. Schimper adding that projects like Phase X and Curlew would contribute. CEO J. Rollinson outlined a strategy for a linear transition from La Coipa to Lobo-Marte by the end of the decade, contingent on permitting. He noted Maricunga has option value but no current restart plans.

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    Carey MacRury's questions to B2Gold Corp (BTG) leadership

    Carey MacRury's questions to B2Gold Corp (BTG) leadership • Q1 2025

    Question

    Carey MacRury inquired about the expected stockpile grade and tonnage at the Goose project before mill start-up, the ore mix for the remainder of the year, and the company's strategy for handling its gold prepay facility.

    Answer

    Executive William Lytle confirmed a significant high-grade stockpile is ready, with plans to process 20,000-35,000 tons at over 10 g/t initially. Executive Michael Cinnamond detailed the 2025 ore mix as roughly 40% Echo open pit, 40% Unwell open pit, and 20% Unwell underground. He also stated the company's goal is to settle the prepay facility as scheduled rather than deferring it, using its revolving credit facility for flexibility if needed.

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    Carey MacRury's questions to Aris Gold Corp (ARMN) leadership

    Carey MacRury's questions to Aris Gold Corp (ARMN) leadership • Q1 2025

    Question

    Carey MacRury of Canaccord Genuity inquired about the Segovia plant ramp-up, specifically the sourcing of the additional 1,000 tonnes per day from contract miners and the timeline. He also asked about the development options being explored for the Toroparu PEA and sought guidance on expected cash taxes for Q2.

    Answer

    Executive Richard Thomas explained the Segovia ramp-up will target a 60/40 split between Aris Mining and contract mining partners, with a steady increase through Q3 and Q4. He also detailed that the Toroparu PEA is assessing resizing the project, using heap leach for oxides, and optimizing transport and power. Executive Richard Orazietti noted that Q2 cash taxes should be similar to previous periods, based on Segovia's income at a 35% rate.

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    Carey MacRury's questions to Aris Gold Corp (ARMN) leadership • Q2 2024

    Question

    Carey MacRury of Canaccord Genuity inquired about expected gold grades at the Segovia mine for Q3 and Q4, the projected capital spending at the Marmato project for the second half of the year, and the level of visibility into the high-grade ore supplied by contract mining partners.

    Answer

    Richard Thomas, COO, responded that Segovia's grades are expected to increase to 9.8 g/t in Q3 and 10.2 g/t by year-end. He explained that Marmato's capital expenditures will significantly ramp up in the second half of the year with major equipment purchases and development commencement. Mr. Thomas also noted that Aris Mining is increasing its support and assistance for contract mining partners to improve planning and visibility into future production.

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    Carey MacRury's questions to IAMGOLD Corp (IAG) leadership

    Carey MacRury's questions to IAMGOLD Corp (IAG) leadership • Q1 2025

    Question

    Carey MacRury of Canaccord Genuity Inc. questioned the potential mine life extension at Essakane, noting that current reserves are based on a $1,500/oz gold price and asking what the impact of using a higher price might be.

    Answer

    COO Bruno Lemelin acknowledged that with higher gold prices, the company will revisit its reserve assumptions, which will certainly impact Essakane's mine life, currently planned until 2029. He mentioned an intense drilling program is underway to define the full potential within the mine's perimeter. CEO Renaud Adams added that the primary strategy is to grow reserves through drilling rather than relying solely on higher metal prices.

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    Carey MacRury's questions to IAMGOLD Corp (IAG) leadership • Q2 2024

    Question

    Carey MacRury from Canaccord Genuity followed up on Cote's mill throughput, asking if it's expected to run at approximately 60% of capacity until the planned September shutdown. He also questioned the final price for the Sumitomo buyback option and whether the estimated $380 million figure is likely to change.

    Answer

    President and CEO Renaud Adams confirmed that 60% throughput is the new baseline for Cote leading up to the September shutdown, after which the ramp-up will continue. CFO Marthinus Theunissen addressed the Sumitomo buyback, stating that while the final price depends on July and August results, it is not expected to change materially from the previously guided $380 million.

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    Carey MacRury's questions to Alamos Gold Inc (AGI) leadership

    Carey MacRury's questions to Alamos Gold Inc (AGI) leadership • Q1 2025

    Question

    Carey MacRury sought confirmation on whether any further upgrades are required at the Magino processing circuit to achieve the 11,200 tonnes per day throughput rate. He also asked for details on which components would need to be upgraded for the longer-term expansion to 15,000+ tonnes per day.

    Answer

    Luc Guimond, COO, confirmed that no further upgrades are needed to reach the 11,200 tonnes per day target, as all necessary modifications to address original design deficiencies have been completed. For the larger expansion to potentially 20,000 tonnes per day, he explained it would essentially involve 'twinning' the existing infrastructure, requiring a second crushing circuit, a second grinding circuit, and expanded capacity in the leach, elution, and refinery circuits.

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