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    Chris Nicholson • RMB Morgan Stanley

    Chris Nicholson is the Head of Research and Senior Equity Analyst at RMB Morgan Stanley, specializing in Platinum Group Metals (PGMs), battery metals, energy, and chemicals. He has covered major companies within these sectors and is recognized for strong research quality, including producing reports cited for their depth and rigor, and was shortlisted among top equity analysts for his analytical performance, achieving notable ranking returns, such as 11.6% in sector analysis competitions. Nicholson began his career in finance as an Audit Senior at Deloitte in South Africa and Canada, then moved to strategy consulting roles at Deloitte and Market Gravity before joining RMB Morgan Stanley in May 2011, later advancing to Head of Research in 2016. He is a Chartered Accountant (CA(SA)), holds an MBA from Cambridge Judge Business School, and a BCommHons from the University of the Witwatersrand.

    Chris Nicholson's questions to Gold Fields Ltd (GFI) leadership

    Chris Nicholson's questions to Gold Fields Ltd (GFI) leadership • Q2 2025

    Question

    Chris Nicholson of RMB Morgan Stanley asked about capital expenditure, seeking clarity on the final 2025 CapEx for Salares, where spending was reduced to maintain group guidance, and if higher spending in Australia and at Tarkwa would continue into 2026.

    Answer

    Alex Dall, CFO, explained that Salares CapEx will decrease in H2 and group guidance is maintained due to reclassifications of some Damang and Windfall spending to opex. He also confirmed that the accelerated stripping program at Tarkwa is expected to continue into 2026.

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    Chris Nicholson's questions to Gold Fields Ltd (GFI) leadership • Q2 2025

    Question

    Chris Nicholson of RMB Morgan Stanley sought clarity on the expected total CapEx for Salares Norte for the year, how group capital guidance remains unchanged despite higher spending there, and whether increased spending at Tarkwa and in Australia would persist into 2026.

    Answer

    CFO Alex Dall clarified that Salares Norte's CapEx is expected to decrease significantly in the second half. He explained that group guidance is maintained because some spending at Damang was reclassified as operating expenditure and certain Windfall costs were reclassified as exploration expenses. He also confirmed that the accelerated stripping program at Tarkwa is expected to continue into 2026.

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    Chris Nicholson's questions to Gold Fields Ltd (GFI) leadership • Q2 2025

    Question

    Questioned the higher-than-guided CapEx at Salares Norte, how the overall group capital guidance remains unchanged, and whether increased spending on stripping and infrastructure will continue into 2026.

    Answer

    Salares Norte CapEx is expected to decrease significantly in the second half, with the final amount depending on the timing of commercial production declaration. Group guidance is maintained due to offsetting reclassifications of expenses at Damang and Windfall from capital to operating. The accelerated stripping program at Tarkwa is expected to continue into 2026.

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    Chris Nicholson's questions to Sibanye Stillwater Ltd (SBSW) leadership

    Chris Nicholson's questions to Sibanye Stillwater Ltd (SBSW) leadership • Q2 2023

    Question

    Asked about the funding strategy for the upcoming Rhyolite Ridge payment and other potential acquisitions, specifically whether equity would be used. Also inquired about the financial outlook for the New Century zinc operation, including its path to profitability and required zinc price for breakeven.

    Answer

    The company will not use equity for acquisitions at current valuations; the Rhyolite Ridge payment will be phased over two years and funded by earnings and debt. Underperforming assets across the portfolio are under review and may be placed on care and maintenance if they don't improve. The New Century zinc operation is expected to be breakeven at consensus zinc prices.

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