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    Craig Hutchison

    Director and Base Metals Analyst in Equity Research at TD Securities

    Craig Hutchison is a Director and Base Metals Analyst in Equity Research at TD Securities, specializing in coverage of junior base metal producers and development companies. He has maintained a strong track record, achieving a success rate of over 71% and an average return of 17.62% on his stock recommendations, with notable coverage that includes companies throughout the junior mining sector. Hutchison began his tenure at TD Securities in 2008 and has been a key figure in their mining and metals research team for over 15 years. He holds professional credentials relevant to his research role, though specific securities licenses and FINRA registration details are not publicly disclosed.

    Craig Hutchison's questions to Ero Copper (ERO) leadership

    Craig Hutchison's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Craig Hutchison from TD Cowen questioned the sustainability of cost control initiatives at Cariba, specifically asking if the focus on mining the upper levels of the Pilar mine to reduce haul distances is a short-term tactic or a strategy that can be maintained for the next few years.

    Answer

    President and CEO Makko Defilippo responded that the strategy is sustainable for the next couple of years until the new shaft becomes operational, enabled by successful drilling and increased operational flexibility. He emphasized that the broader operational excellence framework, including improved maintenance and dispatch systems, will provide lasting benefits to all areas of the mine, regardless of the mining depth.

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    Craig Hutchison's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Craig Hutchison of TD Cowen questioned the sustainability of cost control initiatives at Caraíba, specifically asking if the focus on mining the upper levels of the Pilar mine is a short-term tactic or a multi-year strategy.

    Answer

    President and CEO Makko Defilippo explained that this strategy is sustainable for the next couple of years until the new shaft is operational, enabled by successful drilling and increased flexibility. He stressed that the broader operational excellence framework being implemented will provide long-term benefits across all mining areas.

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    Craig Hutchison's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Craig Hutchison questioned the sustainability of cost control initiatives at Caraíba, particularly the strategy of focusing mining on the upper levels of the Pilar mine to reduce haul distances, asking if it was a short-term or multi-year plan.

    Answer

    President & CEO Makko Defilippo confirmed the strategy is sustainable for the next couple of years until the new shaft is operational, enabled by drilling success and enhanced flexibility. He stressed that the broader operational excellence framework, including maintenance and dispatch systems, will deliver long-term benefits across all areas of the mine.

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    Craig Hutchison's questions to Ero Copper (ERO) leadership • Q1 2025

    Question

    Craig Hutchison of TD Cowen asked if the Tucuma filter press repair was delayed, requested a definition of the metrics for commercial production, and inquired if the lower mining rates at Tucuma were a deliberate result of having sufficient stockpiles.

    Answer

    President and CEO Makko DeFilippo acknowledged a minor two-week slip in the filter press repair schedule but stated it was not significant to the full-year outlook. He confirmed the lower mining rate was intentional, as the fleet was redirected to waste stripping due to large ore stockpiles. He also explained that commercial production metrics are under review, balancing throughput against the exceptionally high grades currently being processed.

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    Craig Hutchison's questions to Ero Copper (ERO) leadership • Q4 2024

    Question

    Craig Hutchison of TD Cowen requested a more detailed explanation of the off-site power solution being implemented for Tucumã and asked if on-site standby power was being considered. He also inquired about the Q1 outlook for Xavantina in terms of grades and throughput compared to Q4.

    Answer

    President and CEO Makko DeFilippo clarified that on-site standby power is not being considered, as the previous major outage was a unique regional event. He described the off-site solution as a system of capacitors or batteries to absorb or discharge energy to stabilize voltage. For Xavantina, DeFilippo projected that Q1 would be down quarter-on-quarter for both tonnage and grade due to operational changes in preparation for mechanization and the timing of high-grade pillar recovery.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership

    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q2 2025

    Question

    Craig Hutchison from TD Cowen asked if Teck plans to file a technical report for the Highland Valley extension, what throughput is expected to achieve the new production targets, and how QB's copper recoveries are progressing through the transitional ore.

    Answer

    President & CEO Jonathan Price confirmed a technical report for Highland Valley will be published in August and explained that throughput will be variable over the mine life. On QB recoveries, management noted that they expect to process better quality ore with higher recoveries in the second half of the year as they move past the majority of the transitional ore.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q2 2025

    Question

    Craig Hutchison of TD Cowen asked if a technical report would be filed for the Highland Valley extension, what throughput is expected, and about the progress of QB recoveries and the status of processing transitional ore.

    Answer

    President & CEO Jonathan Price confirmed a technical report for Highland Valley will be published in August, noting that throughput will be variable over the mine life. EVP & CFO Crystal Prystai directed him to prior Investor Day disclosures for a production profile. Regarding QB, it was stated that better quality ore is expected in H2, with less transitional ore, which should improve recoveries.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q2 2025

    Question

    Craig Hutchison from TD Cowen asked if a technical report would be filed for the Highland Valley extension and what throughput would be required. He also inquired about the progress of QB recoveries and the status of processing transitional ore.

    Answer

    President & CEO Jonathan Price confirmed a technical report for the Highland Valley extension will be published in August, which will detail the project's variable throughput and grades. EVP & CFO Crystal Prystai directed him to the November Investor Day for the production profile. Regarding QB, management explained that lower recoveries in H1 were expected due to transitional ores and that better quality ore with higher recoveries is anticipated in H2 2025.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q2 2025

    Question

    Craig Hutchison of TD Cowen asked if a technical report would be filed for the Highland Valley extension and what throughput is assumed. He also inquired about the progress of copper recoveries at QB and the status of processing transitional ore.

    Answer

    President & CEO Jonathan Price confirmed a technical report for Highland Valley will be published in August, noting throughput will be variable. EVP & CFO Crystal Prystai directed him to the November Investor Day for the production profile. Regarding QB, management explained that recoveries were slightly below expectations due to operational inconsistency but are expected to improve in H2 with better quality ore and less transitional ore.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q2 2025

    Question

    Craig Hutchison of TD Cowen asked if a technical report would be filed for the Highland Valley extension and what throughput would be required to meet the production target. He also inquired about the progress of recoveries at QB and the status of processing transitional ore.

    Answer

    President & CEO Jonathan Price confirmed a technical report for the Highland Valley extension will be published in August, which will detail the variable throughput and grades over the mine life. Regarding QB, Price explained that recoveries were slightly below expectations due to operational inconsistency in H1 but are expected to improve in H2 with better quality ore and less transitional ore.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q1 2025

    Question

    Craig Hutchison from TD Cowen asked about the zinc business, focusing on the potential impact of Chinese tariffs on Red Dog sales and whether Teck had any reverse tariff exposure. He also requested an update on the operational status of the Antamina mine following a recent fatality.

    Answer

    CEO Jonathan Price stated that while tariffs create challenges, Teck does not expect a material impact on its business due to commercial optionality and the timing of the shipping season. He confirmed there is no inbound tariff risk for Red Dog. Regarding Antamina, he reported that the site was expected to resume operations that day.

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    Craig Hutchison's questions to TECK RESOURCES (TECK) leadership • Q4 2024

    Question

    Craig Hutchison questioned the status of the Highland Valley Copper mine life extension, specifically a permitting challenge from an indigenous group, and asked if the cost for the new exploration road at Red Dog is included in the 2025 growth capital budget.

    Answer

    CEO Jonathan Price explained that the dispute is part of the formal environmental assessment process and expressed confidence in reaching a resolution, citing a strong track record of partnership and recent support from the British Columbia government to fast-track permitting. He expects to be in a position to sanction the project later in the year. He also confirmed that the spending for the Red Dog exploration road is included in the 2025 growth capital guidance.

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    Craig Hutchison's questions to NexGen Energy (NXE) leadership

    Craig Hutchison's questions to NexGen Energy (NXE) leadership • Q1 2025

    Question

    Craig Hutchison of TD Cowen asked if a strategic investor at the asset level is still being considered as part of the year-end financing package. He also inquired about whether a specific volume of offtake is needed before an FID and asked about the status of the delayed PCE assay results.

    Answer

    Chief Commercial Officer Travis McPherson confirmed that a targeted strategic partnership remains an option being lined up for year-end. He clarified there is no set offtake volume required to start construction. CEO Leigh Curyer explained the PCE assay results are expected 'imminently' from the busy lab and that the most material results will be released separately.

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    Craig Hutchison's questions to NexGen Energy (NXE) leadership • Q4 2024

    Question

    Craig Hutchison of TD Cowen asked about the target volumes for uranium contracting ahead of project approval and whether U.S. tariffs were impacting utility discussions. He also requested the planned spending budget for 2025 exploration and pre-FID Arrow project activities.

    Answer

    Chief Commercial Officer Travis McPherson responded that NexGen has no set volume target for contracting, focusing instead on maximizing value and building relationships, though he expects more contracts in 2025. He confirmed that U.S. tariffs are not a factor in discussions as they are borne by the purchaser. CEO Leigh Curyer added that the 2025 exploration budget is CAD 15 million for 43,000 meters of drilling, and the first 12 months of post-approval construction spend is budgeted at $209 million.

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    Craig Hutchison's questions to NexGen Energy (NXE) leadership • Q2 2024

    Question

    Craig Hutchison sought details on the updated CAD 2.2 billion CapEx, asking if it includes early works, the specifics of the CAD 590 million in enhancements, and the status of financing interest.

    Answer

    CEO Leigh Curyer clarified the 2024 budget is for permitted activities. CCO Travis MacPherson detailed that the CAD 590 million in enhancements is spread across numerous design improvements for flexibility and operability, reflecting the advanced engineering stage. MacPherson also confirmed that financing interest is robust and growing, with no concerns about capital availability for the project.

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    Craig Hutchison's questions to TASEKO MINES (TGB) leadership

    Craig Hutchison's questions to TASEKO MINES (TGB) leadership • Q1 2025

    Question

    Craig Hutchison of TD Cowen inquired about the specific ground condition challenges and oxidized ore recovery issues at the Gibraltar mine, their expected duration into Q2, the potential impact of U.S. import tariffs on the Florence project, and the status of the New Prosperity project.

    Answer

    COO Richard Tremblay detailed that challenging overburden in the Gibraltar Connector pit delayed access to higher-grade ore, with Q2 production expected to mirror Q1. President and CEO Stuart McDonald confirmed that U.S. tariffs will not affect Florence's capital costs as supplies are already domestic and noted that the outlook for the New Prosperity project remains positive and close to a resolution.

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    Craig Hutchison's questions to TASEKO MINES (TGB) leadership • Q2 2024

    Question

    Craig Hutchison inquired about Gibraltar's declining recoveries, H2 2024 production guidance, the cash costs for the SX/EW plant restart, and the potential size of the U.S. tax credit for the Florence project.

    Answer

    COO Richard Tremblay explained that recoveries are temporarily lower due to oxidized ore from the connector pit but are expected to improve. He also noted that H2 throughput could exceed 85,000 tonnes/day and estimated SX/EW cash costs around $2/lb. President and CEO Stuart McDonald added that the Florence tax credit is conservatively estimated at $20 million but could be substantially higher depending on eligibility.

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    Craig Hutchison's questions to TASEKO MINES (TGB) leadership • Q1 2024

    Question

    Craig Hutchison inquired about Taseko's concentrate sales strategy, asking what percentage of production for 2024, 2025, and 2026 is now contracted at the recently achieved negative treatment and refining charges (TCRCs). He also questioned the significant year-over-year increase in transportation costs and the underlying issues with rail capacity. Additionally, Hutchison asked about the factors influencing a potential restart of the Gibraltar oxide SX/EW plant and the expected cadence of capital spending at the Florence project throughout the current year.

    Answer

    President and CEO Stuart McDonald explained that following the Cariboo deal, Taseko regained offtake rights and has now sold roughly 75-80% of its 2025 and 2026 concentrate production at favorable negative TCs. COO Richard Tremblay addressed transportation costs, attributing the increase to the necessary use of trucking due to rail car cycling inefficiencies and logistical disruptions, stating the goal is to return to rail. Tremblay also noted that a restart of the Gibraltar oxide plant depends on having sufficient oxide ore, with 2026 being a target timeframe they are trying to accelerate. Finally, Stuart McDonald confirmed that spending at Florence will ramp up significantly in Q2 and Q3 before leveling off and then declining later in 2025.

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    Craig Hutchison's questions to CAMECO (CCJ) leadership

    Craig Hutchison's questions to CAMECO (CCJ) leadership • Q1 2025

    Question

    Craig Hutchison asked for context on the strong pricing realized in the Fuel Services segment during the quarter and whether there was potential upside to annual guidance. He also requested an update on the floor and ceiling levels in current long-term contract discussions.

    Answer

    Deputy CFO Heidi Shockey attributed the strong Q1 pricing to the rolling on of new contracts and the timing of one specific higher-priced contract. CFO Grant Isaac added that significant upside remains as the historically high conversion prices seen in the market are not yet fully reflected in Cameco's realized prices. Regarding contract terms, Isaac reiterated that they are holding firm on floors in the '$70 escalated' range, choosing to wait for the market rather than lower their terms.

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    Craig Hutchison's questions to CAMECO (CCJ) leadership • Q4 2024

    Question

    Craig Hutchison of TD Cowen asked about the inaugural dividend from Westinghouse, inquiring if a formal return of capital strategy has been established and what framework investors can expect for future distributions. He also asked for clarification on the year-over-year increase in capital expenditures, questioning if it is primarily for sustaining or growth purposes.

    Answer

    Executive VP and CFO Grant Isaac explained that the framework for Westinghouse is to be self-funding and provide a dividend, but capital return decisions are dynamic. Distributions are expected unless a compelling internal investment opportunity, such as restarting conversion capacity, arises that promises higher growth. Regarding CapEx, he characterized the spending as "revitalization for optimization," preparing assets for an anticipated market upswing and stronger price discovery, rather than a decision to grow production at this time.

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    Craig Hutchison's questions to CAMECO (CCJ) leadership • Q3 2024

    Question

    Craig Hutchison asked for context on the strong Q4 guidance for Westinghouse, questioning its seasonality, and also inquired about the factors driving a strong Q4 sales forecast for Cameco.

    Answer

    Senior VP and Deputy CFO Heidi Shockey confirmed Westinghouse has seasonality, with a stronger second half driven by the fall outage season. Executive VP and CFO Grant Isaac explained that Cameco's strong Q4 is due to the timing of committed customer deliveries, with 11-13 million pounds scheduled, which was consistent with the annual outlook provided earlier in the year.

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    Craig Hutchison's questions to ENDEAVOUR SILVER (EXK) leadership

    Craig Hutchison's questions to ENDEAVOUR SILVER (EXK) leadership • Q2 2024

    Question

    Craig Hutchison of TD Cowen questioned the underground development rates at Terronera, how the 65% project completion figure was calculated, and if the company expects to produce its first concentrate by the end of the year.

    Answer

    CEO Dan Dickson responded that underground development is now tracking to plan after an initial learning curve. He clarified that the 65% completion metric will not reach 100% by commissioning, as some components like the LNG power plant will be finished later; the target for commissioning is 85-90% completion. He affirmed the company expects to produce some concentrate by year-end.

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    Craig Hutchison's questions to ENDEAVOUR SILVER (EXK) leadership • Q1 2024

    Question

    Craig Hutchison of TD Securities inquired about the spending cadence for the remainder of the Terronera project, the operational plan given the delayed LNG plant, the expected timeline to reach commercial production, and the milestone for the second debt tranche drawdown.

    Answer

    CEO Dan Dickson detailed that spending will accelerate through Q2 and early Q3, with the upper platform, mine development, and tailings facility being critical paths. He confirmed the plant will initially run on diesel generators, which will increase operating costs until the LNG plant is commissioned in 2025. Regarding the debt, Dickson mentioned the next drawdown requires building up a cash reserve and a satisfactory site visit from the lenders' independent engineer.

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