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    Dalton Baretto

    Managing Director of Equity Research specializing in the Metals & Mining sector at Canaccord Genuity Group Inc.

    Dalton Baretto is a Managing Director of Equity Research specializing in the Metals & Mining sector at Canaccord Genuity Group Inc., where he covers a range of companies including Capstone Copper Corp, Lundin Mining, and MAG Silver Corp. He is known for his strong track record, ranking #42 out of over 9,400 Wall Street analysts on TipRanks with a 56% success rate and an average return of 27.8% per rating since 2018, including several top-performing calls generating returns up to 800%. Baretto joined Canaccord Genuity in 2016 as a Vice President and progressed through Director to his current role, following earlier roles covering mining equities at Scotiabank and Credit Suisse and business advisory work at Phoenix Business Transformations in Dubai. He holds the CFA charter and has been recognized for his expertise in base metals research, contributing to highly ranked research teams in Canada, and is likely FINRA registered based on his seniority and responsibilities.

    Dalton Baretto's questions to Hudbay Minerals (HBM) leadership

    Dalton Baretto's questions to Hudbay Minerals (HBM) leadership • Q2 2025

    Question

    Dalton Baretto of Canaccord Genuity Inc. questioned whether the Mitsubishi transaction might face regulatory scrutiny in Washington, D.C. He also asked for the rationale for not bringing the Albion process to the front-end of the project, considering Hudbay's strong balance sheet and the lack of U.S. smelting capacity.

    Answer

    President and CEO Peter Kukielski and CFO Eugene Lei expressed confidence that the deal would not face regulatory issues, as it involves a minority stake that facilitates significant U.S. investment and job creation, aligning with national security objectives. Regarding the Albion process, Peter Kukielski reiterated that its optimal timing needs to be thoroughly evaluated with their partner during the feasibility study.

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    Dalton Baretto's questions to Hudbay Minerals (HBM) leadership • Q1 2025

    Question

    Dalton Baretto from Canaccord Genuity asked about the potential to accelerate permitting for Copper World's Phase II and its eligibility for the FAST-41 track. He also inquired if value for Phase II is being incorporated into the current JV and financing discussions. In a follow-up, he requested an update on the permitting status and mine plan timing for the New Ingerbelle deposit at Copper Mountain.

    Answer

    President & CEO Peter Kukielski stated the focus is firmly on Copper World Phase I to avoid confusion, and that FAST-41 is not applicable. CFO Eugene Lei added that while they expect partners to see the holistic value of the multi-phase project, he could not detail negotiations. For New Ingerbelle, COO Andre Lauzon reported that permitting is progressing well, with a positive result hoped for by late 2024 or early 2025, and its production is already factored into guidance within a couple of years.

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    Dalton Baretto's questions to Hudbay Minerals (HBM) leadership • Q4 2024

    Question

    Dalton Baretto of Canaccord Genuity posed long-term questions regarding the Constancia mine's profile after 2030, the readiness of the Caballito satellite deposit, the Manitoba operation's exposure to the Canadian dollar, and the potential for share buybacks given the company's strong balance sheet.

    Answer

    CEO Peter Kukielski indicated it's unlikely satellite deposits would be in production before the early 2030s but noted that Copper World's output would mitigate any potential gap. COO Andre Lauzon added that permit expansions are being pursued to increase Constancia's throughput. CFO Eugene Lei discussed the positive impact of a weaker Canadian dollar and stated that while share buybacks are considered, the focus remains on high-return internal investments.

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    Dalton Baretto's questions to Hudbay Minerals (HBM) leadership • Q2 2024

    Question

    Dalton Baretto from Canaccord Genuity asked if the upcoming U.S. election could delay Copper World permits, whether the company would still wait for permits to launch the JV process, and for management's perspective on why Hudbay's stock trades at a discount to its peers.

    Answer

    President & CEO Peter Kukielski expressed confidence in receiving the state-level Copper World permits by year-end, noting the process is state-driven and not dependent on the federal political landscape. He confirmed the plan remains to initiate the JV process after receiving the permits. Regarding valuation, Kukielski suggested the market is awaiting the outcome of the Copper World permitting process and exploration clarity in Peru. CFO Eugene Lei added that investor interest is growing due to the company's catalysts.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership

    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Dalton Baretto from Canaccord Genuity Inc. inquired about the ramp-up at the Tucumã project, requesting a July operational update and the specific design capacity assumptions used for the revised Q3 and Q4 guidance.

    Answer

    President and CEO Makko Defilippo explained that while specific July figures would not be provided, the focus for the second half of the year is on achieving operational consistency at rates already demonstrated in June. He projected an exit rate of around 80% of design capacity by year-end, noting that reaching full design capacity is now anticipated in Q1 2026.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Dalton Baretto of Canaccord Genuity Inc. inquired about the Tucuma project's ramp-up, requesting a July operational update and clarification on the assumptions used for the revised guidance, including the projected percentage of design capacity for Q3 and Q4 2025.

    Answer

    President and CEO Makko Defilippo explained that the focus for the second half of the year is achieving consistent performance at rates already demonstrated, rather than fixing bottlenecks. He stated that while they have achieved higher rates for days and weeks, the goal is consistency. He projected exiting the year at approximately 80% of design capacity, with the full ramp-up now anticipated in Q1 2026.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Dalton Baretto inquired about the operational status of the Tucumã project in July, specifically its run rate relative to design capacity, and sought clarity on the assumptions underpinning the revised full-year guidance.

    Answer

    President, CEO & Director Makko Defilippo explained that while specific July figures would not be provided, the focus for the second half of the year is on achieving consistent performance at rates already demonstrated. He noted the revised guidance assumes reaching approximately 80% of design capacity by year-end, with the goal of full design capacity now anticipated in Q1 2026.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q1 2025

    Question

    Dalton Baretto of Canaccord Genuity inquired about the operational performance of all three assets in April, the nature of a $43 million advance to customers, the company's current exploration focus, and long-term strategies for Tucuma, including grade management and regional M&A.

    Answer

    President and CEO Makko DeFilippo confirmed positive operational trends across all assets in April, with Tucuma's performance aligned with expectations following filter press repairs. He detailed that exploration efforts are concentrated on the Furnas project, and long-term plans for Tucuma involve leveraging its strategic position and exploring pathways to maintain elevated production. EVP and CFO Wayne Drier clarified the customer advance was a temporary accounting item from switching trading houses.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q4 2024

    Question

    Dalton Baretto of Canaccord Genuity asked about the measures being put in place at Caraíba to ensure development rates are maintained after the second contractor demobilizes. He also inquired about Tucumã's throughput performance and the cadence of future shutdowns, and asked about the potential form of future capital returns to shareholders.

    Answer

    EVP and COO Gelson Batista explained that the second contractor at Caraíba is being carefully integrated and will work in separate areas to ensure performance. President and CEO Makko DeFilippo added that using a third-party for about one-third of development is part of the long-term strategy. Regarding Tucumã, DeFilippo noted strong recoveries and concentrate grades, with the current focus on increasing throughput. On capital returns, he stated it was too early to discuss the specific form (e.g., buybacks vs. dividends) until the company makes progress on deleveraging.

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    Dalton Baretto's questions to Ero Copper (ERO) leadership • Q2 2024

    Question

    Dalton Baretto of Canaccord Genuity asked about the long-term strategy for Tucuma as grades decline, exploration updates for the Caraiba camp, and the general outlook and timeline for the newly acquired Furnas project.

    Answer

    CEO David Strang explained the plan for Tucuma involves drilling its underground resource to supplement open-pit ore by 2027. He noted Caraiba exploration continues at Pilar and Vermelhos. For Furnas, he deferred specifics until a resource estimate is released later in the year but highlighted Ero's focus on its potential as an underground mine, a different approach from Vale's previous open-pit concept.

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    Dalton Baretto's questions to HECLA MINING CO/DE/ (HL) leadership

    Dalton Baretto's questions to HECLA MINING CO/DE/ (HL) leadership • Q1 2025

    Question

    Dalton Baretto asked for context on the increasingly uncertain language regarding Keno Hill's outlook, seeking details on the capital and time required to reach 600 tons per day and the metal prices that might trigger a production curtailment. He also inquired about the parameters of Hecla's acquisition strategy and the potential development approach for the Libby project.

    Answer

    Robert Krcmarov, President & CEO, described Keno Hill as an evolving work in progress, noting that reaching 600 tons per day will take a few years and depends on critical permitting and infrastructure projects. Regarding acquisitions, he stated the focus remains on silver and disciplined capital allocation. For the Libby project, Krcmarov acknowledged its large scale and suggested a partnership with a copper-focused company would be considered to manage the significant capital cost.

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    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership

    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership • Q3 2025

    Question

    Dalton Baretto of Canaccord Genuity Group Inc. asked about Silvercorp's exposure to potential tariffs, the scope of the upcoming April update for the El Domo project, and the commitment of its project partner, Salazar Resources.

    Answer

    Lon Shaver, an executive, confirmed Silvercorp has no direct tariff exposure as its concentrates are sold domestically in China. He explained the April El Domo update will detail the budget and construction plan, with a goal to reduce initial capital below the $248 million feasibility estimate, while the production plan remains stable. Shaver affirmed a strong relationship with Salazar Resources but could not comment on their future intentions.

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    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership • Q3 2025

    Question

    Dalton Baretto inquired about Silvercorp's exposure to potential U.S.-China tariffs, the scope of the upcoming April update for the El Domo project, and whether partner Salazar Resources remains committed to its stake.

    Answer

    Lon Shaver, President, clarified that Silvercorp has no direct tariff exposure as it sells all concentrates domestically in China, only facing indirect risk from potential impacts on global metal prices. He stated the April El Domo update will provide a detailed capital budget but confirmed the production plan from the existing feasibility study remains the best guide. Regarding Salazar Resources, he affirmed their strong partnership but could not comment on their future intentions.

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    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership • Q1 2025

    Question

    Asked about the legal challenge to the El Domo permit, including the likelihood of an appeal, potential restrictions and timelines, the company's willingness to proceed with construction, and the financing plan for the build.

    Answer

    The company expects an appeal but is confident in the outcome and plans to advance the project without delay as there are no legal restrictions on doing so. An appeal to the constitutional court could take years, but they will not wait. The project build will be financed using the existing Wheaton stream and cash on hand.

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    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership • Q1 2025

    Question

    Dalton Baretto of Canaccord Genuity inquired about the El Domo project, asking about the likelihood of an appeal to the recent court ruling, potential restrictions during the legal process, the timeline if the case reaches the constitutional court, and the financing plan for the project's construction.

    Answer

    Executive Lon Shaver acknowledged they expect an appeal but feel positive about the outcome and confirmed they can move forward with development without restrictions during the process. He noted a constitutional court case could take 2-3 years, but the company does not intend to delay development activities. Shaver stated that financing for the build can be covered by the existing funding package from Wheaton Precious Metals and the company's cash on hand.

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    Dalton Baretto's questions to SILVERCORP METALS (SVM) leadership • Q1 2025

    Question

    Dalton Baretto of Canaccord Genuity inquired about the potential for an appeal of the lower court's decision on the El Domo permit challenge, whether there are restrictions on development during the legal process, the potential timeline if it reaches the constitutional court, and how the company plans to finance the project's construction.

    Answer

    Lon Shaver, Executive, confirmed they expect an appeal to the provincial court but feel positive about the outcome and do not intend to hold back project advancement. He stated there are no restrictions on moving ahead, and while a constitutional court case could take years, the company is willing to put "shovels on the ground" in the interim. For financing, Shaver noted the build can be covered by the existing funding package from Wheaton and cash on hand.

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