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    Daniel Major • UBS

    Daniel Major's questions to Franco-Nevada Corp (FNV) leadership

    Daniel Major's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Daniel Major sought clarification on the remaining gold inventory, questioned why guidance was not raised despite new contributions from Cote and Cobre Panama, and asked about the potential scale of the New Prosperity stream.

    Answer

    CFO Sandip Rana confirmed 2,469 gold ounces remain in inventory and explained that guidance was maintained because the company was already on track to meet its range, with the new assets providing incremental upside. President & CEO Paul Brink estimated the New Prosperity stream could contribute 40,000-50,000 gold ounces annually if developed.

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    Daniel Major's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Daniel Major sought clarification on the remaining gold inventory, asked for the offset in guidance which remained unchanged despite new contributions, and inquired about the potential scale of the New Prosperity stream.

    Answer

    CFO Sandip Rana confirmed 2,469 gold ounces remain in inventory and explained that guidance was maintained because the company was already on track within the range, making the new contributions from Cote and Cobre Panama incremental upside. President and CEO Paul Brink estimated the New Prosperity stream could contribute 40,000-50,000 gold ounces annually if the project proceeds.

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    Daniel Major's questions to Franco-Nevada Corp (FNV) leadership • Q1 2025

    Question

    Daniel Major questioned if the Panamanian government has requested Franco-Nevada to drop its arbitration claim regarding Cobre Panama, sought guidance on the expected performance of the diversified/energy portfolio for the remainder of the year, and inquired about the M&A pipeline's focus, particularly on base metals and Argentina.

    Answer

    President and CEO Paul Brink stated that Franco-Nevada is a financier, not at the main negotiating table for Cobre Panama, but is open to suspending (not dropping) its arbitration under the right conditions. CFO Sandip Rana projected a reasonably flat profile for energy assets, contingent on commodity prices, noting potential volume declines if lower prices persist. Eaun Gray, SVP, Business Development, commented that the M&A market remains most active for gold royalties and streams, with fewer opportunities in other metals, and offered no specific comments on Argentina.

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    Daniel Major's questions to Wheaton Precious Metals Corp (WPM) leadership

    Daniel Major's questions to Wheaton Precious Metals Corp (WPM) leadership • Q2 2025

    Question

    Daniel Major from UBS sought confirmation on the 2026 tax payment amount, clarification on gold delivery mechanics, details on the deal pipeline's asset mix, and the company's capital allocation strategy regarding dividend growth.

    Answer

    SVP & CFO Vincent Lau confirmed the tax payment amount is approximately $112M and that Wheaton takes delivery of credits from mining partners, not refineries. President Haytham Hodaly noted the deal pipeline is roughly two-thirds by-product streams. CEO Randy Smallwood explained that dividend growth is balanced against capital deployment; less M&A could mean higher dividend growth.

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    Daniel Major's questions to Wheaton Precious Metals Corp (WPM) leadership • Q1 2025

    Question

    Daniel Major from UBS asked about the operational impact of recent downtime at the Antamina mine, its production profile leading into 2026-2027, how to model share-based compensation, and the company's capital allocation plans for its significant cash balance.

    Answer

    VP of Mining Operations, Wes Carson, confirmed the Antamina incident caused a brief 36-hour shutdown with no expected impact on full-year production and noted a significant ramp-up is expected through 2027 as mining moves into higher-grade silver zones. SVP & CFO Vincent Lau provided a go-forward run rate for modeling share-based compensation. SVP of Corporate Development Haytham Hodaly and CEO Randy Smallwood stated that given a robust pipeline of double-digit streaming opportunities, the company intends to deploy its capital on accretive deals rather than consider special distributions.

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    Daniel Major's questions to Wheaton Precious Metals Corp (WPM) leadership • Q4 2024

    Question

    Daniel Major from UBS inquired about the front-loaded structure of the Montage transaction and whether this represents an evolution in deal strategy. He also asked about the associated risk profile, Wheaton's potential involvement in a First Quantum stream, and the expected timing for the normalization of produced but not delivered (PBND) volumes.

    Answer

    President and CEO Randy Smallwood described the Montage deal as a unique structure that allowed the project to be funded without traditional debt. SVP, Corporate Development Haytham Hodaly added that it offers a quick payback and strong security. SVP & CFO Gary Brown noted that being the primary creditor can be less risky as it provides more control in a downside scenario. Regarding PBND, Gary Brown expects volumes to normalize to the midpoint of the 2-3 month range in Q1 2025.

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    Daniel Major's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Daniel Major's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q2 2025

    Question

    Daniel Major from UBS Investment Bank asked if the potential to accelerate CapEx was more applicable to 2026-2027 rather than 2025. He also questioned whether the company sees an opportunity to monetize non-core assets in its investment portfolio and asked about the grade profile outlook for the Fosterville mine.

    Answer

    EVP & CFO Jamie Porter confirmed that significant incremental spending would likely occur beyond 2025, driven by projects like Hope Bay and optimizations at Odyssey. President and CEO Ammar Al-Joundi acknowledged that while the portfolio is for strategic insight, monetizing assets that don't fit the long-term plan is a reasonable consideration in a high-price environment. EVP & COO Natasha Vaz clarified that Fosterville's strong H1 was due to mine sequencing and a softer H2 is expected.

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    Daniel Major's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q1 2025

    Question

    Daniel Major of UBS asked about the company's capital return strategy, including whether it would build a large net cash position and the preferred mix between dividends and buybacks. He also requested an update on the timeline for studies and a final investment decision (FID) for the Hope Bay project.

    Answer

    An executive, Mohammed Ali, confirmed the company is comfortable building a net cash position over $1 billion and intends to increase share repurchases. CEO Ammar Al-Joundi stressed capital discipline. Executive Dominique Girard projected a potential greenlight for Hope Bay in early 2026, after detailed engineering is over 50% complete to de-risk the project.

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    Daniel Major's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q4 2024

    Question

    Daniel Major of UBS inquired about the production profile beyond the three-year guidance, specifically asking for an update on the potential for a life-of-mine extension at Meadowbank to bridge any production gap before major projects come online in the early 2030s. He also requested an update on the licensing progress at the San Nicolás project.

    Answer

    Dominique Girard, SVP, stated that the team is evaluating scenarios to extend Meadowbank's life with underground operations post-2028, potentially producing around 150,000 ounces annually until 2035. Natasha Nella Vaz, SVP, addressed San Nicolás, confirming that the environmental permit applications are progressing with regulators, but the impact of potential constitutional changes on open-pit mining remains uncertain.

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    Daniel Major's questions to Newmont Corporation (NEM) leadership

    Daniel Major's questions to Newmont Corporation (NEM) leadership • Q2 2025

    Question

    Daniel Major from UBS Investment Bank asked about management succession following the CFO's departure and inquired about the second-half cash flow outlook, including working capital effects and deferred divestment proceeds.

    Answer

    President and CEO Tom Palmer affirmed the strength of the finance team under Interim CFO Peter Wexler and described Natasha Viljoen's promotion to President as part of normal leadership development. He noted that second-half free cash flow will be impacted by higher sustaining capital, increased reclamation spend, and taxes, while also detailing the status of remaining deferred proceeds from asset sales.

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    Daniel Major's questions to Newmont Corporation (NEM) leadership • Q1 2025

    Question

    Daniel Major questioned if the portfolio is now considered optimal post-divestments, specifically asking why relatively higher-cost assets like Merian and Cerro Negro remain in the core portfolio. He also asked if share buybacks could significantly exceed divestment proceeds given the high gold price.

    Answer

    Executive Tom Palmer stated that the immediate focus is on bedding down the new go-forward portfolio, which the team has only had for a week, and delivering on the potential of all its assets, including the 'emerging Tier 1' assets. CFO Karyn Ovelmen reiterated the capital allocation policy: after funding the business and the fixed dividend, any excess free cash flow generated will be returned to shareholders via share buybacks, implying that strong gold prices would fuel further repurchases.

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    Daniel Major's questions to Newmont Corporation (NEM) leadership • Q4 2024

    Question

    Daniel Major from UBS noted that the 10-year average production guidance of 6 million ounces seems conservative given the project pipeline and asked if something was missing. He also questioned why G&A costs are guided to be so high in 2025 despite synergies from the Newcrest deal.

    Answer

    CEO Tom Palmer confirmed production will likely exceed 6 million ounces in the near term but will ebb and flow over the decades-long life of the portfolio, making 6 million ounces a reasonable long-term average. He acknowledged G&A is 'unacceptably high' due to costs associated with integrating systems and managing assets held for divestment, and expects it to decline as divestments are completed.

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    Daniel Major's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Daniel Major from UBS questioned the credibility of future cost reductions, given that 2024 all-in sustaining costs are higher than February's forecast, and asked if limiting inflation is a more realistic outcome. He also sought clarification on the 2025 gold production guidance after accounting for reductions at Lihir and Brucejack.

    Answer

    Executive Tom Palmer acknowledged the historical link between gold prices and production costs, noting that prior long-term forecasts excluded escalation. CFO Karyn Ovelmen added that higher 2024 costs, driven by contracted labor, are expected to trend into 2025. Tom Palmer confirmed the core portfolio's 2025 gold production is expected to be around 5.6 million ounces, with costs remaining broadly flat year-over-year.

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    Daniel Major's questions to Freeport-McMoRan Inc (FCX) leadership

    Daniel Major's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Daniel Major of UBS Investment Bank asked if Indonesian smelter volumes are contractually committed, which could limit sales to the U.S., and requested guidance on Q3 working capital.

    Answer

    President & CEO Kathleen Quirk clarified that while near-term plans are to sell cathode in Asia and domestically in Indonesia, they are not locked into long-term contracts and retain marketing flexibility. Regarding financials, she indicated a working capital use in Q3 that is expected to reverse in Q4, resulting in no material working capital requirement for the full year.

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    Daniel Major's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Daniel Major from UBS inquired if Indonesian smelter volumes are contractually committed in a way that would prevent sales to the U.S. and asked for Q3 working capital guidance.

    Answer

    President & CEO Kathleen Quirk clarified that while near-term plans are to sell cathode in Asia due to logistical advantages, they are not locked into long-term contracts and retain flexibility. Regarding working capital, she indicated a use of cash in Q3 that is expected to reverse in Q4, resulting in no material impact for the full year.

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    Daniel Major's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Daniel Major asked about insurance coverage for the Grasberg smelter fire, the timeline for license extension discussions with the new Indonesian government, and visibility on the U.S. Senate's review of the critical minerals bill.

    Answer

    President and CEO Kathleen Quirk confirmed the estimated $100 million in smelter repair costs are covered by insurance. She stated that discussions with the new Indonesian government are underway, and the company hopes to apply for the license extension in 2025. Regarding the U.S. bill, she noted there is no visibility on the Senate's timing.

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    Daniel Major's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Daniel Major asked if the company plans to resume share buybacks in the coming quarters and inquired about Freeport's view on participating in larger-scale M&A as the sector sees more consolidation.

    Answer

    President and CEO Kathleen Quirk confirmed that under the company's financial framework, excess cash flow is available for share repurchases. Chairman Richard Adkerson added that while the company actively observes the market, large-scale M&A is not fundamental to its strategy, as the primary focus remains on creating value through its extensive organic growth pipeline. He characterized Freeport's M&A stance as being prepared to respond to opportunities rather than pursuing a predetermined strategy.

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    Daniel Major's questions to Alcoa Corp (AA) leadership

    Daniel Major's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Daniel Major asked for clarification on the Q3 tariff cost run-rate and inquired about the financial expectations for the San Ciprian complex in 2026, particularly regarding cash burn for the smelter and refinery.

    Answer

    EVP & CFO Molly Beerman confirmed the Q3 tariff cost outlook and stated that for 2026, the San Ciprian smelter is expected to be profitable once fully ramped by mid-year, but the refinery will likely remain in a loss position at current alumina price levels.

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    Daniel Major's questions to Alcoa Corp (AA) leadership • Q1 2025

    Question

    Daniel Major sought to clarify tariff sensitivities, asking if a specific rise in the Midwest premium would neutralize the tariff's impact. He also requested an update on the release of restricted cash at San Ciprián and its intended use.

    Answer

    President and CEO William Oplinger reiterated that the Midwest premium has not reacted as expected due to market uncertainty and inventory levels. EVP and CFO Molly Beerman reported that $12 million of restricted cash has been released, but the remaining ~$75 million is subject to ongoing discussions, with $50 million being contentious as it's tied to a deferred capital project.

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    Daniel Major's questions to Alcoa Corp (AA) leadership • Q4 2024

    Question

    Daniel Major of UBS questioned the current cash balance at the San Ciprián facility, the certainty of a deal following the recent MOU, and the potential for Alcoa to monetize excess energy capacity for data centers.

    Answer

    EVP and CFO Molly Beerman confirmed that San Ciprián's cash is still depleting, creating urgency. President and CEO William Oplinger described the MOU as a positive step but not a guarantee for a restart, as agreements with unions and energy suppliers are still needed. Regarding energy monetization, Oplinger identified the primary opportunities as being in Brazil and at the Warrick, Indiana facility.

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