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    Daniel Morgan

    Founding Principal and Mining Equity Analyst at Barrenjoey

    Daniel Morgan is a Founding Principal and Mining Equity Analyst at Barrenjoey Capital Partners, specializing in mining sector equities with a focus on major global mining companies such as Capstone Copper and Newmont. He has built a reputation for detailed sector research and is a key analyst cited in industry analyst coverage lists, though public performance metrics such as success rates or TipRanks rankings are not available. Morgan has been part of Barrenjoey since its founding, contributing to the firm's growth and mining research, and previously held senior mining analyst roles at other firms prior to joining Barrenjoey. His professional background includes extensive industry experience and specialized mining sector insight, though specific securities licenses or FINRA registration details are not publicly disclosed.

    Daniel Morgan's questions to NEWMONT Corp /DE/ (NEM) leadership

    Daniel Morgan's questions to NEWMONT Corp /DE/ (NEM) leadership • Q2 2025

    Question

    Daniel Morgan from Barrenjoey asked why production guidance was not raised after a significant Q2 beat and requested updates on the Tanami shaft works and remaining risks at the Ahafo North project.

    Answer

    President and CEO Tom Palmer explained the guidance remains prudent due to expected grade declines in H2 and commissioning risks at Ahafo North. President and COO Natascha Viljoen confirmed the highest-risk work at the Tanami shaft is complete and that Ahafo North is on track, with major construction finished and commissioning underway.

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    Daniel Morgan's questions to NEWMONT Corp /DE/ (NEM) leadership • Q1 2025

    Question

    Daniel Morgan posed a philosophical question about how the record-high gold price might change the way Newmont manages its business and asked for an update on the growth project pipeline, including timelines for potential board-level consideration.

    Answer

    Executive Tom Palmer emphasized that despite high gold prices, the company's focus remains soberly on delivering safety, cost, and productivity improvements within its newly defined portfolio. He noted the company is in an investment cycle to lower unit costs. Regarding growth, Palmer identified the Red Chris project as being in the 'prime position' to be the next project sanctioned, with a feasibility study underway this year, contingent on project economics and permitting.

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    Daniel Morgan's questions to NEWMONT Corp /DE/ (NEM) leadership • Q4 2024

    Question

    Daniel Morgan from Barrenjoey questioned the narrow $80/oz margin between the 2025 AISC guidance and the new $1,700/oz reserve price, asking if this implies peak costs. He also asked for an update on the go-forward plan and reinvestment timeline for the Lihir asset.

    Answer

    CEO Tom Palmer explained that reserve pricing and annual cost guidance are separate processes. He acknowledged the 2025 AISC of $1,620/oz is high due to significant capital investment at Cadia and that costs need to come down. Regarding Lihir, he confirmed the mine plan is optimized and the focus is now on a multi-year stripping campaign to access higher grades, which will lift production starting in 2028.

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    Daniel Morgan's questions to MAC Copper (MTAL) leadership

    Daniel Morgan's questions to MAC Copper (MTAL) leadership • Q1 2025

    Question

    Daniel Morgan of Barrenjoey inquired about the alignment of cash flow with production and sales, the potential for mining development ore from the Merrin mine, and specific tonnage and production expectations for Merrin in 2026. He also asked about the mine's breakeven production level.

    Answer

    CFO Morne Engelbrecht confirmed the company aims to match cash flow with production quarterly, noting a recent pre-sale of concentrate to align cash with Q1 output. CEO Michael James McMullen added that development ore from Merrin will be mined opportunistically and provided 2026 run-rate estimates, including 150,000 tonnes at 5-6% copper and 150,000 tonnes at 9% zinc. McMullen highlighted that Merrin will smooth production volatility and estimated the mine's breakeven is likely in the high 20s to 30,000 tonnes per annum.

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    Daniel Morgan's questions to MAC Copper (MTAL) leadership • Q4 2024

    Question

    Daniel Morgan inquired about the primary drivers for 2025 production growth, asking whether it would come from increased tonnes or higher grade. He also sought clarity on the expected trend for mined ore tonnes in the upcoming quarter and the scope of the February resource and reserve update.

    Answer

    Executive Michael James McMullen explained that the key driver for 2025 production growth is more tonnes mined and improved consistency, rather than a significant change in grade, which is expected to hover around 4%. He noted that the company exited Q4 at the midpoint of the new year's guidance. Regarding the resource update, McMullen confirmed it would include QTS North, Central, East West, and the newly drilled QTS South Upper, with a potential zinc resource update to follow.

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    Daniel Morgan's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Daniel Morgan of Barrenjoey inquired about the status of discussions with Sprott regarding the mezzanine debt facility, the primary drivers for 2025 production growth (tonnes vs. grade), and requested quantification of recent dilution improvements compared to reserve assumptions.

    Answer

    Executive Michael James McMullen confirmed that proactive discussions with the entire lender group, including Sprott, are a "work in progress" aimed at reducing cost and complexity. He stated that 2025 growth will come from slightly more tonnes at a similar grade, and noted that recent mining has seen 10-15% less dilution than assumed in the reserves, which may lead to a reserve grade increase in the next update.

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    Daniel Morgan's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Daniel Morgan of Barrenjoey asked about the status of discussions with Sprott regarding the mezzanine debt, the strategy for engaging the broader lending group, the drivers of 2025 production growth, the quantifiable impact of recent dilution improvements, and the timeline for the next resource and reserve update.

    Answer

    Executive Michael James McMullen confirmed that discussions with Sprott and the broader lender group are ongoing and parallel, aimed at reducing cost and complexity. He projected 2025 production growth would come from slightly more tonnes at a similar grade, noting they are seeing 10-15% less dilution than planned. The next resource and reserve update is expected by the end of February, with a data cut-off at the end of October.

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