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    Daniel Morgan • Barrenjoey

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

    Daniel Morgan's questions to Newmont Corporation (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 Corporation (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 Corporation (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 Ltd (MTAL) leadership

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

    Question

    Daniel Morgan of Barrenjoey inquired about the alignment of cash flow with production, the potential for early development ore from the Merrin mine, tonnage and run-rate expectations for Merrin in 2026, and the mine's breakeven production level.

    Answer

    CFO Morne Engelbrecht confirmed that the company aims to match cash receipts to production quarterly for reporting consistency. CEO Michael James McMullen stated that development ore will be opportunistically mined from Merrin ahead of schedule and provided initial 2026 tonnage targets of approximately 150k tonnes of copper ore and 150k tonnes of zinc ore, noting this is not the full run-rate. He also suggested the breakeven production level is likely lower than 35,000 tonnes, possibly in the high 20s.

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    Daniel Morgan's questions to MAC Copper Ltd (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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