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    Derick Ma • TD Cowen

    Derick Ma's questions to Wheaton Precious Metals Corp (WPM) leadership

    Derick Ma's questions to Wheaton Precious Metals Corp (WPM) leadership • Q1 2025

    Question

    Derick Ma from TD Cowen asked about Wheaton's philosophy on royalty burden for its partners, both at an asset and corporate level, and inquired about the circumstances under which the company would consider amending existing stream agreements.

    Answer

    SVP of Corporate Development Haytham Hodaly and President & CEO Randy Smallwood explained that Wheaton aims to keep its economic interest below 20-25% to ensure partner assets remain profitable, focusing on first and second quartile assets. They highlighted that contracts are thoughtfully structured to align with mine life, often with stream percentages decreasing as grades fall. Amendments are typically partner-initiated, often to support expansions, and Wheaton ensures it receives commensurate value in return for any changes, reflecting their active portfolio management strategy.

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    Derick Ma's questions to Royal Gold Inc (RGLD) leadership

    Derick Ma's questions to Royal Gold Inc (RGLD) leadership • Q1 2025

    Question

    Derick Ma of TD Cowen asked about the Khoemacau expansion, specifically requesting details on the correlation between copper and silver grades in the new deposits and how that might impact Royal Gold's stream.

    Answer

    SVP of Operations Martin Raffield responded that the correlation between copper and silver grades in the Khoemacau expansion area is expected to be similar to the correlation observed in the currently operating Zone 5 mine.

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    Derick Ma's questions to Royal Gold Inc (RGLD) leadership • Q4 2024

    Question

    Derick Ma of TD Cowen questioned Royal Gold's capital allocation strategy, asking if there is sufficient deal flow to deploy its significant cash flow and liquidity, and at what point the company might consider itself overcapitalized. He also asked for clarification on the Cactus royalty's area of interest.

    Answer

    President and CEO William Heissenbuttel responded that while current deal flow is typically in the $100M-$300M range, the market can change quickly, and the company prefers to maintain flexibility to act on larger opportunities. He stated that deploying capital into new, value-accretive assets is the primary goal, and discussions about being overcapitalized would only occur if quality opportunities became scarce. SVP of Operations Martin Raffield confirmed the Cactus royalty area of interest includes the Northwest extension.

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    Derick Ma's questions to TFPM.TO leadership

    Derick Ma's questions to TFPM.TO leadership • Q1 2025

    Question

    Derick Ma of TD Cowen inquired about Triple Flag's current position on its Prieska project option, asking if the company's internal assessment has changed following the release of an updated feasibility study.

    Answer

    Chief Operating Officer James Dendle responded that the company's perspective has not changed. He confirmed Triple Flag is actively reviewing the new feasibility study and will approach it as a fresh investment decision. The two primary conditions for exercising the option remain: the study must meet their standards for executability, and the project must be fully funded through to free cash flow. An update is expected later in the year or early in the next.

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    Derick Ma's questions to Triple Flag Precious Metals Corp (TFPM) leadership

    Derick Ma's questions to Triple Flag Precious Metals Corp (TFPM) leadership • Q4 2024

    Question

    Derick Ma asked for clarification on two topics: whether the Major Tom discovery at Northparkes could negatively displace higher-grade tonnage under Triple Flag's stream, and for details on the $35 million precious metal stream for a brownfield restart in Peru mentioned in the company's MD&A.

    Answer

    CEO Sheldon Vanderkooy confirmed that the Major Tom discovery at Northparkes is viewed as entirely positive upside with no risk of displacing advantageous tonnage for Triple Flag. Regarding the Peru stream, he stated it was a bilateral deal for a brownfield restart that fits squarely within the company's strategy, and that more details would be shared upon the transaction's closing.

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    Derick Ma's questions to Sandstorm Gold Ltd (SAND) leadership

    Derick Ma's questions to Sandstorm Gold Ltd (SAND) leadership • Q4 2024

    Question

    Derick Ma asked for clarification on capital allocation priorities after reaching the $300 million debt target, the types of deal opportunities Sandstorm is considering, and the potential timing for capital calls on the MARA project option.

    Answer

    Executive Nolan Watson stated that share buybacks are the number one priority once the debt target is met, as long as the stock trades below NAV. He clarified that the company is not looking at material acquisitions in 2025. Regarding the MARA project, Watson explained that payments would be made gradually over the multi-year construction period, funded by operating cash flow, with the first potential payments not expected until 2027.

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    Derick Ma's questions to Sandstorm Gold Ltd (SAND) leadership • Q4 2024

    Question

    Derick Ma asked for clarification on capital allocation priorities once the $300 million debt threshold is reached, specifically the balance between share buybacks, debt reduction, and acquisitions. He also inquired about the potential size and type of M&A deals Sandstorm might consider, and the timing implications for the MARA project option if Glencore proceeds with its RIGI application.

    Answer

    Executive Nolan Watson emphasized that share buybacks are the absolute top priority once the debt target is met, continuing until the share price reflects NAV, after which debt reduction would resume. He stated that no material M&A is being considered for 2025. For the MARA project, Watson clarified that Sandstorm's option is triggered by a formal construction decision, and payments would be made gradually over the construction period, funded by operating cash flow, rather than as a large upfront sum.

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    Derick Ma's questions to Sandstorm Gold Ltd (SAND) leadership • Q2 2024

    Question

    Derick Ma asked for production expectations from the Aurizona mine for the second half of the year, the timing for receiving royalty payments from the Vale Southeastern System, and details on the remaining proceeds from the Evolve royalty sale.

    Answer

    Executive Nolan Watson stated that Aurizona production is expected to get closer to normal in H2 but declined to give specific guidance. Regarding the Vale royalty, Executive David Awram and Nolan Watson clarified that payments are semi-annual and will be caught up when they begin, potentially in 2026. On the Evolve sale, Nolan Watson confirmed the final $5 million payment may not close and did not provide further details.

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    Derick Ma's questions to Sandstorm Gold Ltd (SAND) leadership • Q2 2024

    Question

    Derick Ma from TD Cowen questioned the production expectations for the Aurizona mine in the second half of the year, the timing for receiving payments on the Vale Southeastern System royalty, and the status of the remaining proceeds from the Evolve royalty sale.

    Answer

    Executive Nolan Watson responded that while specific guidance isn't provided, Aurizona production is expected to move closer to normal levels in H2 2024. Regarding the Vale royalty, Executive David Awram and Nolan Watson clarified payments are semi-annual and will be caught up on the next payment cycle. On the Evolve sale, Nolan Watson confirmed the final $5 million portion may not close and declined to provide further details.

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