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    Don DeMarco

    Precious Metals Equity Research Analyst at National Bank Financial

    Don DeMarco is a Precious Metals Equity Research Analyst at National Bank Financial, specializing in Canadian and international mining equities with a focus on gold and silver producers. He covers companies such as Pan American Silver, Dundee Precious Metals, Wesdome Gold Mines, and Coeur Mining, with a track record of 59% profitable recommendations and an average return of 12.2% per rating; his most successful call generated a 170.5% return on Coeur Mining. DeMarco joined National Bank Financial in April 2014 after previous roles at Toll Cross Securities and HydroGeoLogic, bringing over a decade of experience in mining operations, consulting, and equity analysis. He holds an MBA from Ivey Business School, is credentialed as both a Professional Engineer (P.Eng) and Professional Geoscientist (P.Geo), and was recognized as a Brendan Wood Top Gun Small/Mid-cap Analyst from 2021 to 2024.

    Don DeMarco's questions to Centerra Gold (CGAU) leadership

    Don DeMarco's questions to Centerra Gold (CGAU) leadership • Q2 2025

    Question

    Don DeMarco asked about the impact of infill drilling on confidence at the Mount Milligan mill, the key factors driving the decision to now proceed with the Goldfield project, and the company's ability to finance its project pipeline.

    Answer

    EVP & COO David Hendriks confirmed that increased drilling density has significantly improved grade prediction confidence for the next 18 months. President & CEO Paul Tomory added that the Goldfield project's economics were enhanced by technical optimizations improving recoveries and a much higher gold price. Tomory also affirmed that the company's existing liquidity is sufficient to fund all major projects, including Goldfield, Mount Milligan, and Chemez, while continuing shareholder returns.

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    Don DeMarco's questions to Centerra Gold (CGAU) leadership • Q1 2025

    Question

    Don DeMarco inquired about the Kemess project's preliminary economic assessment (PEA), focusing on the shift from block caving to long-hole open stoping, the potential for lower initial CapEx, and whether the project could be internally funded. He also asked for clarification on the potential synergies with the Thesis Gold Lawyers-Ranch project.

    Answer

    President and CEO Paul Tomory explained that the company shifted to an open pit and conventional underground mining concept for Kemess to avoid the excessive development CapEx and timeline of the previous block cave plan. He affirmed the company's intent to fund all development projects, including Kemess, with existing and future liquidity, without accessing equity or debt markets. Regarding synergies, Tomory clarified that Kemess's existing infrastructure (airstrip, power line, mill) could serve as a key hub for broader development in the Toodoggone district, including for projects like Thesis Gold's.

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    Don DeMarco's questions to SSR MINING (SSRM) leadership

    Don DeMarco's questions to SSR MINING (SSRM) leadership • Q2 2025

    Question

    Don DeMarco sought more clarity on the Çöpler restart timeline, asking if management could confirm it would not occur within a short-term window like one or three months. He also asked about the mine's currently permitted throughput level and the process for updating it post-restart.

    Answer

    Executive Chairman Rodney Antal reiterated that there is no definitive timeline for the Çöpler restart and would not speculate on a timeframe. He emphasized the company's commitment to Turkey, highlighted by progress at Çöpler and investment in the Hod Maden project. He confirmed that upon restart, the mine would operate under the 2014 EIA at 6,000 tons per day, with plans to seek an updated EIA for higher throughput later.

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    Don DeMarco's questions to ELDORADO GOLD CORP /FI (EGO) leadership

    Don DeMarco's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q2 2025

    Question

    Don DeMarco of National Bank Financial requested a breakdown of the 2026 production outlook for Skourias between the first and second halves of the year and asked about the strategy and expected pace of the NCIB share repurchases.

    Answer

    President & CEO George Burns explained that 2026 production from Skourias will be heavily weighted to the second half, as Q1 will be for early commissioning and Q2 will be a ramp-up period. EVP & CFO Paul Ferneyhough noted that the new 12-month NCIB program will be executed opportunistically to return value to shareholders, particularly when the stock price is low, without committing to a specific rate.

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    Don DeMarco's questions to ELDORADO GOLD CORP /FI (EGO) leadership • Q1 2025

    Question

    Don DeMarco of National Bank Financial questioned the lighter-than-average Q1 CapEx for Skouries, whether the completion of procurement de-risks the project's budget, and the rationale for the significant, tenfold increase in the NCIB authorization.

    Answer

    President and CEO George Burns clarified that Q1 Skouries spending was in line with expectations, with costs set to increase in Q2 and Q3 as major equipment installation accelerates. He stated that with procurement complete, the primary focus is on execution, and he is confident in the schedule and budget due to strong labor visibility and productivity. CFO Paul Ferneyhough added that the larger NCIB reflects a strategic shift to prioritize shareholder returns, enabled by a strong balance sheet and confidence in the business.

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    Don DeMarco's questions to ALAMOS GOLD (AGI) leadership

    Don DeMarco's questions to ALAMOS GOLD (AGI) leadership • Q2 2025

    Question

    Don DeMarco from National Bank Financial inquired about the expected throughput profile for the Magino mill through the rest of Q3. He also asked if the Island Gold mine would contribute more than its typical 1,200 tonnes per day in the second half of the year and sought clarification on whether the reiterated consolidated production guidance applies to each individual mine.

    Answer

    COO Luc Guimond explained that the Magino mill ramp-up would be gradual through Q3, expecting to consistently hit 11,200 tpd in Q4. He confirmed that Island Gold's contribution would increase, targeting ~1,300 tpd in Q3 and ~1,400 tpd in Q4. President and CEO John McCluskey affirmed that to achieve the consolidated guidance, the company must meet its targets on a mine-by-mine basis and expressed confidence in the guidance provided for each operation.

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    Don DeMarco's questions to ALAMOS GOLD (AGI) leadership • Q1 2025

    Question

    Don DeMarco asked if the planned catch-up in sustaining CapEx for the rest of the year was expected and aligned with projected cost reductions. He also inquired about any cost impacts from recent tariff announcements and foreign exchange volatility. Lastly, he requested more color on the upcoming Island Gold expansion study, including its scope, timing, and potential capital expenditure.

    Answer

    Greg Fisher, CFO, confirmed the sustaining capital spending profile is proceeding as planned, with a lower Q1 followed by a catch-up. He noted no current impact from tariffs, as the cost base is primarily labor and energy, and added that the company is benefiting from a weaker Canadian dollar. Luc Guimond, COO, added that the Island Gold expansion study, due by year-end, is evaluating a larger mill complex and is contemplating an increase in Island's underground mining rate to approximately 3,000 tonnes per day.

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    Don DeMarco's questions to Aris Mining (ARMN) leadership

    Don DeMarco's questions to Aris Mining (ARMN) leadership • Q1 2025

    Question

    Don DeMarco from National Bank Financial asked about the Marmato mine's development, questioning when underground mining rates would scale to feed the upsized 5,000 tonne-per-day mill. He also inquired about the strategic intention for the Toroparu asset (build vs. sell) and the company's capital allocation priorities following the expected cash inflow from warrants.

    Answer

    Executive Richard Thomas stated that the Marmato ramp-up will be steady from H2 2026 into 2027, reaching 4,000 tpd relatively quickly before hitting the full 5,000 tpd. An Aris Mining executive added that the strategic decision on Toroparu depends on the study results, though building it is likely the best value option. The executive also noted that capital allocation priorities for projects like Soto Norte and Toroparu will be decided after their respective studies are complete.

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    Don DeMarco's questions to Aris Mining (ARMN) leadership • Q1 2025

    Question

    Don DeMarco from National Bank Financial asked about the Marmato project, questioning when underground mining rates would scale to feed the upsized 5,000 tpd mill. He also inquired about the strategic intention for the Toroparu asset (build vs. sell) and the company's capital allocation priorities following the expected inflow from warrants.

    Answer

    Executive Richard Thomas stated that the Marmato mine will ramp up steadily from H2 2026, reaching 4,000 tpd relatively quickly and the full 5,000 tpd in H2 2027. Regarding Toroparu, management indicated the decision depends on the PEA results but building it is likely the best value option. The pecking order for capital allocation will also be determined by the outcomes of the Soto Norte and Toroparu studies.

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    Don DeMarco's questions to Aris Mining (ARMN) leadership • Q1 2025

    Question

    The analyst inquired about the timeline for scaling up underground mining rates at Marmato to supply the upsized mill. They also asked about the company's strategic intention for the Toroparu asset (build vs. sell) and the priority for capital allocation after the warrant proceeds are received.

    Answer

    The Marmato mine will ramp up steadily from H2 2026, reaching 4,000 tpd quickly and the full 5,000 tpd in H2 2027. The strategic decision for Toroparu will depend on the results of the PEA study, though building it is considered a high-value option. Capital allocation priorities beyond Marmato will be determined by the outcomes of the studies for both Soto Norte and Toroparu.

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    Don DeMarco's questions to Aris Mining (ARMN) leadership • Q2 2024

    Question

    Don DeMarco from National Bank Financial asked about the potential for inflationary cost pressures at the Marmato development project, similar to those experienced at Segovia, and inquired about what portion of the remaining Marmato capital expenditure is secured under fixed-price contracts.

    Answer

    COO Richard Thomas addressed these concerns by stating that the company is confident in the current $280 million total cost estimate for Marmato, as it was recently reviewed. He clarified that many costs, particularly for milling equipment, have been locked in with deposits already paid. Mr. Thomas estimated that approximately $100 million of the remaining capital, covering the twin declines and the plant, is secured.

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    Don DeMarco's questions to Aris Mining (ARMN) leadership • Q2 2024

    Question

    Don DeMarco asked if Aris Mining is seeing potential inflationary pressures on the Marmato development budget, similar to the cost increases experienced at Segovia. He also inquired about what portion of the remaining Marmato capital expenditure is secured under fixed-price contracts.

    Answer

    COO Richard Thomas responded that the Marmato capital budget was recently reviewed and the company remains confident in the $280 million total cost estimate. He explained that many costs, particularly for milling equipment, have been locked in with deposits already paid. Thomas specified that of the remaining capital, approximately $100 million, covering the twin declines and the plant, is secured under fixed-price contracts.

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    Don DeMarco's questions to PAN AMERICAN SILVER (PAAS) leadership

    Don DeMarco's questions to PAN AMERICAN SILVER (PAAS) leadership • Q1 2025

    Question

    Don DeMarco from National Bank Financial requested a breakdown of the drivers behind the Q1 cost outperformance (cost control, FX, byproduct credits). He also asked about capital allocation priorities given the strong balance sheet, and inquired about the company's satisfaction with its current silver-to-gold portfolio mix and the levers available to increase silver exposure.

    Answer

    Executive Michael Steinmann explained that a precise breakdown of cost drivers is complex, though the benefit from byproduct credits is most direct. Regarding capital allocation, he prioritized shareholder returns via dividends and opportunistic buybacks, and reinvestment into the business, particularly the La Colorada Skarn project, over early debt repayment due to favorable bond terms. He acknowledged the current revenue mix is skewed to gold by price performance but emphasized that the company's vast silver resources in projects like Skarn, Escobal, and Navidad provide significant long-term potential to increase silver's contribution.

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    Don DeMarco's questions to PAN AMERICAN SILVER (PAAS) leadership • Q4 2024

    Question

    Don DeMarco of National Bank Financial inquired about the timeline for the Jacobina optimization study, the operational stability at the El Peñon mine post-integration, and the outlook for the Escobal mine restart in 2025.

    Answer

    COO Steven Busby stated that an update on Phase 1 of the Jacobina optimization study, including a paste plant and tailings alternatives, is expected mid-year. Regarding El Peñon, both Busby and CEO Michael Steinmann confirmed the asset is stable and performing well, clarifying that initial issues were related to drill spacing, not integration. For Escobal, VP Sean McAleer noted that while government personnel changes caused delays, meetings have resumed and a more meaningful update may be available after Q1 2025.

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    Don DeMarco's questions to PAN AMERICAN SILVER (PAAS) leadership • Q2 2024

    Question

    Don DeMarco from National Bank Financial asked if the easing price of Escobal's contingent value rights (CVRs) reflects the restart outlook. He also questioned the focus of the Jacobina optimization study and inquired about potential impacts from Mexico's incoming administration.

    Answer

    Michael Steinmann (Executive) cautioned against reading too much into the CVR price due to very low trading volume but acknowledged the new government's slower start could be a factor. Regarding Jacobina, Steven Busby (Executive) explained the optimization study is exploring mining method changes to improve resource recovery, potentially leading to higher throughput, with results expected in H1 2025. Steinmann stated it's too early to comment on Mexico's new administration, which takes office on October 1st, but he foresees no major changes.

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    Don DeMarco's questions to i-80 Gold (IAUX) leadership

    Don DeMarco's questions to i-80 Gold (IAUX) leadership • Q1 2025

    Question

    Don DeMarco inquired about the expected revenue impact from increased production at Granite Creek, considering the dewatering progress and rising gold prices. He also asked for clarification on a recent ATM draw and the current status of the ATM program.

    Answer

    Richard Young, an executive, explained that due to a 120-day lag between shipment and payment under their toll milling agreement, a direct revenue catch-up is not immediate, though the Auramet facility helps manage cash flow. He confirmed the Q1 ATM proceeds were from early in the quarter and that the ATM program has since been terminated with no plans for reactivation.

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    Don DeMarco's questions to i-80 Gold (IAUX) leadership • Q1 2025

    Question

    Don DeMarco inquired about the expected revenue gains for the remainder of the year from increased production at Granite Creek, considering the lag in ore sales from the toll milling agreement. He also asked for clarification on the status of the company's At-The-Market (ATM) facility.

    Answer

    Richard Young, an executive, explained that there is a 120-day lag between ore shipment and receiving proceeds from their toll milling partner, which will delay revenue recognition despite the Auramet facility supporting cash flow. He also confirmed that the ATM facility was used minimally in early Q1, has since expired with the transition to U.S. GAAP, and there are no plans to reactivate it.

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    Don DeMarco's questions to i-80 Gold (IAUX) leadership • Q2 2024

    Question

    Don DeMarco of BMO Capital Markets inquired about the future trend of refractory ore toll milling at Granite Creek, its potential as a significant liquidity source, the reasons for the Ruby Hill joint venture delays, and the status of the CEO succession plan.

    Answer

    President and COO Matthew Gili explained that Granite Creek is transitioning from oxide ore sales to more favorable toll milling of refractory materials, with production ramping up after a development-heavy first half. CEO Ewan Downie attributed the JV delay to the complexities of ensuring a robust partnership agreement for a flagship asset, which included a lengthy metallurgical due diligence process. Downie also confirmed the CEO succession plan is proceeding, driven by a need for operational leadership and personal health considerations.

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    Don DeMarco's questions to i-80 Gold (IAUX) leadership • Q2 2024

    Question

    Don DeMarco of National Bank Financial inquired about the future trends for toll milling refractory ore at Granite Creek, its potential as a material source of liquidity, the reasons for delays in finalizing the Ruby Hill joint venture, and the status of the CEO succession plan.

    Answer

    Matthew Gili, President and COO, addressed the Granite Creek questions, explaining that the company is transitioning from oxide to higher-value refractory ore and is in a ramp-up phase after a development-heavy first half. He noted that while no formal guidance is provided, production is increasing. CEO Ewan Downie explained the Ruby Hill JV delay was to ensure the partnership terms were correct and to complete a necessary four-month metallurgical due diligence program, with final documentation now in progress. Regarding his succession, Mr. Downie stated the plan was initiated two years ago to bring in a leader with more mine-building experience and also cited personal health reasons, confirming a transition is expected.

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    Don DeMarco's questions to CXBMF leadership

    Don DeMarco's questions to CXBMF leadership • Q4 2024

    Question

    Inquired about the Valentine Phase 2 expansion, specifically whether it is contingent on increased mining rates or exploration success, the projected ramp-up of mining rates, and the timeline for exploration and a potential technical report for the Frank Zone.

    Answer

    The Phase 2 expansion is supported by existing stockpiles and resources within the current mine plan and is not contingent on new exploration success. Mining rates can be flexed to improve economics. The company is focused on understanding the full scope of the Frank Zone and the broader property and does not anticipate releasing a new technical report within the next 12 months.

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    Don DeMarco's questions to AAUCF leadership

    Don DeMarco's questions to AAUCF leadership • Q3 2024

    Question

    Requested more details on Sadiola's Q3 production, its ability to sustain production after the Korali-Sud bridge, features of potential non-dilutive financing for Kurmuk, and the critical path items for Kurmuk's construction schedule.

    Answer

    Sadiola's Q3 production was impacted by permitting delays for Korali-Sud under Mali's new mining law. After Korali-Sud is depleted, Sadiola's future relies on its large fresh ore reserves, which will be accessed via phased expansions. For Kurmuk financing, the company is pursuing favorable terms like exploration upside protection and buyback options. The critical path for Kurmuk's construction is the CIL (carbon-in-leach) circuit.

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    Don DeMarco's questions to B2GOLD (BTG) leadership

    Don DeMarco's questions to B2GOLD (BTG) leadership • Q2 2024

    Question

    Don DeMarco from National Bank Financial asked for a breakdown of the 2025 production outlook, specifically the contribution from Fekola deferrals, regional ore, and underground development. He also questioned when the Fekola equipment availability issue would be fully resolved and if there was any risk to the timeline.

    Answer

    An unnamed executive clarified that the 2025 outlook reflects a replacement of ounces by sliding the high-grade zone from Phase 7, rather than a net increase, with regional and underground development plans remaining on track. Executive William Lytle confirmed the equipment issue is already addressed by deploying replacement excavators, noting Q3 production targets are being met. CFO Michael Cinnamond added that while mining costs will rise to catch up, this is partially offset by a ~25% reduction in fuel costs.

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    Don DeMarco's questions to B2GOLD (BTG) leadership • Q1 2024

    Question

    Don DeMarco of National Bank Financial asked if B2Gold plans to release updated guidance on the Goose Project's post-production operating expenses. He also inquired about the timeline for developing the Fekola underground mine and converting its resources into reserves.

    Answer

    CFO Michael Cinnamond confirmed the company plans to update the full project package, including OpEx, once the resource model is updated with the next Annual Information Form (AIF). Regarding Fekola, management expects to be in mining operations in late Q1 or Q2 2025. Executive Chairman Clive Johnson added that drilling will accelerate once the regional exploitation permit is secured to help convert inferred resources.

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    Don DeMarco's questions to FORTUNA MINING (FSM) leadership

    Don DeMarco's questions to FORTUNA MINING (FSM) leadership • Q2 2024

    Question

    Don DeMarco from National Bank Financial asked for details on the next steps for the Kingfisher discovery, including drilling plans and the potential timeline for incorporating its ore into the Seguela mine plan.

    Answer

    President and CEO Jorge Alberto Ganoza explained that the immediate plan for Kingfisher is to continue drilling through year-end to establish a first, primarily inferred, mineral resource estimate. He noted it is a significant 'blind discovery' and potentially the largest deposit at Seguela. However, it is too early to set a timeline for its inclusion in the mine plan, as this will require resource upgrades and permitting, with more clarity expected in early 2025.

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    Don DeMarco's questions to FORTUNA MINING (FSM) leadership • Q2 2024

    Question

    Don DeMarco from National Bank Financial asked for more details on the Kingfisher discovery at the Seguela mine, including the next steps for exploration, the amount of infill drilling required, and the potential timeline for incorporating its ore into the mine plan.

    Answer

    President and CEO Jorge Durant reported that 14,000 meters have been drilled at Kingfisher, outlining mineralization over a 2-kilometer strike. The immediate plan is to continue drilling through year-end to produce an initial inferred resource estimate. He stated it is still early to provide a timeline for its inclusion in the mine plan but emphasized the discovery's significance, noting it is shaping up to be potentially the largest deposit at Seguela.

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