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    Eric Winmill • Scotiabank

    Eric Winmill's questions to Fortuna Mining Corp (FSM) leadership

    Eric Winmill's questions to Fortuna Mining Corp (FSM) leadership • Q2 2025

    Question

    Eric Winmill of Scotiabank inquired about Fortuna's strategy regarding investments in junior miners like Awale for pipeline growth and asked about the company's permitting experience to date in Senegal.

    Answer

    President and CEO Jorge Ganoza confirmed that strategic investments in early-stage opportunities are a key part of their strategy to populate the project pipeline with high-value assets. Regarding Senegal, he expressed strong confidence in the permitting process for the Diamba Sud project, citing supportive government interactions, successful project socialization with authorities, and a clear timeline to submit the environmental impact statement in September 2025 with approval expected in early 2026.

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    Eric Winmill's questions to New Gold Inc (NGD) leadership

    Eric Winmill's questions to New Gold Inc (NGD) leadership • Q1 2025

    Question

    Eric Winmill of Scotiabank requested an update on the New Afton flotation cleaner circuit upgrade, asking about key milestones for its Q3 commissioning, associated CapEx, and any potential supply chain challenges affecting the project.

    Answer

    President and CEO Patrick Godin stated that CapEx is on track and on budget, with cave construction at 53% completion. CFO Keith Murphy added that while there are some general supply chain pressures, they have been well-managed and have not had a material impact on critical supplies. VP of Technical Services Luke Buchanan highlighted a key milestone: the recent completion of a major shutdown that included bypassing the third stage of cleaners, which de-risks the project's timeline for a Q3 completion.

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    Eric Winmill's questions to New Gold Inc (NGD) leadership • Q4 2024

    Question

    Eric Winmill inquired about the potential for additional pit pushbacks at the Rainy River mine and the expected progression of all-in sustaining costs throughout 2025.

    Answer

    President and CEO Patrick Godin explained that future pit pushbacks at Rainy River depend on drilling results, gold prices, and confirming the tailings storage facility's ultimate capacity. CFO Keith Murphy added that the 2025 all-in sustaining cost profile will mirror production, with higher costs in the first half of the year that will decrease as production increases.

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    Eric Winmill's questions to New Gold Inc (NGD) leadership • Q2 2024

    Question

    Eric Winmill inquired about the drivers behind the lower mining cost per ton at New Afton and asked for details regarding the recent fatality at Rainy River, including any potential impacts on pit stability or operations.

    Answer

    CFO Keith Murphy explained that New Afton's cost per ton is decreasing as throughput increases due to high fixed costs, a trend expected to continue with the C-zone ramp-up. President and CEO Patrick Godin clarified that the tragic incident at Rainy River was an isolated event involving equipment, not related to pit slope stability. He noted that operations were paused for approximately three days but the company remains on track to meet its 2024 guidance.

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    Eric Winmill's questions to New Gold Inc (NGD) leadership • Q1 2024

    Question

    Eric Winmill from Scotiabank asked for additional details on Rainy River's open pit exploration targets, like ODM East, and inquired about critical path items for the New Afton crusher installation.

    Answer

    President and CEO Patrick Godin stated that Rainy River exploration models have been updated, and drilling will commence in a few weeks, with more clarity expected in Q3. COO Yohann Bouchard added that for the New Afton crusher, concrete work is ahead of schedule, all equipment is on-site, and they expect to be ready on time without any threats to the timeline.

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    Eric Winmill's questions to MAC Copper Ltd (MTAL) leadership

    Eric Winmill's questions to MAC Copper Ltd (MTAL) leadership • Q1 2025

    Question

    Eric Winmill of Scotiabank inquired about potential supply chain disruptions or tariff impacts on the cost and availability of consumables.

    Answer

    CEO Michael James McMullen responded that there are no significant issues with consumables or critical spares at present. He noted that general market uncertainty has been a larger concern, and he feels more secure having completed the debt refinancing, which provides significant liquidity to navigate any potential future volatility.

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    Eric Winmill's questions to MAC Copper Ltd (MTAL) leadership • Q3 2024

    Question

    Eric Winmill of Bank of Nova Scotia asked about the mining plan for the zinc mineralization in the upper zones and requested more detail on the tailings storage facility (TSF) expansion, including the Stage 10 lift and the potential use of the northern facility.

    Answer

    Executive Michael James McMullen stated the company plans to self-perform the zinc mining with its own crews, leveraging the flexibility of having the fleet on-site for the QTS South Upper development. He explained the Stage 10 lift provides capacity until ~2031, allowing time for ongoing discussions to potentially use the state-owned North facility, subject to agreements on historical liabilities.

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    Eric Winmill's questions to Gold Royalty Corp (GROY) leadership

    Eric Winmill's questions to Gold Royalty Corp (GROY) leadership • Q4 2024

    Question

    Eric Winmill asked for details on the expected distribution of cash flow throughout 2025 and for commentary on the current deal environment for new royalty and streaming opportunities.

    Answer

    Peter Behncke, Director of Corporate Development, confirmed that 2025 cash flow will be weighted to the second half of the year due to the ramp-up schedules for the Vares, Cote, and Borborema assets. Regarding new deals, Behncke stated that while the market is active, the company remains disciplined, focusing on quality, accretive opportunities and highlighting the recent Garrison project acquisition as an example. CEO David Garofalo added that the focus is strictly on later-stage, cash-flowing assets, noting the pace of M&A has slowed to maintain discipline.

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    Eric Winmill's questions to Gold Royalty Corp (GROY) leadership • Q3 2024

    Question

    Eric Winmill from Scotiabank asked for an update on the Jerritt Canyon asset and inquired about which exploration assets management believes the market is overlooking.

    Answer

    CFO Andrew Gubbels confirmed the Jerritt Canyon investment remains written down, but higher gold prices make a future restart more encouraging, although no timeline exists. Peter Behncke (Executive) highlighted the Whistler project in Alaska and the Tonopah West project in Nevada as key exploration assets with significant potential. He noted Whistler's resource has more than doubled and Tonopah West, which has a large 3% NSR royalty, was created through the company's low-cost royalty generator model.

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