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    Fahad Tariq

    Senior Equity Analyst at Jefferies Financial Group

    Fahad Tariq is a Senior Equity Analyst at Jefferies specializing in coverage of global mining companies such as Barrick Mining, Newmont Mining, Ero Copper Corp., and OceanaGold. Recognized for his rigorous research, Tariq maintains a success rate around 65% with over 20 stocks, and is rated 3.89 stars by TipRanks for his stock recommendations, indicating strong investment performance. He joined Jefferies in recent years following prior analyst roles, and has established a reputation for accurate calls and sector expertise. Tariq holds professional credentials, including FINRA registration and relevant securities licenses, further validating his standing in the industry.

    Fahad Tariq's questions to Hudbay Minerals (HBM) leadership

    Fahad Tariq's questions to Hudbay Minerals (HBM) leadership • Q2 2025

    Question

    Fahad Tariq of Jefferies Financial Group requested an outlook for the Manitoba operations in Q3, particularly concerning ore grades as a potential offset to wildfire-related shutdowns. He also followed up on whether there were any discussions with the U.S. administration about permitting for Copper World Phase II or the Mason project.

    Answer

    COO Andre Lauzon explained that Manitoba grades are expected to remain consistent for the rest of the year and that operations are expected to resume soon, keeping the company on track to meet guidance. President and CEO Peter Kukielski reiterated the focus remains on Copper World Phase 1, while Andre Lauzon added that the JV deal strengthens their position to advance other portfolio assets like Mason in the future.

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    Fahad Tariq's questions to FRANCO NEVADA (FNV) leadership

    Fahad Tariq's questions to FRANCO NEVADA (FNV) leadership • Q2 2025

    Question

    Fahad Tariq inquired about the rationale for suspending the Cobre Panama arbitration and whether recent large acquisitions have altered the company's perspective on future deal sizes.

    Answer

    President & CEO Paul Brink explained that suspending the arbitration was a request from Panama's government to facilitate a resolution for restarting the mine. He also affirmed that the company's capacity for large deals remains unchanged, citing strong annual cash flow of approximately $1.3 billion and ample liquidity from their credit facility.

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    Fahad Tariq's questions to FRANCO NEVADA (FNV) leadership • Q2 2025

    Question

    Fahad Tariq inquired about the rationale for suspending the Cobre Panama arbitration and whether recent large acquisitions have altered the company's strategy regarding future deal sizes.

    Answer

    President and CEO Paul Brink explained that suspending the arbitration was a request from the Panamanian government to facilitate a positive resolution and mine restart. He also affirmed that the company's deal-making capacity is not restricted, citing strong annual cash flow of approximately $1.3 billion and available credit, which provide ample firepower for future transactions.

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    Fahad Tariq's questions to ROYAL GOLD (RGLD) leadership

    Fahad Tariq's questions to ROYAL GOLD (RGLD) leadership • Q2 2025

    Question

    Fahad Tariq inquired about Royal Gold's deleveraging strategy and timeline following the Sandstorm and Horizon acquisitions, which are expected to increase the revolver balance to approximately $1.2 billion.

    Answer

    President and CEO William Heissenbuttel explained that Royal Gold plans to follow its historical practice of using excess cash flow to pay down debt from its revolving credit facility. He estimated a potential two-year timeline for repayment, assuming no other major business development opportunities arise, emphasizing that debt reduction is a key priority balanced with new investment opportunities.

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    Fahad Tariq's questions to PAN AMERICAN SILVER (PAAS) leadership

    Fahad Tariq's questions to PAN AMERICAN SILVER (PAAS) leadership • Q2 2025

    Question

    Fahad Tariq from Jefferies Financial Group inquired about the gold grade expectations at the Jacobina mine for the second half of the year, following comments on sequencing to lower-grade ores. He also requested more details on the Escobal consultation process, specifically the nature of upcoming meetings and Pan American's direct involvement.

    Answer

    COO Steve Busby explained that while Jacobina is moving towards mining at reserve grades, they will access some higher grades in H2 and remain confident in meeting guidance. Regarding Escobal, SVP of Strategic Initiatives Sean McAleer clarified that the government leads the consultation with the Xinka Parliament in a series of working meetings, and Pan American participates when called upon to provide information.

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    Fahad Tariq's questions to PAN AMERICAN SILVER (PAAS) leadership • Q2 2025

    Question

    Fahad Tariq from Jefferies Financial Group inquired about the gold grade expectations for the Jacobina mine in the second half of the year, following comments about sequencing to lower-grade ore. He also requested more details on the nature of the ongoing Escobal consultation meetings.

    Answer

    COO Steve Busby explained that while Jacobina is transitioning towards mining at reserve grades, the mine will access some higher-grade areas in the latter half of the year, maintaining confidence in the guidance. Regarding Escobal, CEO Michael Steinmann and SVP Sean McAleer clarified that the consultation is led by the Guatemalan government with the Xinka Parliament, and Pan American participates when requested, with working meetings expected to continue in the coming weeks.

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    Fahad Tariq's questions to Triple Flag Precious Metals (TFPM) leadership

    Fahad Tariq's questions to Triple Flag Precious Metals (TFPM) leadership • Q2 2025

    Question

    Fahad Tariq asked about potential offsets for the anticipated 2026 production decline from Northparks and Cerro Lindo. He also inquired about the current deal pipeline, including deal size, commodity focus, and the company's philosophical stance on corporate M&A.

    Answer

    CEO Sheldon Vanderkooy identified upcoming production from the Arcata and Johnson Camp mines as potential offsets for 2026. He characterized the deal pipeline as 'really full,' with a focus on precious metals opportunities in the $100 million to $300 million range located in the Americas and Australia. Vanderkooy also expressed a favorable view on corporate M&A, referencing the past success of the Mavericks Metals acquisition.

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    Fahad Tariq's questions to OR Royalties (OR) leadership

    Fahad Tariq's questions to OR Royalties (OR) leadership • Q2 2025

    Question

    Fahad Tariq asked for more detail on the specific assets driving the expected increase in GEOs for the second half of 2025 and questioned the company's strategic preference between producing versus development-stage royalties for corporate development.

    Answer

    Jason Attew, CEO, President & Director, explained that the second-half GEO growth is expected from Canadian Malartic's continued performance, an anticipated rise in silver grades at Mantos Blancos, and the ongoing ramp-ups at Tocantinsino and Nandimi. Regarding corporate development, Mr. Attew stated a preference for accretive deals on producing assets, but noted the competitive market makes this challenging. For development assets, the focus is strictly on high-quality projects in Tier-1 jurisdictions that can contribute GEOs within the company's five-year outlook.

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    Fahad Tariq's questions to Ero Copper (ERO) leadership

    Fahad Tariq's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Fahad Tariq of Jefferies Financial Group asked for a reconciliation of Caraíba's strong Q2 cash cost performance against full-year guidance, and inquired about grade reconciliation and potential dilution from mechanization at Xavantina.

    Answer

    President and CEO Makko Defilippo clarified that while Caraíba's costs are trending well, lower grades are expected in H2, keeping costs within the lower half of the guidance range. For Xavantina, he reported that dilution from mechanized mining has been lower than manual methods and that grades are reconciling well with the block model.

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    Fahad Tariq's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Fahad Tariq from Jefferies Financial Group asked for a reconciliation of Cariba's strong Q2 cash cost performance with the full-year guidance, questioning if costs could fall below the guided range. He also inquired about grade reconciliation and potential dilution from mechanization at the Javancina mine.

    Answer

    President and CEO Makko Defilippo clarified that while operational improvements at Cariba are driving efficiencies, a strategic shift to lower-grade ore in the second half will exert some upward cost pressure, positioning full-year costs in the lower half of the guidance range. Regarding Javancina, he noted that dilution from the new mechanized stopes has actually been lower than with previous manual methods and that grades are expected to align with the block model for the remainder of the year.

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    Fahad Tariq's questions to Ero Copper (ERO) leadership • Q2 2025

    Question

    Fahad Tariq asked for a reconciliation of Caraíba's strong Q2 cash costs against the full-year guidance, questioning if costs could fall below the range. He also asked about grade reconciliation at Xavantina and the potential for increased dilution from mechanization.

    Answer

    President & CEO Makko Defilippo clarified that while operational improvements are beneficial, lower grades expected in H2 would exert upward pressure on costs, likely keeping them within the lower half of the guidance range. He added that at Xavantina, dilution from mechanized mining has been lower than manual methods, and grades are reconciling as expected with the block model.

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    Fahad Tariq's questions to AGNICO EAGLE MINES (AEM) leadership

    Fahad Tariq's questions to AGNICO EAGLE MINES (AEM) leadership • Q2 2025

    Question

    Fahad Tariq from Jefferies Financial Group inquired about Agnico Eagle's capital return strategy, specifically the rationale for choosing between share buybacks and dividends, and whether valuation influences this decision. He also asked for the grade outlook at the Macassa mine for the second half of the year.

    Answer

    EVP & CFO Jamie Porter explained that the company is taking a balanced approach, increasing both dividends and buybacks. He noted that buybacks are favored in the near term, with total shareholder returns potentially reaching $1.3 billion for the year if gold prices remain high. A dividend review is planned for later in the year. EVP & COO Natasha Vaz added that Macassa's strong H1 grades were due to localized positive reconciliations and are not factored into H2, which is expected to be softer but still on track to meet annual guidance.

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    Fahad Tariq's questions to AGNICO EAGLE MINES (AEM) leadership • Q1 2025

    Question

    Fahad Tariq of Jefferies asked about the exceptionally high grades at the Macassa mine in Q1, questioning if the outperformance from two stopes was a one-time event or if similar grades could be expected going forward.

    Answer

    Executive Guy Gosselin explained that Macassa's geology includes high-grade 'jewelry box' zones that are difficult to predict with current drill spacing. While the company enjoys these occurrences, they cannot be reliably forecasted in the mine plan, suggesting the Q1 outperformance was not indicative of a new baseline.

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    Fahad Tariq's questions to KINROSS GOLD (KGC) leadership

    Fahad Tariq's questions to KINROSS GOLD (KGC) leadership • Q2 2025

    Question

    Fahad Tariq inquired about the production outlook for the Bald Mountain mine in the second half of 2025, following high grades in Q2, and questioned if the overall U.S. operations were trending above full-year guidance.

    Answer

    EVP & COO Claude Schimper explained that Bald Mountain's production will be slightly lower in the second half as mining transitions from the high-grade LBM pit to the Redbird startup. He confirmed that while U.S. operations had a strong first half, performance is expected to be slightly lower in the second half, particularly at Fort Knox, aligning with full-year guidance.

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    Fahad Tariq's questions to NEWMONT Corp /DE/ (NEM) leadership

    Fahad Tariq's questions to NEWMONT Corp /DE/ (NEM) leadership • Q2 2025

    Question

    Fahad Tariq of Jefferies Financial Group sought clarification on the expected production decline at the Cadia and Penasquito mines in the third quarter, following their strong performance driven by high grades in Q2.

    Answer

    President and COO Natascha Viljoen explained the declines are due to planned mine sequencing. At Penasquito, operations are moving to areas with lower gold grades but higher silver, lead, and zinc. At Cadia, the current panel caves are nearing depletion, and the new cave will ramp up with initially lower grades, consistent with the mine plan.

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