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    Farooq Hamed

    Managing Director and Senior Equity Analyst at Raymond James

    Farooq Hamed is a Managing Director and Senior Equity Analyst at Raymond James, specializing in precious and base metals research with coverage focused on major North American mining companies such as IAMGOLD, Hudbay Minerals, Ivanhoe Electric, Agnico Eagle Mines, Calibre Mining, and Surge Copper. He has delivered notable investment recommendations, including recent ratings on IAMGOLD and Hudbay Minerals, though his public performance metrics show a 50% success rate and average returns of approximately -2.47% across rated stocks. Hamed began his career as an equity research analyst at Barclays Capital prior to joining Raymond James in early 2017 to bolster the firm’s mining sector team in Toronto. He is a Chartered Accountant (CA) and holds relevant Canadian securities credentials associated with senior analyst roles in institutional equity research.

    Farooq Hamed's questions to Hudbay Minerals (HBM) leadership

    Farooq Hamed's questions to Hudbay Minerals (HBM) leadership • Q4 2024

    Question

    Farooq Hamed of Raymond James asked for confirmation of the 'Made-in-America' strategy for Copper World, specifically the commitment to producing copper cathode. He also questioned the possibility of a share buyback following the recent equity issuance.

    Answer

    CEO Peter Kukielski affirmed the company's commitment to producing copper cathode in the U.S. as a key and attractive component of the Copper World feasibility study. Regarding buybacks, CFO Eugene Lei explained that the equity issuance was part of a broader strategy to fund projects and strengthen the balance sheet for Copper World, making a near-term buyback less likely as they prioritize reinvestment for superior returns.

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