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    Glyn Lawcock • Barrenjoey

    Glyn Lawcock's questions to Rio Tinto PLC (RIO) leadership

    Glyn Lawcock's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Glyn Lawcock from Barrenjoey asked about the seriousness of rumored discussions with Glencore and whether this implied Rio Tinto was considering a return to the coal business.

    Answer

    CEO Jakob Stausholm declined to comment on rumors but stated that given the company's current focus on simplification, he would be surprised if Rio Tinto were actively looking to re-enter the coal business. He reiterated that the company's M&A philosophy is to pursue good deals, not M&A for its own sake.

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    Glyn Lawcock's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Glyn Lawcock of Barrenjoey asked for comments on rumored discussions with Glencore, questioning the strategic attraction and whether it signaled a potential return to the coal business for Rio Tinto.

    Answer

    CEO Jakob Stausholm declined to comment on rumors but stated he would be surprised if the company were actively looking to re-enter the coal business, especially given the focus on simplification. He reiterated that the company's M&A philosophy is to pursue good deals that create value, citing the recent TRQ and Arcadian transactions as examples.

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    Glyn Lawcock's questions to Alcoa Corp (AA) leadership

    Glyn Lawcock's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Glyn Lawcock asked for an update on government discussions regarding a potential tariff reduction for Canada and inquired about the timing of future capital management actions as the company approaches its net debt target.

    Answer

    President, CEO & Director William Oplinger detailed extensive advocacy efforts with U.S. and Canadian governments. EVP & CFO Molly Beerman noted that once the company is within its adjusted net debt target range, it will review all capital allocation priorities, but delevering remains a focus, highlighting callable notes as a potential action.

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    Glyn Lawcock's questions to Coronado Global Resources Inc (CODQL) leadership

    Glyn Lawcock's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Glyn Lawcock asked if the company is seeking to upsize its credit facility as part of the refinancing. He also sought to understand the estimated PLV cash breakeven price for the business in the second half of the year and questioned the likelihood of securing royalty payment relief from the Queensland government.

    Answer

    CFO Barrie Van Der Merwe explained that while upsizing is possible via other debt baskets, the current focus is on a ~$150 million ABL, which, combined with existing cash and cost savings, should provide sufficient resilience. CEO Douglas Thompson declined to provide a specific breakeven price but stated their planning assumes prices remain relatively flat. Regarding government discussions, Thompson confirmed they are in talks about payment timing relief but do not expect a change to the royalty regime itself.

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    Glyn Lawcock's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Glyn Lawcock from Barrenjoey asked if the company is seeking to upsize its ABL facility, what the estimated PLV cash breakeven price would be in the second half of the year, and about the progress of discussions with the Queensland government on royalty relief.

    Answer

    CFO Barrie Van Der Merwe explained that the current cash position combined with a restructured ABL of a similar size ($150M) and other initiatives should provide sufficient resilience, especially as liquidity pressure eases after Q3. CEO Douglas Thompson declined to provide a specific breakeven price but confirmed their plans assume prices remain low. He stated that while royalty rule changes are unlikely, discussions with the government about the timing of payments are ongoing.

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    Glyn Lawcock's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2024

    Question

    Glyn Lawcock of Barrenjoey questioned if the company was free cash flow positive in April and sought clarity on the potential to recover the Queensland stamp duty payment.

    Answer

    Group CFO Gerhard Ziems confirmed that based on internal April reports, the company is operating within its cost guidance and is free cash flow positive. Regarding the stamp duty, Ziems and CEO Douglas Thompson stated they have appealed to the Supreme Court of Queensland, disputing a large portion of the AUD 103 million paid, as they must pay the full amount upfront before appealing. They are hopeful for a resolution within the year.

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