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    Heiko Ihle • H.C. Wainwright & Co.

    Heiko Ihle's questions to TMC the metals company Inc (TMC) leadership

    Heiko Ihle's questions to TMC the metals company Inc (TMC) leadership • Q2 2025

    Question

    Heiko Ihle of H.C. Wainwright & Co. asked about potential factors that could accelerate or delay the Q4 2027 production timeline and questioned management on key risks and recent positive surprises, referencing the company's "adapt or die" motto.

    Answer

    Chairman and CEO Gerard Barron stated that he sees no significant regulatory risks to the Q4 2027 timeline, only normal business risks, as the board is now confident in deploying capital. He highlighted numerous positive surprises, including unexpectedly strong and coordinated support from the US administration and the deepening commitment of strategic partners like Korea Zinc to invest in the US.

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    Heiko Ihle's questions to Endeavour Silver Corp (EXK) leadership

    Heiko Ihle's questions to Endeavour Silver Corp (EXK) leadership • Q2 2025

    Question

    Heiko Ihle inquired about the latest operational progress at the Terronera mine, asking for recent throughput and recovery figures and whether the ramp-up is proceeding faster than anticipated. He also asked if the integration of the Culpa acquisition limits management's capacity for further M&A.

    Answer

    CEO Dan Dixon stated that Terronera is very close to commercial production, with the primary focus on optimizing the grind size to improve silver recoveries. He confirmed they are not actively seeking another acquisition until Terronera is generating positive free cash flow, allowing the company a "breather" to strengthen its balance sheet. COO Dawn Gray added that the ore's recovery is highly dependent on achieving the design grind size, which is the team's current focus.

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    Heiko Ihle's questions to Endeavour Silver Corp (EXK) leadership • Q1 2025

    Question

    Heiko Ihle of H.C. Wainwright & Co. asked about the extent of cash outflows to Terronera during Q2 and inquired about the near-term exploration priorities for the recently acquired Kolpa mine, given that only 10% of the property has been explored.

    Answer

    CEO Dan Dickson confirmed that while cash was still being sent to Terronera in April for commissioning, the major capital spending is complete. For Kolpa, he explained the focus is on validating the 118-million-ounce historical resource, exploring new discoveries like the Poderosa vein, and applying Endeavour's exploration expertise to identify new structures on the vast property, supported by a significant 24-month exploration budget.

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    Heiko Ihle's questions to Endeavour Silver Corp (EXK) leadership • Q2 2024

    Question

    On behalf of Heiko Ihle from H.C. Wainwright & Co., a representative asked for the expected timing of the remaining $45 million drawdown for Terronera and for insights into aspects of the construction process that went better or worse than planned.

    Answer

    CFO Elizabeth Senez confirmed the company plans to draw down the remaining funds during Q3, as the majority of the remaining construction spend will be incurred then. CEO Dan Dickson added that while there are daily challenges, the team has been highly flexible, citing the management of a small construction footprint and evolving the mine plan as examples of successful adaptation.

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    Heiko Ihle's questions to Endeavour Silver Corp (EXK) leadership • Q1 2024

    Question

    Heiko Ihle of H.C. Wainwright & Co. asked about the expected impact of strong gold by-product credits on cash costs for the remainder of the year and whether this could offset the strong Mexican peso. He also questioned if analysts should anticipate inflationary cost pressures for the Terronera project.

    Answer

    CEO Dan Dickson responded that while higher gold prices provide a beneficial by-product credit that lowers cash costs, the company's focus is on managing direct operating costs per tonne. For Terronera, Dickson confirmed it is fair to assume operating costs will be higher than the 2023 estimate of $81/tonne, potentially rising to the $95-$100/tonne range due to peso appreciation and industry-wide inflation since early 2023. Updated guidance will be provided closer to the 2025 operational start.

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    Heiko Ihle's questions to Hecla Mining Co (HL) leadership

    Heiko Ihle's questions to Hecla Mining Co (HL) leadership • Q2 2025

    Question

    Heiko Ihle from H.C. Wainwright & Co. asked for specifics on the expected decline in the stripping ratio at Casa Berardi in Q4, requesting quantification and the current cost to haul waste. He also inquired about the permitting timeline for new pits at the asset.

    Answer

    VP of Technical Services Matt Blattman explained that the stripping ratio improves geometrically as the pit deepens, projecting it will be near 10-to-1 and decrease further. He noted that while haulage distances will increase, cost improvements will come from reducing contractor reliance. President & CEO Rob Krcmarov reiterated that the permitting process for new pits is lengthy and referenced a previously mentioned five-year permitting hiatus.

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    Heiko Ihle's questions to Hecla Mining Co (HL) leadership • Q1 2025

    Question

    Heiko Ihle inquired about the impact of recent tariffs on input costs, parts, and availability across Hecla's operations. He also asked for details on the upcoming shutdown at Keno Hill for the Yukon Energy turbine repair, including its duration and potential financial impact.

    Answer

    Russell Lawlar, SVP & CFO, addressed the tariff question, stating that while the company anticipates some higher costs for items like steel, its contracting strategy has so far insulated it from direct impacts on concentrates sold to China. Carlos Aguiar, SVP & COO, explained the turbine repair is planned for a six-day period in August, with the downtime already factored into projections. He estimated a delay of approximately 90,000 ounces of silver production.

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    Heiko Ihle's questions to Hecla Mining Co (HL) leadership • Q4 2024

    Question

    Heiko Ihle asked about potential efficiency improvements at Lucky Friday, requested quantifiable quarterly cost guidance for Casa Berardi as it transitions, and followed up on how long it would take for cost savings to be fully realized post-transition.

    Answer

    VP of Technical Services Matt Blattman explained that efficiency gains at Lucky Friday will be incremental and steady, not quantum leaps. CEO Robert Krcmarov and CFO Russell Lawlar declined to give quarterly guidance for Casa Berardi but confirmed costs would fall in the second half. Lawlar added that Q4 results should fully reflect the savings better than Q3 due to transition-related carry-on costs.

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    Heiko Ihle's questions to Hecla Mining Co (HL) leadership • Q3 2024

    Question

    Heiko Ihle of H.C. Wainwright & Co. inquired about labor cost trends for the fourth quarter and asked incoming CEO Rob Krcmarov about his long-term strategic plans for Hecla, particularly concerning M&A.

    Answer

    SVP & COO Carlos Aguiar and SVP & CFO Russell Waller addressed labor costs, noting they expect contractor usage to decrease in Q4 as project work concludes. Incoming CEO Rob Krcmarov stated that the immediate focus is on internal growth and maximizing the value of the existing asset portfolio. He emphasized that any future M&A would be approached with discipline from a position of strength, subject to thorough due diligence.

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    Heiko Ihle's questions to Galiano Gold Inc (GAU) leadership

    Heiko Ihle's questions to Galiano Gold Inc (GAU) leadership • Q1 2025

    Question

    Heiko Ihle of H.C. Wainwright & Co. asked about Galiano's drilling strategy at the Abore pit, inquiring about long-term plans and how recent results compared to expectations. He also questioned the secondary crusher project, focusing on its final cost versus budget, payment status, and the expected operational downtime for installation.

    Answer

    VP of Exploration Chris Pettman stated that drilling at Abore's South pit yielded better-than-expected results, with wider, higher-grade intercepts and a new high-grade discovery. He outlined plans for deeper drilling to test extensions for potential open-pit or underground mining. CFO Matthew Freeman confirmed the secondary crusher project remains on budget. COO Michael Cardinaels added that installation downtime will be minimal (a few days) and is already factored into the annual production guidance, a point reiterated by executive Matt Badylak.

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    Heiko Ihle's questions to Galiano Gold Inc (GAU) leadership • Q2 2024

    Question

    Heiko Ihle inquired about Galiano's capital allocation strategy, asking when the company might consider shareholder returns given its substantial cash balance, and sought clarification on mining contract cost trends and their correlation to the gold price.

    Answer

    CEO Matt Badylak stated the current focus is on long-term value through reinvestment in the life-of-mine plan and strategic M&A, though shareholder returns are not off the table. CFO Matthew Freeman clarified that mining costs are fixed-rate, volume-driven contracts with no gold price participation, ensuring any upside from higher gold prices benefits Galiano directly.

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    Heiko Ihle's questions to Franco-Nevada Corp (FNV) leadership

    Heiko Ihle's questions to Franco-Nevada Corp (FNV) leadership • Q1 2025

    Question

    Heiko Ihle inquired about the potential for more stream-to-royalty conversions, citing the recent Pandora NPI deal, and questioned the outperformance of Franco-Nevada's U.S. energy assets compared to other major energy investments.

    Answer

    President and CEO Paul Brink clarified that the Pandora conversion was a one-off situation tied to a specific transaction and not indicative of a broader trend. Jason O'Connell, SVP, Energy, explained that Franco-Nevada's passive royalty model differs from an operator like Occidental Petroleum, providing broad, diversified exposure across major U.S. shale plays without direct operational costs or risks. He added that the company continues to evaluate quality oil and gas opportunities.

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    Heiko Ihle's questions to Franco-Nevada Corp (FNV) leadership • Q1 2024

    Question

    Heiko Ihle from H.C. Wainwright & Co. inquired about pricing improvements in the deal pipeline for both mining and energy streams and whether sellers are shifting preference between fixed fees and percentage-of-spot pricing.

    Answer

    President & CEO Paul Brink explained that the high gold price environment makes it attractive for companies with precious metal byproducts to sell streams, driving an active deal pipeline. Executive Eaun Gray added that the market standard has shifted towards percentage-based fees for ongoing payments to the seller, rather than fixed fees.

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    Heiko Ihle's questions to Energy Fuels Inc (UUUU) leadership

    Heiko Ihle's questions to Energy Fuels Inc (UUUU) leadership • Q1 2025

    Question

    A representative for Heiko Ihle of H.C. Wainwright asked for an update on the Pinyon Plain mine, specifically regarding any supply chain issues and planned spending for Q2. They also questioned the company's strategy for potentially purchasing more uranium on the spot market and if there was a maximum price for such acquisitions.

    Answer

    CEO Mark Chalmers reported no significant operational issues at Pinyon Plain, aside from minor logistics in organizing ore transport. He reiterated that with the mine largely developed, current expenditures are focused on production, with homogenized costs expected to be $35-$40/lb. On spot purchases, Chalmers indicated they would remain opportunistic, considering acquisitions if the price is attractive relative to their own production costs, but did not set a firm maximum purchase price.

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    Heiko Ihle's questions to Energy Fuels Inc (UUUU) leadership • Q3 2024

    Question

    Heiko Ihle from H.C. Wainwright & Co. inquired about the integration of Base Resources post-acquisition, asking about any operational surprises or efficiencies, and also questioned recent trends in long-term uranium contracts with utilities regarding pricing and duration.

    Answer

    President and CEO Mark Chalmers responded that the Base Resources integration is proceeding as scheduled with no negative surprises, emphasizing the collaborative work between the two 'doer-focused' teams. Regarding uranium contracts, Chalmers noted that utilities are increasingly accepting higher prices, with both price floors and ceilings trending upward as the market digests growing demand from data centers, AI, and global reactor restarts.

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    Heiko Ihle's questions to Energy Fuels Inc (UUUU) leadership • Q2 2024

    Question

    Heiko Ihle of H.C. Wainwright & Co. inquired about Energy Fuels' pricing power with its customer base given its increasing production scale and geopolitical turmoil. He also asked if there is a maximum uranium inventory level permitted at the company's mill site.

    Answer

    Executive Mark Chalmers stated that pricing power is improving, evidenced by a recent, favorable long-term contract, although utilities still desire low prices. He confirmed there is no regulatory maximum for ore inventory at the mill, noting the company has substantial capacity and has held over a million tons in the past. He added that current inventories are north of 900,000 pounds and growing daily.

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    Heiko Ihle's questions to Gold Royalty Corp (GROY) leadership

    Heiko Ihle's questions to Gold Royalty Corp (GROY) leadership • Q1 2025

    Question

    Heiko Ihle of H.C. Wainwright & Co. inquired about the expected production cadence for the remainder of 2025 and the key sources of variability and upside in the company's five-year outlook.

    Answer

    Jackie Przybylowski, VP of Capital Markets, explained that Q2 would see a significant step-up in production as key mines ramp up, followed by incremental growth in H2. For the long-term outlook, she highlighted potential upside from exploration at Canadian Malartic (Odyssey) and the uncredited expansion plans at Borborema.

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    Heiko Ihle's questions to Gold Royalty Corp (GROY) leadership • Q4 2024

    Question

    Heiko Ihle inquired about Gold Royalty's long-term outlook beyond the new 2029 guidance, the expected breakdown between gold and copper revenue in the very long term, and the company's five-year plan for debt repayment.

    Answer

    Peter Behncke, Director of Corporate Development, noted that cornerstone assets like Canadian Malartic and Cote have 20-plus year mine plans, suggesting the 5-year outlook is sustainable. Jackie Przybylowski, VP of Capital Markets, added that copper's portfolio share will decline as major gold assets ramp up. CFO Andrew Gubbels explained that debt was used to build the asset base and will be paid down with upcoming free cash flow. CEO David Garofalo affirmed that the objective is to repay debt quickly while keeping the facility available for future non-dilutive, accretive acquisitions.

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    Heiko Ihle's questions to Gold Royalty Corp (GROY) leadership • Q3 2024

    Question

    Heiko Ihle of H.C. Wainwright & Co. inquired about the impact of significantly higher gold prices on Gold Royalty's portfolio, operator investment levels, and the current M&A pipeline.

    Answer

    David Garofalo (Executive) and Jackie Przybylowski (VP, Capital Markets) explained that the company has immense leverage to the gold price, which could drive revenue to over $70 million by the end of the decade. They noted that while key assets like Cote and Vares are ramping up regardless of price, higher prices could accelerate development at other projects. Regarding M&A, Mr. Garofalo stated that despite juniors needing capital, the company must remain highly disciplined due to its own share price weakness and will prioritize paying down debt with its growing cash flow.

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    Heiko Ihle's questions to Sandstorm Gold Ltd (SAND) leadership

    Heiko Ihle's questions to Sandstorm Gold Ltd (SAND) leadership • Q1 2025

    Question

    Heiko Ihle inquired about the assumptions for the Greenstone mine's contribution to the 2025 production guidance, particularly for Q1, and sought confirmation on the scope of the Fruta del Norte royalty.

    Answer

    Executive Nolan Watson explained that while Q1 was an 'abnormality' for the Greenstone mine, the company sees evidence of a stronger Q2 and remains positive on the asset. He declined to provide specific quarterly figures to avoid conflicting with the operator's guidance. Watson also confirmed that the 0.9% NSR royalty on Fruta del Norte covers the entire site, including all future expansions.

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    Heiko Ihle's questions to Sandstorm Gold Ltd (SAND) leadership • Q1 2025

    Question

    Heiko Ihle of H.C. Wainwright & Co. inquired about Sandstorm's annual guidance of 65,000 to 80,000 ounces, seeking specifics on the company's internal modeling for the Greenstone mine's quarterly contribution, particularly for Q1. He also asked for confirmation that the Fruta del Norte 0.9% NSR royalty covers the entire site, including all future plant expansions.

    Answer

    Nolan Watson, an executive at Sandstorm, explained that while he couldn't provide specific internal figures for the Greenstone mine to avoid conflicting with partner guidance, Q1's performance was an "abnormality." He expressed confidence that the mine has "turned a corner" and expects Q2 to be significantly stronger. Watson also confirmed that the Fruta del Norte royalty does indeed cover the entire site and any future expansions.

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    Heiko Ihle's questions to Sandstorm Gold Ltd (SAND) leadership • Q2 2024

    Question

    Heiko Ihle asked about Sandstorm's debt reduction target, questioning if a stretch goal below $350 million is achievable by year-end given strong gold prices. He also inquired if any mine operators have approached Sandstorm to buy back their streams.

    Answer

    CFO Erfan Kazemi-Esfahani confirmed the goal is to get debt below $350 million and that higher cash flow is already enabling share buybacks alongside debt repayment, with potential for further reduction if commodity prices stay strong. Executive Nolan Watson stated definitively that the company does not engage in stream buyback conversations, a well-known industry stance that has led operators to stop asking.

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    Heiko Ihle's questions to Sandstorm Gold Ltd (SAND) leadership • Q2 2024

    Question

    Heiko Ihle inquired if Sandstorm could surpass its year-end debt reduction target of $350 million, given strong gold prices and cash flow. He also asked if any mine operators have approached the company to buy back their streams.

    Answer

    CFO Erfan Kazemi-Esfahani explained that while no new formal target is being set, continued strong commodity prices make it possible to beat the $350 million goal while also buying back shares. Executive Nolan Watson stated that the company does not entertain offers from operators to buy back streams, noting this is a well-understood industry practice.

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    Heiko Ihle's questions to McEwen Mining Inc (MUX) leadership

    Heiko Ihle's questions to McEwen Mining Inc (MUX) leadership • Q3 2024

    Question

    Heiko Ihle of H.C. Wainwright & Co. questioned the cause of lower grades at the San Jose mine and its long-term outlook, and also asked about the company's internal assessment of the recent U.S. election's impact on its business.

    Answer

    CFO Perry Ing explained that the lower grades at San Jose were temporary and had been rectified by October, with Q4 trending well to meet guidance. CEO Robert McEwen commented on the election, stating that the incoming administration's pro-resource stance is viewed as a positive for its U.S. operations, particularly for streamlining regulations, but it was too early for a detailed internal analysis.

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    Heiko Ihle's questions to Ur-Energy Inc (URG) leadership

    Heiko Ihle's questions to Ur-Energy Inc (URG) leadership • Q1 2024

    Question

    Heiko Ihle inquired about recent changes in long-term contract pricing and demand, particularly following the U.S. Senate's decision to ban Russian uranium imports, and asked about the timeline for small modular reactors (SMRs) to create meaningful uranium demand.

    Answer

    Chairman and CEO John Cash explained that while no new RFPs had arrived post-Senate vote, the spot price rose, and he believes the ban was already priced in. He noted the shift to a seller's market allows for contracts with market-related collars and strong floors. Regarding SMRs, he projected significant demand would not materialize for 3-5 years, potentially becoming material around 2028-2030, while citing the NRC's regulatory speed as a risk.

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