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    Henry Hearle • B. Riley Securities

    Henry Hearle's questions to SunCoke Energy Inc (SXC) leadership

    Henry Hearle's questions to SunCoke Energy Inc (SXC) leadership • Q2 2025

    Question

    Henry Hearle, on behalf of Nick Giles, inquired about the key drivers for the anticipated second-half EBITDA improvement, the macro factors influencing the newly acquired Phoenix Global, and the status of contract renewal discussions with SunCoke's largest customer.

    Answer

    VP of Finance & Treasurer, Shantanu Agrawal, explained that second-half performance will be driven by a normalization of the contract and spot coke sales mix, bringing EBITDA per ton back to the yearly average. He also noted logistics volumes are expected to recover in Q3. President and CEO Katherine Gates added that while more details on Phoenix Global will follow post-acquisition, its historical EBITDA remains a reasonable baseline, and the focus is on organic growth. Regarding customer contracts, she expressed surprise at public comments from Cliffs but confirmed that active renewal discussions are ongoing.

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    Henry Hearle's questions to Alcoa Corp (AA) leadership

    Henry Hearle's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Henry Hearle, on behalf of Nick Giles, asked about the 50,000 metric tons of spare capacity at the Warrick smelter and what is preventing Alcoa from restarting it to capitalize on the high Midwest premium.

    Answer

    President, CEO & Director William Oplinger explained that restarting the idled fourth line at Warrick would require a substantial investment of approximately $100 million and would take about a year to complete. He stated that the company would need more certainty on the longevity of the current tariff environment before committing to the restart.

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    Henry Hearle's questions to Hecla Mining Co (HL) leadership

    Henry Hearle's questions to Hecla Mining Co (HL) leadership • Q1 2025

    Question

    Henry Hearle, on behalf of Nick Giles, asked for an update on the potential sale of Casa Berardi, how higher gold prices are influencing the strategic review, and whether proceeds would be earmarked for debt paydown. He also inquired how the permitting timeline might impact the asset's valuation in any potential transaction.

    Answer

    Robert Krcmarov, President & CEO, stated that a sale is not a foregone conclusion and all strategic alternatives are being evaluated, with an update expected by the next quarter. He noted that while the permitting hiatus impacts valuation, the recent surge in gold prices provides a 'refreshed lens.' Russell Lawlar, SVP & CFO, confirmed that proceeds from any transaction would likely be used to delever the balance sheet.

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