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    Jacob Sekelsky

    Research Analyst at Alliance Global Partners

    Jake Sekelsky is Managing Director and Head of Metals & Mining Research at Alliance Global Partners, specializing in early-stage exploration to mid-level producers within the metals and mining sector. He has covered companies such as Endeavour Silver Corp, McEwen Mining, U.S. Gold, IperionX, KULR Technology Group, and Ur-Energy, maintaining an average success rate of 40% and a historical average return of 25.75% on rated stocks, with standout recommendations achieving up to 62% profit. Sekelsky began his analyst career as an Equity Research Associate at H.C. Wainwright before advancing to Director of Metals & Mining Research at Roth Capital Partners, joining Alliance Global Partners prior to 2023. He holds a B.S. in Finance & Economics from Sacred Heart University, is recognized as a Top 25 Canadian Analyst by TipRanks, and is professionally credentialed in FINRA registrations and securities analysis.

    Jacob Sekelsky's questions to TMC the metals Co (TMC) leadership

    Jacob Sekelsky's questions to TMC the metals Co (TMC) leadership • Q1 2025

    Question

    Jacob Sekelsky asked how the recent wave of government support might impact the onshore processing side of the business and whether TMC has long-term plans to move downstream.

    Answer

    Chairman and CEO Gerard Barron confirmed that TMC is actively evaluating U.S.-based processing, citing DSHMRA's preference for domestic operations and inbound interest from "Patriot capital providers." Executive Craig Shesky reinforced that any downstream move would be assessed for shareholder value (IRR, ROIC) and that the immediate focus remains a capital-light approach, leveraging partners until a commercial recovery permit is secured.

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    Jacob Sekelsky's questions to TMC the metals Co (TMC) leadership • Q4 2024

    Question

    Jacob Sekelsky of Alliance Global Partners sought to confirm if the NOAA process represents a complete shift from the ISA pathway or a parallel strategy, and asked about key milestones, timelines for the new process, and its impact on the upcoming economic study.

    Answer

    CFO Craig Shesky clarified that the NOAA path is a new, advantageous, and incremental path forward, not a replacement for the ISA process, and was pursued due to a shift in U.S. political appetite. CEO Gerard Barron added that while a timeline is understood internally, details will be shared after further consultation with NOAA. Shesky confirmed the economic study is still expected to be completed in advance of the U.S. application submission in June.

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    Jacob Sekelsky's questions to TMC the metals Co (TMC) leadership • Q3 2024

    Question

    Jacob Sekelsky of Alliance Global Partners asked for additional details on the $9 million government funding application for domestic refining, inquiring about the progress of the application and if potential sites had been identified.

    Answer

    Executive Craig Shesky confirmed that potential sites have been identified and the application is well-advanced, having been submitted nearly nine months ago. He positioned the grant as more valuable for the explicit U.S. government support it represents, which builds investor confidence, rather than just its monetary value, calling it an opportunistic but not essential development.

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    Jacob Sekelsky's questions to AVINO SILVER & GOLD MINES (ASM) leadership

    Jacob Sekelsky's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q1 2025

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about potential strategies to accelerate development at the La Preciosa project and any plans to expand exploration programs, given Avino's strong balance sheet.

    Answer

    President and CEO David Wolfin confirmed that the company is actively exploring ways to accelerate development, including increasing the pace of ramp development and potentially adding another portal at La Preciosa. He also stated that exploration drilling is ongoing at the ET mine and that the company intends to expand drilling at La Preciosa once equipment is upgraded.

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    Jacob Sekelsky's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q4 2024

    Question

    Jacob Sekelsky of Alliance Global Partners questioned the sustainability of the lower Q4 costs into 2025 and asked for more detail on the La Preciosa ramp-up timeline.

    Answer

    CFO Nathan Harte responded that cost per tonne is expected to remain level, while all-in sustaining costs per ounce are targeted to be similar to or slightly lower than the 2024 annual figure. He added that while the goal is to process La Preciosa ore in Q4 2025, the company may stockpile material to ensure a full-capacity start in early 2026.

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    Jacob Sekelsky's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q2 2024

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about the plan for processing La Preciosa stockpiles in the second half of 2024, the remaining tonnage, and the potential production ramp-up schedule for the La Preciosa underground mine.

    Answer

    Peter Latta, VP of Technical Services, confirmed that stockpile processing will continue in the second half with approximately 5,000 tonnes remaining. He stated that while various ramp-up scenarios exist for the underground mine, the immediate focus is on securing permits, after which more detailed plans will be shared.

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    Jacob Sekelsky's questions to TRX GOLD (TRX) leadership

    Jacob Sekelsky's questions to TRX GOLD (TRX) leadership • Q2 2025

    Question

    Jacob Sekelsky from Alliance Global Partners asked if the four-year, $89 million growth CapEx plan assumes a self-funding strategy and if this timeline could be accelerated with external financing. He also sought clarification on whether the underground mining operations are included in the existing special mining license.

    Answer

    Stephen Mullowney (executive) confirmed that the expansion timeline could be accelerated with external funding, but this would involve a trade-off with an increased risk profile. He noted that some initial work has already commenced. He also affirmed that the company's special mining license does cover underground operations, although some ancillary permits would still be required.

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    Jacob Sekelsky's questions to McEwen (MUX) leadership

    Jacob Sekelsky's questions to McEwen (MUX) leadership • Q4 2024

    Question

    Jacob Sekelsky inquired about the critical path for extending the mine life at Gold Bar via the Timberline properties, the future strategy for the company's royalty portfolio, and whether high gold prices are prompting a re-evaluation of near-term mine plans.

    Answer

    Chief Operating Officer William Shaver detailed the permitting timeline for Timberline, noting it could be 3-5 years for BLM land, with applications starting soon. Executive Robert McEwen confirmed the company is considering both expanding and monetizing its royalty portfolio. William Shaver added that the company is actively working to increase production at Gold Bar and Timmins to capitalize on higher gold prices.

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    Jacob Sekelsky's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about future production levels at Gold Bar, the permitting timeline for the Timberline acquisition, and the status of development work at the Fox Complex.

    Answer

    Executive William Shaver clarified that Gold Bar's 2025 production will be similar to 2024 due to stripping activities. Executive Stefan Spears detailed a multi-year, phased permitting process for Timberline, with initial production projected for 2027. William Shaver also updated on the Fox Complex, noting that ramp excavation permits are being finalized, with the Stock operation expected to be online in Q3/Q4 of the next year to help reach a target of 100,000 ounces per year by 2028.

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    Jacob Sekelsky's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about the sustainability of Gold Bar's recent high production levels, the permitting timeline for the newly acquired Timberline property, and the status of development work at the Fox Complex.

    Answer

    Executive William Shaver clarified that Gold Bar's 2025 gold production is expected to be in line with the current year, as increased material movement is focused on waste stripping. Executive Stefan Spears outlined a phased permitting process for Timberline, projecting the earliest production around 2027. William Shaver also detailed development at the Fox Complex, noting they are in the final stages of permitting for a new ramp and targeting operations in Q3/Q4 of the next year to support a goal of approximately 100,000 ounces per year by 2028.

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    Jacob Sekelsky's questions to GOLD RESOURCE (GORO) leadership

    Jacob Sekelsky's questions to GOLD RESOURCE (GORO) leadership • Q2 2024

    Question

    Jacob Sekelsky inquired about the operational impact of heavy rains on Q2 throughput and whether the unprocessed material would benefit Q3. He also asked for an update on the company's foreign exchange hedging strategy for the Mexican peso.

    Answer

    President and CEO Allen Palmiere explained that two tropical depressions in June turned ore fines to mud, plugging crusher screens and halting throughput, but he does not expect this to impact Q3 or Q4. Regarding currency, Palmiere stated that while Gold Resource Corp is not currently hedged, the Board is now seriously considering putting peso hedges in place to capitalize on the peso's recent devaluation, which significantly lowers operating costs.

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    Jacob Sekelsky's questions to GOLD RESOURCE (GORO) leadership • Q1 2024

    Question

    Jacob Sekelsky asked if recent strength in gold and silver prices has created opportunities to target more precious metal-rich areas or altered the company's cutoff grade strategy. He also inquired about the company's hedging strategies for base metals and the Mexican peso.

    Answer

    President and CEO Allen Palmiere responded that the 2024 mine plan is relatively inflexible, limiting the ability to immediately target higher precious metal grades. However, he anticipates that exploration results from areas like Marena and Three Sisters will lead to mining higher-grade material in 2025. Regarding hedging, Palmiere stated the company avoids hedging precious metals to provide shareholders with upside exposure. For base metals, they would consider hedging zinc if prices continue to rise. He explained that they are not currently hedging the volatile Mexican peso, as they expect it to soften from its current strength, which is supported by a high-interest-rate carry trade. They would only consider hedging if the exchange rate weakened to around MXN 18 to the dollar.

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    Jacob Sekelsky's questions to ENDEAVOUR SILVER (EXK) leadership

    Jacob Sekelsky's questions to ENDEAVOUR SILVER (EXK) leadership • Q2 2024

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about the increase in finished goods inventory, asking if it was a strategic decision to withhold ounces for higher prices or simply a matter of timing. He also asked if the Mexican peso had weakened enough for the company to consider implementing broader foreign exchange hedges.

    Answer

    CEO Dan Dickson confirmed that the inventory build was purely a function of shipment timing and that the company is not holding back sales, especially while funding the Terronera project. Regarding the peso, Dickson stated that while he anticipates further weakness, Endeavour has no current plans for additional FX hedges beyond those required by their debt facility for Terronera.

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    Jacob Sekelsky's questions to ENDEAVOUR SILVER (EXK) leadership • Q1 2024

    Question

    Jacob Sekelsky of Alliance Global Partners followed up on hedging, asking if the company would consider hedging additional gold production beyond what is required for the Terronera facility. He also asked about the labor outlook at Terronera.

    Answer

    CEO Dan Dickson reiterated that the company is not considering additional gold hedges at this time, as management sees more runway in the precious metals space and the existing hedge provides sufficient downside protection. On the labor front, he stated that the mining team is handled internally and key plant operations staff have already been hired. He does not anticipate a significant hiring challenge leading up to the Q4 commissioning.

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    Jacob Sekelsky's questions to Golden Minerals (AUMN) leadership

    Jacob Sekelsky's questions to Golden Minerals (AUMN) leadership • Q2 2022

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about the remaining mine life at the Rodeo project, the importance of the San Mateo vein to the Velardena mine plan following dilution issues, and the company's confidence in the CapEx estimates for the Velardena restart amid cost inflation.

    Answer

    President and CEO Warren Rehn explained that Rodeo's higher-grade material is expected to last into October 2023, with potential for two more years of production from lower-grade material. Rehn and COO John Galassini clarified that while the San Mateo vein is significant, the dilution issue was localized due to a specific geologic feature. Regarding CapEx, Rehn stated that the Velardena restart cost is still tracking in line with the $16 million estimate, though final detailed bids are pending.

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    Jacob Sekelsky's questions to Golden Minerals (AUMN) leadership • Q1 2022

    Question

    Jacob Sekelsky of Alliance Global Partners inquired about the timeline for test mining results at the Velardeña project, the required metal prices to restart mining activities there, and the exploration plans for the remainder of the year at both the Rodeo and Yoquivo properties, including the potential for further mine life extension at Rodeo.

    Answer

    President and CEO Warren Rehn stated that Velardeña test mining results are expected by the end of June or early Q3. He indicated that a sustained silver price over $25 per ounce would be necessary to consider restarting mining before the BIOX plant is operational. Regarding exploration, Rehn mentioned that additional drilling at Rodeo could incrementally extend the mine life by another quarter or two, and the ongoing program at Yoquivo is aimed at defining an initial mineral resource.

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    Jacob Sekelsky's questions to Golden Minerals (AUMN) leadership • Q3 2021

    Question

    Jacob Sekelsky of Alliance Global Partners asked for clarification on the timeline for the Velardena project's feasibility-level results and a potential production decision, and also inquired whether positive Rodeo exploration results would lead to a formal or internal mine plan update.

    Answer

    President, CEO & Director Warren Rehn explained that feasibility-level work on the Velardena BIOX process should be available in Q1 2022, allowing for a decision in the first half of the year. For Rodeo, he stated the update would likely be internal due to cost, but the information would be included in the SK-1300 technical report summary early next year.

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