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    Jacob Sekelsky • Alliance Global Partners

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

    Jacob Sekelsky's questions to TMC the metals company Inc (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 company Inc (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 company Inc (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 McEwen Mining Inc (MUX) leadership

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

    Question

    Jacob Sekelsky inquired about the path forward for mine life extension at Gold Bar, the company's strategy for its royalty portfolio, and whether high gold prices are prompting a re-examination of near-term mine plans.

    Answer

    Chief Operating Officer William Shaver detailed the permitting timeline for the Timberline property, which could range from early next year to 3-5 years, noting current assets at Gold Bar extend into 2030. Executive Robert McEwen confirmed the company is open to both expanding and monetizing its royalty portfolio. Mr. Shaver also affirmed that the company is actively working to increase production at both Gold Bar and in Timmins to capitalize on higher metal prices.

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    Jacob Sekelsky's questions to McEwen Mining Inc (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 Endeavour Silver Corp (EXK) leadership

    Jacob Sekelsky's questions to Endeavour Silver Corp (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 Corp (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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