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John Tomazos

Research Analyst at John Tomazos Very Independent Research

John C. Tumazos is the President, CEO, Owner, and Managing Director at John Tumazos Very Independent Research, LLC, specializing in independent investment research on metals, mining, forest products, steel, aluminum, copper, gold, fertilizers, and related commodities sectors. He covers companies such as Appia Rare Earths and Uranium, Viva Gold, Deterra Royalties, Equinox Gold, Dolly Varden Silver, McEwen Copper, Gold Royalty, and Franco-Nevada, publishing around 20 investment reports per month and hosting virtual conferences featuring their executives, with a business model serving 30-odd institutional clients through direct payments and managing select accounts for strong performance as noted in client testimonials. Tumazos founded the firm in 2007 following the shutdown of Prudential Equities Group, where he had served as Senior Vice President and Senior Security Analyst from 2001 to 2007, building on over two decades of prior experience at major brokerage firms since 1981. The firm is registered as an investment advisor in New Jersey, providing regulated research and advisory services without broker-dealer status.

John Tomazos's questions to Equinox Gold (EQX) leadership

Question · Q4 2025

John Tomazos asked about the company's strategic approach to capital allocation given strong cash generation and organic growth opportunities, specifically whether the focus is on funding organic growth or building a war chest for acquisitions. He also inquired about the significant increase in cash costs in Nicaragua, which were projected at $1,800, up 40%.

Answer

CEO Darren Hall emphasized that the company's focus is on optimizing existing assets and funding organic growth, with M&A not currently on the radar. He highlighted 400,000-500,000 ounces of organic growth potential over the next five years. He explained that the cost increase in Nicaragua is primarily volume-driven, resulting from developing newer, larger pits and an underground operation with higher strip ratios to sustain 200,000-250,000 ounces per year production over the next five years, rather than cost inflation. He anticipated strip ratios to decrease in 2027, positively impacting all-in sustaining costs.

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Question · Q4 2025

John Tomazos followed up by asking if the cash costs in Nicaragua would drop to $1,500 in 2027 after the current surge.

Answer

CEO Darren Hall indicated that a decrease in the strip ratio is anticipated, which would have a positive impact on the all-in sustaining costs in Nicaragua.

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