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John Toumazos

Research Analyst at John Toumazos Very Independent Research

John Tumazos is President and Metals Analyst at John Tumazos Very Independent Research, a New Jersey-based independent firm specializing in mining and metals sector research. He provides in-depth analyses on specific companies including Arizona Metals Corp, Alamos Gold, Discovery Silver, Triple Flag Precious Metals, MAG Silver, EMX Royalty Corp, i-80 Gold, and Southern Copper via Grupo Mexico, actively participating in earnings calls and webinars with probing questions on resource growth and development. A longtime Wall Street veteran, he previously worked as a mining analyst at Prudential in 2002 and has commented extensively on major projects like Pebble Mine and Newmont's acquisitions over two decades. His professional credentials include established expertise as a renowned former Wall Street analyst, though specific FINRA registrations or licenses are not detailed in available sources.

John Toumazos's questions to ISHARES GOLD TRUST (IAU) leadership

Question · Q4 2025

John Toumazos asked for a detailed explanation of the $400 million+ capital expenditure for the Lone Tree autoclave restart, inquiring about specific ancillary changes, obsolete components, design modifications, and whether separate circuits are planned for oxide material, given the autoclave vessels' inherent durability.

Answer

CFO Ryan Snow detailed the refurbishment costs, including rebricking the autoclave vessel, replacing CIL circuit tanks, installing off-gas vessels, implementing a new filtration system for filtered tails, and upgrading instrumentation, totaling $430 million. CEO Richard Young emphasized that Hatch, the original builder and a global leader in autoclave technology, is managing the refurbishment.

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