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    Joseph Reagor • ROTH MKM

    Joseph Reagor's questions to Coeur Mining Inc (CDE) leadership

    Joseph Reagor's questions to Coeur Mining Inc (CDE) leadership • Q2 2025

    Question

    Joseph Reagor of Roth Capital Partners, LLC asked about the potential to accelerate the development of the Silvertip project and inquired about the primary drivers for production growth in the interim.

    Answer

    President & CEO Mitchell Krebs stated that while the five-year timeline for a go/no-go decision on Silvertip might be slightly shortened, the company will not cut corners. Krebs and COO Michael Routledge identified brownfield exploration around existing assets and the continued optimization of the Rochester mine as the key near-term growth drivers.

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    Joseph Reagor's questions to Coeur Mining Inc (CDE) leadership • Q1 2025

    Question

    Joseph Reagor of ROTH Capital Partners asked about the accounting for Las Chispas's inventory, specifically the timeline to work through the stockpile and the target balance sheet value. He also questioned the company's forward-looking M&A strategy.

    Answer

    CFO Thomas Whelan explained the acquired Las Chispas stockpile would be processed over the next year, impacting net income but not free cash flow, without a specific target for the final inventory value. Executive Mitchell J. Krebs stated the company's immediate focus is on execution and delivering predictable results from its current assets rather than pursuing M&A.

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    Joseph Reagor's questions to Coeur Mining Inc (CDE) leadership • Q4 2024

    Question

    Joseph Reagor from Roth MKM inquired about the final cash and bullion amount from the Las Chispas acquisition, the drivers behind rising costs at the Kensington mine, and the specifics of the crush size issue at the Rochester mine during Q4.

    Answer

    Executive Thomas Whelan clarified that the Silvercrest cash balance was approximately $100 million at closing and noted that Q1 2025 financials would be complex due to transaction costs and tax payments. Executives Mitchell J. Krebs and Michael Routledge explained the Rochester crush size variance was due to using more direct-to-pad material to accommodate planned crusher maintenance, which temporarily impacted silver production. Regarding Kensington, Thomas Whelan and Michael Routledge attributed higher costs to increased labor, camp expenses, underground development, and the mine's sensitivity to grade, along with scheduled power plant maintenance.

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    Joseph Reagor's questions to Coeur Mining Inc (CDE) leadership • Q3 2024

    Question

    Joseph Reagor of Roth MKM inquired about the Rochester mine's leach cycle performance against internal models, the remaining steps to close the SilverCrest acquisition, and future plans for the company's cash balance in relation to debt repayment.

    Answer

    CEO Mitchell J. Krebs and COO Michael Routledge confirmed that Rochester's leach cycle and recoveries are tracking as expected, with improvements anticipated as the crush size is optimized. Krebs outlined the remaining steps for the SilverCrest deal, including shareholder votes and Mexican regulatory approval, targeting a late Q1 2025 close. Regarding the balance sheet, Krebs and CFO Thomas Whelan explained that cash would remain stable while paying down the revolver, with cash accumulation expected to begin mid-2025.

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    Joseph Reagor's questions to Hecla Mining Co (HL) leadership

    Joseph Reagor's questions to Hecla Mining Co (HL) leadership • Q2 2025

    Question

    Joseph Reagor of Roth Capital Partners, LLC questioned the drivers behind the projected increase in free cash flow at Keno Hill starting around 2028. He also asked if the concentrate inventory buildup at Greens Creek from Q2 would be sold in the upcoming quarter.

    Answer

    SVP & CFO Russell Lawlar clarified that the free cash flow inflection at Keno Hill is driven by a combination of factors: the completion of major capital projects reducing CapEx and the successful ramp-up to the 440 tonnes per day throughput target later in the decade. Regarding Greens Creek, he explained that concentrate sales can be lumpy due to shipping schedules and that while the inventory will be sold, it won't necessarily all be recognized in Q3.

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    Joseph Reagor's questions to Hecla Mining Co (HL) leadership • Q1 2025

    Question

    Joseph Reagor questioned management's confidence in Keno Hill's ability to eventually support a mining rate of 500 to 600 tons per day, given historical challenges. He also asked about the confidence level in the revised cost guidance for Casa Berardi and Lucky Friday, and whether a pullback in metal prices would lower costs due to profit-sharing components.

    Answer

    Matt Blattman, VP, Technical Services, expressed confidence in reaching the permitted 440 tons per day rate at Keno Hill, stating that the current constraint is a strategic choice to not accelerate production due to a lack of waste storage permits. Russell Lawlar, SVP & CFO, affirmed confidence in the revised cost guidance, noting that internal cost control initiatives are more impactful to the bottom line than the variable profit-sharing element.

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    Joseph Reagor's questions to Hecla Mining Co (HL) leadership • Q4 2024

    Question

    Joseph Reagor asked about management's preferred outcome for the Casa Berardi strategic review, whether permitting was the cause for the extended production gap, what changes are needed to make Keno Hill cash flow positive, and if a temporary shutdown of Keno Hill has been considered.

    Answer

    CEO Robert Krcmarov indicated a compelling offer for an outright sale of Casa Berardi would be accepted to delever the balance sheet. CFO Russell Lawlar confirmed that permitting challenges extended the production gap. Krcmarov explained that reaching 600 tonnes per day at Keno Hill is critical for profitability due to high fixed costs and that while a temporary shutdown is an option, he is encouraged by recent government discussions.

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    Joseph Reagor's questions to Hecla Mining Co (HL) leadership • Q3 2024

    Question

    Joseph Reagor of ROTH Capital Partners asked about the expected cost savings from the mining method change at Keno Hill, the potential risk of the asset being curtailed, and any thoughts on changes to the dividend policy or the timeline for asset sales.

    Answer

    SVP & COO Carlos Aguiar clarified that the primary driver for the mining method change at Keno Hill is safety, not cost savings, with the transition expected in 2026. SVP & CFO Russell Waller and incoming CEO Rob Krcmarov reaffirmed a long-term commitment to the Yukon. Waller defended the current silver-linked dividend policy, and Krcmarov noted a clearer timeline on portfolio rationalization would be available around Q2 of next year.

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    Joseph Reagor's questions to Centrus Energy Corp (LEU) leadership

    Joseph Reagor's questions to Centrus Energy Corp (LEU) leadership • Q1 2025

    Question

    Joseph Reagor asked for clarification on future communications regarding Russian export licenses and questioned the significant quarter-over-quarter increase in inventory on the balance sheet.

    Answer

    President and CEO Amir Vexler confirmed future communications on Russian shipments would remain general. CFO Kevin Harrill explained the inventory increase was primarily driven by high-value in-transit shipments, which is reflected as an offsetting liability and is often indicative of near-term customer deliveries.

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    Joseph Reagor's questions to Centrus Energy Corp (LEU) leadership • Q4 2024

    Question

    Joseph Reagor asked for the order of magnitude of the three specific export licenses received from Russian supplier Tenex, questioned if high Q4 sales were driven by uranium inventory sales, and sought clarification on the investment tax credit and the 42-month production timeline.

    Answer

    CFO Kevin Harrill explained they couldn't detail the Tenex licenses but noted 'positive traction' on a case-by-case basis. He confirmed the strong Q4 sales were an opportunistic spot sale due to historically high UF6 prices. Regarding the 42-month timeline, President and CEO Amir Vexler and CFO Kevin Harrill clarified that the initial $60M investment starts the process and de-risks the supply chain, but tangible government task orders would be needed within 6-12 months to maintain that trajectory.

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    Joseph Reagor's questions to Centrus Energy Corp (LEU) leadership • Q3 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked about the potential contract structure for the new HALEU awards, the reasons for lower LEU segment margins, and the renewal status of the current cost-plus HALEU contract.

    Answer

    CFO Kevin Harrill stated that while the new HALEU awards could take several forms, a fixed-price or cost-reimbursable structure is most likely. He confirmed that recent lower LEU margins reflect deliveries from contracts signed when market prices were low, but noted the significant backlog contains contracts signed at higher prices. President and CEO Amir Vexler added that the current HALEU contract expires at year-end, and the company is working with the DOE to extend it.

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    Joseph Reagor's questions to Centrus Energy Corp (LEU) leadership • Q2 2024

    Question

    Joseph Reagor followed up on SWU sales, asking if strong year-to-date performance changed the full-year outlook. He also questioned the significant year-over-year decline in LEU segment gross margin, asking if it was due to contract timing or a sign of weakening margins.

    Answer

    An executive, likely CFO Kevin Harrill, clarified that full-year expectations remain unchanged, with strong Q2 results reflecting pricing and the cyclical nature of utility delivery schedules (18-24 months). He explained the margin difference was primarily due to the timing of a specific high-margin customer delivery that occurred in the prior year but not in the current one, and that those favorable margins are expected to replicate when that customer takes future delivery.

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    Joseph Reagor's questions to Piedmont Lithium Inc (PLL) leadership

    Joseph Reagor's questions to Piedmont Lithium Inc (PLL) leadership • Q4 2024

    Question

    Joseph Reagor of ROTH Capital Partners asked for an updated timeline on the completion of the Sayona Mining merger and for commentary on recent media speculation regarding the Ewoyaa project in Ghana.

    Answer

    President and CEO Keith Phillips projected a mid-2025 completion for the merger, noting the timeline is primarily dependent on the SEC review process. Regarding Ghana, Phillips downplayed media speculation as conference chatter, stating that the Atlantic Lithium team is advancing the process effectively and that the new government is perceived as friendly to mining. He reiterated that any final investment decision for the Ewoyaa project remains subject to market conditions.

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    Joseph Reagor's questions to Piedmont Lithium Inc (PLL) leadership • Q3 2024

    Question

    Joseph Reagor of Roth MKM inquired about the likelihood of a Q4 spodumene shipment being deferred into Q1 2025 and whether Piedmont Lithium is actively pursuing M&A or if the commentary was a general industry observation.

    Answer

    President and CEO Keith Phillips stated that the shipment is leaning toward deferral to January to achieve significant transportation cost savings of approximately $1.3 to $1.4 million by co-mingling with a joint venture shipment. He clarified that his M&A commentary was a high-level observation on a positive industry trend of consolidation, not an indication of Piedmont's specific near-term plans.

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    Joseph Reagor's questions to Silvercorp Metals Inc (SVM) leadership

    Joseph Reagor's questions to Silvercorp Metals Inc (SVM) leadership • Q3 2025

    Question

    Joseph Reagor from ROTH Capital Partners inquired about the appropriate pricing basis to use for modeling the El Domo project's concentrates and requested an estimate for the additional ore tonnage processed at the Ying Mine during the Chinese New Year.

    Answer

    Executive Lon Shaver advised using a standard LME pricing basis for the El Domo project, in line with typical Western market terms. For the Ying Mine, he stated that the company would process the bulk of its 145,000-tonne ore stockpile through the end of the quarter, including during the Chinese New Year, to return to more typical inventory levels by the end of March.

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    Joseph Reagor's questions to Silvercorp Metals Inc (SVM) leadership • Q1 2025

    Question

    Joseph Reagor of Roth MKM inquired about the expected news flow and timeline for the recently closed Adventus acquisition, as well as details on the forthcoming Ying technical report, including its scope on mill utilization and the mill's completion date.

    Answer

    Lon Shaver, an executive at Silvercorp, stated that an update on the Adventus project's go-forward plan, focusing on detailed engineering and early development, would be provided soon. He advised waiting for the imminent Ying technical report for full details but confirmed it would incorporate the mill expansion, which is scheduled for completion in November. Shaver emphasized that the mill expansion is one component of a broader growth program that also includes shifting mining methods and renewing permits.

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    Joseph Reagor's questions to Silvercorp Metals Inc (SVM) leadership • Q4 2024

    Question

    Joseph Reagor of Roth MKM inquired about the repatriation tax on cash from China, the proportion of the company's cash balance held within China, and potential risks arising from Canadian-Chinese government relations.

    Answer

    Lon Shaver, an executive at Silvercorp, clarified that the 10% withholding tax on dividends from China is a standard procedure. He stated that the company's cash is split roughly 50/50 between China and international accounts. Shaver also expressed confidence that Silvercorp is not at risk from government tensions, as it is a Canadian company without Chinese government ownership or influence, and thus does not meet the criteria for a review.

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    Joseph Reagor's questions to McEwen Mining Inc (MUX) leadership

    Joseph Reagor's questions to McEwen Mining Inc (MUX) leadership • Q3 2024

    Question

    Joseph Reagor from Roth Capital Partners asked for clarification on Q4 production expectations for Gold Bar, the current cash balance of the Los Azules subsidiary, and the planned accounting treatment for the Timberline acquisition.

    Answer

    Executive William Shaver stated that Q4 was always planned as a lower production quarter for Gold Bar due to stripping, and the company remains on track to meet annual guidance. Executive Jeff Snyder reported the Los Azules cash balance is just over $40 million. Executives Robert McEwen and William Shaver confirmed Timberline will be unitized under Gold Bar for accounting purposes, as the final gold product will be processed at the Gold Bar facility.

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    Joseph Reagor's questions to Energy Fuels Inc (UUUU) leadership

    Joseph Reagor's questions to Energy Fuels Inc (UUUU) leadership • Q3 2024

    Question

    Joseph Reagor from ROTH Capital Partners questioned if Energy Fuels had alternative shipping plans should negotiations with the Navajo Nation fail, and asked for the amount of cash the company received in the Base Resources acquisition.

    Answer

    President and CEO Mark Chalmers expressed high confidence in reaching a comprehensive agreement with the Navajo Nation, linking transport to a 'win-win' opportunity to assist with legacy mine cleanup, and did not elaborate on alternatives. Interim CFO Nate Bennett clarified that no cash was transferred in the acquisition; Base Resources' cash is being used to fund the wind-down and reclamation of the Kwale Mine. Bennett confirmed Base's Q4 revenue will be consolidated into Energy Fuels' financials.

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    Joseph Reagor's questions to Energy Fuels Inc (UUUU) leadership • Q2 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked for details on the temporary halt of ore shipments from the Pinyon Plain Mine through a Native American reservation, including its potential impact on guidance and the availability of alternative routes. He also sought clarification on a uranium sale mentioned for July.

    Answer

    Executive Mark Chalmers explained the shipment pause was a voluntary, temporary measure to respectfully address the Navajo Nation's concerns, and he does not anticipate long-term delays. He clarified that the company believes it has the right to use the route but wants to work collaboratively. Chalmers also confirmed there was only one spot sale in Q2 (100,000 lbs at ~$86/lb) and no additional sale in July.

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    Joseph Reagor's questions to Ur-Energy Inc (URG) leadership

    Joseph Reagor's questions to Ur-Energy Inc (URG) leadership • Q1 2024

    Question

    Joseph Reagor questioned if any challenges beyond labor were hindering the ramp-up at Lost Creek. He also asked about the anticipated number of employees needed for Shirley Basin and whether the company foresaw similar hiring difficulties there.

    Answer

    Chairman and CEO John Cash clarified that while the headcount at Lost Creek is filled, the primary ongoing challenge is the inexperience of new employees, which requires extensive training and is the root cause of most ramp-up issues. For Shirley Basin, he estimated needing around 55 employees and expressed less concern about hiring due to the project's proximity to Casper, Wyoming, and its history as a mining district.

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