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    Josh Wolfson

    Research Analyst at RBC Capital Markets

    Josh Wolfson is the Head of Global Metals & Mining Research at RBC Capital Markets, specializing in comprehensive analysis of the metals and mining sectors. He covers major companies including Newmont Mining, Franco-Nevada, B2Gold, AngloGold Ashanti, IAMGOLD, Kirkland Lake Gold, Torex Gold, and Detour Gold, with a notable track record such as a 67.9% success rate and an average return of 9.48% on his stock calls, and a most profitable rating yielding a 129.5% return for Agnico Eagle Mines. With over 15 years of experience, Wolfson has led mining research at RBC since at least 2023, following prior roles in the investment research industry. He is recognized for his expertise on global mining equities, and is professionally credentialed with active FINRA registration and securities licenses.

    Josh Wolfson's questions to GOLD FIELDS (GFI) leadership

    Josh Wolfson's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets inquired about the expected grade and recovery performance at Salares Norte for the second half of the year and asked for clarification on the mechanism and company's intention for the Northern Star share position resulting from the Gold Road acquisition.

    Answer

    CEO Mike Fraser explained that a newly commissioned larger furnace at Salares Norte should mitigate earlier recovery challenges and that the mine will process grades in line with its long-term profile. EVP of Strategy, Planning & Corporate Development Chris Gratias detailed that the value of the offer for Gold Road floats with Northern Star's share price and that Gold Fields intends to offload the inherited, non-core share position to avoid unnecessary risk.

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    Josh Wolfson's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Inquired about the second-half outlook for grade and recoveries at Salares Norte and the mechanics of the Northern Star share position resulting from the Gold Road acquisition.

    Answer

    The company has installed a new, larger furnace at Salares Norte to improve silver processing and overall recoveries, with plans to process grades in line with the life-of-mine average. Regarding the Gold Road deal, the value of the offer floats with Northern Star's share price, and Gold Fields will inherit these shares as a non-core holding that it intends to sell.

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    Josh Wolfson's questions to GOLD FIELDS (GFI) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets inquired about the second-half outlook for Salares Norte's grade and recoveries, and the company's intentions for the Northern Star share position acquired via the Gold Road transaction.

    Answer

    Mike Fraser, ED & CEO, stated that a new, larger capacity furnace commissioned in August should improve recoveries at Salares Norte, with an expected grade profile around 8 grams per tonne. Chris Gratias, EVP - Strategy, Planning & Corporate Development, added that the inherited Northern Star shares are considered a non-core holding that Gold Fields will look to offload.

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    Josh Wolfson's questions to ROYAL GOLD (RGLD) leadership

    Josh Wolfson's questions to ROYAL GOLD (RGLD) leadership • Q2 2025

    Question

    Josh Wolfson requested more information on the timing for the Sandstorm transaction filings and votes, asked if new technical reports (43-101s) would be filed for key assets, and sought clarification on the accounting for the deferred Mount Milligan gold ounces.

    Answer

    President and CEO William Heissenbuttel stated he could not provide a detailed timetable for the Sandstorm vote but remains confident in a Q4 closing. SVP of Operations Martin Raffield confirmed no new 43-101s are planned. SVP & CFO Paul Libner clarified the Mount Milligan accounting, explaining the ounces have no booked basis yet and the deferred liability will increase by the fair market value of the gold upon receipt, with any mark-to-market difference from the sale price impacting earnings.

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    Josh Wolfson's questions to Triple Flag Precious Metals (TFPM) leadership

    Josh Wolfson's questions to Triple Flag Precious Metals (TFPM) leadership • Q2 2025

    Question

    Josh Wolfson inquired about the valuation of the Johnson Camp royalty acquisition and its expected steady-state production. He also asked for details on the enforcement process for the ATO stream amid the dispute with STEP Gold, its effect on the operator's restructuring, and the production from ATO assumed in the 2025 guidance.

    Answer

    CEO Sheldon Vanderkooy described the Johnson Camp acquisition as attractive but stated the company does not provide asset-specific guidance. Regarding the ATO stream, he clarified the arrears are a relatively small amount (circa US$8 million) and expressed confidence in Triple Flag's secured position and parent guarantee from STEP Gold. Vanderkooy affirmed he is comfortable with the full-year 2025 guidance even if zero ounces are received from ATO.

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    Josh Wolfson's questions to AGNICO EAGLE MINES (AEM) leadership

    Josh Wolfson's questions to AGNICO EAGLE MINES (AEM) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets asked for clarity on the timing of tax deferrals that contributed to strong free cash flow and when that liability might reverse. He also questioned the grade sequencing at the Detour mine for H2 and when the positive grade contributions from the Barnat pit at Malartic might end.

    Answer

    EVP & CFO Jamie Porter clarified that cash tax installments are based on prior-year profitability, leading to a significant catch-up payment in 2026 if high gold prices persist. EVP & COO Natasha Vaz stated that Detour's grades will improve in Q4 to the 0.97-1.0 g/t range after mining in a lower-grade domain through Q3. EVP - Exploration Guy Gosselin explained that the positive grade trend at the Barnat pit is expected to continue variably for the remainder of its life due to conservative modeling around old workings.

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    Josh Wolfson's questions to NEWMONT Corp /DE/ (NEM) leadership

    Josh Wolfson's questions to NEWMONT Corp /DE/ (NEM) leadership • Q2 2025

    Question

    Josh Wolfson of RBC Capital Markets inquired about underlying cost trends and the outlook for 2026, including potential project updates and the cadence of future guidance.

    Answer

    President and CEO Tom Palmer stated that costs are in line with expectations, with the focus now on productivity enhancements across the portfolio. He indicated that 2026 guidance will likely be provided in February, and that the Red Chris project is the next major development being evaluated for a full-funds decision in the 2026 timeframe.

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