Sign in

    Joshua Wolfson • RBC Capital Markets

    Joshua Wolfson's questions to Anglogold Ashanti PLC (AU) leadership

    Joshua Wolfson's questions to Anglogold Ashanti PLC (AU) leadership • Q1 2025

    Question

    Joshua Wolfson inquired about capital allocation plans beyond the new dividend, the CapEx impact of the North Bullfrog delay, and the permitting outlook for the Arthur project.

    Answer

    CEO Alberto Calderon stated the company is open to other capital return methods like buybacks if high gold prices persist but wants to establish the new dividend policy first. He noted the North Bullfrog delay doesn't significantly alter project economics, though 2026 spending will be lower than planned. He added that the North Bullfrog process has provided valuable experience for navigating the permitting of the larger Arthur project, for which the company feels encouraged by government support.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Kinross Gold Corp (KGC) leadership

    Joshua Wolfson's questions to Kinross Gold Corp (KGC) leadership • Q1 2025

    Question

    Joshua Wolfson of RBC Capital Markets questioned the rationale for shifting drilling resources at Great Bear from the LP fault to surface targets and asked if this drilling was on the critical path. He also inquired about other assets that might see new opportunities in the current high gold price environment.

    Answer

    William Dunford, EVP and Chief Technical Officer, explained the shift to underground infill drilling is a more financially efficient decision and is not on the critical path, as permitting and construction are the main drivers. He added that a higher gold price benefits all assets with future laybacks, like Tasiast, but the company is not dropping cutoff grades, instead focusing on stockpile optionality for the long term.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Kinross Gold Corp (KGC) leadership • Q4 2024

    Question

    Joshua Wolfson asked how the company will evaluate its share buyback program given the stock's strong performance and whether it would be a formulaic process. He also sought clarification on the tax guidance, specifically if full tax rates should now be assumed for Tasiast and La Coipa.

    Answer

    CEO J. Rollinson responded that the share buyback evaluation will be balanced, not purely formulaic, as the company still views its stock as undervalued despite recent price appreciation. EVP and CFO Andrea Freeborough clarified that the higher tax guidance is due to Mauritania becoming income taxable and higher gold prices impacting taxes in Brazil and Chile, confirming it is a normal tax year.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Kinross Gold Corp (KGC) leadership • Q2 2024

    Question

    Joshua Wolfson inquired about the second-half production outlook, the potential for a resource update with the Great Bear PEA, and the sustainability of cash flow given H1 working capital and tax movements.

    Answer

    Claude J. Schimper, EVP and COO, confirmed the company is sticking to its full-year guidance, with mine sequencing at Tasiast and Paracatu planned accordingly. CEO J. Rollinson and Schimper affirmed a resource update will accompany the PEA. CFO Andrea Freeborough explained that working capital ebbs and flows, and cash taxes were impacted by a $25 million installment in Mauritania.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Joshua Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q1 2025

    Question

    Joshua Wolfson of RBC Capital Markets asked about the potential to accelerate the second shaft at Malartic based on current exploration success and its expected production timeline. He also requested estimated capital costs for the Meadowbank expansion opportunities.

    Answer

    Executive Dominique Girard stated that an internal concept for the second shaft is due by year-end, with production targeted for the early 2030s. Regarding Meadowbank, he noted capital would be minimal as infrastructure exists but did not provide a figure. CEO Ammar Al-Joundi added that these would be high-return ounces due to the low capital investment required.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q4 2024

    Question

    Joshua Wolfson from RBC Capital Markets asked about the company's capital allocation strategy for its growing free cash flow, given its strengthening balance sheet, flat dividend, and light share buybacks. He also questioned whether the company has a strategic objective for net production volume growth beyond its current stable three-year guidance.

    Answer

    CFO Jamie Porter explained that while a significant portion of cash flow will continue to strengthen the balance sheet, the company will persist with its dividend and opportunistic share repurchases. CEO Ammar Al-Joundi added that as cash flow increases, shareholder returns will also increase. Regarding growth, Mr. Al-Joundi affirmed that while the focus is on per-share value, the company's robust project pipeline, including major expansions in Ontario and at Malartic, points to anticipated and profitable future growth.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q2 2024

    Question

    Joshua Wolfson asked about the economic rationale for developing the Upper Beaver project on a standalone basis, the potential timeline for a second shaft at East Gouldie based on recent drilling, and the company's capital management strategy given its pipeline of internal projects and a recent external investment.

    Answer

    Executive Ammar Al-Joundi explained that Upper Beaver shows strong returns even as a standalone project, but the option to transport ore to LaRonde is still being evaluated to potentially improve economics. Regarding East Gouldie, Guy Gosselin (executive) and Ammar Al-Joundi clarified that while drilling results are exciting, more data is needed to determine the optimal location for a potential second shaft. On capital strategy, Ammar Al-Joundi emphasized a disciplined, risk-adjusted approach, prioritizing internal projects where the company has a knowledge advantage, and expressed confidence in managing the robust project pipeline.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Newmont Corporation (NEM) leadership

    Joshua Wolfson's questions to Newmont Corporation (NEM) leadership • Q4 2024

    Question

    Joshua Wolfson from RBC Capital Markets expressed concern over the lack of long-term outlook beyond 2025 and asked if more substantive multi-year guidance would be provided in the future. He also asked how investors should assess the success of the Newcrest acquisition given the limited forward visibility.

    Answer

    CEO Tom Palmer reiterated the deliberate choice to focus on stabilizing the business and delivering on high-confidence 2025 guidance. He suggested the success of the Newcrest deal can be seen in the long-term value being unlocked at assets like Cadia and Lihir, and pointed to the record Q4 free cash flow as an insight into the go-forward portfolio's potential.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Joshua Wolfson from RBC Capital Markets asked for clarification on the drivers behind the significant changes in cost and production expectations, questioning whether they stem from larger integration issues at legacy Newcrest assets or from broader, unexpected industry inflation. He also requested a quantifiable measure of current inflation trends.

    Answer

    Executive Tom Palmer attributed Q3 cost pressures to specific operational events at Lihir, Cadia, and Peñasquito, while framing the 2025 outlook change as a function of lower volumes from Lihir/Brucejack and higher sustaining capital at Cadia. CFO Karyn Ovelmen provided a breakdown of 2024 cost increases. Regarding inflation, Tom Palmer noted that while consumables are stable, contracted labor costs have seen significant escalation.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Sandstorm Gold Ltd (SAND) leadership

    Joshua Wolfson's questions to Sandstorm Gold Ltd (SAND) leadership • Q4 2024

    Question

    Joshua Wolfson inquired about the Vatukoula stream buyback, the rationale for including the technically complex Gualcamayo project in guidance, and potential risks of renegotiation for other assets in the portfolio.

    Answer

    Nolan Watson, an executive, explained that the Vatukoula operator had been insolvent and non-paying for some time, and a buyout was facilitated by a new major shareholder. He expressed confidence in Gualcamayo's new, well-capitalized operator and noted the upfront capital is less than news reports suggest. Watson also identified Bear Creek as the only remaining 'problem child' but sees potential for a positive monetization event due to Sandstorm's secured creditor position.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Sandstorm Gold Ltd (SAND) leadership • Q4 2024

    Question

    Joshua Wolfson inquired about the Vatukoula stream buyback, questioning the timing and compensation. He also asked about the confidence in including the technically complex Gualcamayo project in guidance under its new operator, and sought to identify any other streams in the portfolio at risk of renegotiation.

    Answer

    Nolan Watson, an executive, explained that the Vatukoula operator was insolvent and a new major shareholder's investment was conditioned on the buyout, with a $4 million non-refundable deposit already secured. Regarding Gualcamayo, Watson expressed confidence in the new, well-capitalized Argentinian operator and noted the upfront capital is lower than headline figures. He identified Bear Creek as the only remaining 'problem child' but sees potential for a positive monetization event due to Sandstorm's secured position on the assets.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Royal Gold Inc (RGLD) leadership

    Joshua Wolfson's questions to Royal Gold Inc (RGLD) leadership • Q4 2024

    Question

    Joshua Wolfson of RBC Capital Markets asked for clarification on management's forward-looking comments about guidance, specifically whether the expectation for 'similar ranges' to 2024 applied to GEOs or to the individual metal sales volumes.

    Answer

    President and CEO William Heissenbuttel confirmed that the comment referred to the individual metal sales guidance ranges. He stated that for the time being, Royal Gold will continue to provide guidance by individual metal (gold, copper, silver) and revenue for smaller metals, rather than a single GEO figure, to avoid distortions from volatile metal price ratios.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Franco-Nevada Corp (FNV) leadership

    Joshua Wolfson's questions to Franco-Nevada Corp (FNV) leadership • Q2 2024

    Question

    Joshua Wolfson inquired about the investment rationale for the Yanacocha transaction, comparing its development-stage nature to past deals on producing assets. He also asked about the M&A pipeline for similar optionality-focused deals and the expected timing for increased revenue from the Haynesville energy investment.

    Answer

    Eaun Gray, SVP of Business Development, explained that Yanacocha's appeal lies in its large resource, immediate oxide cash flow, and significant long-term optionality from its sulfides, Conga, and Quilish projects. He confirmed the deal pipeline includes various deal types. Jason O'Connell, VP of Energy, attributed flat Haynesville revenue to low gas prices and asset onboarding delays, expecting normalization as prices recover.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Osisko Gold Royalties Ltd (OR) leadership

    Joshua Wolfson's questions to Osisko Gold Royalties Ltd (OR) leadership • Q2 2024

    Question

    Joshua Wolfson of RBC Capital Markets asked about the Eagle Mine impairment, seeking to understand if the write-down to zero has any read-through on the potential for value recovery and if the royalty is at risk in a potential solvency event for the operator. He also questioned the impact on long-term guidance and asked if the Cariboo project was included in the existing five-year outlook.

    Answer

    President and CEO Jason Attew clarified the full impairment on the Eagle royalty was a conservative accounting decision due to the lack of visibility on a restart timeline. He expressed confidence that Osisko's rights as a secured creditor would be protected in an insolvency scenario. CFO Frédéric Ruel added the impairment could be reversed with new information. Attew stated it is too early to adjust the 5-year outlook and confirmed the Cariboo project was not included in it.

    Ask Fintool Equity Research AI

    Joshua Wolfson's questions to Osisko Gold Royalties Ltd (OR) leadership • Q2 2024

    Question

    Joshua Wolfson asked about the Eagle Mine impairment, questioning if the write-down to zero implies a low chance of value recovery and if the royalty would survive a potential insolvency event for the operator. He also sought clarity on the impact of the Eagle Mine's suspension on the company's long-term (5-year) guidance and whether the Cariboo project was included in that outlook.

    Answer

    President and CEO Jason Attew clarified that the full impairment was a conservative accounting measure due to the lack of visibility on a restart timeline. He expressed confidence that Osisko's security over the property, registered land interest, and intercreditor agreements would protect its royalty rights even in an insolvency scenario. VP - Finance and CFO Frédéric Ruel added that the impairment will be reassessed quarterly. Attew stated it was too early to adjust the 5-year outlook for the Eagle issue and confirmed the Cariboo project was not included in it.

    Ask Fintool Equity Research AI