Sign in

    Kerry Smith

    Research Analyst at Haywood Securities Inc.

    Kerry Smith is Vice President, Senior Mining Analyst, and Director at Haywood Securities, specializing in equity research within the mining sector. He covers several companies including Aris Mining, offering analytical ratings with a 53% success rate and an average return of 3.9% per rating, as ranked on TipRanks. Smith began his finance career after working 10 years as a mining engineer in Western Canada, joining First Marathon Securities Limited as a mining analyst in 1992 before moving to Haywood Securities, where he now holds a senior leadership role. His professional credentials include extensive practical mining experience and specialist recognition as a lead analyst in Canada’s resource sector.

    Kerry Smith's questions to Gold Royalty (GROY) leadership

    Kerry Smith's questions to Gold Royalty (GROY) leadership • Q3 2024

    Question

    Kerry Smith of Haywood Securities questioned the specifics of revenue recognition for the Vares stream, including payment lags and Q4 expectations, and asked about the company's debt reduction strategy.

    Answer

    CFO Andrew Gubbels clarified that revenue from Vares is recognized upon shipment and sale after a 25-tonne copper threshold is met, with no provisional pricing. He corrected his initial Q4 revenue estimate to be circa $1.2 million, contingent on ramp-up and prices, and confirmed a roughly three-month lag is expected. David Garofalo (Executive) stated the top priority for free cash flow is paying down the revolving credit facility to zero before considering shareholder returns.

    Ask Fintool Equity Research AI

    Kerry Smith's questions to Aris Mining (ARMN) leadership

    Kerry Smith's questions to Aris Mining (ARMN) leadership • Q2 2024

    Question

    Kerry Smith of Haywood Securities sought clarification on the Marmato project, asking about the construction activities covered by the non-firm portion of the CapEx, the project's schedule adherence, and whether the full-year CapEx budget remains on track. He also asked about potential labor issues and the reason for the cost increase in the Segovia mill expansion.

    Answer

    COO Richard Thomas explained that the non-firm CapEx at Marmato relates to non-process infrastructure like camps and water treatment plants. He confirmed the project is on schedule, even slightly ahead on portal development, and that the full-year CapEx budget is still expected to be met. He noted no labor issues, citing the use of local contractors. The Segovia cost increase from $11M to $15M was attributed to a necessary scope change for deeper civil foundations, not cost escalation.

    Ask Fintool Equity Research AI

    Kerry Smith's questions to Aris Mining (ARMN) leadership • Q2 2024

    Question

    Kerry Smith sought clarification on the Marmato project, asking what the remaining $180 million in un-firm CapEx covers, whether the construction timeline is on schedule, and if the full-year 2024 CapEx budget of $140-$150 million is still accurate. He also asked about potential labor availability issues and the reason for the Segovia mill expansion cost increase from $11 million to $15 million.

    Answer

    COO Richard Thomas clarified that the $180 million in non-firm Marmato CapEx is for non-process infrastructure like camps, roads, and water treatment plants. He confirmed the project is on schedule, even slightly ahead on portal development, and that the full-year CapEx target remains achievable as spending accelerates in H2. Thomas stated there are no manpower issues due to the use of local contractors. He explained the $4 million Segovia cost increase was a scope change for civils, as foundations had to be extended an extra 10 meters to reach bedrock.

    Ask Fintool Equity Research AI

    Kerry Smith's questions to Aris Mining (ARMN) leadership • Q2 2024

    Question

    Sought clarification on the Marmato budget, project timeline, and labor availability. Also asked about the reason for the cost increase in the Segovia mill expansion.

    Answer

    The company confirmed that of the $280 million Marmato budget, about $100 million is firm for the twin declines and mill, with the rest for infrastructure. The project is on schedule, and the full-year CapEx forecast of $140-$150 million remains achievable. There are no labor availability issues. The Segovia expansion cost increase from $11 million to $15 million was due to a scope change involving deeper foundations, not cost escalation.

    Ask Fintool Equity Research AI

    Kerry Smith's questions to ALAMOS GOLD (AGI) leadership

    Kerry Smith's questions to ALAMOS GOLD (AGI) leadership • Q2 2024

    Question

    Kerry Smith asked for clarification on the Phase IIIs expansion budget, questioning if the $756 million CapEx estimate remains on track given project changes. He also inquired about second-half production expectations and whether the updated CapEx would include the longer-term Magino mill expansion. Finally, he asked about the interest rate on the company's recently drawn debt.

    Answer

    Greg Fisher, Chief Financial Officer, stated that despite savings from not needing to expand the Island Gold mill, inflationary pressures mean the total project cost will likely be around the original $756 million, with a potential modest increase. This figure includes expanding the Magino mill to 12,400 tpd but not a larger future expansion. Fisher also noted that while they are comfortable with full-year guidance, production in Mexico may decrease in H2. The interest rate on the credit facility is just over 7%.

    Ask Fintool Equity Research AI