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    Lawson Winder • Bank of America

    Lawson Winder's questions to MP Materials Corp (MP) leadership

    Lawson Winder's questions to MP Materials Corp (MP) leadership • Q2 2025

    Question

    Lawson Winder sought clarity on the assumptions underlying the $650 million minimum EBITDA guidance, particularly regarding oxide sales to China, and asked if the new hydrochloric acid facility could lower the long-term marginal cost target.

    Answer

    CFO Ryan Corbett confirmed the guidance excludes any sales to China and is based on achieving targeted 6,000-ton NDPR throughput, the minimum contracted EBITDA from the DoD for the 10x facility, and conservative assumptions for the Independence plant. He also clarified the HCL facility is the same as the chlor-alkali project, which is an investment in redundancy and resiliency, not necessarily a change to the overall cost target.

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    Lawson Winder's questions to Royal Gold Inc (RGLD) leadership

    Lawson Winder's questions to Royal Gold Inc (RGLD) leadership • Q2 2025

    Question

    Lawson Winder asked about Royal Gold's ability to maintain its 2025 guidance despite underperformance at key assets, its strategic view on African exposure after the Kansanshi deal, and whether a share buyback is being considered given recent stock underperformance.

    Answer

    SVP of Operations Martin Raffield addressed the guidance question, stating that the company's rigorous, risk-adjusted forecasting process provides confidence in the current range. President and CEO William Heissenbuttel commented on jurisdictional risk, noting that they evaluate opportunities on a country-by-country basis and are not 'maxed out' on Africa. Regarding capital allocation, Heissenbuttel confirmed that the primary focus for excess cash flow will be debt repayment before any consideration of a share buyback.

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    Lawson Winder's questions to Royal Gold Inc (RGLD) leadership • Q3 2024

    Question

    Lawson Winder of Bank of America Securities asked about the assessment of political risk in Botswana following the recent change in government and its potential impact on the Khoemacau asset. He also inquired about the company's appetite for deals in Africa, the geographic sources of the deal pipeline, and the directional outlook for GEOs in 2025.

    Answer

    SVP of Operations Martin Raffield stated that while the election result was a surprise, the operator has no short-term concerns and believes the new government may view the mine's expansion favorably. SVP of Corporate Development Daniel Breeze noted that while they selectively look at Africa, the current pipeline is predominantly from the Americas and Australia. CEO William Heissenbuttel declined to give a directional steer on 2025 GEOs, citing the potential for unforeseen negative events at major assets, and stated they will provide guidance on their usual schedule.

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    Lawson Winder's questions to Centerra Gold Inc (CGAU) leadership

    Lawson Winder's questions to Centerra Gold Inc (CGAU) leadership • Q2 2025

    Question

    Lawson Winder inquired about the 2026 production outlook for Mount Milligan, details on the upcoming technical study's scope, the critical path and permitting for the Goldfield project, and whether the expanded Mount Milligan resource could extend beyond the Royal Gold stream area.

    Answer

    President & CEO Paul Tomory indicated that the current production profile is a reasonable average for the next several years. He stated the upcoming PFS aims to add significant mine life via new tailings capacity and a 10% throughput increase. For Goldfield, the critical path is project execution, as key permits are largely in place. Tomory also confirmed that all currently contemplated resource expansions at Mount Milligan would remain subject to the amended Royal Gold stream agreement.

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    Lawson Winder's questions to Centerra Gold Inc (CGAU) leadership • Q1 2025

    Question

    Lawson Winder asked how the advancement of the Kemess project affects the company's capital allocation strategy, particularly the need for M&A. He also inquired about the potential strip ratio for the Kemess open pit and requested an update on the strategic process for the molybdenum business unit, including timelines and customer demand.

    Answer

    President and CEO Paul Tomory stated that the Kemess project screens very favorably against potential acquisitions, lessening the immediate need for M&A, though the company remains open to opportunities. He noted the Kemess open pit mineralization is relatively shallow, not anticipating a very significant strip ratio. Regarding the molybdenum business, Tomory confirmed they remain open to a sale but see significant long-term value. CFO Ryan Snyder added that demand from U.S. steel customers is strong, with Q1 sales on an annualized pace of 16 million pounds.

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    Lawson Winder's questions to Centerra Gold Inc (CGAU) leadership • Q4 2024

    Question

    Lawson Winder asked about Centerra's strategy for growing its gold business following the decision to pause the Goldfield project, inquiring about potential M&A or expansion in Turkey. He also questioned if the capital return policy would increase given higher gold prices and sought an update on the timeline and targets for improving gold recoveries at Mount Milligan.

    Answer

    President and CEO Paul Tomory stated that the primary focus is on organic growth by extending the life of Mount Milligan and advancing Kemess, though they remain open to M&A and are active in Turkish greenfield exploration. He clarified that the preference for incremental capital is for gold asset investment over increasing returns to shareholders. COO Paul Chawrun added that Q4 Mount Milligan recoveries were temporarily lower due to mine sequencing but are improving, with a mid-60s percentage targeted through better blending and geological understanding.

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    Lawson Winder's questions to Pan American Silver Corp (PAAS) leadership

    Lawson Winder's questions to Pan American Silver Corp (PAAS) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America sought clarification on the timeline for an update on the La Colorada Skarn project, asking if it would be in a single month or several months. He also asked about the potential for a monetization or partnership transaction and the timing and price assumptions for the upcoming mid-year reserve update.

    Answer

    CEO Michael Steinmann clarified that an update on the Skarn project would come in 'several months' and will include exciting results from new high-grade vein intercepts, which will be factored into ongoing partnership discussions. He stated the mid-year reserve and resource update is expected by mid-September and will continue to use a conservative, asset-specific pricing approach to optimize margins in the current high-price environment.

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    Lawson Winder's questions to Eldorado Gold Corp (EGO) leadership

    Lawson Winder's questions to Eldorado Gold Corp (EGO) leadership • Q2 2025

    Question

    Lawson Winder from Bank of America Securities asked about the ramp-up of electrical and instrumentation trades at Skourias, the company's exposure to the EUR/USD exchange rate, the expected gold output split between Q3 and Q4 for Kisladag, and the potential gold price assumption for the year-end reserve update.

    Answer

    President & CEO George Burns stated that the electrical trade ramp-up at Skourias is proceeding well with productivity at or above expectations. EVP & CFO Paul Ferneyhough clarified that FX risk is minimal as project funds were already converted to Euros via forward contracts. EVP Simon Hille projected Kisladag's H2 production would be steady between Q3 and Q4 but slightly lower than H1 due to lower grades. Finally, Mr. Burns indicated a slight, conservative increase is likely for the year-end reserve gold price assumption.

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    Lawson Winder's questions to Eldorado Gold Corp (EGO) leadership • Q1 2025

    Question

    Lawson Winder from Bank of America Securities asked why the company wouldn't allocate the entire windfall from its G Mining share sale to the share buyback program. He also inquired about the risk of skilled labor cost inflation for the Skouries project given potential competition from large-scale infrastructure programs in Europe.

    Answer

    CFO Paul Ferneyhough responded that the NCIB size is governed by regulations (up to 5% of shares) and its use will be opportunistic, not directly tied to a single cash event. President and CEO George Burns addressed labor risk, stating they have identified over 700 skilled EU workers and that any cost variations are within guidance. He and EVP Louw Smith added that their project schedule appears to be ahead of other major EU projects, mitigating competition risk.

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    Lawson Winder's questions to Nexa Resources SA (NEXA) leadership

    Lawson Winder's questions to Nexa Resources SA (NEXA) leadership • Q2 2025

    Question

    Lawson Winder from Bank of America asked about the timing of the production guidance downgrade, the specific geotechnical challenges at the Vazante mine, and the potential for recent exploration results to impact year-end reserves.

    Answer

    CEO Ignacio Rosado explained the guidance change was delayed until the full impact of issues at Aripuana and Vazante was understood late in Q2. SVP of Mining Operations, Leonardo Nunes Coelho, detailed that the Vazante issue was a localized pillar constraint affecting access to high-grade zones, not a widespread problem. CEO Rosado added that while exploration results are promising for extending mine life, the immediate focus is on operational stability, and he committed to providing clearer updates on reserve replacement.

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    Lawson Winder's questions to Nexa Resources SA (NEXA) leadership • Q3 2024

    Question

    Lawson Winder from Bank of America inquired about capital allocation priorities, including the balance between M&A and debt reduction, and the outlook for year-end mineral reserves at key assets.

    Answer

    CEO Ignacio Rosado stated that the immediate priority is reducing gross debt, while also funding internal growth projects like Pasco integration and Cerro Lindo exploration. He confirmed Nexa is still actively seeking a copper acquisition. He expressed confidence in extending mine life at Cerro Lindo and noted the significant long-term reserve potential at Aripuana.

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    Lawson Winder's questions to Cameco Corp (CCJ) leadership

    Lawson Winder's questions to Cameco Corp (CCJ) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America asked for elaboration on the potential risks to McArthur River's production guidance and inquired about the process and potential structure of GLE's Department of Energy (DOE) funding.

    Answer

    President & CEO Tim Gitzel explained that the risks at McArthur River relate to ground freezing in new mining areas, labor availability, and commissioning new equipment, but reiterated that guidance remains unchanged. Executive VP & CFO Grant Isaac stated that regarding GLE, the DOE has not made final decisions, and Cameco is advocating for direct support like a cost-share model rather than a 'buyer of last resort' program to avoid creating a market overhang.

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    Lawson Winder's questions to Cameco Corp (CCJ) leadership • Q1 2025

    Question

    Lawson Winder asked for color on the pricing of new fixed-price contracts and whether the portfolio was shifting in that direction. He also questioned the extent of transportation and logistics challenges facing the industry and Cameco's supply chain.

    Answer

    CFO Grant Isaac clarified that Cameco remains disciplined, requiring market-related exposure with floors and ceilings that reflect the future structural supply gap, not recent spot market softness. He stated they are not shifting strategy based on temporary market conditions. On logistics, Isaac acknowledged that transportation is a growing risk for the industry but emphasized that Cameco's long-lead-time planning ensures reliability, stating the company has never missed a delivery and never will.

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    Lawson Winder's questions to Cameco Corp (CCJ) leadership • Q4 2024

    Question

    Lawson Winder from Bank of America asked if high conversion prices should incentivize Cameco to expand its Port Hope facility or support a restart of the Springfield's facility. He also questioned the 2025 Westinghouse guidance, asking if it includes purchase price accounting impacts and what factors differentiate the 6% to 10% EBITDA growth range, as well as what could drive growth beyond that range.

    Answer

    Executive VP and CFO Grant Isaac stated that restarting conversion capacity requires clear market access rules (i.e., certainty on Russian exclusion) and long-term contracts, not just a high spot price. For Westinghouse, Senior VP and Deputy CFO Heidi Shockey clarified that while inventory-related purchase accounting impacts are mostly finished, higher D&A will continue. Grant Isaac explained the 6% growth reflects the core business, while 10% begins to factor in early-stage new build engineering work. He noted that final investment decisions on new builds, Korean collaborations, and new technologies like AP300 would all represent upside to the current guidance.

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    Lawson Winder's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Lawson Winder asked about the price disconnect between utilities and suppliers, questioning if utilities are making a mistake by waiting for lower prices, and also inquired about current cost inflation trends.

    Answer

    Executive VP and CFO Grant Isaac dismissed survey data, focusing on strong fundamentals and significant off-market contracting activity. He stated higher prices are inevitable to fill the supply gap. On costs, he noted that while inflation is a factor, Cameco's 'perfectly timed' investments in automation at McArthur/Key Lake have helped bend their cost curve.

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    Lawson Winder's questions to Nucor Corp (NUE) leadership

    Lawson Winder's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America Securities asked for the outlook on pre-operating costs for the new Lexington and Kingman mills and inquired about the operational ramp-up and utilization at the Brandenburg plate mill.

    Answer

    CEO Leon Topalian highlighted the future earnings potential from new projects. CFO Stephen Laxton projected pre-operating costs of $140M-$150M per quarter for 2H 2025. EVP Brad Ford explained that Brandenburg's value is in its unique capabilities, not just utilization, and expects its record production and shipments to continue growing.

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    Lawson Winder's questions to Nucor Corp (NUE) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America Securities asked for an update on the ramp-ups of the Lexington and Kingman mills, including the outlook for pre-operating costs and their future EBITDA contribution. He also inquired about the Brandenburg plate mill's current utilization and expected trends.

    Answer

    President and CEO Leon Topalian highlighted the strategic importance and future earnings power of the new mills. CFO Stephen Laxton projected pre-operating costs to be $140-$150 million per quarter for the rest of the year, noting the Brandenburg ramp-up helped reduce these costs from Q1. EVP Brad Ford emphasized that Brandenburg's value is in its unique capabilities, not just utilization, which enabled record shipments and entry into new markets like line pipe.

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    Lawson Winder's questions to Nucor Corp (NUE) leadership • Q1 2025

    Question

    Lawson Winder of Bank of America inquired about the expected magnitude of start-up costs for the remainder of 2025 and sought details on the Brandenburg mill's projected year-end utilization and future product mix.

    Answer

    CFO Stephen Laxton advised modeling 2025 start-up costs similar to recent quarters, around $160-$170 million per quarter. CEO Leon Topalian and EVP Brad Ford highlighted Brandenburg's progress, noting it's on track for positive EBITDA run rates by summer, has achieved ABS certification for shipbuilding, and is trialing products for the API line pipe market. Topalian added that the strategy involves balancing volume with a ramp-up to higher-value products across Nucor's three plate mills.

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    Lawson Winder's questions to Nucor Corp (NUE) leadership • Q4 2024

    Question

    Lawson Winder asked for an updated EBITDA outlook for the towers business following recent investments. He also questioned if concerns about rebar market oversupply were causing Nucor to reconsider its investment plans in that area.

    Answer

    CEO Leon Topalian stated the towers business is now expected to generate at least $150 million in annual EBITDA, a threefold increase. He clarified that the pause on a Pacific Northwest mill project was due to capital deployment timing, not market concerns. Executive Randy Spicer added that he expects new domestic rebar supply to be absorbed by strong demand and import displacement.

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    Lawson Winder's questions to Nucor Corp (NUE) leadership • Q3 2024

    Question

    Lawson Winder inquired about the operational ramp-up and production outlook for the Brandenburg plate mill, as well as the expected timing for the benefits of lower interest rates to impact steel demand.

    Answer

    CEO Leon Topalian and executive Brad Ford confirmed the Brandenburg mill is ramping up successfully, breaking production records in September and focusing on high-value products like 150-inch wide plate and Elcyon for offshore wind. Regarding interest rates, CEO Leon Topalian suggested that market clarity following the U.S. election would be a key catalyst for releasing pent-up demand, with CFO Steve Laxton adding that stable macroeconomic conditions could amplify this effect.

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    Lawson Winder's questions to Newmont Corporation (NEM) leadership

    Lawson Winder's questions to Newmont Corporation (NEM) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America inquired about Newmont's capital allocation priorities, specifically asking about the company's appetite for acquisitions and the strategic view on copper for M&A.

    Answer

    President and CEO Tom Palmer stated unequivocally that Newmont's focus is internal and the best use of capital is repurchasing its own stock. He clarified that while copper is a strategic metal, future exposure will come from the company's organic project pipeline, such as the Red Chris Block Cave, not from external acquisitions.

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    Lawson Winder's questions to Newmont Corporation (NEM) leadership • Q1 2025

    Question

    Lawson Winder requested an update on the Ahafo North project's progress in 2025, how it's tracking against expectations, and whether the 2026 run-rate production target is achievable. He also asked for guidance on a long-term sustainable production level for the Lihir asset.

    Answer

    Executive Tom Palmer expressed confidence in the Ahafo North ramp-up, citing the team's experience with the same flowsheet at other mines. COO Natascha Viljoen detailed project milestones, including the highway diversion and mill installation, stating the project is tracking well for first gold in H2 2025. Regarding Lihir, Palmer explained it's in a lower-grade phase for the next couple of years, but expects a 30% production increase from 2024 levels kicking in around 2028 after the current stripping campaign is complete.

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    Lawson Winder's questions to Newmont Corporation (NEM) leadership • Q4 2024

    Question

    Lawson Winder of Bank of America asked about the rationale for providing only one-year guidance and whether this would be the new standard. He also questioned if the current dividend is now benchmarked against the new $1,700/oz reserve price instead of the previous $1,400/oz.

    Answer

    CEO Tom Palmer responded that after a major transformation, the company is deliberately focusing on stabilizing the business and delivering on high-confidence 2025 commitments. He also clarified that the dividend is decoupled from reserve price assumptions, stating the common dividend is '$1 a share, full stop.'

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    Lawson Winder's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Lawson Winder from Bank of America asked about capital allocation, specifically if recent calls from PNG's Prime Minister to advance the Wafi-Golpu project signal it is taking precedence in the portfolio. He also asked for quantification of realized labor inflation versus the budgeted 4%.

    Answer

    Executive Tom Palmer affirmed that while work on Wafi-Golpu is progressing, any project must compete for capital and the company's focus is on its three projects currently in execution. On inflation, he clarified the 4% rate applies to direct employees (half of labor costs), while the other half, contracted services, is experiencing higher escalation which is now factored into the 2025 outlook.

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    Lawson Winder's questions to Freeport-McMoRan Inc (FCX) leadership

    Lawson Winder's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America questioned the feasibility of shipping refined copper from Indonesia to the U.S. to capitalize on price differentials and asked about the strategy for a potential new U.S. smelter.

    Answer

    President & CEO Kathleen Quirk responded that while they will evaluate all options, the logical and historical market for Indonesian copper is Asia. Regarding U.S. smelting capacity, she confirmed they are studying a brownfield expansion at their Miami, Arizona facility but view a greenfield project as highly challenging. She emphasized that the most immediate opportunity to boost U.S. refined output is through their innovative leach program.

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    Lawson Winder's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Lawson Winder of Bank of America asked about the feasibility of shipping refined copper from Indonesia to the U.S. to capture the price spread and whether a new U.S. smelter would be a brownfield expansion or a greenfield project.

    Answer

    President & CEO Kathleen Quirk responded that while they have flexibility, the logical market for Indonesian cathode is Asia. For U.S. capacity, she confirmed they are studying a cost-effective expansion of the Miami smelter, as a greenfield project would be very challenging. She reiterated that the innovative leach program is the most immediate opportunity to increase U.S. refined copper production.

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    Lawson Winder's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Lawson Winder asked about the El Abra project in Chile, specifically the copper price and IRR needed to justify the investment and whether a stability agreement would be part of the approval process.

    Answer

    President and CEO Kathleen Quirk stated that the project economics are robust even at a sub-$4 copper price, though a $4 price would provide a higher return to account for risk. She mentioned that while they will evaluate a stability agreement, the immediate focus is on submitting the Environmental Impact Statement by year-end, which creates valuable optionality by making it a shovel-ready project.

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    Lawson Winder's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Lawson Winder questioned the decision-making process for large capital projects, asking if a decision on Bagdad would await study results from El Abra and Lone Star, and also inquired about the 2025 CapEx outlook.

    Answer

    President and CEO Kathleen Quirk explained that the projects are not mutually exclusive and that Freeport can execute more than one simultaneously. She noted Bagdad can be executed on a 3-4 year horizon and that capital is allocated to the most valuable projects in the portfolio. For 2025, she does not foresee a major change to the capital expenditure forecast, which already includes funds for de-risking the Bagdad project, and does not expect significant new CapEx from the other large projects discussed.

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    Lawson Winder's questions to Steel Dynamics Inc (STLD) leadership

    Lawson Winder's questions to Steel Dynamics Inc (STLD) leadership • Q2 2025

    Question

    Lawson Winder from Bank of America Securities questioned if the coated steel inventory overhang was dissipating and could lead to a sales benefit in Q3. He also asked for more details on the cause of the oxygen supply disruption at Sinton.

    Answer

    COO Barry Schneider confirmed that coated steel inventories are winding down and new imports are not replacing them due to recent trade case rulings, leading to a normalization of profitability. He explained the oxygen issue was due to a maintenance problem at their pipeline supplier's facility, which affected the entire region, and is not expected to be a recurring problem.

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    Lawson Winder's questions to Steel Dynamics Inc (STLD) leadership • Q4 2024

    Question

    Lawson Winder of Bank of America inquired about Steel Dynamics' capital allocation priorities, asking about potential new projects or M&A appetite for 2025, and whether an absence of new projects could lead to accelerated capital returns to shareholders.

    Answer

    CEO Mark Millett stated that the immediate focus is on executing the Sinton and Aluminum Dynamics ramp-ups, with no imminent large-scale organic growth or M&A planned. CFO Theresa Wagler added that while the company is growth-oriented, its consistent cash flow supports meaningful shareholder returns through dividends and buybacks, a strategy she does not expect to change.

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    Lawson Winder's questions to Steel Dynamics Inc (STLD) leadership • Q3 2024

    Question

    Lawson Winder of Bank of America requested details on the path to optimal utilization for the Sinton mill and asked if the upcoming dividend increase could be more substantial given Sinton's progress and the aluminum project's startup.

    Answer

    COO Barry Schneider outlined the path for Sinton, focusing on reducing unplanned downtime and improving equipment reliability, expressing confidence in a strong 2025. CFO Theresa Wagler stated that while a positive dividend move is likely in Q1, its magnitude is a Board decision. She noted Sinton's 2025 performance will be a factor, while the aluminum project's significant cash flow impact is expected more in 2026.

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    Lawson Winder's questions to Alcoa Corp (AA) leadership

    Lawson Winder's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Lawson Winder asked for an update on Alcoa's strategy for the Mauden shares it received, specifically regarding potential monetization or using them as collateral to reduce borrowing costs.

    Answer

    EVP & CFO Molly Beerman stated that while monetizing the shares during the lock-up period is an option, it would be a complex transaction classified as debt and is not currently planned. She indicated Alcoa does not have a specific use for the cash that would justify adding debt to the balance sheet at this time.

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    Lawson Winder's questions to Alcoa Corp (AA) leadership • Q4 2024

    Question

    Lawson Winder from Bank of America Securities asked for clarity on Alcoa's net debt target, how the Ma'aden equity position factors into capital return plans, and for an update on the bauxite market's tightness.

    Answer

    EVP and CFO Molly Beerman stated that while Alcoa no longer has a stated net debt target, the current $2.1 billion level is higher than the more comfortable ~$1 billion of 2021-2022, making delevering a 2025 priority. President and CEO William Oplinger added that the Ma'aden stake (~$1.3B value) has a multi-year lockup, influencing the timing of value realization. He also described the bauxite market as "very tight," with record-high prices pressuring Chinese refineries.

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    Lawson Winder's questions to IAMGOLD Corp (IAG) leadership

    Lawson Winder's questions to IAMGOLD Corp (IAG) leadership • Q1 2025

    Question

    Lawson Winder from BofA Securities asked about the potential to extend the open pit life at Westwood's Grand Duc project. He also inquired about the potential to increase the underground mining rate beyond 1,000 tpd and how M&A opportunities compete with internal growth projects like Cote and Chibougamau.

    Answer

    COO Bruno Lemelin described Grand Duc as a low-grade "swing producer" that stabilizes mill feed and said the company is evaluating the economic limits of further expansion. He noted that underground mining rates could potentially increase from 1,000 tpd towards 1,300 tpd with improvements in ore transportation. CEO Renaud Adams stated that given the company's strong organic growth pipeline, there is no short-term need for M&A, and the focus will be on creating value from their existing assets.

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    Lawson Winder's questions to New Gold Inc (NGD) leadership

    Lawson Winder's questions to New Gold Inc (NGD) leadership • Q1 2025

    Question

    Lawson Winder from Bank of America asked if the current high gold price might prompt a more significant open pit layback at Rainy River and what the corresponding options for tailings storage would be. He also asked for clarification on M&A preferences regarding asset type (project vs. operating) and geographic jurisdiction.

    Answer

    President and CEO Patrick Godin confirmed they are evaluating a pushback but are carefully considering the required CapEx for the tailings storage facility (TSF), which is near capacity. VP of Operations Travis Murphy (Note: The transcript attributes this to Keith Murphy, but context suggests the operations lead) added that a potential new small pit at the Northwest Trend could create future in-pit tailings capacity. On M&A, Godin stated a preference for acquiring a cash-flowing operating mine but stressed that the company prioritizes stability, safety, and maintaining a strong balance sheet, limiting their focus to specific, stable jurisdictions.

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    Lawson Winder's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Lawson Winder's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q1 2025

    Question

    Lawson Winder from Bank of America Securities inquired about the strategy of buying back royalties, particularly at Canadian Malartic, to control costs. He also asked about the company's appetite for investing its high gold profits into base metals beyond the existing San Nicolas project.

    Answer

    CEO Ammar Al-Joundi stated that while they constantly evaluate royalty buybacks, any deal must be disciplined and value-accretive for shareholders. He confirmed the Malartic ore body is expanding, giving them an information advantage. Regarding base metals, he emphasized that Agnico Eagle remains gold-centric and will only pursue other metals if the opportunities offer high returns in favorable jurisdictions.

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    Lawson Winder's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q4 2024

    Question

    Lawson Winder from Bank of America Securities sought more detail on the strategy to fill the 10,000-15,000 tonnes per day of spare capacity at the Malartic mill, asking about the potential for a third shaft at Odyssey or an expansion at Wasamac. He also asked for the estimated trucking distance and cost from Wasamac to Malartic.

    Answer

    Dominique Girard, SVP, detailed how current projects could fill the mill to 45,000 tpd, leaving the spare capacity. He confirmed there is no definite plan for the remainder but that it could come from regional discoveries, Marban expansion, or a third Odyssey shaft. He stated the Wasamac trucking distance is 100 km. CEO Ammar Al-Joundi added that the company is actively focused on filling this valuable capacity, including considering toll milling agreements.

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    Lawson Winder's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q2 2024

    Question

    Lawson Winder asked about the capital return strategy, specifically a potential shift from buybacks to a higher dividend, inquired about current labor cost and availability trends, and requested an early outlook on year-end reserve replacement.

    Answer

    CFO James Porter indicated the current dividend payout of 36% is comfortable, with total returns near 50% of free cash flow. Dominique Girard (executive) and Natasha Nella Vaz (executive) noted that labor markets are stabilizing with normal wage inflation expected, while some input costs are decreasing. Guy Gosselin (executive) stated it's early for a definitive forecast but expects to replace mined reserves, likely on a relatively flat basis compared to the prior year's large project-driven additions.

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    Lawson Winder's questions to Teck Resources Ltd (TECK) leadership

    Lawson Winder's questions to Teck Resources Ltd (TECK) leadership • Q1 2025

    Question

    Lawson Winder of Bank of America Securities asked for an update on past QB2 challenges, including clay mix stabilization and a geotechnical fault. He also questioned if the strong Q1 grade at QB2 suggested potential upside to the full-year grade guidance.

    Answer

    CEO Jonathan Price confirmed the geotechnical issue is resolved and that the clay content is being managed as per the mine plan, with improvements expected as the year progresses. He stated that the full-year grade guidance of approximately 0.6% remains unchanged, explaining that the higher grade in March was a mine sequencing and timing matter, not an indicator of overall upside.

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    Lawson Winder's questions to Teck Resources Ltd (TECK) leadership • Q4 2024

    Question

    Lawson Winder asked about capital allocation between zinc and copper projects and inquired about the political climate in Mexico and its impact on the decision to invest capital in the San Nicolas project.

    Answer

    CEO Jonathan Price stated that capital allocation is holistic, with all projects competing on returns. He noted that zinc fundamentals remain attractive and Red Dog is a core, Tier 1 asset. Regarding Mexico, he described the San Nicolas project as high-quality and mentioned a productive meeting with President Sheinbaum. While encouraged by long-term signals on foreign investment, he affirmed that a sanction decision would not be made without certainty on permitting and government support.

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    Lawson Winder's questions to Wheaton Precious Metals Corp (WPM) leadership

    Lawson Winder's questions to Wheaton Precious Metals Corp (WPM) leadership • Q4 2024

    Question

    Lawson Winder from Bank of America Securities asked about Wheaton's dividend policy, questioning if the payout ratio could be increased, and inquired about the capital deployment outlook for 2025, including potential deal size and the influence of existing contractual obligations.

    Answer

    President and CEO Randy Smallwood explained that the dividend level is a balance between maintaining a progressive dividend and preserving balance sheet capacity for a strong pipeline of opportunities, particularly large-scale copper deals. SVP, Corporate Development Haytham Hodaly added that Wheaton has historically deployed over $800 million annually and sees a current pipeline of deals ranging from $100 million to over $1 billion. SVP & CFO Gary Brown noted that spending on contractual obligations would be spread relatively evenly throughout 2025.

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    Lawson Winder's questions to Triple Flag Precious Metals Corp (TFPM) leadership

    Lawson Winder's questions to Triple Flag Precious Metals Corp (TFPM) leadership • Q4 2024

    Question

    Lawson Winder asked about the run-rate revenue from the Bonikro and Agbaou stream excluding true-ups, the operational status of the El Machito asset, the ongoing risks from illegal miners at Buriticá, and the characteristics of the current M&A deal pipeline.

    Answer

    COO James Dendle clarified that the Bonikro and Agbaou true-ups are small and occur annually in Q1. CEO Sheldon Vanderkooy described El Machito as a non-critical asset that has restarted deliveries and represents upside. He also noted that while the illegal mining situation at Buriticá is ongoing, operator Zijin is managing it well and the mine is achieving record production. Regarding the deal pipeline, Mr. Vanderkooy stated the sweet spot is $100M-$300M, heavily weighted towards precious metals, and the next deal will likely be a gold/silver transaction in the Americas. CFO Eban Bari added that El Machito made deliveries in Q3 and Q4 2024.

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    Lawson Winder's questions to Hudbay Minerals Inc (HBM) leadership

    Lawson Winder's questions to Hudbay Minerals Inc (HBM) leadership • Q4 2024

    Question

    Lawson Winder from Bank of America Securities inquired about the minority interest sale process for the Copper World project, asking about the types of interested parties, early indications on valuation, and the expected completion timeline. He also requested a long-term run rate for sustaining capital expenditures.

    Answer

    President and CEO Peter Kukielski stated that interest in the Copper World stake has been strong and diverse, including traditional investors, Middle Eastern partners, strategic players, and financial firms, with an expected timeline of four to six months to complete the process. CFO Eugene Lei outlined sustaining capital, suggesting a normalized annual run rate between $250 million and $300 million, excluding major stripping programs.

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    Lawson Winder's questions to Hudbay Minerals Inc (HBM) leadership • Q2 2024

    Question

    Lawson Winder of BofA Securities asked about Hudbay's current M&A posture and acquisition criteria, and whether public feedback from the Copper World Aquifer Permit comment period altered the company's view on the project's social license.

    Answer

    President & CEO Peter Kukielski affirmed that Hudbay's M&A strategy remains disciplined, focusing on accretive copper assets in Tier 1 jurisdictions, primarily the Americas, but noted no current opportunities meet their stringent criteria. Regarding the Copper World permit, Kukielski stated that public comments were generally supportive, with a large number in favor of the project, and the company remains confident in receiving the permit by year-end.

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    Lawson Winder's questions to SSR Mining Inc (SSRM) leadership

    Lawson Winder's questions to SSR Mining Inc (SSRM) leadership • Q4 2024

    Question

    Lawson Winder of Bank of America Securities sought to confirm if Marigold's 2025 production profile would still reflect a previously guided investment phase and asked for more color on the specific conditions or stage gates for reinstating operating approvals at Çöpler.

    Answer

    Executive Chairman Rodney Antal confirmed that the technical report from the previous year, which outlined an investment phase for Marigold in 2025, remains the best reference point until new guidance is issued. Regarding Çöpler, he reiterated that there is no single 'playbook' or condition precedent like a new EIA, but rather a process of completing engineering for remediation facilities and maintaining continuous dialogue with Turkish regulators.

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    Lawson Winder's questions to Kinross Gold Corp (KGC) leadership

    Lawson Winder's questions to Kinross Gold Corp (KGC) leadership • Q4 2024

    Question

    Lawson Winder asked about the outlook for adding resources at La Coipa and the potential timing for such additions. He also followed up on capital returns, asking about a potential dividend increase and the company's preference between buybacks and dividends.

    Answer

    EVP and CTO William Dunford stated that while La Coipa has exploration potential, the current focus is on drilling higher-grade growth projects, as La Coipa already has resources to carry it through 2030. CEO J. Rollinson added that water availability is a key consideration. Regarding capital returns, Rollinson confirmed that the share buyback is the preferred method over a dividend increase at this time.

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    Lawson Winder's questions to Kinross Gold Corp (KGC) leadership • Q2 2024

    Question

    Lawson Winder asked about the potential for raising the gold price assumption in reserve calculations, the company's M&A strategy, and the current labor market conditions in Nevada.

    Answer

    CEO J. Rollinson stated that a decision on the reserve price assumption will be made in the fall, noting Bald Mountain has the most sensitivity. On M&A, he emphasized the strength of the organic portfolio and said the company would only be opportunistic where it can add value. EVP and COO Claude J. Schimper confirmed that the positive trend in employee turnover and morale in Nevada is continuing.

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    Lawson Winder's questions to Franco-Nevada Corp (FNV) leadership

    Lawson Winder's questions to Franco-Nevada Corp (FNV) leadership • Q2 2024

    Question

    Lawson Winder asked for the assumed startup timeline for the Yanacocha sulfides project used in the company's IRR calculation. He also questioned how the recent rebound in the precious metals revenue mix might shift the company's M&A focus between precious and non-precious metals.

    Answer

    Eaun Gray, SVP of Business Development, stated they modeled the Yanacocha sulfides production to begin around a 2029 timeline. Paul Brink, President and CEO, clarified that M&A strategy is driven first by asset quality, with precious metals remaining the top priority, but the company remains open to high-quality assets in other commodities.

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