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    Liam Fitzpatrick • Deutsche Bank

    Liam Fitzpatrick's questions to Freeport-McMoRan Inc (FCX) leadership

    Liam Fitzpatrick's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Liam Fitzpatrick of Deutsche Bank asked about the modest pace of share buybacks in Q2 despite low net debt and questioned the confidence level in medium-term gold guidance given recent volatility.

    Answer

    President & CEO Kathleen Quirk affirmed their commitment to the financial policy of returning 50% of excess cash flow, noting that rising U.S. premiums should generate more cash for future returns. The other 50% is allocated to growth projects. Regarding gold guidance, she expressed confidence in their rigorous quarterly modeling process, stating the issue is one of timing, not resource availability.

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    Liam Fitzpatrick's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Liam Fitzpatrick from Deutsche Bank questioned the modest pace of the Q2 share buyback despite low net debt and asked about the confidence level in the medium-term gold guidance given recent variability.

    Answer

    President & CEO Kathleen Quirk affirmed their commitment to the financial policy of returning 50% of excess cash flow, noting that rising U.S. premiums should increase cash available for returns. The other 50% is allocated to growth projects. Regarding gold guidance, she expressed confidence in their modeling and noted that mill rates are expected to increase after Q3 maintenance is completed, supporting the forecast.

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    Liam Fitzpatrick's questions to Freeport-McMoRan Inc (FCX) leadership • Q4 2024

    Question

    Liam Fitzpatrick inquired about the expected timing for receiving the Indonesian concentrate export approval in Q1 and the potential risk to production guidance if delays lead to storage capacity issues.

    Answer

    President and CEO Kathleen Quirk stated that Freeport-McMoRan is making good progress with the Indonesian government, which has indicated support for allowing exports during the 2025 smelter repairs. She expects the necessary documentation to be approved in the near term, likely in the coming weeks, which should align with inventory management needs and prevent production impacts.

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    Liam Fitzpatrick's questions to Freeport-McMoRan Inc (FCX) leadership • Q3 2024

    Question

    Liam Fitzpatrick asked for a high-level timeline on the smelter repair delay, the certainty of receiving a government export extension, and whether the recent increase in the Cerro Verde stake was a one-off event or part of an ongoing strategy.

    Answer

    President and CEO Kathleen Quirk responded that it was too early to provide a specific repair timeline but assured that teams were working to expedite the process. She expressed confidence in receiving government support for continued exports due to shared economic benefits. Regarding Cerro Verde, Quirk described the purchase as opportunistic and stated that while Freeport is interested in acquiring more shares of the high-quality asset, future purchases depend on the availability of willing sellers.

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    Liam Fitzpatrick's questions to Teck Resources Ltd (TECK) leadership

    Liam Fitzpatrick's questions to Teck Resources Ltd (TECK) leadership • Q1 2025

    Question

    Liam Fitzpatrick from Deutsche Bank asked about the sanctioning of new projects like Zafranal in the current macro environment and questioned the company's management bandwidth to handle multiple projects while QB2 is still ramping up.

    Answer

    CEO Jonathan Price responded that project decisions are based on strong long-term fundamentals for copper and zinc. He assured that the new projects are smaller and less complex than QB2. Price detailed that the Highland Valley extension is a brownfield project, Teck will lead Zafranal with a dedicated team, and San Nicolas is managed by its joint venture, mitigating the organizational load.

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    Liam Fitzpatrick's questions to Teck Resources Ltd (TECK) leadership • Q4 2024

    Question

    Liam Fitzpatrick asked about the potential for a joint venture between QB and the neighboring Collahuasi mine and questioned the significant increase in QB's operating costs during Q4, seeking clarity on how costs would decrease to meet 2025 guidance.

    Answer

    CEO Jonathan Price acknowledged the potential value in a QB-Collahuasi tie-up and confirmed some engagement with partners, but stated Teck's current focus is on ramping up QB to maximize shareholder value. CFO Crystal Prystai explained that QB's Q4 costs included some one-time items like labor bonuses. She anticipates a significant reduction in 2025 unit costs driven by higher production volumes, the demobilization of ramp-up contractors, and increased molybdenum byproduct credits.

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    Liam Fitzpatrick's questions to Teck Resources Ltd (TECK) leadership • Q3 2024

    Question

    Liam Fitzpatrick of Deutsche Bank asked if the 2025 guidance update was comprehensive or just for QB2, questioned if greenfield development is still the right strategy given recent challenges, and inquired about the Q3 working capital build.

    Answer

    CEO Jonathan Price clarified the 2025 guidance update was only for QB2, with other assets to be updated in January. He affirmed the greenfield strategy, noting future projects are smaller and less complex. CCO Ian Anderson explained the working capital build was a timing issue with QB2 inventory that will unwind in Q4 and Q1.

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    Liam Fitzpatrick's questions to Vale SA (VALE) leadership

    Liam Fitzpatrick's questions to Vale SA (VALE) leadership • Q4 2024

    Question

    Liam Fitzpatrick sought clarification on the new share buyback program, asking whether it was intended merely to provide future flexibility or if it was effectively active and ready for execution immediately.

    Answer

    Executive Marcelo Bacci confirmed that the buyback program is already in place and that the company has the ability to operate in the market at its discretion over the next 18 months. He reiterated that the specific execution strategy would not be disclosed for market-sensitive reasons.

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