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    Lucas Pipes • B. Riley Securities

    Lucas Pipes's questions to IREN Ltd (IREN) leadership

    Lucas Pipes's questions to IREN Ltd (IREN) leadership • Q1 2025

    Question

    Lucas Pipes inquired about the strategic approach to the Sweetwater site, weighing organic development against other opportunities, and asked for clarification on the capital intensity and total funding required to achieve the 50 exahash/second mining target.

    Answer

    Co-Founder and Co-CEO Daniel Roberts explained that IREN is pursuing dual pathways for Sweetwater (Bitcoin mining and AI colocation) and is currently procuring long-lead electrical items to maintain optionality. Regarding funding, he noted that while not providing a specific number, the expansion from 30 to 50 exahash would require approximately $400 million, partially offset by recent ATM proceeds and strong operating cash flows.

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    Lucas Pipes's questions to IREN Ltd (IREN) leadership • Q3 2024

    Question

    Lucas Pipes of B. Riley Securities, Inc. inquired about the deployment location and timeline for IREN's incremental and optional exahash capacity.

    Answer

    Lincoln Tan, Director of Investor Relations, clarified that the majority of the new capacity will be deployed at the Childress site, which is scaling to 350 megawatts this year. He added that some capacity will also be utilized to upgrade the existing S19J Pro machines located in their British Columbia data centers.

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    Lucas Pipes's questions to Bitdeer Technologies Group (BTDR) leadership

    Lucas Pipes's questions to Bitdeer Technologies Group (BTDR) leadership • Q3 2024

    Question

    Nick Giles, on behalf of Lucas Pipes from B. Riley Securities, asked about the HPC assessment of non-U.S. sites, the potential for new site acquisitions, and the allocation of the initial 18 exahash of SEALMINERs between self-mining and external sales.

    Answer

    Head of Capital Markets Jeff LaBerge stated that Norway sites are considered very attractive for HPC and a local firm will be engaged for assessment. He added that new site acquisitions must be strategic given the extensive existing pipeline. Executive Jihan Wu clarified that the priority for the 18 exahash is self-mining, but a portion will be sold to build long-term customer relationships. LaBerge emphasized this dual model allows for market-based decisions on the best use for each rig.

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    Lucas Pipes's questions to Hallador Energy Co (HNRG) leadership

    Lucas Pipes's questions to Hallador Energy Co (HNRG) leadership • Q3 2024

    Question

    Lucas Pipes of B. Riley Securities inquired about the specifics of the new nonbinding data center term sheet, including the potential volume percentage and pricing structure. He also sought details on the recently signed $60 million PPA, its duration, and its inclusion in the forward sales figures. Finally, he asked for an update on the Sunrise Coal division's restructuring, specifically Q3 production costs per ton and progress toward efficiency goals.

    Answer

    Executive Brent Bilsland confirmed the data center deal would cover a significant majority of the plant's output at a price above the mid-$50s benchmark, though a direct comparison is complex. He clarified the $60 million PPA was a Q4 event covering 2025-2026 power sales and is not in the Q3 reported figures. Regarding the coal segment, Bilsland noted that while Q3 costs were elevated due to restructuring activities, key metrics like tons per man-hour are improving, with a target cost structure in the $40s, and emphasized the division's new support role for the primary power business.

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    Lucas Pipes's questions to Terawulf Inc (WULF) leadership

    Lucas Pipes's questions to Terawulf Inc (WULF) leadership • Q3 2024

    Question

    Lucas Pipes asked for details on the capital spending for the CB-1 and CB-2 high-performance computing (HPC) data centers and inquired about the potential size, structure, and timing of the first anchor tenant contract.

    Answer

    CFO Patrick Fleury provided cost estimates for the HPC builds, noting CB-1 costs approximately $100 million ($5M/MW) and CB-2 costs $250-$300 million (~$5.5M/MW). He and CEO Paul Prager confirmed that advanced negotiations are underway with one or two potential customers for the initial 72.5 MW, with a definitive agreement expected by year-end. They also noted that the recent FERC ruling has strengthened their negotiating position on contract terms and value.

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    Lucas Pipes's questions to Ferroglobe PLC (GSM) leadership

    Lucas Pipes's questions to Ferroglobe PLC (GSM) leadership • Q3 2024

    Question

    Lucas Pipes of B. Riley Securities inquired about Ferroglobe's planned U.S. brownfield expansion, asking for details on capacity, capital cost, and timeline. He also requested a comprehensive outlook for Q4, focusing on working capital movements and the expected impact on free cash flow.

    Answer

    CEO Marco Levi confirmed the U.S. expansion will be a brownfield project, targeting a minimum capacity of 60,000 tons with an estimated capital cost of around $200 million. He outlined an 18-month permit process followed by 24 months of construction, aiming for a startup by early 2028. CFO Beatriz García-Cos addressed the Q4 outlook, confirming an expected working capital release of approximately $15 million, aided by the early idling of French plants and selling from inventory.

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    Lucas Pipes's questions to A-Mark Precious Metals Inc (AMRK) leadership

    Lucas Pipes's questions to A-Mark Precious Metals Inc (AMRK) leadership • Q1 2025

    Question

    An analyst on behalf of Lucas Pipes from B. Riley Securities asked about the expected impact of the new presidential administration on customer sentiment and sought clarification on the 22% increase in SG&A expenses.

    Answer

    Executive Gregory Roberts stated that the business is resilient and can perform under any administration, as underlying drivers like government deficits are likely to persist. He then clarified that the SG&A increase was primarily driven by over $5 million in expenses from newly consolidated acquisitions, and that core SG&A was relatively stable.

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    Lucas Pipes's questions to Core Scientific Inc (CORZ) leadership

    Lucas Pipes's questions to Core Scientific Inc (CORZ) leadership • Q3 2024

    Question

    Lucas Pipes from B. Riley Securities asked about the competitive dynamics for new HPC sites, the potential for separating the HPC and Bitcoin businesses, and the timeline and terms of the new Alabama site acquisition.

    Answer

    CEO Adam Sullivan described a highly competitive process for its available capacity, with active discussions involving about 10 potential clients. He stated it was difficult to speculate on separating the businesses due to significant operational synergies. Regarding the Alabama site, he said the deal took a few months and is structured as a lease with a fixed-price option to buy, providing valuable optionality.

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    Lucas Pipes's questions to Century Aluminum Co (CENX) leadership

    Lucas Pipes's questions to Century Aluminum Co (CENX) leadership • Q3 2024

    Question

    Lucas Pipes asked about the process and timeline for the Hawesville site's strategic alternatives, the expiration of LME-linked alumina supply agreements, the rationale for not restarting capacity, the stability of alumina contract pricing, and the potential Q1 2025 EBITDA run rate.

    Answer

    Jesse Gary, President and CEO, explained that the Hawesville process was initiated due to significant inbound interest and is ongoing. He confirmed that long-term alumina supply agreements are in place through at least 2026 with fixed LME-linked percentages, insulating current operations from spot prices. However, he noted that restarting capacity would require sourcing alumina at high spot prices, which is a hurdle. Gary also detailed how current spot aluminum prices could translate to an annualized EBITDA run rate of over $100 million per quarter starting in Q1 2025.

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    Lucas Pipes's questions to Alpha Metallurgical Resources Inc (AMR) leadership

    Lucas Pipes's questions to Alpha Metallurgical Resources Inc (AMR) leadership • Q3 2024

    Question

    Lucas Pipes from B. Riley Securities asked for a detailed breakdown of the drivers behind the 2025 cost reduction guidance. He also inquired about the sustainability of the lower sustaining CapEx forecast and the primary factors contributing to the significant SG&A savings.

    Answer

    CEO Charles Eidson explained that over half of the cost savings are from lower purchased coal volumes and prices, alongside sourcing efficiencies and operational changes. President and COO Jason Whitehead stated the reduced CapEx is sustainable for more than one year due to the health of the fleet and internal manufacturing capabilities. Eidson attributed SG&A savings to cutting outside spend and the non-recurrence of certain 2024 expenses.

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    Lucas Pipes's questions to Peabody Energy Corp (BTU) leadership

    Lucas Pipes's questions to Peabody Energy Corp (BTU) leadership • Q3 2024

    Question

    Lucas Pipes of B. Riley Securities inquired about Peabody's surety bonding obligations, metallurgical coal cost trends for 2025, and the company's approach to capital returns and share buybacks amidst a softer met coal price environment. He also asked about the priority of reopening the Powder River Basin (PRB) for new leases.

    Answer

    CFO Mark Spurbeck stated that surety bonding requirements and collateral levels are not expected to change significantly. He acknowledged met coal costs were at the higher end of guidance but would see a modest decrease in Q4, while declining to provide 2025 guidance. Spurbeck reaffirmed the commitment to return 65-100% of free cash flow via capital returns. Regarding the PRB, CEO Jim Grech and CFO Mark Spurbeck clarified that with over 1.5 billion tons of reserves under lease, Peabody has sufficient supply for decades and does not need new leases to meet potential demand increases.

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    Lucas Pipes's questions to Warrior Met Coal Inc (HCC) leadership

    Lucas Pipes's questions to Warrior Met Coal Inc (HCC) leadership • Q3 2024

    Question

    Lucas Pipes inquired about Warrior's commercial strategy, focusing on the Q4 spot pricing outlook, competitive dynamics in Asia, and the sustainability of the 93% price realization. He also asked about cost sensitivities, particularly in transportation, and other potential cost factors for Q4.

    Answer

    CEO Walter Scheller explained that the company is carefully managing spot opportunities, especially CFR sales into Asia, and will be patient to ensure they receive appropriate value for their premium coal. He noted that the high 93% realization was a function of a falling market and would likely be lower if prices stabilize or rise. CFO Dale Boyles added that transportation costs reset on a one-month lag, so there could be a small additional benefit in Q4, but not a significant one.

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    Lucas Pipes's questions to Riot Platforms Inc (RIOT) leadership

    Lucas Pipes's questions to Riot Platforms Inc (RIOT) leadership • Q3 2024

    Question

    Lucas Pipes asked where M&A ranks as a strategic focus and whether Riot is 'elephant hunting' or looking at smaller deals. He also questioned if Riot competes with hyperscalers for assets and if AI/HPC potential is a factor in its acquisition screening.

    Answer

    CEO Jason Les and EVP Jason Chung explained that M&A is a parallel focus to organic growth, enabled by a dedicated corporate development team. Chung noted they are open to various deal sizes as long as they are scalable and meet valuation criteria. Les added that while there is some competition with HPC firms, Riot has an advantage as Bitcoin mining can utilize a wider range of assets. He confirmed that power optionality, including HPC potential, is a key consideration when evaluating assets.

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    Lucas Pipes's questions to Teck Resources Ltd (TECK) leadership

    Lucas Pipes's questions to Teck Resources Ltd (TECK) leadership • Q3 2024

    Question

    Lucas Pipes of B. Riley Securities asked about the initiatives and potential CapEx required to improve stability at the Trail operations. He also requested details on the allocation of funds for capital returns versus debt reduction and the target cash balance.

    Answer

    COO Sherhzad Bharmal outlined that improvements at Trail are focused on leadership changes, cost reductions, and metallurgical work, with CEO Jonathan Price adding that no major CapEx is required. CFO Crystal Prystai detailed the use of proceeds, noting ~$400M remains for debt reduction and the rest of the authorized buyback will proceed, with excess cash from QB to be returned to shareholders.

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    Lucas Pipes's questions to Alcoa Corp (AA) leadership

    Lucas Pipes's questions to Alcoa Corp (AA) leadership • Q3 2024

    Question

    Lucas Pipes asked how the potential partnership with IGNIS would address the high power cost challenges at San Ciprian and requested an overview of the supply-side pressures in the tight alumina market.

    Answer

    CEO William Oplinger explained that IGNIS's energy market expertise would help navigate issues like CO2 compensation and transmission costs to improve the power situation. He described the alumina market as 'acutely tight' due to multiple global supply disruptions, stating that a 2025 market balance depends on these issues resolving and new capacity coming online in Indonesia and India.

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    Lucas Pipes's questions to AZZ Inc (AZZ) leadership

    Lucas Pipes's questions to AZZ Inc (AZZ) leadership • Q2 2025

    Question

    Lucas Pipes of B. Riley Securities inquired about AZZ's M&A appetite, including target geographies and types, and the expected level of capital spending after the Missouri facility ramp-up. He also asked for clarification on the drivers behind the guided second-half EBITDA decline and the potential demand impact from recent interest rate cuts.

    Answer

    Executive Thomas Ferguson stated that AZZ is actively rebuilding its M&A pipeline, focusing on galvanizing opportunities in the Northwest, Rocky Mountain, and Southeast regions, as well as customer conversions on the Precoat side, though no deals are imminent. He projected steady-state capital spending to be around $60 million annually post-Missouri greenfield. Ferguson attributed the guided second-half EBITDA decline entirely to normal seasonality in construction, noting the second half should still be better than the prior year, and mentioned that the benefits of interest rate cuts on customer CapEx are expected to materialize next year.

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    Lucas Pipes's questions to Applied Digital Corp (APLD) leadership

    Lucas Pipes's questions to Applied Digital Corp (APLD) leadership • Q1 2025

    Question

    Lucas Pipes of B. Riley Securities inquired about the status of the exclusivity period for the hyperscaler lease negotiation at the Ellendale HPC Campus.

    Answer

    Executive Wesley Cummins clarified that the exclusivity period has officially expired and the company chose not to renew it. He explained that both parties are now focused on finalizing the definitive lease agreement, and an extension was deemed unnecessary to complete the documentation.

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    Lucas Pipes's questions to HIVE Digital Technologies Ltd (HIVE) leadership

    Lucas Pipes's questions to HIVE Digital Technologies Ltd (HIVE) leadership • Q1 2025

    Question

    On behalf of Lucas Pipes from B. Riley Securities, Peter Sevelin questioned the deployment timeline for the 100-megawatt Paraguay data center, its financing, and its potential impact on the company's AI expansion and GPU procurement plans.

    Answer

    President and CEO Aydin Kilic explained that the Paraguay site build-out is attractive due to low dollar-per-megawatt costs and green energy access, with hash rate expected to come online in the second half of the project, likely starting in Q3 2025. Executive Chairman Frank Holmes added that equipment will be installed incrementally to generate cash flow as soon as sections are built. Kilic clarified that the Paraguay expansion is focused on Bitcoin mining and is distinct from the near-term AI conversion opportunities in New Brunswick and Sweden.

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    Lucas Pipes's questions to Bitfarms Ltd (BITF) leadership

    Lucas Pipes's questions to Bitfarms Ltd (BITF) leadership • Q2 2024

    Question

    On behalf of Lucas Pipes from B. Riley Securities, an analyst asked about the power supply strategy for the Sharon, Pennsylvania site, given recent PJM auction price hikes. They also sought details on the HPC/AI business model, including whether Bitfarms would purchase GPUs, where else capacity could be deployed, and how it would be financed.

    Answer

    CEO Ben Gagnon clarified that Bitfarms has not yet locked in a power provider for Sharon and sees the PJM market dynamics as creating more opportunities for energy trading. On the HPC/AI strategy, Gagnon stated Bitfarms has no interest in buying the expensive compute hardware (GPUs) itself. Instead, the company will focus on its core competency of building and operating the power infrastructure for partners like hyperscalers. He noted there is no shortage of financing structures available for such projects.

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    Lucas Pipes's questions to Endeavour Silver Corp (EXK) leadership

    Lucas Pipes's questions to Endeavour Silver Corp (EXK) leadership • Q2 2024

    Question

    Lucas Pipes from B. Riley Securities asked for a high-level perspective on the operating environment in Mexico following the recent election and whether the remaining $45 million available from the Terronera debt facility is tied to specific project milestones.

    Answer

    CEO Dan Dickson explained that while the new administration under Claudia Sheinbaum is expected to be more pro-business, regulatory uncertainty regarding mining reforms persists. He also clarified that the release of the remaining debt facility funds is not contingent on specific project milestones but rather on ongoing reports from independent engineers monitoring progress.

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    Lucas Pipes's questions to Endeavour Silver Corp (EXK) leadership • Q1 2024

    Question

    Lucas Pipes of B. Riley Securities inquired about the impact of the Mexican peso exchange rate on costs, the operational performance and silver grades at the Guanaceví mine, and the company's current perspective on mergers and acquisitions.

    Answer

    CEO Dan Dickson explained that the 17:1 peso-to-dollar exchange rate is factored into 2024 guidance and that the remaining Terronera construction exposure is hedged at 16.6. He noted that Guanaceví's grade variations are normal and the plant is exceeding its 1,200 tonnes per day capacity. Regarding M&A, Dickson stated the primary focus is executing the Terronera project to unlock its full value for shareholders before considering other opportunities.

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    Lucas Pipes's questions to NovaGold Resources Inc (NG) leadership

    Lucas Pipes's questions to NovaGold Resources Inc (NG) leadership • Q2 2024

    Question

    Lucas Pipes of B. Riley Securities inquired about the current status of state-level permitting for the Donlin Gold project, specifically the expected decision timeline for the dam safety certification, and also asked for guidance on capital spending levels for 2025.

    Answer

    President and CEO Greg Lang explained that the dam safety certificate is the only significant state permit outstanding and is not a critical path item, with an anticipated 2-2.5 year approval process running concurrently with the feasibility study. Regarding 2025 capital expenditures, Lang stated that the company has not yet provided guidance, as it will depend on the timing of the new feasibility study, with budgets typically prepared in Q3 and Q4.

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