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    Mac Whale

    Strategist at Cormark Securities

    MacMurray Whale is a Strategist at Cormark Securities Inc., specializing in the industrials sector with a primary focus on specialty industrial machinery. He has covered companies such as Ballard Power Systems and is recognized for his expertise in this niche, though his recent tracked recommendations on public metrics show limited activity, with one rating listed and no reported success rate or average return. Dr. Whale began his analyst career at National Bank Financial before joining Cormark Securities, where he has established himself in strategy and equity research. He holds advanced academic credentials, including a doctoral degree, and brings extensive experience in industrial sector analysis.

    Mac Whale's questions to Sigma Lithium (SGML) leadership

    Mac Whale's questions to Sigma Lithium (SGML) leadership • Q1 2024

    Question

    Asked about the reasons for significant cost decreases in mining services and consumables, whether the current G&A is a good run rate, and how provisional pricing will evolve with market improvements.

    Answer

    Matthew DeYoe explained that cost reductions in consumables were due to more effective recycling of ferrosilicon and optimizing plant operations. He confirmed the lower G&A is a sustainable level due to a 'draconian' approach to cost control. Ana Cabral Gardner added that provisional pricing is an element of the past, as the company has moved to a 'fixed floating formula' (9% of LME hydroxide price) based on partnerships with clients who have experienced the cost savings of their product.

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    Mac Whale's questions to LAAC leadership

    Mac Whale's questions to LAAC leadership • Q1 2024

    Question

    Asked a series of detailed questions about operating costs, specifically reagent consumption, the nature of the inventory buildup, the health of the pond inventory, and the resolution of recent power outage issues.

    Answer

    The company confirmed that operating costs like reagent use are improving with the production ramp and are tracking to plan. The recent inventory buildup was in finished product, and the pond inventory is healthy and not a bottleneck. The power outage issues were seasonal and are being addressed with a mitigation plan.

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