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    Martin Pradier

    Research Analyst at Veritas Investment Research

    Martin Pradier is an Investment Analyst specializing in the Materials sector at Veritas Investment Research, where he covers major companies such as Teck Resources Ltd., Barrick Gold, Lundin Mining Corp, and Hudbay Minerals. Over the past year, he has maintained a 50% success rate on his stock recommendations and an average return of 0.3%, as tracked by TipRanks. With nearly 20 years of equity research experience across both buy-side and sell-side roles, Martin joined Veritas in 2022 after serving as Vice President, Materials and Industrials, at Westwood Investment Advisors, and previously held analyst positions at AGF, Deutsche Bank, and Credit Lyonnais. He holds an MBA and is a CFA charterholder, reflecting his professional credentials and expertise in financial analysis.

    Martin Pradier's questions to Wheaton Precious Metals (WPM) leadership

    Martin Pradier's questions to Wheaton Precious Metals (WPM) leadership • Q4 2024

    Question

    Martin Pradier from Veritas asked for specific production expectations for 2025 and 2026 from the new development projects: Goose, Mineral Park, Blackwater, and Platreef.

    Answer

    Executive Emma Murray stated that for 2025, the four projects combined are expected to contribute 20,000 to 25,000 GEOs, accounting for a partial-year ramp-up. For 2026, she indicated they would be hitting their stride, providing examples of a full-year contribution of about 30,000 GEOs from Blackwater and 10,000 to 12,000 GEOs from Mineral Park.

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    Martin Pradier's questions to Wheaton Precious Metals (WPM) leadership • Q2 2024

    Question

    Martin Pradier asked for clarification on the production outlook for the second half of 2024, questioning if gold and silver production would be weaker than the first half. He also sought to quantify the production impact from the recent fire at the Salobo mine.

    Answer

    Wesley Carson, VP of Mining Operations, confirmed the second half would be weaker, projecting a production split of 52% in H1 and 48% in H2. He attributed this to the Salobo fire's impact and lower Q4 grades, plus a grade-driven drop at Penasquito. He estimated the fire's impact to be in the 10,000-ounce range. President & CEO Randy Smallwood added that Salobo's strong H1 performance likely absorbed this impact on an annual basis, making it net neutral for the full year.

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    Martin Pradier's questions to GOLD leadership

    Martin Pradier's questions to GOLD leadership • Q4 2024

    Question

    Asked if salaries are still being paid at the suspended Loulo mine, the associated costs, and the reason for higher costs at Pueblo Viejo despite a small drop in production.

    Answer

    Yes, salaries are still being paid at Loulo, which is in a temporary shutdown with minimal net cost for now; a full care-and-maintenance scenario would cost about $10M/month. The higher costs at Pueblo Viejo in Q4 were driven by processing lower-grade ore as per the mine plan, which increased the unit cost.

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    Martin Pradier's questions to FRANCO NEVADA (FNV) leadership

    Martin Pradier's questions to FRANCO NEVADA (FNV) leadership • Q2 2024

    Question

    Martin Pradier sought confirmation that the Yanacocha investment's success is contingent on the sulfide project proceeding. He also asked for clarification on the $49.1 million tax adjustment, specifically whether it related to prior years.

    Answer

    Eaun Gray, SVP of Business Development, confirmed that the sulfide project is necessary for the Yanacocha investment's return. Sandip Rana, CFO, clarified that the $49.1 million was a one-time adjustment for prior years, required after Barbados increased its corporate tax rate, which forced a revaluation of the company's deferred tax liability.

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