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    Matthew Murphy • BMO Capital Markets

    Matthew Murphy's questions to Franco-Nevada Corp (FNV) leadership

    Matthew Murphy's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Matt Murphy requested elaboration on the Cote royalty acquisition, including the due diligence process for the profits-based royalty, and asked for the outlook on the Permian oil and gas assets for the second half of the year.

    Answer

    Chief Investment Officer Eaun Gray stated that direct due diligence with IAMGOLD provided confidence in the Cote asset's resource scale, expansion potential, and cost profile. SVP of Diversified, Jason O'Connell, noted that Permian performance was strong but expects activity to remain consistent or soften slightly depending on oil prices.

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    Matthew Murphy's questions to Franco-Nevada Corp (FNV) leadership • Q2 2025

    Question

    Matt Murphy questioned the company's view on the Cote royalty acquisition, particularly the confidence in a profits-based royalty, and asked for the outlook on the Permian oil and gas assets for the rest of the year.

    Answer

    Chief Investment Officer Eaun Gray stated that direct due diligence with IAMGOLD provided unique insight and confidence in the Cote asset's scale, expansion potential, and cost profile. SVP of Diversified, Jason O'Connell, commented that Permian performance was strong but expects activity to remain consistent or soften slightly in the second half, contingent on oil prices.

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    Matthew Murphy's questions to IAMGOLD Corp (IAG) leadership

    Matthew Murphy's questions to IAMGOLD Corp (IAG) leadership • Q2 2025

    Question

    Matt Murphy from BMO Capital Markets asked about the operational performance of the HPGR (High-Pressure Grinding Rolls) at the Cote project and questioned whether any of the current temporary costs might persist into 2026.

    Answer

    COO Bruno Lemelin confirmed the HPGR is performing very well with high throughput, though tire wear is faster than anticipated, which is being addressed with new generation tires. CEO Renaud Adams added that most temporary costs, especially those for external contractors, are not expected to continue into 2026, as in-house systems will replace them after the new cone crusher is installed.

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    Matthew Murphy's questions to Ero Copper Corp (ERO) leadership

    Matthew Murphy's questions to Ero Copper Corp (ERO) leadership • Q2 2025

    Question

    Matthew Murphy requested more detail on the preventative maintenance push at Tucuma, asking which specific areas of the mill require the most attention to achieve operational consistency.

    Answer

    President and CEO Makko Defilippo identified the filter press and the crushing and conveying systems as primary areas of focus for preventative maintenance. EVP & COO Gelson Batista added that strengthening asset management and predictive maintenance across the entire plant is a key priority, while noting the milling and flotation circuits have performed well.

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    Matthew Murphy's questions to Newmont Corporation (NEM) leadership

    Matthew Murphy's questions to Newmont Corporation (NEM) leadership • Q2 2025

    Question

    Matt Murphy from BMO Capital Markets asked about the Lihir operation, highlighting its strong performance and questioning how the planned capital spend in the second half will position the asset for 2026.

    Answer

    President and COO Natascha Viljoen detailed operational improvements in mine design, water management, and stockpile strategy that have boosted productivity. President and CEO Tom Palmer added that these are deliberate, long-term investments to stabilize the asset, which now benefits from being part of a larger, peer-supported portfolio.

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