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    Matthew Murphy • BMO Capital Markets

    Matthew Murphy's questions to Hudbay Minerals Inc (HBM) leadership

    Matthew Murphy's questions to Hudbay Minerals Inc (HBM) leadership • Q2 2025

    Question

    Matthew Murphy of BMO Capital Markets sought clarification on the order of funding sources for the Copper World project, including the Wheaton stream, project finance, and JV capital. He also asked for an update on the status of exploration programs in Manitoba and Peru, given recent disruptions.

    Answer

    CFO Eugene Lei detailed the funding waterfall: first, the $600M in JV proceeds from Mitsubishi; second, the Wheaton stream payments; third, project financing arranged at sanction; and lastly, the 70/30 equity contributions from Hudbay and Mitsubishi. President and CEO Peter Kukielski and COO Andre Lauzon noted that Manitoba exploration was paused by wildfires but is partially resuming, while Peru exploration awaits the completion of the government's Consulta Previa process.

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    Matthew Murphy's questions to Hudbay Minerals Inc (HBM) leadership • Q1 2025

    Question

    Matthew Murphy from BMO Capital Markets asked about the drivers behind the strong cost performance at the Stall mill in Manitoba and whether there were any one-time factors. He also inquired if there were any new developments from the stripping at Pampacancha that might alter its depletion timeline.

    Answer

    President & CEO Peter Kukielski attributed the Manitoba performance to disciplined operations, specifically reduced mine dilution and improved ore recovery, which led to a positive 10% gold reconciliation versus the reserve model in 2024. Regarding Pampacancha, Kukielski confirmed it is depleting as expected by the end of 2025, emphasizing that Constancia will remain a strong producer post-depletion, with future growth tied to the Maria Reyna and Caballito satellite deposits.

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    Matthew Murphy's questions to Wheaton Precious Metals Corp (WPM) leadership

    Matthew Murphy's questions to Wheaton Precious Metals Corp (WPM) leadership • Q2 2025

    Question

    Matthew Murphy from BMO Capital Markets asked about Wheaton's stance on new deals given its strong organic growth and inquired about the timing of cash tax payments related to the Global Minimum Tax (GMT).

    Answer

    President Haytham Hodaly stated that Wheaton remains focused on accretive, well-structured transactions and is currently evaluating 12-15 opportunities. SVP & CFO Vincent Lau, with clarification from CEO Randy Smallwood, explained that the GMT for the 2024 period will be paid in 2026, as it is a staggered tax paid two years after the revenue is earned.

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    Matthew Murphy's questions to Teck Resources Ltd (TECK) leadership

    Matthew Murphy's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Matthew Murphy from BMO Capital Markets asked about the significant step-up in capital expenditures planned for the second half of the year, questioning the company's ability to execute the large spend and inquiring if a substantial portion of the tailings-related costs are yet to come.

    Answer

    EVP & CFO Crystal Prystai confirmed the H2 2025 CapEx run rate is higher, attributing it to the newly sanctioned Highland Valley Copper (HVC) mine life extension project, ongoing sustaining projects like the Antamina tailings lift, and the incremental costs for the QB TMF work. She expressed confidence in the spending plan, stating it is based on detailed project schedules.

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    Matthew Murphy's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Matthew Murphy of BMO Capital Markets inquired about the significant acceleration in CapEx spending required in the second half of 2025 to meet annual guidance and questioned the feasibility of executing such a large spend.

    Answer

    EVP & CFO Crystal Prystai confirmed the expected H2 CapEx run rate of around $1.6 billion. She explained the increase is driven by the newly sanctioned Highland Valley Copper (HVC) MLE project, ongoing QB TMF costs, and other sustaining projects like the Antamina tailings lift and QB truck shop. President & CEO Jonathan Price also noted the HVC sanction was a primary driver.

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    Matthew Murphy's questions to Teck Resources Ltd (TECK) leadership • Q1 2025

    Question

    Matthew Murphy from BMO Capital Markets sought a deeper understanding of the QB2 tailings issue, asking for a definition of 'sand drainage' and whether it was related to weather. He also asked if the required maintenance shutdowns were due to a tailings capacity constraint.

    Answer

    CEO Jonathan Price clarified that 'sand drainage' is the time it takes for sand to dry for compaction, and the current slowness is due to clay and fines, not weather. He confirmed that the work on the tailings facility creates a production constraint, which necessitates the additional downtime, rather than issues at the mill itself.

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

    Matthew Murphy's questions to Newmont Corporation (NEM) leadership • Q1 2025

    Question

    Matthew Murphy inquired about the significant drop in cash costs at the Lihir mine, the progress of the 'mining for margin' program, and the company's strategy regarding the pace of its share buyback program, particularly in relation to asset divestiture proceeds.

    Answer

    Executive Tom Palmer explained that the focus at Lihir is on stabilizing the mine and processing plant for long-term performance. CFO Karyn Ovelmen clarified that a non-cash $100 million inventory adjustment impacted Q1 costs, which will normalize, and Lihir is expected to meet full-year cost guidance. Ovelmen also stated that the robust share buyback program will continue, funded by both the over-performance on divestiture proceeds and strong cash flow from the elevated gold price.

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    Matthew Murphy's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Matthew Murphy from Jefferies inquired about the long-term outlook beyond 2025, asking if the previous forecast of production growing over 6 million ounces with costs falling to the mid-$1200s/oz range is still achievable, or if Newmont is now fundamentally a 5.5 million ounce, $1500/oz AISC company. He also asked for a timeline for more detailed multi-year guidance.

    Answer

    Executive Tom Palmer stated that while previous outlooks excluded cost escalation, the company's portfolio can produce an average of around 6 million ounces of gold long-term, aided by projects coming online in 2026-2027. He stressed a focus on margins over volume. CFO Karyn Ovelmen noted assets like Boddington and Lihir are in investment phases and will contribute more later. More granular guidance is planned for next year after divestments are clearer.

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