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    Michael Kozak • Cantor Fitzgerald

    Michael Kozak's questions to McEwen Mining Inc (MUX) leadership

    Michael Kozak's questions to McEwen Mining Inc (MUX) leadership • Q1 2025

    Question

    Michael Kozak inquired about the sufficiency of the current budget for completing the Fox Complex feasibility study and whether the projected July completion date remains on schedule.

    Answer

    Executive Perry Ing responded that additional funding runway would likely be needed to reach the July target. He explained that the company aims to complete another round of work, following a recent geotechnical program, before finalizing the feasibility study.

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    Michael Kozak's questions to McEwen Mining Inc (MUX) leadership • Q4 2024

    Question

    Michael Kozak of Cantor Fitzgerald asked for an estimated timeline on receiving approval for the Los Azules project's admission into Argentina's RIGI investment scheme and its current position in the application queue.

    Answer

    Executive Robert McEwen estimated a decision could come in the next two to four months. Michael Meding, VP and General Manager of McEwen Copper, added that while the official review period is 45 days, the clock stops for information requests. He confirmed they are the second metal mining project to file and are hopeful for approval in the coming months, but noted the timeline is difficult to predict as it is a new regulation.

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    Michael Kozak's questions to Sprott Inc (SII) leadership

    Michael Kozak's questions to Sprott Inc (SII) leadership • Q1 2025

    Question

    Michael Kozak noted the strong Q1 inflows into precious metals ETFs and asked if that momentum was accelerating in Q2. He also inquired about the approximate split of investor interest between precious metals and uranium, based on recent inbound inquiries and marketing efforts.

    Answer

    John Ciampaglia, CEO of Sprott Asset Management, responded that ETF flows remain 'lumpy' due to market uncertainty but highlighted that Sprott's funds are attracting 'buy and hold' money and outperforming competitors. Regarding investor interest, he explained that after being heavily skewed toward uranium for years, interest shifted more to gold recently. However, he now sees the mix becoming more balanced, with growing interest in uranium from a new cohort of investors, while gold remains the top focus. CEO Whitney George added that Sprott's deep content and focus on the uranium market is a key differentiator.

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    Michael Kozak's questions to Sprott Inc (SII) leadership • Q4 2024

    Question

    Michael Kozak asked for details on the source of recent physical gold ETF inflows, whether investor conversations are still dominated by uranium, and if the company would consider using location swaps to capitalize on uranium price premiums.

    Answer

    John Ciampaglia, CEO of Sprott Asset Management, noted that while ETF flow data lacks perfect transparency, a clear sentiment shift towards gold is underway as investors reassess portfolio risks. He confirmed that while uranium remains a key topic for institutions, interest in gold is growing significantly. He also affirmed that Sprott is seriously considering using location swaps for its U.S.-held uranium to optimize the trust's NAV.

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    Michael Kozak's questions to Sprott Inc (SII) leadership • Q2 2024

    Question

    Michael Kozak of Cantor Fitzgerald inquired about the alternative methods Sprott can use to maintain the cash position in the Sprott Physical Uranium Trust, beyond its At-The-Market (ATM) program.

    Answer

    John Ciampaglia, CEO of Sprott Asset Management, explained that besides the primary ATM program, the trust utilizes location and origin swaps to generate income. He noted that as a last resort, a small portion of physical uranium could be sold, a measure not taken in the past three years. Ciampaglia assured that the current cash balance is sufficient for the next two months.

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    Michael Kozak's questions to Energy Fuels Inc (UUUU) leadership

    Michael Kozak's questions to Energy Fuels Inc (UUUU) leadership • Q3 2024

    Question

    Michael Kozak from Cantor Fitzgerald requested specifics on the pricing, including floors and ceilings, for the new uranium contract signed with a U.S. utility, and asked if the terms were at a premium to the market.

    Answer

    President and CEO Mark Chalmers declined to share specific contract prices due to confidentiality agreements but confirmed a market trend of rising floors and ceilings. He described the contract as having a flexible, shorter 2+2 year term that is 'very attractive' for the company's situation, as it does not require long-term offtake for project financing. He assured that the company was not penalized on price for this flexibility.

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