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    Michael Kozak

    Metals & Mining Analyst at Cantor Fitzgerald

    Mike Kozak is a Metals & Mining Analyst at Cantor Fitzgerald, specializing in equity research for the materials sector with a focus on gold, precious metals, and mining companies. He covers firms such as Caledonia Mining Corporation, Hecla Mining Company, and Contango Ore, though his recent track record includes a 20% success rate and an average return of -11.86% across nine ratings. Kozak began his career in 2007, previously working at Cormark Securities and holding technical roles at Fording Canadian Coal, Teck Resources, and Barrick Gold before joining Cantor Fitzgerald in 2016. He holds a BASc in Mining & Mineral Process Engineering from the University of British Columbia, reflecting strong technical and analytical credentials in his field.

    Michael Kozak's questions to McEwen (MUX) leadership

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

    Question

    Michael Kozak of Cantor Fitzgerald asked for an estimated timeline on when McEwen Mining will know if the Los Azules project has been admitted into Argentina's RIGI investment incentive scheme and its current position in the application queue.

    Answer

    Executive Robert McEwen estimated a decision could come in the next 2 to 4 months. Michael Meding, VP & GM of McEwen Copper, elaborated that while they were the second metal mining project to file, the 45-day review clock can be paused by information requests, making a precise timeline difficult to predict. He confirmed they are responding to requests and are hopeful for approval in the coming months.

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    Michael Kozak's questions to SPROTT (SII) leadership

    Michael Kozak's questions to SPROTT (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 (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 (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 (UUUU) leadership

    Michael Kozak's questions to ENERGY FUELS (UUUU) leadership • Q3 2024

    Question

    Michael Kozak of Cantor Fitzgerald requested details on the price floors and ceilings for the new uranium supply contract signed with a U.S. utility during the quarter and whether its terms were at a premium to the market.

    Answer

    President and CEO Mark Chalmers stated he could not disclose specific financial terms due to confidentiality but confirmed the contract follows the market trend of rising price floors and ceilings. He characterized it as a flexible, shorter-term agreement with 'very attractive' terms for the company, adding they were 'not being penalized' on pricing.

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