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    Michael Parkin • National Bank Financial

    Michael Parkin's questions to Centerra Gold Inc (CGAU) leadership

    Michael Parkin's questions to Centerra Gold Inc (CGAU) leadership • Q4 2024

    Question

    Michael Parkin asked if there was an opportunity at Oksut to boost short-term recoveries by increasing chemical usage in the high gold price environment, and if waste could be reclassified as ore. He also sought clarification on the new development concept at the Kemess project relative to the old pit.

    Answer

    COO Paul Chawrun explained that gold recovery at Oksut is not highly sensitive to cyanide concentration, so increasing it would not yield significant gains. President and CEO Paul Tomory added that Oksut's ore is clearly delineated from waste, limiting reclassification potential. Regarding Kemess, Mr. Tomory clarified that the company is no longer focused on the old block cave concept but is instead evaluating a string of near-surface deposits several kilometers away from the original Northgate pit, aiming to leverage the valuable existing infrastructure.

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    Michael Parkin's questions to Centerra Gold Inc (CGAU) leadership • Q2 2024

    Question

    Michael Parkin asked about the potential impact of British Columbia forest fires on operations and logistics. He also sought more detail on the mining cost improvement initiatives at Mount Milligan and the long-term equipment fleet strategy for a potential mine expansion.

    Answer

    Paul Chawrun, Chief Operating Officer, stated that the forest fire risk is currently low at Mount Milligan and is not an issue. He explained that Mount Milligan's cost improvements will primarily come from optimizing the load-haul cycle, with gains expected in 2025. Regarding the fleet, he noted that while a different fleet might be chosen if starting fresh, any capital allocation decision for expansion must be based on optimizing the current assets.

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    Michael Parkin's questions to Coeur Mining Inc (CDE) leadership

    Michael Parkin's questions to Coeur Mining Inc (CDE) leadership • Q4 2024

    Question

    Michael Parkin of National Bank Financial asked for clarification on the back-half weighted production outlook for the Rochester mine, questioning if it was driven by cold weather affecting leach kinetics or by the ongoing ramp-up of tons under leach. He also requested an update on progress toward the target fragmentation size.

    Answer

    Executive Michael Routledge explained that the primary driver for Rochester's back-half weighted production is the 'momentum play' from the long leach cycle of silver, which causes production to build throughout the year as more material is placed on the pad. He acknowledged a minor weather impact but stressed it wasn't the main factor. Executives Mitchell J. Krebs and Michael Routledge confirmed they are progressing toward the 5/8-inch target size, with about 70% of 2024 material meeting this spec, and noted that targeted tests have been successful, with ongoing optimization of blasting and crusher controls.

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    Michael Parkin's questions to Hecla Mining Co (HL) leadership

    Michael Parkin's questions to Hecla Mining Co (HL) leadership • Q4 2024

    Question

    Michael Parkin asked if management would conduct a deeper review of the American exploration portfolio before any potential sales and whether Quebec might adopt a fast-track permitting process similar to British Columbia, which could benefit Casa Berardi.

    Answer

    CEO Robert Krcmarov confirmed he plans to review the Nevada assets and that the current exploration budget is intentionally constrained as part of a deliberate capital allocation strategy, not due to a lack of opportunities. Regarding Quebec permitting, Krcmarov stated he did not know but noted the company is hiring a VP of Sustainability with extensive permitting experience who will provide more insight.

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    Michael Parkin's questions to Hecla Mining Co (HL) leadership • Q3 2024

    Question

    Michael Parkin of National Bank Financial asked for clarification on the Keno Hill mill's downtime in Q3, the expansion of its tailings capacity, and the new CEO's plans for a broader market update and potential portfolio rationalization.

    Answer

    SVP & COO Carlos Aguiar confirmed the Keno Hill mill was offline for 35 days in Q3 and that ongoing work will provide over two years of tailings capacity, which is not weather-dependent. Incoming CEO Rob Krcmarov indicated that a more comprehensive strategic vision would be shared at a future Investor Day after he completes site visits. He also confirmed plans to rationalize the project portfolio to focus on assets delivering near-term value.

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    Michael Parkin's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Michael Parkin's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q4 2024

    Question

    Michael Parkin of National Bank Financial asked about exploration strategy at Malartic, noting that land to the east of the property is not subject to a 5% royalty. He questioned if exploration would be focused there to leverage the significant cost savings, potentially influencing the location of a second shaft.

    Answer

    Guy Gosselin, SVP of Exploration, confirmed the royalty situation but stated that exploration follows geology, and rigs are already testing that eastern area. He explained that while the royalty is a key economic factor in development decisions, the primary goal is to find gold wherever it is. CEO Ammar Al-Joundi acknowledged the insight, agreeing that the potential for royalty-free ounces is significant and part of their strategic thinking for the camp.

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    Michael Parkin's questions to Kinross Gold Corp (KGC) leadership

    Michael Parkin's questions to Kinross Gold Corp (KGC) leadership • Q4 2024

    Question

    Michael Parkin asked about the Tasiast operation's Q4 shutdown, its throughput performance relative to its nameplate capacity, and whether the mine is mill or pit constrained. He also inquired about the high-grade drilling results at the Round Mountain underground project and if the 3-4 g/t grade guidance might be conservative.

    Answer

    EVP and COO Claude J. Schimper explained the Tasiast shutdown was a planned 4-5 day maintenance event and that throughput remains strong and within design capacity, with the plant being the ultimate constraint. EVP and CTO William Dunford clarified that there are no underground reserves for Phase X at Round Mountain yet, with an initial resource expected by year-end 2025. Dunford added that the focus is on a bulk mining approach, and the 3-4 g/t grade range remains the target to maximize economics.

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    Michael Parkin's questions to Kinross Gold Corp (KGC) leadership • Q2 2024

    Question

    Michael Parkin questioned the potential to exceed nameplate capacity at Tasiast, the grade and width implications of recent drilling at Round Mountain Phase X, and whether exploration budgets might increase.

    Answer

    EVP and COO Claude J. Schimper explained the focus at Tasiast is on stabilization and reliability, not near-term expansion. Regarding Phase X, he noted the high-grade results are encouraging for both grade and size but a formal resource is needed. He also stated that while drilling plans are continuously reviewed, the current Great Bear program was designed to inform the PEA, with future infill drilling to be done more efficiently from underground.

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    Michael Parkin's questions to Newmont Corporation (NEM) leadership

    Michael Parkin's questions to Newmont Corporation (NEM) leadership • Q3 2024

    Question

    Michael Parkin from National Bank Financial asked what portion of the achieved $500 million in synergies flows through OpEx. He followed up by asking why OpEx increased quarter-over-quarter if synergies were fully realized and whether there is a lag in their financial impact.

    Answer

    Executive Tom Palmer explained that less than half of the synergy value comes from direct OpEx reductions, with a significant portion derived from productivity and volume improvements. He acknowledged that G&A costs remain high during the transition but will be reduced. He stated that the primary driver for Q4 cost improvement will be higher gold production, which lowers unit costs.

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    Michael Parkin's questions to IAMGOLD Corp (IAG) leadership

    Michael Parkin's questions to IAMGOLD Corp (IAG) leadership • Q2 2024

    Question

    Michael Parkin of National Bank Financial inquired about any planned major shutdowns at the Westwood and Essakane mines for the remainder of the year. He also asked for clarification on the target of exiting the year at 90% of nameplate capacity for Cote, specifically whether this target is based on a daily rate or a longer-term average.

    Answer

    President and CEO Renaud Adams stated that no extraordinary shutdowns are planned for Essakane or Westwood, with both mines expected to maintain high availability similar to Q2. He clarified that achieving the 90% nameplate target for Cote means sustaining that average throughput rate for the entire 30-day period of December, not just hitting it for a few days.

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    Michael Parkin's questions to Alamos Gold Inc (AGI) leadership

    Michael Parkin's questions to Alamos Gold Inc (AGI) leadership • Q2 2024

    Question

    Michael Parkin asked about the new high-grade discovery at Young-Davidson, questioning what prompted the exploration and if it would now take precedence over other targets. He also inquired about the potential metallurgical requirements for this new ore and the long-term capacity of the mine's tailings facility.

    Answer

    Scott Parsons, VP of Exploration, revealed the discovery stemmed from a strategic review of historic, under-sampled drill core from 2008 and confirmed this high-grade, near-infrastructure zone is now a key focus. Luc Guimond, COO, stated that early results suggest no significant metallurgical challenges for the existing mill. Guimond also confirmed that the current tailings facility has sufficient capacity for existing reserves and resources, with additional upside for new discoveries.

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    Michael Parkin's questions to New Gold Inc (NGD) leadership

    Michael Parkin's questions to New Gold Inc (NGD) leadership • Q2 2024

    Question

    Michael Parkin of National Bank Financial, Inc. joined the queue but stated that his questions had already been answered by previous exchanges.

    Answer

    As Michael Parkin's questions were previously addressed, no new response was provided by management. President and CEO Patrick Godin thanked him for joining the call.

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    Michael Parkin's questions to New Gold Inc (NGD) leadership • Q1 2024

    Question

    Michael Parkin of National Bank Financial inquired about the number of completed draw bells at the C-zone, the target for the end of Q2, and congratulated the team on a strong quarter.

    Answer

    Yohann Bouchard, COO, clarified that as of the end of Q1, four draw bells were built with approximately ten more ready for construction. He confirmed that development is following the plan, is slightly ahead of schedule, and has experienced no delays.

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    Michael Parkin's questions to Eldorado Gold Corp (EGO) leadership

    Michael Parkin's questions to Eldorado Gold Corp (EGO) leadership • Q2 2024

    Question

    Michael Parkin of National Bank Financial inquired about the capital expenditure trends at Kisladag, the production split between its new and old heap leach pads, the drivers behind a new optimization study, and the status of the labor agreement at Olympias.

    Answer

    CEO George Burns explained that major growth capital at Kisladag is largely complete, with current spending focused on the ADR plant and stripping. He noted the Kisladag optimization study aims to leverage new data to improve NAV, while remaining comfortable with the 56% recovery target. EVP of Operations Simon Hille clarified that for 2024, Kisladag's production is sourced ~66% from the south pad and ~33% from the north. EVP of Development Louw Smith confirmed no new work stoppages at Olympias in July and expects the 3-year labor agreement to be finalized within weeks.

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