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    Mohamed Sidibe • Desjardins Securities

    Mohamed Sidibe's questions to IAMGOLD Corp (IAG) leadership

    Mohamed Sidibe's questions to IAMGOLD Corp (IAG) leadership • Q2 2025

    Question

    Mohamed Sidibé of National Bank Financial requested more detail on the second-half outlook for Essakane, specifically regarding expected grades from Phase 7, and asked for clarification on the cadence of tax payments in Q3 and Q4.

    Answer

    COO Bruno Lemelin explained that grades at Essakane are expected to increase in the second half as mining moves deeper into Phase 7, a typical pattern for new phases. CFO Maarten Theunissen clarified that a significant withholding tax payment was made in July (Q3), with the remaining tax payments for the period expected to be spread out evenly.

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    Mohamed Sidibe's questions to IAMGOLD Corp (IAG) leadership • Q1 2025

    Question

    Mohamed Sidibe of National Bank Financial followed up on Essakane's unit costs, asking if lower diesel prices were a contributing factor. He also requested more color on the grade outlook for the Westwood mine in Q2 following recent challenges and asked for an update on the security situation in Burkina Faso.

    Answer

    CFO Marthinus Theunissen clarified that market fuel price reductions have not yet impacted costs in Burkina Faso, and the cost performance was driven by throughput. COO Bruno Lemelin stated that Westwood's underground grade is expected to return to a range of 8 to 12 g/t. CEO Renaud Adams commented on Burkina Faso, expressing confidence in operations and their relationship with the government, stating they do not see an increased risk.

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    Mohamed Sidibe's questions to Fortuna Mining Corp (FSM) leadership

    Mohamed Sidibe's questions to Fortuna Mining Corp (FSM) leadership • Q2 2025

    Question

    Mohamed Sidibé from National Bank Financial asked for a detailed timeline of upcoming milestones for the Diamba Sud project and questioned the expected cadence of capital expenditures for the second half of the year.

    Answer

    President and CEO Jorge Ganoza outlined an accelerated timeline for Diamba Sud, including a PEA by late October 2025 and a fast-track to a feasibility study in H1 2026, leading to a construction decision. CFO Luis Ganoza explained that CapEx would be slightly more weighted to Q3 before decreasing in Q4, which is expected to help lower the consolidated AISC. Mr. Ganoza added this reflects the planned investment and stripping timing at the Seguela mine to enable its production expansion.

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    Mohamed Sidibe's questions to Fortuna Mining Corp (FSM) leadership • Q1 2025

    Question

    Mohamed Sidibe inquired about Fortuna's capital allocation priorities following the divestment of the San Jose and Yaramoko mines, specifically asking about criteria for inorganic growth and the potential rationalization of the existing portfolio, including the Caylloma mine.

    Answer

    Jorge Durant, President & CEO, emphasized that the company's primary focus is on high-impact organic growth, such as the Seguela mine expansion and the Diamba Sud project. For M&A, he stated Fortuna is targeting value-accretive opportunities in West Africa and Latin America that offer long mine lives, low costs, and production above 150,000 ounces. He affirmed that the Caylloma mine remains a strategic asset, consistently generating free cash flow and providing a strong presence in Peru.

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    Mohamed Sidibe's questions to Fortuna Mining Corp (FSM) leadership • Q1 2025

    Question

    Mohamed Sidibe inquired about Fortuna's capital allocation priorities following recent asset sales, focusing on criteria for inorganic growth opportunities such as size, jurisdiction, and asset stage. He also asked for the company's view on its current portfolio, specifically the long-term fit of the Caylloma mine.

    Answer

    President and CEO Jorge Durant emphasized that the company prioritizes high-impact organic growth, including the expansion of the Seguela mine and the development of the Diamba Sud project. For M&A, he stated the focus is on West Africa and Latin America, seeking value with projects that offer over a decade of mine life and production above 120,000-150,000 ounces. Regarding the portfolio, Durant affirmed that the Caylloma mine remains a good fit, as it consistently generates free cash flow, has a long operational outlook, and maintains a strategic presence in Peru.

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    Mohamed Sidibe's questions to Cameco Corp (CCJ) leadership

    Mohamed Sidibe's questions to Cameco Corp (CCJ) leadership • Q2 2025

    Question

    Mohamed Sidibé from National Bank Financial inquired about the confidence in receiving Inkai deliveries in H2 given transportation risks and asked if market developments could trigger a restart of the Springfield's facility.

    Answer

    Executive VP & CFO Grant Isaac stated that confidence in H2 deliveries from Inkai has increased as the Trans-Caspian route has become more predictable, though alternatives exist if needed. Regarding Springfield's, he explained that a restart requires long-term contracts from utilities, not just short-term offers at premium prices, as the current situation benefits the Port Hope facility.

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    Mohamed Sidibe's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Mohamed Sidibe asked how delayed shipments from Inkai affect inventory balances and inquired about the cost drivers in the Fuel Services segment, where costs were flat despite higher sales.

    Answer

    Executive VP and CFO Grant Isaac explained that shipping delays from Inkai are managed by using multiple supply levers, including inventory, to meet all commitments. Senior VP and Deputy CFO Heidi Shockey noted that Fuel Services costs vary based on the mix of products sold in a given quarter, which accounts for the flat cost profile despite higher revenue.

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    Mohamed Sidibe's questions to New Gold Inc (NGD) leadership

    Mohamed Sidibe's questions to New Gold Inc (NGD) leadership • Q1 2025

    Question

    Mohamed Sidibe of CIBC followed up on New Afton's grade profile, asking if the guidance for 45% of annual production in H1 2025 implies a weaker Q2. He also questioned the company's capital allocation priorities, particularly regarding the potential for capital returns to shareholders.

    Answer

    CFO Keith Murphy confirmed that Q2 would be a transitional quarter as the high-grade B3 cave is depleted and the lower-grade C-zone ramps up, consistent with the full-year guidance profile. President and CEO Patrick Godin elaborated that the initial ore from the C-zone is planned to be lower grade. On capital allocation, Godin stated the immediate priority is paying down the revolver used for the New Afton interest acquisition. He mentioned that returning capital to shareholders is something the Board will consider in the medium term, after funding projects and ensuring a healthy cash balance.

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