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    Ovais Habib • Scotiabank

    Ovais Habib's questions to Pan American Silver Corp (PAAS) leadership

    Ovais Habib's questions to Pan American Silver Corp (PAAS) leadership • Q2 2025

    Question

    Ovais Habib of Scotiabank asked about operational challenges, including grade reconciliation and geotechnical issues at several mines, and inquired about management's confidence in meeting the full-year gold production guidance. He also asked for an update on the progress of non-core asset sales.

    Answer

    COO Steve Busby acknowledged that some operational issues might extend into Q3, leading to a gold production forecast more heavily weighted to Q4, but affirmed strong confidence in meeting the annual guidance. CEO Michael Steinmann added that the company is actively working on several smaller, non-core asset sales, primarily involving exploration projects, and expects some to close by the end of the year.

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    Ovais Habib's questions to Pan American Silver Corp (PAAS) leadership • Q1 2025

    Question

    Ovais Habib from Scotiabank inquired about the sustainability of the strong Q1 cost performance, asking if subsequent quarters would be adjusted. He also asked for the drivers behind higher-than-usual gold and silver sales and sought details on the high costs and absenteeism at the Minera Florida operation.

    Answer

    Executive Michael Steinmann and Executive Scott Campbell explained that while Q1 cost performance was strong, they are maintaining full-year guidance, noting potential Q2 cost increases from specific projects before higher second-half production lowers per-ounce costs, contingent on metal prices and FX rates. Executive Ignacio Couturier clarified that higher sales volumes were a matter of timing, stemming from strong Q4 2024 production being sold in January. Executives Scott Campbell and Steven Busby attributed the issues at Minera Florida to mine sequencing, lower grades, and significant absenteeism due to an unusual number of holidays in Chile, expecting a recovery in Q3 and Q4.

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    Ovais Habib's questions to Pan American Silver Corp (PAAS) leadership • Q4 2024

    Question

    Ovais Habib from Scotiabank asked for details on which specific assets are driving the second-half weighted production guidance for 2025 and inquired about the company's exploration focus now that the Yamana assets are integrated.

    Answer

    CEO Michael Steinmann explained that second-half weighting is a recurring seasonal pattern. COO Steven Busby specified that the main drivers are mine sequencing at Cerro Moro and weather patterns at Shahuindo. On exploration, Steinmann emphasized that it has always been a core focus, particularly brownfield exploration to replace reserves, and this strategy will continue with a substantial budget.

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    Ovais Habib's questions to SSR Mining Inc (SSRM) leadership

    Ovais Habib's questions to SSR Mining Inc (SSRM) leadership • Q2 2025

    Question

    Ovais Habib inquired about the potential for the Cripple Creek & Victor (CC&V) mine to exceed its annual guidance after a strong Q2, the scope of its upcoming technical report, and the status of discussions with Turkish regulators for the Çöpler mine restart.

    Answer

    Executive Chairman Rodney Antal explained that CC&V's strong Q2 was anticipated due to previously stacked high-grade ore and the company remains comfortable with existing guidance. He clarified the technical report's initial purpose is to publish current reserve data, with growth opportunities to be evaluated later. Regarding Çöpler, he noted significant progress on engineering and closure plans in Q2 but declined to provide a definitive restart timeline to avoid undue pressure.

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    Ovais Habib's questions to SSR Mining Inc (SSRM) leadership • Q4 2024

    Question

    Ovais Habib of Scotiabank inquired about the sustainability of Seabee's strong Q4 performance, the specific information Turkish regulators require for a Çöpler restart decision, and whether the development of Hod Maden is contingent on the Çöpler restart.

    Answer

    EVP, Operations and Sustainability, William MacNevin, stated that while Seabee's exceptional Q4 grades are not expected every quarter, they anticipate continued strong performance. Executive Chairman Rodney Antal explained that the Çöpler restart is part of a comprehensive 'package of work' including remediation and finalizing closure plans, rather than waiting for a single study. He also clarified that the Hod Maden project is not hinged on the Çöpler restart, with teams and workstreams operating independently.

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    Ovais Habib's questions to SSR Mining Inc (SSRM) leadership • Q3 2024

    Question

    Ovais Habib of Scotiabank inquired about the Çöpler mine, asking for details on the approvals needed for the permanent remediation storage facility, whether a potential restart would be limited to the lower 6,000 tonnes per day throughput rate from the 2012 EIA, and if the restart is contingent upon the full completion of all remediation activities.

    Answer

    Executive Chairman Rodney Antal explained that the company is in ongoing consultation with the Turkish government regarding the permanent storage facility and expects approvals early next year. He confirmed that the default restart plan would be at the 6,000 tonnes per day rate under the older EIA. Critically, Antal clarified that a restart is not dependent on the full completion of remediation, as the ongoing efforts support the parallel discussions with government authorities.

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    Ovais Habib's questions to Alamos Gold Inc (AGI) leadership

    Ovais Habib's questions to Alamos Gold Inc (AGI) leadership • Q2 2025

    Question

    Ovais Habib from Scotiabank asked about Alamos Gold's confidence in meeting its full-year production guidance and the operational levers available to ensure it. He also inquired about the exploration potential near the Magino Mill, asking which drill targets are most promising and if these results will be incorporated into the upcoming expansion study.

    Answer

    President and CEO John McCluskey expressed strong confidence in meeting production guidance, highlighting the company's long history of forecast accuracy. CFO Greg Fisher added that drivers for the second half include higher milling rates and grades at Young Davidson, the Magino ramp-up, and higher-grade ore processing at La Yaqui Grande. On exploration, VP of Exploration Scott R.G. Parsons detailed promising results from the Island West zone and near-mine targets like Cline and Edwards, clarifying that the immediate focus is converting existing resources to reserves for the year-end expansion study, with other targets being longer-term opportunities.

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    Ovais Habib's questions to Alamos Gold Inc (AGI) leadership • Q1 2025

    Question

    Ovais Habib questioned management's confidence in achieving the full-year All-in Sustaining Cost (AISC) guidance, given the high Q1 result and the significant cost reduction required in subsequent quarters. He also asked about future exploration plans for the western side of Island Gold following recent positive drill results.

    Answer

    Greg Fisher, CFO, affirmed confidence in the controllable aspects of the cost guidance, such as operating costs and sustaining capital. However, he cautioned that uncontrollable variables like the gold price (affecting royalties) and share price (affecting share-based compensation) could still impact the final AISC outcome. Scott Parsons, VP of Exploration, confirmed that drilling is ongoing at the western part of Island Gold and that exploration drifts are strategically designed for future conversion into production infrastructure.

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    Ovais Habib's questions to Alamos Gold Inc (AGI) leadership • Q2 2024

    Question

    Ovais Habib inquired about the grade performance at the Island Gold mine in Q2, asking for a breakdown of expected grade versus positive reconciliation and whether the high grades would persist. He also asked about any initial operational or financial surprises at the newly acquired Magino mine.

    Answer

    Luc Guimond, Chief Operating Officer, explained that Island Gold's Q2 grade of 14 g/t exceeded the forecast of 12-12.5 g/t due to positive reconciliation and planned mining in high-grade stopes. He noted that grades in the second half are expected to normalize to the reserve grade of around 11 g/t. Regarding Magino, Guimond confirmed there have been no surprises and the company is focused on continuous improvements to increase production through the end of the year.

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    Ovais Habib's questions to B2Gold Corp (BTG) leadership

    Ovais Habib's questions to B2Gold Corp (BTG) leadership • Q1 2025

    Question

    Ovais Habib asked for an update on the Otjikoto Antelope deposit, specifically what is pending ahead of the Q3 construction decision, and sought clarification on whether the Fekola underground and Fekola Regional permits are connected.

    Answer

    Executive William Lytle stated that only geotech work and surface infrastructure finalization are outstanding for the Antelope deposit, expressing 100% confidence in a Q3 decision. Executive Michael Cinnamond and Executive Randall Chatwin clarified that the Fekola underground and regional permits are two distinct and unconnected processes. The underground permit is well advanced, while the regional permit process was just catalyzed by a key government decree.

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    Ovais Habib's questions to B2Gold Corp (BTG) leadership • Q4 2024

    Question

    Ovais Habib inquired about the permitting status for the Fekola Regional and Fekola Underground projects in Mali, asking if regulators required more information or if it was just a matter of final sign-off. He also asked about the cause for underground mining rates at the Goose project being behind schedule, questioning if it was related to miner experience or geological conditions.

    Answer

    Executive Clive Johnson addressed the Fekola permits, stating the company is consolidating licenses and expects permits soon, noting the government had already approved infrastructure construction, a positive sign of alignment. Executive William Lytle explained the Goose mining rates were impacted by two now-resolved historical issues: the quality of inherited miners, who have since been trained, and predecessor-purchased equipment, which is being replaced. Lytle confirmed no impact is expected on 2025 production.

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    Ovais Habib's questions to B2Gold Corp (BTG) leadership • Q1 2024

    Question

    Ovais Habib of Scotiabank inquired about the ongoing negotiations for the 2023 Mali mining code, asking if B2Gold's terms were similar to other operators. He also asked about the potential timeline for receiving an exploitation permit for the Anaconda area and sought clarity on the Goose Project's infill drilling program and potential CapEx risks.

    Answer

    Executive Chairman Clive Johnson explained that each company's situation in Mali is different, noting Fekola is governed by the 2012 code until 2044, while the regional Anaconda area will fall under the 2023 code. He suggested a permit could be fast-tracked within a few months. Regarding Goose, Head of Exploration Victor King clarified the infill drilling is to upgrade resources to B2Gold's standards and has corroborated the previous owner's model. Global Operations SVP William Lytle added that they see opportunities for savings in reagents and are managing labor costs to remain materially on budget.

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