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    Pierre Vaillancourt

    Research Analyst at Haywood Securities

    Pierre Vaillancourt is Vice President & Senior Mining Analyst at Haywood Securities, specializing in mining sector research with a primary focus on precious and base metals companies. He has provided research coverage for firms including Troilus Gold, Abitibi Metals, Amex Exploration, Arizona Sonoran Copper, Artemis Gold, Red Pine Exploration, and Fireweed Metals, and is known for delivering actionable recommendations such as a 'BUY' rating and a 131% return target on Troilus Gold. With over 20 years of industry experience, Vaillancourt began his career as a geologist with Noranda and the Geological Survey of Canada, later holding senior analyst roles at Laurentian Bank, Macquarie Capital Markets, Orion Securities, Deutsche Bank, and HSBC before joining Haywood Securities. He holds an M.B.A. from Columbia University, an M.Sc. in Geology from the University of Western Ontario, a B.A. from Amherst College, and significant private equity experience, further establishing his credentials in mining finance and analysis.

    Pierre Vaillancourt's questions to Hudbay Minerals (HBM) leadership

    Pierre Vaillancourt's questions to Hudbay Minerals (HBM) leadership • Q4 2024

    Question

    Pierre Vaillancourt from Haywood Securities inquired about the elevated tax expense in the quarter and its future implications. He also asked about the long-term production profile for the Constancia mine after Pampacancha's depletion, considering the planned mill expansion.

    Answer

    CFO Eugene Lei explained that the higher tax expense was driven by strong production, high gold prices, and the exhaustion of tax pools in Peru, and it is expected to remain elevated in 2025 before normalizing. COO Andre Lauzon stated that more clarity on the future production profile will be provided in the March reserve update but highlighted ongoing improvements like pebble rejection and future pebble crushers to enhance throughput.

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