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    Raj Ray

    Research Analyst at BMO Capital Markets

    Raj Ray is Managing Director and Senior Equity Analyst, Metals & Mining Research at BMO Capital Markets, specializing in coverage of global precious and base metals companies such as Centerra Gold and a range of other mining sector leaders. Recognized for his analytical rigor, Ray has issued influential calls including recent downgrades on Centerra Gold, and his published recommendations are regularly tracked by platforms like MarketBeat and TipRanks, though specific numerical rankings are not publicly available. He began his career in process operations at a natural resources firm, transitioned to risk management roles focused on mining and energy portfolio evaluation, and then spent over a decade at Canadian dealer-brokers including National Bank Financial before joining BMO in October 2019. Ray holds a bachelor’s degree in metallurgy and materials engineering from the National Institute of Technology (Rourkela), an MBA from Schulich School of Business, is a CFA charterholder, and has served as a featured industry panelist at major mining conferences.

    Raj Ray's questions to Centerra Gold (CGAU) leadership

    Raj Ray's questions to Centerra Gold (CGAU) leadership • Q2 2025

    Question

    Raj Ray asked about the duration of mining in the lower-grade zone at Mount Milligan, sought clarification on the updated Oksut royalty structure in Turkey, and questioned the strategic rationale for developing Goldfield versus allocating capital to dividends and buybacks.

    Answer

    EVP & COO David Hendriks noted that while a high-grade area underperformed, the mine is operating above the deposit's average grade, with the upcoming PFS to provide more detail. EVP & CFO Ryan Snyder explained the new Turkish royalty table now extends to a $5,100 gold price, with royalty rates increasing by 125 basis points for every $300 price increment. President & CEO Paul Tomory defended the Goldfield decision, highlighting its high IRR and stating the company can fund all its projects and continue its buyback program with existing liquidity.

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    Raj Ray's questions to Centerra Gold (CGAU) leadership • Q1 2025

    Question

    Raj Ray asked about the operational outlook for the year, seeking assurance on operational flexibility and grade visibility at Mount Milligan and Oksut. He also questioned the change in the Kemess mineral resource classification (indicated vs. inferred) and the potential development timeline. Lastly, he inquired about the potential impact of U.S. tariffs on the molybdenum business.

    Answer

    COO David Hendriks stated that an extensive RC drilling program at Mount Milligan, to be completed by the end of Q2, will improve grade visibility, and he expects Oksut to meet guidance with higher grades in H2. CEO Paul Tomory explained the Kemess resource change resulted from a spatial shift and a move to a more selective mining method. CFO Ryan Snyder addressed tariffs, noting that while about 60% of moly concentrate feed from South America is subject to tariffs, the company is exploring mitigation strategies and can leverage U.S. feed from Thompson Creek.

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    Raj Ray's questions to Centerra Gold (CGAU) leadership • Q2 2024

    Question

    Raj Ray asked about Mount Milligan's Q2 performance, specifically if lower grades were expected and what the grade and recovery outlook is for the second half of the year. He also questioned the timing of potential capital spending related to the upcoming molybdenum study.

    Answer

    Paul Chawrun, Chief Operating Officer, confirmed the lower Q2 grades were due to standard mine sequencing and expects gold recovery to improve due to optimization initiatives. He noted grades would be slightly higher in H2, in line with guidance. Paul Tomory, CEO, and Ryan Snyder, CFO, added that early works spending is already occurring at Thompson Creek and that updated 2024 spending guidance will be provided with the feasibility study release.

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    Raj Ray's questions to AngloGold Ashanti (AU) leadership

    Raj Ray's questions to AngloGold Ashanti (AU) leadership • Q1 2025

    Question

    Raj Ray asked for updates on the Obuasi ramp-up, the rationale for pausing the Iduapriem joint venture, and the working capital outlook for the year.

    Answer

    CEO Alberto Calderon confirmed the Obuasi ramp-up is on track, with April tonnage meeting targets. He explained the Iduapriem decision was driven by a new understanding of the asset's stand-alone potential, which diminished the JV's relative NPV benefit. CFO Gillian Doran detailed that Q1's negative working capital was due to higher receivables and significant payments for bonuses and royalties, but expects a recovery on the payables side through the year.

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    Raj Ray's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Raj Ray from BMO Capital Markets inquired about the operational outlook for H2, the feasibility of Obuasi's required production ramp-up, and the details of the working capital movement in H1 and its expected trajectory.

    Answer

    CEO Alberto Calderon expressed confidence in the H2 outlook, citing positive momentum across all operations. For Obuasi, he noted that annualized production hit 300,000 ounces in June due to higher grades, underpinning the forecast. CFO Gillian Doran explained the positive H1 working capital movement was driven by inventory reduction and lower receivables, and she anticipates maintaining this discipline rather than seeing an unwind in H2.

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    Raj Ray's questions to AngloGold Ashanti (AU) leadership • H1 2024

    Question

    Raj Ray from BMO Capital Markets questioned the operational outlook for the second half, including potential risks and the feasibility of Obuasi's significant production ramp-up. He also asked for details on the first-half working capital movement and whether it would unwind.

    Answer

    CEO Alberto Calderon expressed confidence in the second half, citing 'positive inertia' across all operations. For Obuasi, he noted the mine hit a 300,000-ounce annualized run rate in June, driven by a significant grade improvement, which supports the H2 forecast. CFO Gillian Doran stated that the positive working capital movement was driven by inventory and receivables discipline and is not expected to unwind in the second half; in fact, she sees further opportunity for optimization.

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    Raj Ray's questions to AngloGold Ashanti (AU) leadership • Q2 2024

    Question

    Raj Ray of BMO Capital Markets questioned the operational outlook for the second half, asking about potential risks outside of Obuasi and seeking details on Obuasi's ability to meet its production targets given the required ramp-up. He also asked for clarification on the working capital movement in the first half and the outlook for any unwind.

    Answer

    CEO Alberto Calderon expressed confidence in the H2 outlook, citing positive momentum across all operations. For Obuasi, he noted that the mine achieved a 300,000-ounce annualized run rate in June, driven by higher grades, which supports the forecast for a significant production uplift. CFO Gillian Doran explained the positive working capital movement was due to inventory and receivables reduction and stated that no unwind is expected in H2; instead, the company aims to maintain or improve the current levels.

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    Raj Ray's questions to Galiano Gold (GAU) leadership

    Raj Ray's questions to Galiano Gold (GAU) leadership • Q2 2024

    Question

    Asked about the ramp-up of mining rates at Abore, the reason for the increased strip ratio, the status of mining at other deposits like Esaase and Miradani North, and whether the new secondary crusher was part of the original mine plan.

    Answer

    The company explained that mining rates are still ramping up and will reach a steady state of 4 million tonnes per month by year-end. The higher strip ratio is due to a larger, more economic pit design based on a higher gold price, not instability. Mining at other deposits has been deferred due to the expansion at Abore, which provides more flexibility. The secondary crusher was a known required upgrade for throughput, cost, and safety, though it was not in the technical report.

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    Raj Ray's questions to Galiano Gold (GAU) leadership • Q2 2024

    Question

    Raj Ray of BMO Capital Markets asked if mining rates at Abore had reached a steady state and whether pit instability contributed to the increased strip ratio. He also asked about the status of planned mining at Esaase and Miradani North and the rationale for installing a new secondary crusher.

    Answer

    CEO Matt Badylak explained that mining rates are still ramping up and are expected to reach a steady state of approximately 4 million tonnes per month by November/December 2024. He clarified the higher strip ratio at Abore is due to a larger pit design based on a higher gold price assumption, not geotechnical instability. The Abore expansion has allowed the company to defer mining at Esaase and Miradani. Finally, the secondary crusher is a planned upgrade to improve throughput, reduce costs, and enhance safety.

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    Raj Ray's questions to Galiano Gold (GAU) leadership • Q2 2024

    Question

    Raj Ray of BMO Capital Markets posed several operational questions regarding whether mining rates had reached a steady state, if pit instability contributed to the increased strip ratio at Abore, the status of mining at Esaase and Miradani North, and the rationale for installing a new secondary crusher.

    Answer

    CEO Matt Badylak addressed all points, stating that mining rates are still ramping up and are expected to reach a steady state of ~4 million tonnes per month by November/December. He clarified the higher strip ratio at Abore is due to a planned pit expansion based on a higher gold price, not instability. The Abore expansion has also allowed the company to defer mining at Esaase and Miradani, simplifying operations. Finally, he explained the new crusher, while not in the technical report, was a planned upgrade for throughput, cost, and safety.

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    Raj Ray's questions to Galiano Gold (GAU) leadership • Q2 2024

    Question

    Raj Ray of BMO Capital Markets questioned the ramp-up status of mining rates, whether pit instability influenced the Abore strip ratio, the status of mining at Esaase and Miradani North, and if the new secondary crusher was part of the original mine plan.

    Answer

    CEO Matt Badylak explained that mining rates are still ramping up to a steady state of 4 million tonnes per month by year-end. He clarified the higher strip ratio is due to a larger pit design from a higher gold price assumption, not instability. The Abore expansion has allowed Galiano to defer mining at other deposits, and the secondary crusher, while not in the technical report, was a planned upgrade for throughput, cost, and safety.

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    Raj Ray's questions to Sibanye Stillwater (SBSW) leadership

    Raj Ray's questions to Sibanye Stillwater (SBSW) leadership • Q2 2023

    Question

    Questioned the underperformance of the U.S. PGM and SA Gold operations compared to the strong SA PGM business, asking about cost reduction timelines and potential strategic options for gold. Also asked for clarification on the Keliber project's legal appeals and the status and potential partnership structure for the Mopani acquisition.

    Answer

    The company is actively working to optimize the underperforming gold and U.S. PGM assets, with a 6-9 month timeline for gold restructuring and a Q4 target for the U.S. to get back on plan. The long-term strategy is a balanced portfolio. For Mopani, a partnership is planned, and the deal will be structured to avoid large upfront capital. The Keliber project's construction can continue despite legal appeals due to an enforcement order.

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