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Ralph M. Profiti

Managing Director and Senior Equity Research Analyst at Stifel Nicolaus

Ralph M. Profiti is a Managing Director and Senior Equity Research Analyst at Stifel Nicolaus, specializing in Metals & Mining with a focus on North American Industrial Metals, Precious Metals, and Energy Metals companies. He covers specific firms such as Newmont (NEM), Freeport-McMoRan (FCX), K92 Mining, Southern Cross Gold, and Uranium Energy, achieving a strong track record including a 39% success rate and 3.2% average return per rating on TipRanks, with his top call on FCX delivering +338% return. Profiti joined Stifel from prior roles as Senior Equity Research Analyst at Eight Capital and key positions on Global Metals & Mining teams at Credit Suisse and Deutsche Bank, following corporate banking experience at Royal Bank of Canada. He holds a Bachelor of Engineering from Ryerson University, an MBA from the University of Windsor, and is a CFA charterholder.

Ralph M. Profiti's questions to Hudbay Minerals (HBM) leadership

Question · Q4 2025

Ralph M. Profiti asked about Hudbay's new capital allocation framework, how it addresses commodity price volatility, and the balance between internal growth opportunities versus potential acquisitions. He also inquired about the expected downtime and throughput impact in British Columbia during the Q3 2026 SAG mill rehabilitation.

Answer

CFO Eugene Lei explained the framework's role in volatile markets, highlighting past high-return investments and Mitsubishi's funding for Copper World, enabling balanced growth and shareholder returns. President and CEO Peter Kukielski and COO Andre Lauzon detailed the planned SAG mill feed head replacement in early Q3 2026, expecting several weeks of work with continued SAG 2 operation, and noted that parts are procured.

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Question · Q4 2025

Ralph M. Profiti inquired about Hudbay's capital allocation framework, specifically how the company characterizes its scenario analysis approach given the spread between metal prices and consensus, and how it balances growth opportunities versus shareholder returns. He also asked for details on the planned SAG mill rehabilitation work in British Columbia during Q3, including expected downtime and impact on throughput.

Answer

CFO Eugene Lei explained that the capital allocation framework allows for various scenario analyses using different prices and financing opportunities, balancing growth with capital returns, noting the first dividend increase and NCIB. President and CEO Peter Kukielski confirmed the BC SAG mill replacement in early Q3, with COO Andre Lauzon elaborating on parts procurement, an estimated one-month downtime, and the ability to run SAG 2 concurrently, expecting higher throughput in the latter half of the year.

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