Sign in

    Ralph Profiti • 8 Capital

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

    Ralph Profiti's questions to Hudbay Minerals Inc (HBM) leadership • Q2 2025

    Question

    Ralph Profiti of Stifel Financial Corp. inquired about the commercial arrangements of the Mitsubishi joint venture, specifically regarding off-take rights and the potential to accelerate the Albion concentrate leach facility. He also asked about the strategic rationale for pursuing project financing given Hudbay's strong balance sheet.

    Answer

    President and CEO Peter Kukielski confirmed that Mitsubishi will have rights to 30% of the off-take and that accelerating the Albion process is a possibility that will be evaluated in the feasibility study. CFO Eugene Lei added that utilizing project-level financing is a manageable and efficient way to fund the project, which enhances equity returns for both Hudbay and its partner.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Hudbay Minerals Inc (HBM) leadership • Q1 2025

    Question

    Ralph Profiti of Stifel questioned the progress of the Copper World joint venture partnership process, specifically asking if the list of potential partners was being narrowed and if interest from gold miners was disproportionately high. He also sought more definitive timing on the 2025 completion of permits for Maria Reyna and Caballito and the potential for drilling results this year.

    Answer

    President & CEO Peter Kukielski described the JV process as robust, with significant interest driven by the asset's quality and the scarcity of permitted US copper projects. He noted that while gold companies have shown interest, it was not disproportionate. On the Peru permits, Kukielski explained that the government-run process is proceeding, and while they expect completion in 2025, they cannot provide a specific date for when drilling will commence.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Hudbay Minerals Inc (HBM) leadership • Q2 2024

    Question

    Ralph Profiti from Eight Capital inquired about the timing and capital requirements for the New Britannia mill expansion and asked for the year-end targets for throughput and recoveries at the Copper Mountain mine.

    Answer

    President & CEO Peter Kukielski stated the New Britannia expansion is not a major capital decision but a series of low-capital enhancements. COO Andre Lauzon added that these are minor projects, like liner changes and pump upgrades, totaling under $10 million. For Copper Mountain, Lauzon explained that material movement is ramping up, which will lower unit costs, and he expects mill throughput to reach around 41,000 tonnes per day by year-end, with studies underway to accelerate the path to 50,000 tonnes per day.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Nexgen Energy Ltd (NXE) leadership

    Ralph Profiti's questions to Nexgen Energy Ltd (NXE) leadership • Q2 2025

    Question

    Ralph Profiti of Stifel asked about the five-year term on the offtake contracts, questioning if there was utility appetite for longer tenures. He also inquired if the recent Bill C-5 legislation has prompted any scope changes to the plant or project design during the pre-construction phase.

    Answer

    CEO Leigh Curyer responded that contract terms, including length, are highly specific to each utility's needs and vary globally, with NextGen negotiating a range of 3, 5, and 10-year deals. He clarified that Bill C-5 has resulted in 'absolutely no scope changes,' as the project's design already exceeds all environmental and social requirements, and the bill is more likely to benefit future projects.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Nexgen Energy Ltd (NXE) leadership • Q1 2025

    Question

    Ralph Profiti of Scotiabank inquired about the procurement progress for long-lead items for the Rook I project, asking about potential inflationary pressures or delivery risks from suppliers. He also asked how NexGen is balancing the timing of an inaugural Mineral Resource Estimate for the PCE discovery against the potential for further growth with more drilling.

    Answer

    CEO Leigh Curyer stated that the delayed hearing dates have allowed for more detailed planning of the procurement process, and he is comfortable with their progress. He acknowledged general pricing pressures but noted the project's robust economics and short payback period mitigate the impact of inflation. Regarding PCE, Curyer explained it is still in the early discovery phase, with a resource definition not expected until 2026 at the earliest, as the company prioritizes understanding the full scale of the mineralization, which appears larger than the Arrow deposit at a similar stage.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Ero Copper Corp (ERO) leadership

    Ralph Profiti's questions to Ero Copper Corp (ERO) leadership • Q2 2025

    Question

    Ralph Profiti asked about the production contribution from the Serbeam pit at Cariba during Q2 and for the second half of the year, the drivers behind mining tonnage outperformance, and the power supply situation at Tucuma.

    Answer

    President and CEO Makko Defilippo attributed the outperformance to broad operational excellence initiatives rather than a single factor. He confirmed that the Serbeam pit will be an increasingly significant contributor to production in H2 2025 and into 2026, which aligns with the long-term mine plan. He also stated there are no power-related bottlenecks at Tucuma.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Ero Copper Corp (ERO) leadership • Q2 2024

    Question

    Ralph Profiti from 8 Capital asked about the company's hedging strategy for the Brazilian real, given recent currency weakness, and requested details on the grade of the ore stockpile at the Tucuma project.

    Answer

    CFO Wayne Drier explained that the previous heavy hedging was to protect Tucuma's capital spend and that the strategy will now become more opportunistic to benefit from BRL weakness. He also clarified that the 460,000-tonne run-of-mine stockpile at Tucuma has an average grade of around 1% copper, while a separate 44,000 tonnes of blasted material in the mine grades above 2% copper.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Kinross Gold Corp (KGC) leadership

    Ralph Profiti's questions to Kinross Gold Corp (KGC) leadership • Q1 2025

    Question

    Ralph Profiti of Stifel inquired if the new gravity circuit at Paracatu was related to processing harder, higher-grade ores and asked about the company's capital allocation strategy regarding generative greenfield versus brownfield exploration.

    Answer

    William Dunford, EVP and Chief Technical Officer, clarified the gravity circuit was a continuous improvement project initiated years ago and its use with harder ore is coincidental. CEO J. Rollinson explained that Kinross's exploration budget is roughly 90% brownfield-focused to leverage existing infrastructure, with the remaining 10% allocated to selective greenfield projects and strategic investments in junior explorers.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Kinross Gold Corp (KGC) leadership • Q2 2024

    Question

    Ralph Profiti questioned the potential for fiscal policy changes in Mauritania post-election and sought an update on the permitting timeline for the Great Bear AEX.

    Answer

    CEO J. Rollinson expressed confidence in the stability of Mauritania's fiscal regime, citing the re-election of President Ghazouani and an existing stability agreement. EVP and General Counsel Geoffrey P. Gold stated that AEX permits are expected in the near term, targeting early works in H2 2024, and that the company is awaiting federal guidelines for the Main Project's impact assessment.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Cameco Corp (CCJ) leadership

    Ralph Profiti's questions to Cameco Corp (CCJ) leadership • Q1 2025

    Question

    Ralph Profiti asked about the industry markers that would signal a transition to more normal upstream uranium procurement by fuel buyers. He also requested an update on the production outlook and partner relations at JV Inkai in Kazakhstan, including the status of sulfuric acid supply.

    Answer

    CEO Tim Gitzel noted that the move upstream to uranium contracting is inevitable given the 3.2 billion pounds of uncovered demand through 2045. CFO Grant Isaac added that the growing structural supply deficit is beginning to impress upon fuel buyers, marking a potential turning point. Regarding Inkai, Gitzel confirmed relations are 'back on track' with a 2025 production target of 8.3 million pounds, though supply chain risks remain. Executive Cory Kos noted that while a new acid plant is planned for 2027, construction has not yet begun.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Cameco Corp (CCJ) leadership • Q3 2024

    Question

    Ralph Profiti asked about shifts in utility buying behavior, questioning if procurement is moving from downstream (enrichment, conversion) to upstream (uranium), and inquired about the potential to update Westinghouse's 6-10% long-term EBITDA growth rate.

    Answer

    President and CEO Timothy Gitzel confirmed that utilities are indeed working their way back up the fuel chain to uranium. Executive VP and CFO Grant Isaac added that the 6-10% Westinghouse growth outlook is conservative and will be adjusted upwards once major new build projects reach a final investment decision (FID).

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Agnico Eagle Mines Ltd (AEM) leadership

    Ralph Profiti's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q1 2025

    Question

    Ralph Profiti from Scotiabank inquired about the Canadian Malartic mine, asking how the emerging Eclipse zone could influence medium-term planning and the positioning of a second shaft, and also asked about the drilling strategy and resource update timeline for the Marban project.

    Answer

    Dominique Girard, an executive, clarified that the Eclipse zone is a longer-term prospect that supports the case for a second shaft, while other zones could yield ounces sooner. Guy Gosselin, another executive, explained that drilling at Marban is focused on the Eastern extension, with an initial resource update anticipated by year-end and a more comprehensive update by the end of 2026.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Agnico Eagle Mines Ltd (AEM) leadership • Q2 2024

    Question

    Ralph Profiti questioned whether the supplemental exploration budget was driven by strategic opportunities or rising costs and asked about the company's strategy for managing its private placement debt as maturities approach.

    Answer

    Guy Gosselin (executive) clarified the additional exploration budget is purely strategic, driven by positive results at key projects, and noted that drilling costs have actually eased. CFO James Porter stated the plan is to repay the $450 million term facility due in 2025, while the existing private notes have favorable terms and will likely be paid off as they mature over the next decade.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Wheaton Precious Metals Corp (WPM) leadership

    Ralph Profiti's questions to Wheaton Precious Metals Corp (WPM) leadership • Q2 2024

    Question

    Ralph Profiti asked about the rephasing of the Santo Domingo upfront stream payment and where this payment ranks within the project's overall capital spending structure relative to other financing.

    Answer

    President & CEO Randy Smallwood clarified that the upfront stream payment is funded ahead of any project debt and occurs during the early construction phase. Haytham Hodaly, SVP of Corporate Development, added the important condition that Wheaton's capital is only provided after the counterparty has ensured the full project funding package is arranged.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Osisko Gold Royalties Ltd (OR) leadership

    Ralph Profiti's questions to Osisko Gold Royalties Ltd (OR) leadership • Q2 2024

    Question

    Ralph Profiti of Eight Capital inquired about the rationale behind the 30% syndication level for the Cascabel stream and whether there was a desire to take a larger share, questioning the influence of factors like maintaining financial 'dry powder' and balancing country exposure. He also asked for clarity on the company's M&A pipeline, specifically whether upcoming opportunities are expected to contribute within the company's five-year outlook or fall outside of it.

    Answer

    Jason Attew, President and CEO, explained that the 30% syndication level for Cascabel was a negotiated outcome with partner Franco-Nevada, reflecting proportional interests and the funding needs of SolGold. He highlighted that the deal structure includes 'off-ramps' to mitigate jurisdictional risk in Ecuador. Regarding the M&A pipeline, Attew stated that while the strategic preference is for transactions that contribute within the 5-year outlook, the company will not ignore high-quality, long-term development assets. He expressed optimism about closing at least one more meaningful deal before year-end that would fit within the five-year window.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to Osisko Gold Royalties Ltd (OR) leadership • Q2 2024

    Question

    Ralph Profiti inquired about the rationale for syndicating the Cascabel stream at only 30%, asking if there was a desire to do more and how factors like maintaining dry powder or balancing country exposure influenced the decision. He also asked if the current M&A pipeline consists of opportunities within Osisko's 5-year outlook or mostly outside of it.

    Answer

    Jason Attew, President and CEO, explained that the 30% syndication level for Cascabel was a negotiated outcome with partner Franco-Nevada, reflecting proportional interests and meeting SolGold's financing needs. He highlighted that the deal structure includes off-ramps if the political situation in Ecuador deteriorates. Regarding the M&A pipeline, Attew stated that while the strategic preference is for transactions that contribute within the 5-year outlook, the company will not ignore high-quality, longer-term development assets.

    Ask Fintool Equity Research AI

    Ralph Profiti's questions to B2Gold Corp (BTG) leadership

    Ralph Profiti's questions to B2Gold Corp (BTG) leadership • Q1 2024

    Question

    Ralph Profiti of Eight Capital followed up on the Goose Project's capital expenditures, asking what portion of the total budget will be committed by the June 2024 update. He also asked about B2Gold's strategic approach in Finland following the deal with Rupert Resources.

    Answer

    CFO Michael Cinnamond and Global Operations SVP William Lytle clarified that a significant portion of the capital has already been spent or committed, with key equipment delivered to the site, significantly derisking the project. Executive Chairman Clive Johnson described the Finland deal as 'elegant,' allowing B2Gold to recoup exploration costs, retain upside through share ownership, and refocus its exploration budget on higher-priority assets like Goose and Fekola.

    Ask Fintool Equity Research AI