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    Samuel Catalano

    Senior Metals & Mining Equity Analyst at Wilsons Advisory

    Samuel Catalano is a Senior Metals & Mining Equity Analyst at Wilsons Advisory, specializing in coverage of lithium and critical minerals with a focus on key ASX-listed companies such as Atlantic Lithium, Leo Lithium, and MAC Copper Ltd. Known for his robust sector insights and methodical analysis, Catalano has demonstrated deep expertise during industry volatility, including periods when lithium outperformed or underperformed relative to other commodities. He began covering the lithium sector in mid-2023 and has been active in broadening Wilsons' presence in natural resources, leveraging prior experience at multiple commodities operations globally. Catalano holds relevant professional qualifications for equity research and regularly appears as an industry expert on investment-focused media.

    Samuel Catalano's questions to MAC Copper (MTAL) leadership

    Samuel Catalano's questions to MAC Copper (MTAL) leadership • Q4 2024

    Question

    Samuel Catalano of Wilsons Advisory asked what factors could push production to the high end of the 2025 guidance range. He also sought clarification on whether the 'first ore' from QTS South Upper referred to development ore or first stoping ore.

    Answer

    Executive Michael James McMullen identified the QTS South Upper project as the key swing factor for reaching the upper end of guidance, as its potential 1,500 tonnes of copper per quarter is not currently included in the midpoint forecast. He confirmed that the internal bonus metric is tied to achieving 'first stoping ore' from QTS South Upper in Q4, though some incremental development ore might be produced earlier.

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    Samuel Catalano's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Samuel Catalano asked for clarification on development meter trends, whether production from the QTS Upper project would be additive to guidance or displace other material, and for comments on reported M&A interest in Neves-Corvo.

    Answer

    Executive Michael James McMullen explained that development meter figures are a result of the new, more efficient mine plan. He confirmed that QTS Upper production is completely additive to existing guidance as the company is not mill-constrained. Regarding M&A, he reiterated that the company evaluates all copper opportunities but remains strictly value-focused, especially in competitive processes.

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    Samuel Catalano's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Samuel Catalano inquired about the recent trend in development meters, whether production from the QTS Upper project would be additive to guidance, and sought comments on press speculation regarding the company's potential involvement with the Neves-Corvo asset.

    Answer

    Executive Michael James McMullen clarified that lower development meters are a result of a new mine plan and double lift stope strategy. He confirmed that production from QTS Upper will be entirely additive to current guidance. Regarding M&A, McMullen stated that while the company evaluates all copper opportunities, it remains highly value-focused, which can be challenging in competitive processes.

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