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    Shane Nagle

    Vice President and Equity Research Analyst at National Bank Financial

    Shane Nagle is a Vice President and Equity Research Analyst at National Bank Financial specializing in the metals and mining sector, with a particular focus on base metals, gold, royalties, and junior mining companies. He provides coverage on key companies such as Ero Copper, Taseko Mines, Wheaton Precious Metals, Sandstorm Gold, Triple Flag Precious Metals, Gold Royalty, OR Royalties, and Royal Gold, and his analyst performance includes a 57.14% success rate across 14 ratings and an average return of -8.04%, ranking him in the upper-mid tier among industry analysts. Nagle joined National Bank Financial after experience as a process engineer at Hatch and holds an engineering chemistry degree from Queen's University; notably, he was awarded the 2013 StarMine award for top stock picker in Canada (Metals & Mining). He holds a CFA designation and is listed as a registered analyst on current National Bank Financial publications.

    Shane Nagle's questions to Hudbay Minerals (HBM) leadership

    Shane Nagle's questions to Hudbay Minerals (HBM) leadership • Q2 2025

    Question

    Shane Nagle of National Bank Financial asked for clarification on the mechanics of Mitsubishi's $180 million matching contribution to the JV. He also inquired about the impact of revised mine sequencing at Constancia and Pampacancha in Q3, specifically if it would lead to processing more stockpiled ore.

    Answer

    CFO Eugene Lei explained that the $180 million is a direct contribution into the joint venture, not a payment to Hudbay, which is the most efficient structure for funding the project. COO Andre Lauzon confirmed that the revised Q3 plan involves processing more stockpiles in a new blend, but that mining activities at Pampacancha itself are continuing at full capacity.

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