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    Stefan Ioannou • Cormark Securities

    Stefan Ioannou's questions to Hudbay Minerals Inc (HBM) leadership

    Stefan Ioannou's questions to Hudbay Minerals Inc (HBM) leadership • Q4 2024

    Question

    Stefan Ioannou of Cormark Securities asked about the strategic rationale behind Hudbay's recent investment in Arizona Sonoran and how it fits into the company's broader portfolio.

    Answer

    CEO Peter Kukielski described the investment as part of an ongoing strategy to manage a portfolio of junior mining company investments that fit Hudbay's criteria. He noted that the Arizona Sonoran investment prudently increases the company's copper exposure in Arizona, a key jurisdiction for Hudbay, while providing funding to help derisk a promising project.

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    Stefan Ioannou's questions to Ero Copper Corp (ERO) leadership

    Stefan Ioannou's questions to Ero Copper Corp (ERO) leadership • Q2 2024

    Question

    Stefan Ioannou of Cormark Securities sought clarification on the cause of lower head grades at Caraiba in H1 2024 and asked to confirm the new, lower treatment and refining charge (TC/RC) figures for the remainder of the year.

    Answer

    CEO David Strang explained the lower grade was due to a combination of factors: delayed development in Q1 and significant dilution from overbreak in a key high-grade stope in Q2. He confirmed that new contracts have locked in favorable treatment charges of just over $5 per tonne through year-end, a significant reduction from the nearly $80 per tonne seen earlier in the year.

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