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    Stefan Ioannou

    Base Metals Institutional Equity Research Analyst at Cormark Securities

    Stefan Ioannou is a Base Metals Institutional Equity Research Analyst at Cormark Securities, specializing in coverage of mining equities with a focus on base and precious metals producers and developers. He currently follows companies including Trevali Mining, with a coverage universe of approximately ten stocks and a track record reflected in a TipRanks success rate of 41.67% and a 2.76-star analyst rating. Ioannou began his career as a field geologist across North America before moving to Haywood Securities as a mining analyst and has been with Cormark Securities since at least 2017, leveraging a Ph.D. in geology from the University of Toronto. He holds relevant Canadian securities industry credentials and is recognized for insightful sector analysis.

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

    Stefan Ioannou's questions to Hudbay Minerals (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 (ERO) leadership

    Stefan Ioannou's questions to Ero Copper (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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