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    Timothy Hoff

    Research Analyst at Canaccord

    Timothy Hoff is an Analyst at Canaccord Genuity, specializing in financial sector research with a background as a Portfolio Manager. He has previously worked at Watermark Funds Management before joining Canaccord Genuity, contributing industry experience to his analyst responsibilities. Although detailed quantitative performance metrics and specific companies covered are not available, his career demonstrates a progression from portfolio management to equity analysis at a major finance firm. Hoff's professional credentials include sector expertise and prior management roles within the investment industry.

    Timothy Hoff's questions to MAC Copper (MTAL) leadership

    Timothy Hoff's questions to MAC Copper (MTAL) leadership • Q1 2025

    Question

    Timothy Hoff from Canaccord Genuity asked about the offtake terms for zinc concentrate produced through the Polymetals tolling arrangement and sought to clarify if any resulting copper would also be separate from the main CSA offtake agreement with Glencore.

    Answer

    CEO Michael James McMullen clarified that the Polymetals agreement is for tolling, not ore sales, meaning MAC Copper will receive the concentrate back and has not yet signed a final offtake agreement for it. He noted the zinc concentrate market is very tight. He also confirmed that any copper-bearing ore would be processed through their own plant, as the Polymetals circuit is designed for zinc-lead and would not recover the copper.

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    Timothy Hoff's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Timothy Hoff from Canaccord asked about the difference between mine and mill tonnes, seeking clarification on stockpile usage. He also inquired about revisions to the previous quarter's reported numbers and the expected quarterly cash burn for the QTS Upper project.

    Answer

    Executive Michael James McMullen acknowledged some milling from stockpiles. CFO Morne Engelbrecht explained that the June quarter numbers were revised to align with the half-year report, which included presold tonnes not captured in the initial quarterly release. McMullen estimated the QTS Upper cash burn would be nominal initially, rising to $2-3 million per quarter as development ramps up.

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    Timothy Hoff's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Timothy Hoff from Canaccord questioned the difference between mined and milled tonnes, asked for clarification on revisions to the June quarter's reported numbers, and inquired about the expected quarterly cash burn for the QTS Upper project.

    Answer

    Executive Michael James McMullen explained that the difference between mined and milled tonnes is due to drawing from stockpiles. CFO Morne Engelbrecht clarified that Q2 numbers were revised in the half-year report to align with the inclusion of presold tonnes, and those updates were rolled back into the quarterly data for consistency. McMullen estimated the cash burn for QTS Upper would be around $2-3 million per quarter.

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