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    Wayne Lam • TD Securities

    Wayne Lam's questions to First Majestic Silver Corp (AG) leadership

    Wayne Lam's questions to First Majestic Silver Corp (AG) leadership • Q2 2025

    Question

    Wayne Lam of TD Securities inquired about the operational synergies and production ramp-up at the newly integrated Cerro Los Gatos mine. He also sought details on the development timeline and production potential of new discoveries at the Santa Elena mine, including Navidad and Santo Nino.

    Answer

    COO Steve Holmes detailed plans to accelerate mine development at Cerro Los Gatos to match plant capacity. He highlighted synergies like implementing First Majestic's reconciliation processes to reduce dilution and applying Gatos's lean business improvement methods company-wide, alongside cost savings from consolidating contractors. CEO Keith Neumeyer added that specific development timelines for the large new discoveries at Santa Elena are pending further engineering work, with guidance expected by early 2026.

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    Wayne Lam's questions to First Majestic Silver Corp (AG) leadership • Q2 2025

    Question

    Wayne Lam of TD Securities inquired about the integration of the Cerro Los Gatos mine, asking for details on identified synergies and the timeline to sustainably achieve 4,000 tonnes per day. He also asked about the development and sequencing of new discoveries at the Santa Elena mine, including Santo Nino and Navidad, and their potential impact on future tonnage.

    Answer

    COO Steve Holmes addressed the Gatos question, explaining that the company is accelerating mine development to match the plant's higher capacity. He detailed two-way synergies, including implementing First Majestic's reconciliation processes at Gatos and applying Gatos's lean business improvement methods across the company, as well as consolidating contractors for cost savings. CEO Keith Neumeyer responded regarding Santa Elena, stating that detailed sequencing plans for the new discoveries are not yet public but engineering work is underway, with guidance expected by year-end or early 2026.

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    Wayne Lam's questions to Endeavour Silver Corp (EXK) leadership

    Wayne Lam's questions to Endeavour Silver Corp (EXK) leadership • Q2 2025

    Question

    Wayne Lam sought clarification on the final hurdle for declaring commercial production at Terronera, asking if it was solely tied to recovery rates. He also questioned the drivers behind higher operating costs at the newly acquired Culpa mine and inquired about the capital and permits needed for its planned expansion.

    Answer

    CEO Dan Dixon confirmed that achieving design recovery rates is the main remaining step for the commercial production declaration at Terronera. Regarding Culpa, he attributed higher initial costs to one-time integration expenses and noted that the planned expansion to 2,500 tpd requires approximately $12.5 million in incremental capital. COO Dawn Gray added that while they have the permit to expand, they are finalizing the separate permit to operate at the higher capacity.

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    Wayne Lam's questions to Endeavour Silver Corp (EXK) leadership • Q1 2025

    Question

    Wayne Lam from TD Securities sought clarification on the start date for Terronera's 90-day ramp-up period, whether the guided completion cost includes all commissioning expenses, and the company's comfort level with its current balance sheet to fund the ramp-up.

    Answer

    CEO Dan Dickson clarified the 90-day ramp-up timeline began around May 1st. CFO Elizabeth Senez confirmed the remaining capital spend is minimal, as ramp-up costs are treated as operating expenses. Dan Dickson acknowledged the 'high stress' period of the ramp-up, stating the company is monitoring its $65 million cash balance closely and will look to refinance its debt facility post-commercial production to lower capital costs.

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    Wayne Lam's questions to Hecla Mining Co (HL) leadership

    Wayne Lam's questions to Hecla Mining Co (HL) leadership • Q2 2025

    Question

    Wayne Lam of TD Securities inquired about the drivers behind the strong operational performance and higher grades at Greens Creek, the change in commentary regarding the sustainability of the 440 tonnes per day target at Keno Hill, and the strategic rationale for retiring a significant portion of debt using the ATM facility.

    Answer

    SVP & COO Carlos Aguiar attributed the Greens Creek outperformance to good execution and access to higher-grade areas, which are expected to continue. President & CEO Rob Krcmarov explained the increased confidence in the Keno Hill target is due to expanded operational flexibility and a focus on ore control. SVP & CFO Russell Lawlar stated that the debt retirement was a strategic decision to reinvest interest savings into high-return internal growth opportunities, such as exploration in Nevada, to maximize shareholder value.

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    Wayne Lam's questions to Coeur Mining Inc (CDE) leadership

    Wayne Lam's questions to Coeur Mining Inc (CDE) leadership • Q1 2025

    Question

    Wayne Lam inquired about the Rochester mine's recovery timeline and direct-to-pad material mix. He also asked about the drivers behind the Wharf mine's strong Q1 performance and the impact of cost trends, including labor in Mexico and pressures at U.S. sites.

    Answer

    Executive Mitchell J. Krebs and Executive Michael Routledge stated that Rochester's recoveries are tracking to the model and will improve as crush size decreases, with direct-to-pad material declining over time. Routledge attributed Wharf's performance to mine plan sequencing. Krebs and CFO Thomas Whelan noted favorable cost trends and significant margin expansion, with only modest labor cost increases.

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    Wayne Lam's questions to Equinox Gold Corp (EQX) leadership

    Wayne Lam's questions to Equinox Gold Corp (EQX) leadership • Q1 2025

    Question

    Wayne Lam from RBC Capital Markets inquired about Equinox Gold's balance sheet flexibility, potential refinancing post-merger, and contingency plans for the dual ramp-ups of the Greenstone and Valentine mines. He also asked for details on Greenstone's mill improvements, cost pressures, and the status of negotiations at the suspended Los Filos mine, particularly if higher gold prices could change the company's stance.

    Answer

    COO Douglas Reddy and CEO Gregory Smith stated that while a refinancing of the credit facility was planned, strong performance at Greenstone might make further draws unnecessary, expressing confidence in funding both mine ramp-ups. Douglas Reddy detailed the mill modifications, including changes to pumps and tanks, which have improved stability. CFO Peter Hardie affirmed confidence in meeting full-year cost guidance. Regarding Los Filos, CEO Gregory Smith described the situation as an impasse, stating that the company's position on the negotiated terms remains firm despite higher gold prices to ensure the mine's long-term economic viability.

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    Wayne Lam's questions to Equinox Gold Corp (EQX) leadership • Q4 2024

    Question

    Wayne Lam asked for details on the term length of the new Los Filos community agreements and the potential for catch-up capital spending. He also inquired about the economic justification for the Aurizona underground development, mine life extension opportunities at Mesquite, and whether the company's renewed base shelf prospectus includes an ATM component.

    Answer

    Executive Gregory Smith clarified that the proposed Los Filos agreements are long-term, covering the mine life, and that a restart would require pre-stripping. He and COO Douglas Reddy explained the Aurizona underground development is a de-risking effort with a ~$20 million budget, not an acceleration. EVP of Exploration R. Heffernan discussed near-term drilling at Mesquite. CFO Peter Hardie confirmed the base shelf allows for an ATM but there are no current plans to implement one.

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    Wayne Lam's questions to Equinox Gold Corp (EQX) leadership • Q2 2024

    Question

    Wayne Lam from RBC Capital Markets asked about the Greenstone stockpile grade and reconciliation, the strategic outlook for high-cost assets like Los Filos and Santa Luz, and the company's financing plans for its upcoming convertible note maturity.

    Answer

    CEO Gregory Smith clarified that using high-grade ore at Greenstone was a commissioning decision, not for cash flow. Both Smith and COO Douglas Reddy stated that Los Filos's future depends on new community agreements for the CIL plant, while at Santa Luz, the focus is on optimizing new technology before any strategic review. CFO Peter Hardie confirmed the plan is to repay the upcoming convertible note using existing cash and liquidity.

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    Wayne Lam's questions to Orla Mining Ltd (ORLA) leadership

    Wayne Lam's questions to Orla Mining Ltd (ORLA) leadership • Q4 2024

    Question

    Wayne Lam from RBC Capital Markets inquired about the upcoming guidance for the newly acquired Musselwhite Mine, focusing on potential cost savings. He also sought updates on the permitting processes and regulatory environment for the Camino Rojo expansion in Mexico and the South Railroad project in Nevada.

    Answer

    President and CEO Jason Simpson addressed all questions. Regarding Musselwhite, he detailed that Q2 guidance will reflect cost savings from prior investments by Newmont, Orla's leaner operational structure, and future production increases. For Camino Rojo, Simpson expressed confidence in securing the primary permit in the current year following positive government discussions. On South Railroad, he outlined the permitting timeline, with a record of decision targeted for mid-2026 and first production in 2027, supported by ongoing engineering work.

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    Wayne Lam's questions to B2Gold Corp (BTG) leadership

    Wayne Lam's questions to B2Gold Corp (BTG) leadership • Q2 2024

    Question

    Wayne Lam inquired about the rationale behind the second impairment charge at the Fekola mine, the timeline for a finalized agreement with the Mali government, the components of the updated Fekola ASIC guidance, and the specific outstanding CapEx items delaying the cost review for the Goose project.

    Answer

    Executive Clive Johnson and CFO Michael Cinnamond explained that while they cannot detail ongoing negotiations, they are confident a deal with Mali is imminent, and the impairment charge reflects their best estimate of the new mining code's impact, signaling they are close to a final agreement. Cinnamond clarified the updated Fekola guidance for 2024 excludes costs for regional ore stripping. Regarding the Goose project, executive William Lytle stated that while most major items are on-site, a detailed cost update is delayed until September to allow for a full review of materials from the previous owner to ensure they meet B2Gold's standards.

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    Wayne Lam's questions to IAMGOLD Corp (IAG) leadership

    Wayne Lam's questions to IAMGOLD Corp (IAG) leadership • Q2 2024

    Question

    Wayne Lam from RBC Capital Markets asked about the performance of autonomous haulage and drilling operations at Cote, the grade outlook and potential production upside at the Westwood mine, and whether Westwood is considered a core asset long-term. He also sought clarity on the final payment for the Bambouk assets and any associated credit risk.

    Answer

    President and CEO Renaud Adams described the autonomous haulage system as performing 'beautifully' with high availability and significant safety benefits. Regarding Westwood, he noted its strong cash flow contribution and improving performance, while COO Bruno Lemelin mentioned a vision to increase underground tonnage towards 1,100 tonnes per day. Mr. Adams also affirmed confidence in closing the remaining Bambouk asset sales, worth approximately $80 million, by the end of the year.

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