Reported Earnings • Apr 29
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: US$0.06 (up from US$0.057 in 1Q 2021). Revenue: US$441.9m (up 4.7% from 1Q 2021). Net income: US$57.8m (up 5.7% from 1Q 2021). Profit margin: 13% (in line with 1Q 2021). Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 1.3%, compared to a 15% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 33% per year whereas the company’s share price has increased by 36% per year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. President, CEO & Director Daniel Racine was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 20
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from US$0.30 to US$0.33. Revenue forecast steady at US$1.85b. Net income forecast to grow 100% next year vs 3.8% growth forecast for Metals and Mining industry in Canada. Consensus price target broadly unchanged at CA$8.98. Share price rose 2.2% to CA$7.86 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Canadian dividend payers (4.7%). Higher than average of industry peers (1.5%). Upcoming Dividend • Mar 23
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 14 April 2022. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Canadian dividend payers (4.7%). Higher than average of industry peers (1.5%). Recent Insider Transactions Derivative • Mar 21
Executive Chairman exercised options and sold CA$867k worth of stock On the 14th of March, Peter Marrone exercised options to acquire 128k shares at no cost and sold these for an average price of CA$6.75 per share. This trade did not impact their existing holding. Since December 2021, Peter has owned 2.68m shares directly. Company insiders have collectively sold CA$3.2m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 21
President recently bought CA$138k worth of stock On the 16th of February, Daniel Racine bought around 24k shares on-market at roughly CA$5.67 per share. This was the largest purchase by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Reported Earnings • Feb 18
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: EPS: US$0.15 (down from US$0.21 in FY 2020). Revenue: US$1.82b (up 16% from FY 2020). Net income: US$147.5m (down 28% from FY 2020). Profit margin: 8.1% (down from 13% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.4%. Over the next year, revenue is forecast to stay flat compared to a 20% growth forecast for the mining industry in Canada. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improved over the past week After last week's 17% share price gain to CA$6.12, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 12x in the Metals and Mining industry in Canada. Total returns to shareholders of 82% over the past three years. Recent Insider Transactions • Jan 20
Executive Chairman recently sold CA$522k worth of stock On the 17th of January, Peter Marrone sold around 100k shares on-market at roughly CA$5.22 per share. This was the largest sale by an insider in the last 3 months. This was Peter's only on-market trade for the last 12 months. Upcoming Dividend • Dec 23
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 14 January 2022. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Canadian dividend payers (4.7%). Higher than average of industry peers (1.7%). Recent Insider Transactions • Nov 08
Senior Vice President of Operations recently bought CA$100k worth of stock On the 5th of November, Yohann Bouchard bought around 20k shares on-market at roughly CA$5.01 per share. This was the largest purchase by an insider in the last 3 months. Yohann has been a buyer over the last 12 months, purchasing a net total of CA$5.2k worth in shares. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS US$0.028 (vs US$0.058 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: US$452.2m (up 2.9% from 3Q 2020). Net income: US$27.0m (down 51% from 3Q 2020). Profit margin: 6.0% (down from 13% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.03 per share Eligible shareholders must have bought the stock before 28 September 2021. Payment date: 14 October 2021. Trailing yield: 2.9%. Lower than top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (1.8%). Major Estimate Revision • Aug 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from US$0.33 to US$0.28 per share. Revenue forecast steady at US$1.85b. Net income forecast to grow 65% next year vs 16% growth forecast for Metals and Mining industry in Canada. Consensus price target broadly unchanged at CA$9.09. Share price rose 2.5% to CA$5.38 over the past week. Major Estimate Revision • Aug 12
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from US$0.28 to US$0.33. Revenue forecast steady at US$1.85b. Net income forecast to grow 88% next year vs 27% growth forecast for Metals and Mining industry in Canada. Consensus price target broadly unchanged at CA$9.14. Share price fell 7.9% to CA$5.35 over the past week. Reported Earnings • Jul 31
Second quarter 2021 earnings released: US$0.045 loss per share The company reported a mediocre second quarter result with weaker control over costs, although losses were stable and revenues improved. Second quarter 2021 results: Revenue: US$437.4m (up 44% from 2Q 2020). Net loss: US$43.9m (flat on 2Q 2020). Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.026 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 14 July 2021. Trailing yield: 2.4%. Lower than top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (1.5%). Major Estimate Revision • May 05
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from US$0.32 to US$0.39. Revenue forecast steady at US$1.86b. Net income forecast to grow 65% next year vs 59% growth forecast for Metals and Mining industry in Canada. Consensus price target broadly unchanged at CA$9.25. Share price was steady at CA$5.83 over the past week. Reported Earnings • May 03
First quarter 2021 earnings released: EPS US$0.057 (vs US$0.047 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: US$422.0m (up 18% from 1Q 2020). Net income: US$54.7m (up 22% from 1Q 2020). Profit margin: 13% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 09
Consensus EPS estimates fall to US$0.35 The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from US$1.92b to US$1.89b. EPS estimate also fell from US$0.44 to US$0.35. Net income forecast to grow 66% next year vs 70% growth forecast for Metals and Mining industry in Canada. Consensus price target of CA$9.72 unchanged from last update. Share price rose 4.2% to CA$5.90 over the past week. Upcoming Dividend • Mar 23
Upcoming Dividend of US$0.026 Per Share Will be paid on the 14th of April to those who are registered shareholders by the 30th of March. The trailing yield of 2.3% is below the top quartile of Canadian dividend payers (4.8%), but it is higher than industry peers (1.5%). Recent Insider Transactions Derivative • Mar 23
Executive Chairman exercised options and sold CA$51k worth of stock On the 18th of March, Peter Marrone exercised options to acquire 9k shares at no cost and sold these for an average price of CA$5.80 per share. This trade did not impact their existing holding. Since March 2020, Peter's direct individual holding has increased from 2.66m shares to 2.78m. Company insiders have collectively sold CA$4.9m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 19
Senior Vice President of Operations recently bought CA$95k worth of stock On the 16th of February, Yohann Bouchard bought around 16k shares on-market at roughly CA$5.96 per share. This was the largest purchase by an insider in the last 3 months. Yohann has been a buyer over the last 12 months, purchasing a net total of CA$131k worth in shares. Recent Insider Transactions Derivative • Feb 18
President & CEO exercised options and sold CA$433k worth of stock On the 16th of February, Daniel Racine exercised options to acquire 73k shares at no cost and sold these for an average price of CA$5.96 per share. This trade did not impact their existing holding. For the year to December 2019, Daniel's total compensation was 19% salary and 81% non-salary (Indicating these sales could comprise a meaningful part of their income for the year). Since March 2020, Daniel's direct individual holding has increased from 462.39k shares to 480.02k. Company insiders have collectively bought CA$886k more than they sold, via options and on-market transactions, in the last 12 months. Major Estimate Revision • Feb 18
Analysts update estimates The 2021 consensus earning per share (EPS) estimate increased from US$0.41 to US$0.46. Revenue estimate for the same period was approximately flat at US$1.95b. Net income is expected to grow by 109% next year compared to 62% growth forecast for the Metals and Mining industry in Canada. The consensus price target increased from CA$7.88 to CA$7.94. Share price is down by 7.3% to CA$5.80 over the past week. Is New 90 Day High Low • Feb 18
New 90-day low: CA$5.80 The company is down 16% from its price of CA$6.90 on 19 November 2020. The Canadian market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$7.47 per share. Reported Earnings • Feb 13
Full year 2020 earnings released: EPS US$0.21 (vs US$0.24 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: US$1.56b (down 3.2% from FY 2019). Net income: US$203.6m (down 9.8% from FY 2019). Profit margin: 13% (down from 14% in FY 2019). Production and reserves: Gold Production: 779.81 troy koz (848.03 troy koz in FY 2019) Proved and probable reserves (ore): 1,121 Mt (1,100 Mt in FY 2019) Number of mines: 5 (5 in FY 2019) Silver Production: 10,365.7 troy koz (10,640.1 troy koz in FY 2019) Number of mines: 2 (2 in FY 2019) Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Feb 13
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 6.3%. Over the next year, revenue is forecast to grow 24%, compared to a 42% growth forecast for the Metals and Mining industry in Canada. Is New 90 Day High Low • Jan 16
New 90-day low: CA$6.44 The company is down 18% from its price of CA$7.84 on 16 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Metals and Mining industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CA$6.47 per share. 
