Adventus Mining: Investment Case

Recorded on November 28, 2023. 0:00 - Start / Investor Presentation / 1:02 - Introduction 1:40 - Transaction highlights 5:11 - Transaction terms 5:54 - Overview 6:26 - Capital structure and Shareholders 7:14 - Management and Board 7:29 - ESG 8:57 - EL Domo highlights 10:06 - Revenue by metal 10:21 - El Domo timeline 10:35 - Potential NPV improvements 11:02 - Exploration portfolio 12:02 - Condor PEA summary 12:51 - Cuyes West discovery 14:14 - Next steps and Catalysts / The People / 15:54 - Introduction 16:33 - 1. Could you tell us about yourself and your career? (Christian Kargl-Simard, CEO) 17:23 - 2. What do you consider to be your greatest achievements? 18:12 - 3. How large is your equity stake in Adventus Mining? 19:05 - 4. How have you built Adventus' management and board? 20:10 - 5. In-country manager 21:16 - 6. How active are Brian Dalton and Altius Minerals currently in Adventus? 22:38 - 7. Could you tell us about yourself and your career? (Skott Mealer, General Manager of the Curipamba Project) 23:21 - 8. How did you get involved with Adventus Mining? 23:56 - 9. Prior mine construction experience 25:20 - 10. What experience from Kinross will benefit you in the construction of Curipamba? 26:13 - 11. Do you consider yourself to be more experienced in construction or operation of mines? 26:22 - 12. Will you remain as General Manager post-construction? / The Merger with Luminex Resources / 26:32 - Introduction 26:54 - 13. Why couldn't you move forward with the construction of Curipamba on your own? (Christian Kargl-Simard) 32:24 - 14. What initial capex increase could we expect? 33:55 - 15. Does the initial capex include all pre-construction activities? 34:55 - 16. Rationale for merger 37:17 - 17. Will Luminex in-country team remain? 38:01 - 18. Management and board post-merger 39:29 - 19. G&A savings 40:10 - 20. Share structure post-merger 41:30 - 21. Do you think a listing on the NYSE would make sense? 42:51 - 22. Cash position post-merger (1) 43:33 - 23. Cash position post-merger (2) 43:46 - 24. Could you walk us through how you are going to finance the construction of Curipamba? 45:40 - 25. Terms of the equity financings with Trafigura, Wheaton and STRACON 46:19 - 26. Haven't Wheaton already invested their US$5M in Adventus? 46:51 - 27. If you would increase the debt, would that be through Trafigura? 47:48 - 28. Potential increase of the precious metals stream? 49:04 - 29. Could you add some color on the size of the Cuyes West deposit? 51:18 - 30. What is the plan next year for Condor? 52:28 - 31. What is your all-in drilling cost per meter? 52:57 - 32. Overview of the Pegasus project? 53:50 - 33. Previous work on Pegasus 54:01 - 34. What is Anglo American looking for at Pegasus? / The Curipamba Project / 54:11 - Introduction 54:21 - 35. What is the backstory of the Curipamba project? 55:59 - 36. What streams and royalties burden the project? 56:22 - 37. Drop-down clause on the streams 56:58 - 38. Where are you in the permitting process for Curipamba? 58:00 - 39. Who is responsible for the final sign-off of the ESIA permit? 58:55 - 40. What is the timeline for the ESIA permit after the second consultation round? 59:05 - 41. How certain are you that you will get the ESIA permit in Q1 2024? 59:32 - 42. Timeline for the early works, construction, commissioning and ramp-up 1:00:12 - 43. Underground expansion and its timeline 1:00:34 - 44. Ballpark figure for the initial capex of the underground expansion 1:01:29 - 45. Summary of early works (Skott Mealer) 1:02:41 - 46. Infrastructure at Curipamba 1:03:37 - 47. What early works will you do before making a formal construction decision? 1:04:36 - 48. Number of workers 1:04:58 - 49. When will you start mobilizing the contractors? 1:05:58 - 50. Construction timeline and milestones 1:08:25 - 51. Regional exploration potential 1:09:43 - 52. How would you execute the underground expansion? 1:11:40 - 53. How much would you increase the throughput by? 1:11:59 - 54. Throughput increase beyond the underground expansion / Ecuador as a Mining Jurisdiction / 1:12:38 - Introduction 1:12:52 - 55. How is Ecuador as a mining jurisdiction? (Christian Kargl-Simard) 1:14:33 - 56. How difficult is permitting in Ecuador? 1:16:01 - 57. Permitting timelines: Ecuador vs North America 1:17:38 - 58. Summary of the political situation in Ecuador 1:20:32 - 59. Investment protection agreement 1:22:05 - 60. Tax burden in Ecuador / Capital Allocation and Strategy / 1:22:48 - Introduction 1:23:08 - 61. How are you going to manage your portfolio? 1:25:20 - 62. What companies could be interested in earning into your projects? 1:26:38 - 63. Plan for Condor 1:27:38 - 64. JV Agreement with Salazar Resources 1:28:21 - 65. How much capital is eligible for preferential payback? 1:29:04 - 66. Is the debt incurred by the JV? 1:29:26 - 67-68. Potential acquisition/merger with Salazar? 1:29:47 - 69. Where do you envision Adventus Mining in five years? (final question) 1:31:17 - Outro