Q1 Financial Results Relatively In-Line; Focus on Growth Projects Ahead

研报英文原文证据摘录

Q1 Financial Results Relatively In-Line; Focus on Growth Projects Ahead

onal funding beyond our forecasts

and there can be no assurance that these funds will be available, or at an acceptable cost.

Environmental Risk – Risks assessed include water and waste recycle rates, electricity and

energy from renewables, emissions and energy intensity, scope 1 & 2 & 3 emissions, greenhouse

emission targets, reclamation and tailings targets, environmental incident counts and

environmental certifications, and preventative practices and monitoring.

Social Risk – Both national and local community support are critical to successfully building

and operating a mine. Some of the key elements to assess include workplace safety metrics,

community investment, economic value generated and distributed, procurement from local

vendors, percentage of costs spent with local suppliers and good stewardship of the local

environment.

Risks To The Price Target

Key risks to our target price include silver, gold, copper, lead, zinc, antimony risk; foreign

exchange risk; financial risks, including greater capital spends that impact cash flows;

forecast risk, such as capital and operating cost risks, risks related to deposit size, grade, and

mineability, and risks to production levels; technical risks, including risks associated changes

in mining methods; infrastructure risk, such as the availability of power and its reliability;

transportation risk; political risk, including changes to legal and fiscal regimes; permitting

risk; community social relations risk; security risk; risks related to the cost and availability of

equipment and consumables; labour relations risk; environmental risk; title risk; litigation risk;

surface rights risk; and key personnel retention risk.