Hudbay Minerals (HBM-T)

Copper and gold. Significant FCF. Market's waiting to see what happens with its massive copper project in Arizona. Will probably need to find a partner on this one, would boost production by 50%. He hopes for shovels in the ground in 2026, then 2-3 years before first production comes online.

He's watching it for the second half of the year, waiting for an inflection point on Arizona mine news, including possible fast-tracking by the US administration.

Does have international exposure, so it's not immune to geopolitical risk. A country can look stable at the outset of an investment, but then look different 10 years later. More volatile relative to some peers, so you need a strong stomach. Long-term view still positive.

Still in metals, gold and copper, that will deliver growth going forward. Sees demand for gold getting stronger as we move through the year. Copper is still needed for the electrical and infrastructure grid buildouts. 

They operate in less politically risky areas like Peru which is expanding, and are not in Africa, and a copper mine in Arizona. Also will develop a project in Alberta. Today, they reached an agreement with the Cree Nation in Alberta--good news. Copper is needed for electricity production and we will likely see more demand in the future.

Tough to answer whether to buy. Impressive beat last quarter, much stronger outlook, markedly higher output in Manitoba, affirmed production guidance, positive free cashflow for 5th consecutive quarter. Nice growth. Not pricey at 18.5x 2025 earnings.

Depends on your view of copper. If you think it's going higher (partly due to Trump and partly to lackluster China), then the better view is yes, buy. He's a copper bull over time.

Owns a bit of this, instead of FCX, because it's in Canada and he understands it. Quality of assets not at the standard of FCX, but it's in a safe jurisdiction and he likes management.

His choice in the mining space, in his global equity growth fund.

One of his primary holdings right now in the mining sector. Well positioned, given the demand for copper being what it is. Last quarter was probably one of their best ever. Gold production was better than hoped. A good place to look if you want a mid-cap mining company.

Copper's been all over the place, and really down lately on a weaker China. Whole copper complex trades at a premium because they know there's this thirst for copper amid shortages. Materially paid down debt. Trades at discount (4.8) to large-cap peers (5.6). He models 40% EPS at a 31 PE.

Was risky, de-risked to a large extent. Copper's not for the faint of heart. A whippy player, but a winner if it continues to execute well and copper does well.

Doesn't own shares. Considers company a collection of Tier 2 deposits. Prefers better assets in Tier 1 assets. 

Excellent chart that continues to perform. Expecting further strength. Would recommend holding until market cycle turns. 

He wanted exposure to EV and HBM produces copper (for EVs). This has worked veryw ell.