The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Scott Schier - Clarksons Platou Securities, Inc., Research Division - Analyst
: Congratulations on a solid quarter. If I could start on Phase 2. Now that you're about 2/3 of the way through the initial approved budget, can you
provide any additional clarity on your priorities for funding the remainder of the expansion and any time line that we're looking at for an
announcement on that?
Question: Scott Schier - Clarksons Platou Securities, Inc., Research Division - Analyst
: Okay. That's very helpful. And then moving on to a market comment. We've been seeing that China has been building a lot of new pelletizing
plants on their coast. Can you give us a little more market color on the demand that you're seeing out of China for your high-grade concentrates
versus pellets and your expectations for that going forward?
Question: Brock Salier - Sprott Capital Partners, Research Division - Analyst
: Just a general question on your risk appetite with regards to Phase 2. I think you outlined you'll be talking to the Board about your knowledge of
the costs and the market supplies. Are you willing to take on more than CAD 150 million additional debt just as a reflection on sort of risk appetite
to black swan events, I guess realistically, given that we've got, well, hopefully not too bad of a black swan event that's going on in China now?
Question: Brock Salier - Sprott Capital Partners, Research Division - Analyst
: Understood. And with respect to funding options, excluding equity, are you just looking at debt or are you looking at other things? I think there's
some mention before of JVs or asset sell-down. I imagine so soon after consolidation, you probably wouldn't want to repeat that.
Question: Stefan Ioannou - Cormark Securities Inc., Research Division - Analyst
: Most of my questions have been answered already on the Phase 2. But maybe just on a different note, just looking, obviously, there wasn't too
much spent on exploration this past quarter. I mean is sort of the strategy here to obviously focus on Phase 2, get that up and running and then
sort of start to sort of look out and attack some of the regional potential around Bloom Lake?
Question: Stefan Ioannou - Cormark Securities Inc., Research Division - Analyst
: Got it. Got it.
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