Sector Expert: Andrew Kaip

BMO Capital Markets

Image: Andrew Kaip

Andrew Kaip is managing director of mining equity research at BMO Capital Markets. Previously, he worked as a mining analyst at Haywood Securities, most recently covering gold and silver junior exploration and mining companies. Prior to that, he served as a project and consulting geologist for more than 10 years. Kaip received his Bachelor of Science in geology from Carleton University and his Master of Science in economic geology from the University of British Columbia and is a professional geologist.

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Recent Interviews

BMO's Andrew Kaip: The Gold Majors Are Back (7/30/15)
Molten gold

Andrew Kaip, managing director of mining equity research at BMO Capital Markets, does not expect near-term higher prices for gold or silver. However, due to continuing cost cutting and other efficiencies, he argues that the senior gold producers can now make profits above $1,100/oz gold. In this interview with The Gold Report, Kaip names two seniors as Sector Outperformers, and touts the virtues of a half-dozen undervalued near-term gold and silver producers.

BMO Capital Markets' Andrew Kaip Says Get Ready for the Consolidation Wave (12/22/14)
Crystal ball

Andrew Kaip, managing director of mining equity research at BMO Capital Markets, says the stark reality is that the precious metals sector is only part way through a down cycle and that structural issues will result in a fresh phase of consolidation. He adds that the small to intermediate producers will lead the consolidation charge. In this interview with The Gold Report, Kaip suggests some suitors and prime acquisition candidates.

Silver Summit Report: Three Investment Approaches to the Volatile Metal (10/21/11)

For this special report from the Cambridge House Silver Summit in Spokane, Washington, The Gold Report caught up with three silver investing experts: James Turk, chairman of GoldMoney; Andrew Kaip, vice president of Precious Metals & Mining at BMO Capital Markets; and Ian McAvity, a writer at Deliberations on World Markets. While the three didn't all agree on why silver acts the way it does, they all said that it belongs in some form in a diversified portfolio—but only for those who can handle volatility.

Recent Quotes

"PVG's Q3/17 Brucejack gold production solidly beat our estimate."

— Andrew Kaip, BMO Capital Markets (10/11/17)
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"Overall gold recoveries at PVG's Brucejack are exceeding 95%."

— Andrew Kaip, BMO Capital Markets (9/21/17)
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"We favor WPM on cash generation and liquidity."

— Andrew Kaip, BMO Capital Markets (9/5/17)
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"We like the trajectory for the production at PVG's Brucejack."

— Andrew Kaip, BMO Capital Markets (8/10/17)
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"WPM reported a slight beat in Q2/17 relative to expectations."

— Andrew Kaip, BMO Capital Markets (8/10/17)
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"PVG's focus now is on troubleshooting in the plant at Brucejack."

— Andrew Kaip, BMO Capital Markets (7/4/17)
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"PVG poured first gold at its Brucejack mine."

— Andrew Kaip, BMO Capital Markets (6/21/17)
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"We are upgrading MAG to Outperform, taking advantage of recent share price weakness."

— Andrew Kaip, BMO Capital Markets (5/30/17)
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"SLW paid down ~$130M in debt during Q1/17."

— Andrew Kaip, BMO Capital Markets (5/9/17)
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"PVG remains on track for production of gold in the coming weeks."

— Andrew Kaip, BMO Capital Markets (5/1/17)
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"PVG energized the 57 km transmission line at Brucejack on March 31."

— Andrew Kaip, BMO Capital Markets (4/3/17)
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"SLW reported in line Q4/16 EPS."

— Andrew Kaip, BMO Capital Markets (3/21/17)
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"SLW's Antamina mine has considerable resources."

— Andrew Kaip, BMO Capital Markets (3/7/17)
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"SLW's cornerstone assets include Salobo, Penasquito and Antamina."

— Andrew Kaip, BMO Capital Markets (2/28/17)
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"Commissioning at PVG's Brucejack is on track for early April 2017."

— Andrew Kaip, BMO Capital Markets (2/28/17)
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"We now forecast PVG to have adequate capital resources to fund the remainder of capital construction as well as the required working capital during start-up for Brucejack."

— Andrew Kaip, BMO Capital Markets (2/14/17)
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"Drill results at MAG's Juanicipio continue to validate the emerging potential of both the Deep Zone and Anticipada vein."

— Andrew Kaip, BMO Capital Markets (2/14/17)
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"PVG's project is advancing ahead of schedule."

— Andrew Kaip, BMO Capital Markets (2/3/17)
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"We are initiating coverage of PVG with an Outperform Speculative rating supported by relative valuation, asset quality, development stage, financing level, and safe haven status."

— Andrew Kaip, BMO Capital Markets (1/9/17)
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"SLW's Q3/16 production beat was due to higher gold production at Salobo."

— Andrew Kaip, BMO Capital Markets (11/9/16)
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"We expect a strong finish to 2016 to contribute to TAHO reaching its guidance targets for gold."

— Andrew Kaip, BMO Capital Markets (11/3/16)
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"We came away impressed with SLW, a company that manages a portfolio of high-quality, long-life assets."

— Andrew Kaip, BMO Capital Markets (9/29/16)
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"SLW had higher-than-expected silver sales at Antamina and Penasquito in Q2/16."

— Andrew Kaip, BMO Capital Markets (8/10/16)
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"Strong silver production was driven by higher-than-expected silver grades at Escobal and THO expects to achieve the top end of silver guidance."

— Andrew Kaip, BMO Capital Markets (8/10/16)
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"SLW announced the acquisition of an additional 25% gold stream from the Salobo Mine in Brazil."

— Andrew Kaip, BMO Capital Markets (8/2/16)
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"Salobo has a 48-year mine life, providing SLW a cornerstone long-lived stream."

— Andrew Kaip, BMO Capital Markets (5/24/16)
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"We expect SLW will become increasingly attractive to generalist investors re-entering the sector and seeking exposure to silver."

— Andrew Kaip, BMO Capital Markets (5/11/16)
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"SLW's earnings beat resulted from higher-than-expected silver sales from the Antamina stream."

— Andrew Kaip, BMO Capital Markets (5/9/16)
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"THO's solid earnings beat appears attributable to better-than-expected silver production at Escobal and slightly lower operating costs."

— Andrew Kaip, BMO Capital Markets (5/3/16)
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"SLW's financing provides it greater flexibility to execute on future streaming transactions."

— Andrew Kaip, BMO Capital Markets (4/7/16)
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"THO's improved free cash flow profile reinforces its ability to self-fund future growth initiatives."

— Andrew Kaip, BMO Capital Markets (4/4/16)
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"SLW's Q4/15 adjusted EPS came in at $0.14, slightly above our estimate."

— Andrew Kaip, BMO Capital Markets (3/16/16)
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"The CRA audit may enable SLW shares to resume trading on fundamentals."

— Andrew Kaip, BMO Capital Markets (1/19/16)
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"SLW's Antamina stream provides immediate cash flow and a 4.5% IRR."

— Andrew Kaip, BMO Capital Markets (11/3/15)
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"G reported better than expected Q3/15 production, costs and cash flow."

— Andrew Kaip, BMO Capital Markets (10/29/15)
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