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.



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

"WPM exceeded our estimates on gold, silver and palladium deliveries, and management now expects to exceed the high end of its guidance range."

— Andrew Kaip, BMO Capital Markets (11/14/18)
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"PVG's adjusted Q3/18 EPS came in at $0.14, above our estimate."

— Andrew Kaip, BMO Capital Markets (11/9/18)
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"PVG's Q3/18 cash flow was well above our expectations."

— Andrew Kaip, BMO Capital Markets (10/9/18)
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"PVG signed a commitment letter for a $480M debt facility."

— Andrew Kaip, BMO Capital Markets (10/4/18)
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"Possible stream extension at Stillwater for WPM appears likely."

— Andrew Kaip, BMO Capital Markets (10/1/18)
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"Canada tax court's decision is a positive in the short term for WPM."

— Andrew Kaip, BMO Capital Markets (9/27/18)
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"PVG gave notice to buy back the 8% gold-silver stream at Brucejack."

— Andrew Kaip, BMO Capital Markets (9/24/18)
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"WPM closed on its cobalt and gold-palladium stream acquisitions."

— Andrew Kaip, BMO Capital Markets (8/14/18)
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"PVG had a Q2/18 adjusted EPS beat on higher sales and lower costs."

— Andrew Kaip, BMO Capital Markets (8/9/18)
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"WPM announced a gold and palladium stream deal for $500M."

— Andrew Kaip, BMO Capital Markets (7/16/18)
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"Per a site visit, mine development at PVG's Brucejack is tracking well."

— Andrew Kaip, BMO Capital Markets (7/11/18)
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"PVG delivered strong Q2/18 production from its Brucejack mine."

— Andrew Kaip, BMO Capital Markets (7/9/18)
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"For PVG, we are currently forecasting Q2/18 production of 91.5 Koz."

— Andrew Kaip, BMO Capital Markets (7/5/18)
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"WPM took a tempered approach toward acquiring the cobalt stream."

— Andrew Kaip, BMO Capital Markets (6/29/18)
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"WPM posted an in line Q1/18."

— Andrew Kaip, BMO Capital Markets (5/13/18)
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"PVG's headline Q1/18 earnings were $0.04."

— Andrew Kaip, BMO Capital Markets (5/10/18)
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"Moving to reserve grade in H2/18 is a primary objective for PVG."

— Andrew Kaip, BMO Capital Markets (4/11/18)
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"PVG delivered Q1/18 production that was above our expectations."

— Andrew Kaip, BMO Capital Markets (4/11/18)
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"PVG's Q4/17 operating and free cash flow were ahead of our estimates."

— Andrew Kaip, BMO Capital Markets (3/8/18)
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"PVG continues to trade at a significant discount to the peer average."

— Andrew Kaip, BMO Capital Markets (1/11/18)
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"PVG applied to increase production rates at Brucejack to 3.8 Ktpd."

— Andrew Kaip, BMO Capital Markets (12/22/17)
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"In Q3/17, PVG reversed its negative working capital position."

— Andrew Kaip, BMO Capital Markets (11/12/17)
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"WPM reported an in line Q3/17; adjusted EPS was $0.15."

— Andrew Kaip, BMO Capital Markets (11/9/17)
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"Shares should react positively to the new PEA for MAG's Juanicipio."

— Andrew Kaip, BMO Capital Markets (11/7/17)
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"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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