Insiders still discovering the upside: management reports the opportunity keeps revealing itself bigger in live operatio
The model's full reasoning — Q4 2023 call → NOWe need to determine if management conveys discovering new upside from live operations and responding to it. The transcript discusses La Preciosa, Oxide Tailings, and Avino mine. Management mentions improvements in grades and recovery rates as they move into other blocks, and that December saw noticeable increase in grade and recovery, trend continued into Q1 2024. They also mention processing stockpiles from La Preciosa, and that they are learning how it performs. They have a five-year growth plan. However, the question is about discovering new upside in business already working. The transcript mentions that they are processing stockpiles and will get revenue from it, but that is planned. They also mention that they are expecting to produce more from Avino due to better equipment and stockpile. But is there a genuine surprise? They say "we have made improvements in the mechanical equipment of the mill and expect recovery rates to improve along with grades as we move into higher-grade zones, in line with the projected mining sequence." That is not a surprise, it's expected. They also say "December production saw a noticeable increase in grade and recovery and that the trend has continued into Q1 2024." That could be a positive surprise, but is it a discovery about the scope of opportunity? They are just noting better performance. They also mention that they are processing stockpiles from La Preciosa and will see how it performs. That is a test, not a discovery yet. The question asks if management conveys that it is still discovering new upside inside business that is already working. The transcript does not have management saying "we were surprised to find more" or "we discovered that the ore is richer than we thought." They talk about improvements and expectations. They also mention that they have a five-year growth plan, but that is based on projections. The only potential is the mention of "best drill intercept in company history" but that was from drilling, not from live operation. The question specifically says "in the course of actually operating, selling, or delivering in the recent period" - so drilling is not operation. The transcript also mentions that they are moving forward with La Preciosa, but that is a new project, not existing business. The question is about business already working. So the answer is likely NO.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| WEC | WEC Energy Group, Inc. | Q1 2024 | 2024-05-01 | A |
| PDS | Precision Drilling Corporation | Q1 2024 | 2024-04-25 | B |
| ET | Energy Transfer LP | Q2 2023 | 2023-08-02 | C+ |
| IMAX | IMAX Corporation | Q2 2023 | 2023-07-26 | B+ |
| MEC | Mayville Engineering Company, Inc. | Q3 2022 | 2022-11-05 | B+ |
| MOMO | Hello Group Inc. | Q3 2021 | 2021-11-30 | D |
| CYBR | CyberArk Software Ltd. | Q3 2021 | 2021-11-04 | B+ |
| LOPE | Grand Canyon Education, Inc. | Q2 2021 | 2021-08-08 | C |
| EMR | Emerson Electric Co. | Q3 2021 | 2021-08-04 | B+ |
| TENB | Tenable Holdings, Inc. | Q2 2021 | 2021-07-27 | A |
| UMH | UMH Properties, Inc. | Q3 2018 | 2018-11-02 | C+ |
| XOM | Exxon Mobil Corporation | Q2 2018 | 2018-07-27 | C |
| MKTX | MarketAxess Holdings Inc. | Q3 2017 | 2017-10-25 | C+ |
| LIND | Lindblad Expeditions Holdings, Inc. | Q2 2017 | 2017-08-06 | C |
| BCE | BCE Inc. | Q2 2017 | 2017-08-05 | B+ |
| BP | BP p.l.c. | Q4 2016 | 2017-02-07 | B+ |
| INGR | Ingredion Incorporated | Q1 2016 | 2016-05-01 | B+ |
BP · Q4 2016 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — both discovering new positive surprises from operations AND responding with re...YES The transcript shows management conveying exactly this posture in the Oman section. They recount a genuine operational surprise—“straight wells that we had not expected,” well rates “above plan,” and liquid production “higher than planned”—that emerged while the asset was actually running.
XOM · Q2 2018 → YESThe question is: Does management convey that it is STILL DISCOVERING NEW UPSIDE INSIDE BUSINESS THAT IS ALREADY WORKING — that in the course of actually operating, selling, or delivering in the recent...YES The transcript shows management conveying exactly this posture in the Guyana section. Neil Chapman recounts fresh upward revisions to resource estimates ("now more than 4 billion... up from the 3.2 billion... just 4 months ago") and the eighth discovery ("Longtail exploration well...
LOPE · Q2 2021 → YESThe question is whether management is still discovering new upside inside a business that's already working, based on recent operations, and responding with attention or resources. YES The transcript shows management discovering fresh upside in the GCU traditional campus platform through live operations: they built three new residence halls expecting no further need next year, but current registrations reveal near-capacity demand, requiring at least two more halls to be built.