Q4 2025 AngloGold Ashanti PLC Earnings Call

February 20, 2026

Speaker #2: Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q4 2025 earnings release. All participants will be in listen-only mode. A question-and-answer session will follow the formal presentation.

Speaker #2: If you should require operator assistance during the conference, please key in star, then zero, on your telephone keypad. Please note that this event is being recorded.

Speaker #2: I will now hand you over to Mr. Stewart Bailey. Please give a heads up.

Speaker #3: Thanks, Judith, and welcome, everybody, to our full-year and Q4 results call. As always, Alberto and Gillian will walk through the presentation, but you do have other members of our senior leadership team that will be on hand for the Q&A afterwards as needed.

Stewart Bailey: Thanks, Judith, and welcome everybody to our Full Year and Q4 Results Call. As always, Alberto and Gillian will walk through the presentation, but you do have other members of our senior leadership team that will be on hand for the Q&A afterwards as needed. I direct you all to the safe harbor statements at the beginning of the presentation, which has got important information regarding forward-looking statements. Without any further ado, I'll hand over to Alberto.

Speaker #3: I'll direct you all to the safe harbor statements at the beginning of the presentation, which contain important information regarding forward-looking statements. Without any further ado, I'll hand over to Alberto.

Speaker #4: Thank you, Stewart. And welcome, everyone. Let's start, as always, with safety. We achieved our lowest-ever total recordable injury frequency rate at 0.97—0.97 injuries per million hours worked.

Alberto Calderon: Thank you, Stewart, and welcome everyone. Let's start, as always, with safety. We achieved our lowest ever lowest total recordable injury frequency rate at 0.97. 0.97 injuries per million hours worked. This was the first of a number of records set last year, and by far the most important. It is another key milestone on our safety journey, again, outperforming by far the ICMM member average. Our main aim remains to ensure complacency doesn't creep in, that we never stop learning from our mistakes, and that we are diligent in applying these lessons. This morning I heard a podcast on our results on AI. It did a great job, but one thing that caught my attention, they talked about safety, but then they did tie it to the next part of the presentation. Such levels of safety lead to operational excellence.

Speaker #4: This was the first of a number of records set last year, and by far the most important. It is another key milestone on our safety journey.

Speaker #4: Again, outperforming by far the ACMM member average. Our main aim remains to ensure complacency doesn't creep in, that we never stop learning from our mistakes, and that we are diligent in applying these lessons.

Alberto Calderon: Our main aim remains to ensure complacency doesn't creep in, that we never stop learning from our mistakes, and that we are diligent in applying these lessons. This morning I heard a podcast on our results on AI. It did a great job, but one thing that caught my attention, they talked about safety, but then they did tie it to the next part of the presentation. Such levels of safety lead to operational excellence.

Speaker #4: This morning, I heard a podcast on our results on AI; it did a great job, but one thing that caught my attention: they talked about safety, but then they didn’t tie it to the next part of the presentation.

Speaker #4: Such lower levels of safety lead to operational excellence. It means you have more planned maintenance. It means your processing plants are working like they should.

Alberto Calderon: It means you have more planned maintenance. It means your processing plants are working like they should. You could never achieve the level of operating excellence without the safety statistics that we have. So it is, for us, our highest priority, but it also leads the way to operational excellence. I'm proud to report a strong set of numbers for Q4 and the full year. We set new records in cash flow, earnings, and dividend declarations. In the final quarter, we generated free cash flow of more than $1 billion. That's the most ever and more than 3 times what we generated in the same quarter last year. As a result, we've declared $875 million to shareholders as a dividend in Q4 alone. What we can control, we continue to control very well.

Speaker #4: You could never achieve the level of operating excellence without operation, the safety statistics that we have. So it is, for us, our highest priority.

Speaker #4: But it also leads the way to operational excellence. I'm proud to report a strong set of numbers for Q4 and the full year. We set new records in cash flow, earnings, and dividend declarations, and in the final quarter we generated free cash flow of more than $1 billion.

Alberto Calderon: We set new records in cash flow, earnings, and dividend declarations. In the final quarter, we generated free cash flow of more than $1 billion. That's the most ever and more than 3 times what we generated in the same quarter last year. As a result, we've declared $875 million to shareholders as a dividend in Q4 alone. What we can control, we continue to control very well.

Speaker #4: That's the most ever, and more than three times what we generated in the same quarter last year. As a result, we've declared $875 million to shareholders as a dividend in Q4 alone.

Speaker #4: What we can control, we continue to control very well. That's clear, especially when you look at our managed operations, with higher contributions from Sukari, Obuasi, Siguiri, Geita, and Serra Grande.

Alberto Calderon: That's clear, especially when you look at our managed operations with higher contributions from Sukari, Obuasi, Siguiri, Geita, and Serra Grande. It's worth highlighting that we also produced 3.7 million ounces of silver at CVSA in Argentina. On the other side of the ledger, we saw lower production from Iduapriem and Sunrise Dam. Obuasi delivered a steady on-plan performance with improvements in recoveries and tons treated. Total costs for managed operations were only up 5% year-over-year. This is the fourth year in a row where our cash costs are lower than inflation and royalties. So basically, we have had, in real terms, flat cash costs since 2021, the only company in the sector to have been able to achieve that.

Speaker #4: It's worth highlighting that we also produce 3.7 million ounces of silver at CVSA in Argentina. On the other side of the ledger, we saw lower production from Induprim and Sunrise Dam.

Alberto Calderon: Obuasi delivered a steady on-plan performance with improvements in recoveries and tons treated. Total costs for managed operations were only up 5% year-over-year. This is the fourth year in a row where our cash costs are lower than inflation and royalties. So basically, we have had, in real terms, flat cash costs since 2021, the only company in the sector to have been able to achieve that.

Speaker #4: Obuwasi delivered a steady, unplanned performance, with improvements in recoveries and tonnes treated. Total cost for managed operations was only up 5% year on year. This is the fourth year in a row where our cash costs are lower than inflation and royalties.

Speaker #4: So, basically, we have had, in real terms, flat cash costs since 2021—the only company in the sector to have been able to achieve that.

Speaker #4: Free cash flow of almost $3 billion was up 204% year on year, adjusted EBITDA growth was 129%, and headline earnings were up 186%. The balance sheet is in excellent shape, even after record dividend payments.

Alberto Calderon: Free cash flow of almost $3 billion was up 104% year-over-year, Adjusted EBITDA grew 129%, and headline earnings were up 186%. The balance sheet is in excellent shape. Even after record dividend payments, we were able to turn $567 million of net debt at the end of 2024, to $879 million of net cash at the end of 2025. We have ample liquidity and no material near-term short-term maturities. We've been clear that shareholders who have patient, who have been patient through the commodity cycle must see direct benefit from this improved performance. That requires the guardrails of a clear capital allocation framework and a competitive dividend policy. As a reminder, we are one year into our new dividend policy.

Speaker #4: We were able to turn $567 million of net debt at the end of 2024 to $879 million of net cash at the end of 2025.

Speaker #4: We have ample liquidity and no material near-term maturities. We've been clear that shareholders who have been patient through the commodity cycle must see direct benefit from this improved performance.

Alberto Calderon: We've been clear that shareholders who have patient, who have been patient through the commodity cycle must see direct benefit from this improved performance. That requires the guardrails of a clear capital allocation framework and a competitive dividend policy. As a reminder, we are one year into our new dividend policy.

Speaker #4: That requires the guardrails of a clear capital allocation framework and a competitive dividend policy. As a reminder, we are one year into our new dividend policy.

Speaker #4: It provides for a set of quarterly payouts of 12.5 cents per share, or around $63 million. It also provides for an annual true-up payment, bringing the payout to 50% of free cash flow.

Alberto Calderon: It provides for a set of quarterly payouts of $0.125 per share, or around $63 million. It also provides for an annual true-up payment, bringing the payout to 50% of free cash flow. In Q2, we took the decision to make an additional payment of $350 million. That takes our Q4 dividend to $875 million, and our total payout for 2025 to almost $2 billion. That approach takes us to a net cash zero at the end of 2025. It speaks to the strength of the cash flows from our business and to our confidence in the outlook, as we pay out substantially all of the cash we generate this year. I want to emphasize this point because that's always in the questions. What are you gonna do?

Speaker #4: In Q2, we took the decision to make an additional payment of $350 million. That takes our Q4 dividend to $875 million, and our total payout for 2025 to almost $2 billion.

Speaker #4: That approach takes us to a net cash zero at the end of 2025. It speaks to the strength of the cash flows from our business and to our confidence in the outlook.

Alberto Calderon: That approach takes us to a net cash zero at the end of 2025. It speaks to the strength of the cash flows from our business and to our confidence in the outlook, as we pay out substantially all of the cash we generate this year. I want to emphasize this point because that's always in the questions. What are you gonna do?

Speaker #4: As we pay out substantially all of the cash we generate this year, I want to emphasize this point because that's always in the questions: What are you going to do?

Speaker #4: Are you going to be in two net cash positive? And I think this is a statement of our confidence in the future, but the fact that we bring net cash to zero at the end of '25—we will see what happens this year, and we will see what we do at the end of next year.

Alberto Calderon: Are you gonna be to net cash positive? I think this is a statement of our confidence in the future, of the fact that we bring net cash to zero at the end of 2025. We will see what happens this year, and we will see what we do at the end of the next year. But I think that we have set significant precedents in terms of how we deal with quarterly dividends, and I think this is another milestone for us. With Obuasi continuing to wrap up, our Tier One assets now account for more than 70% of production and 80% of reserves. The 2025 results reflect the first full year consolidation of Sukari's operation, with a significant impact on both our financial and operating performance.

Speaker #4: But I think that we have set significant precedents in terms of how we deal with quarterly dividends, and I think this is another milestone for us.

Speaker #4: With Obuasi continuing to ramp up, our Tier 1 assets now account for more than 70% of production and 80% of reserves. The 2025 results reflect the first full-year consolidation of Sukari's operation, with a significant impact on both our financial and operating performance.

Alberto Calderon: With Obuasi continuing to wrap up, our Tier One assets now account for more than 70% of production and 80% of reserves. The 2025 results reflect the first full year consolidation of Sukari's operation, with a significant impact on both our financial and operating performance.

Speaker #4: At the same time, our Tier 2 assets continue to deliver strong results, with margins well ahead of where our Tier 1 mines were a year ago.

Alberto Calderon: At the same time, our Tier Two assets continued to deliver strong results, with margins well ahead of where our Tier One mines were a year ago. The healthy margins and exceptional cash flow leverage are visible across the portfolio, reflecting an active management approach. Completion of the Cerros Grande sale on 1 December 2025 will ensure we can further sharpen our focus on the core business. At Obuasi, we delivered what we said we would, producing 266,000 ounces, up 20% year-on-year. The result was supported by an investment in ventilation, material handling, and better equipment availability that we're working hard to sustain. It also showed meaningful progress on our technical proof of concept. Underhand drift and fill is working in the high-grade zones, and Lateral development, which is key to underhand drift and fill, is advancing.

Speaker #4: A healthy margin is an exceptional cash flow leverage. This is visible across the portfolio, reflecting an active management approach. Completion of the Sierra Grande sale on December 1, 2025, will ensure we can further sharpen our focus on the core business.

Speaker #4: At Obuasi, we deliver what we said we would: producing 266,000 ounces, up 20% year on year. The result was supported by our investment in ventilation, material handling, and better equipment availability.

Alberto Calderon: At Obuasi, we delivered what we said we would, producing 266,000 ounces, up 20% year-on-year. The result was supported by an investment in ventilation, material handling, and better equipment availability that we're working hard to sustain. It also showed meaningful progress on our technical proof of concept. Underhand drift and fill is working in the high-grade zones, and Lateral development, which is key to underhand drift and fill, is advancing.

Speaker #4: That we're working hard to sustain. It also showed meaningful progress on our technical proof of concept. Underhand drift and fill is being fielded and working in the high-grade zones, and lateral development—which is key to underhand drift and fill—is advancing.

Speaker #4: We were up, actually, 34% between Q1 of 2025 and Q4 of 2025 in lateral development. And that sets us in a very good stage for our forecast guidance for 2026.

Alberto Calderon: We were up actually 34% between Q1 of 2025 and Q4 of 2025 in lateral development. And that sets us in very good stage for our, forecast guidance for 2026. We aim to grow production again in 2026 to over 300,000 ounces, alongside a commensurate increase in cash flow contribution. Just on the side, this, Obuasi produced about $1,300 of free cash flow per ounce in 2025, which was double, for example, what Kibali, our non-managed operation, produced in 2025. It's, it's quite a turn of, of events from what was happening four years ago. Sukari is a Tier One operation by every measure, record delivery, strong margins, and exceptional operational stability.

Speaker #4: We aim to grow production again in 2026 to over 300,000 ounces, alongside a commensurate increase in cash flow contribution. Just on the side, Obuasi produces about $1,300 of free cash flow per ounce.

Speaker #4: In 2025, which was double, for example, what Kibali, our non-managed operation, produced in 2025. It's quite a turn of events from what was happening four years ago.

Alberto Calderon: It's, it's quite a turn of, of events from what was happening four years ago. Sukari is a Tier One operation by every measure, record delivery, strong margins, and exceptional operational stability. It also has a world-class operating team that has shown itself to be hungry to improve the asset and to benefit from being part of a larger business. They are thriving in a more competitive and supportive environment.

Speaker #4: Sukari is a Tier 1 operation by every measure: record delivery, strong margins, and exceptional operational stability. It also has a world-class operating team that has shown itself to be hungry to improve the asset.

Alberto Calderon: It also has a world-class operating team that has shown itself to be hungry to improve the asset and to benefit from being part of a larger business. They are thriving in a more competitive and supportive environment. 2025 was a record for Sukari, delivering its best-ever production and enormous cash flow. In fact, when you look at the net acquisition cost for Centamin, after stripping out the sale proceeds for ABC and Oropo, and the cash on the balance sheet, we generated almost 1/3 of the purchase in our first year as owners, and the best is yet to come. The integration is fully complete. The Full Asset Potential team has completed its first pass. We have identified a raft of opportunities to increase value from almost every perspective.

Speaker #4: And to benefit from being part of a larger business, they are thriving in the more competitive and supportive environment. 2025 was a record for Sukari.

Alberto Calderon: 2025 was a record for Sukari, delivering its best-ever production and enormous cash flow. In fact, when you look at the net acquisition cost for Centamin, after stripping out the sale proceeds for ABC and Oropo, and the cash on the balance sheet, we generated almost 1/3 of the purchase in our first year as owners, and the best is yet to come. The integration is fully complete. The Full Asset Potential team has completed its first pass. We have identified a raft of opportunities to increase value from almost every perspective.

Speaker #4: Delivering its best-ever production and enormous cash flow. In fact, when you look at the net acquisition cost for Centamin, after stripping out the sale proceeds for ABC and Doropo, and the cash on the balance sheet, we generated almost a third of the purchase in our first year as owners.

Speaker #4: And the best is yet to come. The integration is fully complete. The full Asset Potential team has completed its first pass. We have identified a raft of opportunities to increase value from almost every perspective.

Speaker #4: We see opportunities. The most significant: expanding the underground from 1.2 million tons moved to 2.3 million, on higher-grade ore. We just need to develop a new portal and expand the fleet.

Alberto Calderon: We see opportunities, the most significant, expanding the underground from 1.2 million tons moved to 2.3 on higher grade ore. We just need to develop a new portal and expand the fleet, and we will talk about this in another asset, the impact of the most important idea that wasn't covered in the Full Asset Potential. But there were others. A small heap leach project, improved feed efficiencies, and better recoveries in the plan, just to name a few. From a geological perspective, the ore body is still open, with potential to add ounces, and we will be increasing our budget for exploration, brownfield exploration during 2026. Essentially, there's opportunity wherever we look. While we generated record cash flow, we are aggressively drilling to secure tomorrow. It is worth remembering that we have the industry's top exploration team.

Speaker #4: And we will talk about this in another asset—the impact of the most important idea that wasn't covered in the full asset potential. But there were others.

Speaker #4: A small heap leach project improved efficiencies and better recoveries in the plan, just to name a few. From a geological perspective, the ore body is still open, with potential to add ounces.

Alberto Calderon: From a geological perspective, the ore body is still open, with potential to add ounces, and we will be increasing our budget for exploration, brownfield exploration during 2026. Essentially, there's opportunity wherever we look. While we generated record cash flow, we are aggressively drilling to secure tomorrow. It is worth remembering that we have the industry's top exploration team.

Speaker #4: And we will be increasing our budget for brownfield exploration during 2026. Essentially, there's opportunity wherever we look. While we generated record cash flow, we are aggressively drilling to secure tomorrow.

Speaker #4: It is worth remembering that we have the industry's top exploration team. They continue to deliver exceptional exploration results across our portfolio, replacing depletion and upgrading resource confidence.

Alberto Calderon: They continue to deliver exceptional exploration results across our portfolio, replacing depletion and upgrading resource confidence. This slide breaks down our mineral reserve numbers. We had another very strong return from our brownfield exploration program across a range of assets. We added 10 million new ounces of reserves, more than three times our depletion. And yes, Nevada added 4.9 with the first time reserve from Arthur, but it wasn't the only one. We also showed a good spread from our operating assets, about 2 more million after depletion, with net additions at Geita, Obuasi, Iduapriem, Cuiabá, and Kibali. At Geita, which has been a particular focus for us, most of the 1.3 million ounces are in the open pit. Mining is a long-term game, and it's important to zoom out to look at the returns over time.

Speaker #4: This slide breaks down our mineral reserve numbers. We had another very strong return from our brownfield exploration program across a range of assets. We added 10 million new ounces of reserves, more than three times our depletion.

Speaker #4: And yes, Nevada added 4.9, with the first-time reserve from Arthur, but it wasn't the only one. We also showed a good spread from our operating assets, about $2 million more after depletion, with net additions at Gata, Obuasi, Iduapriem, Cuyabá, and Kibali.

Alberto Calderon: And yes, Nevada added 4.9 with the first time reserve from Arthur, but it wasn't the only one. We also showed a good spread from our operating assets, about 2 more million after depletion, with net additions at Geita, Obuasi, Iduapriem, Cuiabá, and Kibali. At Geita, which has been a particular focus for us, most of the 1.3 million ounces are in the open pit. Mining is a long-term game, and it's important to zoom out to look at the returns over time.

Speaker #4: At Gata, which has been a particular focus for us, most of the 1.3 million ounces are in the open pit. Mining is a long-term game, and it's important to zoom out to look at the returns over time.

Speaker #4: Over the past few years, we've added almost 23 million ounces, at an average cost of about $47 an ounce. That value is hard to beat.

Alberto Calderon: Over the past few years, we've added almost 23 million ounces at an average cost of about $47 an ounce. That value is hard to beat. The holy grail for any gold company is a Tier One discovery in a low-risk jurisdiction, with long life and strong growth potential. Our Arthur Gold Project is just that. What started few years ago, as an ambitious exploration thesis in the Beatty district, has now evolved into one of the largest and most significant greenfield gold discoveries of this century in the US. Today, it transitions from a discovery into a major high return project. The first-time mineral reserve of 4.9 million ounces is just the top of the iceberg, given the much bigger resource in the project area.

Speaker #4: The holy grail for any gold company is a Tier 1 discovery in a low-risk jurisdiction, with long life and strong growth potential. Our Arthur Gold project is just that.

Speaker #4: What started only a few years ago as an ambitious exploration thesis in the Beatty District has now evolved into one of the largest and most significant greenfield gold discoveries of this century.

Speaker #4: In the US, today, it transitions from a discovery into a major high-return project. The first-time mineral reserve of 4.9 million ounces is just the top of the iceberg.

Alberto Calderon: Today, it transitions from a discovery into a major high return project. The first-time mineral reserve of 4.9 million ounces is just the top of the iceberg, given the much bigger resource in the project area. I probably remind everyone that we complemented our original land position with three acquisitions that were very timely from Corvus, Core, and Augusta, and that really allowed us to consolidate what is probably the most important discovery and land position in Nevada in decades. Let's take a step back and look at the project.

Speaker #4: Given the much bigger resource in the project area, I probably remind everyone that we complemented our original land position with three acquisitions that were very timely from Corvus, Core, and Augusta.

Alberto Calderon: I probably remind everyone that we complemented our original land position with three acquisitions that were very timely from Corvus, Core, and Augusta, and that really allowed us to consolidate what is probably the most important discovery and land position in Nevada in decades. Let's take a step back and look at the project. Arthur is a fully consolidated district-scale opportunity comprising the Merlin and Silicon deposits. It's a large-scale continuous gold system. It features broadly disseminated mineralization alongside high-grade vein system, with thickness reaching about 150m. The mineralized footprint is extensive, measuring approximately 2.7km by 1.3km. The deposit, which is largely oxidized, is highly amenable to both mining methods and conventional processing. We see a clear geological connection between Merlin and Silicon.

Speaker #4: And that really allowed us to consolidate what is probably the most important discovery and land position in Nevada in decades. Let's take a step back and look at the project.

Speaker #4: Arthur is a fully consolidated district-scale opportunity comprising the Merlin and Silicon deposits. This large-scale, continuous gold system features broadly disseminated mineralization alongside a high-grade vein system, with thickness reaching about 150 meters.

Alberto Calderon: Arthur is a fully consolidated district-scale opportunity comprising the Merlin and Silicon deposits. It's a large-scale continuous gold system. It features broadly disseminated mineralization alongside high-grade vein system, with thickness reaching about 150m. The mineralized footprint is extensive, measuring approximately 2.7km by 1.3km. The deposit, which is largely oxidized, is highly amenable to both mining methods and conventional processing. We see a clear geological connection between Merlin and Silicon.

Speaker #4: The mineralized footprint is extensive, measuring approximately 2.7 kilometers by 1.3 kilometers. The deposit, which is largely oxide, is highly amenable to both mining methods and conventional processing.

Speaker #4: We see a clear geological connection between Merlin and Silicon. There is significant room for continued mineral resource expansion to the west of Merlin, down deep, and to the north at Silicon.

Alberto Calderon: There's significant room for continued mineral resource expansion to the west of Merlin and down deep and to the north at Silicon. In fact, Merlin remains completely open to the west and south, and we have a drilling program underway to support further resource exploration. The study envisages a conventional oxide gold mill with carbon and leach. It features a three-stage crushing circuit with high-pressure grinding roll, along with a heap leach circuit for lower grade material. It's as simple as it gets. No autoclaves, no double refractory ore, and so many of the others that is common in Nevada. So I'm sorry to say, it's just a very simple project. This will be a conventional open pit operation using large-scale equipment. The fleet will include electric rope shovels with 60 cubic meter buckets and ultra class haul trucks.

Speaker #4: In fact, Merlin remains completely open to the west and south, and we have a drilling program underway to support further resource exploration. The study envisages a conventional oxide gold mill with carbon in leach.

Speaker #4: It features a three-stage crushing circuit with a high-pressure grinding roll, along with a heap leach circuit for lower-grade material. It is, as simple as it gets.

Alberto Calderon: It features a three-stage crushing circuit with high-pressure grinding roll, along with a heap leach circuit for lower grade material. It's as simple as it gets. No autoclaves, no double refractory ore, and so many of the others that is common in Nevada. So I'm sorry to say, it's just a very simple project. This will be a conventional open pit operation using large-scale equipment. The fleet will include electric rope shovels with 60 cubic meter buckets and ultra class haul trucks.

Speaker #4: No autoclaves, no double refractory ore, and so many of the others that are common in Nevada. So, I'm sorry to say, it's just a very simple project.

Speaker #4: This will be a conventional open-pit operation using large-scale equipment. The fleet will include electric rope shovels with 60-cubic-meter buckets, and also ultra-class haul trucks.

Speaker #4: Our pit facing is designed to target higher-value, near-surface material early in the mine life to accelerate payback. The width of the ore zones and simple pit geometry will allow for wide mining benches and highly efficient, straightforward mining layouts.

Alberto Calderon: Our pit phasing is designed to target higher value near surface material early in the mine life to accelerate payback. The width of the ore zones and simple pit geometry will allow for wide mining benches and highly efficient, straightforward mining layouts. Let's look at some of the main highlights of the study, noting that a lot more detail will be available on 26 March, when we release our technical report summary. We start with the initial probable mineral reserve of 4.9 million ounces for Merlin, calculated at $1,950 an ounce. That's 88 million tons at 1.75 grams per ton. We expect to produce roughly 4.5 million ounces over an initial 9-year life of mine. Average production is around half a million ounces, low, with this edging up towards 800,000 ounces in the early years.

Speaker #4: Let's look at some of the main highlights of the study, noting that a lot more detail will be available on March 26th when we release our technical report summary.

Speaker #4: We start with the initial probable mineral reserve of 4.9 million ounces for Merlin. Calculated at $1,950 an ounce, that's 88 million tons at 1.75 grams per ton.

Alberto Calderon: We start with the initial probable mineral reserve of 4.9 million ounces for Merlin, calculated at $1,950 an ounce. That's 88 million tons at 1.75 grams per ton. We expect to produce roughly 4.5 million ounces over an initial 9-year life of mine. Average production is around half a million ounces, low, with this edging up towards 800,000 ounces in the early years.

Speaker #4: We expect to produce roughly 4.5 million ounces over an initial nine-year life of mine. Average production is around half a million ounces, though this edges up toward 800,000 ounces in the early years.

Speaker #4: We estimate cash cost of around $780 an ounce, all-in sustaining at $950 an ounce. Initial project capital is estimated to be around $3.6 billion.

Alberto Calderon: We estimate cash costs of around $780 an ounce, all-in sustaining at $950 an ounce. Initial project capital is estimated to be around $3.6 billion, noting that normal margin of error for a PFS stage study. Even using only these initial reserves and at long-term prices, which allows us to make an economic case and to move ahead with permitting, returns at this stage are well north of 20%. Obviously, as we will see in the next slides, the total returns of the project will be much, much higher. When you factor in spot prices, okay, well, obviously, the returns are higher. When you consider the full resource potential, they're higher again. This project has, by almost any measure, the potential to be a defining asset for us and for southern Nevada.

Speaker #4: Noting the normal margin of error for a PFS-stage study, even using only these initial reserves and at long-term prices—which allows us to make an economic case and to move ahead with permitting—returns at this stage are well north of 20%.

Speaker #4: Obviously, as we will see in the next slides, the total returns of the project will be much higher. When you factor in spot prices—okay, well, obviously the returns are higher when you consider the full resource potential.

Alberto Calderon: Obviously, as we will see in the next slides, the total returns of the project will be much, much higher. When you factor in spot prices, okay, well, obviously, the returns are higher. When you consider the full resource potential, they're higher again. This project has, by almost any measure, the potential to be a defining asset for us and for southern Nevada.

Speaker #4: They're higher again. This project has, by almost any measure, the potential to be a defining asset for us and for southern Nevada. Because the Merlin reserve is mainly oxide, it avoids a technical complexity and the risk of refractory processing.

Alberto Calderon: Because the Merlin reserve is mainly oxidized, it avoids the technical complexity and the risk of refractory processing. Crucially, its ability, level, environment, hydrological, and community baseline studies are already underway. This would be a highly competitive asset, even with only the initial reserve and mine life. But while the 4.9 of reserve is impressive on its own, there's an additional 6.5 million of mineral reserves at Merlin, and we are actively exploring the potential conversion in additional reserves. Actually, we plan for this year to target an additional 1.4 million ounces, in line with the online drilling program. And there's significantly more in the years ahead, both from our defined resource base and from the ongoing exploration campaign in the area, which remains incredibly prospective.

Speaker #4: Crucially, its ability level environment, hydrological, and community baseline studies are already underway. This would be a highly competitive asset, even with only the initial reserve and mine life.

Speaker #4: But while the 4.9 million of reserve is impressive on its own, there's an additional 6.5 million of mineral reserves at Merlin. And we are actively exploring the potential conversion into additional reserves.

Speaker #4: Actually, we plan for this year to target an additional 1.4 million ounces, in line with the online drilling program. And significantly more in the years ahead, both from our defined resource base and from the ongoing exploration campaign in the area, which remains incredibly prospective.

Alberto Calderon: Actually, we plan for this year to target an additional 1.4 million ounces, in line with the online drilling program. And there's significantly more in the years ahead, both from our defined resource base and from the ongoing exploration campaign in the area, which remains incredibly prospective.

Speaker #4: And by the way, all of these bubble charts that you see—we wouldn't envision at this stage additional CapEx required. We are essentially drawing from our current record cash flows to invest in a marquee asset to anchor our portfolio well into the 2050s.

Alberto Calderon: And, by the way, all of these bubble charts that you see, we wouldn't envision, at this stage, additional CapEx required. We are essentially drawing from our current record cash flows to invest in a marquee asset to anchor our portfolio well into the 2050s. With that, I will hand over to Gillian to walk through our record financial results and how our robust balance sheet supports this growth.

Speaker #4: With that, I will hand over to Gillian to walk through our record financial results and how our robust balance sheet supports this growth.

Speaker #2: Thank you, Alberto. Strong cash conversion was a feature in 2025, ensuring the stronger gold price translated to record free cash flow of $2.9 billion, almost three times the $956 million generated in 2024.

Gillian Doran: Thank you, Alberto. Strong cash conversion was a feature in 2025, ensuring the stronger gold price translated to record free cash flow of $2.9 billion, almost 3 times the $956 million generated in 2024. This increase underscores both our improved quality of earnings and stronger operating leverage, where the business is converting the better price and operating performance into cash at a significantly higher rate. It also reflects a sustained, deliberate focus on cost discipline, working capital management, capital allocation, reinforcing our ability to generate cash through the cycle. In 2025, our cost profile remained under pressure. The tailwind offered by lower energy prices, with oil down around 14% year-on-year, was offset by realized inflation across our operating footprint.

Speaker #2: This increase underscores both our improved quality of earnings and stronger operating leverage, where the business is converting the better price and operating performance into cash at a significantly higher rate.

Speaker #2: It also reflects a sustained, deliberate focus on cost discipline, working capital management, and capital allocation, reinforcing our ability to generate cash through the cycle. In 2025, our cost profile remained under pressure.

Gillian Doran: It also reflects a sustained, deliberate focus on cost discipline, working capital management, capital allocation, reinforcing our ability to generate cash through the cycle. In 2025, our cost profile remained under pressure. The tailwind offered by lower energy prices, with oil down around 14% year-on-year, was offset by realized inflation across our operating footprint.

Speaker #2: The tailwind offered by lower energy prices, with oil down around 14% year on year, was offset by realized inflation across our operating footprint. The standout feature of the year, of course, was the step change in gold price, which averaged $3,468 an ounce—a 45% surge over the 2024 average.

Gillian Doran: The standout feature of the year, of course, was the step change in gold price, which averaged $3,468 an ounce, a 45% surge over the 2024 average. This change represents a fundamental upward shift from the $1,800 to $2,400 an ounce range we've seen over the last number of years. Production increased 16% year-on-year to 3.1 million ounces in 2025, reflecting solid execution across our core assets. Managed operations were up 19% to 2.8 million ounces, driven mainly by the addition of Sukari and a 20% increase from Obuasi. Geita, CVSA, and Siguiri also co-contributed, and this was partially offset by Iduapriem, Sunrise Dam, and the removal of Serra Grande from the portfolio.

Speaker #2: This change represents a fundamental upward shift from the $1,800 to $2,400 an ounce range we've seen over the last number of years. Production increased 16% year on year to 3.1 million ounces in 2025, reflecting solid execution across our core assets.

Speaker #2: Managed operations were up 19% to 2.8 million ounces, driven mainly by the addition of Sukari and a 20% increase from Obuasi. Geita, CC&V, and Siguiri also contributed, and this was partially offset by Iduapriem, Sunrise Dam, and the removal of MSG from the portfolio.

Gillian Doran: Managed operations were up 19% to 2.8 million ounces, driven mainly by the addition of Sukari and a 20% increase from Obuasi. Geita, CVSA, and Siguiri also co-contributed, and this was partially offset by Iduapriem, Sunrise Dam, and the removal of Serra Grande from the portfolio.

Speaker #2: Cash costs from our managed operations were 5% higher at $1,252 an ounce, mainly due to higher royalties and inflation, both market-driven factors outside of our control.

Gillian Doran: Cash costs from our managed operations were 5% higher at $1,252 an ounce, mainly due to higher royalties and inflation, both market-driven factors outside of our control. Nonetheless, costs were well contained through disciplined cost management, the benefit from Sukari, and the continued delivery of Full Asset Potential initiatives. AISC for managed operations rose 5% to $1,751 an ounce, reflecting planned reinvestment in sustaining capital, partially offset by higher gold sales. 2025 was a record year, delivering a step change in performance and translating operational execution into record cash generation. Earnings and free cash flow more than doubled, reflecting a 16% increase in production and a 45% increase in gold price.

Speaker #2: Nonetheless, costs were well contained through disciplined cost management, the benefit from Sucari, and the continued delivery of Full Asset Potential initiatives. ASIC for managed operations rose 5% to $1,751 an ounce, reflecting planned reinvestment in sustaining capital, partially offset by higher gold sales.

Gillian Doran: 2025 was a record year, delivering a step change in performance and translating operational execution into record cash generation. Earnings and free cash flow more than doubled, reflecting a 16% increase in production and a 45% increase in gold price.

Speaker #2: 2025 was a record year, delivering a step change in performance and translating operational execution into record cash generation. Earnings and free cash flow more than doubled, reflecting the 16% increase in production and a 45% increase in the gold price.

Speaker #2: Adjusted EBITDA was up 129% to $6.3 billion, and basic earnings of $2.6 billion were up from $1 billion in 2024. We saw a 143% increase in net cash from operating activities to $4.8 billion, even after accounting for higher taxes, flowing from increased profitability.

Gillian Doran: Adjusted EBITDA was up 129% to $6.3 billion, and basic earnings of $2.6 billion were up from $1 billion in 2024. We saw a 143% increase in net cash from operating activities to $4.8 billion, even after accounting for higher taxes flowing from increased profitability. As previously mentioned, free cash flow was up almost three times to $2.9 billion, even after funding all CapEx and distributions to our JV partners. Our balance sheet has been well and truly transformed. We entered 2026 with almost $1 billion in net cash, a big turnaround from the $567 million of net debt a year earlier. Our focus is on change, maintain discipline, drive operational improvements, maximize cash conversion, and ensure high quality returns through the cycle.

Speaker #2: And, as previously mentioned, free cash flow was up almost three times to $2.9 billion, even after funding all CapEx and distributions to our JV partners.

Speaker #2: Our balance sheet has been well and truly transformed. We entered 2026 with almost $1 billion in net cash, a big turnaround from the $567 million of net debt a year earlier.

Gillian Doran: Our balance sheet has been well and truly transformed. We entered 2026 with almost $1 billion in net cash, a big turnaround from the $567 million of net debt a year earlier. Our focus is on change, maintain discipline, drive operational improvements, maximize cash conversion, and ensure high quality returns through the cycle.

Speaker #2: Our focus is on changed, maintained discipline, driving operational improvements, maximizing cash conversion, and ensuring high-quality returns through the cycle. Let's have a quick look at our guidance scorecards for 2025.

Gillian Doran: Let's have a quick look at our guidance scorecard for 2025. This performance demonstrates the consistency and discipline of our operating model across our 10 assets. We again delivered within guidance on the two core benchmarks of reliability, gold production, and sustaining capital. While AISC and total cash costs were marginally above the guided range, the variance was driven by higher royalties linked to higher gold price. We successfully managed controllable inputs, maintaining operational delivery and protecting our competitive position despite industry-wide headwinds. Message is straightforward: We delivered on our commitments, stayed disciplined on capital, and further strengthened the resilience of our business. We are clear about isolating the controllable elements of our cost base. The transparency – this transparency allows us to drive better cost performance. In 2025, cash costs were 7% higher at $1,242 an ounce.

Speaker #2: This performance demonstrates the consistency and discipline of our operating model across our ten assets. We again delivered within guidance on the two core benchmarks of reliability: gold production and sustaining capital.

Speaker #2: While AISC and total cash costs were marginally above the guided range, the variance was driven by higher royalties linked to a higher gold price. We successfully managed controllable inputs, maintaining operational delivery and protecting our competitive position despite industry-wide headwinds.

Gillian Doran: We successfully managed controllable inputs, maintaining operational delivery and protecting our competitive position despite industry-wide headwinds. Message is straightforward: We delivered on our commitments, stayed disciplined on capital, and further strengthened the resilience of our business. We are clear about isolating the controllable elements of our cost base. The transparency – this transparency allows us to drive better cost performance. In 2025, cash costs were 7% higher at $1,242 an ounce.

Speaker #2: Messages straightforward. We delivered on our commitments, stayed disciplined on capital, and further strengthened the resilience of our business. We are clear about isolating the controllable elements of our cost base.

Speaker #2: This transparency allows us to drive better cost performance. In 2025, cash costs were 7% higher at $1,242 an ounce. That increase was driven mainly by market factors outside of our direct control.

Gillian Doran: That increase was driven mainly by market factors outside of our direct control. Inflation, higher gold price linked royalties, fuel, and exchange rates, collectively added around $86 an ounce or 7% to that cost base. In addition, the $12 an ounce added by the plant stoppage during Q3 at Siguiri was partially offset by better productivity at Tropicana following the 2024 rainfall event. Our managed operations worked really hard to improve the controllable areas of their cost base. Disciplined execution, operational excellence, and the Full Asset Potential program helped to deliver a roughly 1% productivity benefit. This was achieved through higher throughput, better utilization, and stronger operating routines. Volumes from Sukari provided another positive tailwind. We remained focused on converting a higher gold price into free cash flow, and in 2025, we did exactly that.

Speaker #2: Inflation, higher gold price-linked royalties, fuel, and exchange rates collectively added around $86 an ounce, or 7%, to that cost base. In addition, the $12 an ounce added by the plant stoppage during Q3 at Seguri was partially offset by better productivity at Tropicana following the 2024 rainfall event.

Speaker #2: Our managed operations worked really hard to improve the controllable areas of their cost base. Disciplined execution, operational excellence, and the Full Asset Potential program helped to deliver a roughly 1% productivity benefit.

Gillian Doran: Our managed operations worked really hard to improve the controllable areas of their cost base. Disciplined execution, operational excellence, and the Full Asset Potential program helped to deliver a roughly 1% productivity benefit. This was achieved through higher throughput, better utilization, and stronger operating routines. Volumes from Sukari provided another positive tailwind. We remained focused on converting a higher gold price into free cash flow, and in 2025, we did exactly that.

Speaker #2: This was achieved through higher throughput, better utilization, and stronger operating routines. Volumes from Sucari provided another positive tailwind. We remained focused on converting a higher gold price into free cash flow, and in 2025, we did exactly that.

Speaker #2: We see in the green bars the price uplift of $3 billion and the higher gold sales volumes of $1 billion. This was primarily from Sucari's inclusion and strong cash flow from Cabali, and the ongoing focus on managing our working capital.

Gillian Doran: We see in the green bars the price uplift of $3 billion and the higher gold sales volumes of $1 billion. This was primarily from Sukari's inclusion and strong cash flows from Kibali, and the ongoing focus on managing our working capital. The result is clear when you look at the improvements in free cash flows. This came despite higher operating costs, driven by a combination of higher volumes, inflation, royalties, some higher contractor rates, and also higher taxes from higher profits. In addition, capital spend stepped up as planned, driven by Sukari's inclusion in the portfolio. Dividends paid to non-controlling interests were also $517 million dollars higher year-over-year, again, a feature of Sukari's full year inclusion. The net of these factors was a record free cash flow of $2.9 billion in 2025.

Speaker #2: The result is clear when you look at the improvements in free cash flows. This came despite higher operating costs driven by a combination of higher volumes, inflation, royalties, some higher contractor rates, and also higher taxes.

Speaker #2: From higher profits. In addition, capital spend stepped up as planned, driven by Sucari's inclusion in the portfolio. Dividends paid to non-controlling interest were also $517 million higher year on year, again a feature of Sucari's full-year inclusion.

Gillian Doran: In addition, capital spend stepped up as planned, driven by Sukari's inclusion in the portfolio. Dividends paid to non-controlling interests were also $517 million dollars higher year-over-year, again, a feature of Sukari's full year inclusion. The net of these factors was a record free cash flow of $2.9 billion in 2025.

Speaker #2: The net of these factors was a record free cash flow of $2.9 billion in 2025. In 2025, we generated cash flows from operating activities of $4.9 billion.

Gillian Doran: In 2025, we generated cash flows from operating activities of $4.9 billion. This cash enabled us to reinvest in the business, strengthen the balance sheet, meet obligations to our JV partners, and return value to our shareholders. We invested in sustaining capital, $1.1 billion and $459 million in future growth opportunities. $588 million was returned to our non-controlling joint venture partners, and $953 million was used to strengthen the balance sheet as we moved into a net cash position. As Alberto mentioned, we declared an interim dividend of $875 million or $1.73 per share for the Q4 2025 period.

Speaker #2: This cash enabled us to reinvest in the business, strengthen the balance sheet, meet obligations to our JV partners, and return value to our shareholders.

Speaker #2: We invested $1.1 billion in sustaining capital and $459 million in future growth opportunities. $588 million was returned to our non-controlling joint venture partners, and $953 million was used to strengthen the balance sheet, as we moved into a net cash position.

Speaker #2: As Alberto mentioned, we declared an interim dividend of $875 million, or 173 US cents per share, for the Q4 2025 period. This payout comprises 50% of free cash flow and an additional amount of $350 million, providing additional direct returns to shareholders and highlighting the continued confidence in the outlook for our operating performance and free cash flow generation in 2026.

Gillian Doran: This payout comprises 50% of free cash flow and an additional amount of $350 million, providing additional direct returns to shareholders and highlighting the continued confidence in the outlook for our operating performance and free cash flow generation in 2026. This takes the total dividends for 2025 to a record $1.8 billion or $3.57 per share. At year-end, we had $4.4 billion in liquidity, comprising $2.9 billion of cash and cash equivalents, and the balance of undrawn facilities in our bank accounts. This balance sheet strength has been achieved while investing in safe, stable, production, confidently driving projects through our growth pipeline and providing record returns to shareholders.

Speaker #2: This takes the total dividends for 2025 to a record $1.8 billion, or 357 US cents per share. At year-end, we had $4.4 billion in liquidity, comprising $2.9 billion of cash and cash equivalents, and the balance of undrawn facilities in our bank accounts.

Gillian Doran: At year-end, we had $4.4 billion in liquidity, comprising $2.9 billion of cash and cash equivalents, and the balance of undrawn facilities in our bank accounts. This balance sheet strength has been achieved while investing in safe, stable, production, confidently driving projects through our growth pipeline and providing record returns to shareholders.

Speaker #2: This balance sheet strength has been achieved while investing in safe, stable production, confidently driving projects through our growth pipeline, and providing record returns to shareholders.

Speaker #2: Let me now take you through our 2026 outlook, which is anchored in a portfolio that is performing, supported by a clear operating plan and disciplined, value-led investment.

Gillian Doran: Let me now take you through our 2026 outlook, which is anchored in a portfolio that is performing, supported by a clear operating plan and disciplined value-led investment. For 2026, we are guiding group gold production of between 2.8 million ounces to 3.17 million ounces. Total cash costs for managed operations are estimated to be between $1,335 an ounce to $1,455 an ounce. This reflects a realistic view of the operating and macroeconomic environment, with the increase for next year comprising around half in royalties and half from expected inflation and foreign currency exchange movements. The guidance comes in a year characterized by higher material movement across both underground and open pit operations. At the same time, we're investing to further strengthen the business and to unlock value.

Speaker #2: For 2026, we are guiding group gold production of between 2.8 million ounces to 3.17 million ounces. Total cash costs for managed operations are estimated to be between $1,335 an ounce and $1,455 an ounce.

Speaker #2: This reflects a realistic view of the operating and macroeconomic environment, with the increase for next year comprising around half in royalties and half from expected inflation and foreign currency exchange movements.

Gillian Doran: This reflects a realistic view of the operating and macroeconomic environment, with the increase for next year comprising around half in royalties and half from expected inflation and foreign currency exchange movements. The guidance comes in a year characterized by higher material movement across both underground and open pit operations. At the same time, we're investing to further strengthen the business and to unlock value.

Speaker #2: The guidance comes in a year characterized by higher material movement across both underground and open-pit operations. At the same time, we're investing to further strengthen the business and to unlock value.

Speaker #2: Sustaining capital for the group is guided at $1 billion to $1.14 billion. Our continued enhancements of, and investments in, the Sucari operations are anticipated to maintain the sustaining capital expenditure at our managed operations broadly in line with 2025 levels.

Gillian Doran: Sustaining capital for the group is guided at $1 billion to $1.14 billion. Our continued enhancements of and investments in the Sukari operations are anticipated to maintain the sustaining capital expenditure at our managed operations, broadly in line with 2025 levels. This is deliberate and value accretive, supporting reliability, improving operational flexibility, and advancing Full Asset Potential program initiatives that are expected to drive productivity gains late, from late 2026 into 2027. We are guiding group non-sustaining capital of $785 million to $835 million. In 2026, the key areas are Nevada, additional waste stripping at Sukari, and tailing storage facilities at Obuasi and Siguiri, all focused on safeguarding the operating base, creating the flexibility to unlock future production and manage our risks responsibly.

Speaker #2: This is deliberate and value-accretive, supporting reliability, improving operational flexibility, and advancing full asset potential program initiatives that are expected to drive productivity gains from late ’26 into ’27.

Speaker #2: We are guiding group non-sustaining capital of $785 million to $835 million. In 2026, the key areas are Nevada, additional waste stripping at Sucari, and tailing storage facilities at Abuwasi and Seguri, all focused on safeguarding the operating base, creating the flexibility to unlock future production, and managing our risks responsibly.

Gillian Doran: We are guiding group non-sustaining capital of $785 million to $835 million. In 2026, the key areas are Nevada, additional waste stripping at Sukari, and tailing storage facilities at Obuasi and Siguiri, all focused on safeguarding the operating base, creating the flexibility to unlock future production and manage our risks responsibly.

Speaker #2: Looking into 2027, the continued ramp-up at Abuwasi underpins the uplift in production ounces, while unit costs remain flat in real terms, reflecting the benefits of our cost leadership and productivity programs.

Gillian Doran: Looking into 2027, the continued ramp up at Obuasi underpins the uplift in production ounces, while unit costs remain flat in real terms, reflecting the benefits of our cost leadership and productivity programs. We are not relying on the gold price to carry performance. We are building structural competitiveness. Capital allocation remains disciplined. We expect sustaining capital to remain broadly consistent with 2025 and 2026 to support safe, stable operations, while non-sustaining capital increases as we begin the construction of the North Bullfrog project. This is exactly how we allocate capital, protect and sustain the base, then invest selectively in the highest return growth opportunities, phased prudently, executed rigorously, and aligned to long-term value creation. Overall, this guidance reflects a business with strong operational momentum, clear investment priority, and continued commitment to cash generation, competitiveness, and disciplined growth.

Speaker #2: We are not relying on the gold price to carry performance. We are building structural competitiveness. Capital allocation remains disciplined. We expect sustaining capital to remain broadly consistent with 2025 and 2026 to support safe, stable operations, while non-sustaining capital increases as we begin the construction of the North Wall Frog project.

Gillian Doran: We expect sustaining capital to remain broadly consistent with 2025 and 2026 to support safe, stable operations, while non-sustaining capital increases as we begin the construction of the North Bullfrog project. This is exactly how we allocate capital, protect and sustain the base, then invest selectively in the highest return growth opportunities, phased prudently, executed rigorously, and aligned to long-term value creation. Overall, this guidance reflects a business with strong operational momentum, clear investment priority, and continued commitment to cash generation, competitiveness, and disciplined growth.

Speaker #2: This is exactly how we allocate capital: protect and sustain the base, then invest selectively in the highest-return growth opportunities. Phased prudently, executed rigorously, and aligned to long-term value creation.

Speaker #2: Overall, this guidance reflects a business with strong operational momentum, clear investment priorities, and continued commitment to cash generation, competitiveness, and disciplined growth. I will now pass back to Alberto to dive deeper on our 2026 focus.

Gillian Doran: I will now pass back to Alberto to dive deeper on our 2026 focus.

Speaker #1: Thank you, Gillian. 2026 is about disciplined execution. In a strong gold price environment, discipline matters more, not less. Our focus is simple: protect margins, allocate capital rigorously, and strengthen the portfolio.

Alberto Calderon: Thank you, Gillian. 2026 is about discipline execution. In a strong gold price environment, discipline matters more, not less. Our focus is simple: protect margins, allocate capital rigorously, and strengthen the portfolio. We remain focused on cost discipline and operational excellence across the portfolio. To Full Asset Potential, we are systematically looking for ways to offset inflationary pressures and royalty increases, particularly labor, energy, and consumables. We are increasing the production contribution for our Tier One assets, which structurally lower our cost base and improves margin resilience. Active portfolio management remains core. We've been active in this area and will continue to optimize capital allocation towards assets that generate superior risk-adjusted returns. Sustaining capital is about protecting safety, reliability, and asset longevity. We're appropriately capitalizing our assets to ensure safe, stable, and sustainable operations.

Speaker #1: We remain focused on cost discipline and operational excellence across the portfolio. To achieve full asset potential, we are systematically looking for ways to offset inflationary pressures and royalty increases.

Speaker #1: Particularly labor, energy, and consumables. We are increasing the production contribution from our tier one assets, which structurally lowers our cost base and improves margin resilience.

Alberto Calderon: We are increasing the production contribution for our Tier One assets, which structurally lower our cost base and improves margin resilience. Active portfolio management remains core. We've been active in this area and will continue to optimize capital allocation towards assets that generate superior risk-adjusted returns. Sustaining capital is about protecting safety, reliability, and asset longevity. We're appropriately capitalizing our assets to ensure safe, stable, and sustainable operations.

Speaker #1: Active portfolio management remains core, with an active focus in this area, and we will continue to optimize capital allocation towards assets that generate superior risk-adjusted returns.

Speaker #1: Sustaining capital is about protecting safety, reliability, and asset longevity, where we appropriately capitalize our assets to ensure safe, stable, and sustainable operations. We continue to invest in mineral reserve development to increase operational flexibility, particularly in complex ore bodies.

Alberto Calderon: We continue to invest in mineral reserve development to increase operational flexibility, particularly in complex ore bodies. Reserve replacement remains fundamental. Sustained reserve growth underpins long-term value creation. Growth capital is focused on high-quality, long-life projects, particularly in Nevada. These projects enhance jurisdictional quality and portfolio resilience. We are creating flexibility for life extension and brownfield growth across the portfolio by building new tailings and opening land to extend our mining operations. We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical. We remain deeply committed to our host communities and governments, where we're providing real-time benefit from the higher gold price through taxes, royalties, and meaningful participation in the value chain. In this slide, we highlight an emerging picture of low-risk, capital-efficient, and very high-return opportunities in our current operation footprint.

Speaker #1: Reserve replacement remains fundamental. Sustained reserve growth underpins long-term value creation. Growth capital is focused on high-quality, long-life projects, particularly in Nevada. These projects enhance jurisdictional quality and portfolio resilience.

Speaker #1: We are creating flexibility for life extension and brownfield growth across the portfolio by building new tailings and opening land to extend our mining operations.

Alberto Calderon: We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical. We remain deeply committed to our host communities and governments, where we're providing real-time benefit from the higher gold price through taxes, royalties, and meaningful participation in the value chain. In this slide, we highlight an emerging picture of low-risk, capital-efficient, and very high-return opportunities in our current operation footprint.

Speaker #1: We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical.

Speaker #1: We remain deeply committed to our host communities and governments, where we're providing real-time benefit from the higher gold price through taxes, royalties, and meaningful participation in the value chain.

Speaker #1: In this slide, we highlight an emerging picture of low-risk, capital-efficient, and very high-return opportunities in our current operational footprint. It underscores what I've said repeatedly: that the best opportunities for us lie within.

Alberto Calderon: It underscores what I've said repeatedly, that the best opportunities for us lie within. The capital we're deploying today is funding low-risk, high-return projects at our current mines. These options have the potential to add between 10% and 15% of our current production profile during the next three years. We'll talk much more about this in detail in the second half of the year. As previously mentioned, at Geita, we're advancing a project to lift through, put in the middle and increase production by around 20%. At Sukari, the capital we're spending on accelerated waste stripping and fleet upgrades will underpin a potentially significant mining expansion, coupled with processing improvements like a new gravity circuit and carbon absorption tank to boost recoveries. This will provide a healthy step-up in production. We're seeing similar organic growth across the rest of the portfolio.

Speaker #1: The capital we're deploying today is funding low-risk, high-return projects at our current mines. These options have the potential to add between 10% and 15% of our current production profile during the next three years.

Speaker #1: We'll talk much more about this in detail in the second half of the year. As previously mentioned, at Gata, we're advancing a project to live through, but in the middle, and increase production by around 20 percent.

Alberto Calderon: As previously mentioned, at Geita, we're advancing a project to lift through, put in the middle and increase production by around 20%. At Sukari, the capital we're spending on accelerated waste stripping and fleet upgrades will underpin a potentially significant mining expansion, coupled with processing improvements like a new gravity circuit and carbon absorption tank to boost recoveries. This will provide a healthy step-up in production. We're seeing similar organic growth across the rest of the portfolio.

Speaker #1: At Sucari, the capital we're spending on accelerated waste stripping and fleet upgrades will underpin a potentially significant mining expansion, coupled with processing improvements like a new gravity circuit and absorption tank to boost recoveries.

Speaker #1: This will provide a healthy step-up in production. We're seeing similar organic growth across the rest of the portfolio. At Seguri, we're evaluating the potential to combine some of our existing dormant pits in Block One with the ramp-up of production from Block Three, to bring this asset, with its exceptional geology, into the tier one category.

Alberto Calderon: At Siguiri, we're evaluating the potential to combine some of our existing dormant pits in block 1 with the ramp-up of production from block 3 to bring this asset with its exceptional geology into the Tier One category. And at Cuiabá, accessing the high grade Viana ore body is a relatively straightforward opportunity to appreciably improve production. This is what disciplined capital allocation looks like, taking part of our record free cash flow and reinvest in low-risk, high-return opportunities that will optimize the value we can deliver from our world-class ore bodies. All of these growth projects will have a project management office and a VP growth dedicated to these organic projects for the next 3 years. We are pre-funding the health and expansion of these assets today, ensuring they remain highly profitable cash, cash generators well into the 2030s.

Speaker #1: And at Cuyabá, accessing the high-grade Viana ore body is a relatively straightforward opportunity to appreciably improve production. This is what disciplined capital allocation looks like.

Alberto Calderon: This is what disciplined capital allocation looks like, taking part of our record free cash flow and reinvest in low-risk, high-return opportunities that will optimize the value we can deliver from our world-class ore bodies. All of these growth projects will have a project management office and a VP growth dedicated to these organic projects for the next 3 years. We are pre-funding the health and expansion of these assets today, ensuring they remain highly profitable cash, cash generators well into the 2030s.

Speaker #1: Taking part of our record free cash flow and reinvesting in low-risk, high-return opportunities that will optimize the value we can deliver from our world-class ore bodies.

Speaker #1: All of these growth projects will have a project management office, and a VP Growth dedicated to these organic projects for the next three years.

Speaker #1: We are pre-funding the health and expansion of these assets today, ensuring they remain highly profitable cash generators well into the 2030s. We made steady progress narrowing the rating gap relative to our North American peers.

Alberto Calderon: We made steady progress narrowing the rating gap relative to our North American peers. This hasn't been about addressing a single issue, but rather a comprehensive plan over a number of years to strengthen every aspect of the business. Our fundamentals are robust, the portfolio is performing, and the outlook is bright. We're delivering on our commitments, achieving consistent operational improvements, enhancing returns, and positioning the company for sustainable growth. And importantly, the higher gold price has flowed on to the bottom line. This has generated only the highest free cash flow yields in the industry, or one of the highest. As you access our valuation metrics, we believe AngloGold Ashanti represents a compelling investment proposition, as you can see clearly in the graph. Strong cash generation, disciplined shareholder, focused capital allocation, market-leading yield, and evaluation that offers clear upside potential. With that, I'll take your questions.

Speaker #1: This hasn't been about addressing a single issue, but rather a comprehensive plan over a number of years to strengthen every aspect of the business.

Speaker #1: Our fundamentals are robust, the portfolio is performing, and the outlook is bright. We're delivering on our commitments, achieving consistent operational improvements, enhancing returns, and positioning the company for sustainable growth.

Speaker #1: And importantly, the higher gold price has flowed on to the bottom line. This has generated probably the highest free cash flow yields in the industry, or one of the highest.

Alberto Calderon: And importantly, the higher gold price has flowed on to the bottom line. This has generated only the highest free cash flow yields in the industry, or one of the highest. As you access our valuation metrics, we believe AngloGold Ashanti represents a compelling investment proposition, as you can see clearly in the graph. Strong cash generation, disciplined shareholder, focused capital allocation, market-leading yield, and evaluation that offers clear upside potential. With that, I'll take your questions.

Speaker #1: As you access our valuation metrics, we believe AngloGold Ashanti represents a compelling investment proposition, as you can see clearly in the graph. Strong cash generation, disciplined shareholder-focused capital allocation, market-leading yield, and a valuation that offers clear upside potential.

Speaker #1: With that, I'll take your questions.

Speaker #2: Thank you, sir. Ladies and gentlemen, we will now be conducting the question-and-answer session. If you'd like to ask a question, please key in star, then one, on your telephone keypad.

Operator: Thank you, sir. Ladies and gentlemen, we will now be conducting the question and answer session. If you'd like to ask a question, please key in star and then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may key in star and then two to leave the question queue. To the participants who have joined via the webcast, you're welcome to submit your questions in the question box provided on your screen. Our first question from the lines comes from Adrian Hammond of SBG Securities.

Speaker #2: A confirmation tone will indicate that your line is in the question queue. You may key in star, then two, to leave the question queue.

Speaker #2: To the participants who have joined via the webcast, you're welcome to submit your questions in the question box provided on your screen. Our first question from the lines comes from Adrian Hammond of SPG Securities.

Operator: Our first question from the lines comes from Adrian Hammond of SBG Securities.

Speaker #3: Thanks, operator. Good day, Alberto and Gillian. I have a few questions. I'll list them. In order, firstly, the payout ratio is obviously welcome. It certainly exceeded your current base policy by a margin.

Adrian Hammond: Thanks, operator. Good day, Alberto and Gillian. I have a few questions. I'll list them in order. Firstly, the payout ratio is obviously welcome, certainly exceeded your current base policy by a margin. Given where gold prices are, I get the sense that higher payouts are of the order of the day, but the question is, where does this stop? Because you know, spot prices, you're gonna generate significant amounts of money that you may not have a use for. So should gold prices stay where they are, well, what should we be modeling in terms of payouts? Is 60% sort of the new benchmark for yourselves at spots, or should we expect even higher payouts?

Speaker #3: Given where gold prices are, I get the sense that higher payouts are the order of the day. But the question is, where does this stop?

Speaker #3: Because of spot prices, you're going to generate significant amounts of money that you may not have a use for. So, should gold prices stay where they are, what should we be modeling in terms of payouts?

Adrian Hammond: Because you know, spot prices, you're gonna generate significant amounts of money that you may not have a use for. So should gold prices stay where they are, well, what should we be modeling in terms of payouts? Is 60% sort of the new benchmark for yourselves at spots, or should we expect even higher payouts?

Speaker #3: Is 60 percent sort of the new benchmark for yourselves at spots, or should we expect even higher payouts? Secondly, on slide 28, the organic growth options, I wonder if you can unpick that a bit more.

Adrian Hammond: Secondly, on slide 28, the organic growth options, I wonder if you can unpick that a bit more clearly. Just to confirm, you're saying 10% growth on your base, so 300,000 ounces. And then correct me if I'm wrong, 100 from Geita, assume that's from 2028, 100 from Siguiri. When, when do you expect that? And then, I guess the balance for Cuiabá and Siguiri. Thanks.

Speaker #3: Clearly, just to confirm, you're saying 10 percent growth on your base, so 300,000 ounces, and then—correct me if I'm wrong—100,000 from Gata. I assume that's from 2028.

Speaker #3: 100 from Cuiabá, when do you expect that? And then I guess the balance for Cuiabá and Siguiri. Thanks.

Speaker #4: Thank you, Adrian. It's always very good questions, and I probably can answer half of them. So look, the payout ratio is one step at a time.

Alberto Calderon: Thank you, Adrian. That's always very good questions, and I probably can answer half of them. So, look, the payout ratio, it's one step at a time. We've done it. This is just an indication of how we think about things, but I don't want to get ahead of myself. Again, we don't know the gold price, where it's gonna be. So this is just a commitment that if we have very high gold prices, we will do something, and we will explain what we're doing with it. So in the end, this is more symbolic. The $300 additional million was just, okay, we're gonna get down to net zero at the end of 2025. Yeah, we'll see what happens.

Speaker #4: We've done it. This is just an indication of how we think about things. But I don't want to get ahead of myself. Again, we don't know the gold price—where it's going to be.

Alberto Calderon: Again, we don't know the gold price, where it's gonna be. So this is just a commitment that if we have very high gold prices, we will do something, and we will explain what we're doing with it. So in the end, this is more symbolic. The $300 additional million was just, okay, we're gonna get down to net zero at the end of 2025. Yeah, we'll see what happens.

Speaker #4: So this is just a commitment that if we have very good gold prices, we will do something, and we will explain what we're doing with it.

Speaker #4: So, in the end, this is more symbolic. The additional $300 million was just, okay, we're going to get down to net zero at the end of '25.

Speaker #4: And yeah, we'll see what happens, as you know—we have several options in how to deal with capital. So we'll be considering them, and you will know of it.

Alberto Calderon: As you know, we have several options in how we deal with capital, so we'll, we'll be considering them, and you will know of it. What we won't do is tell you every quarter what we're doing with the money. But I don't want to anticipate if the spot at this stage; I would just leave it there. Look, on organic growth, we struggle a bit with saying, because we were significantly increasing investment and growth capital, so we wanted to say that, but really, we will come with a very detailed, as I said, asset by asset, and it's gonna be those four plus Obuasi. The 10 to 15%, I would calculate it over the 3 million ounces. So yeah, that's between 300 and 450 thousand ounces by the third year.

Speaker #4: What we won't do is tell you every quarter what we're doing with the money. But I don't want to anticipate—at this stage, I would just leave it there.

Speaker #4: Look, on organic growth, we struggle a bit with saying because we were significantly increasing investment and growth capital. So we wanted to say that, but really we will come with a very detailed—as I said, asset by asset.

Alberto Calderon: Look, on organic growth, we struggle a bit with saying, because we were significantly increasing investment and growth capital, so we wanted to say that, but really, we will come with a very detailed, as I said, asset by asset, and it's gonna be those four plus Obuasi. The 10 to 15%, I would calculate it over the 3 million ounces. So yeah, that's between 300 and 450 thousand ounces by the third year.

Speaker #4: And it's going to be those four, plus Obuasi. The 10 to 15 percent, I would calculate it over the 3 million ounces. So yeah, it's between 300,000 and 450,000 ounces by the third year.

Speaker #4: So, we will give you lots of detail in this year. I think in August, that's where we're planning. But we're very excited by this.

Alberto Calderon: So we will give you lots of detail in, in this year. I think in the August, that's what we're planning. But we're very excited by this, and as I said, it's gonna be Obuasi, it's gonna be Sukari, it's gonna be Geita, it's gonna be Siguiri, and it's gonna be Cuiabá. Relatively, low sort of investments. You take Sukari, for example, which is a wonderful job that they did. We're increasing underground sort of movements from 1.2 to 2.3 million higher grade ore, and hence, we're just planning on this to build an additional platform, and obviously additional mining equipment, but we could do it through the same processing plant. And it has an impact of about 100,000 ounces.

Speaker #4: And as I said, it's going to be Obuasi. It's going to be Siguiri. It's going to be Geita. It's going to be Siguiri. And it's going to be Cuiabá.

Speaker #4: Relatively low sort of investments. You take Sicari, for example, which is a wonderful job that they did. We're increasing underground sort of movements from 1.2 to 2.3 million higher-grade ore, and hence we're just planning on this to build an additional platform.

Alberto Calderon: We're increasing underground sort of movements from 1.2 to 2.3 million higher grade ore, and hence, we're just planning on this to build an additional platform, and obviously additional mining equipment, but we could do it through the same processing plant. And it has an impact of about 100,000 ounces.So I'll give you much more detail as we go through the year, but this is probably the most exciting project we have for 2026.

Speaker #4: And obviously, additional mining equipment, but we could do it through the same process in-plant. And it has an impact of about 100,000 ounces.

Speaker #4: So I'll give you much more detail as we go through the year, but this is probably the most exciting project we have for 2026.

Alberto Calderon: So I'll give you much more detail as we go through the year, but this is probably the most exciting project we have for 2026.

Speaker #3: Thanks. That's clear. Good job.

Adrian Hammond: Thanks. That's clear. Good job.

Speaker #4: Thank you, Adrian.

Alberto Calderon: Thanks, Adrian.

Speaker #2: Next question. The next question. Councilman Josh Olson of RBC, please go ahead.

Operator: The next question, the next question comes from Josh Wilson of RBC. Please go ahead.

Speaker #3: Yeah, thanks very much. First, a focus just on some of the Nevada exploration drilling here. I noted this year, obviously, very positive initial reserve declaration, resources overall stay stable.

Josh Wolfson: Yeah, thanks very much. First, to focus just on some of the Nevada exploration drilling here, you know, I noted this year, obviously very positive initial reserve declaration, resources overall stayed stable. You know, with some of the disclosures earlier on the call about reserve conversion and an additional 1.4 million ounces, you know, how are you thinking about further expansion? How are you allocating exploration spending according to that? Thank you.

Speaker #3: With some of the disclosures earlier on the call about reserve conversion and an additional 1.0 million, 0.4 ounces, how are you thinking about further expansion?

Speaker #3: How are you allocating exploration spending according to that? Thank you.

Speaker #4: Okay. Well, I'll answer something and then we have Marcelo Godoy on the call, and I'll ask you to help me. But look, there's always a trade-off.

Alberto Calderon: Okay. Well, I'll answer something, and then we have Marcelo Godoy on the call, and I'll ask him to help me. But look, there's always a trade-off. You don't want to go too far advanced. Again, on resource, we already have resources for the next 30 years or something like that. So there's always a Goldilocks point, and the same with reserves. You needed to find a limit and say, "Okay, this is where we're gonna start." But it's obvious that when you see the chart that when we talk about 9 years, it's not gonna happen like that. We're gonna obviously go very quick. We're gonna high to about 800,000 ounces in the second or third year of production, and by then, we will be bringing other ore bodies into reserves and all of that.

Speaker #4: You don't want to go too far advanced, again, on resource. We already have resource for the next 30 years, or something like that. So there's always a Goldilocks point.

Speaker #4: And the same with reserves. You needed to find a limit and say, 'Okay, this is where we're going to start.' But it's obvious when you see the chart that, when we talk about nine years, it's not going to happen like that.

Alberto Calderon: But it's obvious that when you see the chart that when we talk about 9 years, it's not gonna happen like that. We're gonna obviously go very quick. We're gonna high to about 800,000 ounces in the second or third year of production, and by then, we will be bringing other ore bodies into reserves and all of that. We did say we plan to add between 1 and 1.4 million ounces in 2026. But Marcelo, what else?

Speaker #4: We're going to, obviously, go very quickly. We're going to hit about 800,000 ounces in the second or third year of production. And by then, we will be bringing other ore bodies into reserves and all of that.

Speaker #4: We did say we plan to add between 1 and 1.4 million ounces in 2026. But Marcelo, what else?

Alberto Calderon: We did say we plan to add between 1 and 1.4 million ounces in 2026. But Marcelo, what else?

Speaker #3: Yeah, thanks. Thanks, Alberto. One thing, when you think about Arthur, you should be thinking about a 12 million tons per year project. And that's what came out of the prefeasibility study as an optimal size for the project.

Marcelo Godoy: Yeah, thanks. Thanks, Alberto. One thing, when you think about Arthur, you should thinking about the 12 million tons per year project. And that's what came out of the pre-feasibility study as an optimal size for the project. So any additional addition to the project, you should be using the additional life of mine to, in your models, because that's what the project is really about, is continuing, increasing the life of the project, but continuing to produce 12 million tons per annum. And obviously, there are constraints that are made us arrive to that number. As you can see, we have lots of resources to produce at that production rate for multiple decades.

Speaker #3: So any additional addition to the project, you should be using the additional lifeline in your models, because that's what the project is really about—it's continuing to increase the life of the project, but continuing to produce 12 million tons per annum.

Speaker #3: And obviously, there are constraints that have made us arrive at that number. As you can see, we have lots of resources to produce at that production rate for multiple decades.

Speaker #3: And exploration keeps just on giving. And every time we drill, we find more resources. Which, from our focus now, is to get the project going.

Marcelo Godoy: And exploration keeps just on giving, and every time we drill, we find more resources, our focus now is to get the project going and as soon as possible, and that's what the exploration team is focused on. Thank you.

Speaker #3: And as soon as possible. And that's what the exploration team is focused on. Thank you.

Speaker #4: Got it, thank you. And then a question on, I guess, the 2027 guidance. I noticed the company included or disclosed the capital associated with North Bullfrog in 2026.

Josh Wolfson: Got it. Thank you. And then a question on, I guess the 2027 guidance. I noticed, the company included, or disclosed the capital associated with North Bullfrog in 2026. I'm wondering for the 2027 numbers, you know, what's the proportion of capital at North Bullfrog? And then, you know, what's the company assuming in terms of the Ghanaian royalty outlook? Is there a change incorporated or is it the existing rate?

Speaker #4: I'm wondering, for the 2027 numbers, what's the proportion of capital at North Bullfrog? And then, what's the company assuming in terms of the Ghanaian royalty outlook?

Speaker #4: Is there a change incorporated, or is it the existing rate?

Speaker #3: Thank you.

Speaker #4: So we're incorporating in North Bullfrog, I think, about $14 million for 2026. I'll get Gillian to help me with the rest. We haven't incorporated anything on the Ghanaian royalty.

Alberto Calderon: So we're incorporating in North Bullfrog, I think about $14 million for 2026. I'll get, Gillian will help me with the rest. We haven't incorporated anything on the Ghanaian royalty. Again, we're having constructive conversations with the government, but at this stage, we will be premature. So, Gillian?

Speaker #4: Again, we're having constructive conversations with the government, but at this stage, it would be premature. So, Gillian, yeah.

Gillian Doran: Yeah. So thanks, Josh. 27 North Bullfrog is $320 million, and then we've got about $90 million for Arthur Gold in the guidance as well.

Speaker #5: So thanks, Josh. Twenty-seven North Bullfrog is $320 million. And then we've got about $90 million for Arthur Gold in the guidance as well.

Speaker #4: Great, thank you. And if I can tuck in one more just on the topic of M&A—on the disposition side of things, is CVSA still something that's under consideration? Maybe how are you thinking about that with significantly higher silver prices today?

Josh Wolfson: Great. Thank you. And if I can tuck in one more, you know, just on the topic of M&A, you know, on the disposition side of things, you know, is CVSA still something that's under consideration? Maybe how are you thinking about that, you know, with significantly higher silver prices today? And then on the acquisition side, you know, what's the current thinking? Thank you very much.

Speaker #4: And then on the acquisition side, what's the current thinking? Thank you very much.

Speaker #3: Thank you. Look, CVSA, it wasn't a secret that we were trying to have a sale process. But with gold prices, between when we started the process and then six months later, everything can change—and silver, everything can change.

Alberto Calderon: Thank you. Look, CVSA, it wasn't a secret that we were trying to have a sale process, but with gold prices, between we started the process and then six months later, like, everything had changed, and silver, everything had changed. And so it just didn't make any sense for anybody, nor for the buyer, nor for us. Again, the value of the asset, what it's gonna produce, the cash flow in the next three years is extraordinary. I have to say, the guys over there, it's an extraordinarily good team. There's a standard joke that they're so far away from corporate that they're even better because nobody bothers them. So they are very, very good. And they have extended the mine life.

Speaker #3: And so it just didn't make any sense for anybody, nor for the buyer nor for us. Again, the value of the asset—what it's going to produce, the cash flow in the next three years—is extraordinary.

Speaker #3: I have to say, the guys over there, it's an extraordinarily good team. There's a standard job that they're so far away from corporate that the product they produce is even better because nobody bothers them.

Alberto Calderon: I have to say, the guys over there, it's an extraordinarily good team. There's a standard joke that they're so far away from corporate that they're even better because nobody bothers them. So they are very, very good. And they have extended the mine life.

Speaker #3: But they are very, very good. And they have extended the mine life. We haven't declared it, so I know, but even managed to extend into the 2030s.

Alberto Calderon: We haven't declared it, so I know, but they even managed to extend into the 2030s. So we're happy owners with them. They do a very good job. And yeah, the silver price and gold price for the next time has changed our vision, so we're happy to keep it at this stage. By the way, the government has done an extraordinary job. That was also the issue in the past, that we couldn't get the cash flows. Now, it's like we're getting the cash flows out, looks like a developed country. Hopefully, Milei will stay there for a while. And then on M&A, what you just heard us on our organic growth, it's we have such good opportunities.

Speaker #3: So we're happy owners with them. They do a very good job. And yeah, the silver price and gold price for the next time has changed our vision.

Speaker #3: So we're happy to keep it at this stage. By the way, the government has done an extraordinary job. That was also the issue in the past, that we couldn't get the cash flows.

Alberto Calderon: That was also the issue in the past, that we couldn't get the cash flows. Now, it's like we're getting the cash flows out, looks like a developed country. Hopefully, Milei will stay there for a while. And then on M&A, what you just heard us on our organic growth, it's we have such good opportunities.

Speaker #3: Now it's like we're getting the cash flows out. Looks like a developed country—hopefully Milei will stay there for a while. And then on M&A, you just heard us on our organic growth.

Speaker #3: We have such good opportunities. Obviously, the B Team always looks at things. But I've said it in the past, it's hard to pay a premium and still add value.

Alberto Calderon: Obviously, the B team always looks at things, but I've said it in the past; it's hard to pay a premium and still add value. Our criteria is always the same: add value, net asset value to the company. And so, yes, they still do the job, but I would say 99.9% of the company is focused on that organic growth.

Speaker #3: Our criteria is always the same. Add value net asset value to the company. And so yes, they still do the job, but I would say 99.9% of the company is focused on that organic growth.

Speaker #4: Thank you very much.

Josh Wolfson: Thank you very much.

Speaker #3: Thanks, Josh.

Alberto Calderon: Thanks, Josh.

Speaker #1: The next question comes from Patrick Jones of JPMorgan. Please go ahead.

Marcelo Godoy: The next question comes from Patrick Jones of J.P. Morgan. Please go ahead.

Operator: The next question comes from Patrick Jones of J.P. Morgan. Please go ahead.

Speaker #3: Yes, thank you for taking my question. I appreciate your comments earlier on the predictability of the dividend policy. But obviously, as said, there are no buybacks this time.

Patrick Jones: Yes, thank you for taking my question. Appreciate your comments earlier on the predictability of the dividend policy, but, as obviously, as said, there's no buybacks this time, but it did make an appearance again in the shareholder return slide. So I guess what my question is, of the interesting, what constitutes the comment you gave us around, you would consider buybacks under supportive market conditions there on the slide, and what we're going to get the board to shift its, its thinking from dividends to buybacks?

Speaker #3: But it did make an appearance again in the shareholder return slide. So I guess what my question is—I'd be interested in what constitutes the comment you gave around, you would consider buybacks under supportive market conditions, there on the slide.

Speaker #3: And what would go and get the Board to shift its thinking from dividends to buybacks?

Speaker #4: Okay.

Alberto Calderon: Okay. Look, we, this is something that we reassess. It's part of the book of buybacks, dividends, debt reduction, now, this is part of the book, and we always contemplate it. At this stage, in this case, it was like, we have a very good dividend. It's the most generous dividend policy. We're very flattered that several of our colleagues have, competitors have copied it exactly, so that's a sign of flattery. But at this stage, we're happy where we are, so we'll just take it, as I said, one step at a time. It didn't make any sense for $300 million to do a buyback, so it was clearly a supplementary dividend. We will take it one step at a time, and we will be explaining what we do with the cash in every quarter.

Speaker #3: Look, this is something that we reassess. It's part of the book of buybacks, dividends, debt reduction, so this is part of the book.

Speaker #3: And we always contemplate that, at this stage—in this case—it was like, we have a very good dividend. It's the most generous dividend policy.

Speaker #3: We're very flattered that several of our colleagues and competitors have copied it exactly, so that's a sign of flattery. But at this stage, we're happy where we are.

Alberto Calderon: But at this stage, we're happy where we are, so we'll just take it, as I said, one step at a time. It didn't make any sense for $300 million to do a buyback, so it was clearly a supplementary dividend. We will take it one step at a time, and we will be explaining what we do with the cash in every quarter.

Speaker #3: So we'll just take it, as I said, one step at a time. It didn't make any sense for $300 million to do a buyback.

Speaker #3: So, it was clearly a supplementary dividend. Now, we will take it one step at a time, and we will be explaining what we do with the cash in every quarter.

Speaker #4: Thank you. And maybe just a follow-up question, then, on Arthur. Obviously, it's shaping up to be an incredibly impressive project. But can you talk through what's kind of the eventual permitting and development timelines to first output, particularly in light of the comments around North Bullfrog CapEx coming up?

Patrick Jones: Thank you. And maybe just a follow-up question then on Arthur. Obviously, it's shaping up to be an incredibly impressive project, but can you talk through what's kind of the eventual permitting and development timelines, the first output, particularly in light of the comments around North Bullfrog CapEx coming up?

Speaker #3: So, the permitting for Arthur, it's always—a lot of it is under our control. What we can say is we will seek this fast-track 41 process.

Alberto Calderon: So the permitting for Arthur, it's always a lot of it under our control. What we can say is we will seek this fast-track 41 process. There is incredible support, both from the national government and from the state government. So we have made with the MPO a lot of good progress. And but we don't want to give you timelines because it's always so many things out of our control. But we're quite encouraged, as I said, by the support. Marcelo, anything you can add, please?

Speaker #3: There is incredible support both from the national government and from the state government. So we have made, with the NPO, a lot of good progress.

Speaker #3: And, but we don't want to give you timelines, because there's always so many things out of our control. But we're quite encouraged, as I said, by the support.

Speaker #3: Marcelo, anything you can add, please?

Speaker #2: Yeah. Look, we— I mean, we don't have exact times at the moment. But what we can tell you is that we want to have the rod before the end of this decade.

Marcelo Godoy: Yeah, look, we do, I mean, we don't have exact times at the moment, but, like, what we can tell you is that we want to have the ROD before the end of this decade, and we will be producing in the beginning of the next decade. So that's the rough timelines we have at the moment, capitalizing on this fast track process for the NEPA process.

Speaker #2: And we will be producing in the beginning of the next decade. So that's the rough timelines we have at the moment, capitalizing on this fast-track process for the NEPA process.

Speaker #4: Great. Thank you.

Patrick Jones: Great, thank you.

Speaker #1: The next question comes from Tanya Yakusconic of Scotiabank. Please go ahead.

Operator: The next question comes from Tanya Jakusconik of Scotiabank. Please go ahead.

Speaker #5: Oh, good. Good morning, everybody. Can you hear me?

Tanya Jakusconek: Oh, good. Good morning, everybody. Can you hear me?

Speaker #3: We can. We're cut.

Alberto Calderon: We can. We've got.

Speaker #5: Oh, good. Thank you. Thank you for taking my three questions. Just wanted to start, Gillian, with you if I could. Just to make sure I understand, so this dividend, so that the base of 12 and a half cents and the top up to 50% of cash flow, is that now still going to be done quarterly, or is that top up still going to happen at the end of the year?

Tanya Jakusconek: Oh, good. Thank you. Thank you for taking my three questions. Just wanted to start, Gillian, with you, if I could. Just to make sure I understand. So this dividend, still the you know, the base of $0.125 and the top up to 50% of cash flow, is that now still going to be done quarterly, or is that top up still going to happen at the end of the year? It's just we had it quarterly before, and I'm just confused when this top up happens.

Speaker #5: It's just, we had it quarterly before, and I'm just confused. When does the top-up happen?

Speaker #3: So I'll start on that one. Just look, the policy is that we pay at the end of the year. Because the spot price was so high last year, well, those were the decisions to just say, 'Okay.'

Alberto Calderon: So I'll start on that one. Just look, the policy is that we pay at the end of the year. Because the spot price was so high last year, well, those were the decisions to just say: Okay, well, there's a lot of cash accumulated, and let's do it by quarter. So I would assume if the spot price stays where it is, probably the board will consider that again. But the policy is still that we only pay the 50% at the end. So we will take it quarter by quarter, Tanya.

Speaker #3: Well, there's a lot of cash accumulated, and let's do it by quarter. So, I would assume in the spot price, this place where it is, probably the Board will consider that again.

Speaker #3: But the policy is still that we only pay the 50% at the end. So we will take it quarter by quarter, Tanya.

Speaker #5: Okay, fair enough. And coming back, if I could, to Gillian again on the capital—still on the guidance—you mentioned some big projects: capital Nevada, I think, Sequoia, Boise.

Tanya Jakusconek: Okay, fair enough. And just coming back, if I could, to Gillian again on the capital. Still on the guidance, you mentioned some big project to capital. I think it was Nevada, I think Sukari, Obuasi. Can you just go through the growth capital, the big chunks for 2026 and 2027?

Speaker #5: Can you just go through the growth capital, the big chunks for '26 and '27?

Speaker #6: Yeah, sure. I think so. I think it's easier to maybe cover 27 first, given I've already talked about the Nevada element. So there's just over 400 between North Bullfrog and Arthur.

Gillian Doran: Yeah, sure. I think, so I think it's easier to maybe cover 27 first, given I've already talked about-

Tanya Jakusconek: Yeah

Gillian Doran: ... the Nevada element. So there's just over 400 between North Bullfrog and Arthur. We then always have the sort of need to continue to invest in tailings facilities, that takes up an amount across the portfolio. So we've got tailings management at Kibali, Siguiri, Obuasi, Iduapriem, Geita, so absolutely across the portfolio. And then there's some other capitalized open pit waste at Sukari, that you're aware of. We talked about it last year. There's a sort of a three-year stripping campaign for Sukari. I think then if you think about, well, what does that look like for 2026? We have lower than that spend for Nevada, of course, just given where the project phase is.

Speaker #6: We then always have the sort of need to continue to invest in tailings facilities. That takes up an amount across the portfolios. We've got tailings management at Cabali Securities of Boise.

Speaker #6: Idiot Prime, Gata. So, absolutely, across the portfolio. And then there's some other capitalized open pit waste at Sucari that you're aware of. We talked about it last year.

Gillian Doran: And then there's some other capitalized open pit waste at Sukari, that you're aware of. We talked about it last year. There's a sort of a three-year stripping campaign for Sukari. I think then if you think about, well, what does that look like for 2026? We have lower than that spend for Nevada, of course, just given where the project phase is.

Speaker #6: There's a sort of a three-year stripping campaign for Sucari. I think then, if you think about, well, what does that look like for '26?

Speaker #6: We have lower-than-that spend for Nevada, of course, just given where the project phase is. And then you've got the same stripping campaign at Sucari and some investment in tailings and relocation.

Gillian Doran: And then you've got the same stripping campaign at Sukari and some investment in tailings and relocation. I think one thing to just mention on that sort of spend, particularly in 2026, it really is required to unlock that reserve growth, and the volumes that Alberto spoke about a little earlier on. So maintaining safe tailings facilities and making sure we are relocating communities, et cetera, to be able to unlock that value is a sort of a focus for 2026 and beyond.

Speaker #6: I think one thing to just mention on that sort of spend, particularly in 2026, is that it really is required to unlock that reserve growth and the volumes that Alberto spoke about a little earlier on.

Speaker #6: So, maintaining safe tailings facilities and making sure we are relocating communities, etc., to be able to unlock that value is a sort of a focus for '26 and beyond.

Speaker #3: I'd just add quickly that there's $70 million on growth on Cabali, which I think is welcome. I think they're finally facing the pool facts.

Alberto Calderon: I'd just add quickly, the, there, there's $70 million on growth on Kibali, which I think is welcome. I think they're finally facing the brutal facts, and it's good that they're investing in the growth of Kibali, so that is significant. And then, yeah, the rough numbers in my memory is like $120 for all these tailings and different projects. It's about 45 in Cuiabá, that's for the growth project that we talked about before. Nevada is about $145 million, so you're up close. That would explain a lot of the growth.

Speaker #3: And it's good that they're investing in the growth of Cabali, so that is significant. And then, yeah, the rough numbers in my memory is like $120 million for all these tailings in different projects.

Speaker #3: It's about $45 million on Culiaba. That's for the growth project that we talked about before. Nevada is about $145 million. So there you're up on close.

Speaker #3: That would explain a lot of the growth.

Speaker #5: Yeah, okay. Great. Thank you for that. And I'm going to have my next question come to Arthur, if I could. And I don't know who would want to—maybe Alberto, you, or Marcello.

Tanya Jakusconek: Yeah. Okay, great. Thank you for that. And I'm gonna have my next question come to Arthur, if I could, and I don't know who would want to, maybe Alberto, you or Marcelo. Maybe one of you can just walk us through what you can control, which is the next steps are drilling, then maybe when the feasibility study is coming out, and then obviously, you're, you know, when you do, you expect to hand in your EIA so that we can understand what you can control. And over this period, Marcelo, do you think we can move the overall resource to 20 million ounces from close to 16?

Speaker #5: Maybe one of you can just walk us through what you can control, which is the next steps are drilling, then maybe when the feasibility study is coming out, and then obviously when you do, you expect to hand in your EIA.

Speaker #5: So that we can understand what you can control over this period, Marcello, do you think we can move the overall resource to 20 million ounces from close to 16?

Speaker #2: But Marcelo will help us with this. We just can't pinpoint it. We don't want to commit on timing because it's not in our control. But for the rest, I think Marcelo can help you.

Alberto Calderon: So, Marcelo will help us with this, but just we can't pinpoint. We don't wanna commit on timing because it's not in our control. But the rest, I think Marcelo can help you.

Speaker #3: Yeah. Look, we are going to start the feasibility study in Q2 of this year, so that's where we plan to do that. And the federal permitting is something that we are going to be starting in Q1 2027.

Marcelo Godoy: Yeah, look, we are going to start the feasibility study in the Q2 of this year. So that's where we plan to do that. And the federal permitting is something that we are going to be starting in Q1 2027. That's. We have control over those dates. Now, the end of those processes is something that we don't necessarily have control. That's why Alberto is not giving more information on that.

Speaker #3: We have control over those dates. Now, the end of those processes is something that we don't necessarily have control over. That's why Alberto is not giving more information on that.

Speaker #5: Yeah. No, no. That's fair enough. I mean, you control your feasibility study. You control your drilling. I'm just trying to understand what you control and what the timeline is that you have in place.

Tanya Jakusconek: Yeah, no, no, that's fair enough. So you, I mean, you control your feasibility study, you control your drilling. I'm just trying to understand what you control, what the timeline that you have in place, and when you submit your EIA.

Speaker #5: And when you submit the EIA.

Speaker #3: Right. Yeah.

Marcelo Godoy: Right. Yeah, the

Speaker #5: Yeah.

Speaker #3: The feasibility study is starting in Q2 2026. We intend to be finalizing that in Q4 2027. It's a normal timeline for a feasibility study of that size.

Tanya Jakusconek: Yeah.

Marcelo Godoy: The feasibility study starting in Q2 2026, we intend to be finalizing that in Q4 2027. It's-

Tanya Jakusconek: Okay.

Marcelo Godoy: You know, a normal timeline for a feasibility study of that size.

Speaker #5: And then you would hand in your EIA at the end of 2027 as well?

Tanya Jakusconek: And then you would hand in your EI-EIA at the end of 2027 as well?

Speaker #3: Well, the EIA—you can start at the beginning of 2027 because it depends on the mine plan of operations, which is right now under development.

Marcelo Godoy: Well, the EIA, we can start at the beginning of 2027 because it depends on the mine plan of operations, which is right now under development. So yeah, that, we should be able to start that process in Q1 2027.

Speaker #3: So, yeah, we should be able to start that process in Q1 2027.

Speaker #5: Okay, thank you. And anything on the resource drilling over this period?

Tanya Jakusconek: Okay. Thank you. And anything on the resource drilling over this period?

Speaker #3: Look, I think at the end of the day, we want to convert as much as possible, Tanya, and $20 million would be great. But what we need to do now is just to get through the processing because we already have excellent grade and tonnage planning for the first 10 years of the mine.

Marcelo Godoy: Look, look, I think at the end of the day, we want to convert as much as possible, Tanya, and 20 million would be great. But, you know, what we need to do now is just to get through the processing, because we already have excellent grade and tonnage planning for the first 10 years of the mine. So everything that comes after that, you know, we know it's there, but it's not our highest priority right now.

Speaker #3: So everything that comes after that—we know it's there, but it's not our highest priority right now.

Speaker #5: No, I appreciate it, Marcello. Just as a geologist, I look at the sections and the plan view and go, 'There's a lot more gold.'

Tanya Jakusconek: No, I appreciate it, Marcelo. Just as a geologist, I look at the sections and the plan view and go, "There's a lot more gold. When are we gonna get it?" Anyway, you know, I guess one has to dream. Second, and my last question, is actually for Alberto, if I could. Alberto, in sort of your exploration and the M&A outlook, we noticed that you know, are keep investing in juniors. Your latest one was in Thesis Gold here in Canada. Maybe talk a little bit about how you're viewing that sort of approach to part of your M&A focus. Thank you.

Speaker #5: When are we going to get it? Anyway, I guess one has to dream. Second, my last question is actually for Alberto, if I could.

Speaker #5: Alberto, in terms of your exploration and M&A outlook, we noticed that you keep investing in juniors. Your latest one was in Thesis Gold here in Canada.

Speaker #5: Maybe talk a little bit about how you're viewing that sort of approach to part of your M&A focus. Thank you.

Speaker #3: Well, we have Terry here, who leads all of that. So I'll let Terry help us.

Alberto Calderon: Well, we have, fortunately, we have Terry here, who leads all of that.

Tanya Jakusconek: Okay.

Alberto Calderon: I'll let Terry help us.

Terry Briggs: Hi, Tanya, and thank you for picking up the investment in Thesis. We're really excited to work with you and the team there as they advance the Lawlers Ranch project. But really, it's quite simple. You know, we take a multipronged approach to growth. Alberto laid out a lot of the organic opportunities within our brownfield sites. We also have greenfields exploration, which led to the Alpha deposit, which is getting a lot of discussion. And we take strategic stakes in interesting projects, as well as, as Alberto said, we continue to assess inorganic opportunities, too. So it's just another tool in our ability to maintain that we can have the most optimal portfolio going into the future.

Speaker #6: Hi, Tanya, and thank you for picking up the investment in phases. We're really excited to work with you and the team there to, say, advance the Lawless Ranch project.

Speaker #6: But really, it's quite simple. We take a multi-prong approach to growth. Alberto laid out a lot of the organic opportunities within our brownfields sites. We also have greenfields exploration, which led to the Alpha deposit, which is getting a lot of discussion.

Terry Briggs: We also have greenfields exploration, which led to the Alpha deposit, which is getting a lot of discussion. And we take strategic stakes in interesting projects, as well as, as Alberto said, we continue to assess inorganic opportunities, too. So it's just another tool in our ability to maintain that we can have the most optimal portfolio going into the future.

Speaker #6: And we take strategic stakes in interesting projects, and, as Alberto said, we continue to assess inorganic opportunities too. So it's just another tool in our ability to maintain that we can have the most optimal portfolio going into the future.

Speaker #5: Okay. Thank you.

Tanya Jakusconek: Thank you.

Speaker #7: Our next question comes from Renee Hofreiter of NOAA Capital. Please go ahead.

Operator: Our next question comes from Rene Huafighter of Nova Capital. Please go ahead.

Speaker #8: Hello, Alberto and Gillian. Well done. Very good results. Thank you. Just a quick question: What was the reason for the negative geological model conversion at Gaita?

René Hochreiter: Hello, Alberto and Gillian. Well done. Very good results. Thank you. Just a quick question. What was the reason for the negative geological model conversion at Geita? And is it likely to be a problem in the future?

Rene Hochreiter: Hello, Alberto and Gillian. Well done. Very good results. Thank you. Just a quick question. What was the reason for the negative geological model conversion at Geita? And is it likely to be a problem in the future?

Speaker #8: And is it likely to be a problem in the future?

Alberto Calderon: I think it was still a negative improvement. Again, I lost our COO because he's taking a plane, so we'll get back to you on that one. But it was still a net improvement. We improved 1.3 million ounces of net addition.

Speaker #3: It was still a negative improvement. Again, I lost our COO because he's taking a plane, so we'll get back to you on that one.

Speaker #3: But it was still a net improvement. We improved 1.3 million ounces—a net addition.

Speaker #8: All right. We'll come back to you on the specific answer, Renee.

René Hochreiter: All right.

Rene Hochreiter: All right.

Alberto Calderon: We'll come back to you on the specific answer, Rene.

Speaker #2: Thanks. Thanks very much. That's all. Thank you.

René Hochreiter: Thanks. Thanks very much. That's all.

Rene Hochreiter: Thanks. Thanks very much. That's all.

Alberto Calderon: Thank you.

Speaker #7: Our next question comes from Joseph Riga of Roth Capital Partners. Please go ahead.

Operator: Our next question comes from Joseph Rieger of Ross Capital Partners. Please go ahead.

Speaker #8: Hey, guys. Thanks for taking the questions. Most of mine were answered, but I just wanted to touch on Arthur. There's been some local opposition from a water standpoint in Nevada to projects lately.

Tanya Jakusconek: Yeah, thanks for taking the questions. Most might have been answered, but just wanted to touch on Arthur. There's been some local opposition from a water standpoint in Nevada, the projects lately. Do you guys think-

Joseph Reagor: Yeah, thanks for taking the questions. Most might have been answered, but just wanted to touch on Arthur. There's been some local opposition from a water standpoint in Nevada, the projects lately. Do you guys think that might have any impact on the decisions you make there? Or is it something you think you can easily mitigate by the time you go into production?

Speaker #8: Do you guys think that might have any impact on the decisions you make there, or is it something you think you can easily mitigate by going to production?

Joseph Reagor: ... That might have any impact on the decisions you make there? Or is it something you think you can easily mitigate by the time you go into production?

Speaker #3: Look, there have been very constructive discussions that we've had. And actually, from the original project that we had in North Goldford, we reformulated significantly. And we have a much lower use of water.

Alberto Calderon: Look, there's been very constructive discussions that we've had, and actually, from the original project that we had in North Norfolk, we reformulated significantly, and we have a much less use of water. So we've heard and we've dealt with it. There's the whole project, and Marcelo, again, I'll ask him again, but there's all sorts of designs to minimize the use of water. But we're quite comfortable at this stage that we're gonna be able to deal with all of these issues. But Marcelo, have your own view.

Speaker #3: Dealt with it. The whole project—and Marcelo, again, I'll ask him again—but there's all sorts of designs to minimize the use of water.

Speaker #3: But we're quite comfortable at this stage that we're going to be able to deal with all of these issues. But Marcelo, have your own view?

Speaker #2: Look, it is a desert. And we know that water is always going to be an issue. But we have been managing. We have a multi-tier process to manage those risks related to water.

Marcelo Godoy: Look, we—it is a desert, and we know that water is always going to be an issue, but we have been managing. We have a multi-tier process to manage those risks related to water in the project. And we, as Alberto said, we have very constructive relationship and collaboration right now with the NGOs to get to a common understanding of the water situation in the region. We have very sophisticated hydrogeological models for the region, and we believe that we will be able to overcome those issues.

Speaker #2: In the project. And we, as Alberto said, we have very constructive relationships and collaboration right now with the NGOs to get to a common understanding of the water situation in the region.

Speaker #2: We have very sophisticated hydrogeological models for the region. And we believe that we will be able to overcome those issues.

Speaker #3: Okay. Thanks. I just figured I'd touch on it. I'll pass it on.

Joseph Reagor: Okay, thanks. I just figured I'd touch on it. I'll pass it on.

Speaker #8: Thanks, Jeff.

Operator: Thanks, Joe.

Alberto Calderon: Thanks, Joe.

Speaker #7: Thank you. Ladies and gentlemen, we have reached the end of the question-and-answer session. I will now head back for closing remarks.

Operator: Thank you. Ladies and gentlemen, we have reached the end of the question and answer session. I will now hand back for closing remarks.

Speaker #8: Well, thank you again. As always, for accompanying us. Look, we may become a little bit boring we are predictable. We want to be guided.

Alberto Calderon: Well, thank you again, as always, for accompanying us. Look, we may become a little bit boring. We are predictable. We want to be guided. We keep with Full Asset Potential. We don't have a program of the month every year. We'll keep doing that. For us, it's about safe, stable, consistent operations, and now we have a very exciting organic growth project that we'll be sharing with you. And, yeah, that's about it. We're just gonna continue to do what we have been doing for the past years. So thank you all again.

Speaker #8: We keep with full asset potential. We don't have a program of the month every year. We'll keep doing that. For us, it's about safe, stable, consistent operations.

Speaker #8: And now we have a very exciting organic growth project that we'll be sharing with you. And yeah, that's about it. We're just going to continue to do what we have been doing for the past years.

Speaker #8: So thank you all again.

Operator: Thank you, sir. Ladies and gentlemen, that concludes this afternoon's event. Thank you for joining us. You may now disconnect your lines.

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