There are some high-quality dividend stocks listed on the exchanges. These stocks represent large companies with strong fundamentals. However, it’s relatively challenging to find low-price dividend stocks that have good fundamentals. It’s a bonus if these dividend stocks under $10 trade at a valuation gap.This column focuses on three low-price undervalued dividend stocks that are worth holding for the next 24 to 36 months. Considering the valuation gap, I expect these stocks can deliver 100% total returns w ...

Investors seeking strong buy stocks under $10 offering a potential future of large returns can be difficult. Inexpensive companies tend to have a small market cap and are typically riskier investments compared to stocks that trade for a higher market cap. This is because they are more susceptible to swings in their share price following a market downturn or upswing, press releases and earnings reports.A great way to choose companies that trade cheaply and have the potential for a promising future is to find ...

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.Zacks Premium includes access to the Zacks Style Scores as well.What are the Zacks Style Scores?The ...

Core Insights - The article emphasizes the importance of diversification within dividend stock portfolios, highlighting blue-chip stocks with stable cash flows and attractive valuations for dividend growth [1] - It identifies specific companies, such as Lockheed Martin, Merck, and Kinross Gold, as strong candidates for dividend growth based on their financial metrics and market conditions [2][5][6] Group 1: Lockheed Martin (LMT) - Lockheed Martin stock is attractively valued with a forward P/E ratio of 17 and offers a dividend yield of 2.72% [2] - The company has achieved a historical dividend growth CAGR of 9.78% over the last 10 years, with a current order backlog of $156 billion, indicating strong future cash flows [2][3] - Expectations for free cash flow (FCF) are around $6.2 billion for the previous year, with similar or higher projections for 2024 [2] Group 2: Merck (MRK) - Merck stock shows a dividend growth CAGR of 6% over the last decade and 9.3% over the past five years, with expectations for continued growth [5] - The company has a robust product pipeline with 80 programs in phase two and 30 in phase three, supported by a $50 billion investment in strategic business development since 2019 [5] - Merck aims to expand its operating margin to 43% by 2025, which is expected to enhance free cash flows and dividend growth visibility [5] Group 3: Kinross Gold (KGC) - Kinross Gold is considered an attractive investment due to its undervalued stock with a forward P/E ratio of 14.3 and a dividend yield of 2% [6] - The company reported a liquidity buffer of $2 billion and an annualized FCF visibility of $500 million, with expectations for higher figures this year [7] - Strong fundamentals position Kinross for dividend growth and potential share buybacks, along with opportunities for acquisitions [7]

TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K, NYSE:KGC) (the "Company") will release its 2023 fourth-quarter and full-year financial statements and operating results on Wednesday, February 14, 2024, after market close. The Company will also provide its full-year 2024 guidance, mineral reserve, and mineral resource statement as of December 31, 2023, and an exploration and project update. Kinross will hold a conference call and audio webcast on Thursday, February 15, 2024, at 8 a ...

Core Insights - Zacks Premium offers tools for investors to enhance their stock market engagement and confidence through various resources like daily updates, research reports, and stock screens [1] Zacks Style Scores - The Zacks Style Scores categorize stocks into four ratings: A, B, C, D, or F, with A being the highest and indicating a better chance of outperforming the market [2] - The four categories of Style Scores include: - **Value Score**: Identifies attractive and discounted stocks using ratios like P/E and Price/Sales [2] - **Growth Score**: Focuses on a company's financial health and future outlook based on earnings and sales projections [2] - **Momentum Score**: Targets stocks with upward or downward trends in price or earnings, using factors like price change and earnings estimate changes [3] - **VGM Score**: Combines the three Style Scores to find stocks with the best value, growth, and momentum [4] Zacks Rank and Style Scores Integration - The Zacks Rank is a proprietary model that uses earnings estimate revisions to help investors build successful portfolios, with 1 (Strong Buy) stocks averaging a 25.41% annual return since 1988, outperforming the S&P 500 [5] - To maximize returns, investors should focus on stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B, while being cautious with 3 (Hold) ranked stocks [6] Company Spotlight: Kinross Gold (KGC) - Kinross Gold Corporation, based in Ontario, Canada, is a leading gold mining company with 2022 production of approximately 2 million gold equivalent ounces, primarily in the Americas [7] - KGC holds a Zacks Rank of 3 (Hold) and a VGM Score of B, with a Value Style Score of B due to a forward P/E ratio of 14.18 [7] - Recent upward revisions in earnings estimates by analysts have increased the Zacks Consensus Estimate for KGC to $0.41 per share, with an average earnings surprise of 40.9% [7][8]

Financial Data and Key Metrics Changes - The company generated nearly $1.2 billion of operating cash flow in the first nine months of 2023, with over $400 million of free cash flow after reinvestment [5][10] - In Q3 2023, the company produced 585,000 ounces of gold, with an average realized gold price of $1,929 per ounce, and cost of sales at $911 per ounce [11][12] - Adjusted earnings per share for Q3 was $0.12, and adjusted operating cash flow per share was $0.38 [13][14] Business Line Data and Key Metrics Changes - Tasiast produced a record 171,000 ounces in Q3, with a cost of sales of $666 per ounce, while Paracatu produced 172,000 ounces at a cost of $845 per ounce [16][17] - La Coipa produced 66,000 ounces at a cost of sales of $629 per ounce, making it the lowest cost operation [16][17] - US operations saw improved production across all sites, with Fort Knox producing approximately 72,000 ounces and Round Mountain producing approximately 64,000 ounces [17][18] Market Data and Key Metrics Changes - The company expects to finish 2023 in the lower half of its cost guidance range, below $970 per ounce [12][13] - The average realized gold price in Q3 was in line with the average spot gold price, indicating stable market conditions [11] Company Strategy and Development Direction - The company is focused on delivering strong cash flow and maintaining a competitive dividend while advancing projects that will contribute to future growth [10][25] - The approval of Phase S at Round Mountain is expected to secure meaningful production scale through the end of the decade, with a focus on optimizing design and reducing capital expenditures [19][20] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year guidance, with strong year-to-date performance and a robust production profile [10][25] - The company is committed to responsible mining and has made significant progress in ESG initiatives, including a solar facility at Tasiast to reduce carbon emissions [9][10] Other Important Information - The company ended Q3 with $465 million in cash and approximately $2 billion in total liquidity, with a net debt to EBITDA ratio of 1.1 times [14] - The construction of the solar power plant at Tasiast is nearly complete, expected to reduce carbon emissions by over half a million tons [9] Q&A Session Summary Question: Can you elaborate on the pit design at Round Mountain? - Management confirmed that optimization work has reduced the strip ratio from 2.3 to 2.1, improving overall project economics [27][29] Question: What are the grades and tons for Phase S and Phase W? - Phase S is estimated to contain around 800,000 ounces with grades close to 0.8 grams per ton, while Phase W has about 150,000 ounces remaining [34][41] Question: How are the ramp-ups at Tasiast and La Coipa going into Q4? - Management indicated that Tasiast is on track for production in the 21,000 to 22,000 ounce range for Q4, with La Coipa also showing steady improvements [52][53] Question: What is the expected CapEx for Phase S? - The company plans to spend approximately $125 million on Phase S in 2024 and $60 million in 2025 [46][60] Question: What are the expectations for the Great Bear project? - Management anticipates a resource increase at Great Bear, with a target of around one million ounces by year-end 2023 [73][74]

Third Quarter 2023 Results November 9th, 2023 Delivering Value. Conference Call Participants ...

[Q2 2023 Performance Overview](index=1&type=section&id=Q2%202023%20Performance%20Overview) Kinross achieved strong Q2 2023 results with a 22% increase in gold equivalent production, robust operating cash flow, and significant adjusted net earnings, reaffirming full-year guidance and declaring a dividend [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Kinross reported strong Q2 2023 financial and operational results, including a 22% increase in gold equivalent production and a 105% rise in operating cash flow, while reaffirming full-year guidance Q2 2023 Key Metrics from Continuing Operations | Metric | Value | Change (YoY) | | :--- | :--- | :--- | | Production | 555,036 Au eq. oz. | 22% Increase | | Production Cost of Sales | $900 per Au eq. oz. sold | 12% Decrease | | All-in Sustaining Cost | $1,296 per Au eq. oz. sold | 3% Decrease | | Operating Cash Flow | $528.6 million | 105% Increase | | Adjusted Net Earnings | $167.6 million ($0.14/share) | 348% Increase | | Reported Net Earnings | $151.0 million ($0.12/share) | N/A (from loss) | - The company reaffirmed its full-year 2023 production guidance of **2.1 million Au eq. oz.** (+/- 5%) and is on track to meet its cost and capital expenditure targets[8](index=8&type=chunk) - A quarterly dividend of **$0.03 per common share** was declared, payable on September 8, 2023[8](index=8&type=chunk) - The Tasiast 24k expansion project's construction and initial commissioning were completed, leading to record quarterly production at the site[8](index=8&type=chunk) [CEO Commentary](index=3&type=section&id=CEO%20Commentary) CEO J. Paul Rollinson highlighted strong first-half performance, record production at Tasiast, and progress on key projects, emphasizing the company's commitment to operational excellence and ESG principles - The Tasiast, Paracatu, and La Coipa mines delivered approximately **70% of the quarter's production** at the lowest costs in the portfolio[10](index=10&type=chunk) - The Tasiast 24k project is complete and expected to increase production, lower costs, and generate significant free cash flow[11](index=11&type=chunk) - An Advanced Exploration Agreement was signed with the Wabauskang and Lac Seul First Nations for the Great Bear project, underscoring the company's commitment to collaboration with Indigenous partners[12](index=12&type=chunk) - The Tasiast solar plant is on schedule for completion by year-end, expected to reduce GHG emissions by approximately **530,000 tonnes** over the life of the mine[13](index=13&type=chunk) [Financial Results Analysis](index=4&type=section&id=Financial%20Results%20Analysis) This section details Kinross's significant financial improvements in Q2 2023, including increased revenue, expanded margins, and strengthened liquidity, alongside capital allocation decisions [Summary of Financial and Operating Results](index=4&type=section&id=Summary%20of%20Financial%20and%20Operating%20Results) Kinross significantly improved its Q2 2023 financial performance with a 33% revenue increase, a swing to net profit, and more than doubled free cash flow compared to the prior year Financial Highlights from Continuing Operations (Three months ended June 30) | Metric (in millions USD, except per share/oz) | 2023 | 2022 | | :--- | :--- | :--- | | Metal Sales | $1,092.3 | $821.5 | | Operating Earnings | $237.8 | $64.0 | | Net Earnings (attributable to common shareholders) | $151.0 | $(9.3) | | Diluted EPS | $0.12 | $(0.01) | | Adjusted Net Earnings | $167.6 | $37.4 | | Adjusted EPS | $0.14 | $0.03 | | Net Operating Cash Flow | $528.6 | $257.1 | | Free Cash Flow | $246.7 | $107.7 | | Average Realized Gold Price | $1,976/oz | $1,872/oz | [Detailed Financial Performance](index=5&type=section&id=Detailed%20Financial%20Performance) Kinross's Q2 2023 saw a 22% production increase and higher gold prices, boosting revenue by 33% and expanding margins, leading to a strong net profit turnaround - Revenue increased by **33% YoY to $1,092.3 million**, driven by a **26% increase in gold equivalent ounces sold** and a **5.6% increase in the average realized gold price**[22](index=22&type=chunk)[23](index=23&type=chunk) - Production cost of sales per Au eq. oz. sold decreased by **12% YoY to $900**, primarily due to the increase in gold equivalent ounces sold[23](index=23&type=chunk) - Margins per Au eq. oz. sold expanded by **27% YoY to $1,076** from $845 in Q2 2022[26](index=26&type=chunk) - Reported net earnings from continuing operations were **$151.0 million ($0.12/share)**, compared to a net loss of $9.3 million ($0.01/share) in Q2 2022, mainly due to higher margins[29](index=29&type=chunk) [Balance Sheet and Liquidity](index=6&type=section&id=Balance%20Sheet%20and%20Liquidity) Kinross maintained strong liquidity of approximately $1.9 billion as of June 30, 2023, and strategically refinanced debt to extend maturities - Total liquidity stood at approximately **$1.9 billion** as of June 30, 2023, comprising **$478.4 million in cash** and **$1.5 billion in available credit**[31](index=31&type=chunk)[33](index=33&type=chunk) - In July 2023, the company completed a **$500.0 million debt offering** to redeem its Senior Notes due in March 2024, extending debt maturity[31](index=31&type=chunk) - The company received the final **$40.0 million payment** from the 2022 divestiture of its Russian assets during the quarter[32](index=32&type=chunk) [Return of Capital](index=6&type=section&id=Return%20of%20Capital) Kinross declared a quarterly dividend of $0.03 per share while pausing share repurchases to prioritize near-term debt reduction - A quarterly dividend of **$0.03 per common share** was declared, payable on September 8, 2023[34](index=34&type=chunk) - Share repurchases have been paused to prioritize near-term debt reduction[34](index=34&type=chunk) [Operational Performance and Project Updates](index=7&type=section&id=Operational%20Performance%20and%20Project%20Updates) This section outlines strong mine-by-mine operating results and significant progress on key development and exploration projects, including Tasiast, Great Bear, and Manh Choh [Mine-by-Mine Operating Results](index=7&type=section&id=Mine-by-Mine%20Operating%20Results) Key mines like Tasiast, Paracatu, and La Coipa delivered strong Q2 2023 production and lower costs, while U.S. operations showed mixed results but remained on track - **Tasiast:** Achieved record quarterly production and sales, driven by strong grades, higher recoveries, and the ongoing ramp-up to **24k tonnes per day**[37](index=37&type=chunk) - **Paracatu:** Performed well with increased quarterly and year-over-year production and lower costs, attributed to strong grades and recoveries[38](index=38&type=chunk) - **La Coipa:** Delivered higher production both quarter-over-quarter and year-over-year, with the lowest costs in the portfolio, as the mill ramped up successfully[39](index=39&type=chunk) - **U.S. Operations:** Fort Knox production decreased YoY. Round Mountain production increased slightly YoY. Bald Mountain production was lower YoY due to heavy snowfall, but mining rates have since ramped up and the site is on track for full-year guidance[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk) [Development Projects and Exploration Update](index=7&type=section&id=Development%20Projects%20and%20Exploration%20Update) Kinross is advancing key development projects, including the Tasiast 24k expansion and solar plant, Great Bear exploration, and Manh Choh's path to production, alongside other exploration efforts [Tasiast](index=7&type=section&id=Tasiast) The Tasiast 24k expansion project is complete and ramping up, with the 34MW solar power plant on schedule for year-end completion - The Tasiast 24k expansion project's construction and initial commissioning are complete, on schedule and on budget, with the ramp-up process underway[43](index=43&type=chunk) - The **34MW Tasiast solar power plant** is advancing on schedule for completion by the end of the year[44](index=44&type=chunk) [Great Bear](index=8&type=section&id=Great%20Bear) The Great Bear project is progressing with extensive drilling, an updated Advanced Exploration Agreement, and plans for an underground decline - Approximately **56,000 metres** were drilled in Q2 as part of an exploration and infill program, with a focus on delineating the deposit at depth. A resource update is expected at year-end[47](index=47&type=chunk) - An updated Advanced Exploration Agreement was signed with the Wabauskang and Lac Seul First Nations, reflecting the project's shift towards underground development[51](index=51&type=chunk) - The company is progressing studies and permitting for an advanced exploration program to establish an underground decline, with surface construction targeted for 2024[50](index=50&type=chunk) [Manh Choh](index=10&type=section&id=Manh%20Choh) The 70%-owned Manh Choh project received key operating permits and is on schedule for initial production in H2 2024, adding significant attributable gold equivalent ounces - The **70%-owned project** received its key operating permits in May and remains on schedule and on budget[63](index=63&type=chunk) - Initial production is expected in H2 2024, adding approximately **640,000 attributable Au eq. oz.** over its **~4.5-year mine life**[64](index=64&type=chunk) [Round Mountain and Gold Hill](index=10&type=section&id=Round%20Mountain%20and%20Gold%20Hill) Optimization work on Round Mountain's Phase S open pit is improving economics, while exploration at Gold Hill confirmed significant high-grade extensions - Optimization work on the Phase S open pit has shown positive initial results, improving economics. The company is also progressing the Phase X exploration decline, with definition drilling planned for early 2024[65](index=65&type=chunk)[66](index=66&type=chunk) - The 2023 drill program at Gold Hill confirmed an **800m west strike extension** with multiple high-grade intercepts[69](index=69&type=chunk) [Other Projects (Chile & Curlew Basin)](index=11&type=section&id=Other%20Projects%20%28Chile%20%26%20Curlew%20Basin%29) Activities in Chile focus on La Coipa and potential mine life extensions, while Curlew Basin exploration continues to confirm high-grade vein extensions - **Chile:** Activities are focused on La Coipa and potential mine life extensions, with the Lobo-Marte project providing long-term optionality[71](index=71&type=chunk) - **Curlew Basin:** Underground exploration drilling continues to confirm vein extensions, with recent results including the best intercept in 10 years[72](index=72&type=chunk)[73](index=73&type=chunk) [Outlook and Corporate Updates](index=11&type=section&id=Outlook%20and%20Corporate%20Updates) This section covers Kinross's reaffirmed full-year guidance, stable production outlook, and corporate updates, including leadership changes and progress on ESG goals [Company Guidance](index=11&type=section&id=Company%20Guidance) Kinross reaffirmed its full-year 2023 production and cost guidance, with stable production expected through 2024 and 2025 Production Outlook (Attributable Au eq. oz. +/- 5%) | Year | Production Guidance (million Au eq. oz.) | | :--- | :--- | | 2023 | 2.1 | | 2024 | 2.1 | | 2025 | 2.0 | - The company is on track to meet its 2023 guidance for production cost of sales, all-in sustaining cost, and attributable capital expenditures[80](index=80&type=chunk) [Corporate and ESG Updates](index=12&type=section&id=Corporate%20and%20ESG%20Updates) Kinross announced Senior Leadership Team restructuring and published its 2022 Climate Report, reaffirming its net-zero GHG emissions goal by 2050 - The Senior Leadership Team is being restructured, with technical services split into two roles: SVP of Technical Services and SVP of Global Projects[81](index=81&type=chunk)[82](index=82&type=chunk) - The company published its 2022 Climate Report, reaffirming its goal to be a net-zero GHG emissions company by 2050[85](index=85&type=chunk) - The Climate Change Strategy aims to reduce Scope 1 and Scope 2 GHG emissions intensity per ounce produced by **30% by 2030** (from a 2021 baseline)[85](index=85&type=chunk) [Financial Statements and Non-GAAP Reconciliation](index=14&type=section&id=Financial%20Statements%20and%20Non-GAAP%20Reconciliation) This section presents Kinross's unaudited interim consolidated financial statements and detailed reconciliations of non-GAAP measures for Q2 2023 [Review of Operations](index=14&type=section&id=Review%20of%20Operations) This section provides a detailed breakdown of Q2 2023 production, sales, and cost of sales for each mine, highlighting Tasiast and Paracatu as major contributors Q2 2023 Production and Cost of Sales by Mine (Continuing Operations) | Mine | Production (Au eq. oz.) | Cost of Sales ($/eq. oz. sold) | | :--- | :--- | :--- | | Tasiast | 157,844 | $652 | | Paracatu | 164,243 | $825 | | La Coipa | 66,744 | $647 | | Fort Knox | 69,438 | $1,146 | | Round Mountain | 57,446 | $1,489 | | Bald Mountain | 39,321 | $1,292 | [Consolidated Financial Statements](index=15&type=section&id=Consolidated%20Financial%20Statements) The report includes unaudited interim condensed consolidated financial statements, providing a comprehensive view of Kinross's financial position and performance as of June 30, 2023 - The Interim Condensed Consolidated Balance Sheet shows Total Assets of **$10.55 billion** and Total Equity of **$6.09 billion** as of June 30, 2023[96](index=96&type=chunk) - The Interim Condensed Consolidated Statement of Operations for the three months ended June 30, 2023, shows Revenue of **$1.09 billion** and Net Earnings from continuing operations attributable to common shareholders of **$151.0 million**[98](index=98&type=chunk) - The Interim Condensed Consolidated Statement of Cash Flows for the three months ended June 30, 2023, shows Net Cash Flow from continuing operating activities of **$528.6 million**[99](index=99&type=chunk) [Reconciliation of Non-GAAP Measures](index=19&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles non-GAAP financial measures like adjusted net earnings, free cash flow, and all-in sustaining cost, providing clarity on underlying operational performance - Adjusted net earnings from continuing operations for Q2 2023 were **$167.6 million**, reconciled from reported net earnings of $151.0 million by adjusting for items like foreign exchange impacts and prior period taxes[110](index=110&type=chunk) - Free cash flow from continuing operations for Q2 2023 was **$246.7 million**, calculated by subtracting additions to property, plant, and equipment (**$281.9 million**) from net operating cash flow (**$528.6 million**)[111](index=111&type=chunk)[113](index=113&type=chunk) - All-in sustaining cost (AISC) and attributable all-in cost are reconciled from production cost of sales by adding sustaining capital, general & administrative, and other sustaining costs. AISC for Q2 2023 was **$1,296 per equivalent ounce sold**[116](index=116&type=chunk)[121](index=121&type=chunk) [Appendices and Disclosures](index=25&type=section&id=Appendices%20and%20Disclosures) This section includes detailed exploration assay results from the Great Bear project and important cautionary statements regarding forward-looking information and financial sensitivities [Appendices (Exploration Results)](index=25&type=section&id=Appendices%20%28Exploration%20Results%29) The appendices provide detailed assay results and visual diagrams from recent drilling at the Great Bear project's LP Fault zone - Appendix A contains a comprehensive table of recent assay results from the LP Fault zone at the Great Bear project[127](index=127&type=chunk)[128](index=128&type=chunk) - Appendix B presents a long section diagram of the LP Fault zone, showing the location of new drill composites[134](index=134&type=chunk)[135](index=135&type=chunk) [Forward-Looking Statements and Sensitivities](index=29&type=section&id=Forward-Looking%20Statements%20and%20Sensitivities) This section outlines cautionary statements regarding forward-looking information and provides key financial sensitivities to commodity prices and exchange rates - The report includes a detailed cautionary statement on forward-looking information, highlighting numerous risks and uncertainties inherent in the business, such as commodity price fluctuations, political risks, and operational challenges[138](index=138&type=chunk)[139](index=139&type=chunk)[140](index=140&type=chunk) Key Financial Sensitivities (Impact on Production Cost of Sales per eq. oz.) | Factor | Change | Approximate Impact ($) | | :--- | :--- | :--- | | Foreign Exchange Rates | 10% | $20 | | Brazilian Real | 10% | $30 (on Brazil costs) | | Oil Price | $10/barrel | $3 | | Gold Price (Royalties) | $100/oz | $4 |

Financial Data and Key Metrics Changes - The company produced 555,000 ounces of gold in Q2 2023, benefiting from seasonal factors and mine sequencing, with gold sales of 553,000 ounces [12] - The average realized gold price was $1,976 per ounce, with cost of sales at $900 per ounce, lower than the previous quarter due to higher production [12] - All-in sustaining costs (AISC) were $1,296 per ounce in Q2, a decrease from the prior quarter, primarily due to lower cost of sales [12] - The company ended the quarter with $478 million in cash and approximately $1.9 billion of liquidity, both improving from Q1 [13] Business Line Data and Key Metrics Changes - Tasiast produced 158,000 ounces at a cost of sales of $652 per ounce, with throughput ramp-up progressing well [16] - La Coipa was the lowest cost, highest margin mine, tracking well against full year production guidance [18] - Paracatu saw improvements in production and costs due to increased grades and recoveries, with Q3 expected to be the strongest for the year [18] Market Data and Key Metrics Changes - The company has produced over 1 million ounces year-to-date and remains on track to meet full year production and cost guidance [8] - The company repaid $220 million of debt in Q2 and plans to repay the remaining $100 million drawn on its revolver in the coming months [8] Company Strategy and Development Direction - The company is focusing on debt repayment and has paused share buybacks due to a change in credit outlook [8] - The construction of the Manh Choh project is on schedule and on budget, expected to contribute high-grade ore in the second half of next year [5] - The company is committed to advancing its ESG initiatives, including a solar project at Tasiast expected to deliver 34 megawatts of renewable energy [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full year guidance and highlighted strong cash flow generation [8] - The company anticipates cost increases in the second half of the year due to inventory accounting impacts but expects costs to decline in 2024 [15][52] - Management remains optimistic about exploration potential at Great Bear and other projects, expecting resource increases by year-end [26][68] Other Important Information - The company has repurchased $400 million of shares since the beginning of 2023, representing 8% of shares outstanding [8] - The company reaffirmed its full year guidance for production in the range of 2.1 million ounces and cost of sales of $970 per ounce [15] Q&A Session Summary Question: Potential design changes at Great Bear - Management indicated that the resource growth is an extension rather than a design change, with a focus on transitioning to a full underground mine [32] Question: Outlook for Tasiast grades - Management noted that while grades are strong, a drop-off is expected in Q4, with adjustments to mine sequencing being considered [34] Question: Debt reduction targets - Management aims to reduce net debt to below 1 times EBITDA, with a focus on repaying the remaining $100 million on the credit facility [36][38] Question: Paracatu grades in the second half - Management expects grades to be slightly higher than the first half but lower than previous years due to mining sequences [42] Question: Cost structure and inflationary pressures - Management acknowledged some relief in certain areas but overall costs are expected to align with the previously factored 5% increase [75]