Financial Data and Key Metrics Changes - In Q4 2025, Newmont generated $2.8 billion in free cash flow, contributing to a total of $7.3 billion for the full year, marking record earnings and free cash flow on both a quarterly and annual basis [9] - The company achieved a 4% increase in its quarterly common dividend, reflecting a commitment to enhance shareholder returns [7] - General and Administrative (G&A) costs were improved by $100 million, equating to a 21% improvement for 2026 [9] Business Line Data and Key Metrics Changes - Newmont produced 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tons of copper from its core portfolio in 2025 [8] - The company achieved commercial production at Ahafo North, contributing over 300,000 ounces of gold production in 2025 [9] Market Data and Key Metrics Changes - The gold reserve base stands at 180 million ounces, with an additional 149 million ounces of gold resource, representing approximately 40 years of production life [12] - The reserve price assumption for 2025 was increased from $1,700 per ounce to $2,000 per ounce, remaining conservative compared to the three-year trailing average [12][13] Company Strategy and Development Direction - Newmont's strategy focuses on safety, efficiency, operational consistency, and enhancing shareholder returns through predictable capital returns [4][5] - The company is advancing a mine life extension program at Lihir and completing a feasibility study for the Red Chris block cave [11] - The capital allocation framework prioritizes sustaining capital and dividends, with excess cash allocated to share repurchases [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile macroeconomic environment while focusing on disciplined investment and long-term value creation [38] - The company anticipates a production trough in 2026 due to planned mine sequencing, with a return to growth expected in 2027 [25][31] Other Important Information - An investigation is underway following a fatal incident at the Tanami operation, emphasizing the company's commitment to safety [8] - Newmont's exploration program is focused on near-mine and brownfields opportunities, with promising results at Brucejack and Ahafo South [16][18] Q&A Session Summary Question: CapEx and potential upside through Red Chris and Merian - Management confirmed that capital guidance remains at $1.1 billion for sustaining capital and $1.3 billion for development capital, with updates on Red Chris expected later in the year [41][43] Question: Long-term growth targets of six million ounces - Management indicated that better guidance on achieving the six million ounces target will be provided towards the end of the year [49] Question: M&A views and current gold price environment - Management expressed satisfaction with the current asset portfolio and emphasized a disciplined approach to evaluating potential M&A opportunities [51] Question: Capital allocation and buyback commitments - Management confirmed that excess cash would be returned to shareholders through buybacks, with a disciplined approach to capital allocation [54][55] Question: Nevada Gold Mines performance and maximizing shareholder value - Management highlighted ongoing discussions with JV partners to improve performance and maximize shareholder value [60][61] Question: Cost guidance and inflation drivers - Management noted that costs attributable to sales have remained constant year on year, with significant cost savings initiatives contributing to a $100 per ounce reduction in costs [72][74]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved record earnings and free cash flow, generating $2.8 billion in free cash flow for the quarter and $7.3 billion for the full year [7] - The company returned $3.4 billion to shareholders through dividends and share repurchases [7] - The quarterly common dividend was increased by 4%, reflecting a commitment to enhance shareholder returns [5] Business Line Data and Key Metrics Changes - The company produced 5.7 million ounces of gold, 28 million ounces of silver, and 135,000 tons of copper from its core portfolio in 2025 [6] - General and administrative (G&A) costs were improved by $100 million, equating to a 21% improvement for 2026 [7] Market Data and Key Metrics Changes - The gold reserve base stands at 180 million ounces, with an additional 149 million ounces of gold resource, representing approximately 40 years of production life [10] - The reserve price assumption for 2025 was increased from $1,700 per ounce to $2,000 per ounce, remaining conservative compared to market averages [11] Company Strategy and Development Direction - The company is focused on safety, efficiency, operational consistency, and enhancing shareholder returns through a disciplined capital allocation framework [4][5] - The strategy includes advancing value-accretive growth options, such as mine life extension programs and feasibility studies for new projects [9][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a volatile macroeconomic environment while maintaining a disciplined approach to investment [36] - The company anticipates a production trough in 2026 due to planned mine sequencing, with a return to growth expected in 2027 [23] Other Important Information - An investigation is underway following a tragic incident at the Tanami operation, emphasizing the company's commitment to safety [6] - The company is actively pursuing exploration opportunities, particularly at Brucejack and Ahafo South, which are expected to yield significant new reserves [15][16] Q&A Session Summary Question: CapEx and potential upside through Red Chris and Merian - Management confirmed that they are on track to provide more details on the Red Chris project in the second half of the year and emphasized disciplined capital allocation [40][42] Question: Long-term growth targets of 6 million ounces - Management indicated that they will provide better guidance on the long-term growth profile towards the end of the year [48] Question: M&A views in the current gold price environment - Management stated they are satisfied with their current portfolio and will evaluate any value-accretive opportunities in a disciplined manner [50] Question: Capital allocation and buyback commitments - Management confirmed that excess cash would be returned to shareholders through buybacks, with a disciplined approach to maintaining a resilient balance sheet [53][54] Question: Tanami expansion costs and timeline - Management assured that they are on track to meet the projected costs for the Tanami expansion project [77] Question: Debottlenecking and brownfield expansion opportunities - Management acknowledged the importance of evaluating short-term opportunities with low capital investment and highlighted several potential projects for expansion [88][90]

Kinross Gold (NYSE:KGC) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Speaker7Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Kinross Gold fourth quarter and year-end 2025 results conference call and webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply pr ...

Core Viewpoint - Hemlo Mining Corp. is launching a significant 130,000 metre exploration drilling program at the Hemlo Gold Mine, aimed at extending mine life, de-risking the near-term mine plan, and exploring broader growth potential in a favorable gold price environment [3][4][5]. Drilling Program Breakdown - The 2026 exploration drilling program consists of three main components: - Resource Conversion Drilling (70,000 metres) to convert Inferred mineral resources to Indicated classification [5][8]. - High-Definition Drilling (30,000 metres) to enhance geological confidence and operational predictability for the short-term mine plan [5][11]. - Growth Drilling (30,000 metres) to test new mineralized zones outside the current resource footprint [5][12]. Mineral Resources and Reserves - The Hemlo Mine has Probable mineral reserves of 2,321 koz of contained gold, with Measured and Indicated mineral resources of 3,626 koz [6][7]. - The after-tax NPV5% of the mine is approximately US$1.1 billion based on a long-term gold price of US$2,610/oz, potentially increasing to US$1.6 billion under higher price assumptions [7][20]. Program Context - The drilling program is positioned as a disciplined investment to support future technical studies and mine life extension, leveraging the current favorable gold price environment [4][3]. Target Areas for Drilling - Key target areas include: - C-Zone and E-Zone for resource conversion drilling [8][17]. - B-Zone Footwall for potential extensions of mineralization [14][15]. - South Rim and Highway Zone for testing continuity and potential resource delineation [16][18]. Future Plans - The results from the 2026 drilling program are expected to form the basis for an updated technical report, anticipated in H2 2027 [5][29].

Core Viewpoint - McEwen Inc. is focusing on advancing three key areas at its Gold Bar Mine Complex in Nevada—Lookout Mountain, Windfall, and Unity Ridge—to increase resources, extend mine life, and potentially boost annual gold production. The integration of these areas is expected to transform the Gold Bar Mine Complex into a long-life asset [1][2]. Group 1: Lookout Mountain - The drilling program at Lookout Mountain aimed to convert Inferred Resources into Measured and Indicated categories and to obtain samples for metallurgical testing [3]. - The 2025 drilling program at Lookout Mountain has been completed, with plans to publish an updated resource estimate alongside year-end financials and to advance engineering work for production [4]. - Lookout Mountain's resource estimate includes 423,000 ounces of gold in the Measured and Indicated categories from 23,423,000 tonnes grading 0.56 grams per tonne [5]. Group 2: Windfall - A resource estimate for Windfall is scheduled for next year, with recent results indicating excellent continuity of near-surface oxide gold mineralization along a 1.6-kilometer section of the Windfall fault zone [8]. - New near-surface oxide results from Windfall show significant gold grades, including 4.6 grams per tonne over 26.7 meters in drillhole WF055 [9]. - The exploration program for Windfall will continue in 2026, focusing on higher-grade areas and advancing towards production [10]. Group 3: Unity Ridge - At Unity Ridge, the company is evaluating the potential to merge three existing open pits into one larger mining area to increase gold resources and extend mine life [11]. - Recent drill results from Unity Ridge have intersected oxide gold mineralization, with notable results including 3.6 grams per tonne over 48.8 meters in drillhole GB660 [12]. - The focus for Unity Ridge in 2026 will be on confirming gold grades and widths from historical drilling and estimating the amount of oxide gold mineralization that could be leached [14].

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted earnings reaching $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Comacal, and Wasa, partially offset by lower sales from Xavantina [9] Market Data and Key Metrics Changes - Gold accounted for about 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisitions of Sandstorm Gold and Horizon Copper [6][28] - The management emphasized the importance of communicating the value of the expanded portfolio to the market [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt level [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20] Other Important Information - The company received the first tranche of gold as part of the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although the focus remains on managing existing debt [90] Q&A Session Summary Question: Can you elaborate on the delivery mechanisms for the Constantian stream? - Management clarified that the delay in expected ounces is due to timing and not a production shortfall, with the ounces expected to be delivered in 2026 [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating that pro forma leverage would be between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70] - Share buybacks are being considered but will depend on market conditions and the company's valuation [71] Question: When will the company provide guidance for 2026? - Management confirmed that 2026 guidance will be discussed during the investor day planned for late March [74] Question: Will the company benefit from processing stockpiles at Xavantina? - Management confirmed that any gold production from processing stockpiles would flow through to the company's interest [76] Question: Is there a potential for inclusion in the S&P 500 following recent transactions? - Management noted that while the transactions enhance the company's profile, it still has a way to go to meet the minimum market capitalization required for S&P 500 inclusion [103]

Financial Data and Key Metrics Changes - The company reported record earnings of $127 million, or $1.92 per share, with adjusted net income reaching a record $136 million, or $2.06 per share after accounting for non-recurring costs [5][19] - Revenue for the third quarter was a record $252 million, up 30% year-over-year, driven by a 40% increase in gold prices, a 34% increase in silver prices, and a 6% increase in copper prices [17][19] - Adjusted EBITDA margin remained over 80% for the quarter, supported by stable cash G&A expenses [5][19] Business Line Data and Key Metrics Changes - Royalty revenue increased by approximately 41% year-over-year to $86 million, with strong contributions from Peñasquito, Cortez CC Zone, LaRonde Zone 5, and Voisey's Bay [9] - Stream segment revenue rose by about 25% to $166 million, with increased sales from Andacollo, Rainy River, Mt. Milligan, Khoemacau, and Wassa, partially offset by lower sales from Xavantina [9][17] Market Data and Key Metrics Changes - Gold accounted for approximately 78% of total revenue, followed by silver at 12% and copper at 7% [17] - The company has the highest gold revenue percentage compared to large-cap peers in the royalty and streaming sector [17] Company Strategy and Development Direction - The company aims to diversify its portfolio and has added significant assets through recent acquisitions, including the Goldstream transaction with First Quantum and the acquisition of Sandstorm Gold and Horizon Copper [6][28] - The strategic rationale for these acquisitions has resonated well with shareholders, indicating a focus on long-term growth and stability [6][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to repay debt by mid-2027 under current metal prices, despite the increased debt load from acquisitions [34][35] - The company plans to maintain its 2025 guidance ranges for metal sales, DD&A, and effective tax rate, excluding contributions from recent acquisitions [20][24] Other Important Information - The company received the first tranche of gold as part of the deferred gold consideration for the Mt. Milligan cost support agreement, which is expected to enhance cash flow [24][25] - The company is actively looking for new investment opportunities, although it remains cautious about the current market conditions and gold price volatility [89][90] Q&A Session Summary Question: Could you elaborate on the delivery mechanisms for the Kansanshi stream? - Management clarified that the delay in expected ounces is due to the timing of delivery mechanisms and not a production shortfall [31][32] Question: How comfortable is the company with the current debt level? - Management expressed comfort with the debt level, indicating a pro forma leverage of between 1 and 1.5 on a net debt to EBITDA basis [34][35] Question: What are the plans for dividend increases and share buybacks? - Management indicated that the board will consider dividend increases in November, emphasizing a commitment to maintaining a record of increasing dividends [70][71] - Regarding share buybacks, management prefers to assess the valuation gap before making decisions [71] Question: When can we expect guidance for 2026? - Management stated that 2026 guidance will be discussed during an investor day planned for late March [46][74] Question: Will there be a bump in the cost base for former Sandstorm assets? - Management noted that they are still finalizing the accounting treatment for the Sandstorm assets, which may affect depreciation [98] Question: Is the company still looking for new transactions? - Management confirmed that they are actively looking for new opportunities, although they are cautious about the scale of potential investments [90][91]

Financial Data and Key Metrics Changes - In Q3, the company produced 103,000 gold equivalent ounces at an all-in sustaining cost (AISC) of $2,359 per ounce, with a full-year production of 327,000 gold equivalent ounces expected to finish within the guidance range of 410,000-480,000 ounces [8][9] - The net income attributable to shareholders was $65.4 million, or $0.31 per diluted share, while adjusted net income was $68.4 million, or $0.32 per diluted share [9][10] - Free cash flow before changes in working capital was $72 million, indicating strong margins despite ongoing investments [10] Business Line Data and Key Metrics Changes - Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce, with expectations for a strong Q4 [11] - CC&V produced 30,000 ounces of gold at an AISC of $1,756 per ounce, generating nearly $115 million in asset-level free cash flow since acquisition [13] - Seabee produced 9,000 ounces at an AISC of $3,003 per ounce, with expectations for incremental improvement in Q4 [14] - Puna produced 2.4 million ounces of silver at an AISC of $1,354 per ounce, continuing solid performance [15] Market Data and Key Metrics Changes - The average realized gold price was above $3,500 per ounce for the quarter [9] - The company ended the quarter with $409 million in cash and total liquidity exceeding $900 million, ensuring capacity to fund growth initiatives [8][9] Company Strategy and Development Direction - The company is focused on advancing organic development projects and is optimistic about the potential of Hod Maden, which is considered one of the most compelling undeveloped copper-gold projects in the sector [5][16] - The company is committed to a restart at Çöpler and is in close communication with government authorities for approvals [7][28] - The strategy remains focused on building core jurisdictions and seeking value-accretive opportunities through M&A [44] Management's Comments on Operating Environment and Future Outlook - Management expects a stronger Q4, primarily driven by Marigold and CC&V, despite challenges faced in Q3 [20] - The company is making good progress on key projects and is well-positioned for a strong close to the year [17] - There is a noted increase in public support for the reopening of Çöpler, which may aid in regulatory discussions [28] Other Important Information - The Cripple Creek and Victor technical report is expected to be published soon, providing insights into mineral reserves and expansion potential [5] - The company has spent $44 million on Hod Maden this year and remains on track for full-year growth capital guidance of $60-$100 million [5][16] Q&A Session Summary Question: Expectations for Q4 and production spillover from Marigold - Management confirmed that Q4 strength is expected from Marigold and discussed strategies for handling fines encountered at Red Dot [20][21] Question: Clarification on lower grades at Seabee - Management explained that lower grades were due to increased material from the gap hanging wall, which was lower than expected [24] Question: Update on Çöpler and community support - Management detailed ongoing discussions with regulators and noted increased public support for reopening, which may help but is not the primary driver for regulatory approval [28] Question: Guidance and spending at Hod Maden - Management indicated that spending at Hod Maden is on track to meet guidance and emphasized the importance of the upcoming technical report for project approval [35][42] Question: Strategy for growth and M&A - Management reiterated a consistent strategy focused on organic growth and selective M&A opportunities, emphasizing the importance of due diligence [44]

Core Insights - Fortuna Mining Corp. has reported successful exploration drilling results at the Sunbird Deposit, located at the Séguéla Mine in Côte d'Ivoire, indicating potential for resource growth and mine life extension [1][2]. Drilling Results - Recent drilling has extended high-grade mineralization at depth, confirming the development of a second underground shoot [1][2]. - Significant intersections include: - 5.2 g/t Au over an estimated true width of 6.3 meters from 787 meters in drill hole SGRD2460 [2]. - 6.0 g/t Au over an estimated true width of 11.9 meters from 669 meters in drill hole SGRD2461 [2][5]. - 7.3 g/t Au over an estimated true width of 16.1 meters from 688 meters in drill hole SGRD2434 [3]. - 19.2 g/t Au over an estimated true width of 1.4 meters from 688 meters in drill hole SGRD2434 [3]. - 57.9 g/t Au over an estimated true width of 0.7 meters from 702 meters in drill hole SGRD2434 [3]. - A total of 40 drill holes, totaling 15,088 meters, have been completed as part of the underground resource confidence infill and extension program [3][4]. Mineralization Potential - The mineralization remains open at depth and along strike, with ongoing drilling expected to continue through the end of 2025 [6]. - The main shoot's mineralization now extends more than 1.3 kilometers down plunge, approximately 700 meters below the surface [4]. - The second high-grade shoot has been identified extending at least 900 meters down plunge from the pit base [5]. Future Plans - An underground study has been initiated to further assess the high-grade strike defined below Sunbird, with five drill rigs continuing to advance drilling efforts [2][4].

Core Viewpoint - Fortuna Mining Corp. has reported successful exploration drilling results at the Sunbird Deposit in Côte d'Ivoire, indicating potential for resource growth and mine life extension through the discovery of high-grade mineralization at depth and the development of a second underground shoot [1][2]. Exploration Results - Recent drilling has extended the central mineralized zone by 150 meters down plunge, with significant intersections including 5.2 g/t Au over 6.3 meters from 787 meters in drill hole SGRD2460 [2][4]. - The lower shoot has been extended by 200 meters down plunge, with highlights including 6.0 g/t Au over 11.9 meters from 669 meters in drill hole SGRD2461 [2][5]. - A total of 40 drill holes, amounting to 15,088 meters, have been completed as part of the underground resource confidence infill and extension program [3]. High-Grade Intersections - Notable drill results include: - SGRD2434: 7.3 g/t Au over 16.1 meters from 688 meters, including 19.2 g/t Au over 1.4 meters [3]. - SGRD2444: 8.3 g/t Au over 11.9 meters from 448 meters [3]. - SGRD2452: 9.0 g/t Au over 5.6 meters from 658 meters, including 25.0 g/t Au over 1.4 meters [3]. - SGRD2460: 5.2 g/t Au over 6.3 meters from 787 meters [4]. - SGRD2461: 6.0 g/t Au over 11.9 meters from 669 meters [5]. - SGRD2470: 15.6 g/t Au over 5.6 meters from 483 meters [3]. Future Plans - The company has initiated an underground study to further assess the high-grade mineralization, with five drill rigs continuing to advance drilling aimed at expanding the mineralized envelope [2][5].