Financial Data and Key Metrics Changes - Targa Resources reported a record Adjusted EBITDA of $4.96 billion for 2025, which is an increase of over $800 million or 20% year-over-year [6][20] - The fourth quarter Adjusted EBITDA was $1.34 billion, reflecting a 5% increase over the third quarter [19] - The company invested approximately $3.3 billion in growth capital projects in 2025, with net maintenance capital at $226 million [20][21] - The net consolidated leverage ratio at year-end was approximately 3.5 times, within the long-term target range of 3-4 times [21] Business Line Data and Key Metrics Changes - Permian volumes grew by 11% in 2025, translating to an increase of over 600 million cubic feet per day [6] - NGL transport volumes increased by almost 170,000 barrels per day, while frac volumes rose by more than 120,000 barrels per day [6] - The logistics and transportation segment saw NGL transportation volumes average a record 1.05 million barrels per day, and fractionation volumes averaged 1.14 million barrels per day [17][18] Market Data and Key Metrics Changes - The company added approximately 350,000 dedicated acres in 2025 and completed the acquisition of Stakeholder, adding nearly 500,000 dedicated acres [14] - The Delaware Express project and other expansions are expected to enhance the company's market position and operational capacity [18] Company Strategy and Development Direction - Targa Resources plans to continue investing in growth capital projects, with an estimated $4.5 billion in growth capital spending for 2026 [21][22] - The company is focused on maintaining a strong balance sheet while generating significant free cash flow, with expectations of reaching over $6 billion in Adjusted EBITDA following the completion of major projects [11][22] - The strategy emphasizes growing Adjusted EBITDA, increasing common dividends, and reducing common shares outstanding [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued low double-digit Permian volume growth for 2026 and beyond, supported by strong producer relationships and commercial success [7][32] - The outlook for 2027 and beyond has improved, with expectations of sustained higher Waha prices benefiting Targa and its producers [17][32] - Management acknowledged the potential for volatility in natural gas prices but emphasized the stability provided by fee-based contracts [22][88] Other Important Information - The company is in an elevated growth capital environment, investing in gathering, processing, and downstream infrastructure [10] - Targa is ordering long lead items for additional processing plants planned for early 2028, indicating a proactive approach to future capacity needs [9][10] Q&A Session Summary Question: Outlook for 2026 and growth drivers - Management highlighted strong producer relationships and existing customer activity as key drivers for resilience in growth outlook for 2026, with low double-digit growth expected [30][32] Question: CapEx budget increase - The increase in CapEx is attributed to new plants and additional field capital, reflecting a larger base for growth and the need for incremental spending [33][37] Question: Durability of commercial success - Management indicated that even without significant new commercial success, strong growth is expected from existing contracts and dedicated acreage [44][45] Question: Waha price exposure and marketing opportunities - Management noted that while Waha prices may be volatile, the company has significant transport positions to mitigate risks and capture marketing opportunities [86][88] Question: Impact of new technologies on well recovery - Management acknowledged improvements in well recovery due to technological advancements by producers, contributing positively to Targa's outlook [72][74] Question: Export volumes and capacity - The company remains confident in growing export volumes in tandem with new capacity coming online, supported by strong commercial commitments [108]

Financial Data and Key Metrics Changes - The company reported record net earnings of $452 million in Q4 2025, or $1.07 per basic share, and $980 million for the full year, or $2.56 per basic share, reflecting strong execution and margin expansion from higher metal prices [4][5] - Adjusted earnings were $470 million in Q4, or $1.11 per share, and $959 million for the full year, or $2.54 per share [5] - Attributable free cash flow reached a record $553 million in Q4 and $1.2 billion for the full year [5] - Cash and short-term investments increased by $408 million from Q3, totaling $1.3 billion at year-end, or $1.4 billion including the company's 44% interest in cash at Juanicipio [5] Business Line Data and Key Metrics Changes - Attributable silver production was 22.8 million ounces in 2025, exceeding the top end of the guidance range, while attributable gold production was 742,200 ounces, within guidance [6] - Silver segment all-in sustaining costs were $9.51 per ounce in Q4 and $13.88 per ounce for the full year, below the decreased guidance [6] - Gold segment all-in sustaining costs were $1,699 per ounce in Q4 and $1,621 per ounce for the full year, within guidance [7] Market Data and Key Metrics Changes - The company expects silver production to increase to 25-27 million ounces in 2026, with all-in sustaining costs of $15.75-$18.25 per ounce [10] - For gold, the guidance is 700,000-750,000 ounces with all-in sustaining costs of $1,700-$1,850 per ounce [11] Company Strategy and Development Direction - The company plans to release an updated technical report for La Colorada in Q2 2026, integrating mine plans and infrastructure with a phased approach to development [8][10] - Increased project capital is planned for La Colorada Skarn and Jacobina, with a focus on exploration and preliminary engineering [12] - The company remains unhedged on both gold and silver, focusing on margin expansion and strong cash flow generation [13][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the favorable metal price environment, with silver expected to remain in a deficit for the sixth consecutive year in 2026 [13] - The company is optimistic about strong free cash flow and high returns of capital to shareholders, while funding exploration and growth projects [12][14] - The management noted that the increase in metal prices is expected to drive superior returns, as evidenced by record earnings and cash flow in Q4 [11][14] Other Important Information - The company declared a dividend of $0.18 per common share, marking the third consecutive dividend increase [5] - Discussions regarding potential partners for the La Colorada Skarn project are ongoing, with a focus on the new phased approach [28] Q&A Session Summary Question: Experience with Juanicipio and sustainability of outperformance - Management expressed satisfaction with Juanicipio's performance, noting strong production and low costs, while acknowledging potential long-term changes in metal grades [17][18] Question: Details on La Colorada Skarn phased approach - Management indicated that the phased approach will focus on higher-grade material initially, with a tonnage range of 10,000-15,000 tons for phase one [20][21] Question: Commitment to Cerro Moro and exploration in Argentina - Management confirmed a willingness to invest in exploration at Cerro Moro, citing positive changes in Argentina and increased capital for exploration programs [22][24] Question: Update on La Colorada Skarn partnership discussions - Management stated that discussions are progressing but did not provide specific details on economic terms [28] Question: Progress on Escobal consultation process - Management noted ongoing engagement with the Ministry of Energy and Mines, with encouraging updates from the government regarding the consultation process [29][30] Question: Juanicipio dividends and financial arrangements - Management clarified that dividends from Juanicipio are paid out of tax-paid retained earnings, with expectations for another dividend soon [36] Question: Consideration of early repayment of senior notes - Management indicated that early repayment of the 2027 senior notes is a consideration, depending on market conditions and liquidity [39]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.8 billion, a 34% increase from 2024, and record free cash flow of over $350 million [4][10] - The average realized price for gold sold in 2025 was $3,372 per ounce, with total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce, which were above annual guidance [10][12] - Operating cash flow before changes in non-cash working capital increased 27% to a record $924 million for the full year [11] Business Line Data and Key Metrics Changes - Production from the Island Gold District totaled 250,400 ounces in 2025, a 33% increase year-over-year, but slightly below the low end of revised annual guidance [15] - Young-Davidson produced 153,400 ounces for the full year, below revised guidance due to lower mining rates and grades [23] - The Mulatos District produced 141,600 ounces, in line with annual guidance, generating record quarterly mine site free cash flow of $92 million [24] Market Data and Key Metrics Changes - The company expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson [5] - The Island Gold District is projected to average 534,000 ounces per year post-expansion at a cost of $1,025 per ounce, significantly lower than 2025 costs [21] Company Strategy and Development Direction - The company aims to nearly double annual production to over 1 million ounces by the end of the decade, with a focus on internal funding for growth [5][9] - A 60% increase in dividends was announced, reflecting strong free cash flow and a commitment to returning value to shareholders [7][13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in operational improvements and production growth, anticipating a significant increase in free cash flow [14][18] - The company highlighted the successful exploration program, contributing to a 32% increase in mineral reserves to 16 million ounces [26] Other Important Information - The company has eliminated half of the legacy hedges inherited from Argonaut Gold, increasing exposure to rising gold prices [13][14] - The exploration budget for 2026 has been increased to nearly $100 million, reflecting the company's commitment to growth [27] Q&A Session Summary Question: Exploration targets and mineralization styles - The exploration team is focusing on higher-grade mineralization in different lithologies, including conglomerates and syenite dikes, with potential for higher grades in the hanging wall [33][36] Question: Key deliverables for PDA project in 2026 - Key components include establishing portal entrances and preparing for commissioning of the mill complex, with construction tracking on schedule for mid-2027 [39][41] Question: Market reward for increased dividend - Management believes there is room for further dividend growth and emphasizes a balanced approach between dividends and share buybacks [42][44]

Financial Data and Key Metrics Changes - In Q4 2025, the company generated record Adjusted EBITDA of $636 million, with an increase of approximately 5% sequentially, excluding negative non-cash cumulative revenue recognition adjustments [10][11][31] - For the full year 2025, the company reported a record Adjusted EBITDA of $2.48 billion, exceeding the midpoint of its guidance range [36] - The net income attributable to limited partners for Q4 2025 was $187 million, impacted by $120 million of transaction costs from the Aris acquisition [31] Business Line Data and Key Metrics Changes - Natural gas throughput decreased by 4% sequentially in Q4 2025, primarily due to lower volumes from the Delaware Basin and Powder River Basin, partially offset by record throughput from the DJ Basin [21] - Produced water throughput increased by 121% sequentially in Q4 2025, driven by the Aris acquisition [22] - For the full year 2025, natural gas throughput averaged 5.2 billion cubic feet per day, a 4% year-over-year increase, while crude oil and NGLs throughput averaged 514,000 barrels per day, a 1% year-over-year increase [25] Market Data and Key Metrics Changes - The Delaware Basin remained the primary growth engine, with throughput records contributing to overall performance, while the DJ and Powder River Basins are expected to see declines [11][26] - The company anticipates that natural gas throughput will remain flat year-over-year in 2026, with crude oil and NGL throughput expected to decline by low- to mid-single digits [8][26] Company Strategy and Development Direction - The company’s long-term growth strategy remains focused on mid- to low-single-digit Adjusted EBITDA growth, supported by producers' development plans and undrilled inventory [44][46] - The Aris acquisition is expected to contribute meaningfully to Adjusted EBITDA in 2026 and enhance the company's capabilities in produced water solutions [10][16] - The company plans to reduce its capital expenditure program for 2026 to $925 million, down from previous estimates, to align with revised producer activity levels [9][40] Management's Comments on Operating Environment and Future Outlook - Management noted increased macroeconomic and commodity price-driven volatility, leading to a reduction in expected activity levels from producers [5][7] - The company expects continued pricing pressure in the near term due to Waha Hub pricing challenges, but anticipates new egress solutions to alleviate some of this pressure [12][60] - Management remains confident in the long-term demand for natural gas, particularly for power generation and LNG, which is expected to drive future growth [46] Other Important Information - The company achieved $40 million in targeted cost synergies from the Aris acquisition, with significant integration milestones completed ahead of schedule [17] - The company’s balance sheet remains strong, with net leverage around 3x throughout 2025, allowing for continued investment in growth opportunities [16][44] Q&A Session Summary Question: How is the company thinking about M&A and inorganic growth? - Management reiterated that their capital deployment strategy remains unchanged, focusing on opportunities for synergies and disciplined capital allocation [52][54] Question: Can you elaborate on the Waha pricing situation? - Management indicated that they are working on commercial solutions to help customers with Waha exposure and expect new egress solutions to help stabilize pricing [60] Question: What is the expected growth rate for the water business compared to gas and oil? - Management expects the water business to grow faster than gas and oil, with overall long-term growth for gas and oil assets projected at 2%-3% [70]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.8 billion, a 34% increase from 2024, and record free cash flow of over $350 million [4][11] - The average realized price for gold sold in Q4 was $3,998 per ounce, with total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce, which were above annual guidance [11][12] - Operating cash flow before changes in non-cash working capital increased 27% to a record $924 million for the full year [12][14] - The company returned $81 million to shareholders in 2025, doubling the amount returned in 2024 [14] Business Line Data and Key Metrics Changes - Production from the Island Gold District totaled 250,400 ounces in 2025, a 33% increase year-over-year, but slightly below the low end of revised annual guidance [16] - Young-Davidson produced 153,400 ounces for the full year, below revised guidance due to lower mining rates and grades [24] - The Mulatos District produced 141,600 ounces, in line with revised annual guidance [26] Market Data and Key Metrics Changes - The company expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson [5] - The three-year guidance indicates a 46% increase in production by 2028 at approximately 20% lower all-in sustaining costs [6][9] Company Strategy and Development Direction - The company plans to nearly double annual production to over 1 million ounces by the end of the decade, with a focus on internal funding for growth [5][10] - The expansion of the Island Gold District is expected to create one of the largest and most profitable gold operations in Canada, with an after-tax NPV of $12 billion at a gold price of $4,500 per ounce [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a meaningful improvement in operational performance in 2026, driven by increased mining rates and lower costs [5][10] - The company highlighted the strong outlook for free cash flow generation and the potential for further dividend increases [14][48] Other Important Information - The company has increased its exploration budget to nearly $100 million for 2026, a 37% increase from 2025, reflecting ongoing growth in mineral reserves [29][30] - The Island Gold District's reserves increased by 32% to 16 million ounces, marking the seventh consecutive year of growth [29][30] Q&A Session Summary Question: Exploration targets at Young-Davidson - Management discussed the potential for higher-grade mineralization in the hanging wall and different lithologies, indicating ongoing drilling efforts [39][40] Question: Key deliverables for PDA project in 2026 - Management outlined the establishment of portal entrances and preparation for commissioning the mill complex as critical path items for 2026 [42][45] Question: Market reward for increased dividend - Management indicated that while the dividend has been increased by 60%, there is room for further growth, and investors should expect more dividends in the future [46][48]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) was $1.22, up 34% from the previous year, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, exceeding the targeted conversion rate with a 103% conversion rate [11] Business Line Data and Key Metrics Changes - Capital Markets revenue increased by 15% globally, with a notable 19% growth in the Americas [12][16] - The leasing business grew 5% in the fourth quarter, reaching the highest quarterly level ever for the company [12][14] - Services revenue grew 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strength in office and industrial sectors [14][16] - APAC leasing revenue increased by 5%, driven by growth in India and improvements in Greater China [15] - EMEA leasing grew 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on organic growth and strategic investments [6][17] - There is a strong emphasis on leveraging AI to enhance operational efficiency and client advisory services [7][18] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, particularly for large modern facilities [48][66] - The company anticipates steady revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will augment rather than replace trusted advisors in commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][59] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call for insights [25][26] Question: Guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives and organizational changes - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - While evaluating share buybacks, management's main priority remains investing in organic growth and deleveraging [51] Question: Exposure to the office sector and its potential disruption - Management noted that their focus is not on Class B office space, which is more likely to be impacted by market changes [43] Question: Hiring strategy for 2026 - The company plans to maintain a substantial hiring budget, particularly in institutional capital markets and leasing [61]

Financial Data and Key Metrics Changes - In 2025, the company achieved a revenue of $7.1 billion, representing a 7% increase year-over-year, with adjusted EBITDA growing 11% to $656 million [10][11] - Adjusted earnings per share (EPS) increased by 34% to $1.22, marking the highest total revenue and leasing revenue in company history [5][10] - The company generated over $290 million in free cash flow, achieving a conversion rate of 103%, which is a $126 million improvement compared to 2024 [11] Business Line Data and Key Metrics Changes - Capital Markets revenue grew by 15% globally, with a notable 19% increase in the Americas [12][16] - The leasing business also performed well, growing 5% in the fourth quarter and reaching the highest quarterly level ever for the company [12][14] - Services revenue increased by 6% globally, driven by strong project management revenues [16][55] Market Data and Key Metrics Changes - In the Americas, leasing grew 5%, with strong performance in office and industrial sectors [14] - In APAC, leasing revenue increased by 5%, supported by growth in India and improvements in Greater China [15] - EMEA leasing grew by 7%, led by strong performance in the Netherlands, Belgium, and Poland [15] Company Strategy and Development Direction - The company aims for 15%-20% annual adjusted EPS growth over the next three years, with a focus on moving up the value chain and leveraging AI for operational efficiency [6][17] - The strategic priorities include enhancing cross-selling between business lines and utilizing AI to improve data flow and decision-making processes [35][36] - The company plans to continue deleveraging, targeting a leverage ratio of 2x by 2028 [17][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing recovery of Capital Markets and the resilience of the industrial sector, driven by strong e-commerce trends [48][66] - The company anticipates revenue growth of 6%-8% in 2026, with similar service line growth trends as in 2025 [17] - Management believes that AI will enhance the role of trusted advisors rather than replace them, particularly in complex commercial real estate transactions [22] Other Important Information - The company recorded a $177 million impairment related to its Greystone joint venture due to lower future earnings expectations [12][13] - The company has a strong cash position with approximately $800 million in cash and cash equivalents, and $1.8 billion in total liquidity [11] Q&A Session Summary Question: Concerns about AI impacting mid-market brokerage businesses - Management believes concerns about AI disintermediating commercial real estate brokerage are overstated, as complex negotiations will still require trusted advisors [22] Question: EMEA margin growth confidence - Management expressed confidence in EMEA margin growth despite a slight decline in the fourth quarter, attributing it to one-time expenses [23] Question: Risks across different property types due to AI - Management highlighted ongoing research into AI's impact across various sectors and encouraged attendance at an upcoming call to discuss practical tools for clients [25][26] Question: 2026 guidance on leasing and capital markets revenue growth - Management expects 2026 to unfold similarly to 2025, with strong leasing growth and a positive outlook for capital markets [29] Question: Cross-selling initiatives for 2026 - Management is focusing on desiloing the organization and enhancing data flow to support cross-selling efforts [35] Question: Capital allocation strategy and potential for share buybacks - Management is evaluating share buybacks but prioritizes organic growth and deleveraging [51] Question: Exposure to the office sector and its risks - Management noted that they do not operate in Class B office space, which is more vulnerable to disruption, and emphasized their focus on velocity in transactions [43] Question: Hiring strategy for 2026 - Management plans to maintain a substantial budget for recruiting, particularly in institutional capital markets and leasing [61]

Financial Data and Key Metrics Changes - In Q4 2025, LKQ reported revenues of $3.3 billion, an increase of 2.7% year-over-year [14] - Diluted earnings per share (EPS) were $0.29, including a $52 million goodwill impairment, while adjusted diluted EPS was $0.59, down from $0.78 in the prior year [15] - For the full year, diluted EPS was $2.31, and adjusted diluted EPS was $3.01, at the lower end of guidance [17] - Free cash flow for Q4 was $274 million, totaling $847 million for the year, exceeding expectations [17] - Segment EBITDA margin in North America was 12.7%, down 380 basis points year-over-year [17] Business Line Data and Key Metrics Changes - North America organic revenue decreased 1% per day in Q4 and 1.9% for the full year, attributed to weak repairable claims [7] - Specialty segment delivered 7.8% organic revenue growth in Q4 and 2.7% for the full year, marking a return to positive growth for the first time in 14 quarters [11] - European organic revenue declined 5.2% per day in Q4 and 3.9% for the full year, driven by weak consumer confidence and competitive pricing pressures [9] Market Data and Key Metrics Changes - Repairable claims in North America were down approximately 10% in Q1 but improved sequentially, with Q4 showing a decline of 4% to 6% [8] - In Europe, the market faced continued pressure, with aggressive pricing strategies implemented to protect market share [9][10] Company Strategy and Development Direction - The company is focused on simplifying its portfolio, having divested its self-service segment in 2025 [4] - A comprehensive review initiated by the board aims to explore alternative structures to unlock value [6] - The company is streamlining operations in Europe and enhancing private label growth to improve long-term profitability [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming challenges and delivering sustainable value, despite headwinds from tariffs and market softness [11] - The outlook for 2026 includes cautious expectations for organic revenue growth between -0.5% and +1.5% [22] - Early indicators of improving market conditions in North America include lower insurance premiums and rising used car prices [25] Other Important Information - The company paid down over $500 million of debt in Q4 and extended the maturity of its revolver and term loan [20] - A restructuring plan is expected to incur costs of $60 million to $70 million in 2026, aiming for over $50 million in annualized cost savings [22][23] Q&A Session Summary Question: Potential green shoots in North America - Management noted a 6% reduction in insurance premiums and an increase in used car values, which could lead to more repairable claims [30] Question: Performance in Europe - Management acknowledged ongoing pressure in demand and aggressive pricing strategies to maintain market share [33] Question: Expanding relationships with MSOs - Management reported market share gains with MSOs, outperforming their overall volume growth [39] Question: EV market impact - Management sees potential tailwinds from EVs, capitalizing on agreements with OEMs for dismantling and parts supply [48] Question: Margin expansion in Europe - Management remains optimistic about achieving 200 basis points of margin expansion through cost control and SKU rationalization [52] Question: Overall market conditions - Management expects a gradual improvement in repairable claims throughout 2026, with cautious guidance reflecting current market conditions [69]

Core Insights - The article emphasizes the importance of The Aerospace Forum as a leading investment research service focused on the aerospace, defense, and airline sectors, providing access to data analytics and investment ideas [1][2]. Group 1: Company Overview - The Aerospace Forum is led by an analyst with a background in aerospace engineering, aiming to identify investment opportunities within the aerospace, defense, and airline industries [2]. - The forum offers data-informed analysis to provide context on industry developments and their potential impact on investment strategies [2]. Group 2: Services Offered - The forum provides direct access to data analytics monitors, enhancing the investment research capabilities for its members [2]. - Membership includes full access to reports, data, and investment ideas tailored to the aerospace and defense sectors [1].

Core Insights - Fortuna Mining Corp. reported record free cash flow of $132.3 million for Q4 2025 and $330.0 million for the full year, achieving its operational plan and production guidance [1][8] - The company streamlined its portfolio by divesting non-core assets and is positioned for growth at Diamba Sud and the Séguéla plant expansion, supported by a strong balance sheet with $704 million in liquidity and $381 million in net cash [2][8] Financial Performance - The company achieved sales of $270.2 million in Q4 2025, a 40% increase from $195.2 million in Q4 2024, and $947.1 million for the full year, up from $677.2 million [11][60] - Attributable net income from continuing operations was $68.1 million or $0.22 per share for Q4 2025, compared to $14.7 million or $0.05 per share in Q4 2024, reflecting a 219% increase [11][26] - Adjusted attributable net income for Q4 2025 was $71.3 million or $0.23 per share, up from $19.4 million or $0.06 per share in Q4 2024, driven by higher realized gold prices [11][27] Operational Highlights - Gold equivalent production was 65,130 ounces in Q4 2025, with total production for the year reaching 317,001 GEOs, meeting annual guidance [9][11] - Consolidated cash cost per GEO was $971 for Q4 2025, a 9% increase from $918 in Q4 2024, while all-in sustaining costs (AISC) rose to $2,054 per GEO, an 18% increase from $1,842 in Q4 2024 [11][24][25] - The total recordable injury frequency rate for the year was 0.74, indicating strong safety performance with zero lost time injuries in Q4 [9] Growth and Development - The company expanded mineral reserves at the Séguéla mine by 31%, extending the mine life to over 9 years, and commissioned a feasibility study to increase plant throughput by 15 to 40% [12] - Approximately $67 million has been allocated to advance early works at the Diamba Sud Gold Project, with a construction decision targeted for mid-2026 [12] Cash Flow and Capital Expenditures - Net cash provided by operating activities for Q4 2025 was $162.3 million, up from $99.2 million in Q4 2024, driven by higher sales and favorable changes in working capital [22][30] - Free cash flow from ongoing operations in Q4 2025 was $132.3 million, a significant increase from $51.1 million in Q4 2024, reflecting higher cash from operating activities and reduced sustaining capital expenditures [23][30]