Investment Rating - Industry Rating: Recommended [4] Core Insights - The total gold production for Q2 2025 increased by 19.0% quarter-on-quarter to 229,454 ounces (7.14 tons), and by 12.3% year-on-year [1] - The net profit for Q2 2025 grew by 157.3% quarter-on-quarter to $161 million, compared to a loss of $34.77 million in the same period last year [3] - The average realized gold price in Q2 2025 was $3,290 per ounce, reflecting a 13.8% increase quarter-on-quarter and a 40.4% increase year-on-year [1][3] Production and Sales Summary - Gold sales for Q2 2025 totaled 210,384 ounces (6.54 tons), a 14.3% increase quarter-on-quarter and a 0.1% increase year-on-year [1] - Cash operating costs for Q2 2025 were $745 per ounce, down 10.5% quarter-on-quarter and 7.8% year-on-year [2] - Total cash costs for Q2 2025 were $1,132 per ounce, up 1.7% quarter-on-quarter and 29.1% year-on-year [2] Financial Performance - Revenue for Q2 2025 was $692 million, representing a 30.1% increase quarter-on-quarter and a 40.4% increase year-on-year [3] - Adjusted net income for Q2 2025 was $163 million, up 33.6% quarter-on-quarter and 107.8% year-on-year [5] - Cash generated from operating activities in Q2 2025 was $255 million, a 42.5% increase quarter-on-quarter and a 308.4% increase year-on-year [5] Key Project Developments - The Goose Mine achieved its first gold pour, with commercial production expected to commence in Q3 2025 [6] - The Gramalote project feasibility study indicated a tax-adjusted net present value of $941 million at a gold price of $2,500 per ounce, with an internal rate of return of 22.4% [7] - The Fekola mine reached a milestone of producing 4 million ounces of gold [8] 2025 Outlook - The company expects total gold production for 2025 to be between 970,000 and 1,075,000 ounces [10] - The cash operating cost guidance for 2025 has been updated to reflect lower fuel costs and the anticipated production from the Goose Mine [11]