Financial Data and Key Metrics Changes - Record full year silver and gold production increased by 57% and 23% year-over-year, respectively, with full year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10x to $554 million, and net income rose tenfold to a record $586 million [3][4] - Adjusted cash per ounce for gold and silver was $1,207 and $1,729, respectively, leading to strong margin expansion [11] Business Line Data and Key Metrics Changes - U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's production increased 40% and 54% for silver and gold, respectively [4][12] - Kensington achieved gold production of 30,000 ounces and free cash flow of $51 million, marking its best result ever [16][17] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, with expectations for continued strength in 2026 [25] - The company anticipates a 10% year-over-year increase in silver production for 2026, contributing approximately 42% of total revenue based on current prices [6][25] Company Strategy and Development Direction - The company is focused on successfully closing the New Gold transaction, which is expected to enhance its geographic footprint and reduce cost profiles [7][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] - The long-term focus includes building consistency and momentum through operational improvements and exploration to extend mine lives [15][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position, anticipating another record year in 2026 [6][9] - The integration of New Gold is a critical priority, with robust planning already underway [27][28] - Management highlighted the importance of maintaining safety and environmental performance as a top priority [28] Other Important Information - The company achieved its goal of being net cash positive, with total debt declining by 42% year-over-year [25][26] - Exploration investments are expected to increase to between $120 million and $136 million in 2026, focusing on high-return opportunities [22] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization in future grades [34][36] Question: Maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with potential for future production [41][42] Question: Cash tax guidance breakdown - Approximately 80% of cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [48][50] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [54][55] Question: Exploration opportunities in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-transaction closure [57][58]

Core Viewpoint - DNO ASA has been instructed to prepare for oil exports through the Iraq-Türkiye Pipeline starting on 27 September 2025, following agreements among the Federal Government of Iraq, the Kurdistan Regional Government, and international oil companies [1]. Group 1: Export Operations - DNO will deliver the Kurdistan Regional Government's share of sales from the Tawke license, averaging 38,000 barrels per day, for export [2]. - The foreign contractor group, including DNO and Genel Energy International Limited, will continue selling an average of 30,000 barrels per day to local buyers under existing contracts [2]. - DNO has opted not to engage directly in exports at this time, continuing to sell oil on a cash-and-carry basis at prices in the low USD 30s per barrel [3]. Group 2: Buyer Arrangements - Buyers have established their own arrangements to place oil purchased from DNO into the export pipeline, which supports the larger export project [4]. Group 3: Agreements and Financials - The agreements between the Federal Government of Iraq, the Kurdistan Regional Government, and participating international oil companies will end at year-end, with the first payment expected to be USD 14 per barrel after transportation costs, anticipated in mid-December [5]. - This payment figure will be adjusted in 2026 based on evaluations by a Baghdad-designated consultant [5]. Group 4: Production Expansion - DNO has launched a major production expansion program at the Tawke and Peshkabir fields to replace equipment damaged during July drone attacks, with plans to drill eight wells in 2026 targeting production of 100,000 barrels per day [6]. - The company emphasizes the need for immediate, predictable, and continuous flow of funds to support this ambitious program [6].