Financial Data and Key Metrics Changes - The company reported record quarterly revenue of $320 million, an increase of $143 million compared to the third quarter [17] - Adjusted EBITDA grew to $186.7 million in the fourth quarter and $409.7 million for the full year [18] - Adjusted net income attributable to owners was $108.4 million for the quarter and $220.4 million for the year, translating to $1.04 and $2.12 per share respectively [18] - Liquidity position at quarter end was $150.4 million, including $105.4 million in cash and cash equivalents [19] - Net debt decreased to approximately $502 million at year-end from $545 million at the end of the third quarter, improving the net debt leverage ratio to 1.2x [19] Business Line Data and Key Metrics Changes - At CaraÃba, Q4 mill throughput reached nearly 1.2 million tons, up 18% compared to Q3, driving copper production 15% higher quarter-on-quarter [9] - At Tucumã, copper production increased more than 22% quarter-on-quarter, achieving another record for the operation [9] - Xavantina saw a 53% increase in production quarter-on-quarter, with total gold production from Xavantina reaching nearly 20,000 ounces in Q4 [10][11] Market Data and Key Metrics Changes - C1 cash costs per pound were approximately $2.27 at CaraÃba and $1.75 at Tucumã in Q4, with the increase attributed to transportation costs and accelerated amortization of mill liners [10][17] - Gold C1 cash costs per ounce declined by approximately 29% from the third quarter [18] Company Strategy and Development Direction - The company is focused on advancing the Furnas project, which is expected to produce over 1.2 million tons of copper, 2 million ounces of gold, and 9 million ounces of silver over an initial 24-year mine life [5] - Capital spending across existing operations is projected to decline as the company exits a multi-year investment phase [8] - The company plans to complete an additional 50,000 meters of exploration drilling in 2026 to target extensions of high-grade mineralization [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within the current market environment, highlighting the strong economic outcomes of the Furnas project [4][6] - The operational performance gains achieved in Q4 are expected to be sustained through 2026, with guidance reflecting a consolidated copper production of between 67,500 to 77,500 tons [14] - Management acknowledged challenges due to the rainy season impacting production and sales, particularly at Xavantina [26] Other Important Information - The company is advancing a new shaft project at CaraÃba and investing in ventilation circuits at Xavantina to increase mine capacity and output [14] - The company aims to maintain a strong cash position and target a net debt to EBITDA ratio below 1x before commencing a return of capital program [20] Q&A Session Summary Question: Guidance on gold concentrate stockpiles at Xavantina - Management indicated that while Q1 is expected to have modest sales due to the rainy season, shipments should ramp up aggressively in Q2 and Q3 [25][26] Question: Update on Tucumã's filter press issue - The filter press has been ordered and is expected to be operational in Q4, but it is not included in the 2026 guidance [30][32] Question: C1 cash cost guidance for Tucumã - Management explained that costs are influenced by lower grades and additional maintenance efforts, with expectations for higher costs due to transportation and TCRC factors [42][46] Question: Benefits from mechanization investments at Xavantina - Management highlighted that mechanization reduces workforce exposure and aims to better match mine output with mill capacity over time [44][48] Question: Potential capital return once net debt to EBITDA is below one times - Management outlined a three-step approach to capital return, focusing on reducing net debt, paying down the revolver, and engaging with shareholders [51][53] Question: Timeline for selling down the gold concentrate stockpile - Management indicated that the timeline for selling the stockpile may extend to mid-2027 due to operational considerations [57][61]

Summary of New Found Gold (NFGC) Update / Briefing July 22, 2025 Company Overview - **Company**: New Found Gold Corp (NFGC) - **Project**: Queensway Gold Project located in Gander, Newfoundland and Labrador Core Points and Arguments 1. **Preliminary Economic Assessment (PEA)**: The PEA indicates a robust operation for the community, with a phased approach to mining. Phase one involves a 700 ton per day open pit, followed by a 7,000 ton per day open pit in phase two, and underground mining in phase three [2][6][9]. 2. **Production Estimates**: - Phase one is expected to produce over 69,000 ounces annually at an all-in sustaining cost (AISC) of $1,282 per ounce [8]. - Phase two anticipates an average production of 172,000 ounces per year at an AISC of just under $1,100 from years five to nine [9][43]. - Total life of mine production is projected at 1,500,000 ounces [12]. 3. **Net Present Value (NPV)**: The NPV at a gold price of $2,500 is estimated at $743 million, with a high rate of return of 56.3% and a payback period of less than two years on initial capital of $155 million [11][43]. 4. **Resource Conversion**: The PEA shows a conversion of 92% of indicated resources and 74% of inferred resources into the mine plan, indicating strong resource confidence [12][18]. 5. **Mining Methods**: The project will utilize conventional open pit mining methods and a cut-and-fill method for underground mining, with a focus on high-grade material first [10][14]. 6. **Environmental Considerations**: The project plans to use in-pit tailings deposition, which is considered best-in-class for risk mitigation regarding long-term environmental liabilities [20][21]. Exploration and Future Plans 1. **Ongoing Exploration**: The company plans to continue exploration activities in 2025, focusing on converting inferred resources to indicated and expanding the resource base along known fault zones [24][25]. 2. **New Discoveries**: Recent drilling has identified new mineralization not captured in the current mineral resource estimate (MRE), particularly in the Keats West area [27][28]. 3. **Depth Potential**: The company is exploring deeper drilling opportunities, with promising results indicating that mineralization persists at greater depths [35][36]. 4. **Regional Potential**: The acquisition of Labrador Gold's Kingsway project has expanded the strike length by over 13 kilometers, enhancing the potential for new discoveries [37][41]. Financial and Operational Insights 1. **Capital Expenditures**: Total capital expenditures for the project are estimated at $1.065 billion, with phase one requiring $155 million [43][45]. 2. **Operating Costs**: The operating cost for mining is projected at $4.91 per ton moved, with processing costs averaging just under $21 per ton [45][46]. 3. **Leverage to Gold Price**: For every $100 increase in gold price, the NPV increases by approximately $89 million, indicating significant leverage to gold price fluctuations [47]. Additional Important Information 1. **Community Support**: The company has received strong support from local communities and the government, which is crucial for project advancement [5][52]. 2. **Permitting Timeline**: The company anticipates a two-year permitting process, with construction expected to begin in early 2027 [48][49]. 3. **Sustainability Focus**: The project emphasizes sustainability, with ongoing assessments to ensure that tailings management does not lead to long-term environmental issues [88]. This summary encapsulates the key points from the New Found Gold briefing, highlighting the company's strategic approach, production forecasts, exploration potential, and financial metrics.