Financial Data and Key Metrics Changes - The company reported a record high production of 82,000 gold equivalent ounces in Q4 2025, an increase of 11% compared to Q3 2025 and 23% compared to Q4 2024 [5] - Annual production reached 280,000 ounces, up 9% at constant prices, with EBITDA for the quarter at $208 million and annual EBITDA at $548 million [7][46] - The adjusted net income for the quarter was $73 million, while the company reported a net loss of $20 million due to non-cash losses related to gold derivatives [11][47] Business Line Data and Key Metrics Changes - Borborema was highlighted as a top performer with an EBITDA contribution of approximately $50 million in its first quarter of commercial production [49] - Other mines such as Minosa and Araçá also performed well, contributing $48 million and $41 million to EBITDA respectively [50] - The acquisition of MSG generated $10 million in EBITDA in just one month, indicating strong potential returns from this investment [50] Market Data and Key Metrics Changes - The company experienced a significant increase in daily trading volume, moving from $1 million-$2 million to $100 million per day after listing on NASDAQ [14][44] - The average gold price for Q4 was approximately $4,000 per ounce, contributing to the substantial increase in revenues [46] Company Strategy and Development Direction - The company aims to increase production through greenfield projects, enhance resources and reserves, and pursue mergers and acquisitions while maintaining significant dividends for shareholders [4][14] - The strategy includes expanding the capacity of existing operations, such as increasing Almas' plant capacity to 3 million tons and preparing for potential future expansions [12][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving over 600,000 ounces of production in the coming years, despite some short-term production impacts due to lower grades from updated cutoffs [60][76] - The company is focused on long-term value creation, even if it means sacrificing short-term production levels [76] Other Important Information - The company is updating its resource and reserves based on higher gold prices, which will be published in the upcoming 20-F report [13][31] - The company has maintained a low net debt over EBITDA ratio, below 0.3 times, allowing for continued dividend payments despite acquisitions [48] Q&A Session Summary Question: Guidance and Production Expectations - Inquiry about the implications of guidance for 2026, considering upcoming technical report updates and processing capacity expansions [58] Response - Management confirmed that the budget for 2026 incorporates new gold prices and lower cutoffs, which may affect production but will ultimately increase reserves [60] Question: Expansion and Road Relocation - Questions regarding the timeline for the physical relocation of the road and the expected incremental processing capacity [75] Response - Management indicated that the road relocation would take approximately two years, coinciding with the plant expansion [77] Question: Reserves Report and Geological Interpretation - Inquiry about key shifts in the reserves report and geological interpretations [84] Response - Management stated that the new reserves report will be published by the end of March, with ongoing underground development and exploration efforts [89] Question: Capital Allocation and M&A Opportunities - Questions regarding capital allocation priorities and potential acquisitions in Brazil and Latin America [86] Response - Management highlighted the company's strong cash flow and EBITDA growth, indicating room for further acquisitions while maintaining a low leverage position [90]