Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 oz of gold at a realized price of $4,025/oz, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536/oz of gold sold, respectively [16] - The company recorded a net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] Business Line Data and Key Metrics Changes - Musselwhite Mine produced nearly 76,000 oz of gold in Q4, with a mill grade of 6.77 g/t Au and a gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 oz of gold in Q4, with a strip ratio of 1.52 due to a pit wall event [7][8] - The company achieved six consecutive months of consistent ore production at Musselwhite, averaging approximately 3,800 tpd [9] Market Data and Key Metrics Changes - The company anticipates annual production to exceed 220,000 oz over the first 10 years, effectively doubling current output [10] - The South Railroad Project is expected to deliver an average output of 103,000 oz of gold annually over the first five years at an all-in sustaining cost of approximately $1,485/oz [11] Company Strategy and Development Direction - The company is focused on diversifying its operations and advancing growth opportunities in Canada, the United States, and Mexico [3] - Plans include construction at South Carlin, continued exploration at Musselwhite, and advancing the Camino Rojo underground project [30] - The company aims to balance strategic growth initiatives, exploration for new discoveries, deleveraging, and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in operational momentum and a clear path to continued production expansion, forecasting 340,000-360,000 oz for 2026 [30] - The approval of the environmental impact statement at Camino Rojo is seen as a significant milestone for future operations [10] Other Important Information - The company announced its first quarterly dividend in December 2025, reflecting a disciplined approach to capital allocation [18] - Exploration and project development costs for Q4 were $43.9 million, with a cash balance of $421 million at the end of December 2025 [17] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management clarified that the mine plan for 2026 will not change due to the permit, as guidance had already assumed its receipt [33][34] Question: Key development milestones for South Railroad - Management indicated that detailed engineering and procurement are underway, with updates expected throughout the year [35][36] Question: Capital expenditure budget for 2026 and its contingencies - The $200 million budget for South Railroad is contingent on the receipt of the Record of Decision, with potential adjustments based on timing [41] Question: Cost of mining in deeper areas at Musselwhite and lateral drilling - Management acknowledged that costs increase with depth but are planning improvements to material handling systems to mitigate this [42][43]

Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 ounces of gold at a realized price of $4,025 per ounce, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536 per ounce of gold sold, respectively [16] - The company recorded net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] - Cash flow from operating activities before changes in non-cash working capital was $165 million, with free cash flow for the quarter of $133 million [16] Business Line Data and Key Metrics Changes - Musselwhite mine produced nearly 76,000 ounces of gold in Q4, with a mill grade of 6.77 grams per ton and gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 ounces of gold in Q4, with a higher strip ratio of 1.52 due to a pit wall event [7] Market Data and Key Metrics Changes - The company expects annual production to exceed 220,000 ounces over the first 10 years, effectively doubling current output [10] - The average output for the South Railroad project is projected at 103,000 ounces of gold annually over the first five years at an all-in sustaining cost of approximately $1,485 per ounce [11] Company Strategy and Development Direction - The company is focused on expanding production capacity and diversifying its operations, with significant investments in the South Railroad and Camino Rojo projects [5][12] - The approval of the environmental impact statement at Camino Rojo allows for further development, including underground exploration [10][11] - The company aims to maintain a disciplined capital allocation approach, balancing growth initiatives and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record-breaking year in 2026, forecasting production of 340,000-360,000 ounces at an all-in sustaining cost of $1,550-$1,750 per ounce [30] - The company highlighted operational resilience and advancements in growing the business throughout 2025 [30] Other Important Information - The company has a strong cash position of $421 million at the end of December 2025, positioning it well to fund development projects [17] - A $6.6 million partnership with Newmont and First Nations LP was announced to support local workforce development [26] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management clarified that the mine plan for 2026 will not change due to the permit, as guidance already accounted for its receipt [33][34] Question: Key development milestones for South Railroad - Management discussed ongoing engineering procurement and preparations for field mobilization, with updates expected throughout the year [35][36] Question: Capital expenditure budget for 2026 and its contingencies - Management indicated that the $200 million budget for South Railroad is contingent on the receipt of the Record of Decision, with potential adjustments based on timing [41] Question: Cost of mining in deeper areas at Musselwhite and horizontal drilling - Management acknowledged increased costs for deeper mining but emphasized plans to improve material handling systems to mitigate these costs [42][43]

Financial Data and Key Metrics Changes - In Q4 2025, the company sold just under 93,000 ounces of gold at a realized price of $4,025 per ounce, resulting in $378 million in revenue for the quarter [15] - Consolidated cash costs and all-in sustaining costs for Q4 totaled $1,093 and $1,536 per ounce of gold sold, respectively [16] - The company recorded net income of $79 million or $0.23 per share, with adjusted earnings of $143 million or $0.42 per share [16] - Cash flow from operating activities before changes in non-cash working capital was $165 million, with free cash flow for the quarter of $133 million [16] - The cash balance at the end of December 2025 was $421 million, with total liquidity of $481 million [17] Business Line Data and Key Metrics Changes - Musselwhite mine produced nearly 76,000 ounces of gold in Q4, with a mill grade of 6.77 grams per ton and gold recovery of 95.65% [6] - Camino Rojo oxide mine produced 19,587 ounces of gold in Q4, with a strip ratio of 1.52 due to a pit wall event [8] - The company achieved six consecutive months of consistent ore production at Musselwhite, averaging approximately 3,800 tons per day [10] Market Data and Key Metrics Changes - The company is targeting annual production to exceed 220,000 ounces over the first 10 years at Camino Rojo, effectively doubling current output [11] - The South Railroad project is expected to drive annual production towards 500,000 ounces per year [13] Company Strategy and Development Direction - The company is focused on diversifying its operations and advancing growth opportunities in Canada, the United States, and Mexico [3] - Plans include field mobilization in Nevada and advancing the underground project at Camino Rojo [5] - The company aims to maintain a disciplined capital allocation approach, balancing growth initiatives and returning capital to shareholders [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another record-breaking year in 2026, forecasting production of 340,000-360,000 ounces at an all-in sustaining cost of $1,550-$1,750 per ounce [28] - The company highlighted operational resilience and significant advancements in growing the business throughout 2025 [29] Other Important Information - The company announced a $6.6 million partnership with Newmont and First Nations LP for local workforce development [25] - The Mexican authorities approved the environmental impact statement at Camino Rojo, allowing for further development [11] Q&A Session Summary Question: Changes to the mine plan at Camino Rojo in response to the latest permit - Management confirmed that the mine plan for 2026 will not change due to the permit, as guidance had already assumed its receipt [31] Question: Key development milestones for South Railroad - Management indicated that updates on engineering procurement and field mobilization will be provided throughout the year, with a Record of Decision expected in Q3 [34] Question: Capital expenditure budget for South Carlin - Management stated that the $200 million budget for South Railroad is contingent on the Record of Decision, with potential adjustments based on timing [39] Question: Cost of mining deeper areas at Musselwhite - Management acknowledged that costs increase with depth but plans to study material handling improvements to mitigate these costs [40] Question: Discoveries and lateral drilling at Musselwhite - Management confirmed ongoing discoveries of satellite lenses and emphasized the potential for increased gold production without immediate material handling improvements [41]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $44.6 billion, slightly higher than the previous year, with net income of $588 million, reflecting improved market conditions and strong operational execution [5][6] - The average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10 per kilogram in Q4 2025 [6][9] Business Line Data and Key Metrics Changes - In lithium, sales volumes exceeded 66,000 metric tons in Q4 2025, more than 50% higher year-over-year, driven by expansion efforts [6][7] - The iodine business contributed approximately 42% of SQM's total gross margin during the year, with record iodine prices observed by the end of 2025 [7][8] Market Data and Key Metrics Changes - The company noted a shift in the lithium market towards the end of 2025, with stronger demand from energy storage systems contributing to a tighter market environment [6][7] - The iodine market is expected to grow by around 3% in 2026, with stable or slightly increasing sales volumes anticipated [8] Company Strategy and Development Direction - The company signed an association agreement with Codelco, creating Nova Andino Litio, which enables long-term lithium production from the Salar de Atacama [5] - The company is focused on sustainability, having strengthened its ESG performance and received international recognition [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals for lithium, driven primarily by electric vehicles and energy storage systems [7] - The company expects a significantly stronger pricing environment in Q1 2026 due to demand momentum and limited new supply [7] Other Important Information - The company is advancing expansion plans in the Salar de Atacama and has celebrated the first shipment of lithium hydroxide from the Kwinana Refinery in Australia [7][9] - The seawater pipeline project in the Tarapacá region is expected to provide additional operational flexibility and unlock incremental production capacity [8] Q&A Session Summary Question: Expectations for lithium sales in 2026 and production mix - The company targets a strong sales volume in Q1 2026, hoping to surpass Q1 2025 sales by more than 15% [17] - The production expectation for 2026 is close to 260,000 tons of Lithium Carbonate Equivalent, with flexibility in lithium carbon and lithium hydroxide production [19][20] Question: Cost of production in Q4 - Management clarified that the cost per ton of the Lithium and Derivatives division remained similar between Q3 and Q4, with higher lease payments impacting costs [24][26] Question: Guidance on minority interest and dividends to Codelco - The company expects to pay dividends to Codelco in April, with calculations based on the net income of Novandino [29][30] Question: Iodine sales and future expectations - The company sold more iodine than expected in Q4 due to lower capacity from third parties, with stable sales expected in 2026 [36][38] Question: Risks from sodium-ion batteries - Management believes lithium will remain the dominant technology for batteries despite the emergence of sodium-ion batteries [41] Question: Update on Kwinana refinery ramp-up and expansion - The ramp-up of the Kwinana refinery is ongoing, with production expected to reach capacity in 2026 [64][65] Question: Supply disruptions in the lithium market - Disruptions were mainly related to lepidolite producers in China facing government restrictions [74]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $44.6 billion, slightly higher than the previous year, with net income of $588 million, reflecting improved market conditions and strong operational execution [4][5] - The average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10 per kilogram in Q4 2025 [5][6] Business Line Data and Key Metrics Changes - In lithium, sales volumes exceeded 66,000 metric tons in Q4 2025, more than 50% higher year-over-year, driven by expansion efforts [5] - The iodine business contributed approximately 42% of SQM's total gross margin during the year, with record iodine prices observed by the end of 2025 [6][7] - Specialty plant nutrition saw a 3% volume growth during the year, with expectations of moderate growth of 2%-4% in 2026 [7] Market Data and Key Metrics Changes - The company noted a shift in the lithium market towards the end of 2025, with stronger demand from energy storage systems contributing to a tighter market environment [5] - The iodine market is expected to grow by around 3% in 2026, with stable or slightly increasing sales volumes anticipated [7] Company Strategy and Development Direction - The company signed an association agreement with Codelco, creating Nova Andino Litio for long-term lithium production from the Salar de Atacama [4] - The company is focused on sustainability, having strengthened its ESG performance and received international recognition [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals for lithium, driven by electric vehicles and energy storage systems [6] - The company is entering 2026 with strong operational momentum and improving lithium market conditions [8] Other Important Information - The seawater pipeline project in the Tarapacá region is expected to provide additional operational flexibility and unlock incremental production capacity [7] - The company is focused on maintaining a diversified customer portfolio, with over 80% of lithium volume already contracted [41] Q&A Session Summary Question: Expectations for lithium sales in 2026 - The company targets a strong sales volume in Q1 2026, hoping to surpass Q1 2025 sales by more than 15% [15] Question: Cost of production in Q4 - Management clarified that the cost per ton was similar between Q3 and Q4, with higher lease payments impacting costs [21] Question: Iodine sales and future expectations - The company sold more iodine than expected in Q4 due to lower third-party capacity, but anticipates stable volumes in 2026 [32] Question: Share buyback discussions - Management stated there are no discussions regarding share buybacks due to legal restrictions in Chile [36] Question: Risks from sodium-ion batteries - Management believes lithium will remain the dominant technology for batteries despite the emergence of sodium-ion alternatives [37] Question: Lithium pricing expectations - The average sales price is expected to be substantially higher in Q1 2026 compared to Q4 2025, but prices will remain volatile [44] Question: Update on Kwinana refinery ramp-up - The ramp-up has faced intermittent issues but is expected to progress well, with production capacity anticipated in 2026 [59] Question: Exploration activities - The company is focused on exploration in Australia, Namibia, and Canada, with ongoing drilling programs and positive early results [62]

Financial Data and Key Metrics Changes - The company reported a significant increase in attributable production, up 18% year-on-year to 2.44 million ounces [7][21] - Headline earnings rose 170% year-on-year to $2.6 billion, with adjusted free cash flow increasing 391% to just shy of $3 billion [21][22] - All-in costs increased by 3% and all-in sustaining costs by 1%, primarily due to higher royalties and strengthening producer currencies [8][13] Business Line Data and Key Metrics Changes - Gruyere production increased by 42,000 ounces due to the acquisition of Gold Road Resources and higher tonnes milled [11] - South Deep production rose by 16%, driven by improved mining grades and stope turnover [17] - Damang production decreased by 28% as the company processed stockpiles, while Tarkwa saw a 12% reduction due to prioritizing waste stripping [18][19] Market Data and Key Metrics Changes - Approximately 44% of production came from Australia, with notable growth in Chile and Canada through Salares Norte and Windfall projects [5] - The average gold price for the period was about $3,500 per ounce, contributing to increased cash flow [21] Company Strategy and Development Direction - The company is focused on optimizing its asset portfolio and has identified several opportunities for asset optimization for 2026 [3][29] - A capital allocation policy was revamped to deliver 35% of free cash flow before discretionary investments to shareholders [4][26] - The company aims to advance the Windfall project towards a final investment decision by mid-2026 and continue exploration efforts [32][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged cost inflation as a significant concern across the industry, particularly due to strengthening currencies and increasing royalty rates [42] - The company is confident in its ability to manage costs and maintain a strong balance sheet while pursuing growth opportunities [44] - Future production guidance for 2026 is set between 2.4-2.6 million ounces, with all-in sustaining costs projected between $1,800 and $2,000 per ounce [38] Other Important Information - The company announced a special dividend of ZAR 4.50 per share and a share buyback program of $100 million [4][22] - Significant progress was made in ESG performance, including a 15% reduction in absolute emissions and 74% water recycling [10] Q&A Session Summary Question: What is the most troublesome KPI on your radar at the moment? - Management highlighted cost inflation and the need to progress Tarkwa lease renewal as key concerns [42][43] Question: Could you outline the current exploration roadmap? - The company plans to prioritize brownfield exploration, particularly at Windfall, while ramping up greenfield exploration efforts [44] Question: What is the rationale for a $100 million buyback on a market cap of $47 billion? - The buyback is seen as a way to balance shareholder returns, catering to different preferences among shareholders [47][49] Question: Can you discuss the current situation in Ghana regarding royalties? - The royalty bill is expected to be passed into law soon, but current lease agreements provide some protection until 2027 [55][56] Question: What is the expected impact of increased royalties on unit costs? - An increase in royalties could lead to an estimated $350 per ounce increase in costs at current spot prices [81]

Financial Data and Key Metrics Changes - The company reported a 170% year-on-year increase in headline earnings to $2.6 billion, with adjusted free cash flow up 391% year-on-year, reaching just shy of $3 billion [20][22] - Total shareholder returns amounted to ZAR 31.90 per share, a 220% increase from 2024, equating to an industry-leading yield of 6.3% [27] - Net group cash flow increased nearly four times from 2024, driven by strong operational cash flow [8][22] Business Line Data and Key Metrics Changes - Attributable production rose 18% year-on-year to 2.44 million ounces, with all-in costs up 3% and all-in sustaining costs up 1% [6][7] - Gruyere production increased by 42,000 ounces due to the acquisition of Gold Road Resources, while South Deep production rose 16% due to improved mining grades [10][17] - Damang production decreased by 28% as the company processed stockpiles, and Tarkwa saw a 12% reduction in production due to prioritizing waste stripping activities [17][18] Market Data and Key Metrics Changes - Approximately 44% of production came from Australia, with significant growth in Chile and Canada through Salares Norte and the Windfall project [5] - The average gold price for the period was about $3,500 per ounce, contributing to increased cash flow and earnings [20] Company Strategy and Development Direction - The company is focused on optimizing its asset portfolio, with a capital allocation policy that includes returning 35% of free cash flow before discretionary investments to shareholders [3][24] - The Windfall project is a key growth lever, with plans for final investment decision (FID) by mid-2026, and the company aims to maintain steady state production at Salares Norte [29][32] - The company is also advancing its brownfield and greenfield exploration programs to enhance reserve replacement and future growth [29][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged cost inflation as a significant concern, particularly due to strengthening producer currencies and increasing royalty rates [41][42] - The company is optimistic about its ability to navigate challenges in Ghana, particularly regarding lease renewals and royalty negotiations [55][56] - The focus for 2026 includes improving safety performance, predictable delivery of plans, and advancing exploration programs [38] Other Important Information - The company announced a special dividend of ZAR 4.50 per share and a share buyback program of $100 million [4][21] - The company achieved a 15% absolute emission reduction against its 2026 baseline and has made progress in gender diversity, with 27% of employees being women [9] Q&A Session Summary Question: What is the most troublesome KPI on your radar at the moment? - Management highlighted cost inflation and the need to progress Tarkwa lease renewal as key concerns [40][41] Question: Could you outline the current exploration roadmap? - Management emphasized prioritizing brownfield exploration and ramping up greenfield programs to build a long-term pipeline [44] Question: What is the rationale for a $100 million buyback on a market cap of $47 billion? - The buyback program is seen as a way to balance returns between dividends and buybacks, catering to diverse shareholder preferences [46][47] Question: Can you discuss the current situation in Ghana regarding royalties? - Management confirmed that the royalty bill is before Parliament and may lead to increased payments, but current lease agreements provide some protection [55][56] Question: What is the expected CapEx for the Australian region in 2026? - Significant increases in CapEx are anticipated, particularly at Gruyere and Granny Smith, with total spending expected to exceed $1 billion [59][60]

Core Viewpoint - Platinum Group Metals Ltd. reports its financial results for the first fiscal quarter of 2026, focusing on the advancement of the Waterberg Project, which is expected to be one of the largest and lowest-cost underground platinum group metals mines globally [1] Financial Results - The company incurred a net loss of $1.84 million for the three months ended November 30, 2025, consistent with the previous year [13] - General and administrative expenses were $1.08 million, down from $1.24 million in the same period last year [13] - Share-based compensation increased to $1.13 million from $0.72 million year-over-year [13] - A foreign exchange gain of $0.23 million was recognized, attributed to the U.S. Dollar's appreciation against the Canadian Dollar [13] Project Ownership - As of November 30, 2025, the Waterberg Project is owned by Waterberg JV Resources, with Platinum Group holding a 37.32% interest [4] - The ownership structure includes Mnombo (26.0%), HJ Platinum Metals Company (21.95%), and Impala Platinum Holdings (14.73%) [4] Recent Developments - A sixth stage of work was approved for the Waterberg Project, with a budget of Rand 92.1 million (approximately $5.11 million) for fiscal year 2026 [7] - The company closed a non-brokered private placement of common shares at $1.26 per share, raising $1.0 million [8] - An interim budget of Rand 42 million (approximately $2.27 million) was approved for the continuation of work programs [9] Project Expenditures - Total expenditures on the Waterberg Project for the three months ended November 30, 2025, were approximately $0.55 million [17] - Accumulated net costs capitalized to the Waterberg Project reached $51.2 million [17] - Total expenditures since inception to November 30, 2025, amount to approximately $91.6 million [17] Future Outlook - The primary objective is to advance the Waterberg Project to a development and construction decision [19] - Approximately half of the $21.0 million Pre-Construction Program remains to be completed, covering essential site facilities and initial road access [20] - The company is assessing commercial alternatives for mine development financing and concentrate offtake [21] Technical and Economic Considerations - The base case for mine development focuses on lower-cost, bulk mining of F-Zone material from the F-Central deposit [23] - The T-Zone reserves have a more favorable 4E prill split and higher grade compared to the F-Central deposit [23] - Internal studies are evaluating the financial impact of a staged development approach, potentially allowing for lower capital expenditures [25] Environmental, Social, and Governance (ESG) - The company received a BBB score in its 2025 ESG disclosure report from Digbee, indicating a commitment to improving ESG performance [28]

Financial Performance - Cemig's Recurring EBITDA decreased by 16.3% from R$1,762 million in 3Q24 to R$1,475 million in 3Q25 [37] - Recurring Net Profit decreased by 30.2% from R$1,118 million in 3Q24 to R$780 million in 3Q25 [37] - Cemig D's Recurring EBITDA decreased by 4.7% from R$773 million in 3Q24 to R$737 million in 3Q25 [66] - Cemig D's Recurring Net Profit decreased by 28.0% from R$372 million in 3Q24 to R$268 million in 3Q25 [66] - Cemig GT's EBITDA decreased by 12.6% from R$602 million in 3Q24 to R$526 million in 3Q25 [90] - Cemig GT's Net Profit decreased by 17.6% from R$467 million in 3Q24 to R$385 million in 3Q25 [90] - Gasmig's EBITDA decreased by 16.0% [97] Investments - Investments grew by 17.0% in 9M25/9M24, totaling R$4,7 billion [14, 16] - Distribution investments reached R$3,602 million [19] - Generation investments reached R$149 million [19] - Transmission investments reached R$297 million [19] - Gasmig's Central-Oeste project has an estimated CAPEX of R$800 million, with R$675 million realized until September 2025 (84%) [97] Operational Highlights - Additional Allowed Annual Revenue (RAP) of R$32.3 million in 9M25, 12.5% above the additional RAP in 12M24, equivalent to a total of R$28.7 million [31] - Cemig D's market, including Micro and Mini Distributed Generation (DG), declined by 2.0% [72]