Core Insights - Kinross Gold has sold 29,850,984 common shares of Asante Gold, representing approximately 4.2% of Asante's outstanding shares and about 44.7% of Kinross's holdings in Asante [1] - The shares were sold at C$1.55 each, resulting in a total sale price of C$46.2 million [1] - Following the sale, Kinross's stake in Asante is now approximately 5.2% on a non-diluted basis and 13.2% on a partially diluted basis [2] Group 1: Transaction Details - The sale was part of Kinross's regular investment portfolio management [3] - Kinross currently holds 36,927,650 shares, 5,000,000 warrants, and a convertible debenture that can be converted into shares at C$1.81 within five years [2] - Asante's president and CEO noted that the shares sold were part of the consideration when Kinross sold the Chirano Mine to Asante in 2022 [3] Group 2: Future Considerations - Kinross has indicated that future transactions involving Asante's securities may occur based on market conditions, but there are no specific plans at this time [3] - Asante recently secured C$237 million through a private placement as part of a larger $500 million financing package for advancing its mining projects [4] - The private placement involved selling 163.3 million subscription receipts at C$1.45 each, with funds released after meeting escrow conditions [5]

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Financial Data and Key Metrics Changes - Adjusted book value per share reached a record high of $176.95, and adjusted operating shareholders' equity per share also reached a record high of $120.11 at the end of Q2 2025 [6] - Adjusted operating income for Q2 2025 was $50 million or $1.1 per share, compared to $80 million or $1.44 per share in Q2 2024 [22][25] - Net earned premiums and net investment income increased, contributing to the earnings power of core earnings [22] Business Line Data and Key Metrics Changes - The company insured $14.1 billion of new issued par sold in the primary market, a 30% increase compared to the same period last year [13] - In the secondary market, the company wrote nearly $900 million of policies in the first half of 2025, with over $500 million in Q2 alone, representing a 150% increase compared to the total amount insured in all of 2024 [8][13] - The insurance segment contributed $76 million to adjusted operating income, while the asset management segment contributed $4 million [27] Market Data and Key Metrics Changes - US municipal issuance was 17% ahead of last year's record pace through June 30, 2025 [7] - The total market volume reached $278 billion by June 30, 2025, with forecasts suggesting that municipal issuance in 2025 could surpass $500 billion [20] Company Strategy and Development Direction - The company aims to maintain its leadership position in US municipal bond insurance while expanding and diversifying its global infrastructure and structured finance reach [12] - A share repurchase program with a target of $500 million for the year is in place, with $296 million already repurchased as of August 6, 2025 [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth trajectory in both US and non-US markets, citing a strong competitive position and excellent capital and earnings [11] - The company is well-positioned for the second half of the year, with many attractive opportunities in global infrastructure and structured finance [20] Other Important Information - The company received affirmations of its financial strength ratings from S&P Global Ratings and KBRA, both with stable outlooks [11] - A $250 million stock redemption by the US insurance subsidiary was approved, expected to be executed in 2025 [30] Q&A Session Summary Question: Impact of lower interest rates on AGO's opportunities - Management noted that a lower interest rate environment could depress premium volume but may also lead to more issuers in the market, balancing the impact [33][34][39] Question: Increase in big exposures and loss expenses - Management explained that the increase in loss expenses is due to additional reserves on certain UK regulated utility and US municipal revenue exposures, emphasizing their strong surveillance team [40][68] Question: Future of Puerto Rico Oversight Board and restructuring - Management expressed optimism that changes in the Puerto Rico Oversight Board could lead to improvements in restructuring processes, viewing it as a potential positive development [52][54] Question: Performance of contingent value instruments - The company holds approximately $117 million in contingent value securities, which have performed well, and expects continued improvement [58][60]