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 [18] - Adjusted EBITDA grew to $186.7 million in the fourth quarter and $409.7 million for the full year [19] - 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 [19] - Liquidity position at quarter end was $150.4 million, including $105.4 million in cash and cash equivalents [20] - Net debt declined to approximately $502 million at year-end from $545 million at the end of the third quarter, improving the net debt leverage ratio to 1.2 times [20] 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 [10] - At Tucumã, copper production increased more than 22% quarter-on-quarter, achieving another record for the operation [10] - Xavantina saw a production increase of 53% quarter-on-quarter, driven by higher grades and improved throughput [11] - Total gold from Xavantina was nearly 20,000 ounces in Q4 and over 50,000 ounces for the full year [12] Market Data and Key Metrics Changes - The company experienced stronger copper and gold prices during the period, contributing to record revenue [18] - C1 cash costs per pound were approximately 1.5% higher quarter-on-quarter, primarily due to increased transportation costs at Tucumã [19] - Gold C1 cash costs per ounce declined by approximately 29% from the third quarter [19] 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] - The capital required to advance Furnas is expected to remain relatively modest, with a focus on maintaining momentum in exploration and technical studies [6][8] - The company plans to complete an additional 50,000 meters of exploration drilling in 2026, targeting 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 resilience and dedication of operational teams [4] - The guidance for 2026 assumes sustained operational performance gains achieved in Q4, with copper production expected to grow between 67,500 to 77,500 tons [14] - Management noted that the capital spending across existing operations is projected to decline as the company exits a multi-year investment phase [9] Other Important Information - The company is advancing a new shaft project at CaraÃba and investing in ventilation circuits and mine development at Xavantina to increase capacity and output [14] - The company aims to maintain a strong cash position and target a net debt to EBITDA ratio below 1 times ahead of commencing a return of capital program [21] Q&A Session Summary Question: Guidance on gold concentrate stockpiles at Xavantina - Management indicated that while they expect strong volumes in shipment, Q1 is expected to have very modest sales due to the rainy season [25][26] Question: Update on Tucumã's filter press issue - Management confirmed that the filter press has been ordered and is expected to be operational in Q4, but it is not included in the 2026 guidance [31] Question: C1 cash cost guidance for Tucumã - Management explained that the main drivers for guidance include lower grades and additional maintenance costs, which are expected to stabilize operations [41][44] Question: Benefits from mechanization investments at Xavantina - Management highlighted that mechanization investments aim to reduce workforce exposure and improve alignment between mine output and mill capacity [46] Question: Potential capital return once net debt to EBITDA is below one times - Management outlined that steps include reducing net debt, paying down the revolver, and discussions with shareholders regarding timing and form of capital return [50][51] Question: Exploration spend and projects beyond Furnas - Management confirmed that the majority of the exploration budget will be allocated to Furnas, with some opportunities being explored at other sites [58]