Financial Data and Key Metrics Changes - In Q4 2025, adjusted net earnings were $83 million, or $0.41 per share, benefiting from strong production and elevated metal prices [21] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [21] - Consolidated all-in sustaining costs (AISC) on a byproduct basis for Q4 were $1,646 per ounce, and for the full year, it was $1,614 per ounce, outperforming guidance [22][23] - Cash balance at the end of 2025 was $529 million, with total liquidity at $929 million [25][26] Business Line Data and Key Metrics Changes - Mount Milligan produced over 44,000 ounces of gold and 13 million pounds of copper in Q4 2025, with full year production of over 147,000 ounces of gold and 50 million pounds of copper [13] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [14] - AISC for Öksüt in Q4 was $1,748 per ounce, higher due to lower gold ounces sold and increased sustaining CapEx [16][17] Market Data and Key Metrics Changes - Average realized price for gold in Q4 was $3,415 per ounce and for copper was $4.69 per pound [22] - Molybdenum sold in Q4 was approximately 3.6 million pounds at an average price of $23.78 per pound [22] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like Mount Milligan, Goldfield, and Kemess being key growth areas [5][6] - The Kemess project has a robust economic profile with an after-tax NPV of $1.1 billion and an IRR of 16% [7] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [25][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, which will support growth projects and shareholder returns [5][28] - The company is well-positioned for sustainable value delivery in 2026 and beyond, with a stable operating base and clear growth pipeline [29] Other Important Information - The restart of Thompson Creek is progressing, with approximately 27% of infrastructure refurbishment complete [18] - Operations at the Langeloth facility were suspended due to an explosion, with repairs expected to cost $5-$10 million [19][20] Q&A Session Summary Question: Langeloth suspension and inventory build - Management indicated that concentrate purchases will continue during the shutdown, leading to an inventory build [32][33] Question: Water management projects at Mount Milligan - Management clarified that water management is an ongoing process, with some capital expenditures expected to be slightly higher this year [35][36] Question: Capital expenditure increase at Thompson Creek - Management explained that the increase is due to various factors including inflation and maintenance, with no significant changes in physical equipment costs expected [46][48] Question: Cost discipline across the portfolio - Management attributed cost performance to strong operational discipline and the benefits from byproducts, particularly copper [50][51] Question: Update on Endako mill - Management stated that the current strategy is to focus on Thompson Creek before considering any actions regarding Endako [57][58]

AngloGold Ashanti (NYSE:AU) Q4 2025 Earnings call February 20, 2026 08:00 AM ET Speaker6Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q4 2025 earnings release. All participants will be in listen-only mode. A question and answer session will follow the formal presentation. If you should require operator assistance during the conference, please key in star and then zero on your telephone keypad. Please note that this event is being recorded. I will now hand you over to Mr. Stewart ...

Full-Year Results - The MT Højgaard Holding Group achieved stable operations and production in 2025, aligning with full-year expectations [1] Order Intake and Order Portfolio - In 2025, order intake increased due to improvements in both business units and across the Group's strategic focus areas, covering a range from small tasks to large, complex projects [2] - The total order book rose by 24% to a record DKK 24.2 billion, consisting of final unconditional orders worth DKK 11.9 billion, awarded but not yet contracted orders of DKK 8.5 billion, future projects valued at DKK 3.3 billion, and joint ventures worth DKK 0.5 billion [7] Financial Performance - Revenue decreased by 4% to DKK 10.2 billion, below expectations of DKK 10-10.5 billion, primarily due to the completion of major projects and low revenue from new multi-year projects [7] - Operating profit (EBIT) fell by 12% to DKK 429 million, with stable earnings from ongoing projects, influenced by one-time profits from land sales in 2024 [7] - Profit after tax from continuing operations was DKK 313 million, down from DKK 357 million in 2024, while net profit increased by 42% to DKK 268 million due to reduced losses in discontinued operations [7] - Cash flows from operating activities improved significantly to an inflow of DKK 181 million, compared to DKK 25 million in 2024 [7] Outlook for 2026 - The Group anticipates revenue and operating profit in 2026 to be on par with 2025 results, as several large phased projects will only contribute significantly from 2027-28 [3] - The Board of Directors proposed a dividend of DKK 10 per share, representing 29% of the annual profit, reflecting strong performance and improved solvency [7] Strategic Focus - The company concluded its "Building on" strategy with solid organic growth and portfolio adjustments, aiming to continue building from 2026 to 2028 while capitalizing on market opportunities [4]

On expenses, Bonnell reported adjusted SG&A of $113 million and adjusted R&D of $21 million, with total adjusted operating expenses of $134 million, or 25% of revenue. He said operating expenses came in a half point below prior guidance, citing deferred spending and general cost controls. Restructuring, integration, and strategic transaction expenses were $20 million in the quarter, tied primarily to IT systems integration and manufacturing plant consolidation projects, where spending “peaked in Q4” as proj ...

Key Takeaways Alcoa's Alumina segment output rose 1% sequentially to 2.48M metric tons in Q4 2025.AA saw alumina shipments climb 5% sequentially, backed by strong Australian refinery performance.Alcoa projects 2026 alumina output of 9.7-9.9M tonnes and shipments of 11.8-12.0M tonnes.Alcoa Corporation (AA) is benefiting from persistent strength in its Alumina segment, supported by strong performances across its assets and favorable prices. The segment is benefiting from growth in output at the Australian ref ...

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with Q4 production of 247,000 ounces, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [6][8] - The company reduced net debt from approximately $1.4 billion in June 2025 to $75 million by the end of January 2026, exiting 2025 with over $400 million in cash [7][8] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4, a 29% increase over Q3, with expectations of 250,000-300,000 ounces in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [9][10] - Valentine achieved first gold production in September and commercial production in November, with expectations of contributing 150,000-200,000 ounces in 2026 [10][11] Market Data and Key Metrics Changes - The company sold over 242,000 ounces at a realized price of $4,060 per ounce in Q4, reflecting strong market conditions for gold [8] Company Strategy and Development Direction - Equinox Gold's strategy focuses on operational excellence, cost discipline, and high-return organic growth, with plans for disciplined capital allocation and shareholder returns through dividends and share buybacks [6][14] - The company aims to ramp up production at Greenstone and Valentine to nameplate capacity while investing in long-term value creation at other assets like Castle Mountain and Los Filos [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the gold price and the company's ability to generate consistent cash flow while maintaining a focus on cost control and disciplined capital allocation [8][14] - The company is optimistic about its organic growth potential, with 400,000-500,000 ounces of growth expected over the next five years [69] Other Important Information - The company announced its inaugural quarterly cash dividend of $0.015 per share and plans to initiate a share buyback of up to 5% of issued shares [7][8] - The sale of Brazilian assets has simplified the portfolio and accelerated deleveraging, with proceeds used to strengthen the balance sheet [25][27] Q&A Session Summary Question: Potential for Dividend Growth - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for growth as the development pipeline firms up [17][19] Question: Brazilian Asset Sale Situation - Management confirmed confidence in the legality of the Brazilian asset sale and stated that all contractual obligations were met, addressing concerns raised by a Brazilian regulator [25][27] Question: Development of Los Filos and Castle Mountain - Management is optimistic about both assets but emphasized the need for robust land access agreements and feasibility studies before making development decisions [31][33] Question: Greenstone Recovery Rate Decline - Management explained that the decline in recovery rates was anticipated due to higher grades associated with arsenic lockup, which is part of the deposit's metallurgy [44][45] Question: Greenstone Throughput Levels - Management confirmed guidance of 250,000-300,000 ounces for Greenstone in 2026, with ongoing improvements in throughput expected [54][56] Question: Costs in Nicaragua - Management clarified that cost increases in Nicaragua are primarily volume-driven due to higher strip ratios and not due to inflation [75][76]

Equinox Gold (NYSEAM:EQX) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Company ParticipantsAnita Soni - Managing Director of Equity ResearchDarren Hall - CEOFrancisco Costanzo - Associate Director of Equity ResearchJeremy Hui - Equity Research AssociateMohammed Sadidi - Equity Research AssociatePeter Hardie - CFORyan King - EVP of Capital MarketsConference Call ParticipantsJohn Tomazos - CEO and Senior AnalystOperatorThank you for standing by. This is the conference operator, and welcome to the Equin ...

Equinox Gold (NYSEAM:EQX) Q4 2025 Earnings call February 19, 2026 10:00 AM ET Speaker6Thank you for standing by. This is the conference operator, and welcome to the Equinox Gold fourth quarter and full year 2025 results and corporate update. As a reminder, all participants are in a listen-only mode, and the conference call is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then one on your telephone keypad. Should you nee ...

Americold Realty Trust (NYSE:COLD) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBrendan Lynch - DirectorMichael Carroll - Managing DirectorNick Joseph - Head of U.S. Real Estate and Lodging Research TeamRich Leland - VP of Finance, Investor Relations, and Corporate TreasurerRob Chambers - CEOSamir Khanal - Director of U.S. REITsScott Henderson - EVP, Chief Investment Officer, and Interim CFOVince Tibone - Managing Director and Head of U.S. Industrial and Mall ResearchConference Ca ...

Americold Realty Trust (NYSE:COLD) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsBrendan Lynch - DirectorMichael Carroll - Managing DirectorNick Joseph - Head of U.S. Real Estate and Lodging Research TeamRich Leland - VP of Finance, Investor Relations, and Corporate TreasurerRob Chambers - CEOSamir Khanal - Director of U.S. REITsScott Henderson - EVP, Chief Investment Officer, and Interim CFOVince Tibone - Managing Director and Head of U.S. Industrial and Mall ResearchConference Ca ...