Financial Data and Key Metrics Changes - Record full-year silver and gold production increased by 57% and 23% year-over-year, respectively, with full-year record EBITDA rising 200% to over $1 billion and free cash flow increasing to $666 million from -$9 million in 2024 [3][4] - Year-end cash increased more than 10 times to $554 million, and net income rose tenfold to a record $586 million [3][4] Business Line Data and Key Metrics Changes - The three U.S. operations accounted for nearly 60% of 2025 revenue, with silver representing about 35% of total revenue [4] - Las Chispas generated $286 million of free cash flow in only 10.5 months of contribution, while Rochester's silver and gold production increased by 40% and 54% year-over-year, respectively [4][12] Market Data and Key Metrics Changes - Quarterly realized gold and silver prices increased by 21% and 40%, respectively, and are expected to strengthen further in 2026 [25] - The company anticipates silver to contribute approximately 42% of total 2026 revenue based on current prices and guidance [7] Company Strategy and Development Direction - The company is focused on integrating New Gold's operations to enhance its geographic footprint and reduce cost profiles, aiming for a combined EBITDA of approximately $3 billion and free cash flow of $2 billion on a full-year run rate basis [8][9] - A record amount of capital is allocated to exploration investments in 2026, with a 47% increase compared to 2025 levels [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position, stating it is poised for another record year in 2026, driven by a full year of production at Las Chispas and improved performance at Rochester [7][28] - The company plans to continue advancing the Silvertip project and is optimistic about the potential for adding to its silver profile [29] Other Important Information - The company shifted its reporting to metric units to align better with peers, and prior period figures have been recast for comparability [2] - The company achieved its goal of being net cash positive, with total debt declining by $250 million, or 42% year-over-year [25][26] Q&A Session Summary Question: Reserve grades at Las Chispas - Management indicated that the grade profile reflects a more conservative modeling approach, with expectations for normalization of grades going forward [34][35][38] Question: Exploration results and maiden resources at East Palmarejo - All reported ounces are outside the Franco-Nevada Gold Stream area, with ongoing exploration expected to yield additional resources [41][42] Question: Cash tax guidance breakdown - Approximately 80% of cash taxes are expected to be paid in Mexico, with some cash tax obligations in the U.S. due to limitations on tax shelters [49][50] Question: Capital returns preference - The company is considering both dividends and buybacks, with a slight preference for buybacks due to the flexibility they provide [54][55] Question: Exploration investment in New Gold assets - Management is looking to allocate additional capital to exploration at Rainy River post-integration, with a focus on regional opportunities [58][59]