Financial Data and Key Metrics Changes - The company reported a strong second quarter with production of 513,000 ounces at a cost of sales of $10.74 per ounce, resulting in record operating margins and free cash flow of almost $650 million for the quarter [4][5][12] - Adjusted earnings were $0.44 per share, with adjusted operating cash flow of $844 million, and attributable free cash flow reached a record $647 million [13][14] - The company ended the quarter with over $1.1 billion in cash and approximately $2.8 billion in total liquidity, improving its net debt position to around $100 million [14] Business Line Data and Key Metrics Changes - Paracatu produced 149,000 ounces, increasing quarter over quarter due to higher throughput and strong mill recoveries, maintaining a cost of sales of $958 per ounce [18] - Tasiast achieved budgeted production of 119,000 ounces at a cost of sales of $843 per ounce, with pre-stripping of the Fenics satellites pit commencing [19] - La Coipa produced 54,000 ounces at a cost of sales of $13.97 per ounce, with production expected to improve in the second half as mining transitions to higher grades [20] Market Data and Key Metrics Changes - The average realized gold price was $3,285 per ounce, contributing to record margins of just over $2,200 per ounce [12] - U.S. operations collectively delivered production of 190,000 ounces at a cost of sales of $12.29 per ounce, with expectations to meet guidance of 685,000 ounces at a cost of sales of $14.20 per ounce [20] Company Strategy and Development Direction - The company is focused on maintaining financial discipline and prioritizing margins to drive strong cash flow, supporting ongoing capital returns and strengthening the balance sheet [10][11] - There is a commitment to responsible mining and sustainability, with progress in water management initiatives and a comprehensive sustainability report published [9][10] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with expectations to produce 2 million ounces at a cost of sales of $11.20 per ounce [15] - The company is exploring value-generating investment opportunities across its portfolio, capitalizing on its significant resource base and positive drill results [8][32] Other Important Information - The company repurchased and canceled approximately $170 million in shares during the quarter, with a total of $225 million repurchased to date [14] - Guidance for the second half includes expected increases in operating costs due to planned mine sequencing and inflation [15][72] Q&A Session Summary Question: Can you provide insights on Bald Mountain's performance in the second half? - Management indicated that production at Bald Mountain is expected to be slightly lower in the second half due to the completion of high-grade areas [36] Question: What are the expectations for U.S. operations in the second half? - Management expects continued strong performance from U.S. operations, although slightly lower production is anticipated at Fort Knox [38] Question: Can you elaborate on the resource and grade expectations for the Pier N layback? - The resource at Pier N is over 5 million ounces with an average grade around 2 grams per tonne, with a similar strip ratio expected [43][44] Question: How is the company planning to manage its debt? - The company plans to repay its $500 million notes due in 2027 and is comfortable holding the debt given its attractive rates [46] Question: What are the key properties showing exploration results for reserve replacement? - Key areas include Kerloo and Phase X, which are expected to contribute to production in the late 2020s [61]