Core Viewpoint - Roth Capital upgraded AngloGold Ashanti's stock to "Buy" and raised the price target from $92 to $122, reflecting confidence in the company's future performance [2][5] Financial Performance - AngloGold Ashanti reported a record free cash flow of $2.9 billion in 2025, driven by strong production growth and disciplined cost management [2][5] - The company declared an interim dividend of $875 million for Q4 2025, bringing the total dividend payout for the year to a record $1.8 billion, demonstrating commitment to returning value to shareholders [3][5] Stock Performance - The stock is currently priced at $114.24, with a market capitalization of approximately $57.68 billion, indicating strong investor interest [4] - The stock has fluctuated between a low of $106.92 and a high of $114.65 on the current day, and over the past year, it reached a high of $115.81 and a low of $28.45 [4]

Newmont Corporation (NYSE: NEM) is the world's largest gold mining company. With the price of gold surging in recent months, you'd expect Newmont to deliver blowout numbers. That's exactly what's happened. Newmont's fourth-quarter and full-year 2025 numbers, released on Feb. 19 after market close, have crushed estimates. Why is the gold stock then falling today, losing 5.4% at its lowest point in trading through 2 p.m. ET Friday? Where to invest $1,000 right now? Our analyst team just revealed what they be ...

Core Viewpoint - U.S. equity markets are experiencing a volatile but upward trend, primarily driven by a Supreme Court ruling that struck down President Trump's global tariffs, leading to a relief rally in trade-sensitive sectors [1] Market Performance and Sector Trends - Major market indexes are showing gains, with the S&P 500 up 0.72% to 6,911 points, the Nasdaq Composite up 0.86% near 22,700, and the Dow Jones Industrial Average adding approximately 112 points, or 0.23%, around 49,500 [2] - The Technology Select Sector SPDR (XLK) and Energy Select Sector SPDR (XLE) are standout performers, rising 1.0% and 1.9% respectively, while the Retail sector saw a boost with the State Street SPDR S&P Retail ETF (XRT) surging nearly 2% [3] Economic Data - Q4 GDP grew at an annualized rate of 1.4%, significantly below the consensus estimate of 2.5%, attributed to a government shutdown and cooling domestic employment [4] - The core Personal Consumption Expenditures (PCE) price index remains steady at 3% annually, presenting a challenge for the Federal Reserve amid slower growth and persistent inflation [5] Corporate News and Stock Movements - Alphabet (GOOGL) shares jumped nearly 4% due to eased tariff-related inflationary fears, while Amazon (AMZN) rose 2% on expectations of lower logistics costs [6] - Nvidia (NVDA) is preparing for a significant earnings release, trading slightly lower as it finalizes a $30 billion investment in OpenAI, while Rackspace (RXT) surged over 50% due to a new AI partnership [7] - Akamai Technologies (AKAM) fell 9.3% after a weaker-than-expected earnings outlook, and Newmont (NEM) dropped 4% following lower production guidance and a legal dispute with Barrick Gold (GOLD) [8] Upcoming Market Events - The market will focus on Nvidia's fiscal fourth-quarter earnings report expected on February 25, with analysts predicting a 71% rise in earnings per share [9] - Investors will also monitor consumer confidence data and home price indices for insights into U.S. consumer health, alongside geopolitical tensions in the Middle East affecting market volatility [10]

Core Insights - Allied Gold Corporation (AAUC) achieved a record gold output in Q4 2025, producing 117,004 ounces, leading to a total production of 379,081 ounces for the year, exceeding its guidance of 375,000 ounces [1][7] - The increase in production was attributed to higher ore grades and increased ore mined at operating mines [1] - For 2026, AAUC anticipates gold production between 385,000 and 425,000 ounces, with the Kurmuk Project expected to contribute an additional 100,000 to 150,000 ounces, raising total guidance for 2026 to 485,000 to 575,000 ounces [3][7] Production Details - Q4 2025 gold production was 34% higher than the average of the first three quarters of the year [2] - Specific contributions included 57,191 ounces from Sadiola mines, 33,279 ounces from Bonikro mine, and 26,534 ounces from Agbaou, all benefiting from improved ore quality [2] Peer Comparison - Barrick Mining Corporation produced 3.26 million ounces of gold in 2025, with total revenues of approximately $16.9 billion [4] - Agnico Eagle Mines Limited's payable gold production was 3,447,367 ounces, with production costs per ounce at $965 and all-in sustaining costs at $1,339 [5] Valuation and Performance - AAUC shares increased by 92.5% over the past three months, outperforming the industry growth of 39.1% [6] - The company is currently trading at a forward price-to-earnings ratio of 4.58X, significantly below the industry average of 14.3X [9] - The Zacks Consensus Estimate for AAUC's 2026 earnings has risen by 5.8% in the last 60 days [10]

This performance was supported by another strong year at the Lamaque Complex, steady contributions from Kisladag and Efemcukuru, and a solid finish at the Olympias mine, bringing it back on track. Solid operating execution combined with a favorable gold price environment drove strong financial results, including $1,800,000,000 in revenue, $743,000,000 in operating cash flow, and $316,000,000 in free cash flow excluding Skouries investment. In Greece, we are reaching a key inflection point. The first product ...

Core Viewpoint - Centerra Gold Inc. (CGAU) is currently viewed as a more attractive investment option compared to Agnico Eagle Mines (AEM) for those seeking undervalued stocks in the Mining - Gold sector [1]. Valuation Metrics - CGAU has a forward P/E ratio of 11.69, significantly lower than AEM's forward P/E of 17.68, indicating that CGAU may be undervalued [5]. - The PEG ratio for CGAU is 0.44, while AEM's PEG ratio is 0.52, suggesting that CGAU offers better value relative to its expected earnings growth [5]. - CGAU's P/B ratio stands at 1.97, compared to AEM's P/B of 4.54, further supporting the notion that CGAU is undervalued [6]. Earnings Outlook - CGAU has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings estimate revision trend, while AEM holds a Zacks Rank of 3 (Hold), suggesting a less favorable earnings outlook [3]. - The solid earnings outlook for CGAU, combined with its favorable valuation metrics, positions it as the superior value option in the current market [7].

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved net earnings attributable to shareholders of $252 million, or $1.26 per share, with full-year net earnings totaling $520 million, or $2.56 per share, reflecting an increase compared to the prior year [13][14][17] - Revenue for 2025 reached $1.8 billion, supported by higher average realized gold prices, despite lower production volumes compared to 2024 [17] - Free cash flow for the full year was negative $233 million, but positive $316 million when excluding capital investment in the Skouries project [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with Q4 production at 123,416 ounces at an all-in sustaining cost of $1,894 per ounce sold [7][9] - The Olympias mine produced 18,476.73 ounces in Q4, while Klada and Efemçukuru produced 41,140 ounces and 14,496 ounces respectively, with varying all-in sustaining costs [25][26] - The Lamaque Complex delivered 49,307 ounces at an all-in sustaining cost of $1,392 per ounce sold [27] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow, with production costs increasing due to higher royalties and labor cost inflation [8][17] - The Turkish operations remain a stable cash-generating foundation for the company, despite local inflation impacting costs [8][17] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio, focusing on per-share value creation and sustainable free cash flow growth [6][36] - The company aims to advance its growth pipeline while maintaining flexibility to return capital to shareholders, including a newly initiated quarterly dividend program [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the delivery of the Skouries project, despite delays, emphasizing its long-term potential to generate meaningful cash flow [11][12] - The company anticipates a significant increase in production in 2027, supported by the addition of Skouries and a solid base of lower-cost operations [28][29] Other Important Information - The company reported a strong balance sheet with total liquidity of approximately $976 million at year-end, positioning it well for growth initiatives and capital returns [20] - The first production from Skouries is now expected in early Q3 2026, with commercial production anticipated in Q4 [10][11] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping, but they expect to open up new ore sources that could positively impact 2027 production [39][41] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors regarding the acquisition, highlighting the benefits of combining high-quality assets and the potential for accelerated investment [48] Question: Tailings management and weather impact - Management confirmed that the delay provides breathing room for tailings management and that heavy rains have not caused significant construction delays [54][56]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, operating cash flow of $743 million, and free cash flow of $316 million, excluding Skouries investment [8][13] - Net earnings attributable to shareholders for Q4 were $252 million, or $1.26 per share, while for the full year, net earnings totaled $520 million, or $2.56 per share, reflecting an increase compared to prior periods [13][14] - Free cash flow for Q4 was negative $55 million, or positive $109 million when excluding capital investment in Skouries, while for the full year, it was negative $233 million, or positive $316 million when excluding Skouries [16][17] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with a strong performance from the Lamaque Complex and contributions from Klada and Efemçukuru [7][8] - In Q4, the company produced 123,416 gold ounces at an all-in sustaining cost of $1,894 per ounce sold [9][18] - Olympias produced 18,476.73 ounces in Q4, with all-in sustaining costs of $1,676 per ounce sold [25] Market Data and Key Metrics Changes - The company noted a favorable gold price environment contributing positively to operating cash flow [8][13] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [17][18] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [6][35] - The company aims to advance a disciplined exploration program and has initiated a quarterly dividend program to return capital to shareholders [5][10] - Skouries is projected to be a transformational asset, expected to generate meaningful cash flow and reset the company's production profile [28][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first production now expected in early Q3 2026 [10][12] - The company anticipates a significant increase in production in 2027, supported by a solid base of lower-cost operations [28][29] - Management highlighted the importance of maintaining a strong balance sheet to support growth initiatives and return capital to shareholders [20][35] Other Important Information - The company reported a lost time injury frequency rate of 0.55 in Q4, an improvement from 1.02 in Q4 2024, indicating a focus on workplace safety [9] - Total liquidity at year-end was approximately $976 million, providing flexibility for growth initiatives and capital returns [20] Q&A Session Summary Question: Regarding Klada's 2026 guidance being lower than before - Management acknowledged the impact of lower grades and higher stripping but indicated potential for new ore sources in the future [37][39] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the benefits of the acquisition for both companies [45] Question: Impact of delays on Skouries and tailings management - Management confirmed that the delay provides additional time to finalize equipment and improve ramp-up conditions, with a significant stockpile ready for processing [51][55]

Financial Data and Key Metrics Changes - In 2025, the company achieved revenue of $1.8 billion, with net earnings attributable to shareholders of $520 million, or $2.56 per share, reflecting an increase from the previous year [11][12] - Operating cash flow for the year was $743 million, while free cash flow was $316 million when excluding Skouries investment [6][13] - Total cash costs for the fourth quarter were $1,295 per ounce sold, and all-in sustaining costs (AISC) were $1,894 per ounce sold [16] Business Line Data and Key Metrics Changes - Gold production for 2025 was 488,268 ounces, with significant contributions from the Lamaque Complex and steady performance from Klada and Efemçukuru [5][6] - The Olympias mine showed a solid finish, contributing to the overall production figures [5] - Fourth quarter production at Olympias was 18,476.73 ounces, with AISC at $1,676 per ounce sold [24] Market Data and Key Metrics Changes - The company noted a favorable gold price environment that positively impacted operating cash flow [6] - Royalty expenses increased significantly, totaling $124 million in 2025, up from just over $79 million in 2024, primarily due to regulatory changes in Türkiye [15] Company Strategy and Development Direction - The acquisition of Foran Mining is expected to enhance the company's long-term growth pipeline and diversify its portfolio [5] - The company is focused on a clear value creation strategy, including launching a quarterly dividend and advancing a disciplined exploration program [4] - Skouries is anticipated to be a transformational asset, with first production expected in early Q3 2026 and commercial production in Q4 [8][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of Skouries, despite a delay in first concentrate production [10][20] - The company is well-positioned to advance its growth pipeline while maintaining flexibility to return capital to shareholders [8][18] - Management highlighted the importance of safety and operational excellence in achieving production goals [34] Other Important Information - The company repurchased approximately $204 million of shares during 2025 and initiated a quarterly dividend program starting in Q1 2026 [8][18] - The balance sheet remains strong, with total liquidity of approximately $976 million at year-end [18] Q&A Session Summary Question: Klada's 2026 guidance and its impact on 2027 - Management acknowledged that the 2026 guidance is lower due to lower grades and higher stripping but expects to open up new ore sources in the western area [39][40] Question: Reception of the Foran Mining acquisition - Management reported positive feedback from investors, emphasizing the compelling benefits of the acquisition for both companies [44][45] Question: Delay impacts on Skouries and tailings management - Management confirmed that the delay provides breathing room for tailings management and allows for better preparation of equipment before first concentrate [52][54]

Q4 AND YEAR END 2025 RESULTS CONFERENCE CALL February 20, 2026 Skouries Forward Looking Statement Definitions and Photos: Capitalized terms used in this presentation but not otherwise defined herein have the meanings ascribed thereto in the Management's Discussion and Analysis dated February 19, 2026 of Eldorado Gold Corporation for the three and twelve months ended December 31, 2025 (the "MD&A"). Photos shown within the presentation were taken as recently as February 14, 2026. Reporting Currency All amount ...