Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance, with inventory buildup impacting higher production levels [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in over 41,000 tons of high-grade mineralized material mined in the fourth quarter, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [6][7] - The company began construction of Archimedes, the second underground mine, with underground development advancing ahead of expectations, reaching approximately 680 meters by year-end [11] - The Cove project has seen significant advances in geological understanding, with a feasibility study nearly complete, although additional work is required [14][15] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, including a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][27] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer, focusing on advancing its development plan and recapitalizing its balance sheet [2][3] - The refurbishment of the Lone Tree process plant is central to the company's hub and spoke strategy, designed to process material from its three underground mines [16][17] - The company plans to publish feasibility studies for its three high-grade underground projects and a pre-feasibility study for the Mineral Point project within the next 12-18 months [32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the Mineral Point project, emphasizing the importance of accelerating development [11][44] - The company is focused on moving its valuation closer to net asset value (NAV) as it continues to execute its development plan [32] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62, including an incident-free fourth quarter [4] - The company plans a $10 million exploration drill program in 2026 to test high-potential targets and further delineate resources [10] Q&A Session Summary Question: Can you elaborate on the $400 million+ CapEx for the Lone Tree autoclave project? - The autoclave vessel needs rebricking, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the total cost of $430 million [35][37] Question: Did you consider other engineering firms for the project? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: With the pre-development work at Mineral Point moved forward, does this allow for earlier value realization? - Accelerating development at Mineral Point is seen as beneficial, with the potential for increased resource and reserve base through the planned drilling program [43][44] Question: How should one model production and capture margin upside? - The sulfide toll milling charge is about $275-$280 per ton, which is significantly higher than internal processing costs, and detailed cost structures will be available after the tech report is completed [45][46]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [22][23] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [24] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in the fourth quarter [6][7] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for the quarter and 23,000 ounces for the full year [7] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [26][30] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [30] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer and has advanced its development plan, including the refurbishment of the Lone Tree process plant, which is central to its hub and spoke strategy [3][17] - The focus for 2026 includes advancing drilling, technical studies, and permitting across its portfolio of projects, with a $10 million exploration drill program planned for Granite Creek [10][11] - The company is targeting to accelerate the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the South Pacific Zone [9][10] - The company is entering a pivotal period to unlock shareholder value, with plans to publish feasibility studies for its high-grade underground projects and ramp up production [32] - Management highlighted the importance of the recapitalization plan in providing financial flexibility to advance development projects [30] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62 [4] - The upgraded pumping system and construction of a larger water treatment plant are expected to enhance operational efficiency [8] Q&A Session Summary Question: What are the changes required for the Lone Tree autoclave project costing over $400 million? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with installation of vessels for off gas and a new filtration system [37] Question: Did the company seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [38][39] Question: Will accelerating pre-development work at Mineral Point realize value sooner? - Accelerating development is beneficial, and the company is looking at options to advance permitting and development ahead of the original schedule [44]

Market Overview - Investor sentiment is negatively impacted by concerns over risky private loans and rising oil prices due to escalating tensions between the United States and Iran, leading to expected market volatility [1] - Amid these fears, low-beta stocks are recommended as potential investment options [1] Low-Beta Stocks - Cboe Global Markets, Inc. (CBOE) is experiencing growth in options trading, which is increasing fee revenue and profits, supported by strong financials and low debt [6][9] - AngloGold Ashanti is benefiting from strong cash flow generation, increasing margins, and a disciplined capital framework, with ongoing growth projects enhancing earnings durability [7][9] - SK Telecom is focusing on AI infrastructure and digital transformation, positioning itself to create long-term shareholder value [10][9] - Sasol Limited has an integrated business model with a strong emphasis on energy transition while maintaining competitive and sustainable returns [11]

Financial Data and Key Metrics Changes - In 2025, the company achieved consolidated gold output of just under 32,000 ounces, meeting production guidance despite inventory buildup at the end of the quarter [2][3] - Gold sales for the year increased to approximately 28,200 ounces, compared to 21,500 ounces in the prior year, with total revenue from gold sales rising to approximately $95 million from $50 million [21][22] - The company reported a net loss of just under $200 million or $0.10 per share, while adjusted loss was $123 million, compared to $111 million in the prior year [22][23] Business Line Data and Key Metrics Changes - At Granite Creek, mining activities ramped up, resulting in the mining of just over 41,000 tons of high-grade mineralized material in Q4, including approximately 15,000 tons of high-grade oxide material at a grade of 11.19 grams per ton gold [5][6] - The company mined approximately 142,000 tons of high-grade mineralized material for the year, with total gold production of 3,600 ounces for Q4 and 23,000 ounces for the full year [7][6] - The construction of Archimedes, the company's second underground mine, commenced, with underground development advancing ahead of expectations [11][12] Market Data and Key Metrics Changes - The company secured a financing package of up to $500 million, which includes a $250 million royalty commitment from Franco-Nevada and a gold prepayment facility with National Bank of Canada and Macquarie [25][26] - The recapitalization plan is expected to fully fund phase one and phase two of the development plan, increasing annual production to approximately 300,000-400,000 ounces of gold from less than 50,000 ounces currently [28][29] Company Strategy and Development Direction - The company aims to create a mid-tier gold producer by advancing its development plan and recapitalizing its balance sheet [2][3] - The refurbishment of the Lone Tree process plant is central to the company's hub and spoke strategy, designed to process material from its three underground mines [16][17] - The company plans to publish feasibility studies for its three high-grade underground projects and advance the refurbishment of the Lone Tree autoclave over the next 12-18 months [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operational improvements at Granite Creek and the potential for expansion at the Granite Creek Underground [9][10] - The company is focused on accelerating the development of the Mineral Point project, which is seen as the most valuable asset within the portfolio [41] - Management anticipates that the recapitalization will provide the necessary financial flexibility to advance drilling and technical work, ultimately leading to earlier development timelines [41] Other Important Information - The company achieved an improved safety performance target, finishing the year with a total recordable incident rate (TRIR) of 0.62, including an incident-free fourth quarter [4] - The company plans a $10 million exploration drill program in 2026 to test high-potential targets and further delineate resources [10] Q&A Session Summary Question: Can you elaborate on the $400 million+ CapEx for the Lone Tree autoclave project? - The autoclave vessel needs to be rebricked, and the CIL circuit tanks need replacement, along with upgrades to the filtration system and instrumentation, leading to the high cost [34] Question: Did you seek alternative proposals for the engineering work? - The project has been worked on for approximately four years, and Hatch, which built the facility in the 1990s, was chosen for its expertise [36][37] Question: Will accelerating pre-development work at Mineral Point allow for earlier value realization? - Yes, the financial flexibility gained from the recapitalization allows for advancing drilling and technical work, targeting earlier development than originally planned [41]

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 [22] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [22] - Consolidated all-in sustaining costs (AISC) on a byproduct basis in Q4 were $1,646 per ounce, while full year AISC was $1,614 per ounce, outperforming guidance [23][24] - Cash balance at the end of 2025 was $529 million, with total liquidity reaching $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][14] - Öksüt produced over 26,500 ounces of gold in Q4 2025, with full year production exceeding guidance at over 127,700 ounces [15][16] - AISC for Mount Milligan in Q4 was $913 per ounce, significantly lower than the previous quarter [15] - 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] - The molybdenum business unit had a free cash flow deficit of $61 million in Q4, mainly due to spending on the Thompson Creek restart [24] Company Strategy and Development Direction - The company is focused on a self-funded growth strategy, with projects like the Mount Milligan PFS extending mine life to 2045 and the Goldfield Project in Nevada [5][6] - The Kemess project is expected to have an average annual production of 171,000 ounces of gold and 61 million pounds of copper at an AISC of $971 per ounce [7][8] - The company aims to maintain a disciplined approach to capital allocation while advancing its growth project pipeline [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in generating strong cash flow in 2026, allowing for continued investment in growth projects while returning capital to shareholders [5][30] - The company is focused on maintaining operational performance and cost discipline, particularly at Mount Milligan and Öksüt [51][52] Other Important Information - The company received all required permits for Mount Milligan's operations through 2035, including a 10% increase in plant throughput starting in 2028 [11][12] - Operations at the Langeloth facility were suspended following 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 would 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 being slightly higher than in previous years [35][36] Question: PFS and resource updates - The purpose of the PFS is to tighten assumptions and advance engineering, with potential for future resource expansion through additional drilling [41][42] Question: CapEx increase at Thompson Creek - Management explained that the increase was due to various factors, including inflation and maintenance, and that the range provided accounts for variability [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: Future of the Endako mill - Management stated that the current strategy is to focus on the Thompson Creek mine before considering the Endako mill, which has substantial resources [58][59]

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 [22] - Full year 2025 adjusted net earnings were $229 million, or $1.12 per share [22] - Consolidated all-in sustaining costs (AISC) on a byproduct basis in Q4 were $1,646 per ounce, while full year AISC was $1,614 per ounce, outperforming guidance [23][24] - Cash balance at the end of 2025 was $529 million, with total liquidity reaching $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][14] - 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 [15] - 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 amounted to 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 opportunities [5][11] - The Kemess project has a robust economic profile with an after-tax NPV of $1.1 billion and an IRR of 16% [8] - The company aims to maintain a disciplined approach to capital allocation while returning capital to shareholders [30] 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][26] - The company is committed to protecting and expanding margins through disciplined cost management [27] - Management highlighted the importance of ongoing exploration and technical work to enhance the growth pipeline [11][28] Other Important Information - The company received all required permits for Mount Milligan operations through 2035, including a 10% increase in plant throughput starting in 2028 [12] - Operations at the Langeloth facility were suspended following 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 being slightly higher than previous years [35][37] Question: Kemess PFS and resource updates - Management stated that the PFS aims to tighten assumptions and advance engineering, with potential for resource expansion through further drilling [41][42] Question: CapEx increase at Thompson Creek - Management explained that the CapEx increase is due to various factors, including inflation and maintenance, and that it is difficult to fix the number precisely [46][48] Question: Cost discipline and performance - Management attributed strong cost performance to site-wide optimization programs and the benefits from byproduct copper prices [50][52] Question: Endako mill value - Management confirmed that the current strategy is to focus on Thompson Creek before considering any actions regarding the Endako mill [58][60]

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]

Market Overview - Wall Street began 2026 positively after a significant bull run over the past three years, but U.S. stock markets experienced fluctuations in February due to concerns regarding artificial intelligence (AI) trade [1] - Investors are moving away from tech stocks amid growing worries about the downsides of AI stocks, leading to a continued selloff as fears increase about the potential of AI stocks compared to the substantial investments in the sector [1] Investment Strategy - It is advisable to invest in high dividend-paying corporate giants, which typically possess strong financial positions, robust business models, and globally recognized brand value, providing a steady income stream during market fluctuations [2] Stock Recommendations - Five stocks with a top Zacks Rank are identified as strong investment opportunities: - AngloGold Ashanti plc (AU) - Ford Motor Co. (F) - The Hershey Co. (HSY) - Rio Tinto Group (RIO) - BHP Group Ltd. (BHP) - Each of these stocks currently holds a Zacks Rank 1 (Strong Buy) [3] Company Profiles AngloGold Ashanti plc (AU) - Operates as a gold mining company with a focus on Africa, Australia, and the Americas, primarily exploring for gold and producing silver and sulphuric acid as by-products [6] - Expected revenue and earnings growth rates for the current year are 22.5% and 52.9%, respectively, with a 10% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [7] - Current dividend yield stands at 3.36% [7] Ford Motor Co. (F) - Generated $187 billion in revenues in 2025, marking its fifth consecutive year of revenue growth, with the Ford Pro unit being a key growth driver [8][9] - Expected revenue and earnings growth rates for the current year are 0.3% and 39.5%, respectively, with a 3.4% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [11] - Current dividend yield is 4.33% [11] The Hershey Co. (HSY) - Focused on innovation, supply-chain agility, and commercial execution, expanding its presence in the snacking category [12] - Expected revenue and earnings growth rates for the current year are 4.4% and 27.1%, respectively, with a 15.9% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [14] - Current dividend yield is 2.62% [14] Rio Tinto Group (RIO) - An international mining company with interests in various minerals, including aluminum, copper, and iron ore, with operations in multiple countries [15] - Expected revenue and earnings growth rates for the current year are 10% and 19%, respectively, with a 9% improvement in the Zacks Consensus Estimate for earnings over the last 30 days [16] - Current dividend yield is 2.98% [16] BHP Group Ltd. (BHP) - Experienced a 1% dip in iron ore output, while copper production increased by 4% in the first quarter of fiscal 2026, projecting iron ore production of 258-269 million tons for fiscal 2026 [17][9] - Expected revenue and earnings growth rates for the current year are -4.1% and 29.1%, respectively, with a 0.4% improvement in the Zacks Consensus Estimate for earnings over the last seven days [19] - Current dividend yield is 3.18% [19]

Core Viewpoint - Barrick Mining Corporation and Kinross Gold Corporation are significant players in the gold mining industry, with favorable gold prices despite recent declines, making them relevant for investors seeking exposure to precious metals [1][2][3] Gold Price Environment - Geopolitical tensions, including unrest in Iran and a weaker U.S. dollar, contributed to gold prices reaching nearly $5,600 per ounce in January 2026, although they have since retreated to around $5,000 per ounce [2] - Sustained central bank purchases and expectations of interest rate cuts are likely to support gold prices amid ongoing geopolitical uncertainties [3] Barrick Mining Corporation - Barrick is advancing key growth projects, including Goldrush, Pueblo Viejo expansion, Fourmile, Lumwana Super Pit, and Reko Diq, which are expected to significantly enhance production [4][5] - The Goldrush mine aims for 400,000 ounces of annual production by 2028, while the Reko Diq project is projected to produce 460,000 tons of copper and 520,000 ounces of gold annually [5] - Barrick's Lumwana Super Pit expansion is expected to produce 240,000 tons of copper annually, transforming it into a Tier One copper mine [6] - The company reported cash and cash equivalents of approximately $6.7 billion at the end of Q4 2025, with operating cash flows of about $2.7 billion, up 13% year over year [7] - Barrick returned $2.4 billion to shareholders in 2025 through dividends and share repurchases, increasing its dividend to 42 cents per share for Q4 2025, a 140% increase from Q3 [8] - However, Barrick faces challenges with rising costs, with AISC increasing to $1,637 in 2025, up 10% year over year [11][12] Kinross Gold Corporation - Kinross has a strong production profile and is advancing several key development projects, including Round Mountain Phase X, Bald Mountain Redbird 2, and Kettle River-Curlew, expected to enhance production and cash flow [14][15] - These projects are projected to contribute 3 million ounces of life-of-mine production with a combined IRR of 59% and a post-tax NPV of $4.3 billion [16] - Kinross reported strong liquidity of $3.5 billion and generated record free cash flow of approximately $2.5 billion in 2025, returning $752.4 million to shareholders [18] - The company repaid $700 million of debt in 2025 and has $1.7 billion in available credit, positioning it well for growth [19] - Kinross increased its quarterly dividend by 14% to 16 cents per share, targeting a return of 40% of free cash flow through buybacks and dividends in 2026 [20] - Kinross also faces higher production costs, with AISC reaching $1,825 per ounce in Q4 2025, a 21% increase year over year [21] Stock Performance and Valuation - Barrick's stock has increased by 157.7% over the past year, while Kinross's stock has risen by 189.8%, outperforming the Zacks Mining - Gold industry's increase of 135.9% [22] - Barrick is trading at a forward earnings multiple of 13.12, representing a 6% discount compared to the industry average [25] - Kinross is trading at a forward earnings multiple of 13.46, slightly below the industry average [23] Earnings Estimates - The Zacks Consensus Estimate for Barrick's 2026 sales and EPS implies a year-over-year rise of 14.6% and 48.8%, respectively [27] - Kinross's 2026 sales and EPS estimates imply growth of 9.2% and 40.2%, respectively [28] Investment Consideration - Both Barrick and Kinross are well-positioned to benefit from favorable gold prices, with strong development pipelines and financial health [31] - Barrick may have an edge due to its attractive valuation and higher growth projections, making it a more favorable option for investors seeking exposure to the gold sector [31]

AngloGold Ashanti (NYSE:AU) Q4 2025 Earnings call February 20, 2026 08:00 AM ET Company ParticipantsAdrian Hammond - Executive DirectorAlberto Calderon - CEOGillian Doran - CFOJosh Wolfson - Managing DirectorMarcelo Godoy - Chief Technology OfficerPatrick Jones - Executive DirectorStewart Bailey - SVP of Investor RelationsTerry Briggs - Chief Development OfficerConference Call ParticipantsJoseph Rieger - AnalystRené Hochreiter - Equity Research AnalystTanya Jakusconek - Equity AnalystOperatorGood afternoon, ...