Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.8 billion, a 34% increase from 2024, and record free cash flow of over $350 million [4][10] - The average realized price for gold sold in 2025 was $3,372 per ounce, with total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce, which were above annual guidance [10][12] - Operating cash flow before changes in non-cash working capital increased 27% to a record $924 million for the full year [11] Business Line Data and Key Metrics Changes - Production from the Island Gold District totaled 250,400 ounces in 2025, a 33% increase year-over-year, but slightly below the low end of revised annual guidance [15] - Young-Davidson produced 153,400 ounces for the full year, below revised guidance due to lower mining rates and grades [23] - The Mulatos District produced 141,600 ounces, in line with annual guidance, generating record quarterly mine site free cash flow of $92 million [24] Market Data and Key Metrics Changes - The company expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson [5] - The Island Gold District is projected to average 534,000 ounces per year post-expansion at a cost of $1,025 per ounce, significantly lower than 2025 costs [21] Company Strategy and Development Direction - The company aims to nearly double annual production to over 1 million ounces by the end of the decade, with a focus on internal funding for growth [5][9] - A 60% increase in dividends was announced, reflecting strong free cash flow and a commitment to returning value to shareholders [7][13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in operational improvements and production growth, anticipating a significant increase in free cash flow [14][18] - The company highlighted the successful exploration program, contributing to a 32% increase in mineral reserves to 16 million ounces [26] Other Important Information - The company has eliminated half of the legacy hedges inherited from Argonaut Gold, increasing exposure to rising gold prices [13][14] - The exploration budget for 2026 has been increased to nearly $100 million, reflecting the company's commitment to growth [27] Q&A Session Summary Question: Exploration targets and mineralization styles - The exploration team is focusing on higher-grade mineralization in different lithologies, including conglomerates and syenite dikes, with potential for higher grades in the hanging wall [33][36] Question: Key deliverables for PDA project in 2026 - Key components include establishing portal entrances and preparing for commissioning of the mill complex, with construction tracking on schedule for mid-2027 [39][41] Question: Market reward for increased dividend - Management believes there is room for further dividend growth and emphasizes a balanced approach between dividends and share buybacks [42][44]

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 ...

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share for the year 2025, driven by elevated precious metals prices [3][4] - The company ended 2025 with $142.1 million in cash and was completely debt-free, having paid off its credit facility in Q3 [4][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [4][5] Business Line Data and Key Metrics Changes - OR Royalties earned 80,775 gold equivalent ounces (GEOs) in 2025, with 95% of GEOs coming from precious metals, including 65% from gold and 31% from silver [3][9] - The company had 22 producing assets at the end of 2025, with a significant portion of contributions from Tier One mining jurisdictions [9][12] Market Data and Key Metrics Changes - The company expects GEOs earned in 2026 to range between 80,000 and 90,000, with an average cash margin of approximately 97% [24][25] - The 2026 guidance reflects a consensus commodity price ratio of 73-to-1 for gold to silver, with current spot ratios around 64-to-1 [26] Company Strategy and Development Direction - The company emphasized a disciplined approach to capital allocation, prioritizing value over volume in acquisitions, with only $25 million spent on royalty and stream acquisitions in 2025 [6][7] - OR Royalties is targeting assets that contribute to a projected 50% growth trajectory through to 2030, focusing on accretive value creation [34][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current operating environment, highlighting the strategic advantage of being debt-free and having a strong cash position [4][33] - The company anticipates significant growth in GEOs from various assets, including Canadian Malartic, Island Gold, Dalgaranga, San Gabriel, and Namdini, particularly in 2027 [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to ramp up production and contribute meaningfully to GEOs from 2028 onwards [12][14] - The acquisition of the Gold Fields royalty portfolio is expected to strengthen the company's long-term pipeline and provide immediate cash flow [34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus pricing ratio of 73-to-1 for gold to silver, with potential upside if silver prices stabilize [40][41] Question: Mine ramp-ups and production profile - Management indicated no significant new ramp-ups beyond disclosed assets, with Mantos Blancos being the largest contributor to silver deliveries [42][43] Question: Opportunities for further acquisitions - Management confirmed ongoing exploration of acquisition opportunities, including familiar assets and new portfolios, while maintaining a focus on geography [44][45] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel, with potential additional GEOs from various assets [54] Question: Mantos performance expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [58]

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million in 2025, with record operating cash flow of $246 million and earnings of $1.10 per share, reflecting a cash margin of nearly 97% [4][5][8] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][33] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - In 2025, OR Royalties earned 80,775 gold equivalent ounces (GEOs), with 95% of these coming from precious metals, primarily gold (65%) and silver (31%) [4][9] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties coming from Tier One mining jurisdictions, including Canada, the U.S., and Australia [9][10] Market Data and Key Metrics Changes - The company noted that 2025 was characterized by elevated precious metals prices, which significantly influenced revenue and earnings [4][8] - The breakdown of GEOs earned indicated a strong reliance on precious metals, with expectations for continued stability in production from key assets like Mantos Blancos and Canadian Malartic [9][10][19] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025, while prioritizing value over volume [7][34] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting a strong cash position and the potential for growth through new acquisitions and existing asset ramp-ups [6][34] - The company expects marginal growth in GEOs for 2026, with significant increases anticipated in 2027 due to contributions from several key assets [25][26] Other Important Information - The company recently acquired a 1.5% NSR royalty at Buenaventura's San Gabriel Mine, which is expected to contribute significantly to GEOs from 2028 onwards [12][15] - The acquisition of the Gold Fields royalty portfolio is seen as a strategic move to enhance cash flow and long-term growth potential [14][34] Q&A Session Summary Question: Guidance for year-over-year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver ratios, with potential upside if silver prices remain stable [39][40] Question: Mine ramp-ups and production profile - Management indicated that there are no significant new ramp-ups beyond what has been disclosed, with Mantos Blancos being a key contributor to silver deliveries [41][42] Question: M&A opportunities and asset acquisitions - Management confirmed that there are significant opportunities for acquiring familiar assets and new portfolios, with a focus on maintaining a strong geographical presence in Canada, the U.S., and Australia [43][44] Question: Expected GEOs from specific assets in 2030 - Management stated that the 2030 guidance includes minimum payments from Cascabel and anticipates an aggregate upside of 20,000-30,000 GEOs from various assets [51][52] Question: Mantos production expectations - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [55][57]

Financial Data and Key Metrics Changes - In 2025, the company achieved record revenue of $1.8 billion, a 34% increase from 2024, and record free cash flow of over $350 million [4][11] - The average realized price for gold sold in Q4 was $3,998 per ounce, with total cash costs of $1,077 per ounce and all-in sustaining costs of $1,524 per ounce, which were above annual guidance [11][12] - Operating cash flow before changes in non-cash working capital increased 27% to a record $924 million for the full year [12][14] - The company returned $81 million to shareholders in 2025, doubling the amount returned in 2024 [14] Business Line Data and Key Metrics Changes - Production from the Island Gold District totaled 250,400 ounces in 2025, a 33% increase year-over-year, but slightly below the low end of revised annual guidance [16] - Young-Davidson produced 153,400 ounces for the full year, below revised guidance due to lower mining rates and grades [24] - The Mulatos District produced 141,600 ounces, in line with revised annual guidance [26] Market Data and Key Metrics Changes - The company expects a 12% increase in production for 2026, driven by ramp-up at Island Gold and Young-Davidson [5] - The three-year guidance indicates a 46% increase in production by 2028 at approximately 20% lower all-in sustaining costs [6][9] Company Strategy and Development Direction - The company plans to nearly double annual production to over 1 million ounces by the end of the decade, with a focus on internal funding for growth [5][10] - The expansion of the Island Gold District is expected to create one of the largest and most profitable gold operations in Canada, with an after-tax NPV of $12 billion at a gold price of $4,500 per ounce [9][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a meaningful improvement in operational performance in 2026, driven by increased mining rates and lower costs [5][10] - The company highlighted the strong outlook for free cash flow generation and the potential for further dividend increases [14][48] Other Important Information - The company has increased its exploration budget to nearly $100 million for 2026, a 37% increase from 2025, reflecting ongoing growth in mineral reserves [29][30] - The Island Gold District's reserves increased by 32% to 16 million ounces, marking the seventh consecutive year of growth [29][30] Q&A Session Summary Question: Exploration targets at Young-Davidson - Management discussed the potential for higher-grade mineralization in the hanging wall and different lithologies, indicating ongoing drilling efforts [39][40] Question: Key deliverables for PDA project in 2026 - Management outlined the establishment of portal entrances and preparation for commissioning the mill complex as critical path items for 2026 [42][45] Question: Market reward for increased dividend - Management indicated that while the dividend has been increased by 60%, there is room for further growth, and investors should expect more dividends in the future [46][48]

Financial Data and Key Metrics Changes - Equinox Gold achieved record gold production of 922,000 ounces in 2025, with cash and all-in costs within guidance [6][9] - In Q4 2025, the company produced 247,000 ounces and sold over 242,000 ounces at a realized price of $4,060 per ounce, generating $579 million in adjusted EBITDA and $272 million in adjusted net income, or $0.35 per share [9] - The company exited 2025 with over $400 million in cash and minimal net debt of approximately $75 million, providing financial flexibility for 2026 [9][27] Business Line Data and Key Metrics Changes - Greenstone produced over 72,000 ounces in Q4 2025, a 29% increase over Q3, with expectations of 250,000-300,000 ounces production in 2026 at all-in sustaining costs of $1,750 to $1,850 per ounce [10] - Valentine achieved first gold production in September 2025, with Q4 production of over 23,000 ounces and expectations of 150,000-200,000 ounces in 2026 [11][12] Market Data and Key Metrics Changes - The company noted a strong gold price environment, which is expected to support margin expansion and free cash flow generation [9] Company Strategy and Development Direction - The company is focused on creating shareholder value through operational excellence, cost discipline, and high-return organic growth [5][14] - Capital return initiatives include an inaugural quarterly cash dividend of $0.015 per share and a share buyback program of up to 5% of issued shares [8][9] - The company plans to advance Phase II at Valentine, refresh Castle Mountain studies, and progress Los Filos, emphasizing long-term value creation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to fund organic growth while maintaining a conservative approach to capital allocation [20][23] - The company is optimistic about the operational improvements and the potential for significant gold mineralization at the Valentine district [13][14] Other Important Information - The company completed the sale of Brazilian assets, which simplified its portfolio and accelerated deleveraging, with proceeds used to reduce debt [25][27] - Management confirmed compliance with Brazilian laws regarding the sale of operations, addressing concerns raised by a local regulatory body [26][27] Q&A Session Summary Question: Potential for dividend growth and buyback strategy - Management indicated that the inaugural dividend is a fixed amount for the next 12-24 months, with potential for future increases as development pipelines firm up [17][19] Question: Situation regarding Brazilian asset sale - Management reassured that the sale complied with all laws and contractual obligations, and they remain committed to constructive dialogue regarding any issues raised [25][26] Question: Development approach for Los Filos and Castle Mountain - Management stated that they are focused on understanding the scope and scale of both assets, with a decision expected by the end of the year [31][34] Question: Recovery rates and production calculations - Management clarified that production numbers are based on poured bullion, and minor discrepancies in recovery rates are expected due to inventory changes [48][49] Question: Throughput levels at Greenstone - Management confirmed guidance of 250,000-300,000 ounces for 2026, with ongoing improvements in throughput expected [55][56] Question: Cost increases in Nicaragua - Management explained that cost increases are primarily volume-driven due to the development of larger pits and higher strip ratios [76][78]

Financial Data and Key Metrics Changes - OR Royalties achieved record annual revenues of $277.4 million, record operating cash flow of $246 million, and record earnings of $1.10 per share in 2025, driven by elevated precious metals prices [4][5] - The company ended 2025 with $142.1 million in cash and was completely debt-free after paying off its credit facility [5][30] - The company declared a quarterly dividend of $0.055, marking its 45th consecutive dividend, with over $279 million returned to shareholders to date [5][6] Business Line Data and Key Metrics Changes - OR Royalties earned 21,735 GEOs in Q4 2025, totaling 80,775 GEOs for the year, aligning with the annual guidance range of 80,000-88,000 GEOs [4][9] - 95% of the 2025 GEOs came from precious metals, with gold accounting for 65% and silver for approximately 31% [9][10] - The company had 22 producing assets at the end of 2025, with a significant portion of royalties from Tier One mining jurisdictions [9] Market Data and Key Metrics Changes - The company noted that 2025 saw a year-over-year improvement in cash flow per share, marking the eighth consecutive year of increases [9] - The commodity breakdown indicated that 95% of GEOs were derived from precious metals, reflecting the company's strong positioning in the market [9][10] Company Strategy and Development Direction - OR Royalties emphasized a disciplined approach to capital allocation, completing only $25 million in royalty and stream acquisitions in 2025 while prioritizing value over volume [7][8] - The company plans to continue focusing on accretive value creation and will not pursue growth for its own sake [32] - The strategic advantage of having secured near-term growth and a strong balance sheet allows the company to wait for the right investment opportunities [8][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for significant growth in GEOs from existing assets and new acquisitions [24][26] - The company expects marginal growth in 2026, with a more substantial increase anticipated in 2027 due to contributions from key assets [24][26] - Management noted that the 2030 outlook includes expected growth from several projects, with a target of 50% growth over the next five years [26][28] Other Important Information - The company has a completely untapped credit facility of $650 million, positioning it well for future opportunities [31] - Recent acquisitions, including the Gold Fields portfolio and the Namdini royalty, are expected to enhance cash flow and strengthen the long-term pipeline [32] Q&A Session Summary Question: Guidance for year performance - Management explained that the methodology for 2026 guidance is consistent with previous years, using a consensus price deck of 73-to-1 for gold to silver [36] Question: Mine ramp-ups and production profile - Management indicated that the biggest contributors from a silver perspective are Mantos Blancos and CSA, with stable throughput expected [39] Question: M&A opportunities - Management confirmed that there are significant opportunities for acquiring familiar assets and new opportunities, with a focus on geography [41][42] Question: 2030 guidance and asset contributions - Management clarified that the 2030 guidance includes minimum payments from Cascabel and highlighted potential upside from various assets [50] Question: Mantos performance in 2030 - Management confirmed that expectations for Mantos are effectively flat compared to 2025 and 2026 [54]

Q4 2025EARNINGS REVIEW CONFERENCE CALL // FEBRUARY 19, 2026 NYSE: PAAS | TSX: PAAS 1 2 CAUTIONARY NOTE Non-GAAP Measures This presentation of Pan American Silver Corp. and its subsidiaries (collectively, "Pan American", "Pan American Silver", the "Company", "we" or "our") refers to various non-GAAP measures, such as "AISC", "adjusted earnings", "attributable revenue", "attributable cash flow from operations", "attributable free cash flow", "basic adjusted earnings per share", "total debt", and "working capi ...

Core Insights - The S&P 500 index experienced a rise as investors reacted to mixed signals from the Federal Reserve regarding interest rates and inflation [1] - The Federal Reserve maintained interest rates but showed divided opinions on future actions, with some officials open to rate hikes if inflation persists, while others may consider cuts if inflation eases [1] - Recent economic data showed unexpected cooling in inflation, strong job growth, and a decrease in unemployment, contributing to ongoing market volatility [2] Value Investing - Value investing focuses on acquiring stocks priced below their intrinsic value, allowing investors to buy low and potentially profit later [3] - A key metric for value investors is earnings yield, which indicates the profit a company generates per dollar of its stock price, calculated as (Annual Earnings per Share/Market Price) x 100 [4] - Earnings yield can be compared to bond returns, such as the 10-year Treasury yield, to assess the attractiveness of stocks relative to fixed-income securities [5] Screening Criteria - A primary screening criterion for stock selection is an earnings yield greater than 10%, supplemented by estimated EPS growth for the next 12 months that meets or exceeds the S&P 500 average [6] - Additional criteria include an average daily trading volume of at least 100,000 shares and a current stock price of $5 or higher [7][8] Selected Stocks - Five stocks that meet the screening criteria include DaVita (DVA), Ford (F), Centerra Gold (CGAU), Southwest Airlines (LUV), and Patria Investments Limited (PAX), all showing strong earnings growth estimates [9] - DaVita is projected to have earnings growth of 31% and 19% for 2026 and 2027, respectively, with recent EPS estimates increasing by $1.59 and $2.38 [10] - Ford's earnings are expected to grow by 40% and 19% in 2026 and 2027, with EPS estimates rising by $0.05 each over the past month [11] - Centerra Gold anticipates earnings growth of 45% and 57% for 2026 and 2027, with EPS estimates increasing by $0.05 and $0.17 [12] - Southwest Airlines forecasts significant earnings growth of 362% and 17% for 2026 and 2027, with recent EPS estimates up by $0.17 and $0.08 [13] - Patria Investments expects earnings growth of 25% and 17% for 2026 and 2027, with EPS estimates rising by $0.04 and $0.07 [14]