Core Viewpoint - Barrick Gold Corp. reported a significant increase in quarterly earnings but experienced a nearly 5% drop in share price due to plans for an IPO of its North American assets [1] Financial Performance - Fourth-quarter net earnings rose 151% year-on-year to $1.43 per share, driven by higher gold prices and strong operational performance [1] - Attributable EBITDA reached $3.08 billion, an 82% increase from the previous year, while operating cash flow climbed 96% to $2.73 billion [2] - Free cash flow more than tripled to $1.62 billion [2] IPO Plans - The company confirmed plans to proceed with an IPO of its North American gold assets, including stakes in Nevada Gold Mines, the Pueblo Viejo project, and the Fourmile discovery [3] - Barrick will retain a controlling interest in the new entity and has appointed Mark Hill as CEO for the IPO process, expected to be completed by late 2026 [3] Production and Cost Outlook - Quarterly production totaled 871,000 ounces of gold, slightly below Jefferies' estimate of 875,000 ounces but above consensus of 864,000 ounces [5] - Cash costs were reported at $1,205 per ounce, higher than analyst projections, while all-in sustaining costs (AISC) reached $1,581 per ounce [5] - The company provided a three-year production outlook, forecasting attributable gold output of 2.9 to 3.25 million ounces in 2026, increasing to 3.3 to 3.65 million ounces in 2027 and 3.4 to 3.75 million ounces in 2028 [6] Analyst Ratings - Analysts at Jefferies maintained a "Buy" rating on Barrick, citing a strong fourth-quarter earnings performance and conservative guidance for 2026 [4] - The firm expects 2026 gold production of approximately 3.1 million ounces at AISC of about $1,855 per ounce, partly based on an assumed gold price of $4,500 per ounce [4]

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with revenues increasing by 45% from Q3, driven by higher production and a 21% increase in realized gold prices [10] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [10][11] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [11][12] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [12] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [8][23] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [8] - The operational review led to a restructuring of business units, enhancing operational efficiency [8] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and cash flow [10][12] - The company anticipates gold production in 2026 to be between 2.9-3.25 million ounces, with a focus on ramping up production at Loulo-Gounkoto [23] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [5][26] - The company is focused on safety as its top priority for 2026, following operational achievements overshadowed by fatalities in the previous year [6][7] - The management team has been restructured to enhance operational experience and efficiency [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, citing a strong start to the year and improved operational discipline [16][17] - The company is committed to maintaining a focus on high-quality assets and strategic growth, particularly in North America [33][103] Other Important Information - The board has authorized a new dividend policy, increasing the base dividend by 40% to $0.175 per quarter, with a target to pay out 50% of attributable free cash flow [13][14] - The company has successfully resolved disputes in Mali, regaining operational control and ramping up production [21][76] Q&A Session Summary Question: Can you discuss the strategic rationale behind the IPO of NGM and PV? - Management believes a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [31][34] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: Can you provide an update on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [40] Question: How has the mine plan review impacted guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with a focus on achieving consistent delivery [44][46] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and has been one of the top-performing assets in the last year [57] Question: What is the expected recovery rate at PV? - The target recovery rate is 84%, with ongoing efforts to optimize stockpile blending [62][64] Question: Will Barrick sell more gold assets in the future? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [103]

Financial Data and Key Metrics Changes - Barrick achieved record financial results in Q4 2025, with a 45% increase in revenues from Q3, driven by increased production and a 21% rise in realized gold prices [8][9] - Net earnings nearly doubled from the prior quarter, and the company reported record quarterly cash flow, free cash flow, earnings per share, and cash balance [8][9] - For the year, cash flow from operations reached $7.7 billion and free cash flow was $3.9 billion, up 71% and 194% year-over-year, respectively [9][10] - The company ended the year with a net cash position of $2 billion, indicating a strong balance sheet [10] Business Line Data and Key Metrics Changes - Gold production increased by 5% from Q3, with a full-year total of 3.26 million ounces, aligning with guidance [6][19] - Copper production rose by 13% from Q3, driven by higher throughput at Lumwana [6] - The operational review led to a restructuring of business units, enhancing operational efficiency [6][15] Market Data and Key Metrics Changes - The gold price increased by 21%, contributing to higher margins and EBITDA [10] - The company reported a significant increase in shareholder returns, marking the highest annual returns in Barrick's history [10] Company Strategy and Development Direction - Barrick plans to proceed with an IPO of its North American gold assets, targeting completion by late 2026 to maximize shareholder value [4][10] - The company is focused on safety as its top priority for 2026, following operational challenges in the previous year [5][15] - The management team has been restructured to enhance operational experience and effectiveness [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production guidance for 2026, with expectations of increased production from Loulo-Gounkoto and slight increases from other operations [19][20] - The company is optimistic about the operational performance in Nevada, indicating a strong start to 2026 [19][84] Other Important Information - The board has authorized a 40% increase in the quarterly dividend to $0.175, reflecting a commitment to returning cash to shareholders [11][12] - The company has resolved disputes in Mali and regained operational control, with plans to ramp up production [18][75] Q&A Session Summary Question: What is the strategic rationale behind the partial IPO of NGM and PV? - Management believes that a partial IPO will unlock more value than a full separation, as the North American assets are undervalued within Barrick [32][33] Question: What are the intended proceeds from the IPO? - The specifics of the use of proceeds will be determined as part of the preparation work for the IPO [36] Question: What is the latest on the Reko Diq financing? - Management is reviewing the security situation in Balochistan before proceeding with financing [38] Question: How has the mine plan review affected guidance, particularly for Carlin? - The review has led to more realistic production targets based on actual performance, with some reductions in expected output but increased confidence in delivery [42][44] Question: Is Veladero considered a non-core asset? - Veladero is not non-core and is one of the top-performing assets, with no plans for divestiture [54] Question: What is the guidance for recovery rates at PV? - The target recovery rate has been adjusted to 84%, with ongoing efforts to optimize stockpile blending [61][62] Question: How will costs be managed going forward? - Management indicated that costs are expected to remain flat, with no specific guidance provided for the next couple of years [94] Question: Will Barrick sell more gold resources? - The focus remains on high-quality assets, and any dispositions will align with the strategic filter [104]

Core Insights - Linde plc reported fourth-quarter 2025 adjusted earnings per share (EPS) of $4.20, exceeding the Zacks Consensus Estimate of $4.18 and improving from $3.97 in the same quarter last year [1][10] - Total quarterly revenues reached $8,764 million, surpassing the Zacks Consensus Estimate of $8,561 million and increasing from $8,282 million year-over-year [1][10] Revenue and Profit Analysis - The Americas segment's operating profit rose 4.5% to $1,202 million, supported by higher pricing and increased volumes, particularly in the electronics market [3] - The EMEA segment's profit increased approximately 12.5% year-over-year to $772 million, beating the Zacks Consensus Estimate of $739 million, aided by higher pricing despite lower volumes in the chemicals & energy market [4] - The APAC segment's profit grew slightly from $500 million to $502 million, driven by higher volumes in electronics and chemicals & energy [5] Backlogs and Capital Expenditure - Linde's project backlog at the end of the fourth quarter amounted to $10 billion, including a sale-of-gas backlog of $7.3 billion [6] - The company reported capital expenditures of $1.46 billion for the fourth quarter, ending with cash and cash equivalents of $5.1 billion and long-term debt of $20.7 billion [7] Future Guidance - For 2026, Linde estimates adjusted EPS to be in the range of $17.40 to $17.90, with first-quarter 2026 adjusted EPS expected to be between $4.20 and $4.30 [8]

Core Viewpoint - Newmont Corporation's stock has experienced a significant decline, dropping 16.5% from its all-time high, primarily due to falling gold and silver prices [1][2][3]. Group 1: Stock Performance - Newmont's shares are down 5.5% as of Thursday morning, marking a continued downward trend [1]. - The stock has fallen 16.5% since reaching approximately $132 per share on January 28 [1]. Group 2: Commodity Prices - Gold prices peaked at $5,419.80 per ounce on January 28 but have since plummeted to below $4,660, currently standing at $4,816.10 [2]. - Silver prices also peaked on January 28 at $116.58 per ounce, dropping to $79.21 by Monday and further declining to $74.89 [3]. Group 3: Analyst Insights - Newmont's stock is currently priced at 18 times trailing earnings and 16 times projected earnings for the year, with expected earnings growth of 38% next year, resulting in a PEG ratio of 0.5 [4]. - Despite the current challenges, some analysts view Newmont stock as a potential buy [5].

Fourth Quarter 2025 Results February 5, 2026 Agenda Today's Speakers Q4 2025 RESULTS │ 2 Mark Hill President and CEO Graham Shuttleworth Senior EVP & CFO 1 Q4 2025 Highlights 2 Safety & Health 3 Operational Highlights 4 Financial Highlights 5 Capital Allocation 6 Regional Results 7 Guidance 8 Reserves & Resources Cautionary Statement on Forward-Looking Information Certain information contained or incorporated by reference in this presentation, including any information as to our strategy, projects, plans or ...

Group 1 - Barrick Mining reported a 126% increase in Q4 earnings per share (EPS), reaching $1.04, significantly exceeding expectations [1] - The company's revenue for Q4 was $5.99 billion, marking a 65% increase compared to the same period last year [1] - Barrick Mining provided guidance for gold production in 2026 and announced an upcoming IPO for "North America Gold" [1] Group 2 - The strong performance in Q4 reflects the company's robust operational capabilities and market positioning within the gold mining sector [1] - The announcement of the IPO indicates Barrick's strategic move to expand its footprint in the North American gold market [1] - The overall positive financial results may enhance investor confidence and interest in Barrick Mining's stock [1]

Core Viewpoint - NOVAGOLD Resources Inc. has successfully completed an upsized bought deal private placement, raising approximately US$310 million through the sale of 31,020,000 common shares at US$10.00 each, which will be utilized for Donlin Gold project activities, settling a promissory note with Barrick Mining Corporation, and general corporate purposes [1][2]. Group 1: Offering Details - The offering consisted of 31,020,000 common shares priced at US$10.00 each, resulting in gross proceeds of approximately US$310 million, including a partial exercise of the over-allotment option and participation from two cornerstone investors [1]. - Underwriters for the offering included BMO Capital Markets, RBC Capital Markets, and Scotiabank, who received a cash fee of 5% of the gross proceeds [2]. - The common shares were offered under various exemptions from prospectus requirements in Canada, the U.S., and other jurisdictions, with a minimum hold period of six months from the closing date [3]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to expenditures related to the Donlin Gold project, settling a prepayment option on a promissory note with Barrick, and for general corporate purposes [2][6]. Group 3: Company Overview - NOVAGOLD is focused on the development of the Donlin Gold project in Alaska, which is recognized as one of the safest mining jurisdictions globally, containing approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories [5]. - The Donlin Gold project is expected to produce over one million ounces of gold annually over a 27-year mine life once in production, making it one of the largest and highest-grade open-pit gold deposits [5]. - As of November 30, 2025, the promissory note with Barrick, including accrued interest, amounted to approximately US$166.3 million, with an option to prepay US$100 million by December 3, 2026 [6].

Core Viewpoint - Q-Gold Resources Ltd. has announced key appointments to strengthen its team for the advancement of the Quartz Mountain Gold Project in Oregon, following recent permitting developments in the state [1][9]. Company Developments - Catherine Callaghan has been appointed as Director of Permitting and Community Affairs, bringing over 25 years of experience, including 15 years of direct involvement with the Quartz Mountain project [2][4]. - Wolfgang (Wolf) Schleiss has been appointed as Director of Exploration for the Quartz Mountain and Great Basin Region, with over 40 years of exploration experience and previous management of the Quartz Mountain project under Alamos Gold [4][5][6]. Project Overview - The Quartz Mountain Gold Project is Q-Gold's flagship asset located in southern Oregon, characterized by its promising development potential and established mineral resource estimates [10][11]. - The project has an estimated 1,543,000 ounces of gold at a grade of 0.96 g/t and 2,049,000 ounces of silver at a grade of 1.27 g/t within the indicated mineral resource category [15]. Industry Context - Recent developments in the Oregon mining sector include the approval of Paramount Gold Nevada Corp.'s Grassy Mountain Gold Project, marking a significant milestone in the state's unified permitting framework [7][8]. - This approval reinforces confidence in the regulatory environment for gold mining projects in Oregon, which is beneficial for Q-Gold's Quartz Mountain project [9]. Future Focus - Q-Gold aims to complete its Preliminary Economic Assessment for the Quartz Mountain project while advancing permitting efforts and creating value for shareholders and the local community [9].

Core Viewpoint - Zephyr Minerals Ltd. has successfully closed a non-brokered private placement, raising $260,000 through the issuance of 5,200,000 units, which will be utilized for various project-related activities and general working capital [1][2]. Group 1: Private Placement Details - The private placement consists of units, each comprising one common share and one common share purchase warrant, with warrants priced at $0.10 for a period of 24 months [1]. - The company paid finders' fees of $9,450 in cash and issued 189,000 finders' warrants, which also allow the acquisition of shares under the same terms [3]. - Insiders acquired 900,000 units for $45,000, qualifying as a related party transaction, and the company relied on exemptions from formal valuation and minority shareholder approval requirements [4]. Group 2: Dawson Gold Project Information - The Dawson Gold Deposit has an inferred mineral resource of 343,000 tonnes grading 12.11 g/t, equating to 133,500 ounces of gold at a 5 g/t cut-off [5]. - A Preliminary Economic Assessment (PEA) indicated robust economics with an all-in sustaining cost of $692 per ounce, based on a gold price of $1,250/oz [5]. - The project has significant exploration potential, particularly at depth and along the 700-meter-long Sentinel zone, which remains untested [5]. Group 3: Company Overview - Zephyr Minerals is focused on obtaining a mining permit for its 100% owned Dawson Gold property in Colorado and is awaiting the Zimbabwean Government's decision on two Exclusive Prospecting Orders [6]. - The company has not updated the resource estimate to include results from drilling programs conducted between 2017 and 2020, which may enhance the attractiveness of the Dawson project given the increase in gold prices [5][6].