Welcome everyone to Barrick's fourth quarter 2025 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead.

Thank you, Mariana, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before markets open this morning this presentation deck is also now available to download on our website presenting our results today are mark hill barracks president and ceo and graham shuttleworth senior evp and cfo other members of barracks management team will be available after our prepared remarks for q a before we begin please note that we will be making forward-looking statements this slide includes a summary of the significant risks and factors that could affect barracks future performance and our ability to deliver on these forward-looking statements this material is also available on our website i will now hand it over to mark

okay thanks cleave and thanks everyone for joining us for this call this morning barrack finished the year in very good condition we delivered on our 2025 operating plan and this resulted in multiple financial records we also completed the operational review review we discussed last quarter and have taken a number of actions which I will touch on later we achieved a resolution to the dispute in Mali securing the release of our detained colleagues and resuming control of the asset record free cash flow allowed us to repurchase 1.5 billion of our shares as well as increasing our dividends turning to our performance in Q4 we built on last quarter's momentum and posted strong financial results. As I said we logged several company records included adjusted earnings per share, cash flow and importantly shareholder returns. Production increased from last quarter to the highest level of the year which resulted in 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy. Cash flow for the quarter was up 96% from last year and we logged a year of record annual cash returns to our shareholders. Four Mile continues to grow and we're excited about advancing this 100% owned gold asset. Finally, consistent with the announcement we made in December and following rigorous analysis, the board has decided to move forward with preparations for an initial public offering of Barrick's North American Gold as an assets aimed at maximising the shareholder value. We are targeting to complete the IPO by late 2026 and will keep you updated on progress throughout the year. Returning to safety and health, our operational and financial achievements were overshadowed unfortunately last year with four fatalities. last quarter i made that commitment to making sure safety was our top priority and this continues to be the company's number one focus for 2026 clearly there's more to be done because q4 wasn't where we needed it to be but our highest priority is that all our people go home safe and healthy at the end of each day and i'll continue to work with myself and the exco team to achieve and maintain that goal going forward and moving on to the operational highlights operationally our business performed well in Q4 and importantly we delivered on our guidance to steadily lift production throughout the year gold production was five percent higher than Q3 driven by a 25 increase at Kala and quarter-on-quarter increases across the NGM site our processing facilities ran well and pv's throughput rose to another record high full year gold production of 3.26 million ounces was in line with our guidance copper production increased 13 percent from q3 driven by higher throughput oklahoma also as i said before we completed the operational review we discussed in the last quarter so some important outcomes of that we've now restructured our business units, putting PV in North America or region, which places all our key autoclave processing vasillas under common leadership so that we can share best practices. Tim Cribb, previously overseeing Recco Dick, has moved to take over North America. Operational ownership, particularly Nevada, is back in the hand of the operator. The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance. I'll touch on this work a bit later, but now let me turn it over to Graeme to discuss the financial pilot. Thank you Graeme.

Thank you Mark. As most of you will know, this is my last earnings call and I must say it is a real pleasure to finish on such a high note. Quarter 4 was a record quarter across almost every financial metric. The combination of our sequential increase in production and record high gold prices added to our strong financial foundation and sets us up with a lot of flexibility going forward to continue delivering significant cash returns to shareholders. Shown here on the right, revenues increased 45% from quarter three, driven by increased production and sales and a 21% increase in our realized gold price. Net earnings nearly doubled from the prior quarter and we reported record quarterly cash flow, free cash flow, earnings per share, and a record cash balance. For the year, we reported $7.7 billion of cash flow from operations and $3.9 billion of free cash flow, up 71% and 194% from a year ago, and another company record. When you consider our gold sales volume declined 13 percent in 2025 with one of our key assets not operating for most of the year those results are even more impressive and we're excited about the year ahead attributable capex ended 2025 below the low end of our guidance as our engineering partners came on board and we refined our spending schedules particularly at our biggest projects at recordic and lemwana The graphs on the right-hand side of this slide highlight Barrick's financial value position. Our attributable EBITDA increased 53% versus the prior quarter on higher margins as the 21% increase in the gold price dropped to the bottom line. Importantly, we steadily increased our attributable EBITDA margin through the year, tracking the gold price higher and demonstrating the operating leverage our business provides to the gold price. All of this enabled the highest annual shareholder returns in Barracks history with more to come. We ended the year with a net cash position of $2 billion. Building on the capital allocation framework we highlighted last quarter, Barracks balance sheet is in phenomenally good shape and our future capital investment programs are well funded suffice to say barrack is generating significant excess cash flow in the present environment as i mentioned earlier we generated 7.7 billion in operating cash flow of which we reinvested 3 billion back into the business and bought back 1.5 billion of our stock reducing our share count by three percent You will recall that with our Q3 results, we increased the base dividend by 25% to $0.12.5 per quarter. But on the back of the strong annual results, the board has authorized a further 40% increase to $0.17.5 per quarter. In addition, the board has determined that it will target to pay out 50 percent of attributable free cash flow incorporating a further discretionary component to reach the target on this basis the board has authorized a q4 dividend payable in march of 42 cents per share which is 140 increase on the quarter three dividend this new policy will will replace the previous performance dividend policy and at the same time given the focus of cash returns to shareholders through increased dividends the board has determined not to renew the annual share buyback program i will now turn the call back over to mark okay thanks graham so

turning back to our operation and looking first at north america where we had a strong performance gold production increased 11 percent from last quarter driven by a 25 percent quarter on quarter increase at carlin phoenix production hit its guidance range for the year while cortez and turquoise rig achieved the top end of their ranking. Importantly, we did not high grade the operation at the end of the year, we rather maintained focus on consistent, disciplined delivery and compliance to our plan. As a result, we are seeing a smoother transition from December into January. This has helped to achieve one of the best starts of the year since the NGM joint venture was established. The Carlin Roaster had its highest January throughput in the last five years. In fact, the new management team and the focus on operational discipline, the processing team at Carlin has delivered its best 60 days since the formation of the joint venture. The underground mines at Carlin, Turquoise Ridge and Gold Rush have also had their best January since the joint venture formation in terms of tons mine and development. This performance is exactly what we wanted to achieve from the operational review we highlighted last quarter. The teams have rebuilt their plans from the bottom up based on achievable metrics. The Mines implemented this disciplined approach to their operation, enabling delivery of these solid results in Q4 and now in January. It is also clear that we've experienced challenges attracting and retaining talent at NGM. As a result of that, we have looked at many employment conditions as part of the operational review. We will be adjusting the remuneration framework to help detract and retain the best people and importantly we'll be simplifying the bonus structure the operational level to focus clearly on safety and number one focus for the year and then production costs and growth we also restructured the executive team both at the group level and in North America we've added a chief technical office Megan Tibbles and an evaluation team so this brings stronger operational experience into our senior leadership. PV had a better year with plant throughput up 12% and gold production up 8% from 2024. That said, the recoveries are not where we expected them to be. As we said last year, the main issue is the performance of the weathered stockpile. There is metallurgical inconsistency across those 90 million tonnes of stockpiles and we are not getting the same results in the plant that we saw in the lab for the initial feasibility study. We undertook extensive test work in 2025 and this will be reflected in the updated 43-101 report which is due out next month. So although the life and one recovery rate is lower, we have been able to extend the life to 2048, maintaining the total overall output produced. Work on the new TSF is progressing well and the housing project is well advanced with more than 600 homes constructed and over 300 families now resettled. So just briefly on 4 Mile, which continues to demonstrate its potential as a world-class gold asset in Nevada, 2025 was a major de-risking year. We successfully delivered on our commitment to double 4 Mile's resource at a higher grade. And as you can see from this updated model, there's a lot more to come. The next step will be working on the Bullenhill declines, which will enable efficient resource conversion from underground activity. So moving down to South America and Asia Pacific region, which include Baladero and Polgara, this region also performed well against its plan in the quarter and the year. Baladero exceeded the top end of its 2025 guidance and beat its cost guidance by over $100 an hour. Work is continuing at Baladero to expand the resort. In the same vein, Polgara achieved the top end of its guidance range while keeping costs within guidance demonstrating strong operational flexibility so on africa middle east region they achieved their production guidance and point out for the seventh consecutive year and as i've said we successfully resolved the dispute in Mali during the release of our incarcerated colleagues at Kabali the arc discovery delivered significant progress in 2025 adding 3.5 million ounces to resources including one million converted to reserve further drilling in 2026 is expected to continue to grow this high potential discovery north mara reported a strong finish to 2025 with production in the top half of its 2025 guidance range and bull and hulu overcame grade dilution and dewatering challenges in q4 ending the year within god so we regained operational control at lulu concotta at the end of the year and we are ramping up the most accretive areas of the mine we expect production to steadily increase throughout the year and lastly copper so lamina finished the year on a high with production up 11 over q3 thanks to higher throughput ending the year with a record high annual production c1 cash costs were up in the quarter due to the higher maintenance and interim power cost and the super pit expansion is tracking slightly ahead of schedule with good progress during the quarter on the mill building which is on the project's critical path okay so let's move over to guidance for 2026 so we expect our gold production to be in the range of 2.9 to 3.25 million ounces our 2025 gold production as i said was 3.26 million ounces but to give you a like for like comparison that's about 3 million ounces if we removed Tongan and Hemlow, which were sold at the end of the year. We expect Lulu Concotta's ramp up to be the main contributor to the production increase in 2026, along with slightly higher production from PV. Carlin and Turquoise rich production is expected to be marginally lower due to the open pit sequencing and the grade in the mine plan. Across the year, we're expecting gold production to be split about 45% in the first half and 55% in the second. Higher production in quarters three and four will come from the ramp-ups of Lulu Concotta and Gold Rush and the timing of the shutdowns at NPM. For copper, we're guiding 190,000 to 220,000 tonnes, which compares to the annual production of 220,000 tonnes in 2025. Production is expected to be highest in quarters 2 and 3 and lowest in Q1, mainly driven by grade at the minor. And looking a bit further ahead, we continue to expect production uplift in 2027 and again in 2028 but turning now to reserves and resources for our 2025 gold price assumptions we used 1500 per ounce for reserves and 2000 per ounce for resources both modestly higher than last year and for copper reserves we used 3.25 per pound and sorry for reserves and 454 resources. So today Barrick we hold one of the largest reserve and resource bases in the industry and as of year end Barrick's attributable proven and probable gold reserves totaled 85 million ounces. On the resource side attributable measured and indicated gold resources totaled 150 million ounces with a further 43 million ounces of preferred resorts. While there were declines as a result of divestitures, we continue to see strong organic growth across the assets in Nevada and at PV. Turning briefly to copper, attributable, proven and probable reserves remain stable at 18 million tonnes. Copper resources increased with measured and indicated resources of 24 million tonnes and an additional 4 million plus tons in the improved category. Overall, our reserve and resource base continues to support long line lives and a strong production outlook. So just to wrap up, in 2025, we demonstrated disciplined execution delivering our operating plan, strengthening our balance sheet, advancing our growth pipeline and returning record cash to shareholders. Looking ahead, we entered 2026 with momentum, flexibility and a clear plan for it. So just before we move to the questions, I just want to acknowledge Graeme and thank him for his leadership and significant contribution he has made to Barrack over the past seven years. Under Graeme's stewardship, we strengthened our balance sheet, reinforced capital discipline and delivered record financial performance and shareholder return. So on behalf of everyone at Barrack, I want to thank him for his commitment and wishing well in the future. Also, as announced, Helen Coyer will be joining us as CFO on March 1st, and I look forward to working with Helen as we continue to execute our growth strategy and drive long-term value for the shareholders. So thank you, everyone, for your continued interest and support. And I will just remind you, I have just about the whole Exco team sitting around the table with me, so we should be able to manage any questions that you have. I'll hand it back to the moderator. Thank you.

Thank you. For the Q&A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Daniel Major at UBS Securities. Daniel, your line is open. You may unmute and ask your question.

Hi, can you hear me okay? Yeah, we can hear you, Daniel. great thanks and uh just graham good luck uh good luck in the future um yes my first question focuses um my my uh my first question is just around the um that the ipo potential um and really i guess it's a question on a strategic level why you believe a partial ipo of ngm and pv would unlock more value than a full separation of those assets from the remainder of the group. I mean, if we look at previous examples in the sector, conglomerate disc accounts exist due to complexity of organisations, and this won't dramatically reduce the complexity of Okay, thanks, Dan. I'm going to hand it over to Greg.

Thanks, Dan. Dan, I think, as you can imagine, the board and the team have gone through a lot of different permutations. And you'll recall we spoke about this last year as well when we first mentioned the opportunities that we were examining. And, you know, they've done a lot of analysis and looked at different outcomes, different permutations. And at the end of the day, they feel that this is the best opportunity that's going to drive value up for shareholders. We believe that the current portfolio of assets in North America is substantially undervalued within Barrick. And by doing the North American IPO, we'll be able to shine a light on that valuation and that light will then translate into a re-rate for all Barrick shareholders. this. So that's the focus, that's the intention. And at the end of the day, that was the view from the board that that was going to drive the most value of all of those options.

Okay, thanks. And then maybe a follow-up question then on what would be the intended proceeds from the IPO?

Thanks, Dan. Again, we're in the middle of that process at the moment. There's still a lot of work that's going to have to be done between now and when we go live and as we indicated that's likely to be in the fourth quarter. All of that will be determined as part of the preparation work for the IPO.

Okay, thanks. And then just maybe another follow up on this similar topic.

Have you had a discussion with Newmont around the clauses in the JV agreement of pertaining to changes of ownership uh of the nevada jv thanks dan yeah um i think as you can imagine you know we're very well aware of all of the legal contracts and documents that we have um and we would always honor and respect those those uh contracts and documents and you know we're comfortable with the progress that we're making and we'll continue to progress down this road okay great um actually if If I could just get one more in, Graham,

just what's the latest on the record financing?

Thanks, Dan. Yeah, I mean, as you saw in the press release, the board and the management are a little concerned about the security situation on the ground in Balochistan. There's been some escalation in security events there. And as you know, our primary focus on everything we do is the safety and security of our people. So they've asked us to do a review of that situation. And so clearly as part of that review, we've indicated to the lending consortium that we need to complete that before we can close the financing. So we'll work through that and then we'll take it forward after that.

Thanks a lot and good luck. Thank you.

Our next question comes from Fahad Tariq at Jefferies. Fahad, your line is open. You may unmute and ask your question.

Great. Thanks for taking my question. Mark, right at the outset, you mentioned that in Nevada, you've done a comprehensive mine plan review from the bottom up. Can you maybe talk a little bit more about how that's changed and has been reflected in the updated guidance, and maybe particularly on Carlin? Thanks.

Okay, sure. I'll give a bit of an introduction, and then I'll hand it actually over to Tim, the new COO. So, look, we went back to the teams and there had been some top-down numbers generated over the last 12 months. And so we just asked the teams to go back and run the mine plans using, you know, current productivities that we are actually achieving and then building in, obviously, upside for productivity improvements only if there was an actual plan and a target to get up to those productivity so it wasn't just a let's increase things by 10 unless there's an actual plan for that continuous improvement then it was taken out so it's why i said at the end too that we have a much higher confidence and certainly in january after good start of achieving our guidance but i'll hand out jim if you want to add anything to that yeah thanks mark i think you know as mark said it's about that certainty in delivery of the

plans so you will see uh some reductions uh in some of the the mines like you've probably noticed uh in carlin so we do see some of them having a lower production but we're much more confident in the delivery of that production and i think as mark said and as he highlighted in the uh in the outset that performance at the carlin roaster having a record throughput in the last 60 days uh since the joint venture was formed that highlights when you can move to a plan maintenance structure and we can cut out the interruptions and the reactive maintenance overall we expect to get a better result so i think you know that's at the core of why we reset these plans and built them on actual past performance okay great and then just on record because uh you were asked

about in the previous question um is it fair to assume that all options are on the table up to and including divesting the asset thanks look i think it's it's too early to say that i I mean, we had the board meeting yesterday, and they basically asked us to go back and review, you know, the project across all areas. So we're in the first stages of that and working out what we're going to look at and what options we're going to look at. You want to add anything to that, Grant? Okay, great. Thank you. Thank you.

Our next question comes from Lawson Winder at Bank of America. Lawson, your line is open. You may unmute and ask your question. Lawson, your line is open. Please unmute.

Thank you very much, operator. And hello, Mark. And hello, Graham. Thank you for today's presentation. If I could ask one follow-up on Barrick North America, is the intention for Barrick North America to be domiciled in the United States?

Again, there's a lot of work going on on that project. And as it's determined, we'll keep you updated.

On capital return, the new dividend policy is very clear and it makes a lot of sense. How might share repurchases factor into capital return going forward?

At the moment, Lawson, the board is very clear that they want to focus on dividends. I will say in my experience of engaging with shareholders, this is an area where everybody has a strong opinion. And I know you're never going to please everyone, but because some people favor dividends and some favor buybacks, but for now, the board is very focused on dividends and hence the reason why they have not renewed the buyback approval.

Okay, very clear. On Valadero, how would you describe that asset in terms of the importance to the overall portfolio? And would you go so far as to describe it as non-core? And have you explored the saleability of that asset? And then if so, could Pasqualama potentially be packaged as some sort of sale with Valadero?

So last thing we haven't, no, Valadero is not non-core. and in fact it's one of our top performing assets in the last 12 months so we haven't looked at divesting if that's what you're asking okay great thank you very much mark and thanks bram our next question comes from anita sony at CIBC world markets your line is open you may unmute and ask your question everyone thanks for taking my question um so first question mark um just moving to pv i just want to understand what the guidance is based on in terms of grades recoveries given that you're as you mentioned the grade the recovery rates are fairly low i did see you have

you know still some of the blending of stockpiles is the plan to take out uh the stockpiles or continue to you know forge on with the the uh the stockpiles blended in and and try to fix recovery rates with those in with those stockpiles okay um well let me start off the answer then again i'll hand it over to tim but it's obviously the 90 was in the feasibility study we're not going to achieve that we're targeting 84 but to get to the 84 you know we're going to have to the blending and a few other things right so we're currently sitting i think tim around 75 76 and so we'll then ramp up over the next years as we get uh more confidence in how we blend the stockpiles into the fresh material and when we can actually get up to that 84%. There's also some projects we have to do as well. Tim, do you want to expand on that?

Thanks, Mike. I think the key is to define the projects. We have Hatch working with us at the site on the key projects that we can look to deliver the improvement from 76% up to 84%. Those stockpiles do make a key portion of the feed over the coming 3-5 years, so it is important that we we do optimize that and get the maximum recovery we can from that the technical report which is coming out at the end of february that will obviously have a lot more detail on this um but for the long assumption we have basically updated the full recovery model to incorporate this latest test work so we've ran that through the life of the mind just to reiterate sorry just to reiterate that the updated 43 101 which will obviously have all of this information will be available at the end of february right and i guess the question

that i had as a follow-up for that part of it was um do you expect to retain all of the ounces that you've reported in the reserve resource statement at your end uh in that 43 101 or will that potentially take some of the ounces out.

No, no, we expect to maintain, Jen, correct? Yeah, yeah.

Okay. And then my second question was just with respect to the IPO. I know you're saying you'll have an update at year end on that, sorry, it will be completed by year end, but could you give us an idea of what portion of Nevada gold mines and four mile North American assets, What portion of those assets do intend to IPO? I've heard ranges between 10% to 15% and north of 30%, but I'm not sure what you guys are doing.

I think it's fair to say to be on the lower end of that and be a minority part of those assets.

So more along the lines of 10% to 15%?

Sure. Yes.

Okay. Thank you. That's it for my questions for now.

Thank you.

Our next question comes from Bennett Moore at JPMorgan. Bennett, your line is open. You may unmute and ask your question.

Good morning. Can you hear me all right? Yes, we're going to hear it, Bennett. All right. Thank you for taking my questions. I wanted to come to Molly, and since gaining control back there, what has the dialogue been with the government, and what are the stated of the assets, and is there any incremental investment required there?

Okay, Bennett, Hi Bennett.

The relationship is really at a reset and the engagement so far has been really positive. We took control of the asset on the 16th of December. It was actually in much better shape than we expected. So, we started off feeding low-grade stockpiles and And at this point, we've now started up all three of the underground mines and we are ramping up the open pit, which we expect to be doing that in the second half of this year. And so the focus is really on getting that ramp up in a safe manner and so that we can achieve our historical run rates by the end of this year. And so you would have seen in our guidance that for Lula-Gonkoto this year, we are guarding between 260 and 290,000 ounces tributaries.

Thanks for that. And now with the employees no longer detained and the worst seemingly behind, just wanted to get your latest thoughts on a potential asset sale there.

Have you seen any interest or dialogue from other parties? now i think at this point the focus is really on um ramping up that mind and um restoring the relationship and everyone's everyone's really committed to do that all right i'll get back in the queue thank you thanks man our next question comes from carrie mcgrory at canaccord genuity carrie your line is open you may unmute and ask your question hi good morning guys can you hear me Yeah, we can hear you, Kerry.

Just going back to the IPO, just wondering about the timing. I mean, production in Nevada has come down pretty much consistently every year. Looks like it'll be lower again this year. So just wondering why now and not, you know, when Nevada looks a bit more stabilised.

So look, Kerry, this is my view. I've spent a lot of time in Nevada over the last four months, as you can imagine. So I think Nevada is stabilised. and I think what we've demonstrated in a very short time, far quicker than I thought, that we have given control back to the general manager. We have a very strong team in Nevada like we've had for 20 years and you've seen the performance in Q4 and January is even stronger again. As I said, I think the best January we've had in five years. So I'm completely comfortable. They're going to deliver this year every quarter, which you're going to see before we go to this IPO and I think we're now in a position where we won't disappoint and that production over time will actually grow and again Tim anyone else feel free to chime in if you've got anything else.

Okay and maybe just on the 2027 outlook if you can sort of walk through sort of the big you know what's moving from 2026 to 2027.

Is that sorry Gary is that for the group or at NGM?

No no group level.

Yeah, so the biggest move is really our continued increase at Lilo-Gonkota, and a small increase at Nevada, and then an increase at PV. So those are the three key areas.

Okay, that's it for me. Thanks, guys. And congrats, Graham, and all the best. Thank you, Carrie.

Our next question comes from Josh Wolfson at RBC Capital Markets. Josh, your line is open. You may unmute and ask your question.

Yeah, thanks very much. I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. You know, the historical guidance of the company did indicate that there was a cost reduction over time. How should we think about costs going forward after 2027? Thank you. Can I have you on address that?

Yeah, I mean, Josh, obviously, we didn't give you guidance, so I'm not about to give you guidance now, but I think broadly, I would say flat would probably be a better way of thinking about it.

Thank you. And then another question on the IPO, I'm wondering how is the company thinking about the management of new co and what sort of governance rights will barrack have with the state given it still will be controlling and then sort of along those lines you know how is the company ensuring that both barrack shareholders will be aligned with the new co shareholders thank you well look josh i think it's too early to say i mean we're starting a nine month process and as i said we'll keep the update as we move along but i haven't got the answers to those questions at the moment thank you very much thanks josh our next question comes from martin pradir

at veritas martin your line is open you may unmute and ask your question thank you um my question is if you can unpack a little bit uh the big cost increase from this year from the outlook compared to 2025 what are the big drivers if you can provide some some color for gold and and for corporate please thanks martin um really uh there's sort of three three buckets two of which are are the most significant the first one is is is the gold price assumption so you know when you hear me yeah i can hear you can you hear me okay moderator can you hear me yes we can hear you loud

and clear martin we can hear you as well martin can you hear us looks like we've lost martin We can move on to the next question. As a reminder, if you would like to ask a question, you can click on the raise hand button at the bottom of your screen. Our next question comes from John Tomazos at Very Independent Research. John, your line is open. You may unmute and ask your question.

Thank you very much. Barrick sold 31 million ounces of gold resources for $2.55 billion or eighty two dollars an ounce will you sell any more gold is it because you don't have enough managers for all of your properties or would you reverse course and buy gold to offset the gold you sold John I think it's not a question of just selling gold for the sake of selling gold it's really about focusing on a strategy.

Our strategy has always been to focus on our tier one high quality assets and the dispositions that we've made have been in respect of those assets that didn't fit that strategic filter. So we'll definitely continue to invest in gold going forward in line with our strategy. We definitely believe in gold and the focus of this company going forward is very much around gold, but it's, you know, within the constraints of the strategy.

You're still there, John.

Thank you.

As a reminder, if you would like to ask a question, please click on the raise hand button at the bottom of the screen. This concludes our Q&A session. Back to Cleve for any closing remarks.

Thank you, everyone, for joining us today. We look forward to speaking with you again on our first quarter results call in May. please get in touch with us if you have any further follow-up questions good thanks again thanks everyone