Hello, and welcome to Newmont's fourth quarter 2025 results in 2026 guidance conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Newmont's group head of Treasury and Investor Relations, Neal Backhouse. Please go ahead.

Hello, everyone, and thank you for joining Neumon's fourth quarter 2025 results and 2026 guidance conference call. Joining me today are Natasha Pouillon, our president and chief executive officer, Peter Wexler, our interim chief financial officer and chief legal officer, and Francois Hardy, our chief technical officer.

They will all be available today to answer your questions at the end of the call. before we begin please take a moment to review our cautionary statements shown here and refer to our sec filings which can be found on our website with that i'll turn the call over to natasha thank you neil and thank you all for joining today's call at the beginning of this year i transitioned into my new role as chief executive officer of newmont and i want to be clear that the priorities that guided me as chief operating officer and that contributed to to Neuron Success in 2025 remain firmly in place. As CEO, I will continue to focus on the following key areas. Firstly, ensuring that safety remains the highest priority across the organization. Embedding efficiency, including cost and capital discipline, into everything that we do. Demonstrating that we are the best owners and operators of our assets by driving continuous improvement and greater operational consistency. developing, developing the highest return projects in our portfolio, ensuring our business has the runway to operate for decades to come, and enhancing shareholder returns by improving our per share metrics and returning capital to shareholders in a predictable manner, which we believe will support stronger price performance over time. Together, these priorities position us to strengthen our business, enhance returns, and building during value for all of our stakeholders. Turning now to our results. The fourth quarter of 2025 marked a strong finish to a year of continued progress at Neomont. We achieved our full year guidance, improved operational performance, and strengthened our financial position, reflecting disciplined execution across the business. Our consistent focus on operational delivery combined with a deliberate and patient approach to balance sheet management has positioned us to continue returning capital to shareholders while improving our financial resilience. Building on that momentum today we are introducing an enhanced capital allocation framework structured to be sustainable through the cycle. At its core is a dividend designed to grow on a per-share basis supporting by ongoing share repurchases that permanently reduce our overall share count. As a first step we have increased our quarterly common dividend by four percent with predictable future growth potential. With that in mind on today's call we will review our full year 2025 results and then walk through new month's 2026 guidance and the enhanced capital allocation framework first I want to take a moment to acknowledge the tragic loss of one of our team members Matthew Middlebrook following a fatal incident at our Tanami operation earlier this month our thoughts and deepest sympathies go out to his family friends and colleagues and we are focused on supporting them however we can during during this very difficult time. An investigation into the circumstances that lead to the incident is underway, and we are committed to fully understanding what happened and taking the necessary actions to strengthen the systems and controls we have in place to ensure that everyone who walks through our gates go home safely every day. Turning now to our operational performance in 2025, we successfully achieved our production and cost guidance for the year. We produced 5.7 million ounces of gold from our core portfolio, as well as 28 million ounces of silver and 135,000 tons of copper. We benefited from the cost savings and productivity initiatives implemented last year, which helped us mitigate pressures associated with a higher gold price environment and supported further margin expansion. In addition to achieving our absolute and unit cost guidance for 2025, we were able to meaningfully improve our GNI guidance for 2026 by $100 million, which equates to a 21% improvement. This operational and cost discipline contributed to record earnings and free cash flow on both quarterly and annual basis, generating $2.8 billion in free cash flow in the fourth quarter and $7.3 billion for the full year. We also generated $4.5 billion in proceeds to date from the successful completion of our non-core divestiture program. And notably, we returned $3.4 billion to shareholders through dividends and share repurchases. Finally, at the end of 2025, we achieved commercial production at a half-own north, bringing over 300,000 ounces of gold production into the portfolio this year. Over the last few years, Newmont has been on a transformational journey aimed at curating a world-class portfolio of operations with complementary gold and copper growth opportunities. In 2024, that transformation accelerated as we integrated new assets, began digesting non-core operations and improved our understanding of the potential of our portfolio. And in 2025, this focus shifted to stabilisation and optimisation with a deliberate emphasis on cost control, productivity improvements, project execution, and expanded exploration activities. At the beginning of last year, we indicated that Newmont would best benefit from a more stable production profile. And that is exactly what we delivered, demonstrating both the strength of our underlying portfolio and the capability of our people. And as I'll discuss in a moment, we continue to advance value accretive growth options, including the initiation of a mine life extension program at the year and the expected completion of Newman's feasibility study for the Red Chris blockades in the second half of the year. Underpinning this portfolio is the industry's strongest reserve and resource base, providing long-term visibility and confidence. And with this, I will turn it over to Franchois to review our 2025 reserves and recent exploration success.

Thank you, Natasha. And hello, everyone. Today, we announced that our gold reserve base stands at 180 million ounces, supported by an additional 149 million ounces of gold resource, together representing approximately 40 years of production life with meaningful near mine upside potential at many of our operations. In addition to holding the industry's largest gold reserve and resource base, Newmont also has one of the largest copper endowments within the gold industry, providing significant organic optionality to further diversify the portfolio over time. Following a thorough review, we have increased our reserve price assumption for 2025 from $1,700 pounds to $2,000 pounds. Even with this increase, our reserve price assumption remains conservative at more than 20% below the two-year trailing average and well below spot. And our reserve grade remained unchanged year over year when adjusted for the assets divested in 2025. It is worth noting that while our reserve price assumption may not change every year, we conduct a disciplined annual review process to ensure it remains appropriate and reflective of evolving views on near- and long-term price. While the divestment of non-core assets was the primary driver of year-over-year change in reserves, there are a few additional movements worth highlighting. At Yannakacha, we reclassified approximately 4.5 million ounces from reserve back to resource following the decision to indefinitely defer the Yannakacha Solfast project, better aligning the reserve base with our updated development strategy as we prioritise other opportunities at and around the sites and continue advancing closure activities in non-operational areas. This was partially offset by several meaningful reserve additions, unrelated to gold price or cost escalation, including at Tanamaya and Ligia. And then the boost track, where we are seeing significant exploration success, converting approximately 740,000 ounces from resource to reserve. Our exploration activities also delivered promising results at a half a hour, where we added approximately 2 million ounces to resource in 2025. Exploration remains one of the most strategic levers to extend mine life, grow reserves, and create long-term value, which I'll expand upon as we turn to the next slide. Newmont's exploration program is tightly integrated across our 12 managed operations, with approximately 80 percent of activity focused on near mine and brownfields programs, which are designed to replace reserves, extend mine life, and leverage our deep, all-body knowledge to unlock future upside the remaining effort is targeted at select greenfield opportunities that provide longer-term optionality for new months while we're seeing encouraging results across the portfolio i'll focus today on boost jack and a half s hour where the work underway clearly demonstrates the strength of our approach at boost jack a focused near mine drilling guided by extensive all-body knowledge delivered a meaningful results in 2025 so in addition to the reserves i mentioned earlier journaling activities also delivered new resources adjacent to where we're currently mining and importantly we have made a new discovery in the dozer zone as highlighted on the slide with several significant intercepts including 20.9 meters at 154 grams per ton downhole representing another potential high-grade mineral zone and a key focus of our 2026 growth program together these results reinforce the value of targeted exploration around existing infrastructure they increase our confidence in Bruce Jack's longer-term potential and highlight the broader district scale opportunity within the golden triangle shifting now to our half a south exploration beneath the subika and the PENSI open pits continues to point to the next phase of high-grade underground growth. Based on current results, which are indicating grades higher than the current mine average, we anticipate exploration activities will deliver approximately 4 to 5 million ounces of new gold reserves in 2026. This would meaningfully extend the life of a speaker underground mine and support the potential development of a new underground mine at a PENSI, both leveraging the existing surface infrastructure and processing capacity at AHAFSA. Looking at our broader portfolio, we're also seeing encouraging exploration developments at Merion, which we plan to provide a more comprehensive update on later this year. I'll now turn a call back to Natasha.

Thank you, Franschel. 2025 was a milestone year for projects, punctuated by the successful commissioning of AHAFSA North, a major achievement that now enables the mine to begin delivering an average of 300,000 ounces per year. And we are pleased to report that the total capital spent for the project is expected to come in at the lower end of our estimated range at approximately $950 million. Building on this strong momentum, we continue to advance our two other major projects in execution towards completion. Beginning with a second expansion at Tanami, With a 1.5 km concrete shaft lining now complete, we are shifting focus to equipping the shaft and completing construction of the underground crushing and associated materials handling system. Construction for the head frame and mechanical work is expected to be completed in late 2026, with full project completion still on track for the second half of 2027. At Kaidia, development for both panel caves continues, and we are progressing towards cave completion at PC2-3 in the fourth quarter of this year, as planned. In addition, I'm pleased to announce that in December we fired the first drawbell at PC1-2, making an important milestone for this project and initiating the next critical phase of cave development. And we continued to advance Talim's work at CAIDIA, while progressing the necessary government approvals to support continued operations beyond the current facilities for decades to come. In addition to these major projects in execution, we received full funds approval for the Nearshore Barrier Mine Life Extension at Lahir, which involves the construction of an in-ground concrete water seepage barrier unlocking access to over 5 million ounces of low cost ounces from the carpet ore body and extending the year's mine life to be beyond 2014 and we continue to advance the feasibility study at Red Chris for the blockade expansion project with full funds approval targeted in the second half of 2026 when we plan to provide a more fulsome update with a strong progress made in 2025 we are well positioned to continue delivering value from our world-class portfolio in 2026. Now I want to take a look now at 2026 and as with 2025 we are providing high confidence one-year guidance within a plus or minus five percent range along with a few of the key drivers supporting longer-term production growth, beginning with production. Our 2026 guidance remains consistent with the indications provided on our third quarter call with total attributable production of 5.3 million ounces, including 3.9 million ounces from managed operations and 1.4 million ounces from non-managed operations. This outlook reflects the year-on-year changes from the planned mine sequencing at Arafo South, Finesquito and Cadia, as well as the production impact from the Boddington bushfires in December. But we are pleased to report that the recovery following the fires is going well, and our team has successfully repaired that critical water supply infrastructure and processing operations have now restarted at full levels. This guidance also incorporates lower-than-expected ounces from Nevada Gold Mines and Pibola VAO, as indicated by the Managing Partner. And importantly, through a careful assessment of our mine plan at Yana Kocha, and in light of the current gold price environment, we have identified a highly capital-efficient plan which leverages current infrastructure to continue mining operations through 2026 and into early 2027, adding additional low cost ounces that are expected to benefit our production profile in early 2027 with further potential upside. For the full portfolio, we expect production to be relatively evenly weighted throughout the year with a modest second half weighting of about 52%. And as previously indicated, 2026 represents a trough in our production cycle due to planned mine sequencing across several operations as we position the portfolio to return to production growth in 2027 and beyond, maintaining a longer-term outlook of approximately 6 million ounces of gold and 150,000 tons of copper annually. Turning now to our cost outlook. As mentioned at the start of the call, we have made great strides towards improving and managing the cost within our control and this will remain a key priority in 2026 especially when operating in a volatile macro economic environment last year we committed to measuring the success of our cost and productivity program by our ability to control absolute cost and in 2026 the only expected increases to our cost applicable to sales are those directly linked to timing impacts and higher gold prices, including production taxes, working participation costs, and third-party royalties. Importantly, even with these price-linked impacts, all-in-sustaining costs are expected to be more than $100 per ounce lower than they would have been without the cost-savings initiatives launched last year, demonstrating the structural improvements we've made to our cost-base. As previously indicated, we are providing guidance on a by-product basis going forward, consistent with our industry peers, while continuing to report both by-product and co-product cost for comparability. On that basis, 2026 all-in sustaining costs are expected to be approximately $1,680 per This assumes a $4,500 per ounce gold price, a $60 silver price, and a $5 per pound copper price. And for every $100 increase in gold price, we expect a $6 increase in our all-in-sustaining costs due to taxes, royalties, and profit-sharing payments. Beyond the macroeconomic impacts, the year-over-year change is primarily driven by the reasons we addressed on our third quarter call, including lower gold production from planned mine sequencing, changing inventory at multiple sites, and the timing shift of sustaining capital from 2025 to 2026. But without the $150 million shifting from 2025, we now expect sustaining capital of about $1.95 billion dollars in 2026 of that roughly 52 percent is weighted to the second half of the year primarily related to tiling's work at barrington in cadia to support production capacity and future mine life as well as the advancement of the ventilation work at tanamai which is expected to be completed this year turning to development capital we expect to invest about 1.4 billion dollars in 2026 as we advance our major projects in execution, continue the feasibility study work at Redquist, and progress the mine life extensions at Lihir and Sierra Negro. We expect 55 percent of total spend to be weighted to the second half of the year, primarily due to the start of the work on the Lihir near shore barrier. We also expect a modest step up in exploration and advanced project spend to about 525 million this year as we continue to invest in value creating near our existing assets including brujda or half of south and marion as pranchard previously touched on reclamation spent for 2026 is expected to be around 850 million dollars in line with 2025 primarily related to the construction of water treatment and plans at Yanacocha, which are expected to be completed in 2027. Once complete, we expect total reclamation spend to return to more normal levels of between $300 and $400 million in 2028. In the first quarter of 2026, we expect to make over $1 billion of tax payments, primarily due to accruals made in 2025. As a result, and in addition to normal working capital seasonality, we expect first quarter free cash flow to be lower than the fourth quarter of 2025. Looking ahead, our longer-term production growth profile is supported by several clear and executable drivers. The continued ramp-up of half-home north, delivering new low-cost ounces beginning this The completion of the Boddington Stripping Campaign in 2026, enabling access to higher gold and copper grades beginning in 2027. The completion of Tanami Expansion 2 in the second half of 2027 as planned. The ongoing development of the Cadia Panel Caves, extending mine life into the middle of this century, and access to low cost houses at Lehiu, following the completion of the Together, these opportunities provide a clear path to renewed production growth, supported by disciplined capital allocation and a portfolio designed to deliver value through the cycle. I will now turn the poll over to Peter Wechsler to walk through our enhanced capital allocation framework. Thank you, Peter.

Thank you, Natasha, and hello, everyone. Our capital allocation priorities and commitment to discipline remain unchanged and supported by our focus on maintaining financial strength and flexibility, reinvesting in our business to ensure long-term sustainable free cash flow growth on a per-share basis, and returning capital to shareholders in a consistent and predictable manner. With that in mind, our enhanced capital allocation framework begins with net cash from operation and then prioritizes that cash be allocated first to sustaining capital and our dividend, which are intended to be commitments that will remain consistent throughout the commodity and investment cycle. Second, cash will be allocated to development capital and our balance sheet targets, which may flex based on our needs and our priorities. Third, excess cash available after these priorities are met will be allocated to share repurchases. Starting with the two priorities designed to be consistent through the cycle, we will continue to allocate free cash flow to strengthen the longevity and integrity of our portfolio through targeted investments in critical infrastructure, which may entail elevated sustaining capital over the next few years as we work to maximize the long-term value of our portfolio. We will also pay a sustainable cash dividend of $1.1 billion per year, creating significant per-share growth potential for multiple metrics as ongoing share repurchases continue to reduce our overall share count. For the fourth quarter 2025, we have declared a dividend of $0.26 per share, reflecting the per-share growth potential embedded in this new approach. Following these consistent commitments, development capital spend and our net cash position may vary over time to reflect portfolio needs and broader macroeconomic conditions. We will invest development capital to advance our current projects and prepare for the next phase of growth with a clear focus on responsibly advancing our highest return opportunities while maintaining strict capital discipline and a clear commitment to value creation at the same time we will maintain a resilient balance sheet anchored by a 1 billion dollar net cash target plus or minus 2 billion and underpinned by a minimum cash balance of 5 billion this provides a flexibility to return capital to shareholders while funding our capital programs through the commodity price cycles and driving sustainable production growth and operational efficiency. Once these priorities are achieved, we intend to deploy excess cash on a rateable basis to share repurchases. This approach is expected to drive sustained per share growth in our dividend and provide shareholders with greater exposure to the strong free cash flow generated from our portfolio, even with the recent increase in our share price. Our shares represent an exceptional value given our world-class portfolio of long-life operations and our deep pipeline of gold and copper projects. With that, I'll turn it back to Natasha for closing remarks.

Thank you, Peter. In closing, 2025 was a year of execution and follow-through as we achieved our full-year guidance, finished the year strong with a strong financial position, optimized our cost structure, advanced project capability, delivered meaningful exploration success, and returned capital to shareholders, reinforcing the solid foundation we have built and the potential of this organization. Building on that, we are well positioned to drive margin expansion and generate robust free cash flow from our world-class portfolio of operations projects and exploration opportunities our scale as a quality and project optionality allows us to capture upside in favorable markets while remaining flexible through the commodity cycle and finally we are anchored by resilient balance sheet and a disciplined capital allocation from framework which has enabled us to implement our enhanced approach to return capital, delivering predictable and sustainable returns to shareholders with a clear path to first-share growth. As we look at it to the rest of 2026, while we are operating in a rapidly evolving geopolitical and macroeconomic environment, our confidence comes from clear understanding of our portfolio, a disciplined, responsible approach to investment, focused on delivering results and long-term value for our shareholders. Just before I turn to Q&A, I want to briefly address the recent announcement by our Nevada Goldmines joint venture partner. At this time, the only information available to us is what has been publicly disclosed and as stated in our recent press release. Our primary focus remains on working with a managing partner to improve performance of these assets and generate long-term value for new month shareholders as disclosed in our 10k we have issued a notice of default to our joint venture partner related to operational performance and management of Nevada gold mines we do not have any additional information to share at this time and confidentiality provisions in the joint venture agreement prevent further comment on the notice of default. With that said, we look forward to addressing any questions about new month operational and financial performance. I will now hand it back to the authorizer to open the call for questions.

Of course. We will now begin the question and answer session. We ask that you please limit inquiries to one primary question and one follow-up question. To ask a question, you may press star, then one on your touch tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then two. At this time, we will pause to assemble our roster. The first question comes from the line of Lawson Winder with Bank of America Securities. Your line is now open.

Thank you very much, operator, and hello, Natasha and team. Very solid result. Nice to see for the end of the year to wrap it up strongly. If I could ask about CAPEX and the, and I apologize for that siren in the background, just the CAPEX, as it's set, sounds like there could be some potential upside through Red, Chris, and Mirian. Could you just talk to those two projects and the update that we're going to be getting on those later in the year, and whether that could lead to higher CAPEX than what's currently been guided? Thank you.

It was a little bit noisy, so I'm going to just reframe your, repeat your question to make sure you're asking about capex and whether capex would increase with the red quiz project and Marion is that which cause exactly thank you very much all right thank you thank you Lawson firstly Lawson we are on track to to talk a little bit more in detail on red quiz project towards the second half of the year our capital guidance as we have stated it is on average the 1.8 on sustaining capital 1.3 on development capital and we did say that that would be average over a period of time the capital allocation framework also allows us to within the context of seeking that guidance allowing us to make decisions on value creative projects as they come along and we will be disciplined in how we allocate any capital to further development projects. The Marian example that Franschel has spoken about is certainly a future opportunity that we will be able to share more information upon later in the year.

Okay, I look forward to that and then if I could just Just on a separate issue with your JV partner, Nevada Goldmines Barrick, have the two entities had any further discussion on Formile and a potential mechanism for vending that into the joint venture? Where does that currently stand?

Lawson, our current discussions have been predominantly around the improvement of the performance of nevada and i think a very constructive relationship to work together to improve that performance and which we believe would be that in the best interest of all of our shareholders understood thank you very much natasha thanks wilson thank you for your questions our next question comes from the line of josh wilson with rbc your lines now open okay thanks very much just going back to the long-term growth targets of six-minute enhances is there any time frame that can be disclosed on when that target is expected to be achieved and maybe what are the larger drivers for that Josh thank you thank you for that question as I think as we've indicated over the last while is that we'll continue to give you one one-year guidance we have completed our asset reviews. We've just completed all of our long-term plans. And as we conclude this work and lead builds to maturity, we will be able to give you a bit of guidance of what that profile would look like. And we certainly expect to be able to do that towards the end of this year.

Got it. Thanks. And I guess I can't ask about NGM directly, but maybe indirectly, related to some of the speculation in the media about M&A. Could you clarify maybe what the company's views are on M&A today and maybe just how this plays into the current gold price environment?

Josh, a really good question. Seriously, we're really happy with our portfolio of assets and our pipeline of projects. And as we do the work on the back of all of our asset reviews, certainly enough potential in our own portfolio. We continue to evaluate our portfolio of assets and that's just the right thing we believe it's the right thing to do. It's part of the continuous work that we need to do and as we find value accretive opportunities to make any changes to our portfolio we will do that but it will happen in a disciplined way and within the context of our Capital Allocation Framework.

Thank you very much.

Thank you for your questions. Our next question comes from the line of Daniel Major with UBS. Your line is now open.

Hi, thanks for the questions. First one, just to be clear on the capital allocation waterfall they provided, should we be reading that in terms of the commitment to the buyback um that if you were to go above the yeah the threshold so uh you know a billion plus or minus you would you know we should assume in our models that 100 of free cash flow would be returned to shareholders through buybacks um and if that is the case would that be you know done during a quarterly period or an annual period thank you thank you for that um that question um daniel

So your assumption is accurate and I think that's why we're in the cash flow waterfall. We've set it out with clear expectations of where we want our cash to be, all driven to a resilient balance sheet. Now just as a reminder, share buybacks will be rateable and as we come to the end of a program and you would know that at the moment we still have $2.4 billion left on our $6 billion approved program. We will go back to our board for approval for any additional buyback.

Okay. That's clear. Thank you. And then a follow-up on the cost guidance, and you've changed sort of headline guidance from co-product to byproduct. So on a like-for-like basis, your 1935 co-product guidance for ASIC. First, what is the like-for-like for CAS as well?

We don't guide CAS, Daniel, but it would be in the order of 14,413. Okay, thanks.

And then maybe just a follow-up on that cost dynamic. On slide 16, you provided the drivers of the inflation through the year. If we look at those buckets, inventory change, working capital and volumes, would it be fair to assume those would reverse in the subsequent one, two years?

Yes, Daniel, probably worthwhile to just quickly step through that. In the repaired remarks, we spoke about volume and I've given you the underlying drivers that will reverse the volume. Sustaining capital, you remember that a portion of that is sustaining capital that we've moved from 2025 into 2026. And we will see an elevated level of sustaining capital whilst we still busy with KDR and Boddington tailings. The changes in inventory, you are right, it's predominantly driven this year by the fact that we are treating stockpile material at Penisquito, and that we are not adding any stockpile material at Sackley Hugh. And then we will see a change at Yanaculture going forward as well, where we're not mining anymore and putting material. So those changes on inventory is purely just a factor of where we are on our normal mining cycle. I think what is important I want to highlight that our cost applicable to sales has stayed constant here on here and just want to direct you towards that as well and the work that we've done lost here on making sure that we can keep what these are in our control on cost um viable here on him thank you for your questions daniel our next question comes from the line of tanya jackie sconic with scotiabank the line is now open uh great uh good evening everybody um thank you for taking my two questions um i'm going to start um natasha just um on the

Nevada Gold Mines. I'm interested in your views on as you've had time to spend time on the property and look at what needs to be done to maximize shareholder value. Can you review with us what you think we need to tackle to maximize shareholder value and how long that's going to take?

Tanya, thank you for that question. I will kick off the question and I will I will ask Franchois who led the team who was there to add anything as he said. Firstly, we welcome the approach that we've seen from our JV partners with the challenging leadership to work together to improve the Nevada Goldmine's performance. And to that extent, we used the same kind of methodology that we've used for our own operations by really understanding district potential and working our way through opportunities, really thinking about the entire Nevada operations as a district, and working it back all the way to near-term and short-term productivity improvements. And so it's exactly the same that we've done at the model.

Thank you, Natasha, and thank you, Tanya, for the question. I think just to build on what Natasha said, the opportunity is to fill them all effectively and use a portfolio approach to how we do that, and also to blend the different types of material that is available there. I think there's also some short-term opportunity in terms of optimising plans across the portfolio rather than on a site-by-site basis, but those are probably the main drivers for our potential there at NGM.

I'm sorry, the implementation, how long do you think all of this takes?

Yeah, look, it's an ongoing partnership at the moment with our JV partners. You know, we did a review in December, and we continue to work through the action plan accordingly.

And then my second question, I'm still on Nevada goldmines. Just want to confirm, I understand that you have, you know, on, I forget, February 3rd, notice of default to Barrick. Can you just provide us just the process from this default, how we go forward, and if it's not resolved? you just want to know the proceedings of what happens i know there's a time period of where you try to resolve it and if not um there's a court i'm just trying to understand the timing of that and if the court is in nevada if there's no resolution thank you tanya i'm going to hand that question over to peter wickson thank you tanya for your question i think you're absolutely right and you have access to the agreement which was publicly filed and it sets out detailed timelines for both uh how any disputes between the partners are resolved as well as the jurisdictional uh

uh the jurisdictional where would be uh decided so or or if it ever gets to that stage but you have the you have that all right in front of you actually thank you thank you for your questions Our next question comes from the line of Hugo Negoasi with Goldman Sachs, the line is now Hi Natasha and team, thanks for the update.

Two questions from me please, look the first one, I appreciate the emphasis on share repurchases as the key use of excess operational cash flow but it appears that some of the more medium to longer term growth projects seem to have lost their emphasis a little bit such as the Red Crest Cave and definitely deferring Yanococha sulfides and some of the other resources like Nueva Union, Norte Arbieto, Galois Creek, Conga, Lubakina, Wafi Gulpu, to name a few, they don't seem to be priorities for this decade. Do you see room for further divestments of resources from the portfolio or conversely should we take the comment that you're exploring more opportunities in the region around Yanococha that you're actually still acquisitive from Yeah, you know, there's lots in that question.

So let me just see how I can unpack that. Firstly, we've built, deliberately built this portfolio of assets with the intent to develop and grow it. First point. Second point, we will do that in the disciplined manner that we set out in our development, in our capital education framework. So important to note. Your question around Peru, Peru reminds center to and key to our portfolio. You shouldn't read the fact that we have walked away from the Anaculture Sulfides project as any indication to the potential that we have in the Kirish project and the Congo project in Peru. As we've concluded, as I've mentioned earlier, and we've concluded the asset reviews and and developing the profile going forward. All of these projects are under review. We've got a very clear framework in which we review these projects to sequence them appropriately in the project. The REDPRIS project specifically benefited from the unfortunate incident that we had last year when we had the final decline. but it benefited us in highlighting just areas of opportunity to improve design and there's no other indication than just any opportunity to improve design at breakfast.

Got it, thanks. And then a follow-up then maybe on costs. Great to see the cost savings initiatives you worked on last year coming through. Are you able to just provide some more detail on the magnitude of those cost savings that are hitting that 2026 outlook number and then any further cost-out targets you're looking to try and deliver this year?

Yeah, probably a couple of ways that you can look at that, Hugo. The first thing is, as I said earlier, cost attributable to sales, start constant year-on-year, so we've basically offset inflation. Another way that you can think about it is that sidings allowed us to reduce $100 per ounce from our cost. So that is a good other way of doing it, so our all-insustaining cost would have been a hundred dollars pounds higher if we didn't have that. Also I want to point you to the G&A reduction. In the prepared remarks we've spoken about a 21% reduction in G&A from guidance to guidance, and you will see that our GNI is well aligned last year with this year. So just a couple of markers that you can look at. We also, as we've done, as we've retired debts and repurchased shares, we've also seen a reduction in cost of about $230 million between those two elements. As we go forward, some of those, we had two focus areas for cost reduction, headcount and non-headcount reduction, headcount reduction has been completed, and the future continuous work that we have through operational productivity and discipline all goes back to the continuous non-headcount reduction, and we've made some significant progress to embed our savings email cost structure.

Great, thanks Natasha.

Thank you for your questions. Our next question comes from the line of Anita Sani with CIBC. Your line is now open.

Hi, good evening Natasha and team. Thanks for taking my questions. I just want to ask about the TANMI expansion too. Just seeing the total spent to date is about 1.3 and you're spending about three and a half, sorry 350 million 3 30 this year and the project total is 1.7 to 1.8 um with still a significant amount of time to go so will you hit that 1.7 to 1.8 or will you be near the upper end or slightly above that um we are right on track to hit those targets anything okay um my other one is a somewhat quick one um the on the capital allocation framework you said plus the um net cash position of a billion dollars but I see plus or minus $2 billion. I think maybe someone else mentioned plus or minus $1 billion. I wanted to clarify that, but then also ask, it seems like a pretty wide range. How do you make that decision that we're going to keep an extra $2 billion of cash instead of buying back shares at this point?

Right. Hi, Anita. That's a very good question. That was a very disciplined approach by the board to take a look at the ability for the company to withstand volatility across commodity cycles and ensure that our fixed dividend is always payable and we can meet our commitments. It can flex up and down depending on where we are in both the cost cycle, the price cycle, as well as the other needs for some of the nearshore projects that we might want to execute on that would be cost accretive with our financial discipline fully in focus so that's how it was arrived it was a very thoughtful process with the board of directors and they to ensure the long-term resiliency of the company and any side is one billion dollars plus or minus two yeah yep so and it is clearly set out in slide 10 so the detail is really set out there for your

Yeah, I just thought I heard someone say $1 billion plus or minus one, so I just wanted to clarify that. But I did see the slide that said plus or minus two.

Thanks, Anita.

Thank you for your questions. Our next question comes from the line of Daniel Morgan with Bear and Joey. Daniel, your line is now open.

Hi, Natasha and Tim. Hi, Natasha and Tim. My question is, gold and copper at all-time highs, you have some of the best assets in the industry. Is there an opportunity to do a bit more on de-bottlenecking, brownfield expansion? Is this something that should be worthy of greater consideration? I mean, if I look at a lot of the messages today, you've got a new capital allocation strategy which appears to speak to a focus on returning cash rather than growth. Can you just talk about that? Thank you.

Thank you, Daniel. and a really relevant question is something we continuously evaluate. So, Daniel, firstly, we make sure that the baseline of our production remains sustainable through the cycle. I think that's an important evaluation. So that is . Then we continue to look at short-term opportunities. In our prepared remarks, I refer to Yana Kocha specifically. we we have seen additional an additional cut in the bits that we will be taking so the really near-term opportunities we are focusing on are those where we have low capital investment because the moment you start to talk about capital investment there's time associated with it so low capital investment means quick to market it considers constraints like tidings down capacity because we do need to consider the cost and the time to ensure that we've got long-term planning capacity. So that needs to be considered as part of the economic evaluation. And then the next constraint would be our processing plants. So we have no constraints, and we can make sure that it comes to market quickly with low risk. We are absolutely pursuing every opportunity. So a very good point.

And are there, I know you've got Red Crisp this year, but, I mean, maybe you can just cast the market's eyes to potential assets across the portfolio which, you know, have those opportunities for de-bottlenecking where there's, you know, a plant that has, you know, very capital-efficient expansion or ample tailings. Or, you know, what are the assets where, if we thought creatively about growth beyond, say, Red Crisp, that we should be thinking about?

Daniel, you're now talking just brownfield expansion, right?

Correct.

Yeah. So, a couple. Half of South, we definitely and Franchise mentioned in these prepared remarks, and we're actively pursuing that development, underground development that goes hand in hand with the exploration work that we're doing. Half of North as a brownfield expansion, there's a potential for us to basically duplicate what we've done at Half of North today. So that's a definite opportunity for us. If we look across to the hue, we've just concluded 14A, so we will have access to hybrid all day, and the nearshore barrier will give us access to further hybrid material. If we go to TANAMI, as we complete TANAMI, there's certain opportunities there for us. I'm just thinking through, I think I've touched on all of the main ones. Brewshak, of course, Francia just reminded me here of Brewshak. Brewshak, there's two opportunities. The one would be that we are looking at stub sizes. That is easy for us to do to develop our stub sizes, slightly larger, capturing the value of just what the ring around the current stove sizes, slightly lower grade, but we do have the capacity in both the plant and the tidings dam. Then I'm going to quickly jump over to Argentina at Sierra Negro. We are pursuing an open bit that we should be able to access and start mining on towards the end of the year. And then, as Katie, just a reminder that BC 2.3 basically will be up and running by the end of the year, and BC 1.2 following just after that. So a number of opportunities for us, some of which we've touched on already, but some of them not necessarily remarked on.

Thanks so much, Natasha and Tim.

Thank you for your questions. Our next question comes from the line of Martin Pardir, who is Barrett's House Investment Research. Your line is now open.

Yes, thank you. My first question is related to Newmont and the relationship with Barrick. So there is this news about you having a right of first refusal. Could you confirm that you have that right of first refusal, and what does it mean? And can Baric do an IPO without your consent, or that will be violating the agreement?

Thanks, Martin. Peter, we'll take your call.

Thank you, Martin, for the question. The rights for both parties are spelled out in the agreement. We don't have any other information than you do on the IPO, and anything else would be a theoretical exercise. So we'll let you, as I noted to Anita, to review the agreement and make that determination for yourself.

And in terms of Iana Kocha, how much is in book value of Iana Kocha still there? I mean, I know you're stopping the development and you did some impairment, but I'm assuming there is quite a bit more there in the book value.

So on sulfide, book value was in the order of $78 million, Martin, and conga is in the order of about $900 million.

So $900 million in conga, and how much in the other one?

$78 million.

And the $78 million in sulfide is predominantly in the equipment that's still there that we will be putting up for sale thank you thank you for your thank you for your questions our next question comes from the line of lead by spy with ubs your line is now open uh yeah hi hi natasha and team thanks for your time um just one quick one back to the town of mine so can you just confirm the status there currently and what's uh what's imputed in your guidance for this year and the rest of the ramp up.

Sorry, Levi, I don't think we've heard you properly. Would you mind repeating?

What's happening right now on site at the Town and I, and what's been put in your gardens this year and next.

Okay. And Levi, I assume you are asking in relation to the fatality that we had?

Yeah. Is it currently operating, and when will it turn back on, or when do you expect it to turn back on?

All right. Thanks for that Martin, I just want to make sure I'm clear on your question. The operational side of TANMI has been up and running within about four days after the incident. After the incident we shut down the entire site, we made sure that all of our colleagues are looked after and that everybody is getting assistance through our EID process and we wanted to make sure that people's focus is on operations and so that it can be safe and didn't want to distract their attention so operations fully up and running and the project other than the shaft infrastructure so we stopped all work on the shaft infrastructure but development for the ventilation underground infrastructure is back to normal to normal operations and the shaft infrastructure, we will start up as soon as we've completed our internal investigation and make sure that we understand the root cause of the incident and make sure that it doesn't happen again. So what has been included is our normal production at TANMI. That's what's been included in our guidance.

Thank you. Thanks, Natasha. Thanks.

Thank you for your questions.

Our final question for today will come from the line of adam baker with mcquery your line is now open hi natasha i'm just wondering from a corporate perspective uh how you considered to lift your reserve and resource assumptions noting that your resource uh gold price assumption is now two thousand dollars an ounce and your reserves at seventeen hundred dollars an ounce um you know Why did you determine to do this? Do you think this is still too conservative? And I guess how did the team land on that number? Thank you.

Thank you, Adam. I'll ask Pranshahati to answer that question.

Thanks for your question, Adam. I think we go through quite a rigorous process in terms of how we define our goalpost assumptions. And we look at many, many different market assumptions and direction. And the one we tend to align with reasonably closely is the three-year trailing average. And at the time of setting our 2026 gold price assumption for reserves, we were just above 80% of the three-year trailing average, which is typically what we like to be in the low 80s, a low to mid 80% of the three-year trailing average. And obviously has shot up since then we don't we don't believe it's too conservative we have a rigorous process if we look at our total portfolio and we look at how we we structure and and and um and look at our long-term mountains and the lock so at this stage uh the 2000 is a lot number for us um but we continue to evaluate short-term opportunities and and the arc and and i'll just i'll just point to reminding you that the mine plan assumptions and the reserve and resource assumptions that we make are two different numbers that we optimize against.

Thank you for your questions, Adam. This call, this concludes the question and answer session. I would now like to turn the conference back over to Tom Palmer for any closing remarks.

Thank you so much, Operator, and it's still not a good afternoon yet. And thank you for everybody for joining our call today. and looking forward to our next quarterly call. Thank you.

That concludes today's call. Thank you for your participation and you may now disconnect your line.