Q4 2023 Kinross Gold Corp Earnings Call

Operator: www.globalonenessproject.org Good morning, my name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to Kinross Gold's fourth quarter and year-end results conference call. All lines have been placed on mute to prevent any background noise.

Good morning, My name is Krista and I'll be your conference operator today at this time I would like to welcome everyone to the Kinross gold fourth quarter and year end results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.

Operator: After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during that time, simply press the star followed by the number one on your telephone keypad. And if you'd like to withdraw your question, again, press star one. Thank you. I would now like to turn the conference over to Chris Lickenheld, Vice President of Investor Relations. Chris, you may begin your presentation. Thank you, and good morning.

If you like to ask a question during that time simply press star followed by the number one on your telephone keypad and if you'd like to withdraw your question again press Star one. Thank you I would now like to turn the conference over to Chris Licking Health Vice President of Investor Relations. Chris You May begin your conference.

Chris Terry: Thank you and good morning with US today, we have Paul Rollinson, President and CEO and from the Kinross Senior leadership team Andrea free barrel <unk> timber.

Chris Terry: With us today are Paul Rollinson, President and CEO, and from the Kinross Senior Leadership Team, Andrea Freeborough, Paul Chimper, Will Dunford, and Jeff Gold. For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to page 2 of this presentation, our news release dated February 14, 2024, the MD&A for the period ended December 31, 2023, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to you.

Chris Licking: Downturn injectable.

For complete discussion of the risks and uncertainties, which may lead to actual results different from estimates contained in our forward looking information. Please refer to page two of this presentation. Our news release dated February 14, 2024, the MD&A for the period ended December 31, 2023, and our most recently filed yes.

Chris Licking: All of which are available on our website.

Chris Licking: Now I will turn the call over to Paul.

Paul Rollinson: Thanks, Chris, and thank you all for joining us this morning. I will provide an overview of our fourth quarter and full year results, discuss our outlook for the business going forward, and review our achievements in the area of ESG. I will then hand the call over to Andrea to discuss our financial performance and guidance, to review our operating performance, and Will to discuss our projects, exploration initiatives, and resource update.

Paul Rollinson: Thanks, Chris and thank you all for joining us.

Paul Rollinson: This morning, I will provide an overview of our fourth quarter and full year results.

Paul Rollinson: Discuss our outlook for the business going forward.

Paul Rollinson: In review our achievements in the area ESG.

Paul Rollinson: I will then hand, the call over to Andrea.

Andrea: Actual performance guidance.

Andrea: To review our operating performance.

Andrea: Well discuss our projects exploration initiatives and resource update.

Paul Rollinson: Looking back, we had a strong 2023 and successfully delivered on our targets and are well positioned for another strong year ahead. Our operations are performing well. Our projects are advancing on schedule and on budget. Our exploration program is delivering value. We are generating substantial free cash flow, and our balance sheet is in excellent condition and continues to deliver. With respect to the fourth quarter, we had a strong finish to the year, resulting in full-year production in the top half of our guidance frame and Koss at the low end of our guidance range. A strong performance on cost was primarily driven by transparency on inflation that was incorporated into our targets.

Andrea: Looking back we had a strong 2023.

Andrea: Successfully delivered on our targets and are well positioned for another strong year ahead.

Andrea: Our operations.

Andrea: Well.

Andrea: Our projects are advancing on schedule and on budget.

Andrea: Our exploration program is delivering value.

Andrea: We are generating substantial free cash flow.

Andrea: Our balance sheet is in excellent condition.

Andrea: Continues to be labor.

Andrea: With respect to the fourth quarter, we had a strong finish to the year, resulting in full.

Andrea: Full year production on the top half of our guidance range and costs at the low end of our guidance range.

Strong performance on cost was primarily driven by transparency on inflation was incorporated into our targets.

Paul Rollinson: Our focus on operational performance with strong production contributing to cost results and favorable trends on grade within our portfolio because we ramped up higher grade operations. As always, we will remain focused on cost control in 2024. However, we are expecting a modest increase, which Andrea will discuss shortly. The strong performance on cost was underpinned by our three highest margin assets: Cassius, Lacoipa, and Perikatu.

Andrea: Our focus on operational performance with strong production contributing.

Andrea: Cash results.

Andrea: And favorable trends on grade within our portfolio, because we ramped up higher grade operations.

Andrea: As always we will remain focused on cost control in 2024.

Andrea: However, we are expecting a modest increase which andrea will discuss shortly.

Andrea: The strong performance on cost was underpinned by our three highest margin assets.

Andrea: Yes <unk>.

Paul Rollinson: Cassius and Perikatu are two top tier assets, and together they account for approximately 1.2 million ounces. Adding in LeCoiper, these three assets account for just over two thirds of our production and an ASIC of approximately $1,000 per hour. At Tassius, we delivered record throughput and strong production in Q4, driving record four-year production. Tassius was our largest production contributor for the full year. Tassius was also our highest margin mine and largest free cash flow generator in 2023. At LA COIPA, we also saw very strong margins and free cash flow.

Andrea: And parents.

Andrea: As he is imperative to our two top tier assets.

Andrea: Together accounted for approximately one 2 million ounces.

Andrea: At La Coipa.

Andrea: These three assets accounted for just over two turns of our production.

Andrea: And then think of approximately $1 per ounce.

At Tasiast we.

Andrea: We delivered record throughput and strong production in Q4.

Andrea: Driving record full year production.

Andrea: Tasiast is our largest production contributor for the full year.

Andrea: Yes. It was also our highest margin mine and largest free cash flow generator in 2023.

And we also saw very strong margins and free cash flow.

Paul Rollinson: We are pleased with how the operation is performing. At Perica II, we had another year of steady production highlighted by strong milk performance and record recovery. And while Q4 grades were lower, as planned, it was the highest throughput quarter in recent years.

Andrea: We are pleased with how the operation is performing.

Andrea: The package you we had another year of steady production.

Andrea: Lighted by strong mill performance and record recoveries.

Q4 grades were lower as it was the highest throughput quarter in recent years.

Paul Rollinson: In the U.S., we delivered a successful year with both production and costs across the U.S. operations, performing well against our targets. At Round Mountain, we approved the Phase S open pit expansion, securing strong production through the decade, and Bringing Clarity to the Future at Round Mountain, also at Round Mountain. We are making good progress on our planned next stages of production, SpaceX Underground, and the Gold Hill Satellite Opportunity. Turning now to the project.

Andrea: In the U S. We delivered a successful year with both production and costs across the U S operations performing well against our targets.

Andrea: Round Mountain, we approved the saves US open pit expansion securing strong production through the decade.

Andrea: And bringing clarity in the future at round mountain.

Andrea: Also at round mountain.

We are making good progress on our planned next stages of production.

Andrea: Paychex underground at the Gold Hill satellite opportunity.

Andrea: Turning now to projects.

Paul Rollinson: Our mill expansion at Tassius and restart of La Coipa were completed in 2023, as was the construction of our solar power plant at Tassius in Alaska. Construction of the Mancho Project is essentially complete, and is on budget and on schedule for initial high-grade production in the second half of the year. At Great Bear, we continue to make excellent progress. Looking back at the time of the acquisition just two years ago, we started with no declared resources.

Andrea: Our mill expansion of cash, yes, and restart of La Coipa completed in 2023 as well as the construction of our solar power plant at Tasiast.

Andrea: In Alaska.

Andrea: Traction of the <unk> project is essentially complete.

Andrea: And is on budget and on schedule for initial high grade production in the second half of the year.

Andrea: At <unk> we.

Andrea: We continue to make excellent progress.

Andrea: Looking back to the time of the acquisition just two years ago, we started with no declared resources.

Paul Rollinson: Today, we have approximately 2.8 million ounces of high-grade M&I and an incremental 3.3 million ounces of high-grade inferred ounces. In 2023, we added more than 1 million ounces of growth to the LP underground resource from the initial resource we declared last year, which continues to support our view of a large, long-life, high-grade mining complex. Additionally, we continue to hit new high-grade intercepts. As outlined in yesterday's release, we recently intersected nearly 390 grams per ton across a true width of 3.5 meters, at a vertical depth of nearly a kilometer. I would note that this hall was not captured in our year-end resource update.

Today, we have approximately $2 8 million ounces of high grade MNI.

Andrea: And an incremental $3 3 million of high grade inferred ounces.

In 2023, we added more than 1 million ounces of growth.

Andrea: The <unk> underground resource from the initial resource we declared last year.

Andrea: <unk> continues to support our view of a large long life high grade mining complex.

Andrea: Additionally.

Andrea: We continue to hit new high grade intercepts.

Andrea: As outlined in yesterday's release.

Andrea: We recently intersected nearly 390 grams per tonne across a true width of three five meters.

Andrea: At a vertical depth of nearly a kilometer.

Speaker Change: I would note that this hall was not captured in.

Speaker Change: In our year end resource update.

Paul Rollinson: Ongoing drilling on the property continues to demonstrate that this is a world-class deposit in a Tier 1 location. In addition to drilling success, other areas of the project are also progressing well, which Will is going to elaborate on later on this call. Before moving to our outlook, I'd like to comment on our year-end reserve and resource update. As expected, our year-end reserves decreased over the prior year, primarily due to depletion.

Speaker Change: Ongoing drilling on the property continues to demonstrate that this is a world class deposit.

Speaker Change: A tier one location.

Speaker Change: In addition to drilling success.

Other areas of the project are also advancing well.

Will: Which will is going to elaborate on later on this call.

Before moving to our outlook.

Will: To comment on our year end reserve and resource update.

Will: As expected our year end reserves decreased over the prior year, primarily due to depletion.

Paul Rollinson: As work advances on our new projects, we are upgrading the quality of our resources through the addition of higher margin outs. Our measured and indicated resources remain stable at year-end at approximately 26 million ounces. While our inferred resources grew by approximately 1 million ounces, driven by the substantial increase at Great Bear, moving on to our outline. We are reaffirming our stable production profile. 2024 is expected to resemble last year, with production and CapEx at similar levels. However, costs are expected to increase modestly as a result of inflation. Production Mix and Mind Sequencing

Will: As work advances on our new projects, we are upgrading the quality of our resource through the addition of higher margin ounces.

Our measured and indicated resources remained stable at year end at approximately 26 million ounces.

Will: While our inferred resources grew by approximately 1 million ounces.

Will: And a substantial increase in <unk>.

Will: Moving to our outlook.

Will: We are reaffirming our stable production profile.

Will: 2024 is expected to resemble last year.

Will: With production and Capex at similar levels.

Will: However costs are expected to increase modestly as a result of inflation.

Will: <unk> mix and mine sequencing.

Paul Rollinson: Our production outlook for 2025 of 2 million ounces remains consistent with previous guidance, and we are introducing another year of production guidance at 2 million ounces in 2026. Looking further ahead, we continue to expect production to remain around the two million ounce level through the end of the decade. Maintaining production at this level will require the approval of some of our pipeline projects, including underground opportunities at Brown Mountain and Curlew and Open Pit Mine Life Extensions at La Koipa. We will continue to advance these initiatives, and we'll update you on our progress as we move forward. With respect to capital allocation, we remain focused on debt repayment. We reduced our debt level in 2023, and our balance sheet is in excellent shape. We believe a continuation of debt reduction remains an optimal use of excess cash.

Will: Our production outlook for 2025 of 2 million ounces remains consistent with previous guidance.

Will: And we are introducing another year of production guidance at 2 million ounces in 2026.

Will: Looking further ahead, we continue to expect production to remain around the 2 million ounce level at the end of the decade.

Will: Maintaining production at this level will require the approval of some of our pipeline projects.

Will: <unk> underground opportunities at round mountain and curlew.

Will: An open pit mine life extensions at La Coipa.

Will: We will continue to advance these nationals.

Will: And we will update you on our progress as we move forward.

Will: With respect to capital allocation, we remain focused on debt repayment.

We reduced our debt level in 2023, and our balance sheet is in excellent shape.

Will: We believe a continuation of debt reduction remains an optimal use of excess cash.

Paul Rollinson: We will also continue paying our competitive dividend of $0.03 per share quarterly. Before turning over to Andrea, I'd like to comment on some of our achievements in ESG. In 2023, we once again demonstrated a strong commitment to ESG by operating responsibly and advancing our strategy across this important area. Our 2023 Sustainability and ESG Report, which we will publish in May, will provide a detailed review of our ESG performance and initiatives throughout the year. Some highlights from this past year include the construction of the solar power plant at Tassius, which helps move us closer to our goal of reducing emissions intensity by 30% by 2030. In the area of social, we made approximately $10 million of monetary and in-kind contributions through site investment, including two, the University of Atacama's research station near our La Coipa mine in Chile and establishing the Kinross Alaska Future Leaders Scholarship at the University of The goal of this scholarship is to advance the inclusion of underrepresented people within the resource industry. With that said, I will now turn the call over to Andrea. Thanks, Paul.

Will: We will also continue paying a competitive dividend of <unk> <unk> per share quarterly.

Speaker Change: Before turning over to Andrea I'd like to comment on some of our achievements in ESG.

Andrea: In 2023, we once again demonstrated our strong commitment to ESG by operating responsibly.

Andrea: Advancing our strategy across this important area.

Our 2023 sustainability and ESG report, which we will publish in May will provide a detailed review on our ESG performance and initiatives throughout the year.

Andrea: Some highlights from this past year include.

Andrea: The construction of the solar power plant at Tasiast.

Andrea: Which helps move us closer to our goal of reducing emissions intensity by 30% by 2030.

In the area of social we made approximately $10 million of monetary and in kind contributions through site investments, including two <unk>.

Andrea: University of Nevada, Thomas Research station near our La Coipa mine in Chile.

Andrea: And establishing the Kinross, Alaska future leaders scholarship at the University of Alaska airbags.

Andrea: The goal of the scholarship is to advance the inclusion of underrepresented people within the resource industry.

With that I'll now turn the call over to Andrea.

Andrea: Thanks, Paul This morning, I'll review financial highlights from the quarter and full year provide an overview of our balance sheet and discuss our guidance and outlook.

Andrea S. Freeborough: This morning, I'll review financial highlights from the quarter and full year, provide an overview of our balance sheet, and discuss our guidance and outlook. As Paul noted, we finished the year with production of just over 2.1 million ounces, exceeding the midpoint of our guidance range. In the fourth quarter, we produced 547,000 ounces. However, Q4 sales of 565,000 ounces were slightly above production due to timing. Our Q4 cost of sales of $976 per ounce and ASIC of $1,353 per ounce were higher compared to the prior quarter, as expected, primarily due to lower production at Paraka'u.

Andrea: And Paul noted we finished the year with production of just over $2 1 million ounces exceeding the midpoint of our guidance range.

Andrea: In the fourth quarter, we produced 547000 ounces.

Andrea: Q4 sales of 565000 ounces are slightly above production due to timing.

Andrea: Our Q4 cost of sales of $976 per ounce and ASIC of 1300 and $53 per ounce were higher compared to the prior quarter as expected primarily due to lower production and market share.

Andrea S. Freeborough: Total year cost of sales of $942 per ounce was below the $970 guidance midpoint, driven by strong cost performance across the portfolio. Costa Perica II costs were on plan in 2023 and are expected to increase in 2024 due to lower planned production. However, margins were strong at $998 per ounce sold in Q4 and $1,003 per ounce sold for the full year. Our adjusted earnings per share was $0.11 in Q4 and $0.44 for the full year. Adjusted operating cash flow was $407 million in Q4 and approximately $1.7 billion for the full year, attributable CapEx with $298 million in Q4 and $1.05 billion for the full year. Attributable free cash flow in Q4 was $117 million, and for the full year, it was $560 million.

Andrea: So all of your cost of sales of $942 per ounce was below the $970 guidance midpoint, driven by strong cost performance across the portfolio.

Andrea: Concept purgatory, we're on plan in 2023 and are expected to increase in 2024 due to lower production margin.

Andrea: Margins were strong at $998 per ounce sold in Q4 and $1003 per ounce sold for the full year.

Andrea: Our adjusted earnings per share was 11% in Q4 and 44 for the full year.

Andrea: Adjusted operating cash flow was $407 million in Q4, and approximately $1 7 billion.

Andrea: Full year.

Andrea: Attributable Capex was $298 million in Q4, and one point out of $5 billion for the full.

Andrea: Full year.

Andrea: Attributable free cash flow in Q4 was $117 million and for the full year was $560 million.

Andrea S. Freeborough: Turning to the balance sheet, we finished the year having further strengthened our financial position. After repaying $190 million of debt in the quarter, we ended the year with approximately $350 million in cash and approximately $1.9 billion of total liquidity. Our net debt improved to $1.9 billion at year-end from $2 billion in Q3. We repaid the $50 million outstanding on our revolving credit facility in October and then the $140 million balance on our Tassius loan in December. The Tassius loan was repaid early with cash generated from the Tassius operation, resulting in interest savings of approximately $35 million, assuming current rates over the original term to 2027. Our trailing 12 month net debt to EBITDA ratio continued to trend lower as we finished the year just above one time.

Andrea: Turning to the balance sheet, we finished the year, having further strengthened our financial position.

Andrea: After repaying $190 million of that in the quarter. We ended the year with approximately $350 million in cash.

Andrea: Approximately $1 $9 billion of total liquidity, our net debt improved $1 9 billion at year end and $2 billion.

Andrea: Our Q3.

Andrea: We repaid the $50 million outstanding on our revolving credit facility in October and then the $140 million balance on our Tasiast loan in December.

Andrea: The past historical was repaid early the cash generated from the Tasiast operation, resulting in interest savings of approximately $35 million, assuming current rates over the original term to 2027.

Andrea: Our trailing 12 month net debt to EBITDA ratio continued to trend lower as we finished the year just above one times.

Andrea S. Freeborough: In 2023 as a whole, we reduced our total debt by approximately $360 million. As Paul mentioned, we aim to further de-lever our balance sheet in 2024 as we plan to allocate excess free cash generated this year against the 2025 term loans. The term loan will be reclassified to current in our Q1 financials given its maturity in March 2025. Turning to our guidance and outlook, as Paul indicated, 2024 is expected to look similar to 2023 as our portfolio continues to generate strong and stable returns. We are forecasting production in the range of 2.1 million ounces, remaining consistent year over year. For costs, we're guiding $1,020 per ounce for cost of sales. $1,360 per ounce for all unsustaining costs.

Andrea: In 2023, as a whole we reduced our total debt by approximately $360 million.

As Paul mentioned, we aim to further de lever our balance sheet in 2024 as they plan to allocate excess free cash generated this year against the 2025 term loan.

Andrea: The term loan will be reclassified to current in our Q1 financials given its maturity in March 2025.

Andrea: Turning to our guidance and outlook as Paul indicated 2024 is expected to look similar to 2023 as our portfolio continues to generate strong and stable returns.

We are forecasting production in the range of $2 1 million ounces remaining consistent year over year.

Andrea: For costs, we're guiding.

Andrea: $20 per ounce, our cost of sales and.

Andrea: <unk> hundred $60 per ounce for all in sustaining cost expected cost of sales of a $1020 per ounce is up approximately 5% compared with our $970 per ounce guidance from 2023.

Andrea S. Freeborough: The expected cost of sales of $1,020 per ounce is up approximately 5% compared with our $970 per ounce guidance for 2023. The expected increase is driven by three factors. Moderate inflation, which has subsided compared with recent years, but has not gone away.

Andrea: The expected increase is driven by three factors modest inflation, which had subsided compared with recent years by has not gone away.

Andrea S. Freeborough: SalesMix, with slightly more of our production coming from our U.S. operations, which operate with higher costs, and a temporarily lower production and, therefore, higher cost year from Pericatews Mine Plant. Attributable Capital Expenditures Guidance of $1.05 billion for 2024 is in line with 2020. Approximately $550 million of this CapEx is expected to be non-sustaining in 2024.

Andrea: Sales mix is slightly more of our production coming from our U S operations, which operate with higher costs.

Andrea: And a temporarily lower production and therefore higher cost year on Pirquitas mine plan.

Andrea: Attributable capital expenditures guidance of $1 5 billion for 2024 is in line with 2023.

Approximately $550 million of this capex is expected to be non sustaining in 2024.

Andrea S. Freeborough: Production is expected to be higher in the second half of the year as Man Show comes online. Cash flow is also expected to be stronger in the second half as a result of the protection profile, as well as our typical timing of payments related to taxes in the first half of the year. Our 2025 production guidance of 2 million ounces remains unchanged from our guidance update last year. Looking ahead to 2026, as Paul noted, we've introduced another year of production guidance of 2 million ounces in line with 2025 and in line with our expectation for production of approximately 2 million ounces through the decade. Based on currently approved projects, attributable CapEx is expected to be $850 million in 2025 and $650 million in 2026. However, as we continue to approve additional projects to sustain our production level, we expect CapEx will ultimately remain stable around $1 billion. I'll now turn the call over to Claude to discuss our operation. Thank you, Andrea.

Andrea: Production is expected to be higher in the second half of the year as man show comes online.

Andrea: Cash flow is also expected to be stronger in the second half as a result of the production profile as well as our typical timing of payments related to taxes in the first half year.

Andrea: Our 2025 production guidance at 2 million ounces remains unchanged from our guidance update last year.

Andrea: Looking ahead to 2020 stacks as Paul noted we've introduced another year production guidance of 2 million ounces in line with 2025 and in line with our expectation for production of approximately 2 million ounces through the decade.

Based on currently approved projects attributable Capex is expected to be $850 million in 2025 and $650 million in 2020. However, as we continue to approve additional projects to sustain our production level. We expect Capex will ultimately remained stable around one.

Andrea: Yeah.

Andrea: I'll now turn the call over to Claude to discuss our operations.

Claude: Thank you Andrea.

Claude: Last quarter, I began by sharing the details of our homegrown safety excellence program. We are taking a genuine modern approach to fostering our safety culture. The program has now been delivered to over 6,000 employees and business partners worldwide. 44 different nationalities participate.

Claude: Last quarter I began by sharing details of our homegrown safety Excellence program.

Claude: Thanks, Ian Jinyan bottom up approach to fostering our safety culture.

Claude: The program has now been delivered to over 6000 employees and business partners worldwide.

Claude: 44 different nationalities.

Claude: We are proud of this program and will be relentless in keeping safety as a core piece of our operating philosophy. Moving on to our operations, this is Paul Hart-Adler. We deliver a strong end to the year, achieving our full year targets on both production and cost. I am pleased to say this is a testament to the strong focus and dedication to operational excellence that our team demonstrated over the course of the year. Our two cornerstone operations, Desjardins and Parquet 2, had another year of significant production. These two assets provided over half of our ounces and drove meaningful cash flow for our business.

Claude: We are proud of this program, we will be relentless in keeping safety as a core piece of our operating loss.

Claude: Moving onto our operations all highlighted we.

Claude: We delivered a strong into the year.

Claude: Our full year targets in both production and costs.

Claude: I am pleased to say this is a testament to the strong focus.

Claude: Dedication to operational excellence that our team demonstrated over the course of the year.

Claude: Our two cornerstone operations Tasiast and <unk>.

Claude: At another year of significant production.

Claude: These two assets provided over half of our ounces and drove meaningful cash flow for our business.

Claude: In 2023, we continue to advance our projects at Tassies and La Cooper, which were successfully completed prior to the new year. At Tassius, we achieved record full-year production of 621,000 ounces, benefiting from strong throughput and great. In the fourth quarter, the mill demonstrated higher throughput over the prior quarter, reaching a quarterly average rate of approximately 22,000 tonnes per hour, driving a strong final quarter of production of 161,000. The cost of sales of $645 per ounce in the fourth quarter was the lowest in the portfolio.

Claude: In 2023, we continue to advance our projects at Tasiast and La Coipa, which was.

Claude: Physically completed Brian to the new year.

Claude: At Tasiast, we achieved record full year production of 621000 ounces.

Claude: <unk> from strong throughput and grades.

In the fourth quarter, the mill demonstrated highest throughput over the prior quarter, reaching a quarterly average rate of approximately 22000 tons per day.

Claude: Having a strong funnel.

Claude: 161.

Claude: Yes.

Claude: Cost of sales of 645, those plants in the fourth quarter.

It was the lowest in our portfolio.

Claude: Tansys was our lowest cost producer in 2023 with a cost of sales of $661 per hour. We are anticipating another strong year for potassium, with production guided to be around 610,000 ounces, as higher throughput is offset by lower plant grade. Margins are anticipated to be robust again this year, with the cost of sales expected to be $670 per hour at the Tennessee School of Power Plants. Construction is now complete, with the first power being delivered in December. We will be ramping up the thought group with the first half. Parker, too, had another year of substantial output.

Claude: As this was our lowest cost producer in 2023 cost of sales of $661 payoffs.

Claude: We are anticipating another strong year tasiast production guided to be around 610000 ounces.

Claude: Posted by lower blended rate.

Claude: Margins are anticipated to be robust again this year.

Claude: With cost of sales expected to be $670, perhaps.

Speaker Change: Thank you so powerful.

Speaker Change: It actually is now complete with the first power being delivered in December we.

We will be ramping up some thoughts.

Speaker Change: Awesome.

Speaker Change: <unk> had another year of substantial.

Claude: Full year production of 598,000 ounces. Production in Q4 was lower than Q3, as previously indicated, due to mine sequencing resulting in lower growth. However, the Malperformance Barracks 2 continues to be a standout.

Speaker Change: With full year production of 599000 ounces.

Speaker Change: Production in Q4 was lower than Q3 as previously indicated.

Speaker Change: Two main CPUC, resulting in lower grades.

Speaker Change: The more performance prior to two continues to be a standout with excellent throughput and recovery performance in Q4.

Claude: Excellent throughput and recovery performance in Q4. Production in 2024 is expected to be lower and cost higher as mine sequencing continues to transition through lower grade portions of the pit before moving back into higher grades next year at La Croix class. Strong operational performance continued in Q4. Record quarterly production of 74,000 ounces was driven by higher throughput and strong grades.

Speaker Change: Production in 2024, it is expected to be lower cost higher margin.

Speaker Change: Secrecy continues to transition through lower grade portions of the pit before moving back into higher grade next year.

Speaker Change: As the Quickbooks strong operating performance continued in Q4.

Speaker Change: With record quarterly production of 74000 ounces.

Speaker Change: This was driven by higher throughput and strong grades.

Claude: Full year production of 260,000 ounces exceeded the top end of guidance, while costs of $681 per ounce came in below the low end of, having a strong three cash. The company is expected to have another strong year with a target of 250,000 ounces and across sales of $800 per ounce. Moving to the US assets.

Speaker Change: Full year production of 260000 ounces exceeded the top end of guidance, while cost of $691 per ounce came in below the low end of guidance.

Speaker Change: Strong free cash.

Speaker Change: A quick one is expected to have another strong year with a target of two 2000 ounces and a cost of sales of $800 per ounce.

Speaker Change: Moving to the U S assets and a strong final quarter with production of 194000 ounces at a cost of sales or $1304 per ounce, both improving of the program.

Claude: We had a strong final quarter with production of 184,000 ounces and a cost of sales of $1,304 per ounce, both improving over the prior quarter. Four-year production of 684,000 ounces at a cost of sales of $1,318 per ounce was. Production across the US assets is expected to increase this year to 730,000 ounces at a cost of sales of $1,330 per hour. The increased production is due to the expected contribution from Manchow in the second half of the year and higher production from Bald Mountain on higher planned ore stacking rates and higher growth. At Fort Knox, Q4 production of 84,000 ounces increased over the prior quarter mainly due to higher mils throughput. At Manteau, construction is essentially complete. The mining activities, including ore mining and stockpiling, have commenced. Construction on the mill modifications at Fort Knox also continues to progress. Construction of the conveyors and associated buildings, along with the interior piping and mechanical installations, will continue throughout the first quarter.

Speaker Change: Full year production of 694000 ounces at a cost of sales or $1319 per ounce was achieved.

Speaker Change: Production across the U S assets is expected to increase this year 750000 ounces.

Speaker Change: Cost of sales of $1360 per ounce.

Speaker Change: The increased production is due to the expected contribution from <unk> in the second half of the year and higher production from bold mountain on higher planned ore stacking rates and higher grades.

Speaker Change: At Fort Knox Q4 production of 84000 ounces.

Speaker Change: Decreased over the prior quarter, mainly due to higher mill throughput.

Speaker Change: As mentor construction is essentially complete the mining activities, including all mining and stockpiling some commenced.

Speaker Change: Construction of the mill modifications at Fort Knox also continues to progress.

Speaker Change: Construction of the conveyors and associated beliefs, along with the interior piping and mechanical installations will continue throughout the first quarter.

Claude: The pre-commissioning and operational readiness team is preparing for pre-commissioning. At Bald Mountain, Q4 production of approximately 44,000 ounces improved over the prior quarter on higher grades, helping drive lower cost of sales. In 2024, Bald Mountain is expected to have a stronger year with grades increasing in the back half of the year on mine planning. At ground mount, production of approximately 56,000 ounces was lower over the prior quarter due to fewer ounces recovered from the leach band, while costs decreased due to lower input costs and timing of inventory movements. As Paul mentioned, our work at Round Mountain is advancing on plan. Shipping on Phase S has commenced, and the operations team is in place.

Speaker Change: The commissioning and operational readiness team is preparing for pre commissioning activities.

Speaker Change: At Bald mountain.

Speaker Change: Full production of approximately 44000 ounces improved over the prior quarter on higher grades.

We drive lower cost of sales.

Speaker Change: In 2020 full Bald mountain city is expected to have a stronger year grades increasing in the back half of the month.

Speaker Change: Planning.

Speaker Change: At round mountain production of approximately 56000 ounces was lower over the product.

Speaker Change: Due to a few ounces the comments from the Leach pads.

Speaker Change: Costs decreased due to the lower input costs and timing of inventory movements.

Speaker Change: As Paul mentioned I worked at round mountain is advancing on plan.

Stripping our phase this has commenced and the operations team is in place.

Claude: Detailed engineering of the pad expansion has been completed, and construction activities are on track. Production from Phase S remains on schedule to begin in the second half of 2025. Brown Mountain is expected to produce at a level similar to 2023, with production coming from ongoing mining at phase W2. With our projects complete and the operational momentum we are seeing across all our mines, we are well positioned to deliver another strong year in 2025. With that, I will now pass the floor over to William. Thanks, Claude.

Speaker Change: Detailed engineering on the pad expansion has been completed and construction activities are on track.

Speaker Change: Production from phase remains on schedule to beginning the second half of 2025.

Speaker Change: I'll now turn is expected to produce at a level similar to 2023.

Speaker Change: It actually is coming from ongoing mining.

Speaker Change: W. Two.

Speaker Change: The project is complete and the operational momentum we are seeing across all of our months, we are well positioned to deliver another strong year in 2024.

Speaker Change: With that I will now pass the call over to William.

William: I'll start by expanding on Round Mountain, provide updates on Curlew, Great Bear, and our exploration initiatives, before ending with a few comments on our year-end resource update. At Round Mountain, in addition to our ongoing work on the open pit phases that Claude discussed, we continue to focus on exploring and studying our higher-grade, potentially higher-hargein underground opportunities at Phase X and Gold Hill. We are progressing well with the exploration decline at Phase X, having developed 1,475 metres to date, which is over half of the planned development for the initial exploration. This has put us in closer proximity to the target mineralization for Phase X, allowing us to commence exploration drilling along the periphery of the target earlier this year. This drilling has already hit a high-grade narrow vein with coarse visible gold, something we have seen throughout our history at Round Mountain, which has ultimately led to positive reconciliation, and we are pleased to see this trend continuing at depth. We will continue development of the exploration decline in parallel with the exploration and definition drilling, and we'll be in a position to start definition drilling of the primary phase X target by Q2. At Gold Hill, infill drilling from the bottom of the open pit and exploration drilling from surface continue to advance as planned.

William: Thanks, Bob I'll start by expanding on round mountain provide updates on earlier, great bear and our exploration initiatives before ending with a few comments on our year end resource update.

William: At round Mountain in addition to our ongoing work on the open pit phases. The cord discussed we continue to focus on exploring and studying our higher grade potentially higher margin underground opportunities at <unk> and gold Hill.

William: We are progressing well with the exploration decline of feedbacks, having developed 14 175.

William: Which is over half of combined development the initial exploration decline.

William: This has put us in closer proximity to the target mineralization for <unk>, allowing us to commence exploration drilling along the periphery of the target earlier this year.

William: This drilling has already hit a high grade narrow vein with of course visible goal something we have seen throughout our history at round Mountain, which has ultimately led to positive reconciliation and we are pleased to see this trend continuing at depth.

William: We will continue development of the exploration decline in parallel with the exploration and definition drilling and we'll be in a position to start definition drilling of the primary phase IX targets by Q2.

William: Yes.

William: At Gold Hill in fill drilling from the bottom of the open pit and exploration drilling from surface continue to advance as planned.

William: Stepping back, we remain excited about the underground opportunities at Round Mountain. We see the potential for Phase X to come online in late 2026 or early 2027 and Gold Hill to come online towards the end of the decade, extending production at Round Mountain into the next decade. Moving to Curlew Basin, our results continue to trend well and support further work on the asset. Through 2023 exploration, we increased the size of the inferred resource by 34% as we confirmed extensions and continuity within several key zones of mineralization. We have now delineated approximately 400,000 ounces of measured and indicated resources and 700,000 ounces of inferred resources, with strong grades of around 6 grams per ton.

William: Stepping back we remain excited about the underground opportunities around that.

William: See the potential for <unk> to come online in late 2026, our early 2027 Gold Hill to come online towards the end of the decade extending production at round mountain into the next decade.

William: Moving to purely basin, our results continue to trend well and support further work on the assets.

William: Through 2023 exploration, we increased the size of the inferred resource by 34% as we confirmed extensions and continuity within several key zones of mineralization.

William: We have now delineated approximately 400000 ounces of measured and indicated and 700000 ounces of inferred resources with strong grades of around six grams per tonne.

William: You will recall last quarter we released results of full 1168 with 14 meters at 16.5 grams per ton down dip at the roadrunner zone, which was both wider and higher grade than our existing results. As you can see on the slide, at the end of the year, we received assay results from a few more standout intercepts showing higher grade and wider potential in the stealth zone, including ST1312, which showed 27 meters at over 12 grams per second. These higher grade results are not included in this current resource update.

William: You will recall last quarter, we released results of full 11, 68 with 14 meters at 16, five grams per tonne down depth at the Roadrunner yourself.

William: Which was both wider and higher grade than our existing resource.

William: As you can see on the slide at the end of the year. We received assay results from a few more standout intercepts showing higher grade and wider potential and the stealth cell, including <unk> 13, 12, we showed 27 meters at over 12 grams per ton.

William: These higher grade results are not included in this current resource update.

William: Our focus this year will be to follow up on this higher grade, wider mineralization encountered both at Roadrunner and Stealth and to continue advancing exploration efforts to expand the higher margin, wider, more continuous zones within our existing resource. We continue to study curlew to optimize its potential value and determine the best path forward for this aspect. Moving on to Great Bear.

William: Our focus this year will be to follow up on this higher grade wider mineralization encountered both at Roadrunner and cell and to continue advancing exploration efforts.

William: The higher margin wider more continuous zones within our existing resource.

William: We continue to study curlew to optimize the potential value and determine the best path forward for this asset.

Moving on to <unk>.

William: As Paul indicated, our 2023 drilling program exceeded our expectations, delivering a significant resource addition of more than 1 million feet. The year-over-year increase was primarily driven by higher-grade underground additions to the inferred resource at depth, enabled by the success of directional drilling. This resulted in a 45% increase in the inferred resource and a 28% increase in the inferred grade.

William: As Paul indicated our 2023 drilling program exceeded our expectations delivering a significant resource addition of more than 1 million ounces.

The year over year increase was primarily driven by higher grade underground additions to the inferred resource at depth enabled by the success of directional drilling.

William: This resulted in a 45% increase the inferred resource and a 28% increase for the.

William: The significant inferred grade increase was driven by the new underground resource having come in at a higher average grade of 6 grams per ton, driving the overall inferred resource grade to 4.5 grams per ton. The total project resource now stands at approximately 2.8 million ounces of measured and indicated resources and 3.3 million ounces of inferred resource. As a reminder, the scope of 2023's drilling program was primarily to add underground resources at depth in the main LP zone. To execute on this plan, we introduced directional drilling, which was very effective, allowing us to meaningfully increase the underground resource at LPE. As you can see on the slide, our primary resource additions came from new, higher-grade underground resources between the 500- and 1,000-meter levels, showing a significant extension to the LP zone.

William: The significant inferred grade increase was driven by the new underground resource having come in at a higher average grade of six grams per tonne driving the overall inferred resource range of $4 five guys.

William: The total project resource now stands at approximately $2 8 million ounces of measured and indicated and $3 3 million ounces of inferred resources.

William: As a reminder, scope of 2023 drilling program was primarily to add underground resources at depth in the main <unk>.

William: To execute on this plan, we introduced directional drilling which was very effective allowing us to meaningfully increase the underground resource at <unk>.

As you can see on the slide our primary resource additions came from new higher grade underground resources between 501000 meter levels, showing a significant extension to the Lps zone.

William: These extensions clearly continue to demonstrate our thesis of this orogenic deposit continuing with strong grades at depth. You can also see on the slide that we continue to intercept high-grade mineralization beyond our current resource additions at depth. A particular note is hole BR 843, shown with a star just to the left of center, which intersected 389 grams per ton over a minable width of 3.5 meters.

William: These extensions clearly continue to demonstrate our thesis of this orogenic deposits continuing with strong grades at depth.

William: You can also see on the slide that we continue to intercept high grade mineralization beyond our current resource additions at that.

William: Of particular note is for BRL 43 shown with the start just to the left of center, which intersected 389 grams per tonne over a mindful with three five meters.

William: Given the timing of this drilling, this intercept didn't make it into this resource update, but this hole, along with all the other assays we see, continues to support our view that this will be a high-quality, long-life underground mine following the initial open pit. While the LP zone represents the bulk of our resource expansion, we also saw some growth at hinge and limb, more classic Red Lake-style deposits. And, as noted last quarter, we saw multiple high-grade intercepts at hinge from the directional drilling well below the current resource, again showing potential for future extensions at depth. Hinge and Limb continue to show potential to supplement production from the LP zone in the future and demonstrate the significant optionality of our land.

William: Given the timing of this drilling is to intercept and are making this resource update but this whole along with all the other assets. We see continued to support our view that this will be a high quality long life underground mine following the initial open pit.

William: While the <unk> zone represents the bulk of our resource expansion. We also saw some growth in engine limb more classic Red Lake style deposits and as noted last quarter. Some multiple high grade intercepts at hinge from the directional drilling well below the current resource again showing potential for future extensions at depth.

William: <unk> continued to show potential to supplement production from the <unk> zone in the future and demonstrate the significant optionality of our land package.

William: Looking to this year's exploration program, our strategy will be similar to last year's, with our primary focus on further expanding the mineralized zones that help, including both the Central LP Area and extensions at Discovery and Vigo. We will also continue to look for additional deposits along strike and for expansions of our Red Lake-style mineralization at Hinton-Lim. The 2024 program will be comprised of approximately 120 kilometers of trail.

William: Looking to this year's exploration program, our strategy will be similar to last years with a primary focus on further expanding the mineralized zones at LP.

William: Both the Central LP area and extensions of discovery and Vigo.

William: We will also continue to look for additional deposits along strike and for expansions of our Red Lake style mineralization at Insulet.

William: The 2024 program will be comprised of approximately 120 kilometers of drilling.

William: Our program will continue to target expansions of the underground resource, but it's worth noting that because planned drilling will be deeper, progress on resource additions is expected to be more modest than realized in 2022. Moving to other areas at Great Bear, as a reminder, we are advancing across two key streams, the AEX underground decline, through which we plan to obtain a bulk sample and perform definition and infill drilling in the LP zone, and the main project, which includes the mine, mill, and related infrastructure required for production. For the AEX decline, the mining lease for the main AEX surface footprint has been received, providing us with the necessary surface and mining rights to develop AEX, subject to obtaining the required provincial permit. Feasibility level design and engineering is now underway. The surface design for AEX is shown here on the slide, and detailed engineering for the AEX infrastructure is well underway. Provincial permitting of the AX remains on.

Our program will continue to targeted expansions of the underground resource. However, it's worth noting as planned drilling will be deeper progress on resource additions is expected to be more modest than realized in 2023.

William: Moving to other areas of Great car as a reminder, we are advancing across two key streams. The AVX underground decline through which we plan to obtain a bulk sample and perform definition infill drilling in the Lps and the main project, which includes the mine mill and related infrastructure required for production.

William: The <unk> decline the mining lease for the main surface footprint has been received providing us with the necessary surface and mining rights to develop aes subject to obtaining the required provincial permits.

William: Feasibility level design and engineering is now complete.

The surface designed for Aes as shown here on the slide and detailed engineering for the IX infrastructure is well underway.

William: Provincial permitting remains.

William: The procurement for long-lead items such as the camp, power infrastructure, and water treatment is underway, and we are targeting a potential start of the surface construction for AEX in the second half of the year, subject to receipt of permits, and a potential start of the underground decline in mid-2025. For the main project, we will continue to advance technical studies, including engineering and field test work campaigns. The results of this work will be outlined in our PEA plan for the second half of the year. An initial project description has been submitted to the Impact Assessment Agency of Canada, formally commencing the federal assessment process.

William: <unk> remains on track.

William: Procurement for long lead items, such as the camp our infrastructure and water treatment is underway and we are targeting a potential start of the surface construction or <unk> in the second half of the year subject to receipt of permits and potential started the underground decline in mid 2025.

William: For the main project, we've continued to advance technical studies, including engineering and field tests work campaigns. The results of this work will be outlined in our plan for the second half.

The initial project description has been submitted to the impact assessment agency of Canada.

William: Formerly commencing federal assessment process.

William: The detailed project description is expected to be formally submitted shortly. A comprehensive baseline study program encompassing air, noise, hydrogeology, geochemistry, archaeology, water quality, and several other categories continues to advance. These studies underpin our Indigenous consultation and permitting efforts.

William: A detailed project description is expected to be formally submitted shortly.

William: Our comprehensive baseline study program encompassing air noise Hydro geology, geochemistry archaeology water quality in several other categories continued to advance. These studies underpin our indigenous consultation of permitting efforts.

William: Our exploration team was very active in 2020. In addition to the drilling success at Great Bear, we also saw strong developments from within our portfolio of brownfield and greenfield prospects. Our brownfields program, which accounts for approximately 90% of our exploration budget, consisted of more than 200 kilometers of drilling last year, taking place primarily within the footprint of existing mines and projects where we are targeting higher-grade, potentially higher-margin deposits, possible extensions within our current, As detailed in a press release, this program demonstrated notable results across several locations. Having already discussed Round Mountain, I'll start with our other U.S. assets. At Fort Knox, the program focused primarily on two main areas, proximal growth around the Fort Knox Pits and on deeper underground targets within the Dandelion Shear zone.

William: Our exploration team was very active in 2023 and.

William: In addition to the drilling success at Great Bear. We also saw strong developments in our portfolio of brownfield and Greenfield prospects are.

William: Our brownfields program, which accounts for approximately 90% of our exploration budget consisted of more than 200 kilometers of drilling last year taken place primarily within the footprint of existing mines and projects, where we are targeting higher grade potentially higher margin deposits possible extensions within our firm.

As detailed in our press release. This program demonstrated notable results across several locations, having already discussed round mountain I'll start with our other U S assets.

William: Fort Knox program focused primarily on two main areas flexible growth around the Fort Knox pit and on deeper underground targets within the dandelions shares.

William: At Manchoke, near-mine exploration work took place at six targets, and the exploration program was expanded to include several new targets identified near the mine road corridor. At Bald Mountain, drilling focused on near-term resource growth, which resulted in an addition to the reserve. Moving to Taziest, RC drilling testing for extensions of the north satellite area successfully intersected mineralization and proved the continuity of a known structure along the primary greenstone belt.

William: At Man show near mine exploration work took place at six targets and the exploration program was expanded to include several new targets identified near the main road corridor.

William: At Bald mountain drilling focused on near term resource growth, which resulted in an addition to the reserve.

William: Moving to Tasiast RC drilling testing for extensions of the North satellite area successfully intersected mineralization and prove the continuity of a known structure along the primary greenstone belt drilling.

William: Drilling this year will look to further explore and trend of the spin realizations.

William: Drilling this year will look to further explore the trend of this mineralization. In addition, the deep drilling plan for this year will begin targeting extensions at West Branch, Cement, and Prolongation, with the aim of supporting an underground mining scenario at Taju. Moving to Chile, our brownfields drilling program uncovered potential for free mineralization approximately eight kilometers due north of our mine today. At La Coipa, we completed approximately 15 kilometers of drilling to test the extent of near-surface oxide mineralization, proximal to current and historic depth. In Brazil, recent drilling of soil anomalies, primarily to the northwest of Perico II, has revealed similar-style mineralization in grades in the same post-packet.

William: In addition, deep drilling plan for this year will begin targeting extensions at West branch amend and prolongation with the aim of supporting an underground mining scenario at Tasiast.

William: Moving to Chile, our brownfields drilling program uncovered potential porphyry mineralization approximately eight kilometers due north of our main facilities.

William: Coipa, we completed approximately 15 kilometers of drilling to test the extent of near surface oxide mineralization proximal to current and historic pets.

William: And Brazil recent drilling of soil anomalies, primarily to the northwest of Barrick to have revealed similar style mineralization and grades and the same post packages.

William: Further drilling at several untested soil targets will take place this year.

William: Moving to our Greenfields program, approximately 52 kilometers of drilling was completed across Manitoba, Nevada, and our JV project in Northern Finland.

William: Our large snow Lake land package, Manitoba continued to show exciting potential for high grade gold mineralization associated with share hosted court's findings.

William: Further drilling at several untested soil targets will take place this year. Moving to our greenfields program, Approximately 52 kilometers of drilling were completed across Manitoba, Nevada, and our JV project in northern Finland. Our large snow lake land package in Manitoba continued to show exciting potential for high-grade gold mineralization associated with shear-hosted quartz veining.

William: And Nevada, RC drilling was completed across several prospective properties with the potential for low sulfonation, Etsy thermal and Carlin style gold mineralization.

Finland, we continue to advance exploration on the <unk> property alongside our joint venture partner.

William: Moving to our broader reserve and resource update as Paul mentioned, our reserves decline. This year as we are in a phase of resource growth focused on adding higher grade ounces at earlier stage projects, such as great Bear curlew and the round Mountain Undergrounds.

William: In Nevada, RC drilling was completed across several prospective properties with the potential for low sulfidation, epithermal, and Carlin-style gold mineralization. In Finland, we continue to advance exploration on the Launi East property alongside our joint venture partner. Moving to our broader reserve and resource update, as Paul mentioned, our reserves declined this year as we are in a phase of resource growth focused on adding higher-grade ounces at earlier stage projects such as Great Bear, Curlew, and the Round Mountain Underground. Our measured and indicated resources remained stable at approximately 26 million ounces, and inferred resources were at more than 1 million ounces, driven by the previously discussed high-grade additions at Great We are excited by the significantly higher grade of these inferred resources, increasing the quality of our overall resource base and providing potential for future high-margin production. I will now turn it back to Paul.

William: Our measured and indicated resources remained stable at approximately 26 million ounces in inferred resources were up more than 1 million ounces driven by the previously discussed high grade additions are great bear in further.

William: We are excited by the significantly higher grade of these inferred resources, increasing the quality of our overall resource base and providing potential for future high margin production.

William: I will now turn it back to Paul.

Paul Rollinson: Thanks will.

Paul Rollinson: After delivering on our commitments in 2023, we intend to carry this momentum into 2024.

Paul Rollinson: Our business is well positioned to deliver another strong year, both operationally and financially.

Paul Rollinson: Looking forward, we remain excited about our future.

Paul Rollinson: We have a strong production profile.

Paul Rollinson: We are generating significant cash flow.

Paul Rollinson: Thanks, Will. After delivering on our commitments in 2023, we intend to carry this momentum into 2024. Our business is well positioned to deliver another strong year, both operationally and financially. I'm looking forward to it.

Paul Rollinson: We have an investment grade balance sheet.

Paul Rollinson: We have a competitive dividend.

Paul Rollinson: We have an exciting pipeline of exploration and development opportunities across several attractive jurisdictions.

Paul Rollinson: And we are very proud of our commitment to responsible mining.

Paul Rollinson: Continues to make us a leader in ESG performance within the industry.

Paul Rollinson: We remain excited about our future. We have a strong production profile. We are generating significant cash flow. We have an investment grade balance sheet.

Speaker Change: With that operator, I'd like to open up the line questions.

Speaker Change: Thank you as a reminder, if you would like to ask a question. Please press star one on your telephone keypad. Your first question comes from the line of Ralph <unk> from eight capital. Please go ahead.

Paul Rollinson: We have a competitive dividend. We have an exciting pipeline of exploration and development opportunities across several attractive jurisdictions. And we are very proud of our commitment to responsible mining that continues to make us a leader in ESG performance within the industry. With that, operator, I'd like to open up the line to questions. Thank you. As a reminder, if you would like to ask a question, please press star 1 on your telephone keypad. Your first question comes from the line of Ralph Profetti from 8 Capital. Please go ahead.

Ralph: Thanks, operator, good morning, Paul and team.

Ralph: Want to ask a question on a great bear and.

Are the early indications that you can give us on how this ore body.

Ralph: Into the P. A is holding up at higher cut off grades.

Speaker Change: Yes, we can.

Speaker Change: I mean, you can see some of it in the cross section in the lower.

Ralph Profetti: Thanks, Operator, good morning Paul and team. I want to ask a question about the Great Bear and, you know, are there any indications that you can give us on how this ore body... into the PEA is holding up at higher cutoff grades? Yeah, we can. I mean, you can see some of it in the cross sections that we've taken and in the long sections that we've provided in the presentation today, but we are seeing some pretty high-grade areas coming in at depth. And that's reflected in the fact that our new resources and inferred have come in at about six grams a ton. So what we're finding is that we are continuing to see what we were hoping to see, which is the continuation of that orogenic system at depth and changing, you know, the cutoff grade for the open pits, it's fairly insensitive, just given that there's a very high-grade core, and on the So we're, you know, we can be reasonable with our cutoff grade. Thanks for that. And maybe that is a question for Andrea.

Speaker Change: Long sections that we provided in the presentation.

Speaker Change: <unk> today, but we are seeing.

Speaker Change: So some pretty high grade areas coming in at depth.

Speaker Change: That's reflected in the fact that our new resources and inferred come in at about six grams a tonne.

Speaker Change: So we're finding it.

Speaker Change: We are continuing to see what we were hoping to see which is the continuation of that orogenic system at depth.

Speaker Change: And changing.

Speaker Change: The cutoff grade for the open pits it's fair.

Speaker Change: It.

Speaker Change: Just given that there's a very high grade ore.

Speaker Change: And on the underground.

Speaker Change: Same thing, where we've got bulkier mining so were.

Speaker Change: We can we can be reasonable with our cutoff grades.

Speaker Change: Gotcha Okay.

Speaker Change: Thanks for that and maybe this is a question for Andrea.

Andrea: Just looking at the 2025 and 2026 my understanding was that those are going to be higher stripping years at Tasiast as you get into whats West branch and so I'm just wondering what are some of those potential offsets in that non sustaining category that has this sort of trailing off.

Andrea: Okay.

Andrea: In CRE and 25 and 26.

Paul Rollinson: Just looking at the 2025 and 2026, my understanding was that those are going to be higher stripping years at Tassie, as you get into West Branch. And so I'm just wondering, what are some of those potential offsets in that non-uh... category that has this uh... you know sort of trailing off in, sorry, in 25 and 26. Well, we'll have to get back to you on that one, Ross. I mean, it's out there a bit. You're right, it is a higher strip, but there's a lot of moving. Pluses and minuses, so let us... Let us take that offline.

Andrea: Correct.

Andrea: Yeah.

Andrea: Okay.

Speaker Change: Back to you on that one.

Speaker Change: It's out there a bit.

Let us youre right. It is.

Speaker Change: Higher strip, but theres a lot of moving.

Hi, Susan minuses, there so let us on.

Speaker Change: Let's take that offline and come back yet.

Speaker Change: Okay. Thanks for that and maybe just a.

Speaker Change: Potential timelines on approvals at car Lew maybe this is sort of further out as well but.

Speaker Change: Its an interesting project given proximity jurisdiction and grades just wondering sort of if you look out a little bit potentially when we could see sort of the next milestone on studies.

Paul Rollinson: Okay, thanks for that. And maybe just, you know, potential timelines for approvals at Carlew, maybe this is sort of further out as well. But, you know, it's an interesting project given proximity, jurisdiction, and grades.

Speaker Change: Yes.

Speaker Change: The majority of the permits are in place.

Already for example.

Speaker Change: The restart of mining haulage milling.

Really what we are.

Paul Rollinson: Just wondering, sort of, if you could look out a little bit, you know, potentially when we could see sort of the next milestone in the study. Yeah, as you know, we have the majority of the permits are in place. Already, for example, the restart of mining haulage milling. Really, what we're focused on is getting the approval to put a dry stack tailings on top of the existing tail, and you know again we're working that through the system. I don't I don't have a definitive timeline on that but, As I say, we're in good shape across the board. That's the last sort of chapter.

Focused on is.

Speaker Change: It's getting the.

Speaker Change: The approval to put a dry stack sales on top of the existing accounts.

Speaker Change: And again, where we're working that through the system.

Speaker Change: I don't I don't have a definitive timeline on that but.

Speaker Change: As I say, we're in good shape across the board that's the last one a chapter in.

Speaker Change: We're pursuing that same time as we're continuing to grow the resource.

Speaker Change: Get into the economics, so it's all moving in the right direction, but.

Speaker Change: I'll have a definitive answer on the <unk>, Yes, I think we're really focused on value engineering and trying trying to optimize the underground side and the economics and the margin.

Paul Rollinson: We're pursuing that at the same time as we're continuing to grow the resource and get into the economics. So it's all moving in the right direction, but I don't have a definitive answer on the permitting. Yeah, and I think we're really focused on, you know, value engineering and trying to optimize the underground design and the economics and the margin.

Speaker Change: So the timeline is more around us internally, making a strategic decision that the permitting is progressing well and right now we don't believe that's going to be the critical.

Speaker Change: We want to get some more drilling on these high grade areas.

Speaker Change: Try and get some of that higher margin material into the mine plan.

Speaker Change: Gotcha, all very interesting thanks very much.

Speaker Change: Yes.

Speaker Change: Your next question comes from the line of Josh Wolfson from RBC capital markets. Please go ahead.

Paul Rollinson: So the timeline's more around us internally making a strategic decision. The permitting is progressing well, and right now, we don't believe that's going to be the critical. We want to do some more drilling in these high-grade areas, trying to get some of that higher margin material into the mine. All very interesting. Thanks very much. Your next question comes from the line of Joff Wolfson from RBC Capital Markets. Please go ahead. Thanks very much.

Josh Wolfson: Yeah, Thanks, very much on the reserve side of things.

Josh Wolfson: <unk> was there any more information available about some of the changes.

Josh Wolfson: Some of the numbers reported there.

Josh Wolfson: Yes. The changes there that you saw you would have seen that we had a bit of a decrease in the reserve beyond just depletion.

Josh Wolfson: Really came that also as a result of some value engineering work that we did there really focused on near term cash flow.

Joff Wolfson: On the reserve side of things, for Paraka 2, was there any more information available about some of the changes in some of the numbers reported there? Yeah, the changes there that you saw, you would have seen that we had a bit of a decrease in the reserve beyond just depletion. And that also came as a result of some value engineering work that we did there, really focused on near-term cash flow. So a big piece of those ounces that we removed from the reserve is higher-strip material around the periphery of the ore body. We were required to do the stripping, and it was impact engraved to the lower end in the near term for the next few years. So we've pulled that out of the plan. It takes out some ounces at the very end of the life of the mine, but it increases our cash flow over the next few years materially.

Josh Wolfson: Big piece of those ounces that were removed from the reserve.

Josh Wolfson: Strip material around the periphery of the ore body.

Josh Wolfson: Okay.

Josh Wolfson: We were required to do the stripping and that was impacting grade.

Josh Wolfson: At the lower end in the near term in the next few years.

Josh Wolfson: So we pulled that out of the plan. It takes out some outages at the very end of life of mine, but it increases our cash flow over the next few years.

Sure Julie.

Josh Wolfson: So.

Josh Wolfson: That's <unk>.

Josh Wolfson: Majority of whats happened with those ounces.

Josh Wolfson: Okay.

Josh Wolfson: And then for great there.

Josh Wolfson: It might be.

Josh Wolfson: Asking us a bit too early before a bulk sample has been done but.

Paul Rollinson: So that's the majority of what happened with those ounces. Okay, and then for Great Bear, and I might be, you know, asking this a bit too early before a bulk sample has been done, but, you know, a lot of drilling has been done here, and I'm assuming an increased understanding of what the LP underground is sort of looking like. Any thoughts on maybe what the blended, you know, diluted grade would be in a mining situation for that area? Yeah, I mean, we did indicate that we do put stope shapes around our resource, even our inferred resource. So I don't know. Not everyone always does that.

Josh Wolfson: A lot of drilling has been done here.

Josh Wolfson: Im assuming an increased understanding of what the LP underground sort of looking like any thoughts on maybe what the blended.

Josh Wolfson: Diluted grade would be in a mining situation for that area.

Speaker Change: Yes, I mean, we did indicate that we.

We do put the stope shapes around our resource given our inferred resource. So I don't know that not everyone always done that but that does put instrument internal dilution.

Speaker Change: Should we are what we're seeing with those stope shapes coming in to the new inferred resource thats around six grams, a tonne overall on average the underground grade.

Paul Rollinson: But that does put in some internal dilution. So what we're seeing with those stope shapes coming in to the new inferred resource, it's around six grams a tonne. Overall, on average, the underground grade, if we looked at the inferred and stripped out the open pit, it's over five grams a tonne. We'll continue to see what happens at depth and how that directionally moves. Okay, and then last question, just looking at La Coypa, you know, I saw a bit of additions there, you know, maybe not net of depletion, but some incremental. I'm just trying to understand maybe what the options are the companies weighing between you know, extension there, and when we could see some of the potential upside in reserves or maybe you know the other sort of bigger development opportunity there if that's something that could be Thank you. Yeah, look, again. I'll start. Maybe we'll chime in later.

Speaker Change: At the Hanford and stripped out deal.

Speaker Change: It's over five grams a tonne.

Speaker Change: We'll continue to see what happens and how that Directionally moves.

Speaker Change: Got it Okay and then last question just looking at look quite Bob I saw a bit of additions there.

Speaker Change: Net of depletion, but some some incremental.

Speaker Change: <unk>.

Speaker Change: I'm just trying to understand maybe what the options are the companys weighted between.

Speaker Change: Extension, there and when we could see some of the potential upside in reserves or.

Speaker Change: Or maybe the other sort of bigger development opportunity there or if that's something that could be pursued in the next five years, but just trying to understand how should we think about this minus <unk> three or four years. Thank you.

Speaker Change: Okay.

Speaker Change: Yes.

Speaker Change: Again, I'll start and maybe want to chime in.

Speaker Change: As you know we have a large land package.

Speaker Change: Several oxide chips.

Speaker Change: And we've got visibility of production through 'twenty seven really its been on the permitting exercise to continue with lay backs.

Paul Rollinson: As you know, we have a large land package. We have several oxide pits, and we've got visibility of production through 27. Really, it's a bit of a permitting exercise to continue with laybacks in the pits where we're operating, and at the same time, we've been doing some drilling on some of those satellites.

Speaker Change: And the pitch from our operating and operating and at the same time we've bought.

We'd be doing some drilling on some of those satellites. So.

Speaker Change: Our vision for La Coipa.

Paul Rollinson: So our vision for La Coypa is to see production continue out towards the end of the decade, and in parallel, we are starting to ramp up our baseline as it relates to Lobo Marte. So the vision for Chile is continued oxide pit expansion, permit, uh strategy with Lobo coming into the queue in parallel to, transition from La Coypa to Lobo around the end of the decade.

Speaker Change: <unk>.

Speaker Change: Production continue out towards the end of the decade.

Speaker Change: And in parallel.

Speaker Change: Shutting down ramp up on our baselines.

Speaker Change: Hi.

Speaker Change: As it relates to mobile Martech.

Speaker Change: Vision for Shelly has continued oxide expansion.

Permit.

Speaker Change: Our strategy with.

Speaker Change: Although coming into the queue in parallel to.

Speaker Change: And as you transition from La Coipa and Lobo.

Paul Rollinson: Yeah, and you can see in our reserve and resource tables that we've got a fairly substantial resource there. And that's when we talked earlier about our focus on, you know, that sequencing over time to try and convert our resources into reserves. This is a massive focus for us at La Coipa so that, you know, in that 27 to 2030 range, we can pull some of those resources into reserve through the permitting and the geotech work and the drilling work that we're doing. Thank you very much.

Speaker Change: End of the decade.

Speaker Change: And you can see in our reserve and resource tables that we've got a fairly substantial resource there and thats when we talked earlier about our focus on.

That sequencing over time to Frank for our resources into reserves.

Speaker Change: Matt that's a focus for us at La Coipa.

Speaker Change: 7% to 2030 range, we can pull some of those resources into reserve through the permitting of the Geo Tech work and drilling work that we're doing.

Speaker Change: Got it thank you very much.

Greg Barnes: Your next question comes from the line of Greg Barnes from TD Securities. Please go ahead. Thank you. Question for Paul and Andrea regarding the capital cost estimates going out to $25,000,000 and $26,000,000, $850,000,000, and $650,000,000. And I understand that doesn't include several projects, but should we be thinking around a billion dollars a year to sustain that two million ounce production rate going forward? Is that the right number?

Speaker Change: Your next question comes from the line of Greg Barnes from TD Securities. Please go ahead.

Greg Barnes: Question for Paul and Andrea regarding the capital cost estimates going out to 25, and 26 $850 $650 million.

Greg Barnes: And I understand that doesn't include several projects, but should we be thinking around a $1 billion a year to sustain that 2 million ounce production rate going going forward is that the right number I think you've talked about that.

Speaker Change: Yes, that's exactly right.

Paul Rollinson: I think you've talked about that. Yeah, that's exactly right. Again, that's how we think about it.

Speaker Change: And that's how we think about it so.

Speaker Change: Again, we have the capital in place to deliver the $2 million, we put into guidance, but as we look out beyond that guidance.

Paul Rollinson: So again, we have the capital in place to deliver the $2 million that we put into guidance. But as we look out beyond that guidance, we'll be looking to bring projects in, uh, things in the pipeline, and so I would expect that as we do that, our capital will come back up into the billion dollar range as we continue to move out. We've often said, We're generally about a billion dollars of capital total sustaining and growth at a two million run rate. So that's the right way to think. Okay, great. That's it for me.

Speaker Change: We will be looking to bring projects.

Speaker Change: And action.

Speaker Change: Fashion.

Speaker Change: Things in the pipeline and so I would expect.

Speaker Change: As we do that our capital won't come back.

Speaker Change: And of the $1 billion range as we continue to move that we've often said.

Speaker Change: We're generally about $1 billion of capital.

Speaker Change: Total.

Speaker Change: Sustaining and growth and a $2 million run rate.

Speaker Change: That's the right way to think about it.

Speaker Change: Okay, great. That's it for me thanks.

Carey MacRury: Thanks. Your next question comes from the line of Carey MacRury from Canaccord Genuity. Please go ahead. All right, good morning.

Speaker Change: Your next question comes from the line of Kerry Mccurry from Canaccord Genuity. Please go ahead.

Paul Rollinson: Um, maybe just back on great there. So with the new resource, what are you thinking about? Is that still going to be more focused on the open pit, or is there? Yeah, that'll be focused on both the open pit and the underground. Obviously, there's, you know, as you guys can see in the resource, there's a strong, strong open pit starter for the first substantial production. But certainly, what we've seen in the underground and what we've released will allow us to have an underground component in that PEA as well, still thinking about 10,000 tons a day. Yeah. Okay, and then maybe just another quick one, just in terms of the quarterly. Mike Duplak on production.

Carey MacRury: Good morning.

Carey MacRury: Maybe just back on great. There so with the new resorts are you thinking about that any.

Carey MacRury: Any differently and.

Is that still going be more focused on your competitor or is there enough underground critical.

Carey MacRury: Critical mass now that it will be more balanced between the two.

Carey MacRury: Yes.

Carey MacRury: It will be focused on both the open pit and the underground obviously there.

Carey MacRury: If you guys could see in the resort strong strong open pit starter for the very substantial production, but certainly what we've seen in the underground and what we've released will.

Carey MacRury: It will allow us to have an underground component in that as well.

Carey MacRury: And Youre still thinking about 10000 tonnes a day.

Carey MacRury: Yes.

Speaker Change: Okay, and then maybe just.

Speaker Change: Quick one just in terms of the quarterly sequence of the year.

Speaker Change: Nonetheless in Q1 drop off any guidance you can give on what we should expect with Q1, and then maybe <unk> to slip.

Speaker Change: On production.

Speaker Change: Yes.

Paul Rollinson: What was the question, Carey? just the quarterly sequence, but typically The Bulletproof Executive 2013, that you can give us there. Yeah. Sure, Carey.

What was the question Kerry.

Carey MacRury: Just the quarterly sequence enrollment typically we see strong Q4 is lower Q1 was just some guidance you can give us there.

Carey MacRury: Sure Terry for this year for Us I think.

Andrea S. Freeborough: For this year, for us, I think in our remarks, we talked about the second half being higher, and that's with Man Show coming on. But I would say the first half is somewhere in the 48 to 49 percent of our full-year production, and then the second half is above 50 percent.

Carey MacRury: In our remarks, he talked about second half being.

Carey MacRury: Higher and Thats with banjo coming off but I would say first half is somewhere in the 48% 49% of our fall.

Carey MacRury: <unk> production.

Speaker Change: And then the second half.

Speaker Change: About 20%.

Paul Rollinson: And I think kind of Q1, Q2 is sort of more even than we've seen in the past. So it's not kind of a step up each quarter all year but more of a H1, H2 story. We do typically have seasonality in the year, I mean, where, for example, heaps in Alaska percolate a little slower in the winter and things heat up, things move a little better.

Speaker Change: Q1, <unk> EBIT at.

Speaker Change: And we've seen in the past.

Speaker Change: GAAP op each quarter, all year, but more of a H one H Street alright. Thank you.

Sure.

Speaker Change: But we do typically how much seasonality through the year.

Speaker Change: Sure.

Speaker Change: For example in Alaska.

Speaker Change: Collate, a little slower in the winter and things set up.

Speaker Change: Thanks move a little better.

Paul Rollinson: As you know, we get into the rainy season in Brazil, and that prevents us from buying in the lower portions of the pits, so we tend to mine in higher areas with lower grades. So there is a seasonality, generally, in our business. You can't sort of take Q1 times four, and we try to give a flavor for that as we move through the year. I would just add that, you know, obviously, free cash flow follows that trend as well. But on top of that, we've got some kind of annual tax payments that come in in the first half, too. So more free cash in the second half, and then you'll see. And well, first quarter and second.

Speaker Change: As you know.

Speaker Change: Beginning of the rainy season.

Speaker Change: In Brazil.

Speaker Change: That prevents us from mining in the lower portions of the pit. So we tend to mining higher areas with lower grade. So there is a seasonality generally in our business, we can sort of take.

Q1 times four.

Speaker Change: We tried to give a flavor for that.

Speaker Change: Moving through the year.

Speaker Change: I would just add that obviously free cash flow followed that trend as well, but on top of that we've got some kind of annual tax payments in the first half.

Speaker Change: More free cash in the second half.

Speaker Change: Okay.

Speaker Change: First quarter and second quarter.

Paul Rollinson: Okay, and then maybe one last one, just on debt reduction. Yeah, I mean, we're focused on repaying debt. In 2023, we repaid $360 million, and $190 of that was in Q4.

Speaker Change: Okay, and then maybe one last one just on that.

Speaker Change: Should we expect similar level of this year or should.

Speaker Change: Should we be thinking higher than that potentially.

On debt reduction.

Speaker Change: Yes, I mean, we're focused on repaying debt in 2023.

Speaker Change: We paid $360 million and 190 of that was in Q4.

Paul Rollinson: So, you know, if you think about similar production, in 24 similar catbacks, and cost a little higher, might be a little bit lower than that, but you know, at 2000 gold, somewhere in the 300 million range is, you know, sort of where we're thinking. Good. That's it for me.

Speaker Change: So if you if you think about similar production.

Speaker Change: <unk>.

Speaker Change: And 24 similar capex.

Speaker Change: And that cost a little higher.

Speaker Change: Be a little bit lower than that but at 2000 somewhere around a $300 million range.

Speaker Change: It's sort of aware of.

Speaker Change: We're thinking.

Speaker Change: Great that's it for me thanks.

Lawson Winder: Thanks. Your next question comes from the line of Lawson Winder from Bank of America. Please go ahead.

Speaker Change: Your next question comes from the line of Lawson Winder from Bank of America. Please go ahead.

Lawson Winder: Thank you very much, operator, and good morning, Kinross team. Thanks for taking my questions. A couple for me, first of all, on the cost assumptions. Andrea, I apologize if I missed it, but did you know what the inflation assumption was for 2024 versus 23? And then what was the realized 2023 inflation versus the budget of 5%? Sure, so overall, I'll start with the look back.

Lawson Winder: Hi, Thank you very much operator, and good morning <unk> team.

Lawson Winder: Thanks for taking my questions a couple for me first of all on the cost assumptions.

Lawson Winder: Andrew I apologize if I missed it but did you know what the inflation assumption was for 2024 versus 23, and then what was the realized 2023.

Lawson Winder: Inflation versus the budget of 5%.

Andrew: Sure. So overall I'll start with a look back so looking back at 2023.

Andrea S. Freeborough: So looking back at 2023, inflation was around sort of in line with our expectations. So we talked about a 5% inflation factor in 2023, and that's where we came in. Looking forward, you know, we're seeing labor and contractor costs continue to increase while overall inflation is at least starting to return to normal levels. And in our cost guidance for 2024, we've got somewhere around a 4% inflation factor on 2024 costs. Okay, and that's with the oil price assumption being down about 17% versus the 2023 assumption. Our oil price assumption is, I think, $85 per barrel for 2024. Oh, okay. I got it.

Andrew: Inflation was around sort of in line with our expectation that we talked about a 5% inflation factor in 2023 and.

Andrew: That's where we came in looking forward.

Andrew: Yes were seeing labor and contractor costs continue to increase.

Andrew: Overall inflation at least starting to return to normal normal not all of them in our cost guidance in 2024, we've got somewhere around 4% inflation factor on 2020.

Andrew: Yeah.

Andrew: Okay.

Speaker Change: Okay and Thats with.

Speaker Change: Oil price assumption being down about.

Speaker Change: 17% versus the 2023 assumption.

Speaker Change: Our oil price assumption.

Speaker Change: 85.

Speaker Change: For 2024.

Speaker Change: Oh, Okay got it.

Lawson Winder: I also wanted to revisit the CapEx question just a little bit to think about how to bridge the gap from $850 to $1 billion in 2025, so that $150 million, and then how to bridge that $350 million gap from $650 to $1 billion in 2026. So in 2025, would that be Phase X, that would be bridging that gap? And then that additional $350 in 2025? Which project should we think about spending bridging that gap?

Speaker Change: I also wanted to.

Speaker Change: Revisit the Capex question, just a little bit to think about how to bridge. The gap from $8 52, 1 billion in 2025, so that $150 million and then and then had a bridge that $350 million gap from from $6 $50 billion to $1 billion in 2026. So in 2025 would that be phase <unk>.

Speaker Change: That would be bridging that gap and then.

Speaker Change: That additional $3 50 in 2025, which.

Speaker Change: Which projects should we think about spending bridging that gap.

Paul Rollinson: You know, obviously, these are all in the study phase, keeping in mind, but phase X is something where the CapEx there is essentially just the continuation of mining. And so that is one that would be an earlier stage, and we could be spending money on that in 2025. Currently, the same thing; that's somewhere we could be spending some money in 2025 and into 2026. GBR, we will continue to spend money on CapEx in a few different areas before initiating the main project. And the Lloyd-Coypex extensions as well.

Speaker Change: Obviously these are all in study phase and keeping in mind, but it's actually something where the capex. There is essentially just continuation of mining.

Speaker Change: So that is one that that would be an earlier sequencing and we couldnt be spending money on that in 2025 currently and the same thing thats somewhere we could be spending some money in 'twenty five and into 2026.

Speaker Change: <unk>, we will continue continue to spend money on Capex and a few different areas.

Speaker Change: Before finishing the main project and the La coipa extensions as well by 2026 weeks be spending money there.

Paul Rollinson: By 2026, we could be spending money there. Okay, that's very helpful. And then, If I could just revisit the seasonality question on the guidance, just particularly for Brazil, would you be comfortable providing a percent, a breakdown in terms of like percent of the 510,000 ounces in H1 versus what percent you'd expect in H2 for parakeets here?

Speaker Change: Okay. That's very helpful and then.

Speaker Change: If I could just revisit the seasonality question on the guidance, particularly for <unk>.

Speaker Change: Brazil.

Speaker Change: Would you be comfortable providing a percent a breakdown in terms of like percentage of the 510000 ounces and each one versus versus what percent you would expect in <unk> for <unk>.

Speaker Change: Okay.

Lawson Winder: While we're getting that, Lawson, just to correct what I said earlier, our oil price assumption is actually $70-75 dollars in our guidance. Okay, okay. Thanks. Thanks for doing that. That's what I thought.

Speaker Change: While we're getting that Lawson just to correct, what I said earlier.

Speaker Change: Oil price assumption is actually $75 and our guidance.

Speaker Change: Okay. Okay. Thanks, thanks for that.

Andrea S. Freeborough: So, that would be down 17% from the 90 last year, but obviously, the realized price was only 77 or 78 last year. So, virtually, the oil price assumption is in line versus last year, just slightly off and then 4% inflation. So Gorson, to answer your Hurricane II breakdown, it's about 45% in the first half of the year and 55% in the back half of the year. Obviously, the last quarter is the one where we really bang it out in Brazil. First one, we have the rainy season, and then where we are in the picture, of the CR, and all of God.

Speaker Change: That's what I thought so but that would be down 17% from the the 90 last year, but obviously the realized price was only 77 or <unk> 78 last year. So.

Speaker Change: So virtually oil price assumption is in line versus last year, just slightly off and then 4% inflation.

Speaker Change: So it goes in to answer your.

Speaker Change: Could you break down its about 45% in the first half of the year.

Speaker Change: Five in the Bakken.

Speaker Change: Obviously, the last quarter is the one we really banging out in Brazil.

Speaker Change: One we have the rainy season.

Speaker Change: Where we are in.

Speaker Change: For this year.

Speaker Change: Hello, John.

Lawson Winder: Okay, thank you all very much. Your next question comes from the line of Anita Soni from CIBC. Please go ahead. Good morning, guys. Thanks for taking my questions. Most of them have been asked and answered.

John: Okay. Thank you all very much.

John: Yeah.

John: Your next question comes from the line of Anita Soni from CIBC. Please go ahead.

Anita Soni: Good morning, guys. Thanks for taking my questions and most of them have been asked.

Speaker Change: Asked and answered.

Anita Soni: But one question I still had, I just wanted to confirm the new material that was added to Dixie underground, like, by my calculations, it was a little north of Graham Purton, is that correct? That is correct, yeah. Okay. And that was all underground, right? Yeah, the emissions were overwhelmingly underground.

Anita Soni: One question still did have I just wanted to confirm the new material that was added in <unk> on the underground I think by my calculation, a little north of six Gram per ton is that correct.

Speaker Change: That's correct Joe.

Speaker Change: And that was all underground and Swiss franc.

Speaker Change: Yes, I think the additions were overwhelmingly underground.

Paul Rollinson: Right. And then secondly, on a little bit more on the capital number, I know in 2025, you should stop spending really on Fort Knox with the, I'm sorry, with Manchot coming into production. I kind of don't understand what would come in there to fill that gap.

Speaker Change: Alright, and then secondly on I'm, a little bit more on the capital number I know in 2025.

Speaker Change: It should stop spending really on.

Speaker Change: Fort Knox with the Starwood.

Speaker Change: So.

Speaker Change: Coming into production.

Speaker Change: Okay.

Speaker Change: That kind of don't understand.

Speaker Change: It would come in there to fill that gap. So is there can you just remind me which the projects.

Paul Rollinson: So is there, can you just remind me which of the projects that could be turned on in 2025? In 2025, we will also still be spending on Phase S. We'll be finishing up the stripping there. And then the Round Mountain Underground, again, if we make a decision to move forward with that, we will just keep going with development. So we could be spending meaningful dollars on underground development in that year.

Speaker Change: It could be turned on in 2025.

Speaker Change: In 2025, we will also still be spending on phase <unk> will be finishing up disturbing there and in the round mountain underground again for making this decision to move forward with that we will just keep going with development should we be spending meaningful dollars on an underground development in that year and currently were extension if we see what we want to see in these undergrad.

Paul Rollinson: And the Curlew Extension, if we see what we want to see in these underground extensions, we will start to spend on infrastructure there. Okay, so just to understand, I mean, right now, you've got a production profile that's 2.1 and then 2 flat, really, for the next couple of years, for sure. And, you know, obviously, with additional projects, we can maintain the 2 million ounces, but the CapEx numbers that you have right now, that you know, have a billion 850 and then 650 there that fully fund the 2 billion. Anything you approve over and above that is to extend my life beyond 2026. Is that correct?

Speaker Change: Extensions.

Speaker Change: We will start to spend on infrastructure there.

Speaker Change: Okay. So just to understand I mean, right now you've got a production profile that $2. One two and then Q flat really for the next couple of years for sure and obviously with additional projects can maintain the 2 million ounces, but the capex numbers that you have right now.

Speaker Change: That has 1 billion $8 50, and then $6 50.

Is that fully funds the 2 billion anything approved over and above that is to extend mine life beyond 2026 is that correct.

Paul Rollinson: That's, of course, the $2 million guidance. The capital that we've put out, as the capital comes up, will extend the $2 million beyond GAIA. Both the Curlew and Round Mountain VISACs have the potential to start contributing in 2027. I think what we see in the outcomes of the study.

Yes of course, the $2 million guidance.

Speaker Change: The capital that we have.

Put out as.

Speaker Change: As the capital comes up.

Speaker Change: It will extend the $2 million.

Speaker Change: Guidance.

Speaker Change: Both <unk> and <unk>.

Speaker Change: Round mountain trades that have potential to start contributing in 2027.

Speaker Change: Sure.

Speaker Change: Studies.

Paul Rollinson: OK. All right, and then just another quick one that I was wondering about at Tassiest, sorry. The costs are coming in pretty well. Can you just talk about the inflationary pressures that you're seeing? Are they lower than the rest of the regions? Is there more inflation you're seeing in the US and Chile?

Speaker Change: Okay.

Speaker Change: Alright, and then just another quick one that I was wondering about.

Speaker Change: Okay.

Speaker Change: At Tasiast sorry.

Speaker Change: The costs are coming in pretty well can you just talk about the.

Speaker Change: Inflationary pressures that you're seeing.

Speaker Change: Are they lower than the rest of the regions and is there more inflation youre seeing.

Andrea S. Freeborough: Can you just sort of, I guess the question is the breakout of inflationary pressures by region. I mean, I can start sort of at a high level, I think. As I said, we're seeing. And the biggest increase is continuing on labor and contractors. And probably the highest is in South America, so primarily Brazil and then Alaska would be second, along with Nevada.

Speaker Change: So you asked in Chile.

Speaker Change: Can you just sort of I guess questions at the breakout of like inflationary pressures by region.

Speaker Change: I mean, I can start sort of at a high level I think.

Speaker Change: As I said, we're seeing.

Speaker Change: And the biggest increases continuing on labor and contractor.

Speaker Change: Only the highest and then south.

Speaker Change: America, primarily Brazil, and then I'll ask our D.

Speaker Change: Second along with Nevada.

Andrea S. Freeborough: So I think it's fair to say that Tassius is kind of on the lower end in terms of, Okay. All right. And then my more detailed questions about U.S. operations I'll take offline with Chris. Thanks. Your next question comes from the line of Jackie Przybylowski from BMO Capital Markets. Please go ahead. Thanks very much for taking my question. And I know this has been sort of answered, but I just wanted to circle back on Great Bear.

Speaker Change: I think it's fair to say that Tasiast is kind of on the lower.

Speaker Change: Yeah.

Okay, Alright, and then my more detailed questions about the U S ops I'll take offline with Chris. Thanks.

Speaker Change: Your next question comes from the line of Jackie <unk> from BMO capital markets. Please go ahead.

Speaker Change: Okay.

Jackie: Alright, thanks, very much for taking my question I noticed there's been sort of answered, but I just wanted to circle back on great bear.

Jackie Przybylowski: It sounds like you've got some really good opportunities here at the LP zone with this AEX decline that you're putting in. And I was wondering if you could maybe talk a little bit about, as you're working on the studies there, the technical studies, could you maybe talk about your thinking about the potential to expand the footprint of Great Bear? Or are you thinking, so the size that you've mentioned in the past is already fully optimized, even if there's more to discover there? I mean, we're still kind of centered around that 10,000 tons per day mark for now, in terms of kind of total processing capacity, at least. We're still doing final design engineering around a variety of things from the overall footprint perspective. But what we're seeing is what we were hoping to see, which is extensions that indicate that this could be a, you know, long-life underground mine. But it's not pushing us to drive that throughput higher.

Jackie: It sounds like you've got some really good opportunity here at the LP zone with this <unk> decline that you're putting in and I was wondering if you could maybe talk a little bit about as you as you're working on.

Jackie: The studies there.

Jackie: The technical studies could you maybe talk about your thinking about potential too.

Jackie: To expand the footprint of great bear or where you.

Are you thinking sort of the size that you've mentioned in the past is already.

Jackie: Fully optimized even if even if there is more to discover there.

Jackie: I mean, we're still kind of kind of centered around that 10000 tonne per day Mark for now in terms of total total processing capacity at least.

Jackie: Still doing final design engineering around variety of things from the overall footprint perspective.

Jackie: But what we're seeing is what we were hoping to see which is extension that would indicate that this could be.

Jackie: Long life underground mine.

Jackie: But it is not pushing us.

Drive that throughput is higher.

Paul Rollinson: Okay, that's helpful. So, the way to think about it with future exploration success at this point is maybe it offsets grade or adds to the life of the mine. Okay. No, that's helpful. Thank you. Yeah, that's the life of mine.

Speaker Change: Okay. That's helpful. So so the way to think about it with future exploration success at this point is maybe it offsets grade ore.

Speaker Change: Or still life of mine.

Speaker Change: Okay. No that's helpful. Thank you.

Speaker Change: Thank you, yes, that's the light frontline it added to grade profile.

Paul Rollinson: It adds to a great profile, just up at a significant production volume. Thank you very much. And that concludes our question and answer session. I will now turn it back to management for closing remarks. Thank you, operator. Thanks, everyone, for joining us. We'll hope to catch up with you in person in the coming weeks. Thank you. This concludes today's conference call. Thank you for your participation, and you may now disconnect.

Speaker Change: That significant production volume.

Okay.

Speaker Change: Okay.

Speaker Change: Thank you very much.

Speaker Change: And that concludes our question and answer session I will now turn it back to management for closing remarks.

Thank you operator, and thanks, everyone for joining us.

Speaker Change: We will.

Speaker Change: Catch up with you in person in the coming weeks. Thank you.

Speaker Change: This concludes today's conference call. Thank you for your participation and you may now disconnect.

Speaker Change: Please wait the conference will begin shortly.

Speaker Change: [music].

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Operator: Please wait. The conference will begin shortly. Please wait. The conference will begin shortly.

Speaker Change: Yes.

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