Q2 2025 Agnico Eagle Mines Ltd Earnings Call

One.

So the Agnico Eagle mines limited second quarter 2025 conference call.

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Thank you Mr. Omar Oh, Judy you May begin your conference.

Thank you.

Good morning, and thank you all for joining our Agnico Eagle second quarter Conference call.

It's always a pleasure to speak to all of you and particularly a pleasure when things are going well and we have good news to share this morning.

Before we come to our call. However, I would like to remind everyone that we will be making a number of forward looking statements. So please keep that in mind and refer to the disclaimers at the beginning of this presentation.

The message will be sharing with you. This morning is frankly, the same positive message we've been sharing for the last several quarters.

One week.

We continue to report record financial results driven by strong and consistent operational performance too we continue to strengthen the company to strengthen the balance sheet and to return record amounts of cash flow to our owners and three we continue to invest heavily in building the foundations of our future growth and we're excited to talk.

That.

By any measure we've had another strong quarter gold prices are up gold production is strong and our costs are under control.

With that we're making a lot of money for our owners and reporting once again record financial results.

Record free cash flow at $1 3 billion.

Record adjusted EBITDA at $1 9 billion.

Record adjusted net income at $1 94, a share and remember it's always the per share metrics that matter most.

We've returned record cash flow to our owners in the form of $200 million in dividends and $100 million in share buybacks add to that a further $550 million.

Of debt repayments.

And while delivering those record financial results for these record financial results, we continue to make great progress and in some cases accelerating progress towards building. The best project pipeline, we've ever had and we continue to have great success with the most aggressive exploration program we've ever had.

With 866000 ounces of safe responsible gold production at peer leading costs I want to take a moment to thank all of our agnico Eagle family for delivering these results.

We know it's not easy.

We know your work under difficult conditions, whether its three kilometers underground at <unk> or at minus 50 degrees and none of it we know.

You always work hard there are always challenges when you put yourselves.

You all do a great job.

After quarter reliably safely responsibly and I just want to acknowledge and.

And appreciate that we all do.

I am proud to say that as gold is up $400. This quarter, our cash costs are up a relatively modest $30 per ounce compared to Q1.

This means that we are delivering 93% of this remarkable gold price increase.

To our owners Jamie.

Jamie we'll go through that in a bit more detail, but again to our teams on the ground.

Great work on cost control.

Of course, one should expect record financial results when we have record gold prices.

Why people invest in in a gold company and while we are naturally proud to be able to deliver these financial results. We want to emphasize that we remain regardless of gold price.

Absolutely laser focused on operational improvements on controlling our costs on capital discipline and on continuing to build value per share for our owners.

Consider the following examples in this quarter alone.

At Odyssey.

<unk> gold production and record underground development at.

<unk> record tonnes process.

At Macassar record gold production at Detour, the best mill throughput for our second quarter ever and at our exploration sites <unk> and his team have delivered I think quite remarkable 9% reduction in cost per meter drilled.

These are all just a few examples individually they may not seem material, but collectively quarter over quarter. This focus on improvement and adds up and makes a big difference and it also illustrates par.

Part of the culture at Agnico Eagle, where everyone. At every level is encouraged and authorized to look at all options to do things better.

At the same time, we continue to invest in the future as we make steady progress on our five key value drivers.

Ongoing work to get detour to over 1 million ounces a year.

Our vision to get melodic to over 1 million ounces a year.

Excellent construction progress at upper Beaver, our brand New mine in a great region that could add over 200000 ounces a year.

Continued great drill results and accelerating onsite activity at hope Bay with a target of over 400000 ounces a year.

<unk> continued progress at San Nicolas Our high grade High return copper project in the best mining jurisdiction in Mexico.

These projects cumulatively represent.

Approximately 1% to $1, one three to $1 5 million ounces of potential production.

All from assets, we already own in regions, we have been operating for decades and in most cases leveraging off existing infrastructure already in place.

Dominic and Natasha will provide a brief update on some of these projects and Jamie will describe how at these gold prices. We can not only fund acceleration of these projects, but continue to strengthen our balance sheet and continue to increase returns to our shareholders.

And finally once again <unk> will be the star of the show is he spends a few minutes highlighting some of the exciting exploration results. Our team is delivering at some of the most promising ore bodies in the world.

And with that I'll now turn it over to our CFO, Jamie Porter to review the second quarter financial results.

Thank you Omar and good morning, everyone.

We've had an excellent first half of the year with another strong quarter of operating results and good cost performance by delivering on our production targets and controlling costs. We continue to ensure that the benefit of margin expansion and a higher gold price environment accrues directly and indirectly to our shareholders through both direct shareholder returns and.

The strengthening of our balance sheet.

Our strong operational performance and cost control paired with higher gold prices drove record financial results, including record revenue of $2 8 billion.

Record adjusted earnings of $976 million or $1 94 per share and record adjusted EBITDA of $1 9 billion and record free cash flow of $1 3 billion.

Free cash flow more than doubled quarter over quarter benefiting from favorable working capital adjustments, primarily due to an increase in accrued taxes payable.

Gold production in the second quarter was approximately 866000 ounces at total cash costs of $933 per ounce and all in sustaining costs of $1289 per ounce gold production was better than anticipated this quarter, primarily due to better grades at la Ronde Canadian melodic macassar with this.

Outperformance, partially offset by lower production at our Nunavut operations due to an extended caribou migration and lower gold production at detour.

I am pleased to report that costs were within our guidance range, while our total cash cost of $9 33 per ounce were $30 per ounce higher than in the first quarter.

<unk> over quarter increase was primarily due to higher royalties as a result of higher gold prices and a weakening Canadian dollar, which on a combined basis represents an increase of about $46 per ounce. If we exclude the impact of royalties and foreign exchange, our cash costs were actually lower than in the first quarter.

Which is again a testament to the ongoing optimization efforts that dominant tasha will talk about later in the presentation.

For the full year, we are maintaining our cost guidance and expect cash cost to be within the guided range of $9 15 to $9 65 per ounce.

All in sustaining cost per ounce were higher than the previous quarter, primarily due to the increased cash costs and the timing of sustaining capital spend we continue to expect to be within our guidance for the full year at between $250 to $13 per ounce.

Our all in sustaining costs continue to be one hundreds of dollars per ounce below those of our peers. This is the result of our focus on controlling costs continuous improvement initiatives and the benefits of our regional strategy.

As an example of the benefits of that regional strategy, our Abitibi platform in Quebec, and Ontario outperformed in the first half of 2025 with over 1 million ounces of gold production at total cash cost of only approximately $850 per ounce and a realized operating margin of 73%. This.

That form holds five of our 10 operating mines, including the two largest gold mines in Canada with multiple decades of mine life and strong potential across the region to continue to grow and expand.

Efforts to dominate. We'll talk about later in the presentation.

For the full year, we are maintaining our cost guidance and expect cash costs to be within the guided range of 915 to 965 per ounce.

If we move on to the next slide the record free cash flow. We generated this quarter allowed us to continue to strengthen our balance sheet ending the quarter with net cash of almost $1 billion improve.

Improving from a net debt position of $5 million at last quarter end and.

All-in sustaining cost per ounce were higher than the previous quarter, primarily due to the increased cash costs and the timing of sustaining Capital spend. Uh, we continue to expect to be within our guidance for the full year at between 1250 and 1300 per ounce.

In addition, given our strong cash position, we decided to prepay $510 million of long term debt. In addition to the $40 million of debt that matured in the quarter.

Over the past 15 months, we have significantly deleveraged the balance sheet, reducing our gross debt in that period by $1 3 billion.

Our all-in sustaining costs continue to be hundreds of dollars per ounce below. Those of our peers. This is the result of our focus on controlling costs continuous Improvement initiatives and the benefits of our regional strategy.

We will look for further opportunities to reduce debt in the third quarter and intend to continue to strengthen the balance sheet and increase our financial flexibility while at the same time increasing returns to shareholders.

We move on to the next slide.

As an example of, of the benefits of that Regional strategy, our abitibi platform in Quebec and Ontario had outperformed in the first half of 2025 with over 1 million ounces of gold production at total cash cost of only approximately 850 per ounce and a realized operating margin of 73%.

We delivered as Omar mentioned, we delivered record shareholder returns this quarter totaling approximately $300 million and $550 million for the first half of the year, bringing the cumulative shareholder returns in <unk> history to approximately $4 7 billion majority of which has been returned in the last several years.

this platform hosts 5 of our 10 operating Minds including the 2, largest gold mines in Canada, with multiple Decades of my life and strong potential across the region and continue to grow and expand,

From a capital allocation perspective, we remain well positioned in this gold price environment to continue to take a balanced approach. We expect to continue to increase shareholder returns through increased share buyback activity in dividends. We also expect to continue to strengthen our financial position and flexibility by increasing our net cash position and potentially repaying additional.

If we move on to the next Slide, the record free cash flow. We generated this quarter allowed us to continue to strengthen our balance sheet, ending the quarter with net. Cash of almost 1 billion dollars, improving from a net debt, position of 5 million at last quarter. End

In addition, given our strong cash position. We decided to prepay 510 million of long-term debt. In addition to the 40 million of debt that matured in the quarter.

<unk> debt.

Lastly, and importantly, we will continue to reinvest in our business in order to bring our high return organic growth projects online. We have five key value drivers projects between detour underground filling the mill, a Canadian mill Arctic Upper Beaver Hope Bay, and San Nicolas all of which generate.

Over the past 15 months. We have significantly de-lever the balance sheet. Reducing our growth debt in that period by 1.3 billion.

We will look for further opportunities to reduce debt in the third quarter and intend to continue to strengthen the balance sheet and increase our financial flexibility, while at the same time increasing returns to shareholders.

Solid returns at gold prices of $1000 or more below current spot levels. We have a strong balance sheet and we will look for opportunities to accelerate reinvestment in the business to drive growth and value creation.

At current gold prices, we are generating a lot of cash and we'll remain disciplined with our measured capital allocation approach, which is focused on increasing returns to shareholders over the long term.

We move on to the next slide. Uh we delivered as a mark mentioned, we delivered records shareholders or returns this quarter totaling approximately 300 million and 550 million for the first half of the Year. Bringing the cumulative shareholder returns in agnos history to approximately 4.7 billion, majority of which has been returned in the last several years,

With that I'll turn the call over to Dominic who will provide an overview of our Quebec, none of it in Finland operation.

Thank you Jimmy Good morning, everyone first I would like to thank the teams or the exit on quarter to continue to keep improving safety focusing on cost and production productivity.

From a capital allocation perspective, we remain well positioned in this gold price environment to continue to take a balanced approach. We expect to continue to increase. Shareholder returns through increased share buyback, activity and dividends. We also expect to continue to strengthen our financial position and flexibility by increasing our net cash position and potentially repaying Edition.

That.

While protecting the environment and the wildlife.

The quarter was led by our own production was led by an ironic Canadian Arctic mainly because of upside grade. So at <unk>. We had three of the 25 still better than expected and at Canadian <unk>.

So having more up more tons at good grade around the old workings, which is a positive surprise very good timing because it upset some challenges at Nunavut, where we have the longer a longer caribou migration then planted in our forecast.

Lastly, and importantly, we will continue to reinvest in our business, in order to bring our high return, organic growth projects online. We have 5 key value driver projects, between detour underground filling, the Miller, Canadian malartic, upper Beaver, hope a and Saint Nicholas all of which generate solid returns at gold, prices, 1,000, or more below. Current spot levels. We have a strong balance sheet and we'll look for opportunities to accelerate, reinvestment in the business to drive growth and value creation.

Some years are better like last year and some years are required more stop age like this year.

At current gold prices, we are generating a lot of cash and will remain disciplined with a measured capital allocation approach, which is focused on increasing returns to shareholders over the long term.

It is very variable and depending of the Cariboo bat. So we don't control that one but our plan our adjusted to it and wildlife protection will remain always a priority.

With that, I'll turn the call over to Dominique, who will provide an overview of our Quebec and Finland operations.

But despite those challenging Q2 and none of it both mid at Dean and Middle Bank remain on track to achieve this year guidance.

Thank you Jimmy. Good morning, everyone. First, I would like to thank the teams for the excellent quarter.

To continue to keep improving, safety focusing on costs and production productivity while protecting the environment and the wildlife.

Moving to the optimization I would like to thank specifically, the kittila team, where and congratulate them because there are doing significant change management in their way to.

Approach undergone production and we see 10% to 15% improvement in productivity underground, which lead to a 4% decrease in cost per ton. If we compare the first app of 25 compared to the second the first half of 'twenty 'twenty four so a very good there.

The quarter was led by Lon. The production was led by Lon in Kennedy Maric, mainly because of uh, upside grade. So, at Lan, we had 3 of the 2 5

But the thing I would like to bring your attention is.

Still having more more tons at good grade around the old workings, which is a positive surprise. Very good timing because it upsets some challenges at none where we have the longer a longer Caribou migration than planned in our forecast.

Both fleet management system.

Currently our underground mine operating mainly based on radio communication in manual scheduling. So a driver truck driver could often wait.

Some years are better like last year and some years are required more stoppage like, this year.

Or doing unnecessary traveling due to change of for example in an equipment is down or just the timing.

It is very variable and depending on the Caribbean path. So we don't control that 1, but our plan, our adjusted to it, and Wildlife protection will remain always a priority.

Truck drivers are.

Fully efficient right now.

But despite those challenging Q2 in Nunavut, both miladin and middlebank, we remain on track to achieve this year guidance.

<unk> that you are in the trucks underground into a tunnel you don't have a visibility of what it is.

Moving to the optimization.

It's a two to three four kilometers away, it's very difficult to be to be optimum.

He is a fleet management system is a system that gives you a real time track information about the equipment and the people that you could track so the system knows exactly where each one is how fast it's moving.

If it is waiting.

So with the fleet management system with <unk> and <unk>.

I would like to thank specifically the Keela team where and congratulate them because they are doing significant change management in their way to approve to approach underground production and we see 10 to 15% Improvement in productivity underground which lead to a 4%, decrease in cost per ton. If we compare the first half of 25 compared to the second, the first half of 2024, so very good there.

Artificial intelligence, we will be able to optimize and to regards Nate the fleet.

But the thing I would like to bring your attention is uh, about Fleet Management System.

<unk> reassigned to trucks or two bidder route.

If needed if something happened.

Currently our underground. Mine are operating mainly based on radio Communication in manual. Scheduling

So the result of that as an example, currently a truck could do maybe five trips into a shift if we bring that to 700 chips into a shift that's a 40% improvement.

So, a driver, a truck driver could often wait or do unnecessarily traveling due to a change of, for example, when equipment is down or just timing.

Simple like that it's also reducing fuel consumption because there is less idle time and less grew that traveling that you do which is unnecessary.

So the the the truck drivers are not uh fully deficient right now.

So what is our plan is to use as its five and to pilot New fleet management system for underground.

Imagine that you have you are in a truck underground into a tunnel. You do not have a visibility of what it is. Let's say, 2 3 4 kilometers away. It's very difficult to be to be Optimum.

The lead the <unk> team I have been the leaders to implementing the first LTE communication system in the World underground.

What is a Fleet Management System? It is a system that gives you a real-time track information about the equipment and the people that you could track

So, the system knows exactly where each one is.

That was seven to eight years ago, they've been the leaders into implementing remote operation underground, where right now 25% of the ore is out of the mine without any truck driver operating from surfaces.

How fast it's moving. And if it is waiting,

so, with the fleet management system with algorithm and

artificial intelligence, we will be able to optimize and to regards Nate the fleet

And the next chapter for them is to develop their fleet management system for undergone.

to reassign the trucks or to better route, uh, if needed if something happens.

That's the result, we could expect from that when we look historically using dose systemic two open pits open pit, which we do.

Could be 10% to 15% improvement. So we expect to reach that also for undergone remains to be seen the remains to be done lots of work, but we count on as at 5% to develop that.

So, the result of that, as an example, currently a truck could do maybe 5 trips into a shift. If we bring that to 7 Tripps into a shift, that's a 40% Improvement.

Simple like that, it will it also reducing fuel consumption because we're there's less idle time and less route that traveling that you do, which is unnecessary.

We're going to pilot in 2025, the loading in the hauling and 2026, starting with after positive results starting to implement that also to other mines, which already.

So what is our plan is to use sz5 and to Pilot a new Fleet Management System for underground?

Equipment connected to the system.

Moving to the next slide.

The lead the sz5 team. I've been the leaders to implementing the first LTE communication system in the world on the ground.

I'd like to bring your attention to the figure on the right.

So you could see in black. This is the what is done concerning the ramp and the chef.

The shaft development shaft sinking the good news we are on target, we arent cost and even though the shaft sinking is four to five weeks in advance compared to the plan very good news.

That was 7 to 8 years ago, they've been the leaders into implementing remote operation on the ground. Where right now, 25% of the ore is out of the mind without any truck driver operating from surfaces

And the next chapter for them is to develop the Fleet Management System for underground.

One thing on the <unk> you could see the dotted line that was their resource use when we did that to June 'twenty three study.

What result could we expect from that when we look historically, using those systems into open pitch, open pit, which we do.

He is going to show you.

But ore body just keep growing.

So right now we take all of the resources together.

Looking to 20 million ounces into that ore body. So that bring me to my the point number one and two below.

Could be 10 to 15% Improvement. So we expect to to reach that also, for underground remains to be seen you remains to be done, lots of work. But we count on as at 5 to develop that

We're shaft number one the team came with a good idea to improve it we're going to go slightly deeper 70 meter deeper with the shaft number one and we can also add a second loading station due to build flexibility to help the production and to save on costs with this one.

Uh we're going to Pilot in 2025 the loading and the hauling and in 2026 starting when after positive results, starting to implement that also to other Minds, which already have uh, equipment connected to the system.

Moving to the next slide.

I would like to bring your attention to the figure on the right.

So that's the first thing now new into the story and the second one about the second shaft.

The team is finalizing where it's going to be and the capacity of this one but it looks like it's going to be close to this one.

So you could see in black, this is the, what is done, concerning the ramp and the shaft, uh, the the shaft development shaft thinking. The good news we are on target. We are on thinking is 4 to 5 weeks in advance compared to the plan. Very good news.

Two because.

The reason is simple because that is the center of the math I know it is also bringing some flexibility or synergy to work with the first shaft. So again, where we're not yet finalized on that one but this is where we're heading and it's also <unk>.

The second thing on the image, you could see the dotted line. That was the resource used. When we did the 2, June 23d,

And this is going to show you where that our body just keep growing.

Strategically we need to position that shaft into good rock.

So with the shaft number one at 20000 ton per day, including the Ram plus chef number two let's say.

So right now, if we take all the resources together, we're looking to 20 million Oz into that our body, so that bring me to my the point number 1 and 2 below.

Potentially 10000 ton per day, we're going to be 30000 ton per day coming from that ore body and potentially getting to $7 50 to 800000 ounces per year from one ore body, so thats going to be definitely the biggest underground mines in Canada.

In terms of production of gold.

But we still have room at the mill, we're at a 60000 ton per day, we're going to use <unk> just for that ore body. This is why number three and four were looking to Marvin pit, which is a 13 kilometers away a satellite pit of the Kennedys MLR mill were going to truck it to the mill and we have the <unk> underground satellite.

Where shaft number 1, the team came with a good idea to improve it. We're going to go slightly deeper 70, M deeper with the shaft number 1. And we're going to also add a second, loading station to to build flexibility, to help the production and to save on costs with with this 1. So that's the first thing now, new into the, the story and the second 1 about the second chapter.

<unk>, which is 100 kilometers away.

From the mud Arctic mill, when you add all of them together, we're going to be around $45 to 50000 ton per day, and we're getting to the 1 million ounces production per year. So that vision is realistic and this is what we're working on all those piece of the puzzle, let's say number two to four.

Center of the mass and it is also bringing some uh flexibility or Synergy to work with this the first Shaft. So again, we're we're not yet finalized on that 1 but this is where we're heading and it's also the strategically we need to position that shaft into. Good rock

It's going to Gabe came together with advanced studies more in early 2027, we're going to be in position to give you more detail on that.

On this as well.

Pass the microphone to <unk>, Thanks, Tom and good morning, everyone. So I will cover the operational highlights for Ontario, Australia and Mexico.

So with the shaft number 1 at 20,000 tonne per day, including the ramp plus shaft. Number 2, let's say at potentially 10,000 ton per day, we're going to be 30,000, ton per day coming from that or body and potentially getting to 750, to 800,000 ounces per year from 1 or body. So, that's going to be, definitely the biggest undergone mind in Canada.

In term of production of gold.

Regions. They delivered another strong quarter when it came to safety operating and cost performance.

At Mckesson as Martin mentioned, the team beat that record on gold production for the second consecutive quarter.

The strong quarter was really on the back of one area that over performed with higher than expected.

But we still have room at the Mill, where I have a 60,000 ton per day, we're going to use 30, just for that our body. This is why number 3 and 4. We're looking to Marvin pit which is a 13 kilometers away. Satellite bit of the the canal. We're going to track it to the mill and we have the wasak underground satellite project which is 100 kilometers away.

From the Maric Mill.

Over at detour they.

They have the highest Q2 mill throughput and that's a good sign that we're starting to stabilize the highest coupon.

But the ounces for the quarter were affected by lower grades now.

During the first half of the year mining was within a low grade domain, which did result in some localized negative or tonnage reconciliation.

So we ended up supplementing this shortfall with ore from low grade stockpiles.

Now mining activities are going to remain in this low grade domain throughout Q3, and then we expect the grade to improve in Q4 as we move into high grade.

When you add all of them together, we're going to be around 45 to 50,000 ton per day and we're getting to the 1 million ounces production per year. So that vision is realistic and this is what we're working on. All those piece of the puzzles. Let's say number 2, to 4, going to get came together with Advanced Studies more in early 2027. We're going to be in position to give you more detail on that.

On this, I will pass the microphone to Natasha. Thanks, Tom and good morning everyone. So I'll cover the operational highlights for Ontario, Australia, and Mexico.

So given that the year to date gold production, we now expect to be around the lower end of the full year production guidance range at detour.

The Region, um, they delivered another strong quarter when it came to safety, operating, and cost performance.

With respect to San Nicolas through the joint venture we are continuing to advance the feasibility study, which remains on schedule to be completed by the year by the end of this year.

Um, at Massah, as Ammar mentioned, the team beat their record on goal production for the second consecutive quarter.

And we're also continuing to engage with the government authorities and stakeholders with respect to our key permits which is specifically the environmental impact assessment and then following that the change of land use.

The strong quarter was really on the back of 1 cut and fill area that overperformed with higher than expected grades.

Over at detour. Um, they had their highest Q2 mil throughput and that's a good sign that we're starting to stabilize the higher throughput.

This quarter the JV.

But the answers for the quarter were affected by lower grades.

We also received an exploration permit authorizing additional drill pad across the property. So we're going to take this as a slightly positive signal from an overall permitting standpoint.

Now, during the first half of the Year mining was within a low-grade domain which did result in some localized negative or tonnage reconciliation.

And with respect to the plan to approve the project. This really hasnt changed its expected to follow dependent on the receipt of the payment and the results of this study.

So we ended up supplementing, the shortfall with or from our low-grade stock piles.

Now moving into the antenna.

Now, my activities are going to remain in the slow grade domain throughout Q3 and then we expect the greater improve in Q4, as we move into higher grades domains.

Now in terms of the operational and cost improvement efforts there are ongoing with a strong focus on extracting the full potential.

At all our sites and we've just included a couple of examples here on this slide.

So given the the year to date goal production, we now expect to be around the lower end of the full year, production guidance range at detour.

One of them is the internalization of the maintenance work on the 785 trucks at detour.

With respect to Saint Nicholas through the joint venture, we're continuing to advance the feasibility study which remains on schedule to be completed by the Year by the end of this year.

Team is progressing very well on this.

And it does have a cost savings of about $5 million a year, but Moreover, we're developing the in house expertise and sustaining an internal knowledge base.

And we're also continuing to engage with the government authorities and stakeholders with respect, to our key permits, which is specifically, um, the environmental impact assessment, and then following that the change of land use,

On these ultra class trucks, which to me is really invaluable.

Another example is at Mckesson.

The mine has over 90 years of operations and with the recent infrastructure upgrades. We are now in the very early stages of connecting the mine.

This quarter, the JV. Um they also received an expiration permit, authorizing additional drill pads across the property. So we're going to take this as a slightly positive signal from an overall permitting standpoint.

And so with the work ongoing for the next say two to three year similar to what Don was saying with respect to all of that five Mckesson will also be able to leverage technology to help us optimize our processes, even further than the team already has our GM at Mckesson Mariana said that well she says connecting this mine will help.

And with respect to the plan to approve the project, this really hasn't changed its expected to follow dependent on the receipt of the of the permits and uh the results of the study.

US quote unquote turn on the lights, which I agree because we'll be able to track in real time personnel and equipment provide situational awareness automate and enhance the reliability of the data that we have make it easier to diagnose equipment health.

now moving into the terms now in terms of the operational and cost Improvement efforts um their ongoing with a a strong focus on extracting the full potential um at all our sites and we've just included a couple examples here on this slide

1 of them, um is the internalization of the maintenance work on the 7995 trucks ID, detour.

Utilized fleet management system.

And enable us to obtain short interval control and of course of course, Mckesson will be utilizing the learnings amounts at five.

The team is progressing very well on this. Um, and it does have a cost Savings of about 5 million dollars a year. But moreover, we're developing the in-house expertise and sustaining an internal knowledge base. Um on these Ultra Class trucks which to me is is really invaluable

As they go through their journey, so that you'll be able to make quicker decisions become more agile and become more productive and as a result optimize our costs.

Another example is, at Masa.

Moving to the next slide I will give you a quick update on the two projects in Ontario that we continue to be excited about because it does give us an opportunity to grow low risk.

The mine has over 90 years of operations, and with the recent infrastructure upgrades, we're now in the very early stages of connecting the mind.

Profitable production and one of the best mining jurisdictions in the world.

And I wanted to talk to you first about detour Lake and the underground project.

As a world class asset, we outlined a pathway for <unk> to be a 1 million ounce producer annually for over a 14 year period.

It's still early days, but this quarter, we received a permit to take water.

Upon receipt of that permit we established the box cut for the ramp.

Es even further um than the team already has our GM at Mikasa Mariana said that. Well, uh, she says that connecting this mine will help us quote unquote turn on the lights, which I agree uh because we'll be able to track in real time personnel and Equipment provide situational awareness, automate. And enhance the reliability of the data that we have make it easier to diagnose equipment, help.

<unk> mobilized the development contractors and as you've seen that picture took a first round in July.

We're also continuing with the infill and expansion drilling and continuing to see positive results Mcgee will discuss this later in the presentation.

As Rob with Veeva again, this is another low risk opportunity to grow the production profile in a camp we know well.

Utilize sleep Management Systems, um, and enable us to obtain short interval control. And of course, of course, Masa will be utilizing the learning from LZ 5. So that's, um, as they go through their Journey, so that we'll be able to make quicker, decisions, become more agile, become more productive and as a result, optimize our our costs

And where we can leverage the <unk> and the benefit of our technical expertise and our workforce at Mckesson.

This quarter, we continued to advance on both the surface setup needed for shaft thinking and the site preparation for the ramp.

Moving to the next slide, I'll give you a quick update on the 2 projects in Ontario that we continue to be excited about because it does give us an opportunity to grow low risk.

Profitable production in 1 of the best mining jurisdictions in the world.

Those of you that joined US on our site visit earlier this quarter you got to see that firsthand.

And I want to talk to you first about Detour Lake and the underground project.

Our construction team.

Leveraged our past experiences from building our other mines has advanced very well on the installation the steel installation of the headframe and the installation of <unk>.

This is a world-class asset. We outlined a pathway for Detroit to be a 1 million Oz producer annually for over a 14 year period.

It's still early days but this quarter we received the permit to take water.

We're expecting all of this infrastructure to meet commissioned in in early Q4. This year and then commenced shot thinking right after that in the same quarter.

Upon receipt of that permit, we established the Box cut for the ramp.

Mobilize the development contractors. And as you see in that picture took our first round in July.

As for the exploration ramp the box cut was completed in Q1 and in Q2 the team finalized the supporting infrastructure.

We're also continuing with the infill and expansion Drilling and continuing to see positive results, but he will discuss this later in the presentation.

Such as the storage base.

The temporary air and water services.

And we also made the decision to self perform this ramp development and we successfully recruited the team there.

As Robert bever. Again, this is another low-risk opportunity to grow the production profile in a camp. We know well,

So now we're expecting to commence the ramp development a little sooner than we had originally planned in Q3 rather than in Q4.

And where we can leverage the benefits of our technical expertise and our workforce at Agnico.

I know I've mentioned this before but with the inclusion of these two projects, we could see gold production from our Ontario operations to grow by 50% by the early 2013.

This quarter we continue to advance on both the surface setup needed for shaft syncing and the site preparation for the ramp.

So we're looking forward to continuing to advance these projects throughout 2025.

And finally to conclude similar tomo and Dominic I just wanted to thank all of the operating sites and the project team.

Those of you that joined us on our site visit earlier this quarter. Um, you got to see this first hand. Um, our construction team who leveraged their, past experiences from building our other Minds has advanced very well on the installation. Uh, the steel installation of the headframe and the insulation of the Hoist.

For all their efforts in achieving our objectives to date and for your focus on business improvement.

Not just on cost on all fronts, including safety.

And with that I'll just pass it opportunity.

We're expecting all of this infrastructure to be commissioned in in early Q4 this year. And then cumin shaft thinking, right? After that, in the same quarter,

Thank you Natasha and good morning, everyone.

First of all I would like to take a moment to highlight the work of our great exploration team, both mine site and regional exploration through the portfolio.

The first half of 2025 has been excellent. We currently have 120 diamond drill rigs in operation on mine site and regional exploration. Our <unk> safety performance continues to improve overall as our team is committed through our boots in the field program to improve our safety performance in every single aspect.

Uh, for the expiration ramp, the box Cut was completed in q1. And in Q2 the team finalized, the supporting infrastructure, um, such as the storage Bays, the um, the temporary air, and water services. And uh, we also made the decision to self-perform this ramp development and we successfully recruited the team there.

Um, so now we're expecting to commence the ramp development, a little sooner than we had originally planned in Q3 rather than in Q4.

In collaboration with our various diamond drilling entrepreneur.

I know I've mentioned this before but within the inclusion of these 2 projects, we could see go production from our Ontario operations grow by 50% by the early 2030s.

This concurrently with our drilling explain our excellence program.

so, we're looking forward to continuing to advance these projects throughout 2025

Led to the safe delivery of our first six months of drilling slightly ahead of the program with 670 kilometer of drilling completed with expenditures spending at about 9% below our budget.

I am extremely proud of the improvement observed since 2022, where we have reversed the trend and safety productivity and unit costs after COVID-19.

And finally, to conclude similar to Amar and and Dominic, I just wanted to thank all the operating sites and the project teams um for all their efforts in achieving our objectives uh to date and for your focus on business Improvement, um not just on cost, but on all fronts, including safety.

Um, and with that I'll just pass it over to you again.

Thank you Natasha and good morning everyone.

Among the highlights I would like to mention.

Detour Lake exploration, just celebrated five years with 1 million meter of court being drilled with our entrepreneurs NPL, aged and take what Doug Anmuth partner.

First of all, I would like to take a moment while I like the work of our great exploration, team both mindsight and Regional expiration through the portfolio.

Monarch <expletive>.

Artist in Odyssey and regional exploration around the mine.

That is just elaborated seven years without a reportable accident and 2 million meter of core drilled in process at the regional Court Shack facility and <unk> XI exploration team on the ground.

The first half of 2025 has been excellent. We currently have 120 on mine site and Regional expiration, our health and safety performance continue to improve overall. As our team is committed to our boots in the field program to improve our safety performance and every single aspect in collaboration with our various Diamond, drilling entrepreneur,

With the entrepreneur, Fortunately gear, and which would you walk out and partner that celebrated due a year and 300000 meter of drilling done without a reportable accident.

So across the board World class exploration team delivering safe and exciting drill result on world class assets.

And from a results standpoint, I would like to comment on three of our key value driver project can in the Arctic detour and Ob.

On slide 12.

At Odyssey.

We currently have 26 drill rig working surface and underground and around the mine.

And are getting some very exciting results in three area that I would like to highlight.

In the upper eastern portion of the East Gulli, we've seen some great results such as five seven Gram over 17 meter around 900 meter, which is the upper part of the east Goldie deposit so we see that area.

That is progressing well and expand the deposit and will likely get into our reserve at our next year end mineral reserve and being reorder resources.

Guy Gosselin: With you again, partner that celebrated two-year and 300,000 meter of drilling done without a reportable accident. So across the board, world-class exploration team delivering safe and exciting drill results on world-class assets. And from a results standpoint, I would like to comment on three of our key value driver projects: Canadian Arctic, Detour, and Oak Bay. On flight 12 at Odyssey, we currently have 26 drill rigs working surface and underground and around the mine and are getting some very exciting results in three areas that I would like to highlight. In the upper eastern portion of the East Gully, we've seen some great results, such as 5.7 gram over 17 meter, around 900 meter, which is the upper part of the East Gully deposit.

<unk>.

And then in the lower East extension of East Goldie, which result up to $3 for over 36 meter and $3 five over 19.

Would you walk out and partner that celebrated 2 years and 300,000 meters of drilling done without a reportable accident?

Outside of the current mineral reserve and resources, extending the zone below two kilometer depth and still open at depth by the way.

So across the board world class, expiration team, delivering safe and exciting, drill results, on worldclass assets.

and from a results standpoint, I would like to comment on 3 of our key value driver project, Canadian Arctic detour and op

On flight 12.

And also the Eclipse firewalls zone with result up to $3 a gram over 14 that continue to demonstrate the potential to add parallel zone in proximity of the existing zone. Currently in the mine plan offering potential for additional optionality and flexibility for future mining.

At Odyssey.

We currently have 26 drills, rigs, working surfaces, and underground operations around the mine.

and are getting some very exciting results in 3 area that I would like to highlight

The strong result in the lower east and Eclipse.

Guy Gosselin: So we see that area that is progressing well and expand the deposit and will likely get into reserve at our next year-end mineral reserve and mineral resources update. And then in the lower east extension of East Gully, with results up to 3.4 over 36 meter and 3.5 over 19 outside of the current mineral reserve and resources, extending the zone below two kilometer depth and still open at depth, by the way. And also the eclipse parallel zone with results up to 3.8 gram over 14 that continue to demonstrate the potential to add parallel zone in proximity of the existing zone currently in the mine plan, offering potential for additional optionality and flexibility for future mining.

in the upper eastern portion of the East Goldie, we've seen some great results such as 5.7 gram over 17 meter around 900 meter, which is the upper part

We continued to extend his own laterally and should lead to a substantial amount of our resources addition at year end this year.

Of the East Goldie deposit. So we see that area.

And continue to enhance our scenario for the location of it the second shaft as what it was described by dominate carrier.

At uh is progressing well and expand the deposit and will likely get into Reserve at our next uh year end a mineral reserve and been on a resources uh update.

Now on slide 13 of detour drilling continue with a drill rigs that continued to infill the deposit in the area that are targeted for the underground mine project both below the pit in the saddle and.

And then in the Lower East extension of East Goldie, which result up to 3.4 over 36 M and 3.5 over 19.

In the central portion of the deposit, which result up to $3 four Graeme over six seven meter are over 67 meter.

Uh, outside of the current mineral reserve and resources, extending the Zone below 2, kilometer depth and still open at depth. By the way,

And to the west of the Pip next to the plant exploration ramp would result up to two nine over 32 and $1 seven over 113 meter.

And also the eclipse parallel Zone with result up to 3.8, Graham over 14, that continue to demonstrate the potential to add parallel Zone in proximity of the existing Zone currently in the mine plan offering potential.

The western extension of the deposit outside and to the west of the open pit and next to the proposed exploration ramp continue to deliver strong results.

Guy Gosselin: The strong results in the lower east and eclipse continue to expand the zone laterally and should lead to substantial mineral resources addition at year-end this year and continue to enhance our scenario for the location of the second shaft as what it was described by Dominique earlier. Now on slide 13 at Detour, drilling continues with eight drill rigs that continue to impale the deposit in the area that are targeted for the underground mine project, both below the pit in the saddle in the central portion of the deposit, with results up to 3.4 gram over 6.7 meter or over 67 meter, and to the west of the pit, next to the planned exploration ramp, with results up to 2.9 over 32 and 1.7 over 113 meter.

For additional optionality and flexibility for future mining.

The strong result in the Lower East and eclipse.

That could potentially outline an area where underground production could be accelerated in our underground mine development scenario.

Continue to expand the zone laterally and should lead to a substantial mineral resources Edition at year end this year.

And last but not least on slide 14, a debate we have six drill rigs in operation and have completed almost 70000 meter.

And continue to enhance our scenario for the location of the second shaft as what it was described by Dominic earlier.

Year to date.

And we continue to see strong result in two very interesting area.

First of all close to serve phase in <unk> seven.

16 gram over four meter and five seven gram over 12 meter at around 300 meter that.

Now on slide 13, a detour drilling continue with a drill rigs, that continue to infill the deposit in the area that are targeted for the underground. Mine project, both below the pipe in the saddle.

<unk>.

That could potentially be accessible early and mine plan and the mine plan closer face an hour in our project development scenario.

In the central portion of the deposit which result up to 3.4 gram over 6.7 M or over 67, m.

But more importantly, I would like to bring your attention to the deep resolve we just got in the gap between solar can patch with one of the best drill results to date Adobe that we can see in our core box below that long section and old $3 45 that returned 53 gram over.

Guy Gosselin: The western extension of the deposit outside and to the west of the open pit and next to the proposed exploration ramp continue to deliver strong results that could potentially outline an area where underground production could be accelerated in our underground mine development scenario. And last but not least, on slide 14 at Oak Bay, we have six drill rigs in operation and have completed almost 70,000 meter year to date. And we continue to see strong results in two very interesting areas. First of all, close to surface in patch seven with 16 gram over four meter and 5.7 gram over 12 meter at around 300 meter depth that could potentially be accessible early in the mine plan close to surface in our project development scenario.

And to the west of the tip. Next to the plan, exploration Ram, which result of 2 2.9% 32 and 1.7 over 113 meter.

For $8 four meter.

The Western extension of the deposit outside and to the west of the open pit. And next to the proposed expiration, Ram continue to deliver strong results that could potentially outline an area where on the ground production could be accelerated in our underground line development scenario.

We're using $25 seven using capping of the high grade assays at 50 Gram.

And last but not least, on slide, 14 at obey.

But that drill intercept based quite spectacular as you can see visually simple quarter Zane visible gold and that drill hole sits at 750 meters below surface, where it is on remains open at depth showing great potential for mineralization to continue to expand at much greater depth.

We have 6 drill rig and operation and have completed almost 70,000 meter.

Year to date.

And we continue to see strong results in 2 very interesting area.

First of all, close to surface and Patch 7.

That we currently know.

with 16 gram over 4 metre and 5.7 gram over 12 meter at around 300 meter that

So we anticipate that these results will have a positive impact on the morale reserve for obey at year end.

That could potentially be accessible early.

So mid year, we're very confident that we are in a good position to replacement around reserve from ongoing production depletion and potentially grow our overall year over year bottom line reserve total.

Guy Gosselin: But more importantly, I would like to bring your attention to the deep result we just got in the gap between Suluk and Patch, with one of the best drill results to date at Oak Bay that we can see in the core box below that long section in hole 345 that returned 53 gram over 8.4 meter. We're using 25.7 using capping of the high-grade assays at 50 gram. But that drill intercept is quite spectacular, as you can see, visually simple quartz vein visible gold. And that drill hole sits at 750 meter below surface where the zone remains open at depth, showing great potential for the mineralization to continue to expand at much greater depth than we currently know. So we anticipate that these results will have a positive impact on the mineral reserves for Oak Bay at year-end.

In mine plan in the mine plan. Close to surface and our in our project development scenario,

but more importantly,

I would like to bring your attention to the uh, the Deep results we just got in the gap between sulo and patch.

And as we continue to de risk our key value driver project.

And deliver economy studies that pertains to each of them.

And on that I would like to return the microphone to EMR for some closing remarks.

With 1 of the best. Drill results to date, Adobe that we can see in a core box below that long section in all 345 that we turn 53 gram over 8.4 meter.

Thank you and everyone else.

We're using 25.7 using capping of the high-grade assays at 50 Graham.

We began today's call by saying our key messages are largely the same as those over the past several quarters.

Good production good cost control, great progress moving forward and accelerating the best pipeline, we've ever had and as <unk> just discussed.

Excellent exploration results.

But that drill intercept is quite spectacular. As you can see visually simple quartz vein visible goal and that drill hole sits at 750 M below surface where it is on remains open at depth showing great potential for the mineralization to continue to expand at much greater depth.

The most aggressive exploration the company's history.

That we currently know.

All of this as gold prices continue to reach new highs as.

Guy Gosselin: So mid-year, we're very confident that we are in a good position to replace mineral reserves from ongoing production depletion and potentially grow our overall year-over-year bottom line reserve total. And as we continue to de-risk our key value driver projects and deliver economic studies that pertain to each of them. And on that, I would like to return the microphone to Ammar for some closing remarks.

As we continue to generate record cash flows as we strengthen the balance sheet.

So we anticipate that these results will have a positive impact on the morale reserved for Old Bay at year end.

As we return record amounts of cash to our owners.

I have to say in this case it is a pleasure to be repeating the same good news message quarter over quarter.

At Agnico Eagle, we will continue to work hard for all of our stakeholders.

welcome to, as we continue to the risk, our key value driver project,

And deliver economic studies.

And we will continue to build off the same foundational strategic pillars that have served us well over the past 68 years.

That pertain to each of them.

Jamie Porter: Thank you, Guy and everyone else. We began today's call by saying our key messages are largely the same as those over the past several quarters: good production, good cost control, great progress moving forward, and accelerating the best pipeline we've ever had. And as Guy just discussed, excellent exploration results with the most aggressive exploration company's history. All of this as gold prices continue to reach new highs, as we continue to generate record cash flows, as we strengthen the balance sheet, and as we return record amounts of cash to our owners. I have to say, in this case, it is a pleasure to be repeating the same good news message quarter over quarter.

And on that, I would like to return the microphone to Amar for some closing remarks.

We will focus on the best mining jurisdictions based on geologic potential and political stability.

Thank you, Jen, and everyone else.

We will be disciplined with our owners money, making investment decisions based on technical and regional knowledge and creating value through the drill bit.

We began today's call by saying our key messages are largely the same as those over the past several quarters.

We believe we are uniquely well positioned with a quality project pipeline leveraging existing assets in the best regions in the World, where we believe we have a competitive advantage.

Good production, good cost control, great progress, moving forward and accelerating the best pipeline we've ever had and is key just discussed. Uh excellent exploration results. Uh with the most aggressive, exploration companies history,

And we will continue to focus on creating value on a per share basis and on being leaders in our industry and returning capital to shareholders as evidenced by over 42 years of consecutive dividend payments and increasing share buybacks.

All of this is gold prices, continue to reach new highs.

as we continue to generate record cash flows, as we strengthen the balance sheet, uh, and as we return, uh, record amounts of cash to our owners,

Thank you all for your time, and operator May I ask Hugh.

Jamie Porter: At AGNICO EAGLE, we will continue to work hard for all of our stakeholders, and we will continue to build off the same foundational strategic pillars that have served us well over the past 68 years. We will focus on the best mining jurisdictions based on geologic potential and political stability. We will be disciplined with our owners' money, making investment decisions based on technical and regional knowledge and creating value through the drill bit. We believe we are uniquely well-positioned with a quality project pipeline leveraging existing assets in the best regions in the world where we believe we have a competitive advantage. And we will continue to focus on creating value on a per-share basis and on being leaders in our industry in returning capital to shareholders, as evidenced by over 42 years of consecutive dividend payments and increasing share buybacks. Thank you all for your time.

I have to say, in this case, it is a pleasure to be repeating the same. Good news message quarter over quarter.

To open up for questions.

Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press the star followed by the one I know touched on filings should you wish to cancel your request. Please press the star followed by the tail. If you are using a speaker phone. Please lift the handset before pressing antiques.

At agno Eagle. We will continue to work hard for all of our stakeholders.

and we will continue to build off the same foundational, strategic pillars, that have served us well over the past 68 years,

We will focus on the best mining jurisdictions based on geological potential and political stability.

Once again that is star one should you wish to ask a question.

We will be disciplined with our owner's money. Making investment decisions based on Technical and Regional knowledge and creating value through the drill bit.

And your first question is from Fahad Tariq from Jefferies. Your line is now open.

Hi, Thanks for taking my question congratulations on the quarter generated free cash flow about $1 3 billion and then repurchase shares of about $100 million, maybe can you walk us through your thought process on buybacks versus dividends and does the current share valuation play a role in determining which option you choose to return capital to shareholders.

We believe We Are uniquely well, positioned with a quality project pipeline leveraging. Existing Assets in the best regions in the world where we believe we have a competitive advantage.

Jamie Porter: And operator, may I ask you to open up for questions?

And we will continue to focus on creating value on a per share basis and on being leaders in our industry, in returning, Capital to shareholders as evidenced by over 42 years of consecutive dividend payments and increasing, share BuyBacks.

<unk>.

Yes, Thanks, a lot for the questions Jamie here.

As I said in my remarks today, where were doing what we said we're going to do.

Operator: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press the star followed by the one in the touchdown zone. Should you wish to cancel your request, please press the star followed by the two. If you are using a speaker phone, please lift your hands up before pressing any keys. Once again, the star one should you wish to ask a question. And your first question is from Fahad Tariq from Jefferies. Your line is now open.

Thank you all for your time and operator, uh, may I ask you uh to open up for questions.

We're taking advantage of higher gold prices to strengthen the balance sheet to reinvest in the business and increase returns to shareholders. So we pay a hefty dividend $800 million annually.

Thank you, ladies and gentlemen, we will now begin the question and answer session.

We've dramatically increased our level of activity on the share buyback and we doubled it in the second quarter relative to the first and I think there is room through the rest of the year to do even more.

Should you have a question please? Press the star followed by the 1 and a touchdown bone. Should you wish to cancel your request? Please? Press the star followed by the 2 if you're using a speaker-phone. Please. Lift the handset before pressing any case once again that is star 1 should you wish to ask a question?

We're at $550 million for the first half of the year. If you annualize that so just assuming we did the same we're at $1 1 billion, but what we've been saying consistently over the past several years is that we're targeting about a third of our free cash flow being returned to shareholders. So if the gold price stays where it is that total returned to <unk>.

Fahad Tariq: Hi, thanks for taking my question. Congratulations on the quarter generated free cash flow, about 1.3 billion, and then repurchased shares of about 100 million. Maybe can you walk us through your thought process on buybacks versus dividends, and does the current share valuation play a role in determining which option you choose to return capital to shareholders? Thanks.

And your first question is from fajad. Tariq from Jeffrey, your line is now open.

Our holders could get up to 1.3 billion, which implies a lot more activity on the share buyback in the second half of the year.

Jamie Porter: Yeah, thanks, Fahad, for the questions. Jamie here. You know, as I said in my remarks today, we're doing what we said we were going to do. You know, we're taking advantage of higher gold prices to strengthen the balance sheet, to reinvest in the business, and increase returns to shareholders. So we pay a hefty dividend, 800 million annually. We've dramatically increased our level of activity on the share buyback, and we doubled it in the second quarter relative to the first. And I think there's room through the rest of the year to do even more. I mean, we're at 550 million through the first half of the year if you annualize that. So just assuming we did the same, you know, we're at 1.1 billion.

Hi. Thanks for taking my question. Um congratulations on the quarter. Generated free cash flow about 1.3 billion and then repurchase shares of about 100 million. Maybe can you walk us through your thought process on BuyBacks versus dividends and does the current share valuation play a role in determining? Which option you choose to return Capital to shareholders?

Thanks.

That's what we're favoring in the near term, we'll certainly be evaluating the dividend as we get into our budgeting season, and if theres room for an increase there would likely be later this year early next.

Okay. That's clear and then maybe just switching gears to macassar, maybe this question for Natasha, but can you talk a little bit about how to think about grades in the second half.

Consecutive quarters, now pretty high grade I understand it's one or two or maybe three stopes, but.

Talk through how to think about grades in the second half.

Thank you for the question. So both quarters, we did see some localized positive grade reconciliation. So we are not factoring that in in the second half and we're expecting to be.

Jamie Porter: But what we've been saying consistently over the past several years is that we're targeting about a third of our free cash flow being returned to shareholders. So if the gold price stays where it is, that total return to shareholders could get up to 1.3 billion, which implies a lot more activity on the share buyback in the second half of the year. And I think that's what we're favoring in the near term. We'll certainly be evaluating the dividend as we get into our budgeting season. And if there's room for an increase there, it would likely be later this year or early next.

The software.

Second half, but still meeting guidance.

Okay. Thank you.

Yeah, thanks a lot for the questions, Jamie here. Um you know as as as I I I said my remarks today, we're we're we're doing what we said we're going to do. Um you know, we're taking advantage of of higher gold prices to to strengthen the balance sheet to reinvest in the business and and increase returns to shareholders. So, you know, we we pay a hefty dividend 800 million annually. Uh, We've dramatically increased our level of activity on the share buyback. I mean, we doubled it in the second quarter relative to the first and I think there's room through the rest of the year to do even more. Uh, we're 550 million through the first half of the year, if you annualize that. Uh, so just assuming we did the same, you know, we're at 1.1 billion, but what we've been saying consistently over the past several years is that we're targeting about a third of our free cash flow being returned to shareholders. So you know, if the gold price stays where it is uh that total return to shareholders, could get up to 1 Point 3 billion, uh, which implies you know,

Thank you and your next question is from Josh Wolfson from RBC capital markets. Your line is now open.

Yeah. Thanks, very much I think this question is probably best for Jamie some of the free cash flow beat this quarter. It looks like it was attributed to the tax deferrals I'm just wondering.

A lot more activity on the share buyback and in in in the second half of the year and I think that's what we're favoring. Uh, in the near term. We'll uh we'll certainly be evaluating the dividend as we get into our budgeting season and you know, if there's room for an increase, there would likely be later this year. Early next,

Fahad Tariq: Okay, that's clear. And then maybe just switching gears to Makata, maybe this question is for Natasha, but can you talk a little bit about how to think about grades in the second half? There's been two consecutive quarters now, pretty high grades. I understand it's one or two or maybe three stokes, but can you talk through how to think about grades in the second half? Thanks.

How should we think about that going forward and when that liability maybe reconciles.

Okay, that's clear. And then maybe just switching gears to Masa.

And would be a headwind as opposed to free cash flow.

Yes, Hi, Josh Thanks for the question.

For Natasha. But can you talk a little bit about how to think about grades in this? Second half is in 2 consecutive quarters. Now, pretty high grade. I understand it's 1 or 2 or maybe 3 stops, but

No youre absolutely right I mean that was a big swing this quarter I think pre change in taxes payable our free cash flow is about $800 million. So it was almost a half a billion dollar.

Natasha Vaz: Yeah, Fahad, thank you for the question. So both quarters, we did see some localized positive grade reconciliation. So we are not factoring that in in the second half, and we're expecting to be a bit of a softer second half, but still meeting guidance.

We talked through how to think about grades in the second half. Thanks.

Swing as a result of taxes, if we look at our cash taxes for 2025, we've paid about $600 million in the first half of the year and we plan to pay about $600 million in the second half of the year. So around $1 2 billion for 2025 and cash taxes now are.

But still meeting guidance.

Fahad Tariq: Okay, thank you.

Okay, thank you.

Operator: Thank you. And your next question is from Josh Wilkson from RBC Capital Markets. Your line is now open.

Income tax expense is substantially higher than that but the way. It works, we pay installments based on the prior year's profitability. So if the gold price stays where it is we will have a significant catch up payment in Q1 of 2026.

Fahad Tariq: Yeah, thanks very much. I think this question is probably best for Jamie. You know, some of the free cash flow beat this quarter looks like it was attributed to the tax deferrals. I'm just wondering, you know, how should we think about that going forward and when that liability may be reconciled, you know, and would be a headwind, I suppose, to free cash flow?

Thank you. And your next question is from Josh Wilson from RBC Capital markets. Your line is now open.

Just as we did this year this year in Q1, we paid $400 million in relation to 2024 and at these gold prices in Q1 of 2026, we could have upwards of a $900 million catch up payment in relation to 2025, so youre going to see this volatility in periods, where the gold price is.

Jamie Porter: Yeah, hi, Josh. Thanks for the question. Yeah, no, you're absolutely right. I mean, that was a big swing this quarter. I think pre-change in taxes payable, our free cash flow is about 800 million. So it's almost a half a billion dollar swing as a result of taxes. If we look at our cash taxes for 2025, we've paid about 600 million in the first half of the year, and we plan to pay about 600 million in the second half of the year. So in around 1.2 billion for 2025 in cash taxes. Now, our income tax expense is substantially higher than that. But the way it works, we pay installments based on the prior year's profitability. So if the gold price stays where it is, we will have a significant catch-up payment in Q1 of 2026.

Yeah, thanks very much. Uh I think this question is probably best for Jamie, you know, some of the free cash flow beat. Uh this quarter looks like it was attributed to the tax deferrals. I'm just wondering, you know, how should we think about that, going forward? And and when that liability maybe reconciles, um, you know, and and would be ahead when I suppose to free cash flow. Thanks.

<unk>.

Great as it has been.

Got it thank you.

And then on on Detour just on the operating side.

What should we think about sequencing in the second half of the year and maybe.

More specifically.

Great can we expect in the fourth quarter when we're out of this or this may be even more challenging zone.

Yeah. Hi Josh. Thanks for the question. Um, yeah. No, you're absolutely right. I mean that that was a big swing this quarter. I think pre-change in in taxes, payable, our free cash flow is about 800 million. So it was almost a half a billion dollar, uh, swing as a result of of taxes. If we look at our cash taxes for 2025, uh, we've paid about 600 million in the uh, the first half of the year and we plan to pay about 600 million in the second half of the year. So, in around 1.2 billion for, for 2025, in cash taxes, now our

So as mentioned earlier the Q3, we're still going to be in the lower grade domain in Q4, we're expecting to be in higher grade I would say somewhere.

Fahad Tariq: Just as we did this year.

Between 97 and one.

Jamie Porter: Just as we did this year. This year in Q1, we paid 400 million in relation to 2024. And at these gold prices in Q1 of 2026, we could have upwards of a $900 million catch-up payment in relation to 2025. So you're going to see this volatility in periods where the gold price is rising at a great as it has been.

Okay.

Solid and then on the on melodic similar sort of question here for <unk>.

When when does the contribution from that area taper off.

Yes.

Yes.

Joseph So that's something we're going to see through the reminder of the Barnett of the open pit as we experienced back into Devon and Canadian on R&D and as you get towards the bottom of the cone of the pit, we're getting closer to the old workings and around the old workings at the basically it was some time.

Fahad Tariq: Got it. Thank you. And then on Detour, just on the operating side, you know, what should we think about sequencing in the second half of the year? And maybe more specifically, what sort of grades can we expect in the fourth quarter when we're out of this or this maybe more challenging zone?

Income tax expense is substantially higher than that. Uh, but the way it works, you know, we pay installments based on the prior years profitability. So if the gold price stays where it is, we will have a significant catch-up payment in q1 of uh, of 2026 this year. Just as we did this year this year in q1. We paid 400 million in relation to 2024 and at these gold prices. Uh, in q1 of 2026, we could have upwards of a 900 million catch-up payment in relation to 2025. So, uh, you're this volatility period is where the gold price is, is, is rising at a rate, as it has been.

Go ahead. Thank you. Um, and then on on detour uh just on the operating side uh

Kind of.

<unk>.

Taken a conservative approach about the pillar that were left around the old workings. So theres more tons left then plan on our avoid model and the grade is better also so that trend is expect to go but it could be variable, but theoretically and hope for the rest of the open pit at Barnett, we should see that pause.

You know, what should we think about sequencing in the second half of the year? And maybe, uh, more specifically, what sort of grade can we expect in the fourth quarter when we're out of this, uh,

More of this, maybe more challenging Zone.

Natasha Vaz: So as mentioned earlier, so with Q3, we're still going to be in the lower grade domain. In Q4, we're expecting to be in higher grade, I would say somewhere between 0.97 and 1.

Um,

So so, as mentioned earlier, so with Q3, we're still going to be in the lower grade domain. In Q4, we're expecting to be in higher grades, I would say somewhere

The trend in with a little bit more ton left behind by the old miners.

Between 0.97 and 1.

Fahad Tariq: Okay, that's solid. And then on Malarnic, similar sort of question here for Barnat. You know, when does the contribution from that area taper off?

Great. Thank you very much.

Thank you and your next question is from Anita Soni from CIBC World markets. Your line is now open.

You know, when when does the contribution from that area taper off?

Guy Gosselin: Good. Yeah, Josh, it's Guy. So that's something we're going to see through the remainder of the Barnat of the open pit, as we experienced back in the day, even in Canadian Monarchic. And as you get towards the bottom of the cone of the pit, we're getting closer to the old workings. And around the old workings, that basically either there was some time we are kind of taking a conservative approach about the pillars that were left around the old workings. So there's more time left than planned on our void model, and the grade is better also. So that trend is expected to go, but it could be variable. But theoretically, you know, for the rest of the open pit at Barnat, we should see that positive trend and with a little bit more time left behind by the old miners.

Thank you.

Omar Jamie and so forth.

Quick question.

I wanted to ask about the exploration results at East Goldie I think you said that you're right.

We're evaluating.

Deepening the shaft as well as doing a second shot on the shaft deepening side do you have an idea of how much that would cost and in terms of.

Good. Yeah, Josh, it's G. So that's something. We're going to see through the reminder of the barn app of the open bit. Uh, as we experienced back in the day, even in Canadian minority and as you get towards the bottom of the cone of the bit, we're getting closer to the old workings and around the old workings. That's basically there was some time. Uh, we are kind of uh uh

Moving loading station I'm trying to understand is does that loading station is not built yet.

Just a matter from a design standpoint of actually moving not loading pocket further down and then adding one a little higher up but what would that do to the capex for the asset.

Yes, deepening the shaft number one by 70 meters, including doing a third loading station, which means.

Taken conservative approach about the pillar that were left around the old workings. So, there's more time left than plan on our void model and the greatest better also. So, uh, that trend is expect to go. But it could be variable. But theoretically, you know, for the rest of the open Beta Barnett, we should see that positive trend and with a little bit more tan left behind by the old miners.

Fahad Tariq: Great. Thank you very much.

Great, thank you very much.

The infrastructure plus a crusher were talking up proximately 40, 40 million U S to do that but it is a payback projects. So we're going to save on trucking, we're going to save on fuel we're going to be more effective. So that's the overall that's a positive thing and has the geese.

Operator: Thank you. And your next question is from Anita Soni from CIBC World Markets. Your line is now open.

Anita Soni: Thank you, Ammar, Jamie, and team. So first question, I just wanted to ask about the exploration results at East Gully. I think you said that you're evaluating deepening the shaft, as well as doing a second shaft. On the shaft deepening side, do you have an idea of how much that would cost in terms of the moving loading station? I'm trying to understand if that loading station is not built yet. It's like it's just a matter of, from a design standpoint, of actually moving that loading pocket further down and then adding one a little higher up. But what would that do to the CapEx for the asset?

Thank you. And your next question is from Anita Sunni from CIBC World Markets, your line is now open.

So in these slides.

These days getting deeper than expected so <unk>.

To 70 meters, let's say, we're going to be at the $8 eight 1870 meter with the shop. It is like the limit of the deep.

Deep we could go with that technology in the shaft, we're having in hand.

Okay.

$40 million.

Reasonable.

In terms of capital allocation for Jamie I think you mentioned, one third capital return to shareholders.

I could be wrong about the one third budget catch $1 3 billion at these gold prices, but could you talk about how you do.

Guy Gosselin: Yeah, deepening the shaft number one by 70 meters, including doing a third loading station, which means all the infrastructure plus a crusher, we're talking approximately 40 million US to do that. But it is a payback project. So we're going to save on trucking. We're going to save on fuel. We're going to be more effective. So that's the overall, that's a positive thing. And as Guy showed in his slides, it's getting deeper than expected. So the 70 meter, let's say we're going to be at 1,870 meter with the shaft. It is like the limit of the deep we could go with that technology and the shaft we're having in hand.

Thank you. Um, question I'm trying to ask about, uh, the exploration results at East School, do you think you said that? You're, you know, you're evaluating, um, deepening the shaft, uh, as well as doing a second shaft on the shaft. Deepening side, do you have an idea of how much that would cost in terms of um uh the the moving loading station? I I'm trying to understand is that that loading station is not built yet it's like it's just it's just a matter of from a design standpoint of actually moving that loading pocket further down and then adding 1 uh a little higher up. But what would that do to the capex for the assets?

Other portions of the other two thirds and how that split and.

Could we see.

On an accelerated investment into your organic opportunities going into the next couple of years or at least action.

Yes. Thanks.

Yes, I think absolutely I mean, we will continue to strengthen the balance sheet, we still have.

Almost 600 million of debt on the balance sheet will look for opportunities to prepay some of that and as we alluded to in our remarks on the call I think there will be opportunities for us to accelerate development of some of our projects. So.

On tracking. We're going to save on fuel, we're going to be more effective. So that's the overall that's a positive thing and as ghee show in his slides, uh, this is getting deeper than expected. So

That's what we should be doing and these gold prices, we're generating high returns we should be reinvesting in high return projects, we could well see higher capital and in the years ahead in order to do that and unneeded Omar here.

Anita Soni: Okay, no, 40 million sounds very reasonable. In terms of capital allocation for Jamie, I think you mentioned one-third capital return to shareholders. And I could be wrong about the one-third, but I did catch 1.3 billion at these gold prices. But could you talk about how you, you know, the other portions of, you know, the other two-thirds and how that's split? And, you know, could we see, you know, some accelerated investment into your organic opportunities going into the next couple of years or at least next year?

The 70 meter, let's say we're going to be at 8 8 1 870 meter with the the shaft. It is like the limit of the cap, the Deep we could go with that technology and the shaft we're having in head.

Okay. No. I I

40 million pounds on.

vibration ball, um, in terms of the capital, allocation

To the extent that we are accelerating its only because there are good projects. Its only because they are good projects and frankly the team is doing a very good job and these are there's a lot going on these are in the future.

But having been in this business a long time I can tell you.

Pleasantly surprised that the.

Jamie Porter: Yes, thanks, Anita. Yes, I think absolutely. I mean, we'll continue to strengthen the balance sheet. We still have almost 600 million of debt on the balance sheet. We'll look for opportunities to prepay some of that. And yeah, as we alluded to in our remarks on the call, I think there will be opportunities for us to accelerate development of some of our projects. So, you know, that's what we should be doing. And in these gold prices, we're generating high returns. We should be reinvesting in high-return projects. We could well seek higher capital in the years ahead in order to do that.

you mentioned 1/3 Capital return to shareholders and I could be wrong about the 1 third but I did catch 1.3 billion at at these gold prices but could you talk about how you, you know, the the other portions of, you know, the other 2/3 and how that split and you know, could we see, you know, um, some accelerated investment into your get organic opportunities going into the next couple of years or at least next year,

City of the work and the potential of the project and the ability to actually move these things forward. So.

It's not because we're going to have extra money at these levels that we are looking to accelerate its primarily because.

They are even in some cases better than we thought and we're making faster progress than we thought.

No for sure I think.

Demonstrated to have certain capital allocation and I think it was this time last.

I was worried about you guys building a second Johnson I'm, hoping you held the second shaft.

Yeah, thanks, Anita. Yes, I think absolutely. I mean, we'll continue to strengthen the balance sheet. We, we still have, uh, uh, almost 600 million of debt on the balance sheet. We'll look for opportunities to prepay some of that. And, uh, yeah. As we alluded to and, and, and our remarks on, on, on the call, I think there will be opportunities for us to accelerate development of, of some of our projects. So, um, you know, that's what we should be doing. And, and these gold prices were generating High returns. We should be reinvesting in, in high return projects. Uh, we could well,

Ammar Al-Joundi: And Anita, it's Ammar here. To the extent that we are accelerating, it's only because they're good projects. It's only because they're good projects. And frankly, the team is doing a very good job. And you know, there's a lot going on. These are in the future. But having been in this business a long time, I can tell you I'm pleasantly surprised at the quality of the work and the potential of the projects and the ability to actually move these things forward. So it's not because we're going to have extra money at these levels that we are looking to accelerate. It's primarily because they're even, in some cases, better than we thought, and we're making faster progress than we thought.

Changes in a year.

See higher capital in uh in the years ahead in order to do that and Donita it's Omar here. Um,

Well said.

Yeah.

That's it for my questions.

Okay.

Thank you and your next question is from Tanya <unk> from Scotiabank. Your line is now open.

Hi, Yes. Good morning, Thank you very much for taking my questions and congrats on a good quarter, Jamie just coming back to you on that capital allocation just a lot of cash and I. Appreciate there is some of that $600 million of that you want to pay.

To the extent, uh, that we are accelerating. Uh, it's only because, uh, they're good projects. It's only because they're good projects. And frankly, the team is doing a very good job. And, you know, these are there's a lot going on. These are in the future, uh, but having been in this business a long time, I can tell you, I'm pleasantly surprised that the quality of the work and the potential uh of the projects and the ability to actually move these things forward. So um,

Buyback.

I understand youre going to be reviewing the dividend may be.

Third quarter fourth quarter or early next year.

It's not because we're going to, you know, have extra money at these levels that we are looking to accelerate. Its primarily because

Hey, Mike what minimum cash balance you feel comfortable keeping on your balance sheet to run your business first one and number two if we were to see additional capital.

Anita Soni: No, for sure. I think you demonstrated a prudent capital allocation. And I think it was this time last year I was worried about you guys building a second shaft. And now I'm hoping you build a second shaft. So a lot changes in a year.

They're even in some cases better than we thought and we're making faster progress than we thought.

For project.

Salary, but would it be for detour and Canadian melodic with Lee.

Ammar Al-Joundi: Well said.

Uh, I know for sure. I think. Um, you demonstrated a fruit and capital allocation? And I think it was this time last year I was worried about you guys building a second shaft, and now I'm hoping you build a second shaft. So, a lot changes in a year. Well said.

Anita Soni: That's it for my questions.

Lee.

<unk> highlighted.

That's it for my question.

Thanks, Tanya for the question.

Yes, no I mean.

Operator: Thank you. And your next question is from Tanya Jeghuskunik from Scotiabank. Your line is now open.

On your first question with respect to the minimum cash balance I mean at these gold prices, we could be well north of $2 billion to $5 billion in cash on the balance sheet by the end of this year and I'm certainly comfortable at those levels. I mean, we do we talked about the timing of cash tax payments, we are going to have a significant cash tax outflow.

Tanya Jakusconek: Yes, good morning. Thank you very much for taking my questions and congrats on a good quarter. Jamie, just coming back to you on that capital allocation, it's just a lot of cash. And I appreciate there's some of that 600 million of debt you want to pay down or buy back. I understand you're going to be reviewing the dividend and maybe third quarter or fourth quarter early next year. Can I just ask what minimum cash balance you feel comfortable keeping on your balance sheet to run your business? First one. And number two, if we were to see additional capital be put to projects that's accelerated, would it be for the Detour, Hope Bay, and Canadian Monarchic? Would those be the three that you highlighted?

Thank you. And your next question is from Tanya Jagus Konak from Scotiabank. Your line is now open.

<unk> in the first quarter of next year.

And this goes to your second question, we do anticipate having opportunities to accelerate some of our capital spending to bring some of that production forward.

Uh, yes, good morning. Thank you very much for taking my questions and congrats on on a good quarter. Jamie just coming back to you on that Capital, allocation just a lot of cash and appreciate. There's some of that 600 million of debt you want to pay down or buy back. Um, I understand you're going to be reviewing the dividend and maybe third quarter, fourth quarter early next year. Um,

I think it's really it's across our project pipeline.

We'll be I think talking more about potential the potential to accelerate some of the underground production to detour as an example, but across all of our key value drivers. There there are opportunities for us to do more quicker and bringing that incur incremental production sooner.

can I just ask what minimum cash balance, you feel comfortable keeping on your balance sheet to run your business? First, 1 and number 2. If we were to see additional capital,

Be put to project.

Jamie Porter: Thanks, Tanya, for the question. Yeah, no, I mean, on your first question with respect to the minimum cash balance, I mean, with these gold prices, we could be well north of 2, 2.5 billion in cash on the balance sheet by the end of this year. And I'm certainly comfortable at those levels. I mean, we do, we talked about the timing of cash tax payments. We are going to have a significant cash tax outflow in the first quarter of next year. And you know, this goes to your second question. We do anticipate having opportunities to accelerate some of our capital spending to bring some of that production forward. I think it's really, it's across our project pipeline. You know, we'll be, I think, talking more about the potential to accelerate some of the underground production to Detour as an example.

Um The Accelerated would it be for the detour hoping Canadian malartic with those 3 to 3 that you highlighted?

Okay.

Should I be kind of thinking that we should keep the total capital.

Go ahead.

In a way should we be thinking between the two to $2 5 billion range over the next few years should I be thinking about it that way.

Yes, I'd say, it's too early to give you any.

Formal guidance on that to anywhere in the process.

We're going through our kind of budgeting and scenario analysis now and as we get into the fall we'll have more clarity in terms of what the capital profile looks like over the next several years.

Okay. Thank.

Thank you and then maybe I could just ask about as you are thinking about your capital profile can you talk a little bit how you are thinking about your life of mine plans on your reserves and resources.

Jamie Porter: But across all of our key value drivers, there are opportunities for us to do more quicker and bring in that incremental production sooner.

Given the.

Hi, <unk>.

Where our reserves and resources that are done and how you're thinking about approaching that.

Tanya Jakusconek: Okay. And should I be kind of thinking that we should keep this total capital? I'm going to say it, you know, in a way, should we be thinking between the 2 to 2.5 billion range over the next few years? Should I be thinking about it that way?

Um, and you know, this goes to your second question, we do anticipate having opportunities to accelerate some of our Capital spending to bring bring some of that production forward. Um, I think it's really, it's a cross our our project pipeline, um, you know, we'll we'll be, I think talking more about potential, the potential to accelerate, uh, some of the underground production to detour as an example, but across all of our key value drivers, there there are opportunities for us to to do more quicker and uh, bring in that inquiry incremental production sooner.

Ill start with that tenure and then maybe I'll ask <unk> to jump in I mean, thats an excellent question.

Okay. And should I be kind of thinking that we should keep this total capital?

It's one thing managing your reserve price when gold moves 100 or $200 a year.

Frankly, it becomes a more complex question.

Jamie Porter: Yeah, I'd say it's too early to give you any, you know, formal guidance on that, Tanya. We're in the process. You know, we're going through our kind of budgeting and scenario analysis now. And as we get into the fall, we'll have more clarity in terms of what the capital profile looks like over the next several years.

I'm going to say it, you know, in a, in a way, should we be thinking between the 2 to 2.5 billion range over the next few years? Should I be thinking about it that way?

When the gold price moves $1000 or $500.

So right now we're maintaining an <unk> can get into the specifics of <unk>.

Reasonable number four hour.

Our reserves.

He'll get into.

I don't want to steal his thunder, we're doing a good job in replacing reserves.

Tanya Jakusconek: Okay. Thank you. And then maybe I could just ask about, as you are thinking about your capital profile, can you talk a little bit how you are thinking about your life of mine plans and your reserves and resources? I'm given the big discrepancy in the gold price where we're at versus, you know, where reserves and resources are done. And how are you thinking about approaching that?

I'd say it's a it's too early to, to give you any um, you know, formal guidance on that 10. We're in the process. Uh, you know, we're going through our, our kind of budgeting and scenario analysis now, and as we get into the fall, we'll have more clarity in terms of what the capital uh, profile looks like oh over the next uh, several years.

But there could be opportunities tenure, and I think I've talked to you about this.

So let's take a look at for example, something like Meadowbank.

Meadowbank was supposed to run out in 2028.

This is not formal direction to anybody, but we are working on something that might allow us to extend it at a lower rate to say two.

Ammar Al-Joundi: I'll start with that, Tanya, and then maybe I'll ask Guy to jump in. I mean, that's an excellent question. You know, it's one thing managing your reserve price when gold moves 100 or 200 dollars a year. Frankly, it becomes a more complex question when the gold price moves $1,000 or $1,500. So right now, we're maintaining, and Guy can get into the specifics, a very reasonable number for our reserves. He'll get into, and I don't want to steal his thunder, we're doing a good job in replacing reserves. But there could be opportunities, Tanya, and you know, I think I've talked to you about this. So let's take a look at, for example, something like Meadow Bank. You know, Meadow Bank was supposed to run out in 2028.

<unk> thousand 34.

Now those would be.

Lower grade ounces that.

Okay. Um thank you. Um and then maybe I could just ask about um as you are thinking about your Capital profile, can you talk a little bit how you are thinking about your life of mine plans and your reserves and resources. Um given the big discrepancy in the full price, where we're at versus, you know, where reserves and resources are done. And how are you thinking about approaching that? I I'll start with that Daniel and then maybe I'll ask GA to, to jump in. I mean, that's an excellent question.

Werent the best use of our owners' money at $800 environment to make an awful lot of money for our owners at $3300.

So those in that example of course, it makes sense, because you're otherwise going to shut down the mine of course, it makes sense to take advantage of those additional allowances I mean, we're working on that but so it is a function in this very well. It's a function of do you have spare mill capacity.

You know it's 1 Thing uh managing your your reserve price when gold moves 100, or $200 a year. Frankly it becomes more complex question uh when the gold price moves 000 or $500. Um, so right now we're maintaining and you can get into the specifics uh a very reasonable uh number for our um,

Are you extending our mine life, if you bring in lower grade stuff are you displacing higher grade.

Into many years in the future. So it's an excellent question because gold has changed a lot.

Ammar Al-Joundi: This is not formal direction to anybody, but we are working on something that might allow us to extend it at a lower rate to say 2034. Now, those would be lower grade ounces that weren't the best use of our owners' money at an $1,800 environment. They make an awful lot of money for our owners at $3,300. So those, in that example, of course, it makes sense because you're otherwise going to shut down the mine. Of course, it makes sense to take advantage of those additional ounces. I mean, we're working on that. But so it is a function, and you know this very well, it's a function of, you know, do you have spare mill capacity? You know, are you extending a mine life? You know, if you bring in lower grade stuff, are you displacing higher grade into many years in the future?

And we're looking at all of that I don't know if you want to jump in yeah exactly. So we're looking at it on a mine by mine approach, but as mentioned by RMR is Paramount for us to continue to send to the mill what was in our guidance, meaning we don't want a lower cutoff grade and change the mining sequence, but on a mine by mine. We're looking if there is extra <unk>.

Uh, uh, reserved, uh, he'll get into, and I don't want to steal his Thunder. We're doing a good job in in, in, in replacing reserves. Um, but uh, there, there could be opportunities, Tanya, and, you know, and I think I've talked to you about this. Uh, so let's take a look at, for example, something like Meadowbank, you know, Meadowbank was supposed to run out in 2028. Uh, this is not formal direction to anybody, but, uh, we are working on something that might allow us to extend it at a lower rate to say, uh, 2034

Uh, now those would be, uh,

<unk> that we can we can.

10 additional ton at lower grade that are preventable and iron ore price environment, and which is the right thing to do and also looking at sensitivity long term. So we've started some analysis of one on what could be the implication on their iron gold price environment looking at sensitivity on each of the deposit which may help us in some.

Some some design and making sure. We're not for example in opening always dumped nixdorf business it could be much larger or stuff like that.

We wrangle scenario, but.

Ammar Al-Joundi: So it's an excellent question because gold has changed a lot. And we're looking at all of that. I don't know, Guy, if you want to jump in.

Our bottom line remains the same we don't wanted to order cutoff grade, we don't want to change the mining sequence. We are committed to deliver the right to send the right answers first right ton a day mill and if there is available additional milling capacity, we're going to do so if they are profitable.

Guy Gosselin: Yeah, exactly. So we're looking at it on a mine-by-mine approach, but as mentioned by Ammar, it's paramount for us to continue to send to the mill what was in our guidance, meaning we don't want to lower the cut-off grade and change the mining sequence. But on the mine-by-mine, we're looking if there's extra mill capacity that we can, you know, send additional time at lower grade and that are preferable in a higher gold price environment, which is the right thing to do. And also looking at, you know, sensitivity long term.

Okay, well. Thank you very much for that I don't want to ask in your questions. Although I do have a loss hopefully someone asked about how your exploration and reserve replacement is going so well.

lower grade Oz that, uh, weren't the best use of our owner's money at 1800 environment to make an awful lot of money for our owners at 3,300. Um, so th those in, in that example, of course, it makes sense because you're otherwise going to shut down the mine. Of course, it makes sense to take advantage of those additional Oz. I mean we're working on that but so it it is a function and, you know, this very well, it's a function of, you know, do you have spare milk capacity? Um, you know, are you extending a mine life? You know, if you bring in lower grade stuff, are you displacing higher grade, uh, into many years in the future, so it's an excellent question because gold has changed a lot. Um, and we're looking at all of that. I, I don't know, gee, if you want to jump in. Yeah, exactly. So we're looking at it on the Mind by mine approach, but that's mentioned by merrymount for us to continue to send to the male. What was in our guidance meaning, we don't want to lower.

Blake hopefully to hear on that.

The cut of grade and change the mining sequence. But on the Mind by mind we're looking. If there's extra meal capacity that we can, we can, you know, either send additional time at lower grade and that are preferable and I our go price environment.

Thank you and your next question is from Daniel Major from UBS. Your line is now open.

Guy Gosselin: So we've started some analysis of, you know, what could be the implication on their higher gold price environment, looking at sensitivity on each of the deposits, which, you know, may help us in some design and making sure we're not, for example, you know, putting a waste dump next to a pit that could be much larger or stuff like that. We're we're running those scenarios, but, you know, our bottom line remains the same. We don't want to lower the cut-off grade. We don't want to change the mining sequence. We are committed to deliver the right, send the right ounces first, the right ton first to the mill. And if there's a bit of additional milling capacity, we're going to do so if they are profitable.

Hi, guys. Thanks for the questions I think most of the capital allocation questions have been Austin.

Current way, so I'll leave that one but I suppose two questions. One you mentioned about the scope et cetera.

Capex potentially I think.

Around this time last year, maybe it was Q3 you increase the Capex budget for this year should we assume.

The ability to accelerate capex more applies.

2026, 2027, and this year's budget is kind of reasonably fixed is that the way they're thinking about it.

Which is the right thing to do and also looking at, you know, sensitivity long term. So we've started some analysis of 1 of what could be the implication under our goal, price environment, looking at sensitivity on each of the deposit which you know may help us in some some some design and making sure we're not for example, in opening a way dumped next to a pip could be much larger or stuff like that where you, where Rango scenario, but, you know, our our bottom line, remain the same where we don't want to lower the cut off of great. We don't want to change our mining sequence. We are committed to deliver the right to send the right answers first right. Turn first at the mail, and if there's a availability additional Milling capacity, we're going to do. So if they are profitable,

Tanya Jakusconek: Okay. Well, thank you very much for that. I don't want to ask any more questions, although I do have a lot. Hopefully, someone asks about how your exploration and reserve replacement is going. So I'll wait hopefully to hear on that. Thank you.

Okay.

Yes. Thanks for the question, Dan I think Thats.

<unk>.

Yes.

I mean, I think the like we're going through the process now of looking at our capital spending outlook I think it will be there will be incremental spending beyond this year's budget examples that like Dom just spoke about I mean, the third loading shop that.

Operator: Thank you. And your next question is from Daniel Major from UBS. Your line is now open.

At Odyssey $40 million, probably has an 80% IRR if theres things like that that we can do to lower costs in the future to bring production on sooner strong return projects, we'll we'll look at them.

Fahad Tariq: Hi, guys. Thanks for the questions. I think most of the capital allocation questions have been asked in different ways, so I'll leave that one. But I suppose two questions. One, you mentioned about the scope to accelerate CapEx potentially. I think around this time last year, maybe it was Q3, you increased the CapEx budget for this year. Should we assume that that ability to accelerate CapEx more applies to 2026, 2027, and this year's budget is kind of reasonably fixed? Is that the right way of thinking about it?

Thank you. And your next question is from Daniel, major from UBS, your line is now open.

We'll have an announcement early next year out on hope Bay, that's going to be a new significant mine for the company, but comes with a fairly hefty capital costs. So.

There is the potential for that.

An increase in our overall capital spending.

But it's going to result in higher long term returns and value creation for shareholders.

Uh, hi guys. Um, thanks for questions, I think. Um, most of the capital allocation questions have been asked and, um, different ways. So I'll leave that 1 but I suppose to questions 1, you mentioned you about the scope to accelerate capex, potentially, I think, um, around this time last year, maybe it was, Q3 you increase the capex budget for this year. Should we assume that um, that ability to Earth accelerate capex? More applies to to 2026 2027 and this year's budget, um, is kind of reasonably fixed is that the right way of thinking about it

Jamie Porter: Yeah, thanks for the question, Dan. I think that's, yeah, I mean, I think that we're going through the process now of looking at our capital spending outlook. I think it will be, you know, there will be incremental spending beyond this year's budget. Examples that, like Dom just spoke about, I mean, the third loading shaft at Odyssey, you know, 40 million probably has an 80% IRR. If there's things like that that we can do to lower costs in the future, to bring production on sooner, strong return projects, we'll look at them. You know, we'll have an announcement early next year out on Hope Bay. That's going to be a new significant mine for the company, but comes with a fairly hefty capital cost.

Okay. Thanks.

The second one.

Just on the kind of portfolio M&A et cetera.

More on this.

Streamlining side, you've got a big portfolio of early stage kind of options is this gold price environment and opportunity to monetize some of those that don't meet your quality criteria.

Yes, I mean clearly.

Good question good observation.

We don't invest in this as a portfolio to trade and make money, we everything we invest in we take a look at what's the long term potential that said.

Uh, yeah, thanks for the question, Dan, I think that's, um, yeah. I, I, I, I mean, I think that the, the like we're going through the process now of, uh, looking at our, our, our Capital spending Outlook. I I think it will be, you know, there will be incremental, spending Beyond this year's budget examples that like Dom just spoke about. I mean the third loading shaft that uh, at Odyssey, you know, 40 million probably has an 80% irr. If there's things like that that we can do to lower costs in the future uh to bring production on sooner. Uh strong return projects will uh will will look at them. Um you know we'll have an announcement early next year out on Hope Bay. Uh that's going to be a new sign.

Jamie Porter: So there is the potential for, you know, an increase in our overall capital spending, but it's going to result in, you know, higher long-term returns and value creation for shareholders.

Historically.

Nine out of 10.

We decide.

Fit exactly and you're it's a good observation to notice that.

At these gold prices the value of that portfolio has gone up a lot.

And.

Ific mind for the company, but comes with a, you know, fairly Hefty Capital cost. So, uh, there is a potential for, you know, an increase in our overall Capital spending, um, but it's going to result in, you know, higher long-term returns and and, and, uh, value creation for shareholders.

Fahad Tariq: Okay, thanks. And then the second one, still in the kind of portfolio M&A, et cetera, on actually more on the sort of streamlining side, you've got your big portfolio of early-stage kind of options. Is this high gold price environment an opportunity to monetize some of those that don't meet your quality criteria?

I can't really talk much more about it than that but but to say that it's not an unreasonable question.

Okay. Thanks. Um and

The second 1. Um,

Thanks.

And then finally, just operational question grades possible.

Continue to hold up well in the eights and <unk> that.

It could be tracking well ahead of guidance.

Are you still expecting that Greg profile to come off in the second half.

Ammar Al-Joundi: Yeah, I mean, clearly, you know, good question, good observation. You know, we don't invest in this as a portfolio to trade and make money. Everything we invest in, we take a look at what's the long-term potential. You know, that said, you know, historically, you know, nine out of ten, we decide, you know, don't fit exactly. And you're, it's a good observation to notice that at these gold prices, the value of that portfolio has gone up a lot. And you know, I can't really talk much more about it than that, but to say that it's not an unreasonable question.

Just on the kind of portfolio M&A, etc. On the actually more on this streamlining side, you've got a big portfolio of early stage kind of options. Is this high pro gold price environment an opportunity to monetize some of those that don't meet your quality criteria?

Is it on a reconciliation largely and should normalize or is it.

More likely to sort of hold those rates since the end of the year.

Yeah, I mean clearly, um, you know, good question. Good observation. Um.

Hi, Daniel filled with Fosterville, a reconciliation has been actually okay. It's just the mine sequence. So we were expecting a higher stronger each one similar to Mckesson I guess.

We're expecting a lower <unk> off to HTM.

Great. Thanks.

You know, we we don't invest in this as a, you know, portfolio to trade and make money. We everything we invest in, we take a look at what the long-term potential, you know that said, you know, historically uh, you know, 9 out of 10. Uh, we decide, you know, don't fit exactly and you're it's a good observation to notice that. Uh,

Congrats on good set of numbers and I'll get back in the queue.

At these gold prices, the value of that portfolio has gone up a lot.

Thank you and your next question is from John Tumazos from John Tumazos very independent research. Your line is now open.

And, um, you know, I can't really talk much more about it than that, but but to say that it's not an unreasonable question.

Fahad Tariq: Thanks. And then a final, just operational question. Grades at Fosterville continue to hold up well into the eighth, and you look to be tracking well ahead of the guidance. Are you still expecting that grade profile to come off in the second half? Is it kind of reconciliation largely and should normalize, or is it, yeah, are we more likely to sort of hold those rates into the end of the year?

Thank you.

Thanks. Um and then the final just operational question. Um, grades that Foster bill.

We'll assume favorable cases of underground development.

The underground at <unk>.

Is it possible that the east Goldie shaft has outputs.

In the second half of 2026 or reaches.

Full output sometime in 'twenty eight 'twenty nine.

Continue to hold up. Well, into the 8th, a new that could be tracking, well, ahead of the guidance. Um, are you still expecting that grade profile to come off in the second half? Um, is it kind of reconciliation largely and should normalize? Or is it, you know, more likely to sort of hold those rates into the end of the year?

Natasha Vaz: Hi, Daniel. So with Fosterville, reconciliation has been actually okay. It's just the mine sequence. So we were expecting a high, a stronger H1, similar to Makata, I guess. And we're expecting a lower H2, a softer H2.

Yes, Jon <unk> speaking the first shaft the end of the commissioning.

For the mid shaft loading station is mid 2027.

And getting to the the latest loading and where we're going to be at the turn now I don't have that date, but I guess when did we need <unk>.

We were expecting a, a high, a stronger, H1 similar to macassa, I guess. And and we're, we're expecting a a lower H2 or softer H2.

Fahad Tariq: Great, thanks. We've got some good set of numbers, and I'll go back in a queue.

Great, thanks. Um, we got some good numbers and I'll go back in the queue.

But the commissioning of the mid points 27. It could include from June do we need to win seven it should be a good party at Atmel, Arctic where we're going to start to to bring some ore to the tough with that new shaft, you can come to the party if you want John.

Operator: Thank you. And your next question is from John Tomazos from John Tomazos Very Independent Research. Your line is now open.

Thank you, and your next question.

John Tumazos: Thank you. With the favorable paces of underground development at the underground at Malarnic, is it possible that the East Gully shaft has output in the second half of 2026 or reaches full output sometime in '28 instead of '29?

Question is from John, temazo from John, temazo very independent research. Your line is are open.

Thank you, we'll see favorable cases of underground development.

Thank you.

Yes.

At the underground at malartic.

If I could ask the second one.

And the investment portfolio was up to $1 billion in six new through June.

Is it possible that the East Goldie shaft has output?

June 30.

In the second half of 2026 or reaches.

Should we post.

Full output sometime in 2018 instead of 29.

Guy Gosselin: Yeah, John, Dominique speaking. The first shaft, the end of the commissioning for the mid-shaft loading station is mid-2027. And getting to the latest loading where we're going to be at the third now, I don't have that date, but I guess we're in the 2030.

Every night on the industry relations page of the website.

All you have your total stockholders' just slides, you're a hedge fund manager.

Yeah, John Dominique speaking. This is the first Shaft, uh, the end of the commissioning at...

And how how do you want to safeguard these values some of those by agnico and non foreign and 10 in nickel and all of this stuff. So is this a good opportunity.

For the mid-shaft loading station, it is mid-2027.

And getting to the the latest loading where we're going to be at the turn now. Uh I don't have that date but I guess when that we need 30

Fahad Tariq: But the commissioning of the midpoints at '27, and you can conclude from that.

5 billion off the table since the stocks are up $400 million year to date.

Guy Gosselin: June 2027, it should be a good party at Malarnic where we're going to start to bring some ore to the top with that new shaft.

Yes look I want to get to the core of our philosophy on that.

the commissioning of the midpoints at 27 and you can conclude from that June 2027, it should be a good party at at malerich where we're going to

Fahad Tariq: You can come to that party if you want, John.

We talk a lot and I talk a lot about being disciplined with your money.

John Tumazos: Thank you. I could ask a second one. The investment portfolio was up to a billion 063 at June 30. Should we post every night on the investor relations page of the website the value of your total stock holdings, just like you're a hedge fund manager? And how do you want to safeguard these values? Some of us buy Agnico and not a 4N and Tandem Nickel and all this stuff. So is this a good opportunity to take half a billion off the table since the stocks are up 400 million year to date?

Start to bring some ore to the top with that new chef. You can come to that party if you want, John.

Thank you.

And about capital allocation.

if I could ask a second 1,

It's our belief and again my personal belief that.

I can't be sincere, we can't be sincere and saying we're going to be disciplined.

The investment portfolio was up to $1 billion. 063, it's June 30.

um,

Allocating your capital, especially into new investments.

should we post, uh,

We don't know a lot about those investments if we haven't done our homework.

And so we've always had a view that.

Every night on the investor relations page of the website, the value of your total stockholders.

Willing to take small positions and interesting companies early on as you would want us to and regions that we liked with projects with good prospective 80 to get to know more about them.

Just like your hedge fund manager.

And from that decide.

Based on knowledge, whether or not it makes sense to spend and invest your money.

Ammar Al-Joundi: Yeah, look, I want to get to the core of our philosophy on that. We talk a lot, and I talk a lot about being disciplined with your money and about capital allocation. And it's our belief, and again, my personal belief, that I can't be sincere, we can't be sincere in saying we're going to be disciplined in allocating your capital, especially into new investments, if we don't know a lot about those investments, if we haven't done our homework. And so we've always had a view that we're willing to take small positions in interesting companies early on, as you would want us to, in regions that we like, with projects with good prospectivity, to get to know more about them. And from that, decide, based on knowledge, whether or not it makes sense to spend and invest your money. So none of these are as a portfolio.

And how, how do you want to safeguard these values? Some of us buy AGO and not a 4N. In Canada, nickel and all this stuff. So, is this a good opportunity to take half a billion off the table since the stocks are up $400 million year to date?

So none of these are.

As a portfolio so I certainly wouldn't treat it as a hedge position.

Yeah, I look I I want to get to the core of of our philosophy on that. Um,

That said.

As I mentioned before.

We, we talked a lot and I talk a lot, uh, about, uh, being disciplined with your money.

Quite often in fact in most cases, we look at something and we say it doesn't necessarily fit perfectly in some cases it doesn't it's worked well.

And about Capital, allocation.

But we do appreciate that the.

The market has gone up and.

To the extent it makes sense to divest some of these things.

We're not.

We're not ignorant of market conditions.

There's just a lot of money.

Seems like a lot of money to move thank you Youre welcome and it has a lot of money fairpoint.

Thank you there are no further questions at this time I will now hand, the call back over to Mr. Omar Judy for closing remarks.

And uh it's our belief and again my personal belief that uh I can't be sincere. We can't be sincere in saying we're going to be disciplined and allocating your Capital, especially into new Investments. Uh if we don't know a lot about those Investments, if we haven't done our homework uh and so we've always had a view that uh we're willing to take uh small and positions in interesting companies. Early on as you would want us to in regions that we like with projects with good prospectivity to get to know more about them. And and and from that uh decide based on knowledge, uh, whether or not it makes sense to spend and invest your money.

Ammar Al-Joundi: So I certainly wouldn't treat it as a hedge position. That said, as I mentioned before, quite often, and in fact, in most cases, we look at something and we say it doesn't necessarily fit perfectly. In some cases, it does, and it's worked well. But we do appreciate that the market has gone up. And to the extent it made sense to divest some of these things, we're not ignorant of market conditions.

Well, thank you everyone for taking the time.

There's a lot going on the business is running really well.

And we continue to appreciate the support of everybody on the call both our investors and the analysts who coverage. Thank you.

Thank you ladies and gentleman the conference has now ended.

You all for joining you may all disconnect your lines.

Uh, so none of these are, uh, as a portfolio. So I I certainly wouldn't treat it as a hedge position. Um, that said, um, as I mentioned before uh, quite often and in fact in most cases we we look at something and we say, it doesn't necessarily fit perfectly in some cases it does and it's worked well. Um, but we we do appreciate that. Uh, the market has gone up and uh, you know, to the extent it made sense to divest some of these things. Uh,

You know, we're not, uh, we're not ignorant of market conditions.

John Tumazos: Thank you. It's just a lot of money. At least it seems like a lot of money to me. Thank you.

Thank you. It's just a lot of money.

Ammar Al-Joundi: You're welcome. And it is a lot of money. Fair point.

At least it seems like a lot of money to me. Thank you. You're you're welcome. And it is a lot of money. Fair Point.

Operator: Thank you. There are no further questions at this time. I will now hand the call back over to Mr. Ammar Al-Jundi for closing remarks.

Thank you. There are no further questions.

Ammar Al-Joundi: Well, thank you, everyone, for taking the time. You know, there's a lot going on. The business is running really well. And we continue to appreciate the support of everybody on the call, both our investors and the analysts who cover it. Thank you.

Time. I will now hand the call back over to Mr. Amar, al-jundi for closing remarks.

Well, thank you, everyone, for taking the time. Uh, you know, there's a lot going on. The business is running really well, and we continue to appreciate the support of everybody on the call, both our investors and the analysts who cover us. Thank you.

Operator: Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.