Q3 2025 Agnico Eagle Mines Ltd Earnings Call

Speaker #3: Good morning . My name is Danny , and I will be your conference operator today . At this time , I would like to welcome everyone to the Agnico Eagle Mines Limited .

Operator: Good morning. My name is Danny, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q3 2025 Conference Call. Mr. Ammar Al-Joundi, you may begin your conference.

Operator: Good morning, my name is Dani and I will be your conference operator today. At this time I would like to welcome everyone to the Agnico Eagle Mines Limited Q3 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star two. Thank you, Mr. Ammar Al-Joundi. You may begin your conference.

Speaker #3: Q3 2025 conference call . All lines have been placed on mute to prevent any background noise . After the speakers remarks , there will be a question and answer session .

Speaker #3: If you would like to ask a question during this time , simply press star . Then the number one on your telephone keypad .

Speaker #3: If you would like to withdraw your question , please press star two . Thank you . Mr. Amar Al-jundi , you may begin your conference .

Speaker #4: Thank you . Operator . Good morning , everyone , and thank you for joining our Agnico Eagle third Quarter conference call . I'd like to remind everyone that we'll be making a number of forward looking statements .

Ammar Al-Joundi: Thank you, operator. Good morning everyone and thank you for joining our Agnico Eagle third quarter conference call. I'd like to remind everyone that we'll 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. Once again, we are pleased to be sharing a good news story with you. In a nutshell, with record gold prices, with strong and importantly safe production, along with continued solid cost control, we are once again delighted to be reporting record financial results across all metrics. Our business is running well and beyond the record financial results. We continue to invest in the best pipeline we've ever had, and we continue to invest in the most ambitious exploration program we've ever had, which continues to deliver exceptional results.

Ammar Al-Joundi: Thank you, operator. Good morning, everyone. Thank you for joining our Agnico Eagle Q3 conference call. I'd like to remind everyone that we'll be making a number of forward-looking statements. Please keep that in mind and refer to the disclaimers at the beginning of this presentation. Once again, we are pleased to be sharing a good news story with you. In a nutshell, with record gold prices, with strong, and importantly, safe production, along with continued solid cost control, we are once again delighted to be reporting record financial results. Across all metrics, our business is running well. Beyond the record financial results, we continue to invest in the best pipeline we've ever had. We continue to invest in the most ambitious exploration program we've ever had, which continues to deliver exceptional results.

Speaker #4: So please keep that in mind and refer to the disclaimers at the beginning of this presentation . Once again , we are pleased to be sharing the Good News story with you .

Speaker #4: In a nutshell , with record gold prices , with strong and importantly safe production along with continued solid cost control . We are once again delighted to be reporting record financial results across all metrics .

Speaker #4: Our business is running well and beyond the record financial results . We continue to invest in the best pipeline we've ever had , and we continue to invest in the most ambitious exploration program we've ever had , which continues to deliver exceptional results with almost 70 years of history behind us .

Ammar Al-Joundi: With almost 70 years of history behind us, we have never been stronger than we are now, and we have never had a better future than we have today. Before I turn this call over to my colleagues who will go through our business in more detail, I'd like to spend a few minutes to summarize the key takeaways. One, we're reporting record financial results driven by, of course, record gold prices, but coupled with strong and consistent operational performance. We delivered another exceptional quarter of strong production at 867,000 ounces, putting us year to date at 77% of our full-year guidance range. We sold that gold at an average price of $3,476 per ounce, another record, and a full $20 per ounce higher than the spot average in the quarter. Well done to the treasury team.

Ammar Al-Joundi: With almost 70 years of history behind us, we have never been stronger than we are now, and we have never had a better future than we have today. Before I turn this call over to my colleagues, who will go through our business in more detail, I'd like to spend a few minutes to summarize the key takeaways. One, we're reporting record financial results driven by, of course, record gold prices, but coupled with strong and consistent operational performance. We delivered another exceptional quarter of strong production at 867,000 ounces, putting us year to date at 77% of our full year guidance range. We sold that gold at an average price of $3,476 per ounce, another record, and a full $20 per ounce higher than the spot average in the quarter. Well done to the treasury team.

Speaker #4: We have never been stronger than we are now , and we have never had a better future than we have today . Before I turn this call over to my colleagues who will go through our business in more detail , I'd like to spend a few minutes to summarize the key takeaways one .

Speaker #4: We're reporting record financial results driven by , of course , record gold prices . But coupled with strong and consistent performance , we delivered another exceptional quarter of strong production at 867,000oz , putting us year to date at 77% of our full year guidance range .

Speaker #4: We sold that gold in an average price of $3,476 per ounce , another record and a full ounce higher than the spot average in the quarter .

Speaker #4: Well done to the Treasury team! At the same time, we continue to work hard to control costs, which means we continue to deliver the benefits of these record gold prices to our owners through record margins.

Ammar Al-Joundi: At the same time, we continue to work hard to control costs, which means we continue to deliver benefits of these record gold prices to our owners through record margins. While our reported Q3 cash costs of $994 an ounce are higher than the previous quarter, the majority of this cost increase is due to higher royalty costs, which are a direct result of the higher gold prices. If we back out the impact of these higher royalties, which again are the direct result of higher gold prices, our Q3 cash costs would have been $933 an ounce, well below the midpoint of our cost guidance range. Year to date, our average cash costs are $943 an ounce.

Ammar Al-Joundi: At the same time, we continue to work hard to control costs, which means we continue to deliver benefits of these record gold prices to our owners through record margins. While our reported Q3 cash costs of $994 an ounce are higher than the previous quarter, the majority of this cost increase is due to higher royalty costs, which are a direct result of the higher gold prices. If we back out the impact of these higher royalties, which again are the direct result of higher gold prices, our Q3 cash costs would have been $933 an ounce, well below the midpoint of our cost guidance range. Year to date, our average cash costs are $943 an ounce.

Speaker #4: While our reported Q3 cash costs of $994 an ounce are higher than the previous quarter , the majority of this cost increase is due to higher royalty costs , which are a direct result of the higher gold prices .

Speaker #4: If we back out the impact of these higher royalties , which again are the direct result of higher gold prices , our Q3 cash costs would have been $933 an ounce , well below the midpoint of our cost guidance range .

Speaker #4: Year to date , our cash costs are $943 an ounce . Again , if we back out the impact of higher royalties , our year to date average cash costs would be $909 an ounce .

Ammar Al-Joundi: Again, if we back out the impact of higher royalties, our year to date average cash costs would be $909 an ounce, well below the bottom end of our cash cost guidance range for the year. All of this, the record gold prices, the solid production, the continued good cost control, has led to another quarter of record financial results for our owners: record EBITDA, record adjusted net income, and record returns to our shareholders. We continue to strengthen the company, to strengthen the balance sheet, and to return record amounts of cash to our owners. We repaid $400 million of debt this quarter. We returned $350 million directly to shareholders through dividends and share repurchases, and we increased our net cash position to $2.2 billion while at the same time receiving an upgrade in our credit rating.

Ammar Al-Joundi: If we back out the impact of higher royalties, our year-to-date average cash costs would be $909 an ounce, well below the bottom end of our cash cost guidance range for the year. All of this, the record gold prices, the solid production, the continued good cost control, has led to another quarter of record financial results for our owners. Record EBITDA, record adjusted net income, and record returns to our shareholders. Two, we continue to strengthen the company, to strengthen the balance sheet, and to return record amounts of cash to our owners. We repaid $400 million of debt this quarter.

Speaker #4: Well below the bottom end of our cash cost guidance range for the year . All of this , the record gold prices , the solid production , the continued good cost control has led to another quarter of record financial results for our owners .

Speaker #4: Record EBITDA record adjusted net income and record returns to our shareholders . Two we continue to strengthen the company to strengthen the balance average sheet and to return record amounts of cash to our owners .

Speaker #4: We repaid $400 million of debt this quarter . We returned $350 million directly to shareholders through dividends and share repurchases , and we increased our net cash position to $2.2 billion .

Ammar Al-Joundi: We returned $350 million directly to shareholders through dividends and share repurchases, and we increased our net cash position to $2.2 billion, while at the same time receiving an upgrade in our credit rating. Three, we continue to invest heavily in building the foundations of our future growth, advancing construction, development, and studies of our 5 key pipeline projects and investing heavily in an exceptional exploration program. At Malartic, we are ahead of schedule on the underground development, ahead of schedule on the shaft, and progressing studies for Marban, Wasamac, and a potential second shaft. At Detour, the ramp portal is built. We have begun building the ramp to access the underground and we continue to optimize the mill. At Upper Beaver, I was there just on Monday, we are on budget and we are ahead of schedule.

Speaker #4: While at the same time receiving an upgrade in our credit rating . Three , we continue to invest heavily in building the foundations of our future growth , advancing construction , development , and studies of our five key pipeline projects and investing heavily in an exceptional exploration program at Malartic , we are ahead of schedule on the underground development , ahead of schedule on the shaft , and progressing studies for Marban and a potential second shaft at detour .

Ammar Al-Joundi: We continue to invest heavily in building the foundations of our future growth, advancing construction, development, and studies of our five key pipeline projects, and investing heavily in an exceptional exploration program. At Canadian Malartic, we are ahead of schedule on the underground development, ahead of schedule on the shaft, and progressing studies for Marban, Wasamac, and a potential second shaft. At Detour, the ramp portal is built. We have begun building the ramp to access the underground, and we continue to optimize the mill. At Upper Beaver, I was there just on Monday. We are on budget, and we are ahead of schedule. The team is doing an exceptional job at Hope Bay. We continue to get great drill results, and we are accelerating on-site activity.

Speaker #4: The ramp Porter is portal is built . We have begun building the ramp to access the underground , and we continue to optimize the mill at Upper Beaver .

Speaker #4: I was there just on Monday . We are on budget and we are ahead of schedule . The team is doing an exceptional job at Hope Bay .

Ammar Al-Joundi: The team is doing an exceptional job. At Hope Bay, we continue to get great drill results and we are accelerating on-site activity. We've upgraded the port, we're upgrading the camp. We've emptied the mill building, we're progressing the Madrid ramp, and we have completed the box cut for a ramp at Patch Seven. At San Nicolás, we continue to progress engineering on this high grade, high-quality copper project in the best mining jurisdiction in Mexico. These projects cumulatively represent about 1.3 to 1.5 million ounces of potential production, all from assets we already own in regions we've been operating for decades, and in most cases, leveraging off existing infrastructure in place.

Speaker #4: We continue to get great drill results and we are accelerating on site activity . We've upgraded the port . We've we're upgrading the camp , we've emptied the mill building , we're progressing the ramp and we have completed the box cut for a ramp at patch seven at San Nicolas .

Ammar Al-Joundi: We've upgraded the port, we're upgrading the camp, we've emptied the mill building, we're progressing the Madrid ramp, and we have completed the box cut for a ramp at Patch Seven. At San Nicolas, we continue to progress engineering on this high-grade, high-quality copper project in the best mining jurisdiction in Mexico. These projects cumulatively represent about 1.3 to 1.5 million ounces of potential production, all from assets we already own in regions we've been operating for decades, and in most cases leveraging off existing infrastructure in place. At the same time, we are investing more than we ever have by a wide margin in our exploration program. As Guy will illustrate at the end of this call, we continue to get truly exceptional results that will position Agnico Eagle Mines Limited well for decades to come.

Speaker #4: We continue to progress engineering on this high grade , high quality copper project in the best mining jurisdiction in Mexico . These projects cumulatively represent about 1.3 to 1.5 million ounces of potential production .

Speaker #4: All from assets we already own in regions we've been operating for decades , and in most cases , leveraging off existing infrastructure in place at the same time , we are investing more than we ever have by a wide margin in our exploration program .

Ammar Al-Joundi: At the same time, we are investing more than we ever have by a wide margin in our exploration program, and as Guy will illustrate at the end of this call, we continue to get truly exceptional results that will position Agnico Eagle well for decades to come. These three key messages are consistent with our story last quarter and are consistent with our focus over the past couple of years. On this call, I've asked the team to spend some time on a fourth key message. I've asked the team to spend some time to talk about our continued focus on productivity. Dom and Natasha will go through a few examples to convey the message that even with gold at $4,000 an ounce, even with record financial results, our teams continue to be absolutely laser-focused on improving productivity at every opportunity, at every mine.

Speaker #4: And as we will illustrate at the end of this call , we continue to get truly exceptional results that will position Agnico Eagle well for decades to come .

Speaker #4: These three key messages are consistent with our story last quarter and are consistent with our focus over the past couple of years . But on this call , I've asked the team to spend some time on a fourth key message .

Ammar Al-Joundi: These three key messages are consistent with our story last quarter and are consistent with our focus over the past couple of years. On this call, I've asked the team to spend some time on a fourth key message. I've asked the team to spend some time to talk about our continued focus on productivity. Dom and Natasha will go through a few examples to convey the message that even with gold at $4,000 an ounce, even with record financial results, our teams continue to be absolutely laser focused on improving productivity at every opportunity, at every mine. We are proud of our teams and how hard they continue to work to deliver not only great and consistent results, which by the way make my job a lot easier, but to also focus every day on pushing themselves to operate even better and even safer.

Speaker #4: I've asked the team to spend some time to talk about our continued focus on productivity , and Natasha will go through a few examples to convey the message that even with gold at $4,000 an ounce , even with record financial results , our teams continue to be absolutely laser focused on improving productivity at every opportunity .

Speaker #4: At every mine . We are proud of our teams and how hard they continue to work to deliver not only great and consistent results , which , by the way , make my job a lot easier , but to also focus every day on pushing themselves to operate even better and even safer .

Ammar Al-Joundi: We are proud of our teams and how hard they continue to work to deliver not only great and consistent results, which, by the way, make my job a lot easier, but to also focus every day on pushing themselves to operate even better and even safer. With that introduction, I will now turn over the presentation to our CFO, Jamie Porter, to review our Q3 financial results.

Speaker #4: With that introduction , I will now turn over the presentation to our CFO , Jamie Porter , to review our third quarter financial results .

Ammar Al-Joundi: With that introduction, I will now turn over the presentation to our CFO Jamie Porter to review our third quarter financial results.

Speaker #4: Thank you , Omar , and .

Jamie Porter: Thank you Ammar and good morning everyone. Our operating teams delivered another excellent quarter with strong cost control, particularly on a per ton basis. By delivering on our production targets and managing costs, our investors continue to benefit from margin expansion. In a record gold price environment, a dramatically strengthened balance sheet, and increased direct shareholder returns, we are in the strongest financial position in the company's history. The strong operational performance and cost control paired with higher gold prices to drive record financial results, including record revenue of $3.1 billion, record adjusted earnings of $1.1 billion or $2.16 per share, and record adjusted EBITDA of $2.1 billion. These are excellent financial results, delivering the leverage to higher gold prices you would expect at current spot gold prices. Key financial return metrics such as return on equity could be as high as 20% for the full 2020.

Jamie Porter: Thank you, Ammar. Good morning, everyone. Our operating teams delivered another excellent quarter with strong cost control, particularly on a per ton basis. By delivering on our production targets and managing costs, our investors continue to benefit from margin expansion in a record gold price environment, a dramatically strengthened balance sheet, and increased direct shareholder returns. We are in the strongest financial position in the company's history. The strong operational performance and cost control paired with higher gold prices to drive record financial results, including record revenue of $3.1 billion, record adjusted earnings of $1.1 billion or $2.16 per share, record adjusted EBITDA of $2.1 billion. These are excellent financial results, delivering the leverage to higher gold prices you would expect.

Speaker #5: Good morning , everyone . Our operating teams delivered another excellent quarter with strong cost control , particularly on a per tonne basis , by delivering on our production targets and managing costs , our investors continue to benefit from margin expansion in a record gold price environment .

Speaker #5: A dramatically strengthened balance sheet and increased direct shareholder returns . We are in the strongest financial position in the company's history . The strong operational performance and cost control paired with higher gold prices to drive record financial results , including record revenue of 3.1 billion .

Speaker #5: Record adjusted earnings of 1.1 billion , or $2.16 per share , and record adjusted EBITDA of 2.1 billion . These are excellent financial results , delivering the leverage to higher gold prices .

Speaker #5: You would expect at current spot gold prices . Key financial return metrics such as return on equity could be as high as 20% for the full 2025 year gold production in the third quarter was approximately 867,000oz of total cash cost of 9.94 per ounce , and all in sustaining costs of 13.73 per ounce .

Jamie Porter: At current spot gold prices, key financial return metrics such as return on equity could be as high as 20% for the full 2025 year. Gold production in Q3 was approximately 867,000 ounces at total cash costs of $994 per ounce and all-in sustaining costs of $1,373 per ounce. We have achieved 77% of our full year production guidance to the end of September. Though we have budgeted lower gold production in Q4, we are confident in achieving the midpoint of our full year production guidance range of 3.4 million ounces. We are benefiting from record gold prices. However, the higher gold prices do result in increased royalty expense.

Jamie Porter: Five year gold production in the third quarter was approximately 867,000 ounces, a total cash cost of $9.94 per ounce, and all-in sustaining cost of $13.73 per ounce. We have achieved 77% of our full-year production guidance to the end of September. Though we have budgeted lower gold production in the fourth quarter, we are confident in achieving the midpoint of our full-year production guidance range of 3.4 million ounces. We are benefiting from record gold prices. However, the higher gold prices do result in increased royalty expense. In the third quarter, cash costs were approximately $60 per ounce higher than what we had budgeted, largely as a result of the increased royalty expense.

Speaker #5: We have achieved 77% of our full year production guidance to the end of September , though we have budgeted lower gold production in the fourth quarter , we are confident in achieving the midpoint of our full year production guidance range of 3.4 million ounces .

Speaker #5: We are benefiting from record gold prices . However , the higher gold prices do result in increased royalty expense in the third quarter , cash costs were approximately $60 per ounce , higher than what we had budgeted , largely as a result of the increased royalty expense .

Jamie Porter: In Q3, cash costs were approximately $60 per ounce higher than what we had budgeted, largely as a result of the increased royalty expense. Despite this, I'm pleased to report that our cash costs remained within our guidance range on a year-to-date basis, and we still expect to be at or near the top end of our cash cost guidance range of $965 per ounce for the full year. Our teams have done an excellent job managing costs, the costs that are within our control, and continue to work on ongoing optimization initiatives that Dom and Natasha will talk about later in this presentation. all-in sustaining costs per ounce were higher than the prior quarter, primarily due to the increase in cash costs and the timing of sustaining capital spending.

Speaker #5: Despite this , I'm pleased to report that our cash costs remained within our guidance range . On a year to date basis , and we still expect to be at or near the top end of our cash cost guidance range of 9.65 per ounce for the full year .

Jamie Porter: Despite this, I'm pleased to report that our cash costs remained within our guidance range on a year-to-date basis, and we still expect to be at or near the top end of our cash cost guidance range of $9.65 per ounce for the full year. Our teams have done an excellent job managing costs, the costs that are within our control, and continue to work on ongoing optimization initiatives with Dominique and Natasha. We'll talk about that later in this presentation. All-in sustaining costs per ounce were higher than the prior quarter, primarily due to the increase in cash costs and the timing of sustaining capital spending. We also expect to be close to the top end of our all-in sustaining cost guidance range of $1,300 per ounce on a full-year basis. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers.

Jamie Porter: We also expect to be close to the top end of our all-in sustaining cost guidance range of $1,300 per ounce on a full year basis. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers. Again, this is the result of continued efforts by our teams to control costs and continuously improve while maximizing the cost synergies and benefits resulting from our regional strategy. We move on to the next slide. We had another strong quarter of free cash flow generation that directly and indirectly benefited our shareholders through direct shareholder returns to the dividend and share buyback, and indirectly through the strengthening of our balance sheet.

Jamie Porter: Again, this is the result of continued efforts by our teams to control costs to continuously improve while maximizing the cost synergies and benefits resulting from our regional strategy. We move on to the next slide. We had another strong quarter of free cash flow generation that directly and indirectly benefited our shareholders through direct shareholder returns, the dividend and share buyback, and indirectly through the strengthening of our balance sheet. We generated $1.2 billion of free cash flow this quarter and added another $400 million through the sale of equity investments, which allowed us to continue to strengthen our balance sheet. Our net cash balance more than doubled in the third quarter, increasing to $2.2 billion. Given our strong financial position, we decided to redeem an additional $350 million of long-term debt in addition to the $50 million of debt that matured during the quarter.

Jamie Porter: We generated $1.2 billion of free cash flow this Q3 and added another $400 million through the sale of equity investments, which allowed us to continue to strengthen our balance sheet. Our net cash balance more than doubled in the Q3, increasing to $2.2 billion. Given our strong financial position, we decided to redeem an additional $350 million of long-term debt in addition to the $50 million of debt that matured during the Q3. Over the past 18 months, we have significantly delevered the balance sheet, reducing our gross debt in that period by over $1.6 billion. Reflecting this strengthened credit profile and financial position, I'm also pleased to report that during the Q3, Moody's upgraded us from Baa1 to A3 with a stable outlook.

Jamie Porter: Over the past 18 months, we have significantly delevered the balance sheet, reducing our gross debt in that period by over $1.6 billion. Reflecting this strength in credit profile and financial position, I'm also pleased to report that during the quarter Moody’s upgraded us from Baa1 to A3 with a stable outlook. We are again in the strongest financial position in the company's history, giving us the flexibility to take a balanced, disciplined approach to capital allocation. We move to the next slide. We continue to deliver record shareholder returns this quarter, totaling approximately $350 million in dividends and share buybacks and totaling $900 million on a year-to-date basis. This brings the cumulative shareholder returns in Agnico Eagle Mines Limited's history to over $5 billion, the majority of which has been returned in the last several years.

Jamie Porter: We are again in the strongest financial position in the company's history, giving us the flexibility to take a balanced, disciplined approach to capital allocation. We move to the next slide. We continued to deliver record shareholder returns this quarter, totaling approximately $350 million in dividends and share buybacks and totaling $900 million on a year-to-date basis. This brings the cumulative shareholder returns in Agnico's history to over $5 billion, the majority of which has been returned over the last several years. Our capital allocation strategy remains unchanged, and we are well positioned in this gold price environment. We expect to continue to increase shareholder returns through increased share buyback activity and potentially through higher dividends. We also expect to continue strengthening our financial position and flexibility by increasing our net cash position.

Jamie Porter: Our capital allocation strategy remains unchanged and we are well positioned in this gold price environment. We expect to continue to increase shareholder returns through increased share buyback activity and potentially through higher dividends. We also expect to continue strengthening our financial position and flexibility by increasing our net cash position. Given our profitability, we are expecting a significantly higher cash tax payment relating to the 2025 fiscal year in the first quarter of 2026. This is estimated at approximately $1.2 billion and we are allocating cash to fund that obligation. Lastly, and importantly, we will continue to reinvest in our business in order to bring our high return organic growth projects online.

Jamie Porter: Given our profitability, we are expecting a significantly higher cash tax payment relating to the 2025 fiscal year in the Q1 of 2026. This is estimated at approximately $1.2 billion, and we are allocating cash to fund that obligation. Lastly, and importantly, we will continue to reinvest in our business in order to bring our high return organic growth projects online. We have our 5 key value driver projects, Detour Underground, Filling the Mill at Canadian Malartic, Upper Beaver, Hope Bay, and San Nicolás, all of which generate solid returns at gold prices significantly below the current spot price. At current spot prices, these projects have the potential to generate phenomenal returns.

Jamie Porter: We have our five key value driver projects: Detour, underground filling the mill at Canadian Malartic, Upper Beaver, Hope Bay, and San Nicolas, all of which generate solid returns at gold prices significantly below the current spot price. At current spot prices, these projects have the potential to generate phenomenal returns. Detour, for example, once ramped up to 1 million ounces of annual production, has the potential to generate over $2 billion of annual after-tax free cash flow at that mine alone. At these gold prices, we will continue looking for opportunities to accelerate reinvestment in the business to drive long-term shareholder value. At current gold prices, we're generating a lot of cash, but we will remain disciplined and continue to take a measured approach to capital allocation with a focus on increasing returns to our shareholders over the long term.

Jamie Porter: Detour, for example, once ramped up to 1 million ounces of annual production, has the potential to generate over $2 billion of annual after-tax free cash flow at that mine alone at these gold prices. We will continue looking for opportunities to accelerate reinvestment in the business to drive long-term shareholder value. At current gold prices, we're generating a lot of cash, but we will remain disciplined and continue to take a measured approach to capital allocation with a focus on increasing returns to our shareholders over the long term. With that, I'll turn the call over to Dom, who will provide an overview of our Quebec, Nunavut, and Finland operations.

Jamie Porter: With that, I'll turn the call over to Dom, who will provide an overview of our Quebec, Nunavut, and Finland operations.

Dominique Girard: Thank you, Jamie, and good morning, everyone. Our Q3 results for Quebec, Nunavut, and Finland continue to show strong and consistent operational performance just as we saw in Q1 and Q2. We are on track to meet year-end guidance, and we're positioning ourselves on a good foundation for 2026. The production costs remain well controlled, and as shown in the bottom right table here, we are seeing record profit margin thanks to the gold price. I'm very happy of our team's leadership and mindset. Even with higher gold price, the focus remains on debottlenecking the operation and improving productivity. For example, this quarter we have three mills that beat records, quarterly records at Canadian Malartic, Meliadine, and Goldex.

Dominique Girard: Thank you, Jimmy, and good morning, everyone. Our Q3 results for Quebec, Nunavut, and Finland continue to show strong and consistent operational performance, just as we saw in Q1 and Q2. We are on track to meet year-end guidance, and we're positioning ourselves on good foundation for 2026. The production costs remain well controlled, and as shown in the bottom right table here, we are seeing record profit margin thanks to the gold price. I'm very happy of our team's leadership and mindset. Even with higher gold price, the focus remains on debottlenecking the operation and improve productivity. As for example, this quarter, we have 3 mills that beat records, quarterly records at Meadowbank, Meliadine, and Goldex.

Dominique Girard: For the next two slides, Ammar asked Natasha and myself to explain more and give examples about what we're doing at the site and regional level to control our cost to manage our business. You will hear not about cutting, cutting, and cutting. What you're going to hear is going to be more about productivity improvement, integrating technology, leveraging skill sets, and leveraging our people. The first example is going to be at Kittila, led by the team that you could see here on that picture celebrating the 3 million ounces pour. The second one is going to be about new technology implementation in underground. Next slide, please. At Kittila, following the new shaft commissioning and ramp up, the team were struggling to meet their operational target at underground.

Dominique Girard: For the next two slides, Amar asked Natasha and myself to explain more and give example about what we're doing at the site and regional level to control our cost, to manage our business. You will hear not about cutting, and cutting. What you're gonna hear is gonna be more about productivity improvement, integrating technology, leveraging skill set, and leveraging our people. The first example is gonna be at Kittilä, led by the team that you could see here on that picture celebrating the 3 million ounces pour. The second one is gonna be about new technology implementation in underground. Next slide, please. At Kittilä, following the new shaft commissioning and ramp-up, the team were struggling to meet their operational targets at underground.

And the second 1 is going to be about new technology implementation in underground.

Next slide, please.

Dominique Girard: From there, I need to recognize the leadership of Yanni, Mikko, and Kyösti for taking action, leveraging learning from similar initiatives done at Meliadine in 2023 to drive meaningful change. In June 2024, they've launched an underground productivity improvement program. As at Meliadine, their approach was built on ownership, focused on what matters, and on problem-solving. They work in collaboration with the employees. They did benchmark to define what a perfect shift could look like and to be more productive. At the end, what they did, they worked with the guys driving the equipment, as you could see there, a scoop, to find how they could help them to be more productive.

So following the new shaft commissioning and ramp-up, the team was struggling to meet their operational target on the ground.

Dominique Girard: I need to recognize the leadership of Jani, Mikko, and Kiosti for taking action, leveraging learning from similar initiatives done at Meliadine in 2023 to drive meaningful change. In June 2024, they've launched an underground productivity improvement program. As at Meliadine, their approach was built on ownership, focused on what matters, and on problem solving. They work in collaboration with the employees. They did benchmarks to define what perfect shift could look like and to be more productive. At the end, what they did, they worked with the guys driving the equipment. As you could see there, a scoop, to find how they could help them to be more productive. Some examples, like just being at the equipment faster than it was before, it's an easy one, but it's things that they kind of implemented to be more efficient. I will just show you some results of that.

And from there, I need to recognize the leadership of Yanni Miko and kioski for taking action.

Leveraging learning from similar initiatives, done at miladun in 2023 to drive many meaningful change. So, in June 2024,

they've launched an underground productivity Improvement program, and as that media Dean,

Their approved was built on ownership.

Focused on what matters and on problem solving.

They work in collaboration with the employees.

They did Benchmark to Define what perfect shift could look like.

And to be more productive.

Dominique Girard: Some example, like just being at the equipment faster than it was before, it's an easy one, but it's thing that they kind of implemented to be more efficient. I will just show you guys some results of that. If I take the two graph or bars on the left. The bottom one, you could see the ton mined per day improved by 13% year-over-year. The first nine months of 2024 compared to the first nine months of 2025, 13% more tons moved or mined from underground. This is with the same equipment, same fleet, same people, more efficient. That allow them also to do more by themselves and less relying on contractor, which helped to reduce the cost.

At the end. What they did, they worked with the guys driving the equipment. As you could see there at school to find how they could help them, to be more more productive.

And some example, like just being.

at the equipment faster.

Than it was before, it's an easy one, but it's something that you kind of implemented to be more efficient.

Dominique Girard: If I take the two graphs on the bars on the left, the bottom one, you could see the tons mined per day improved by 13% year over year. The first nine months of 2024 compared to the first nine months of 2023, 13% more tons moved or mined from underground. This is with the same equipment, same fleet, same people, more efficient, that allow them also to do more by themselves and less relying on contractor, which helps to reduce the cost. On the cost side, if you take the top one on the left, you could see that euro per tonne mine site cost decreased by 4%, and this is despite inflation and higher royalty. Very good job to the Kittila team. Thanks for that. Next slide. The second example is about implementing new technology of remote operation.

I will just show you got some result of that. If I take the 2, the 2 graph on the, or bars, on the left, the bottom 1, you could see the tone mind,

Move or mined from underground.

This is with the same equipment. The same Fleet, same people more efficient

Dominique Girard: On the cost side, if you take the top one on the left, you could see that EUR per ton mine site cost decreased by 4%. This is despite inflation and higher royalty. Very good job to the Kittilä team. Thanks for that. Next slide. The second example is about implementing new technology of remote operation. The gains we are doing with those remote operation are not just helping us to control our costs and manage the business. It is more than just the current operation performance.

That allow them also to uh do more by themselves and less relying on contractor which help to reduce the cost.

And on the cost side, if you take the top 1 on the left, you could see that Europe per ton, mine side cost decreased by 4% and this is despite inflation and higher oily.

So, very good job to the the team.

Thanks for that.

Next slide.

The second example is about uh, implementing new technology of remote operation.

Dominique Girard: The gains we are doing with those remote operations are not just helping us to control our costs and manage the business. It is more than just the current operation performance. It is also unlocking future growth projects, enabling future growth projects. All of our projects. If we could improve what we use into our studies in terms of tons moved, tons mined, as well as we're going to see at Odyssey, if we could improve the ramp development speed, this is significant improvement. I will start with the example of LZ5 in 2016 where they've implemented the first LTE system in the world underground. Since that time they really, really did very good progress. You could see with the yellow here through the time. We are now approximately over 20% of the tons are done through remote operation. This is the gain. Where is the gain?

The gains with we are doing with those remote operation are not just helping us to control our costs and manage manage the business.

Dominique Girard: It is also unlocking future growth project, enabling future growth project. All of our project, if we could improve what we use into our studies in terms of tons moved, tons mined, as well as we are going to see at Odyssey, if we could improve the ramp development speed, this is significant improvement. I will start with the example of LZ 5 in 2016, where they have implemented the first LTE system in the world underground. Since that time, they really did very good progress. You could see with the yellow here through the time, we are now approximately over 20% of the tons are done through remote operation.

It is, it is more than just the current operation performance. It is also.

Um, unlocking future, growth project enabling future grow growth project.

All of our of our project.

If we could improve what we use into our studies in terms of tons move tons of mind as well as we're going to see at ODC if we could improve the ram development speed, this is significant Improvement. So

All right, I will I will start with the example of LZ 5 in 2016 where the Imp implemented the first LTE system in the world underground, since that time, they really really uh did very good progress. You could see with the yellow here

Through the time, we are now approximately over 20%.

Of the tons are done uh, through remote operation.

Dominique Girard: How this is the gain, where is the gain is there were some areas some time that we were not operating the equipment because we need to be out of the mine for ventilation purpose, for example. The same skill set and the same thinking have been applied to Odyssey ramp. You could see the jump done in the year, in 2023 when we started to do remote mocking and remote drilling at Odyssey. We've increased the productivity by 20%. Again, same people, same team, just using the technology. This is significant improvement. How it works, you could see the people here sitting on the front of a screen in a, in a seat, which is the same that than the one in the scoop.

Dominique Girard: There were some areas sometimes that we were not operating the equipment because we need to be out of the mine for ventilation addition purpose, for example. The same skill set and the same thinking have been applied to a DC ramp. You could see the jump done in the year in 2023 when we started to do remote mucking and remote drilling at Odyssey. We've increased the productivity by 20% again, same people, same team, just using the technology. This is significant improvement how it works. You could see the people here sitting in front of a screen in a seat which is the same as the one in a scoop. They are able to operate three to four equipment each. We're collaborating very closely with Sandvik at LZ5, with Epiroc at Odyssey to push those technologies to do more and more.

And how, how this is the, the gain, where is the Gain? Is there is there were some area of some time that we were not operating the equipment because we need to do to be out of the mind for, for ventilation purposes. For example.

So the same skill set and the same thinking, I've been applied to a DC ramp and you could see the jump done in the year in the 2023. When we started to do remote, um, remote remote mocking, and remote, uh, drilling at the DC. So, we've increased the productivity by 20% again, same people. Same team just using the technology. This is significant Improvement how it works. So you could see the people here sitting on the, uh, on the front of a SC of screen.

Dominique Girard: They are able to operate three to four equipment each. We're collaborating very closely with Sandvik at LZ 5, with Epiroc at Odyssey, to push those technology to do more and more. This is helping us to control our costs. This is also enabling future projects. It is also an aspect on the workforce. Natasha's gonna talk about opportunities and action on the workforce, but those type of thing are in the balance to help the workforce. We are in Quebec, approximately 5% of turnover, which is fantastic, and those type of initiative are helping us to have better condition for the workers. We're giving them great challenges to our professional, where this is helping for the retention, this is helping for the recruitment, and this is helping for the stability of our operation.

Dominique Girard: This is helping us to control our costs. This is also enabling future projects. It is also an aspect on the workforce. Natasha is going to talk about opportunities and action on the workforce. Those type of things are in the balance to help the workforce. We are in Quebec, approximately 5% of turnover, which is fantastic. Those type of initiatives are helping us to have better conditions for the workers. We're giving them great challenges to our professionals. This is helping for the retention, this is helping for the recruitment, and this is helping for the stability of our operations. Next step, stay tuned. We're moving into the fleet management system. The blue that you see on the graph there, this is still conventional hauling. Now, to be better in that area, we're implementing fleet management system underground.

In a seat which is the same as the one in the scoop, they are able to operate 3 to 4 pieces of equipment each. We are collaborating very closely with Sanvic at Desert 5 with a rock at 30 SE to push that technology to do more and more.

This is helping us to control our cost. This is also enabling future project.

It is also an aspect on the workforce. Now, that's just going to talk about opportunities and action on the workforce.

But those type of thing are, are in the balance to help the workforce. So we are in Quebec approximately 5% of turnover which is fantastic, and those type of initiative are helping us.

To have better conditions for the workers.

Or giving them great challenges to our professional.

We are, this is helping for the retention. This is helping for the Recruitment and this is helping for the stability of our of our operation.

Dominique Girard: Next step, stay tuned. We're moving into the fleet management system. The, the blue that you see on the graph there, this is still conventional hauling. Now, to be better in that area, we're implementing fleet management system underground. We're going to be in the first of the world to implement such a software advance like we're thinking about. In the coming years, you're going to hear about that. Next slide, moving to the project pipeline. As Ammar Al-Joundi mentioned, both project are on track and evolving very positively. As Guy Gosselin will talk later, the drilling results keep adding value to the project. Very, very interesting.

Dominique Girard: We're going to be in the first of the world to implement such a software advance like we're thinking about in the coming years. You're going to hear about that next slide. Moving to the project pipeline. As Ammar mentioned, both projects are on track and evolving very positively. As Guy will talk later, the drilling results keep adding value to the project. Very, very interesting. Canadian Malartic in terms of shaft sinking, we restart more conditional shaft sinking. In Q3 we did a record in terms of speed and we are about two months in advance of what we were planning initially when we updated the study in 2023. I would like also to highlight the construction team in Q3 did triple zero for 70,000 hours. What is 000 is no lost time, no modified work, no medical aid, and 70,000 hours.

Next Step, stay tuned. We're moving into the Fleet Management System. Um, so the the blue that you see on the graph there, this is still conventional hauling. Now, to be better in that area. We're implementing Fleet Management System underground. We're going to be in the first of the world to, to be to implement such a a software Advanced, like we're thinking about, in the coming years. You're going to hear about that.

Dominique Girard: Canadian Malartic, in term of shaft sinking, where we start more conventional shaft sinking in Q3, we did a record in term of speed, and we are about 2 months in advance of what we were planning initially when we updated the study in 2023. I would like also to highlight the construction team in Q3 did triple zero for 70,000 hours. What is triple zero is no lost time, no modified work, no medical aid. 70,000 hours, this is equivalent of 1 guy working in a construction for 30 years. Congratulations to the team. It's fantastic doing those type of achievement. To close on Canadian Malartic, the study is progressing for the vision to 1 million ounces with a second shaft, Marban, Wasamac. Everything is on track, and the construction team keep delivering what's needed.

Next slide moving to the project pipeline um as Amor mentioned both project are on track and evolving very positively. As G will talk later the drilling result keep adding value to the projects. Very very interesting.

Um, in term of shaft syncing where we start more conditional shafts in Kenyan, Q3 we did a record in term of, uh, of of speed. And we are about 2.

2 months in advance of what we were planning initially. When we updated the study in 2023, I would like also to highlight the construction team in Q3 did 00477 70 70,000 hours. What is 000? Is no lost time? No modified work.

Dominique Girard: This is equivalent of one guy working in construction for 30 years. Congratulations to the team. It's fantastic doing those type of achievements. To close on Canadian Malartic, the study is progressing for the vision to 1 million ounces. With the second shaft more band, we're on track and the construction team keeps delivering what needed. For example, the administration building is going to be delivered in Q1. It's going to be a good thing for the team to be in better position at Hope Bay. Potential of 400,000 ounces annual production from the good drilling. I see. I think it's going to be slightly more than that. Let's see where the study is going to end. In the meantime, the key thing is to advance engineering.

8 and 70,000 hour. This is equivalent of 1 guy. Working in a construction for 30 years.

Congratulation to the team, it's fantastic. Doing those type of achievement.

so,

Dominique Girard: For example, the administration building is gonna be delivered in Q1. It's gonna be a good thing for the team to be in better position. At Hope Bay, potential of 400,000 ounces annual production, from the good drilling I see, I think it's gonna be slightly more than that. Let's see where the study is gonna end. In the meantime, the key thing is to advance engineering. We are currently around 25% achieved on the engineering, and we are progressing between 3% and 4% per month, which bring us to the 40%, 50% we were looking before green-lighting the project next year. Everything is in good position for that. Also the construction team are preparing the field to be able to do that heavy construction time.

Dominique Girard: We are currently around 25% achieved on the engineering and we are progressing between 3% and 4% per month, which brings us to the 40% to 50% we were looking before green lighting the project next year. Everything is in good position for that. The construction team are preparing the field to be able to do that heavy construction time. You could see here on the picture there's two new wings. Both of them are approximately 133 people per wing. We're building capacity. We're going to have six of them ready to go for construction operation and keeping exploration on that. I will pass the microphone to Natasha.

To close on Kennedy, the studies progressing for the vision to 1 million answers with the second shaft. More band was was everything is on track and the construction team, keep delivering what needed. For example, the administration building is going to be delivered in q1, it's going to be a good thing for the team to, to, to be in better position at home Bay, um, potential 400,000 answers. And you have production um, from the good drilling, I see, I think it's going to be slightly more than that. Let's see where the study is going to end. But in the meantime, um, we are the key thing is to Advance Engineering. So we are currently around 25% achieved on the engineering and we are progressing between 3 and 4% per month which bring us to the 40 50%. We were looking um before green lighting, the project next year, did everything is in good position for that. And also the construction team are preparing the field.

Dominique Girard: You could see here on the picture, there's two new wings. Both of them are approximately 133 people per wing, so we're building capacity. We're gonna have six of them ready to go, for construction, operation, and keeping exploration. On that, I will pass the microphone to Natasha.

To be able to do the that heavy construction time. So you could see here on the on the picture, there's 2 new Wings, both of them are approximately 133 people.

Per wing. So, we're building capacity; we're going to have 6 of them. You ready? Ready to go for construction, operation, and keeping a corporation.

Natasha Vaz: Thanks Dom and good morning everyone. I'll cover the operational highlights for Ontario, Mexico, and Australia. The regions delivered good safety, operating, and cost performance this quarter. Along with the higher gold price, this led to record operating margins at both Macassa and at Detour. Now at Detour, as we continue to stabilize the mill at the higher throughput, the team achieved another quarterly record mill throughput. The open pit mining rate in the quarter, however, was affected by slower progress around the historical underground workings. Grade is still expected to improve in the fourth quarter as we move into the higher grade domain in the pit. Over at Macassa, we had a really good quarter there too. The team continued to see some overperformance with higher than expected grades in localized areas. At Fosterville, production this quarter was on target following a very strong first half of the year.

Natasha Vaz: Thanks, Dom, and good morning, everyone. I'll cover the operational highlights for Ontario, Mexico, and Australia. The regions delivered good safety, operating, and cost performance this quarter. Along with the higher gold price, this led to record operating margins at both Macassa and at Detour. Now, at Detour, as we continue to stabilize the mill at the higher throughput, the team achieved another quarterly record mill throughput. The open pit mining rate in the quarter, however, was affected by slower progress around the historical underground working. The grade is still expected to improve in the fourth quarter as we move into the higher grade domain in the pit. Over at Macassa, we had a really good quarter there too. The team continued to see some over-performance with higher than expected grades in localized areas.

on that, I will pass uh, the microphone to Natasha

Thanks, Tom, and good morning, everyone. So I'll cover the operational highlights for Ontario, Mexico, and Australia.

The regions, delivered, good safety, operating and cost performance this quarter. And along with the higher gold price. This led to record operating margins at both Masa and a detour.

Now, at detour, as we continue to stabilize The Mill at the higher throughput, the team achieved, another quarterly record male throughput, uh, the open pit mining rate in the quarter. However, was affected by slower, progress around the historical underground workings. The grade is still expected to improve in the fourth quarter, as we move into the higher grade domain in the pit,

Natasha Vaz: At Fosterville, production this quarter was on target, following a very strong H1 of the year. In terms of business improvement, similar to what Dom discussed, the teams, they continue to push hard to optimize our business. There is a constant effort to keep all of our operations at a state of optimal performance. It's just part of their DNA. The optimization of the ore haulage system at Detour is a really good example of that. It's a good example of the many initiatives that are going on. It's a good example of how the team is looking at ways to sustainably lower costs and improve efficiency.

Over at Masa we, we had a really a good quarter there too. The team continued to see some over performance with higher than expected grades in localized areas.

Natasha Vaz: In terms of business improvement, similar to what Dom discussed, the teams continue to push hard to optimize our business. There is a constant effort to keep all of our operations at a state of optimal performance. It's just part of their DNA. The optimization of the ore haulage system at Detour is a really good example of that. It's a good example of the many initiatives that are going on. It's a good example of how the team is looking at ways to sustainably lower cost and improve efficiency. This particular journey started 10 years ago with incremental slow enhancements made over time and significant progress made, as you can see from the utilization and payload improvements as noted on the graph. The team continues to look for ways of optimizing our unit costs by involving external experts to review their performance and help identify possible efficiency gains.

And then at fosterville uh production this quarter was on target um following a very strong uh first half of the year.

Now in terms of business Improvement, similar to what Dom discussed uh the teams they continue to push hard to optimize our business.

There is a constant effort to keep all of our operations at a state of optimal performance. It's just part of their DNA.

Natasha Vaz: This particular journey started 10 years ago with incremental slow enhancements made over time, and significant progress made, as you can see from the utilization and payload improvements as noted on the graph. The team, they continue to look for ways of optimizing our unit costs, by involving external experts to review their performance, and help identify possible efficiency gains, similar to what Dom was talking about at Kittilä. Not just as it relates to haul optimization, but really the entire mining cycle. Another hot topic, and Dom touched on this, is related to the skilled labor shortage that the entire industry faces.

And the optimization of the or college system at Detroit is a really good example of that. Um, it's a good example of the many initiatives that are going on. It's a good example of how the team is looking at ways to sustainably lower costs and improve efficiency.

And this particular Journey started 10 years ago with incremental slow enhancements made over time um and significant progress made as you can see from the utilization and payload improvements as noted on the graph.

Natasha Vaz: Similar to what Dom was talking about at Kittila, not just as it relates to haul optimization, but really the entire mining cycle. Another hot topic, and Dom touched on this, is related to the skilled labor shortage that the entire industry faces. Labor is a large portion of our overall cost and our focus is to not just maintain our operational needs, but also secure the workforce to grow our business and at the same time manage the costs. We're taking a very proactive approach to workforce planning as we grow in Ontario by leveraging our regional strategy, by leveraging our competitive advantage, specifically when it comes to people. Our strategy to address the short and long term workforce needs is multilayered.

And the team. It can they continue to to look for ways of optimizing our unit costs, uh, by involving external experts to review their performance, um, and help uh, identify possible efficiency gains similar to what Dom was talking about at Katella, not just as it relates to haul optimization, but really the entire mining cycle,

Natasha Vaz: Labor is a large portion of our overall cost, and our focus is to not just maintain our operational needs, but also secure the workforce to grow our business, at the same time manage the cost. We're taking a very proactive approach to workforce planning as we grow in Ontario, by leveraging our regional strategy, by leveraging our competitive advantage, specifically when it comes to people. Our strategy to address the short- and long-term workforce needs is multi-layered. Of course, the first one is to ensure we continue to be a great place to work for our employees. By continuously investing in our people and by continuously leveraging the culture that Agnico has built, we have increased the engagement levels of our teams. Macassa is a really great example of how powerful this combination can be.

Another Hot Topic, uh and Dom touched on this is related to the skills labor shortage that the entire industry faces.

labor is a large portion of our overall cost and our focus is to not just maintain

Um, our operational needs, but also secure the workforce to grow our business. Um, and at the same time, manage the costs.

So we're taking a very proactive approach to workforce planning as we grow in Ontario. Uh, by leveraging, our regional strategy by leveraging, our competitive Advantage specifically when it comes to people.

Natasha Vaz: The first one is to ensure we continue to be a great place to work for our employees by continuously investing in our people, by continuously leveraging the culture that Agnico has built. We have increased the engagement levels of our teams, and Macassa is a really great example of how powerful this combination can be. Since 2022, we have significantly increased production at Macassa and at the same time have significantly improved safety performance. They say that a safe mine is a productive mine. In our experience, it's also a highly engaged mine. In addition to that, we're investing in local workforce training. This quarter, we started the Underground School of Mines for Macassa. Our plan is to, over a period of time, train local candidates to meet the increased demand for Macassa, for Upper Beaver, for Detour Underground.

So, our strategy to address the short and long-term uh, Workforce needs is multi-layered. Of course, the first 1 is to ensure we continue to be a great place to work for our employees.

Natasha Vaz: Since 2022, we have significantly increased production at Macassa and at the same time, we've significantly improved safety performance. They say that a safe mine is a productive mine. In our experience, it's also a highly engaged mine. In addition to that, we're investing in local workforce training. This quarter, we started the Underground School of Mines for Macassa. Our plan is to, over a period of time, train local candidates to meet the increased demand for Macassa, for Upper Beaver, for Detour Underground. While we remain focused on hiring First Nations and local employees, we're also seeing success in filling roles through our immigration program for skills that are generally hard to recruit for in Canada. I'm very proud of the teams because even at these gold prices, like Ammar was saying, their foot is still on the gas.

By a continuously investing in our people in by continuously leveraging. The culture that igno has built we have increased the engagement levels of our teams and Masa is a really great example of how powerful this combination can be

Performance.

They say that a safe mind is not is a is a productive mind. Um, in our experience, it's also a highly engaged mind.

Natasha Vaz: While we remain focused on hiring First Nations and local employees, we're also seeing success in filling roles through our immigration program for skills that are generally hard to recruit for in Canada. I'm very proud of the team because even at these gold prices, like Ammar was saying, their foot is still on the gas. They continue to safely and responsibly make our mines more efficient and more productive and ultimately reduce our costs. Now moving to the next slide, I'll give you a quick update on the three projects for Ontario and Mexico. As you're aware, the Detour Underground project plays a big part in the plans for the complex to be a 1 million ounce producer annually. It's still early days, but as Ammar mentioned, this quarter we commenced the exercise Exploration Ramp and have advanced just over 250 meters laterally.

In addition to that, we're investing in local Workforce training this quarter. We started the underground School of Mines for uh, Masa our plan is to over a period of time, train, local candidates to meet the increased demand for masa for upper Beaver for detour Underground.

And while we remain focused on hiring First Nations and local employees, we're also seeing success in filling roles through our immigration program. For skills that are generally hard to recruit foreign candidates

Natasha Vaz: They continue to safely and responsibly make our mines more efficient and more productive and ultimately reduce our costs. Moving to the next slide, I'll give you a quick update on the three projects for Ontario and Mexico. As you're aware, the Detour Underground Project plays a big part in the plans for the complex to be a 1 million ounce producer annually. It's still early days, but as Ammar mentioned, this quarter we commenced the exploration ramp and have advanced just over 250 meters laterally. We're also continuing with the infill and expansion drilling and continuing to see positive results, and Guy will talk about that later on in the presentation. As for Upper Beaver, during the quarter, there's been a lot of progress made in a short period of time.

So I'm very proud of the team is because even as these gold prices like Amara was saying their foot is still on the gas, they continue to safely and responsibly make our minds more efficient and more productive and ultimately reduce our costs.

Now moving to the next slide, I'll give you a quick example. Um update on the 3 projects uh for Ontario and Mexico. As you're aware, The Detour underground project plays a big part in the plans for uh the complex to be a 1 million Oz producer annually.

Natasha Vaz: We're also continuing with the infill and expansion drilling and continuing to see positive results. Guy will talk about that later on in the presentation. As for Upper Beaver, during the quarter there's been a lot of progress made in a short period of time. We did have the pleasure of hosting our board and our senior management team this week at Upper Beaver, but also Macassa. They were complimentary not just about the progress, but also the strong teams that we have on the ground. I completely agree in terms of the project. With respect to the shaft head frame, the structural steel and the cladding is completed. The winches have been roped up and the service hoist is ready for commissioning. Shaft sinking is still expected to commence in the fourth quarter.

Still early days, but as a mom mentioned this quarter, we commenced the expiration ramp and have advanced just over 250 m laterally.

We're also continuing with the infill and expansion drilling and continuing to see positive results, and Guy will talk about that later on in the presentation.

Natasha Vaz: We did have the pleasure of hosting our board and our senior management team this week at Upper Beaver, but also Macassa. They were complimentary, not just about the progress, but also the strong teams that we have on the ground, and I completely agree. In terms of the project, with respect to the shaft headframe, the structural steel and the cladding is completed, the winches have been roped up and the service hoist is ready for commissioning. Shaft sinking is still expected to commence in Q4. Over at the portal, the excavation of the exploration ramp began at the end of July and has advanced over 250 meters. Finally, with respect to San Nicolás, we continue to engage with government and authorities and our stakeholders related to the key permits that are needed.

As for upper Beaver during the quarter. Um, there's been a lot of progress made in a short period of time. Uh, we did have the pleasure of Hosting our board and our senior management team this week at upper Beaver but also Masa and uh, they were a complimentary not just about the progress but also the strong teams that we have on the ground and I completely agree.

Natasha Vaz: Over at the portal, the excavation of the exploration ramp began at the end of July and has advanced over 250 meters. Finally, with respect to San Nicolas, we continue to engage with government authorities and our stakeholders related to the key permits that are needed. In the meantime, we're continuing to advance the engineering of some critical infrastructures, which will just help us further de-risk and build confidence in the execution strategy. All in all, good progress is being made on the projects. I just wanted to end by thanking the operations team and the projects team for another solid quarter. With that, I'll pass it over to Guy.

Um, in terms of the project uh, with respect to the shaft headframe, the structural steel, and the cladding is completed. Uh, the winches have been roped up and the uh service voice is ready for commissioning. So Chef thinking is still expected to commence in the fourth quarter.

And over at the portal, the excavation of the expiration ramp began at the end of July, and has advanced over 250 m.

Natasha Vaz: In the meantime, we're continuing to advance the engineering of some critical infrastructures, which will just help us further de-risk and build confidence in the execution strategy. All in all, good progress being made on the projects. I just wanted to end by thanking the operations team and the projects team for another solid quarter. With that, I'll pass it over to Guy.

Finally, with respect to Saint Nicholas. Uh, we continue to engage with government and authorities and our stakeholders related to the, the key permits that are needed. In the meantime, we're continuing to advance the engineering of some critical infrastructures, which will just help us further de-risk and build confidence in the execution strategy.

Guy Gosselin: Thank you, Natasha, and good morning, everyone. First of all, I would like to start by taking a moment to thank the team at all sites for another excellent quarter. Both safety and productivity and cost control went extremely well, with in excess of 120 drill rigs in action. We've completed north of 370,000 meters of drilling in the quarter, now exceeding a million meters year to date. That is ahead of our schedule by about 9% year to date in terms of meters, and our unit costs are approximately 8% below budget year to date. As a result of our strong involvement at controlling cost, our drilling excellence program continues to deliver. We're improving safety by introducing more licorice features such as robotic arm technology to reduce weight lifting and repetitive motion.

Guy Gosselin: Thank you, Natasha. Good morning, everyone. First of all, I would like to start by taking a moment to thank the team at all sites for another excellent quarter. Both safety and productivity and cost control went extremely well. With an excess of 120 drill rig in action, we've completed north of 370,000 meter of drilling in the quarter, now exceeding 1 million meter year to date. That is ahead of our schedule by about 9% year to date in terms of meter, and our unit costs are approximately 8% below budget year to date as a result of our strong involvement at, you know, controlling costs. Our Journey Excellence program continues to deliver. We're improving safety by introducing more mechanized features, such as robotic arm technology to reduce weightlifting and repetitive motion.

Um so all in all good progress being made on on the projects, and I just wanted to end by thanking the operations team and the projects team for another solid quarter. And so with that, I'll pass it over to gee.

Thank you Natasha and good morning everyone.

First of all, I would like to start by taking a moment to thank the team at all sites for another excellent quarter. Bolt safety, productivity, and cost control went extremely well.

With an excess of 120 drill rig and action. We've completed north of 370,000, meter of drilling in the quarter now exceeding, a million meter a year to date. That is the head of our schedule by about 9%.

Guy Gosselin: We are ramping up our unattended drilling capacity that allows for drilling between shifts, which is very beneficial for our underground mining sites. Heading towards year end, we continue to focus on key value drivers, expanding a little bit the drill program on several sites such as Marban, Detour Underground, Hope Bay, and Canadian Malartic Odyssey, where we have good exploration results that continue to blaze the trail to support studies that will deliver on our vision of growth for these assets from a results standpoint. I would like to comment on a few projects, starting on slide 15 with Canadian Malartic.

Guy Gosselin: We are ramping up our unattended drilling capacity that allow for drilling between shifts, which is very beneficial for our underground mining sites. Heading towards year-end, we continue to focus on key value driver, expanding a little bit the drill program on several sites such as Marban, Detour underground, Hope Bay, and Canadian Malartic Odyssey, where we have good exploration results that continue to blaze the trail to support studies that will support studies to deliver on our vision of growth for these assets. From a result standpoint, I would like to comment on a few projects, starting on slide 15 with Canadian Malartic. We currently have 29 drill rig in action at Malartic, both underground and on surface at Odyssey, in the extension of the deposit around the mine, including the recently acquired Marban project. Once again, this quarter has seen some very exciting results.

Year to date in terms of meter and our unit costs are approximately 8% below budget year to date as a result of our strong involvement at, you know, controlling cost our drilling Excellence program continues to deliver, we're improving safety, by introducing more mechanized feature, such as robotic, arm technology, to reduce weight, lifting and repetitive motion. And we are ramping up our unattended drilling capacity that allow for drilling between shifts, which is very beneficial for our underground mining sites.

Heading towards Iran. We continue to focus on key value driver expending a little bit. The drill program. Several sites.

Such as meherban D2 or underground o b.

And Canyon Market Odyssey where we have good expiration, resolve that continue to blaze the trail to support studies, that will support studies to deliver on our vision of growth for these assets.

Guy Gosselin: We currently have 29 drill rigs in action at Malartic, both underground and on surface at Odyssey, in the extension of the deposit around the mine, including the recently acquired Marban project, and once again this quarter has seen some very exciting results in the upper eastern portion of East Gouldie, such as 4.8 over 25 meters at 800 meter depth in the area we anticipate can get to mineral reserve by ramp that could provide additional flexibility to accelerate ramp up of production in the upper portion of the East Gouldie deposit. Also, in the lower extension of East Gouldie, with results up to 2.3 over 30 meters, 2,000 meters below surface, which is also aligned with our decision to extend the depth of the first shaft down to 1,870 meters, and the deposit remains open at depth and laterally.

From a result standpoint. I would like to comment on a few projects starting on slide 15 or 10 Indian minority.

we currently have 29 drill rig in action at monarchic, both on the ground and on Surface at Odyssey in the extension of the deposit around the mine, including the recently acquired more band project,

Guy Gosselin: In the upper eastern portion of East Goldie, results are set 4.8 over 25 meters at 800 meters depth. In the area, we anticipate can get to mineral reserve by year-end. That could provide additional flexibility to accelerate ramp-up of production in the upper portion of the East Goldie deposit. Also in the lower extension of the East Goldie, with result up to 2.3 over 30 meters at 2,000 meters below surface, which is also kind of aligned with our decision to extend the depth of the first shaft down to 1,870 meters. The deposit remains open at depth and laterally.

And once again this quarter, I've seen some very exciting results.

In the upper eastern portion of his Goldie.

See, my results also say 4.8 over 25 meters at 800-meter depth.

That could provide additional flexibility to accelerate ramp up of production in the upper portion of the eSchool be deposit.

Uh then also in the lower extension of these GOI with result of the 2.3 over 30 meter 2000, meter, those surface which is also kind of aligned with our decision to extend uh, the depth of the first Shaft down to, uh, 81870 meter.

Guy Gosselin: On the adjacent Marban project, we've so far completed 96 drill on the property for in excess of 30,000 m since the drilling started in May following the acquisition. Mostly to test the eastern extension of the deposit on ground that belonged to Agnico prior to the consolidation. The result have the potential to increase the ultimate pit design with result up to 3.3 over 11 m, 4.6 over 10 m, approximately 200 m east of the current open pit being considered. Now on slide 16, at Detour, as mentioned by Natasha, the exploration ramp is now progressing well. With just over 250, almost 260 m developed in the quarter, reaching a depth of 43 m below surface.

Guy Gosselin: On the adjacent Marban project, we've so far completed 96 drills on the property for in excess of 30,000 meters since the acquisition. Since the drilling started in May following the acquisition, mostly to test the eastern extension of the deposit on ground that belonged to Agnico prior to the consolidation, the results have the potential to increase the ultimate pit design with results up to 3.3 over 11 meter, 4.6 over 10 meter, approximately 2,200 meter east of the current open pit being considered now on slide 16 at Detour. As mentioned by Natasha Vaz, the exploration ramp is now progressing well with just over 250, almost 260 meter developed in a quarter, reaching a depth of 43 meter below surface.

and the deposit remains open at depth and laterally.

And on the adjacent marban project.

We've we've so far completed 96 draw on the property for 30 in excess of 30,000 meter since the acquisition. Since the drilling started, in May following the acquisition mostly to test the Eastern extension of the deposit on ground that belonged to agno prior to the consolidation.

And the result after potential to increase the ultimate, the design

With a result of 23.3 over 11 m, 4.6 over 10 meters, approximately 2,200 meters east of the current open pit being considered.

um, now on site 16 a detour

Guy Gosselin: 62 km of drilling were safely completed in the quarter, with 9 drill rig that continue to infill and extend the deposit from surface in areas that are targeted for the underground mine project, both below the saddle portion of the deposit, with result up to 3 g over 40 m, 2.7 over 55 m. To the west of the pit, where the planned exploration ramp, with result pretty significant up to 7.4 over 27 m. Results so far should lead to growth in the underground mineral resources estimate by year-end. Based on these good results, we've added an additional 65,000 m of drilling in Q4, expecting to achieve almost 220,000 m by the end of the year.

Guy Gosselin: 62 kilometers of drilling were safely completed in the quarter with nine drill rigs that continue to infill and expand the deposit from surface in areas that are targeted for the underground mine project, both below the saddle portion of the deposit, which resulted in 3 gram over 40 meter, 2.7 over 55 meter, and to the west of the pit where the planned exploration ramp resulted in pretty significant results up to 7.4 over 27 meter. Results so far should lead to growth in the underground mineral resources system at Iram. Based on these good results, we've added an additional 55,000 meter of drilling in the fourth quarter, expecting to achieve almost 220,000 meter by the end of the year. Now on slide 17, as discussed by Dominique Girard, again some very good results in exploration. We have six drill rigs in operation.

As mentioned by Natasha. The exploration ramp is now progressing. Well, but we just we just over 250 almost 260 meter developed in the quarter, reaching a depth of 43 meter below surface uh 62 kilometer of drilling or safely completed in the quarter with 9 drill rate that continue to win fail and extend the deposit from surface in areas that are targeted for the underground line project. Both below the saddle portion of the deposit which resulted to 3 Graham over 40 meter 2.7 over 55 meter.

And to the west of the pit, uh, where the plan expiration ramp, uh, with resolve pretty significant of 27.4 over 27 meter.

So results, so far should lead to growth in the underground mineral resources system that he ran.

And based on these good result, we've added an additional 55,000 meter of drilling in the fourth quarter.

Guy Gosselin: Now on slide 17, as discussed by Dominic, again, some very good results in exploration. We have 6 drill rigs in operation. We've completed in excess of 100,000 meters year to date, expecting to achieve north of 120,000 meters by year-end. We continue to see very strong results in the Patch Seven area. First of all, in the southern extension of Patch, with result up to 6.7 over 10 meters, 10.7 over 3.8 at shallow depth, 350 meters below surface, showing that the deposit remains open to the south on the right-hand side of that graph.

And expecting to achieve almost 220,000 meters, uh, by the end of the year.

Now, on slide 17, I discussed by as discussed by Dominic.

Guy Gosselin: We've completed in excess of 100,000 meter year to date, expecting to achieve north of 120,000 meter by year end. We continue to see very strong results in the Patch event area, first of all in the southern extension of Patch with results up to 6.7 over 10 meter, 10.7 over 3.8 at shallow depth, 350 meter below surface, showing that the deposit remains open to the south on the right-hand side of that graph. Two at depth in Patch seven with very strong results up to 12.7 gram over 9.3 meter and 16.9 gram over 4.6 meter, both at around 880 meter depth in the strong new discovery at Patch seven that shows that the deposit remains open at depth and laterally. We anticipate that all of the good results we've seen at Hope Bay this year will have a very positive impact on the mineral resources at Iram.

Uh again some very good results and exploration we have 6 drawer rigging operation, we've completed in excess of a 100,000 meter year to date.

Uh expecting to achieve north of 120,000 meter by year end, and we continue to see very strong result in a batch of an area.

Guy Gosselin: 2, at depth in Patch Seven, with very strong results, up to 12.7 g over 9.3 m and 16.9 g over 4.6 m, both at around 880 m depth in the strong new discovery at Patch Seven. That shows that the deposit remains open at depth and laterally. We anticipate that all of the good results we've seen at Hope Bay this year will have a very positive impact on the mineral resources at year-end. As mentioned by Dominic, that will that all of that be integrated in our potential project development scenario to be communicated in 2026. On slide 16, I would like to add a bit more color on Meadowbank.

First of all, in the southern extension of batch with result of 26.7 over 10 meter 10.7, over 3.8 at shallow depth, 350 meter below surface, showing that the deposit remains open to the south on the right hand side of that graph.

And 2 at the up and Patch 7 with very strong results up to 12.7% metre and 766.9 gram over 4.6 liter both at around 8807, that shows that the deposit remains open at depth.

Guy Gosselin: As mentioned by Dominique Girard, all of that will be integrated in our potential project development scenario to be communicated in 2026. On slide 16, I would like to add a little bit more color on Meadowbank. As you are aware, we're looking in a current gold price environment to look at opportunity to continue to operate Meadowbank. We've been since 2024 validating some option for pushback in the IVR area, but also continue to de-risk the underground extension of the deposit that is known to be still open at depth. All of those good results that we are displaying will be integrated in our scenario analysis to evaluate the pushback scenario and eventually to continue to mine from underground only with mill operation at a lower throughput once the open pits are fully depleted.

And laterally. So we anticipate that all of the good results we've seen at top be this year, will we have a very positive impact on the mineral resources at the end? And as mentioned by Dominic that will potentially that all of that, be integrated and our potential uh, project development scenario to be communicated in 2026.

Guy Gosselin: I know, as you are aware, we're looking in the current gold price environment to look at the opportunity to continue to operate Meadowbank. We've been since 2024 test validating some option for Whale Tail pit pushback in the IVR area. Also, continue to de-risk the underground extension of the deposit that is known to be still open at depth. All of those good results that we are displaying will be integrated in our scenario analysis to evaluate the pushback scenario and eventually to continue to mine from underground only with mill operation at a lower throughput once the open pit are fully depleted. Finally, at slide 19, at Fosterville, not mentioned in our press release because it came out right after the cutoff of our press release yesterday.

Down on site. 16, I would like to add a little bit more color around middle bank, and I'll, as you're aware, we're looking in a current gold price environment to look at opportunity to continue to operate middle Bank. Uh, so we've been, uh, since 2024, uh, this validating some option for, uh, way bit push back in the ivr area. But also, uh, continue to the risk, the underground extension of the deposit that is known to be still open at depth.

Uh, and all of those um good results that we are displaying uh will be integrated and our scenario analysis.

Guy Gosselin: Finally, at slide 19 at Fosterville, not mentioned in our press release because it came out right after the cutoff of our press release yesterday, we're pleased to announce that we've reached an agreement with E2 Resources to acquire their 39,000 hectares exploration license that surrounds our mining leases at Fosterville. This will consolidate in total more than 260,000 hectares stretching over more than 100 kilometers along the break at Fosterville to allow the continuation of the full investigation of those structures without any property boundary constraint. The transaction obviously is subject to the Victorian government approval, and the closing is expected to close within about two months. On that, I will return the microphone to Ammar for some closing remarks.

Uh to evaluate the uh push back scenario and eventually uh to continue to mine from underground. Only with Milo operation at the lower throughput. Once the open pit are fully depleted.

Guy Gosselin: We're pleased to announce that we've reached an agreement. With these two resources to acquire their 39,000 hectares exploration license that surrounds our mining lease at Fosterville. This will consolidate in total more than 260,000 hectares, stretching over more than 100 kilometer along the grade at Fosterville to allow the continuation of the full investigation of those structure without any property boundary constraint. The transaction obviously is subject to the Victorian Government approval. The closing is expect to close within about 2 months. On that, I will return the microphone to Ammar for some closing remarks.

Finally at the slide, 19 at frostville not mentioning in our press release because it came out right after the cutoff of our press release yesterday. We're pleased to announce that we've reached an agreement with this 2 resources, to acquire their 39,000 a actors. Uh expiration license that surrounds our mining leaks at fosterville

Stretching over more than 100 kilometer along the break at faster deal to allow the continuation of the full investigation of those structure without any property boundary constraint.

And the transaction obviously is subject to the Victorian government approval to, and the closing aspect is expected to close within about 2 months.

Ammar Al-Joundi: Thank you, Guy. As you can see, we continue to work hard for all 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, creating value through the drill bit and through smart, disciplined acquisitions when it makes sense. 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 strong competitive advantage.

Ammar Al-Joundi: Thank you, Guy. As you can see, we continue to work hard for all our stakeholders, and we'll 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, creating value through the drill bit and through smart, disciplined acquisitions when it makes sense. 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 strong competitive advantage.

So on that, I will return the microphone to Amar for some closing remarks.

Thank you ghee.

As you can see, we can continue to work hard for all our stakeholders and we'll 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.

We will be disciplined with our owner's money, making investment decisions based on technical and regional knowledge, creating value through the drill bit and through smart, disciplined acquisitions when it makes sense.

Ammar Al-Joundi: We will continue to be focused 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. Finally, before we open up for questions, I'd like to comment briefly on the current exciting gold environment, both the gold price and the sector more broadly, including our recent investment in Perpetua. On the gold price, of course, nobody has a crystal ball and nobody can predict near-term moves, but it is very common that when a market moves up quickly, there is often a measured retracement and a period of consolidation before the next leg up. I think that is where we are on the gold price long term.

Ammar Al-Joundi: We will continue to be focused 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. Finally, before we open up for questions, I'd like to comment briefly on the current exciting gold environment, both the gold price and the sector more broadly, including our recent investment in Perpetua. On the gold price, of course, nobody has a crystal ball and nobody can predict near-term moves. It is very common that when a market moves up quickly, there is often a measured retracement and a period of consolidation before the next leg up. I think that is where we are on the gold price.

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 strong competitive advantage and we will continue to be focused 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.

And finally, before we open up for questions, I'd like to comment briefly on the current exciting gold environment. Both the gold price and the sector more broadly, including our recent investment in perpetua

on the gold price. Of course, nobody has a crystal ball and nobody can predict near-term moves, but it is very common that when a market moves up quickly, there is often a measured retracement in a period of consolidation before the next leg up.

Ammar Al-Joundi: Long term, we remain very constructive on gold as all the factors that have pushed gold to outperform over the last 25 years remain in place, and in many cases have become more prevalent. On the M&A front, while we do have the best organic growth in our history, while we continue to have great success in our exploration programs, and while we feel absolutely no pressure to do anything, of course, we will continue to look at opportunities to create more value for our owners through smart and disciplined opportunities on the M&A side. Our owners want us to look at these opportunities. Our owners expect us to look at these opportunities. It is frankly, part of our job. Our investment in Perpetua is a good example of this. Perpetua is one of the largest, highest grade, undeveloped open pit gold mines in the United States.

Ammar Al-Joundi: We remain very constructive on gold, and as all the factors that have pushed gold to outperform over the last 25 years remain in place and in many cases have become more prevalent. On the M&A front, while we do have the best organic growth in our history, while we continue to have great success in our exploration programs, and while we feel absolutely no pressure to do anything, we will continue to look at opportunities to create more value for our owners through smart and disciplined opportunities. On the M&A side, our owners want us to look at these opportunities. Our owners expect us to look at these opportunities. It is frankly part of our job. Our investment in Perpetua is a good example of this.

I think that is where we are on the gold price.

Long-term, we remain very constructive on gold, as all the factors that have pushed gold to outperform over the last 25 years remain in place and, in many cases, have become more prevalent.

On the m&a front, while we do have the best organic growth in our history, while we continue to have great success in our exploration programs. And while we feel absolutely no pressure to do anything. Of course, we will continue to look at opportunities. To create value more value for our owners through smart, and disciplined opportunities.

Ammar Al-Joundi: Perpetua is one of the largest, highest-grade undeveloped open pit gold mines in the United States, and to paraphrase one of our senior exploration people, it is the most exciting U.S.-based gold exploration project she has seen in many, many years. Perpetua is also an investment in gold. Yes, there are valuable byproducts that will reduce cash costs, but that's a good thing. This is what we do. We focus on geologic potential and safe jurisdictions, and we try to get in early to gain a knowledge advantage. Thank you again for joining us on this call. Operator, may I ask now that we open up the call for questions?

On the m&a side, our owners want us to look at these opportunities, our owners expect us to. Look at these opportunities, it is frankly, part of our job. Our investment in perpetua is a good example of this.

Ammar Al-Joundi: To paraphrase one of our senior exploration people, it is the most exciting US-based gold exploration project she has seen in many, many years. Perpetua is also an investment in gold. Yes, there are valuable byproducts that will reduce cash costs, that's a good thing. This is what we do. We focus on geologic potential and safe jurisdictions, we try to get in early to gain a knowledge advantage. Thank you again for joining us on this call. Operator, may I ask now that we open up the call for questions.

Perpetual is 1 of the largest highest grade undeveloped open pit gold mines in the United States.

And to paraphrase 1 of our senior exploration people. It is the most exciting us-based gold, exploration project. She has seen in many, many years.

Professor is also an investment in gold. Yes, there are valuable byproducts that will reduce cash costs, but that's a good thing.

This is what we do. We focus on geological potential and safe jurisdictions and we try to get in early to gain a knowledge advantage.

Operator: Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the number one. On your touchtone phone, you will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star key followed by the number two. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Fahad Tariq of Jefferies. Please go ahead.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, remember, please press star followed by the 1 on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star key followed by the 2. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question. Your first question comes from Fahad Tariq of Jefferies. Please go ahead.

Thank you again for joining us on this call, Operator. May I ask now that we open up the call for questions?

thank you, ladies and gentlemen, we will now begin the question and

should you have a question?

Number 1 on your touchtone phone, you will hear a prompt that your hand has been raised. Should you wish to decline from the polling process? Please press the star key followed by the number 2, if you are using a speaker-phone, please lift the handset. Before pressing any Keys 1 moment, please for your first question.

Fahad Tariq: Hi, thanks for taking my question. Ammar, can you talk a little bit about the non-core investments in critical minerals? Sounds like it's a new subsidiary. I'm just trying to understand what type of investments will be vended in or spun out in there. It sounds like it would be things like Canada Nickel and maybe some other equity investments. What is the future strategy of that subsidiary? Would it invest in, like, make equity investments or actual project development?

Fahad Tariq: Hi. Thanks for taking my question. Ammar, can you talk a little bit about the non-core investments in critical minerals? It sounds like it's a new subsidiary. I am just trying to understand what type of investments will be vended in or spun out in there. It sounds like it would be things like Canada Nickel and maybe some other equity investments. What is the future strategy of that subsidiary? Would it make equity investments or actual project development?

Your first question comes from fajad. Tariq of Jeffrey's. Please go ahead.

Hi, thanks for taking my question. Um, Mark, can you talk a little bit about the non-core investments in critical minerals? Um, it sounds like it's a new subsidiary; I'm just trying to understand what type of investments will be vended in or spun out in there. It sounds like it would be things like Canada Nickel and maybe some other equity investments. What is the future strategy of that subsidiary? Would it invest in?

Ammar Al-Joundi: Hi, Fahad. Thank you for that question. You're absolutely right. For example, Canada Nickel will be in that subsidiary. I think as most of you know, there's been a lot of interest globally on critical metals. We are a gold company, but we're also, in my opinion, the best miners in the regions we operate, and we're the largest, by far, mining company in Canada. We get asked about critical metals all the time. We want to remain a gold company. The approach we've taken, which is consistent with being disciplined and consistent with our philosophy on capital allocation, which is that it should be based on knowledge.

Like make equity investments or actual project development?

Ammar Al-Joundi: Thank you for that question. You're absolutely right. For example, Canada Nickel will be in the subsidiary. I think as most of you know, there's been a lot of interest globally on critical metals. We are a gold company, but we're also, in my opinion, the best miners in the regions we operate. We're the largest by far mining company in Canada. We get asked about critical metals all the time. We want to remain a gold company. The approach we've taken, which is consistent with being disciplined and consistent with our philosophy on capital allocation, is that it should be based on knowledge. For the last three years, we've had a small team, as most of you know, looking at opportunities on the critical metals side.

I heard thank you for that question. Uh, you're you're absolutely right. Um, for example, Canada nickel will be in that, uh, uh, subsidiary

I think, as most of, you know, um,

There's been a lot of interest uh, globally on critical Metals. We we are a gold company, uh, but we're also in my opinion. Uh the best miners in the regions we operate, and we're the largest uh, by far Mining Company in Canada.

Ammar Al-Joundi: For the last 3 years, we've had a small team, as again, most of you know, looking at opportunities on the critical metal side. With everything that we've got going on with the great pipeline we've got, with our continued focus on gold, we felt now was the time to let that small group of people have a little bit more independence and look at opportunities on their own. We've contributed small investments that are non-gold, non-copper into that subsidiary, we've given a little bit of seed capital, and frankly, Fahad, it's their job to look at opportunities. We are not obliged to invest more money. We'll be supportive, but we'll also have a first shot at looking at what they're doing.

Ammar Al-Joundi: With everything that we've got going on, with the great pipeline we've got, with our continued focus on gold, we felt now was the time to let that small group of people have a little bit more independence and look at opportunities on their own. We've contributed small investments that are non-gold, non-copper into that subsidiary. We've given a little bit of seed capital and, frankly, Fahad, it's their job to look at opportunities. We are not obliged to invest more money. We'll be supportive, but we'll also have a first shot at looking at what they're doing.

We get asked about critical Metals all the time. Uh, we want to remain a gold company. Um, and so what, we've the approach we've taken, which is consistent with being disciplined, and consistent with uh our philosophy on Capital allocation, which is that it should be based on knowledge for the last 3 years. We've had a small team as again, most of, you know, looking at opportunities on the critical metal side uh with everything that we've got going on with the great pipeline. We've got with our continued focus on gold. We felt now was the time uh,

To let that, uh, that small group of people, uh, have a little bit more independence, um, and look at opportunities on their own. So we've contributed, uh, small investments, uh, that are non-gold and non-copper into that subsidiary. We've given a little bit of seed capital, and frankly for HUD, it's their job to look at opportunities. Uh, we are not obliged to invest more money. Uh, we'll be supportive, but we'll also have a, a, a first shot at looking at what they're doing.

Fahad Tariq: Got it. Maybe just switching gears, can you talk a little bit about how just government relations are going with the new federal government in Canada? Have you noticed changes in terms of the level of access to the government dialogue and any opportunities in particular for Nunavut infrastructure? Thanks.

Fahad Tariq: Got it. Maybe just switching gears. Can you talk a little bit about how just government relations are going with the new federal government in Canada? Have you noticed changes in terms of the level of access to the government dialogue and any opportunities in particular for Nunavut Infrastructure? Thanks.

Got it and then maybe just Switching gears. Uh um, can you talk a little bit about how just government relations are going with the the new federal government in Canada? Have you noticed changes in terms of the level of this excess access to the government dialogue and any opportunities in particular for none of that.

Infrastructure. Thanks.

Ammar Al-Joundi: That's again an excellent question. We have been very pleased with the new government. I'll give you an example. While we are the biggest mining company in Canada, we really didn't get a lot of attention from the previous government. The weekend after the election I got a text from Tim Hodgson. I'd never met Tim Hodgson. He went out of his way to find out who I was and I guess who other, and I know he's talked to a lot of other mining executives. You have to give a government credit when the minister in the very first weekend reaches out to people on their cell phone via text. We know the teams there well. We've probably had more discussion with the new government on the importance of mining and the opportunity of mining to contribute to Canada than we'd had with the previous government over several years.

Ammar Al-Joundi: That's again, an excellent question. We have been very pleased with the new government. I'll give you an example. You know, while we are the biggest mining company in Canada, we really didn't get a lot of attention from the previous government. The weekend after the election, I got a text from Tim Hodgson. I'd never met Tim Hodgson. He went out of his way to find out who I was and I guess who other. I know he's talked to a lot of other mining executives. You know, you've got to give a government credit when the minister in the very first weekend reaches out to people on their cell phones via text. We know the teams there well.

That's a again, an excellent question. We have been very pleased. Um,

With the new government, I'll give you an example. Um,

You know, while we are the biggest uh Mining Company in Canada. We really

Didn't get a lot of attention from the previous government. Um,

The weekend after the election, I got a text from Tim Hodgson. I, I never met him, Hodgson. Uh, he went out of his way to find out, uh,

Who I was and I guess who other uh and I know he's talked to a lot of other mining executives.

Ammar Al-Joundi: We've probably had more discussion with the new government on the importance of mining and the opportunity of mining to contribute to Canada than we'd had with the previous government over several years. We're very pleased. They are very smart. They're very engaged, and they really are interested in, you know, leveraging off of what mining, for example, can do for the average Canadian.

Ammar Al-Joundi: We are very pleased. They are very smart, they're very engaged, and they really are interested in leveraging off of what mining, for example, can do for the average Canadian.

And so, you know, you've got to give a government credit when, when the minister, uh, in the very first weekend, uh, reaches out to people on their, on their, uh, cell phone via text. We, we, we know the teams there, well. Um, we've probably had more, uh, discussion with the new, uh, government on the importance of Mining and the opportunity of mining to contribute to Canada. Um, then we'd had with the previous government, uh, over, uh, several years. So, we're we're very pleased. They are very smart. They're very engaged and, um, they really are interested in in, um,

You know, leveraging off of what mining, for example can do uh for the average Canadian.

Fahad Tariq: Thank you very much.

Fahad Tariq: Thank you very much.

Ammar Al-Joundi: Thank you.

Ammar Al-Joundi: Thank you.

Thank you very much.

Thank you.

Operator: Your next question comes from Anita Soni of CIBC World Markets. Please go ahead.

Operator: Your next question comes from Anita Soni of CIBC World Markets. Please go ahead.

Anita Soni: Hi, good morning Ammar and team. Thanks for taking my question. First question is with respect to Hope Bay, what are you expecting to deliver by year end in terms of a resource update, and then what are you targeting for the 2027 study?

Anita Soni: Hi, good morning, Ammar and team. Thanks for taking my question. First question is with respect to Hope Bay. What are you expecting to deliver by year-end in terms of a resource update? Then what are you targeting for the 2027 study?

Your next question comes from Anita Sony of CIBC World Markets. Please go ahead.

Hi, good morning, uh, Amar and team. Um, thanks for taking my question. Uh, first question is with respect to Hope Bay? Um, what do you expecting to deliver by year, end in terms of, um, a resource update? And then, uh, what are you targeting for the 20, uh, 20 20207, uh, study.

Dominique Girard: I could start maybe with the study and I will let Guy for the resource on this study. We're expecting in the first half of next year to deliver PEA study with the engineering at over 40%, and again as we did at Canadian Malartic to really have a good view on the schedule and on the cost. We like to give information when we have enough of that engineering done. I'm very happy to see the progress with the team, and before mid year next year we're going to give you more detail on all those KPIs, Anita, and I would pass it to Guy.

Dominique Girard: I could start maybe with the study, I will let Guy for the resource. On the study, we're expecting in H1 of next year to deliver a PEA study with an engineering at over 40%. Again, as we did at Meliadine, to really have a good view on the schedule and on the cost, we like to give the information when we have enough of that engineering done. I'm very happy to see the progress with the team. Midyear, before midyear next year, we're gonna give you more detail on it, all those KPIs, Anita. That I would pass it to Guy.

Uh, I could start maybe with the study and I will let G for the the resource. Uh, on this study. We're expecting in the first half of next year to deliver, uh,

uh,

pea study.

With the uh, an engineering at over 40%. And again, as we did that media Dean

Guy Gosselin: Yes. As a follow-up, for year-end I would say reserve will remain as last year. We're going to be updating indicated and inferred resources, obviously integrating all of the new results we've been getting, expanding Patch Seven, and along with what Dominique described, our study in 2026 with the new development scenario and new costs. Our desire would be to update OB with a brand new PFS-supported reserve and resources filing by the end of 2026.

Guy Gosselin: Yeah. As a follow-up, so for year-end, I would say reserve will remain as last year. We're gonna be updating indicated and inferred resources, obviously integrating all of the, our new results we've been getting expanding Patch 7. Along with what Dominic described, our study in 2026 with the new development scenario, new costs. Our desire would be to update OB with a brand new, you know, PFS-supported reserve and resources filing by the end of 2026.

To really have a a good view on the schedule and on the cost we like to to give the information when we have enough of that engineering done. I'm very happy to see the progress with the team and midyear uh before mid year next year. We're going to we're going to give you more detail on the all those kpis are Anita and that I will pass it to G.

Yep. Uh so as a follow-up, so for year round I would say reserve will remain as last year. We're going to be updating indicated and inferred resources, obviously, integrating all of those on new result, we've been getting expending patch 7 and along with what dominic describe our study in 2026 with the new development scenario, new new cast. Uh, so our desire would be to update. Um, uh,

Anita Soni: Okay, thank you. Just a question with respect to cost. I know you talked about tariffs a little bit and it seemed like it was the standard, customary cautionary language, but is there any, you know, is there any other. I guess I'm just trying to get an idea of what inflation, what kind of inflation expectations you're seeing going into next year. Is it the typical 3 to 5% or. You obviously talk about optimizations where you're trying to defray some of those 3 to 5%. You've done an excellent job this year of maintaining costs within the original range despite a more than $1,000 gold price move. What should we be thinking about going into 2026 and other moving parts like, you know, changes in grade and things like that?

Anita Soni: Okay. Thank you. Then just a question with respect to cost. I know you talked about tariffs a little bit, and it seemed like it was the standard customary cautionary language. Is there any, you know, is there any other, I guess I'm just trying to get an idea of what inflation, what kind of inflation expectations you're seeing going into next year. Is it the typical 3% to 5% or, you know, you obviously talk about optimizations where you're trying to defray some of those 3% to 5%. You've done an excellent job this year of maintaining costs within the original range despite a more than $1,000 gold price move.

Anita Soni: What can we, what should we be thinking about going into 2026 and other moving parts like, you know, changes in grade and things like that?

Jamie Porter: Yeah, Anita, it's Jamie here. We're obviously working through the budgeting process now. I think 3 to 5% is where we've seen labor inflation over the past several years, but across all of our costs it's been closer to 6 to 7%. If you go back over the last three years, the average cost inflation we've seen has been 6 to 7%. Our guidance has been up on average by about 3%. We've been able to do a bit better than the rate of inflation over the last few years going into 2026. I think we're seeing a similar level of inflation in around 6 to 7% across all of our various cost components. Obviously, we're seeing the pressure on royalty costs as a result of the higher gold price. We would expect costs will be higher next year just based on the impact of higher gold prices.

Jamie Porter: Yeah. Anita, it's Jamie here. You know, we're obviously working through the budgeting process now. I think, you know, 3% to 5% is where we've seen labor inflation over the past several years, but across all of our costs, it's been closer to 6% to 7%. You know, if you go back over the last 3 years, the average cost inflation we've seen has been 6% to 7%. Our guidance has been up on average by about 3%. We've been able to do a bit better than the rate of inflation over the last few years. Going into 2026, I think we're seeing a similar level of inflation, you know, in around 6% to 7% across all of our, you know, various cost components.

Okay, thank you. Um, and then just, uh, a question with respect to costs. I know you talked about tariffs a little bit and it seemed like it was the standard customary um, uh, cautionary language. But is there any, um, you know, is there any other? I guess I'm just trying to get an idea of what inflation. Uh, what kind of inflation expectations you're seeing going into next year? Is it the typical 3 to 5% or? Um, and you know, you obviously talk about optimizations where you're, you're trying to defra some of those 3 to 5%. And you've done an excellent job. This year of maintaining costs, um, within the original range. Despite a more than thousand dollar gold price move. But um, what can we, what, what should we be thinking about going into into 2026 and other moving Parts like, um, you know, changes in grade, and things like that?

Ammar Al-Joundi: Obviously, we're seeing the pressure on royalty costs as a result of the higher gold price. We would expect, you know, costs will be higher next year just based on the impact of higher gold prices. As we've talked about through the call today, we're always looking at opportunities to do better than inflation.

Yeah, I I I need it's, uh, it's Jamie here. Um, you know, we're we're obviously working through the the, the budgeting process. Now, I think, you know, 3 to 5% is where we've seen labor inflation over the past several years, but across all of our costs, it's been closer to 6 to 7%. Um, you know, if you go back over the last 3 years, the the average cost of the place we've seen, has been 6 to 7. Our guidance has been up on average by about 3%. So we we've been able to do a bit better, um, than than the rate of inflation. Uh, over the last few years going into 2026. I I think we're seeing, as a similar level of inflation, you know, in around 6 to 7%, um, across all of our, you know, various cost components. And and obviously, we're seeing the pressure on.

Loyalty costs uh as a result of the higher gold price. So we would expect um you know cost will be higher next year to just based on the uh

Jamie Porter: As we've talked about through the call today, we're always looking at opportunities to do better than inflation.

Anita Soni: Okay, thanks. That's it for my question.

Anita Soni: Okay, thanks. That's it for my question.

The impact of of, of higher gold prices but, uh, as we've talked about through the call today, we're, we're, we're always looking at opportunities to, uh, to do better than inflation.

Okay, thanks. Uh, and that's it for my question.

Operator: Your next question comes from John Tumazos of John Tumazos Very Independent Research. Please go ahead.

Operator: Your next question comes from John Tumazos of John Tumazos Very Independent Research. Please go ahead.

Your next question comes from John to mazos of John, tomazzo is very independent research. Please go ahead.

Guy Gosselin: Thank you very much. Could you review the rigs operating across the company? I think I heard there were 29 rigs at Canadian Malartic and the meters were being increased from 55,000 to 220,000 for the year. Could you give us that review across the portfolio, please, John?

John Tumazos: Thank you very much. Could you review the rigs operating across the company? I think I heard there were 29 rigs at Malartic, and the meters were being increased 55,000 to 220,000 for the year. Could you give us that review across the portfolio, please?

Thank you very much.

Uh,

could you review?

The rigs operating.

Ammar Al-Joundi: Thank you for the question, John. I am going to ask Guy to comment on that.

Ammar Al-Joundi: I'm going to thank you for the question, John. I'm going to ask Guy to comment on that.

Across the company. I think I heard there were 29 rigs at mardic and the meters were being increased 55,000 to 220,000 for the year, but could you give us that review across the portfolio? Please.

Guy Gosselin: Yeah, so basically the 120 rigs as reported are spread over the operating mine advanced project. I can go through it maybe with you offline if you want to see. Basically, we have those 29 rigs, the 220,000 meters, and the additional 55,000 meters you're referring to pertaining to Detour where we have those nine rigs operating. We haven't seen quarter over quarter, we have the exact same number of rigs. We've just seen an increase in productivity and we're trying, wherever we've been getting some good results, especially in the pipeline, to keep drilling at the same pace during the fourth quarter. Therefore, we're expecting that we will be in a position to go all the way to around 1.25, 1.3 million meters by year end without spending much more because of the lower unit cost we've been getting with those productivity improvements such as the unattended drilling.

Guy Gosselin: Yeah. Basically, the 120 rig, as reported, are spread over the operating mine advanced project. I can go through maybe with you offline if you wanna see. Basically, yeah, we have those 29 rig, the 220,000 meter, an additional 55,000 meter you're referring to pertaining to Detour, where we have those 9 rig operating. We haven't seen a, you know, say, quarter-over-quarter, we have the exact same number of rig. We just seen an increase in productivity, and we're trying wherever we've been getting some good results, especially in the pipeline, to keep drilling at the same pace during the Q4.

John, I'm going to, uh, thank you for the question, John. I'm going to ask ghee, uh, to comment on that.

Yeah. So, uh, basically the 120 rig, as reported, is straight over the operating mine Advanced project. I can go through it with you offline if you want to see. But basically, um, yeah, we have rules 29 rig, the 220,000 meter, and an additional 55,000 meter you're referring to pertaining to Detour, where we have those 9 rigs operating.

Guy Gosselin: Therefore, we're expecting that, you know, we will be in a position to go all the way to around 1.25, 1.3 million meter by year-end, you know, without spending much more because of the lower unit cost we've been getting with those productivity improvements, such as the unattended drilling. Basically, what it means on a day-to-day is when the driller with the new rig that we are currently at, you know, revamping on each of the sites with collaboration with our drill entrepreneurs. They're basically adding the function that when the gear, the guy leaves the rig at the end of the shift for the blasting and gas clear up, you can just press the button, the drill continue to drill through in between shifts.

Guy Gosselin: Basically, what it means on the day to day is when the driller with the new rig that we are currently revamping on each of the sites with collaboration with our entrepreneurs, they're basically adding the function that when the guy leaves the rig at the end of the shift for the blasting and gas clear up, you can just press the button, the drill continues to drill in between shifts. If you look at it, if you can drill 3 more meters at the end of the D shift, 3 more meters at the end, for an underground mine it is quite significant. Those are the things that with the same fleet of rigs we can get more done and we're going to continue to drill at the same pace because we have some good results.

So we haven't seen those a quarter over quarter, we have the exact same number of rigs. We just seen an increase in productivity and we're trying wherever we've been getting some good results specially in the pipeline to keep drilling at the same Pace during the fourth quarter. Therefore, we're expecting that, you know, we we will be in the position to go all the way to around 1.25 1.3 million meter by year. End. Uh, you know, without spending much more because of the lower unit costs. We've been getting with those productivity improvements such as the unattended drilling. Basically, what it means on the day-to-day is, when the driller with the new, um, rig, that we are currently, uh, you know, revamping on each of the sites with collaboration that are dual entrepreneurs. They're basically adding the function that when the gear, the guy leaves the rig, at the end of the shift for the blasting and gas. Clear up. You can just

Guy Gosselin: If you look at it, if you can drill 3 more meters at the end of the day shift, 3 more meters at the end of. For an underground mine, it is quite significant. Those are the things that with the same fleet of rig, we can get more done, and we're gonna continue to drill at the same pace because we have some good results. Overall, we are expecting our global exploration budget for the company of $525, including exploration project, to be about right on that $525 million for the year based on our Q+3 forecast we've just done.

Guy Gosselin: Overall, we are expecting our global exploration budget for the company of 525 including exploration project to be about right on that $555 million for the year based on our plus three forecast we've just done. Could you just run through the several sites where the most rigs are running?

Press the button, the drill continue to drill through in between shifts. So if you look at it if you can drill 3 more meter at the end of the day shift 3 more meter at the end. So for an underground mine it is quite significant. So those are the things that with the same Fleet of rig we can get more done and we're going to continue to drill at the same Pace because we had some good results and overall we are expecting our Global expiration budget for the company of 525, including a expiration project to be about uh, right on right on.

Uh, right on that $500.0955 million for the year based on our plus 3 forecast we just done.

John Tumazos: Could you just run through the several sites where the most rigs are running? I don't remember how many rigs were at each site.

Could you just run through?

Ammar Al-Joundi: I don't remember how many rigs were at each site.

Guy Gosselin: Maybe I can provide you with those details offline. We have those 29 in Canadian Malartic, we have nine at Detour, we have 12 in Macassa, we have six at Hope Bay. Maybe I can provide you with the detailed list of the spread of our reg offline, John. Thank you. Merci beaucoup.

Guy Gosselin: Yeah. Well, maybe I can provide you with those detail offline, but we have those 29 in Malartic, we have nine at Detour, we have 12 in Macassa, we have six at Hope Bay. Maybe I can provide you with the detailed list of the spread of our rig offline, John.

The several sites where the most rigs are running. I don't remember how many rigs were at each site.

29 in monarchic, we have 9 at detour. We have uh 12 in Mikasa, we have 6 at o. Uh so maybe I can provide you with the detailed list of the spread of our rig offline. John

John Tumazos: Thank you. Merci beaucoup.

Thank you, Miss.

Operator: Okay, your next question comes from Tanya Jakusconek from Scotiabank. Please go ahead.

Operator: Okay. Your next question comes from Tanya Jakusconek from Scotiabank. Please go ahead.

Your next question comes from Tanya, yeah.

Tanya Jakusconek: Oh great. Good morning. Thank you so much for taking my questions. Morning everybody. Guy, I just wanted to come and talk to you about the reserve and resource replacement this year end 2025. I think if I go through what you mentioned, we're going to see increase in reserves at East Goldie. That was really the only mine, the only deposit I heard, and then resource growth at Detour and Hope Bay. Is that correct?

Tanya Jakusconek: Oh, great. Good morning. Thank you so much for taking my questions. Morning, everybody. Guy, just wanted to come and talk to you about the reserve and resource replacement this year-end 2025. I think if I go through the, what you mentioned, we're gonna see increase in reserves at East Goldie. That was really the only mine, the only cause that I've heard, and then resource growth at Detour and Hope Bay. Is that correct?

From Scotia Bank. Please go ahead.

Ammar Al-Joundi: Guy, can you comment on that? Thanks.

Oh, great. Good morning. Thank you so much for taking my questions morning, everybody. Um, the I just wanted to come and talk to you about the reserve and resource replacement to this year, um, year end 2025, um, I think if I go through the what you mentioned we're going to see increase in reserves at East Goldie. That was really the only mine, the only deposit I've heard and then resource growth at dour and hope Bay is that correct.

Guy Gosselin: Thanks. I can take it. We are in a good position to fully replace what we mine at Macassa, and several of our sites will see some partial replacement. We will also have Marban that will get into the mix, adding a first iteration of Marban. Net bottom line, we're expecting to see a net growth, net of mining depletion by year end by maybe, I don't know, my guess we should be up by a quarter or half a million ounces year over year. Despite the fact that we've mined, we've extracted 3.8 and will produce 3.45 this year. All in all, the drilling has fully replaced what we've mined out with a slight, with a light growth year over year.

Guy Gosselin: Yeah. Yep, I can take it. We are in good position to fully replace what we mine at Kittilä, at Macassa, and several of our site will see sort of some partial replacement. We will also have Marban that will get into the mix, adding a first iteration of Marban. Net, bottom line, we're expecting to see a net growth, net of mining depletion by year-end, by maybe, I don't know, my guess, we should be up by a quarter or half a million ounces year over year, despite the fact that we've mined, we've extracted 3.8, and we'll produce 3.45 this year. All in all, the drilling has fully replaced what we've mined out with a slight growth year over year.

Thanks.

Yep. Yep, I can take it. So we will also we are in good position to fully replace what we mine at guitar. Meicasa and several of our site will see sort of some partial replacement. We will also have more band that will get into the mix. Siding, your first iteration of mermaid soap, bottom line, we're expecting to see a net growth. Net of mining division by year, end by maybe. I don't know, my guess we should be

Tanya Jakusconek: Okay, should I be thinking as you have done historically that you take your reserve and resource pricing and you look at inflation and adjust accordingly? I know your reserves are at about $1,450, your resources at $1,750. If I put that 5% or 6% or thereabout inflation, I get $1,550 and $1,850 respectively. Should I be thinking that that's how you're going to approach your pricing for your reserves and resources that you're in?

Tanya Jakusconek: Okay. Should I be thinking, as you have done historically, that you take your reserve and resource pricing and you look at inflation and adjust accordingly? I know your reserves are at about $1,450, your resources at $1,750. If I put that 5% to 6% or thereabout inflation, I get $1,550 and $1,850 respectively. Should I be thinking that that's how you're going to approach your pricing for your reserves and resources at year-end?

Up by a quarter or half a million ounces year-over-year, despite the fact that with mine, uh, We've extracted 3.8 and will produce 3.45 this year. So all in all the drilling has fully replaced. What, what we've mined out with a slight with a light growth year-over-year?

And should I be thinking?

Guy Gosselin: That's a very good question. Obviously, with the current gold price environment, we are asked that question and we're working on it. Our desire remains to deliver the margin ounces up front. Therefore, we don't want to lower the cutoff grade; that will change our mining sequence in the upcoming couple of years. We are looking at it on a mine-by-mine basis. If there is some excess milling capacity, if we can mine some, we're going to be having that in mind, flexing maybe our gold price assumption on some project where it's a life of mine extension scenario or where there is additional milling capacity. Our firm intention remains to keep the cutoff rate stable by, as you described, offsetting inflation, moving the gold price up in line with that inflation we see overall on the market.

Guy Gosselin: Well, that's a very good question. Obviously, with the current gold price environment, we are at that question, and we're working on it. Our desire remain to deliver the margin ounces upfront. Therefore, we don't wanna lower the cut-off grade that will change our mining sequence in the upcoming couple of year. We are looking at it on a mine-by-mine basis. If there is some excess milling capacity, if we can mine some. We're gonna be having that in mind, flexing maybe our gold price assumption on some project, whether it's a life of mine extension scenario or where there is additional milling capacity.

That, um, you you take your reserve and resource pricing and you look at inflation and adjust accordingly. So I know your reserves are at about 1450 or resources at 1750, if I put that 56% or thereabout inflation, I get 1550, and 1850 respectively. Should I be thinking that? That's how you're going to approach, your pricing for your reserves and resources at your end?

Guy Gosselin: Our firm intention remains to keep the cut-off grade stable while, you know, as you described, offsetting inflation, moving the gold price up in line with that inflation we see overall, on the market.

Well, that's a very good question, obviously, with the current gold price environment. We are at that question and we're working on it, but our desire remains to deliver the margin opsis on this up front. Therefore we don't want to lower the cut off grade, that will change her mining sequence in the upcoming couple of year. So we are looking at it on the Mind by mind. This is if there's some excess Milling capacity if we can mine some. So we going to be having that in mind, flexing, maybe our full price assumption on some project where it's a life of mine extension scenario or where there is additional Milling capacity. But

Tanya Jakusconek: It's really, what you talk about is real actual replacement of ounces rather than any movement in gold price for what you're seeing for year-end.

Tanya Jakusconek: It's really what you talk about is real actual replacement of ounces rather than any movement in gold price for what you're seeing for year end. Yep, yeah, okay, perfect. Thank you for that. Maybe over to you, Ammar, if I could, about just the strategy on the overall portfolio, both from an investment equity standpoint and then also on your portfolio, your assets, you know, overall assets. There are some smaller ones that you have in there as well. I'm just interested in how you're approaching this. Let's start with the equity portfolio. Should I be thinking you're investing and, you know, Perpetua is one investment, but should I be thinking that whatever sales or sales you make from that investment portfolio just gets reinvested into other equities rather than being thought about, this gain as, you know, allocated to shareholder returns?

Our firm intention remains to keep the current rate stable by, you know, as you described, sitting inflation. They are moving the gold price up in line with that inflation. We see overall, uh, on the market.

So then it's really, uh, what you talk about is real actual replacement of Oz rather than any movement in gold price for what you're seeing for your end.

Ammar Al-Joundi: Yep.

Tanya Jakusconek: Yeah. Okay. Perfect. Thank you for that. Maybe over to you, Ammar, if I could, about just the strategy on the overall portfolio, both from an investment equity standpoint and then also on your portfolio, your assets, you know, overall asset system, really. There are some smaller ones that you have in there as well. I'm just, you know, interested in how you're approaching this. Let's start with the equity portfolio. Should I be thinking, you know, you're, you know, investing and, you know, Perpetua is one investment, but should I be thinking that, you know, whatever sales or sales you make from that investment portfolio, it just gets reinvested into other equities rather than being thought about this gain as, you know, you know, allocated to shareholder returns? Should I be thinking about it in that way?

Yep.

Yeah okay perfect thank you for that. Um maybe over to you Omar if I could about just the strategy on the overall portfolio, both from um an investment Equity standpoint and then also on on your portfolio um your assets, you know, overall asset system really

Smaller ones that you have in there as well. So I'm just, you know, interested in how you're approaching this, let's start with the equity portfolio. Should I be thinking, you know, you're

Tanya Jakusconek: Should I be thinking about it in that way?

Ammar Al-Joundi: Thank you, Tanya, for the question. No. The money belongs to our owners. You know, we make strategic investments in things that we have looked at and think might have an opportunity to create value for our owners. You know, we don't do it as a trading position. We do it really, again, in line with our philosophy on being disciplined with capital. It's an opportunity to make an early investment, to learn about a project that we might be interested in. If you take a look at something like Orla, and there's a long history there, you know, Orla did a fantastic job. They didn't really need us anymore. There was a lot of money tied up.

You know, investing in in, you know, Perpetual was 1 investment, but should I be thinking that, you know, whatever sales or or or sales you make from from from that Investment Portfolio? It just gets reinvested into other, um, equities rather than being thought about this gain. As, you know, you know, allocated to shareholder returns. Should I be thinking about it in that way?

Ammar Al-Joundi: Thank you, Tanya, for the question. No, the money belongs to our owners. We make strategic investments in things that we have looked at and think might have an opportunity to create value for our owners. We don't do it as a trading position. We do it really again, in line with our philosophy on being disciplined with capital. It's an opportunity to make an early investment to learn about a project that we might be interested in. If you take a look at something like Orla, and there's a long history there, you know, we eventually, Orla did a fantastic job. They didn't really need us anymore. There was a lot of money tied up. We liquidated that position. That does not go into a pool that goes back into equity. That is our owners' money. That money, everything competes for that money.

Uh, thank you, Tanya, for the question. No. Uh,

the money is belongs to our owners.

Investment to learn about a project that we might be interested in. And and so if you take a look at something like Orla and there's a long history there um,

Ammar Al-Joundi: We liquidated that position. That does not go into a pool that goes back into equity. That is our owner's money, and that money, everything competes for that money. Investments into our mines, technology, everything has to have a business case. We do not simply take that gain and allocate it to future equity investments. It's our owner's money, and it gets treated like the rest of our owner's money.

Ammar Al-Joundi: Investments into our mines, technology, everything has to have a business case. We do not simply take that gain and allocate it to future equity investments. It's our owners' money and it gets treated like the rest of our owners' money.

Tanya Jakusconek: Okay, so just go part of your cash flow and then gets allocated accordingly.

Tanya Jakusconek: Okay, it just goes part of your, you know, cash flow and then gets allocated accordingly.

You know, we eventually or the uh, did a fantastic job. Um, they didn't really need us anymore. There was a lot of money tied up. Uh, we we took a we liquidated that position, but that does not go into a pool that goes back into Equity. That is our owner's money and, and that money, uh, everything competes for that money. Um, investments into our minds, uh, technology everything has to have a business case. So we we do not, uh, simply take that gain and uh, allocate it to Future Equity Investments it, it it it's our owner's money and it gets treated like the rest of our owners money.

Ammar Al-Joundi: Correct.

Ammar Al-Joundi: Correct.

Tanya Jakusconek: Okay, thank you for that. In the portfolio itself, as you know, higher gold prices, everyone's looking at their portfolio and, you know, you have a lot of big assets that you're focusing on coming up, these five assets that you talk about. Anything that you see as anything within the portfolio for non-core.

Tanya Jakusconek: Okay. Thank you for that. In the portfolio itself, as you know, higher gold prices, everyone's looking at their portfolio and, you know, you have a lot of big assets that you're focusing on coming up, these five assets that you talk about. Anything that you see as anything within the portfolio for non-core?

Ammar Al-Joundi: Yeah, I mean, I just looked at it this morning. You know, John and I talk about this all the time. You're right, Tanya. There are some things that transition well and we continue to be interested in. As you would expect, and as in the history of our company, there are some projects that while we invest in early, we end up concluding don't make the criteria for our owners and we will be disposing of them. Frankly, again, you're right. At these current gold prices, it's not a bad time to, you know, in some cases sell those assets.

Ammar Al-Joundi: Yeah. I mean, I just looked at it this morning. You know, John and I talk about this all the time. You're right, Tanya, there are some things that, you know, transition well and we continue to be interested in. As you would expect, and as in the history of our company, there are some projects that, while we invest in early, we end up concluding don't make the criteria for our owners, and we will be disposing of them. Frankly, again, you're right. At these current gold prices, it's not a bad time to, you know, in some cases, sell those assets.

Okay, so just go part of your uh, you know, cash flow and then gets allocated accordingly, correct? Okay. Thank you for that. And then in the portfolio itself as you, you know, higher gold prices, everyone's looking at their portfolio and you know, some, you know, you have a lot of big assets that you're focusing on coming up these 5 assets that you talked about anything that you see as anything within the portfolio for non-core.

Yeah. I mean there, I just looked at it this morning, you know, Gene and I talked about this all the time. Uh you're right. Uh Tanya there are some

things that, uh,

You know transition well, and we continue to be interested in it. As you would expect, and as in the history of our company, there are some projects that, while we invest in early,

we end up concluding, don't make uh, the criteria for our owners and we uh, we will be disposing of them and and

Frankly, again, you're right at these current gold prices. It's not a bad time to, uh,

Tanya Jakusconek: When we're talking about assets, we're talking about assets, not investments, correct?

you know, in some cases, uh, sell those assets.

Tanya Jakusconek: Yeah. When we're talking about assets, we're talking about assets, not investments.

Ammar Al-Joundi: Correct. Well, no. In this case, I'm talking about the equity investments.

Ammar Al-Joundi: No, in this case, I'm talking about the equity investments.

yeah, so when we're talking about assets, we're talking about assets, not Investments,

Tanya Jakusconek: Equity investments. How about just, you know, overall, within the portfolio? Just some smaller, you know, within the portfolio. Anything in Mexico, you've got some smaller stuff.

Tanya Jakusconek: Equity investments. How about just some, you know, overall within the portfolio, just some smaller, you know, within the portfolio, anything in Mexico? You know, you've got some smaller stuff with that.

Ammar Al-Joundi: I mean, you know, you asked about Mexico. There are some things that are now pretty small and non-strategic. We always look at opportunities to get the most value from any asset, whether that means we operate it or we sell it. I can assure you, we do that with all of our assets, including ones that are small. If there are some that you might wonder, Well, why haven't you sold them? The simple answer is, you can assume that we've looked at all the different opportunities and have concluded on the ones that still make the most money for our shareholders, even if it's a small asset.

Ammar Al-Joundi: Yeah, I mean, you know, you asked about Mexico. There are some things that are now pretty small and non-strategic. We always look at opportunities to get the most value from any asset, whether that means we operate it or we sell it. I can assure you we do that with all of our assets, including ones that are small. If there are some that you might wonder, why haven't you sold them? The simple answer is you can assume that we've looked at all the different opportunities and have concluded on the ones that still make the most money for our shareholders, even if it's a small asset.

Correct, well, no, no, no. In this case, I'm talking about the equity Investments Equity investment, how about just, um, you know, overall within the portfolio just some smaller, you know, within the portfolio or anything in Mexico, you know, you've got some smaller stuff. But that, yeah, I mean, the, you know, you asked about Mexico. Um, there are, there are some things that are now pretty small and non-strategic. Uh,

We always look at opportunities to get the most value, uh, from any asset. Whether that means we operate it or we sell it. I, I can assure you, uh, we do that with, with all of our assets, um, including ones that are small. And so, if there are some that you might wonder, well, why haven't you sold them? Uh, the simple answer is, uh, you can assume that we've looked at all the different opportunities and, uh, have concluded on the ones that

Still make the most money uh for our shareholders, even even if it's a small asset.

Tanya Jakusconek: Okay, thank you. Thank you for taking my questions. I'll let someone else ask.

Tanya Jakusconek: Okay. Thank you. Thank you for taking my questions. I will let someone else ask.

Okay, thank you. Thank you for taking my questions. I'll let someone else.

Operator: There are no further questions at this time. I will now turn the call back over to Mr. Ammar Al-Joundi. Please continue.

Operator: There are no further questions at this time. I will now turn the call back over to Mr. Ammar Al-Joundi. Please continue.

Ammar Al-Joundi: Thank you everyone once again for joining us this morning. More importantly, thank you for being our friends and supporters over many decades. In many cases, everybody one day early. Have a nice weekend. Thank you.

Ammar Al-Joundi: Well, thank you, everyone, once again, for joining us this morning. More importantly, thank you for being our friends and supporters, over many decades, in many cases. Everybody, one day early, have a nice weekend. Thank you.

There are no further questions at this time. I will now turn the call back over to Mr. Amaral Junie. Please continue.

Well, thank you everyone. Once again uh for joining us this morning more importantly, thank you for being our friends and supporters. Uh over many decades in many cases, uh everybody uh 1 day early have a nice weekend. Thank you.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

Operator: Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

ladies and gentlemen, that can

Today's conference.