Strong Free Cash Flow Generation
Q4 free cash flow of $106 million and full-year free cash flow of $252 million; excluding changes in working capital, full-year free cash flow exceeded $400 million, providing strong internal funding for growth and returns.
Robust Balance Sheet and Liquidity
Ended Q4 with $535 million in cash and total liquidity of over $1 billion, supporting a re-established share buyback program of up to $300 million.
Production Above Guidance
Full-year production of 447,000 gold equivalent ounces exceeded the midpoint of guidance; CC&V attributable production of 125,000 ounces in 2025 well above the prior top-end guidance of 110,000 ounces (≈+13.6% vs top-end).
Hod Maden TRS — Large, High-Grade Development Opportunity
Hod Maden technical report summary: 100% basis expected average production ~240,000 gold equivalent ounces/year (first 3 years) and ~220,000 (first 5 years); NPV of $1.7 billion and 39% IRR at consensus metal prices; expected average annual free cash flow of $328 million at consensus prices (≈$500 million at $4,900/oz gold). Remaining SSR investment expected to total $470 million; 2.5–3 year construction period once project decision is made.
CC&V TRS and Performance
Cripple Creek & Victor TRS: initial 12-year life-of-mine with $824 million NPV at consensus prices. CC&V generated >$200 million in mine-site free cash flow in 2025 versus the ~$100 million upfront transaction cost, demonstrating rapid accretive performance post-acquisition.
Puna Outperformance and Cash Generation
Puna exceeded its 2025 production guidance for the third consecutive year; Q4 production of 2.1 million silver ounces with Q4 AISC of $18.39/oz and full-year AISC of $14.24/oz; Puna delivered >$250 million in mine-site free cash flow in 2025.
Reserve and Resource Base Expansion
Year-end 2025 mineral reserves of 11 million gold equivalent ounces, up nearly 40% year-over-year (driven by consolidation of CC&V and Hod Maden plus drilling/model changes). Measured & indicated and inferred resources total nearly 15 million GEO, supporting future reserve growth.
2026 Production and Cost Guidance
Company production guidance for 2026: 450,000–535,000 gold equivalent ounces. Consolidated AISC guidance $2,360–$2,440/oz (or $2,180–$2,260/oz excluding Çöpler care & maintenance costs). Site-level guidance examples: Marigold 170,000–200,000 oz (AISC $2,320–$2,390), CC&V 125,000–150,000 oz (AISC $1,780–$1,850), Puna 6.25–7.0 million oz silver (AISC $20–$22/oz).