Achievement of Production Guidance and Operational Execution
Delivered full-year 2025 gold production of 488,268 ounces, achieving the high end of tightened guidance; Q4 2025 production was 123,416 ounces. Operations supported by strong performance at Lamaque, steady contributions from Kisladag and Efemçukuru, and a solid finish at Olympias.
Strong Financial Results
2025 revenue of $1.8 billion, operating cash flow of $743 million and net earnings attributable to shareholders of $520 million ($2.56 per share) for the full year; Q4 net earnings from continuing operations were $252 million ($1.26 per share). Cash flow from operations before changes in working capital increased to $752 million from $636 million year-over-year, a rise of $116 million (approximately 18.2%).
Free Cash Flow Excluding Skouries and Balance Sheet Strength
Full-year free cash flow excluding Skouries was positive $316 million (full-year free cash flow including Skouries was negative $233 million). Year-end total liquidity approximately $976 million and cash balance of $869 million after strategic investments.
Capital Return and Shareholder Discipline
Repurchased approximately $204 million of shares in 2025 (including ~$80 million purchased and canceled in Q4) under the NCIB program and announced initiation of a quarterly dividend program commencing Q1 2026, formalizing capital return framework.
Skouries Construction Progress and Long-life Asset Profile
Skouries construction ~90% complete with substantial ore stockpiles (more than 1.5 million tonnes) and open pit operating ahead of plan; first concentrate now expected early Q3 2026 and commercial production in Q4 2026. Management emphasizes multi-decade, high‑quality nature and long-term cash flow potential.
Safety Improvement
Lost Time Injury Frequency Rate (LTIFR) improved to 0.55 in Q4 2025 from 1.02 in Q4 2024, an improvement of ~46.1% (0.47 absolute reduction), achieved during peak Skouries construction activity.
Strategic M&A and Portfolio Diversification
Announced acquisition of Foran Mining to add a high-quality Canadian copper-gold development asset, increasing copper exposure and long-term growth pipeline; management indicates positive early investor reception and complementary value creation potential.
Increased Exploration Investment and Growth Outlook
2026 planned exploration investment increased by 60% versus 2025 to $75–$85 million focused on resource conversion and discovery. Company expects ~40% production increase in 2027 vs 2025 from the existing portfolio plus Skouries, and 2026 consolidated production guidance of 490,000–590,000 ounces of gold and 20–40 million pounds of copper.