Record Revenue and Strong Free Cash Flow
Record annual revenue of $1.8 billion (up 34% vs 2024) and record full-year free cash flow of $352 million. Operating cash flow before changes in noncash working capital increased 27% to $924 million for the year.
Solid Quarterly Results and Realized Prices
Q4 sold 142,000 oz at an average realized price of $3,998/oz generating record quarterly revenue of $575 million. Full-year sold 531,000 oz at $3,372/oz.
Significant Reserve Growth and Exploration Success
Year-end mineral reserves increased 32% to 16.0 million ounces (seventh consecutive year of growth). Island Gold District reserves nearly doubled, with underground reserves up 125% to 5.1 Moz and open pit reserves up 56% to 3.1 Moz. Measured & indicated resources +6%.
Ambitious Low-Cost Growth Profile
3-year guidance targets +46% production by 2028 and ~20% lower AISC by 2028. Target to reach ~800,000 oz by 2028 at ~ $1,250/oz AISC and ~1 million oz per year by end of decade, funded internally.
High-Return Island Gold District Expansion
Planned expansion to 20,000 tpd expected to average 534,000 oz/year over initial 10 years at mine-site AISC ~$1,025/oz (30% lower than 2025). Project economics: after-tax NPV $8.2B at $3,200/oz and $12B at $4,500/oz; IRR 69% at $4,500/oz.
Improved Balance Sheet and Shareholder Returns
Cash increased 90% YoY to $623 million; debt reduced to $200 million. Returned $81 million to shareholders in 2025 (double 2024) including repurchases of 1.3M shares ($39 million) and $42 million in dividends. Announced a 60% dividend increase beginning this quarter.
Hedge Position Improvement
Eliminated half of the 2026 legacy Argonaut hedges and repurchased/eliminated 230,000 of 330,000 hedged ounces to increase exposure to rising gold prices, with plans to eliminate remaining 100,000 ounces across H2 2026 and H1 2027.
Exploration Investment Increasing
2026 exploration budget increased ~37% to nearly $100 million to capitalize on district upside and continued drilling success (e.g., very high-grade intersections at Cline-Pick and deep potential at Island Gold).