Q4 and Full-Year Production in Line with Guidance
Q4 gold production of 66,000 oz (up 6,000 oz vs Q3); full-year 2025 production of 277,000 oz, within guidance range (275k–285k).
Strong Cash Generation and Improved Balance Sheet
Generated ~$86M operating cash flow in Q4 (vs $70M in Q3, +22.9%); full-year operating cash flow $314M; year-end net cash $209M (≈$140M increase from start of year) and available liquidity >$320M.
Improved Profitability Metrics
2025 EBITDA $383M, up from $319M in 2024 (+20.1%); revenue $863M from sale of 259k oz at an average realized price of $3,338/oz; company remains fully unhedged.
Lower Q4 All-In Sustaining Costs and Safety Improvement
Group Q4 AISC $1,877/oz, down from ~ $2,200/oz in Q3 (≈14.7% reduction quarter-on-quarter); full-year AISC $1,843/oz in line with guidance. TRIFR reduced to 1.87x from 1.95x in prior quarter (≈4.1% improvement).
Doropo Project: Robust DFS and Material Upside
Updated Doropo DFS: 55% increase in reserves vs prior DFS, life-of-mine production ~2.2M oz over 13 years, base-case post-tax NPV $1.46B at $3,000/oz (Gavin) and quoted NPV ≈$2.5B at $4,000/oz (CEO); AISC (DFS) $1,406/oz; IRR 49% and payback ~1.7 years (under 1 year at $4,000/oz). Front-end capital estimated at ~$516M; processing capacity +25% and strong average free cash flow (> $260M/year first 5 years).
Operational Stabilization and Project Execution at Syama
Syama Q4 production 47.2k oz and full-year 176.3k oz; underground set a monthly ore production record (>250,000 t); SSCP on time and on budget with Stage 1 commissioning targeted Q2 2026 and full commissioning in Q3 2026. SSCP expected to increase production by ~5–10% from 2026 levels.
Strong Performance and Life-Extension Work at Mako
Mako delivered 123k oz in 2025 at AISC $1,270/oz; Q4 production 18,755 oz with >91% recoveries and improved throughput (604 kt processed). Life-extension projects (Tomboronkoto resource 377k oz @1.7 g/t; Bantaco resources 266k oz @1.1 g/t) progressing with DFS/permits underway and MLEP CapEx guidance $10–15M for 2026.
Exploration Progress and New Resources
Exploration spend ~ $25M in 2025; Le Debo MRE of 643,000 oz @1.14 g/t; ABC projects include inferred ~2.2M oz @0.9 g/t on Kona permit with ongoing drill programs (targeting ≥20,000 m in 2026) and planned scoping studies (H1–H2 2026).