Record Financial Performance
Revenue of $950 million and adjusted net earnings of $443 million ($2.39/share) for 2025; cash flow from operations of $492 million and record free cash flow of $505 million.
Strong Capital Returns and Liquidity
Returned $145.5 million to shareholders in 2025 (≈10 million shares repurchased for $116.1 million and $29.4 million in dividends); consolidated cash $498 million, no debt, and a new undrawn credit facility of $400 million (accordion to $550 million) providing substantial immediate liquidity.
Operational Track Record and Cost Positioning
Achieved 2025 gold production guidance and extended operational track record to 11 years; CEO cited an all-in sustaining cost metric near $1,082/oz (management measure) and emphasized continued competitive cost focus.
Vares Acquisition and Ramp-up Driving Near-Term Growth
Post-acquisition Vares has recommenced production (January), ramp-up progressing on plan toward 850,000 tpa by Q4; 2026 expected to deliver >100,000 gold-equivalent ounces from Vares with cash flow and margins expected to be higher than the PFS due to increased precious metals production and prices.
High-Quality Development Pipeline — Coka Rakita
Feasibility study confirms Coka Rakita will contribute ~190,000 oz gold annually for the first 5 years with life-of-mine AISC of $644/oz; targeting construction start early 2027 and first concentrate production in H1 2029.
Significant Exploration Success at Rakita Camp
Initial inferred mineral resource for Dumitru Potok, Frasen and Rakita North of ~2.6 million ounces of gold and 1.9 billion pounds of copper; district-scale system remains open and high-potential for growth.
Chelopech Life Extension and New Discovery Upside
Chelopech mine life extended to 10 years; Wedge Zone Deep discovery shows drilling grades higher than reserve grade with a 10,000 m program underway (Q1) and potential to enhance mill feed and production from 2029.
Three-Year Production Outlook
Transitioning to gold-equivalent reporting with an average production outlook of ~350,000 gold-equivalent ounces per year over the next 3 years supported by Vares and stable Chelopech volumes.