Record Cash Generation and Profitability
Generated record free cash flow of $1.2 billion in 2025 (up 269% YoY), equivalent to $955 per ounce produced; realized gold price of $3,244/oz; adjusted EBITDA of $2.3 billion (up 75% YoY) and adjusted net earnings of $782 million (up 244% YoY).
Strong Production Performance
Produced 1.2 million ounces in 2025 (production up 10% YoY). Q4 production was 298,000 ounces (increase of 34,000 oz vs prior quarter). Achieved the top half of guidance and has met or beaten guidance 12 times in the last 13 years.
Margin Expansion
All-in sustaining margin expanded to $1,811/oz for the year (up 60% vs 2024). Q4 all-in sustaining margin increased to $2,225/oz, a $547 increase quarter-on-quarter.
Rapid Deleveraging and Strong Liquidity
Net debt reduced by $574 million during the year; year-end leverage of 0.07x net debt/EBITDA (well below through-the-cycle target of 0.5x). Gross debt reduced by $511 million and liquidity of over $1.1 billion available.
Record Shareholder Returns and Increased Commitment
Returned a record $435 million to shareholders in 2025 ($360 per ounce), 93% above minimum commitment. Since program start returned $1.6 billion (83% above minimum). Committed to a minimum $1 billion dividend over 2026–2028 and indicated potential for at least another ~$1 billion of supplemental dividends and buybacks at current gold prices.
Operational and Safety Excellence
Sector-leading safety performance with a long-term injury frequency rate (LTIFR) of 0.07. Operational drivers include full-year contribution from Sabodala-Massawa BIOX and Lafigué projects, BIOX throughput/recovery improvements and Lafigué plant running above nameplate.
Growth Pipeline and Exploration Success
On track for a 2030 production target of 1.5 million ounces (27% organic growth). Assafou feasibility study near completion with key permits approved and target first gold in H2 2028. Discovered 1.5 million ounces during 2025 and more than 22 million ounces of measured & indicated resource discovered over 10 years at a discovery cost <$25/oz. M&I resources increased by 13% at Assafou (maiden Pala Trend 3).
Improving Quarterly Operational Cash Flow
Q4 operating cash flow of $609 million (up 97% vs Q3). Q4 adjusted EBITDA $681 million (up 46% vs prior quarter) and Q4 free cash flow $476 million (up 187% vs Q3).