Record revenue, margins and cash flow
Reported near $3.0 billion revenue in 2025 with gross margin >40% and generated operating cash flow of over $1.0 billion (including $702 million in Q4). Adjusted EBITDA ~ $1.6 billion in 2025 versus $780.6 million in 2024 (~+105% YoY).
Strong free cash flow and balance sheet improvement
Generated record mine-site free cash flow of $626.6 million in Q4 and $1.2 billion for the year; reduced net debt by $468.8 million to $344.4 million; repaid $400 million term loan; year-end cash $422 million and total liquidity ~ $868 million.
Production records and guidance achievement
All mines delivered record quarterly production. Q4 attributable consolidated production 242,400 oz (+28% QoQ) and full-year attributable production 765,900 oz, achieving the midpoint of 2025 guidance.
Côté Gold strong ramp-up and high production
Côté first full year produced 399,800 oz (100% basis) reaching the top end of guidance; Q4 attributable production 87,200 oz (124,600 oz 100% basis); achieved nameplate throughput of 36,000 tpd for 30 consecutive days; Q4 head grade record 1.44 g/t.
Material returns to shareholders (NCIB and repurchases)
Established NCIB and repurchased ~3.0 million shares for ~$43 million in December plus an additional ~2.6 million shares for $50 million post quarter; management expects to continue buybacks funded by repatriated cash flows (potential $400–$500 million at $4,000/oz gold price).
Significant resource base growth and strategic acquisition
Côté + Gosselin M&I resources (100% basis) ~18.2 million oz M&I and 2.2 million oz inferred; announced acquisition consolidating assets to form the Nelligan complex with >4.3 million M&I oz and 7.5 million inferred oz, creating one of Canada’s largest preproduction projects.
Asset-level free cash flow contributors
In Q4, Essakane contributed $340.4 million and Côté contributed $197.0 million of attributable mine-site free cash flow, demonstrating strong operating cash generation by major assets.
Earnings per share and shareholder returns improved
Adjusted EPS for 2025 was $1.23, up from $0.55 in 2024 (~+124% YoY); used strong cash flows to start returning capital to shareholders (dividend repatriations and NCIB).