KINROSS GOLD CORP — Call Transcript 2026

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold First Quarter 2026 Results Conference Call and Webcast. I would now like to turn the call over to David Shaver, Executive Vice-President. Thank you, and good morning. In the room with us today on the call, we have Paul Rollinson, CEO. From the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, William Dunford, and Geoff Gold. For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to page three of this presentation, our news release dated April 29th, 2026, the MD&A for the period ended March 31st, 2026, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul. Thanks, David, and thank you all for joining us. This morning, I will discuss our first quarter results, provide high-level updates from across our portfolio, comment on sustainability and confirm our outlook. I will hand the call over to the team to provide further details. Following our outstanding performance in 2025, we continue to deliver strong results in the first quarter. Our culture of technical excellence and financial discipline, combined with the recent gold prices, resulted in strong operating margins, which again outpaced the increase in the gold price. As a result, In Q1, we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million. Our financial position and cash flow outlook remain excellent. We continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend. We are targeting to return approximately 40% of our free cash flow in 2026. In Q1, we continued our buyback program. Turning now to operational highlights. Q1 was a great start to the year with production of 493,000 oz. Both Tasiast and Paracatu had strong quarters and together accounted for more than half of our production, driving significant free cash flow. Paracatu delivered another excellent quarter on the back of record mill recoveries. Tasiast saw strong output in Q1, supported by higher grades and strong recoveries. With regards to our projects, we continue to make strong progress in Q1 across our pipeline of mine life extensions and growth projects. In the U.S., the team continues to advance the three projects we announced in January. At Great Bear, both the advanced exploration program and the main project are progressing well with key permitting milestones achieved, which Geoff will comment on later. At Lobo-Marte in Chile, I'm pleased to report that we submitted the environmental impact assessment earlier this month, marking a significant milestone as we formally initiate the permitting process. We look forward to providing a Lobo-Marte update in the second half of the year. Turning now to sustainability. Our annual sustainability report will be published later this quarter. This comprehensive report, which is in its 18th edition, provides an update on all the progress we made in 2025 and what we aim to accomplish this year and beyond. Turning to our outlook. Following a strong first quarter, we are on track to achieve our production, cost, and capital guidance again this year. More specifically on cost, given the recent geopolitical events, I would highlight that we continue to benefit from an attractive relative cost position, which is supported by our long-standing approach to mitigating cost pressures. This includes, among other things, our grade enhancement and hedging strategies. Andrea will comment on our hedge book strategy later. With respect to grade enhancement, we have Phase X, Curlew, Great Bear, and Lobo-Marte all bringing higher-grade ore into our future production profile. Looking forward, we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins and free cash flow. With that, I'll now turn the call over to Andrea. Thanks, Paul. This morning, I'll review our financial highlights from the 1st quarter, provide an overview of our balance sheet and return capital, and comment on our outlook. As Paul noted, Q1 was a strong start to the year for us. We produced 493,000 gold equivalent oz as planned. Q1 cost of sales at $1,380 per ounce and all-in sustaining costs of $1,732 per ounce were also on plan. Margins were a record $3,476 per oz and outpaced the increase in the gold price. Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was a record $1.1 billion. Our earnings and adjusted earnings were impacted by the timing of a $65 million withholding tax expense recorded in Q1 but pertaining to tax payable in future quarters. This accounting requirement caused our earnings per share to be lower by $0.05 and skewed our effective tax rate higher in Q1. We expect our effective tax rate to be lower from Q2 to Q4 and our full year effective tax rate to be within our guidance range of 28%-33%. Our taxes paid are also expected to be in line with guidance, with approximately 70% of our payments expected in the first half of the year. Attributable free cash flow was a record $838 million, despite making significant tax payments of approximately $450 million in Q1, largely related to 2025 earnings. Turning now to our balance sheet. Our financial position continued to strengthen in Q1 as we added $440 million in cash after funding our planned CapEx and returning $300 million to shareholders. We ended the quarter with $2.2 billion in cash, $3.9 billion of total liquidity, and $1.4 billion in net cash. With respect to return of capital, we're targeting to return approximately 40% of our free cash flow back to shareholders through both dividends and share repurchases. Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield. In Q1, we repurchased a total of $250 million in shares, representing approximately 7.7 million shares, or 0.6% of our shares outstanding. Subsequent to Q1, we repurchased an additional $50 million in shares. I'm pleased to report that since we restarted our share repurchases one year ago, we've repurchased approximately $900 million in shares, representing over 3% of our outstanding share count. Including our quarterly dividends, we've returned approximately $350 million to date in 2026 and over $1 billion since the first quarter of 2025. Turning now to our guidance. Following Q1, we remain solidly on track to produce 2 million oz at a cost of sales of $1,360 per ounce and all-in sustaining costs of $1,730 per ounce. We're also on track with our capital guidance of $1.5 billion. As a reminder, our cost guidance was based on a $4,500 gold price and a $70 per barrel oil price. In terms of production, the second quarter is expected to be in line with our first quarter. As a result, the 2nd half is expected to be slightly higher than the 1st half to meet our full year production guidance. In terms of operating costs, we expect costs to be relatively stable throughout the year. Given the current situation of elevated oil prices, we're providing additional information on our oil price sensitivity. To start, I will note that impacts of higher oil prices within the 1st quarter were minimal. Fuel currently represents approximately 11% of our total costs, and as I noted earlier, our 2026 cost guidance was based on $70 oil. Our stated sensitivity is for every $10 per barrel change in price, we expect an impact of $3 per ounce on our cost of sales. This captures the direct impact of crude oil prices on refined products that are used in our operations, primarily fuel and including diesel. However, in the current volatile environment and contemplating other factors that impact the price of refined products such as refining, distribution, and taxes, the sensitivity for 2026 is estimated to be $10 per oz for every $10 per bbl change. This impact is not overly significant. To put it in perspective, if the oil price stays at $100 for the remainder of the year, we would expect an impact of approximately $20 per oz on our full year all-in sustaining cost, representing approximately 1%. If we go one step further and consider potential secondary cost inflation from a prolonged elevated oil price on other consumables and freight, we estimate a further $10 potential impact for a total $30 per oz to our full year all-In sustaining cost guidance, representing less than 2%. Overall, putting cost sensitivities into context, our grade enhancement strategy, which started in 2022, has already put us in an attractive relative cost position. In the short term, we're not expecting a significant impact on our costs because of higher oil prices. This is, in part, a result of our long-standing hedge strategy. We have favorable oil hedge positions in place under this program. For 2026, we've hedged 63% of the oil component of our fuel consumption at our U.S. and Tasiast operations at an average price of $62 per bbl. This accounts for approximately 75% of our company-wide fuel consumption. In the medium and long term, we have our grade enhancement strategy, bringing higher-grade ore into our future production profile and providing organic offsets to inflationary pressure. Lastly, in terms of supply of fuel and other consumables, we're not currently experiencing any disruptions at our operations, and we continue to receive regular delivery. I'll now turn the call over to Claude. Thank you, Andrea. I'd like to start with our safety culture. This quarter, we have continued to focus on our Safeground brand through practical leadership training, with a focus on prevention of high-potential incidents. Visible leadership activities are engaging the workforce and strengthening our Safety Excellence program, which is resulting in strong leading indicators. Starting with Paracatu, the mine had an outstanding quarter, with strong production driving significant free cash flow. Production of 161,000 oz increased over the prior quarter due to record mill recoveries, driven by continuous improvement programs across the processing plant. Key initiatives included enhancements to the CIL circuit, improved operational controls, and carbon management practices, as well as targeted improvements in the AARL reactor performance. Cost of sales of $1,119 per oz increased over the prior quarter, and Paracatu remains on track to meet its guidance of 600,000 oz at a target cost of sales of $1,240 per oz. Tasiast had another strong quarter. Production of 130,000 oz increased over the prior quarter, and cost of sales of $990 per oz decreased over the prior quarter due to strong grades. Continuous improvement efforts at the Tasiast solar facility has led to 15.5 GW of power generation, accounting for 23% of the site power in the first quarter and offsetting 3.5 million L of hydrocarbons. Tasiast remains on track to meet its guidance of 505,000 oz at a target cost of $1,050 per oz. At the Quebra, we produced 54,000 oz at a cost of sales of $1,526 per oz. Production decreased over the prior quarter due to a planned 16-day mill shutdown, which also includes several opportunistic continuous improvement initiatives aimed at increasing reliability and uptime in the plant. Grades and production are expected to increase in the second and third quarters as we mine Phase 7 ore. Quebra remains on track to meet its guidance of 210,000 oz at a target cost of sales of $1,320 per oz. Now, moving to our U.S. operations. Production was higher quarter-over-quarter, benefiting from strong contributions from Fort Knox and Manh Choh in Alaska. Combined, the U.S. sites delivered production of 148,000 oz at a cost of sales of $1,982 per oz. At Fort Knox, first quarter production of 94,000 oz and cost of sales of $1,761 per ounce was higher than the prior quarter due to timing of the oz processed through the mill and the heap leach pads. At Bald Mountain, production of 28,000 oz was lower than the prior quarter due to the timing of oz recovered from the heap leach pads. Cost of sales of $1,934 per ounce was higher due to the fewer oz produced. At Round Mountain, production of 26,000 oz was lower quarter-over-quarter due to the processing of lower grade, lower recovery stockpile feed as we continue to transition towards higher grade, higher recovery ore from Phase X in the second half of the year. Our cost of sales of $2,776 was higher due to the fewer oz produced. With that, I will now pass this call over to William. Thanks, Claude. Recall our project pipeline is backed by significant resource inventory, with over 27 million oz of M&I, plus an additional 17 million oz of inferred, all calculated at $2,500 per ounce. This includes several projects across our portfolio that our in-house technical team is advancing, while also leveraging ongoing exploration to support future production potential. We continue to see several value-creating investment opportunities emerging across our portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond. The three high-return projects in the U.S., which we announced earlier this year, are strong examples of the potential to progress oz from that extent of resource inventory into our production profile, enhancing our asset value. Projects and operations teams are making excellent progress across all three of these projects. At Phase X at Round Mountain, we are pleased to announce that we have received all major operational permits ahead of schedule, including the federal permit to increase our underground mining rate above 3,000 tons per day. In terms of the project, underground development is well advanced, with 7.2 km completed to date. We've already exceeded the planned development rate of 12 m per day for 2026 and are slightly ahead of schedule, which significantly de-risks our path to first production in 2028. Engineering work for both surface and underground infrastructure is advancing well, and procurement of long lead items such as the mining equipment is underway. At Bald Mountain, mining of Redbird is advancing well, fully realizing the anticipated efficiency benefits of mining closer to key site infrastructure with improved equipment utilization. Construction of processing infrastructure for Redbird extensions and detailed engineering of the SART plant is progressing well. Turning to our Curlew project in Washington, with a mild winter, we had a successful construction season, allowing us to make good progress on project infrastructure. Detailed engineering for the mill refurbishment is largely complete and procurement is well underway. We have selected a contractor for the mill refurbishment. Mobilization activity is commencing in Q2. We pulled forward some underground mining development into Q1 to de-risk our mine plan and first production. In parallel, we continue to progress exploration at Curlew. Strong results both at North South and at the Roadrunner zone, which provide potential to enhance and extend the mine plan. As you can see on the slide, at North South, we intersected 12.5 m at 7 g/t, 4.5 m at 8.5 g/t. At Roadrunner, we intersected 2.4 m at 9 g/t. With the U.S. projects advancing well and expected to come online in 2028, our team is also focused on advancing studies on opportunities across our resource base that are value accretive to our production profile in the 2030s. Here you can see updates on a few of those opportunities. At Bald Mountain, technical studies are underway for the next layback, the Top open pit, which has potential to extend production in the 2030s. The Top pit would be sequenced after Redbird and is the next potential anchor pit, with a current indicated resource of approximately 1 million oz. Similar to Redbird, the top open pit is a layback of an existing pit, and we will be exploring and studying additional satellite pit optionality to bring in alongside this anchor pit. At Fort Knox, we are progressing technical studies focused on advancing Phase 11, which is the next layback of the current open pit mine following the same well-understood ore body at Dahat. Phase 11 resource contains approximately 2 million oz and has potential to start producing in the early 2030s, meaningfully extending mine life at Fort Knox. We are studying optionality to mine the Gil satellite deposit alongside the current Phase X and future Phase 11 to augment our overall production profile in Alaska. Moving across to Chile at La Coipa, last year we submitted an environmental impact assessment for the Puren 4 extension, and we remain on track with our permitting timeline. Puren is also a layback of a prior pit, which we expect to extend production into the early 2030s, at which point we plan to transition to Lobo-Marte. Lastly, at Lobo-Marte, we submitted our EIA earlier this month, commencing our regulatory review process. Lobo-Marte is expected to be a long-life, low-strip, low-cost heap leach operation with potential to produce 4.7 million oz over a 16-year mine life. The strong heap leach grade of 1.3 g per ton and significant production potential of 300,000 oz-400,000 oz per year makes this an anchor tenant in our grade enhancement strategy alongside Great Bear in the 2030s, providing significant free cash flow with a low expected AISC. We are in the process of updating and reviewing a 2021 FS for Lobo while progressing our permitting, and we'll provide a more fulsome project update in the second half of the year. I will now hand it over to Geoff for an update on permitting at Great Bear. Thanks, Will. In terms of our advanced exploration, I am pleased to announce that we have now received the remaining permits from the Ontario Ministry of the Environment, Conservation and Parks. This is a testament to the team at Kinross and the Ministry of the Environment, Conservation and Parks under the leadership of Minister McCarthy to continue to advance the permitting process forward. Turning to the main project, we continue to advance permitting with both federal and provincial authorities. Federally, and as planned, I submitted the third and final phase of the impact statement to the Impact Assessment Agency of Canada in Q1, and we will continue to work with them as they progress their review and obtain public and Indigenous input. As a reminder, receiving the final impact assessment report is the critical first step to obtaining other federal and provincial permits we require to construct and operate the Great Bear mine. We would require this final report and certain provincial early works and construction permits in the spring of 2027 to allow us to take advantage of the summer construction season in order to maintain targeted first production in late 2029. Provincially, we continue to work with the Ontario authorities to advance the permitting process for the main project under the One Project, One Process, which is overseen by the Ministry of Energy and Mines. One Project, One Process is a multi-phase process. We have submitted our final project description and are awaiting final approval from the Ministry of Energy and Mines so that we can proceed to the next phase, which is the integrated authorization and permitting plan. Submission of individual Ontario permits will proceed in accordance with this plan once approved by the Ministry of Energy and Mines. On the Indigenous community front, we continue to progress the negotiation of benefits agreements. We are pleased to report that in relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the main project resides, negotiations on the impact and benefits agreement continue to advance based on a recently signed and confidential memorandum of understanding that captures the key economic compensatory and procurement elements. With that, I will now turn it back to Will for a technical project update on Great Bear. Thanks, Geoff. At Great Bear, work on the AEX program and the main project is progressing well. With final AEX permits in place, we expect to commence construction of the AEX decline this summer. The AEX decline will provide drilling access for exploration and extension of the underground resource, as well as delineation work. In terms of the main project, with the impact assessment now submitted, we have already started to make meaningful progress on procurement, with early packages awarded and requests for proposal issued across several work streams, including key mill equipment. Detailed engineering is also advancing well and is approximately 45% complete. On completion of detailed engineering in early 2027, we will provide an update on the initial capital. This update will include both the impact from inflation since the 2024 PEA estimate and the impacts of any scope changes and enhancements we make as we move through detailed engineering. As an example, we've been progressing detailed engineering alongside permitting, and through that work, we have chosen to enhance the scope in select areas, including water management. These enhancements go beyond standard practices and reflect a proactive approach to environmental protection given the long expected mine life of the asset. Through detailed engineering, we are working to ensure we are building a robust, reliable, world-class operation given the multi-decade potential high-margin production we see at this asset. Turning now to exploration, we continue to see positive results that are validating that view of potential for multi-decade high-grade operation at Great Bear. 2026 exploration is focused on our 18-km LP structural corridor, as you can see on the slide. Drilling identified a new zone of mineralization 2.4 km on strike from the south-southeast edge of the LP resource called the Strider zone, where drilling intercepted encouraging widths around 2 m at double-digit grades. Drilling is continuing in this area following the structure on strike and down dip to define the extent of mineralization. With that, I will now turn it back to Paul for closing remarks. Thanks, William Dunford. After a strong start to the year, we are well positioned to meet our targets in 2026, and we have a strong set of upcoming milestones this year, which include ongoing return of capital to our dividend and share repurchases, continued strengthening of our balance sheet supported by strong operational performance and cash flow generation, advancing our projects pipeline, including the U.S. projects we discussed in January, as well as Great Bear and Lobo-Marte, and continued exploration and studies of our resource inventory to bring in new projects to extend mine lives. Looking forward, we are excited about our future. We have a strong production profile. We have an attractive relative cost position. We are generating significant free cash flow. We have an excellent balance sheet. We have an attractive return of capital. We have an exciting pipeline of both exploration and development opportunities. We are growing our net asset value and our per share metrics, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability. In closing, we believe that our shares offer attractive relative value across a number of metrics. With that, operator, I'd like to open up the lines for questions. Your first question comes from the line of Josh Wolfson with RBC Capital Markets. Please go ahead. Hi, thank you very much. First question is on Great Bear. With the AEX permit now in place, you know, what is the pathway to be able to start some of that deeper exploration? You know, basically, what time frame would you be at the levels that you'd need to be at to start some of that deeper exploration? I mean, the time frame now, the key path, there's some more work we just need to do over the summer once we thaw on water management to get ready for underground decline. We expect August or September to actually be blasting and getting underground. Following that, obviously, it's, you know, we're gonna focus in a few different areas at the beginning. We'll do infill and extensional drilling in the main part of the LP ore body. There's also Hinge and Limb, which wasn't in our PEA, which we'll hopefully explore over the next couple years. I think it's progressive really. It's, you know, we won't be deep at the very bottom of the ore body for a number of years. We'll kind of follow ahead of the mining. Great. Thank you. Then back to sort of the conversation on inflation. You know, the company has some very good protections in place with the hedges. I guess sort of two parts to this question. One is, when you're looking at the non-energy related items, you know, reagents, labor, and so forth, I'm curious to know, you know, where is inflation tracking into next year? Then also, you know, when you're thinking about these capital updates for Lobo-Marte as well as Great Bear, you know, what's the sort of thought process there in terms of CapEx inflation trends? Thank you. Hi, Josh, it's Andrea. On inflation more broadly, I'd say, you know, we included a 5% inflation factor in our cost guidance back in February. We're still on track for that. It's early in the year, and we'll see where things go with oil price and fuel costs and energy-related costs we've given the sensitivities. As we sit here today, we're still feeling good about the 5% overall inflation factor. Maybe just to jump in there as well, as it relates to capital for both Lobo-Marte and Great Bear, look, I think, yeah, it's there. I don't think inflation's going away. Our PEA, which we put out in 2024, at some point in the future here, we're expecting to update, but there will definitely be an inflation component as between where we started with the numbers in 2024 and where we're likely to end up. I think you'll see that on both projects. Really just a macro effect, really, you know, something we're gonna be price receivers on. We'll continue to look to sharpen our pencils where we can, but we're working in that overall macro inflation environment. Great. Thank you. Your next question comes from the line of Fahad Tariq with Jefferies. Please go ahead. Hi. Thanks for taking my question. Maybe first on Tasiast grades. They were really high, I think the highest since the third quarter of 2024. Just the outlook for grades through the rest of this year, that would be really helpful. Yeah, Fahad, thanks for the question. Yeah. You know, Tasiast, we're working through different areas. We're finishing off on West Branch ore, that's why the grades were higher. We still had some of that stockpile inventory, we pushed that through in the first quarter. We expect it to taper off for the rest of the year, slightly lower. We are constantly looking at opportunities to obviously enhance what we're putting out from Tasiast. Maybe just staying in Mauritania, can you just remind us diesel prices are regulated, I believe, by the government, so that probably factors into the sensitivity you provided, if you could confirm that. Also anything you've heard in terms of security of supply specifically in Mauritania. Thanks. I'll hit a bit. First of all, the diesel prices are regulated by the government for the country, but not necessarily for us. We have long-term contracts with the suppliers that come into our system. Both for HFO and other fuel. The second part of it from a supply point of view, it's very similar to Brazil and these other countries. We don't get our product from the Middle East. It comes from the other side of the track. We don't have an issue with supply. The impact will be on the unhedged fuel that from a cost point of view. We don't have an issue with supply. Okay. That's super clear. Thank you. Your next question comes from the line of Ralph Profiti with Stifel Financial. Please go ahead. Thanks very much. The Lobo-Marte EIA submission would have had to, as a baseline include, you know, some type of a water usage strategy. Just wondering what that baseline is and what can you tell us about the strategy around that? Sure. Maybe I'll start, and Will can jump in. I mean, it's a good question, Ralph. I mean, our whole Chile strategy is really around what is our water strategy. As you may recall, you know, whilst we have many thousands of Ls of water rights, what really matters is permitted pumping capability. We have permitted pumping wells that have been running for many years. That's a good thing because with pumping comes monitoring. As we've been pumping, we have monitoring wells, and we've got a very strong sort of history of monitoring that there's absolutely no detrimental impact to our draw. Our strategy, really, we call it our base case because there are upsides, but the base case is that we, the water wells that we're currently using, supply La Coipa. They're actually physically closer to Lobo-Marte. We've spoken with the regulators. There's no guarantee with regulators, the concept is. You know, we take that existing permitted pumping water, and we just move it in a different direction closer to Lobo. That would be our base case. Using the water we already have, we've got many years of history and monitoring. The upsides from there really relate to if we could get more water, we've got a few initiatives underway, we could actually do more. As it relates to Lobo, the linear factor is that permitted pumping capability. Sorry, Will, did you wanna add? No, I mean, I think that's exactly right. That's what we submitted in the EIA. Lobo is the exact same, you know, water consumption, that we have at La Coipa, so it's been designed that way for the EIA so that, as you said, we just continue to use the same water with well-proven history. All of that water modeling and data has already gone into the EIA submission, providing that strong base case. We're working on all that other, you know, you mentioned the water rights. We're working on all of those water rights to identify other water, potential water sources for La Coipa in the longer term. There are other optionality actually. Great. Yeah, that's very helpful. Just as a sort of a minor follow-up. I'm looking at the Round Mountain recoveries for the quarter, and just wondering, is that sort of the normal, you know, grade and recovery relationship there? Was that expected? You know, is there any change in the metallurgical assumptions around sort of that Phase X underground transition, when I think about those recoveries? There are multiple parts to that. You know, first of all, when we feed from those stockpiles, relative to where we are in the pit at the time, and this was the first quarter was really a lot of stockpile material, that grade is significantly lower, and then the grade recovery curve, as you know, changes. We anticipated that sort of recovery. We're doing a whole bunch of things to continue to optimize that. Phase X is a different grade and a completely different piece, very similar to what we had in Phase W or higher up in Phase W. We do see that recovery changing as we put different types of material through for the year. Yeah, it remains our focus point. Okay, great. Yeah, I appreciate that clarity. Thank you. Your next question comes from the line of Carey MacRury with Canaccord Genuity. Please go ahead. Hi, good morning, and congrats on a strong start. Just following up on the second half guidance being slightly higher than the first half. Just wondering what assets in particular we should be thinking about as stronger in the second half. Sure. I'll start and someone else may wanna jump in. I think, you know, the U.S. in particular, we've pointed to as expecting to be higher in the second half. Some of that is Round Mountain as we expect, you know, higher production there as we get into the heart of Phase X. We continue to be on plan at this point. Okay. Just follow up on the oil hedges. I think, Andrea, you mentioned you're 75% hedged for 2026. Was that the number in terms of exposure? We're 63% hedged for the exposures in the U.S. and at Tasiast. Mm-hmm. That on the total portfolio is somewhere around 50%. We don't hedge in Brazil because there is price controls in Brazil. The prices don't move necessarily directly with spot in Brazil. For example, so far since early March, we've seen prices increase everywhere else, except they've been pretty flat in Brazil. Okay, for 2027, we can kind of. I think the 75% comment was the U.S. and Tasiast make up 75% of our fuel usage. Okay, got it. For 2027, I guess we can just prorate based on the numbers on slide 11 there. Sorry, 42%. We're 42% hedged for those, for U.S. and Tasiast for 2027. That's about 30% company-wide. Which we'll look at opportunities to chip away at. Yes. Okay. That's great. Thank you. Going forward. Thank you. Your next question comes from the line of Anita Soni with CIBC World Markets. Please go ahead. Hi, guys. Good morning. Congrats on a strong start. I just wanted to ask, a lot of the questions I wanted to ask would have been asked already about Tasiast grades and Phase X grades. Just could you give us a little bit more guidance, or is it the same as it was at the beginning of the year on the cadence of sustaining capital and growth capital spend over the next few quarters? Sure. I mean, we were, you know, slower to start, which is typical for us. Q1 is always, you know, a bit of a lower CapEx quarter. We're still on track for the full year with, in particular, the growth capital spending kind of ramping up on the U.S. projects as we go through the year. Okay, thanks. That's it for my questions. Okay. Your next question comes from the line of Tanya Jakusconek with Scotiabank. Please go ahead. Oh, great. Good morning, everybody. Thank you for taking my question. Andrea, can I just come back, and you mentioned that, you're seeing no issues in terms of getting supplies to mine sites, etc. With your suppliers that you talk to, that they are monitoring just, you know, things are moving now, but is there anything tight that they're watching? Tanya, it's Claude. I'll take that. From a supply point of view, globally, you know, as our teams work and these things change 'cause it's quite dynamic. We do follow up with the suppliers on a consistent basis. Obviously for us it's about what's the high priority items, explosives, cyanide, these kinds of things. We haven't seen any tension from any of them yet. You'll recall that two years ago with the issue in Ukraine, we shifted a lot of where our supply comes from, along working with our suppliers, on explosives, cyanide, all those types of things, lime. We feel like we're in pretty good shape relative to the current situation as well. Okay. They're not seeing anything. That would imply, Andrea, I shouldn't see any increase in, you know, working capital inventory at site, at mine sites here if you're not accumulating anything there. We are targeting more fuel in country for Tasiast. There was already a little bit of a buildup of supplies inventory, you know, starting in March, but nothing overly significant. not going back sort of the COVID period. No. No. Okay. My second question is still on the costing side. You know, we talked about fuel a lot. Thank you for that information. That's very helpful. I wanted to come back and focus on labor as well. I mean, you mentioned, you know, I, number one, I wanna understand whether you are seeing any tightness in the labor market and any contracts that you are seeing that are renewed for this year that you have to renew and align with your 5% inflation estimate. No, Tanya, as we mentioned in the previous quarter, we've now signed the major sites that have collective labor agreements. Tasiast, Brazil, and Chile, we have signed all of those agreements with the teams for the longer term. Chile's a two-year, Tasiast is a five-year, and Brazil is a three-year. We're in pretty good shape this year when it comes to that. From a labor supply point of view, there's always tension in the system, but we're seeing a lot less turnover in Nevada than we're used to. We're in reasonable shape. From a supply point of view, it's fine. From an agreement point of view, it's relative to the, other than the inflation, as Andrea mentioned, we don't see any pressures at this point. Okay. Because on your costing side, I think you mentioned that, you know, you have a strategy for, you know, your hedging, so your fuel, your currencies, and then your grade optimization as we get better grades. I'm just wondering if your productivity and your turnover is where you want it to be as well. Yeah. Like I said, certainly with the Big 3 labor groups, we continue to focus on being the employer of choice. Certainly those areas we believe have been quite successful, but it doesn't take us off the focal point. Just from a point of view of cost, as I said, there's no pressure. Okay. Thank you. Our final question is from the line of Lawson Winder with Bank of America Securities. Please go ahead. Thank you, operator. Good morning, Paul and team. Thank you for today's update. You submitted the Lobo-Marte Environmental Impact Assessment in April. That formally starts the permitting process. You are expecting to provide an additional update in the second half. What are you anticipating in terms of timelines at this point? You know, what I'm ultimately getting at is, you know, when do we expect a full funding decision? You know, when should we be thinking about penciling in first production, just conceptually, even if we're not gonna put it in our models yet? Thanks. Yeah. Maybe I'll start. Then turn it over to others. With, you know, with the EIA, you're sort of looking at a couple of years to kind of complete that process. Yeah. Then again, Cadence, following that couple of standard, I would say pre-standard, two years of work to finalize the impact statement, then you're into the sort of the approvals, the early works, and the construction, which would at a minimum be another two years. I think when you take all of that, and we've always anticipated Lobo to come in behind Great Bear in the early 2030s. That's kind of what we've got in our timeline. We always look at opportunities for schedule compression, but I think we're comfortable saying early 2030s in behind Great Bear. Okay. Thank you for that. If I could ask on the solar power at Tasiast. I mean, it appears there's been a clear cost benefit to that. Are you able to quantify the cost benefit from the solar? For example, I mean, if there were no solar in Q1 versus you know, a full exposure to heavy fuel or diesel. I mean, do you have a sense of what that benefit would be? Like, taking that to the next conclusion, to what extent could you expand solar capacity at Tasiast, you know, particularly considering the stability of the overall electrical supply? Yeah. I mean, the calculation is pretty simple. It's about 14 million L of fuel that is additionally transport and then used at the fuel cost. For us, right now it's representing 22%-24% of our electricity supply to the whole site. It is significant. To your point on expansion, the challenge is, you know, the system, 25% is a quarter of the day, so it works through daylight hours. The real issue is battery capacity. Adding additional solar panels will not influence it in any way because we reached the peak supply of power for the site. You're just gonna create power that won't be able to use. Storage is the bottleneck. Storage is the bottleneck for those very large, capacity plants. I think, Claude, to add, I mean, you know, the solar plant was really kind of the first beachhead. We got the direct savings on fuel, but now we're established with the beachhead. We've got buses, light vehicles, more and more use of battery-powered light vehicles at site, and I could see that trend continuing. As we look at the larger mining fleet as well, we're starting to look at how do we capitalize on using that solar heat. The other part now is looking at the opportunity for wind, and we're currently doing a wind study as well in the area. Looking at a lot of different alternatives to heavy fuel. Okay. That's very helpful. Thank you both. If I could just ask just one quick clarification question on Fort Knox. The conveyor belt repairs during the quarter, I guess they were unexpected, and that's why they were backed out of earnings for adjusted earnings. Just any additional costs or shutdowns expected with that for the balance of the year? No. The incident didn't have any impact on our actual production and process. It's given us the opportunity to refurbish a 50-year-old installation, and we're right on track. Ironically, right at this point, we're busy doing commissioning and testing of the new system, and we've replaced nearly a kilometer of belt. We're on track, and we expect the operation to just continue as normal. Fantastic. Thank you very much. With no further questions in queue, I will now hand the call back over to Kinross Gold for closing remarks. Great. Thank you, operator. Thanks everyone for joining us this morning. We look forward to catching up with you in person in the coming weeks. Thanks, thanks for joining us. Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

Speaker 10: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold First Quarter 2026 Results Conference Call and Webcast. I would now like to turn the call over to David Shaver, Executive Vice-President. Thank you for standing by. thank you for standing by My name is Tina, and I will be your conference operator today. my name is tina and i will be your conference operator today At this time, I would like to welcome everyone to the Kinross Gold First Quarter 2026 Results Conference Call and Webcast. at this time i would like to welcome everyone to the kinross gold first quarter 2026 results conference call and webcast I would now like to turn the call over to David Shaver, Executive Vice-President. i would now like to turn the call over to david shaver executive vice-president

Speaker 5: Thank you, and good morning. In the room with us today on the call, we have Paul Rollinson, CEO. From the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, William Dunford, and Geoff Gold. For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to page three of this presentation, our news release dated April 29th, 2026, the MD&A for the period ended March 31st, 2026, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul. Thank you, and good morning. thank you and good morning In the room with us today on the call, we have Paul Rollinson, CEO. in the room with us today on the call we have paul rollinson ceo From the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, William Dunford, and Geoff Gold. from the kinross senior leadership team andrea freeborough claude schimper william dunford and geoff gold For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to page three of this presentation, our news release dated April 29th, 2026, the MD&A for the period ended March 31st, 2026, and our most recently filed AIF, all of which are available on our website. for a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information please refer to page three of this presentation our news release dated april 29th 2026 the md&a for the period ended march 31st 2026 and our most recently filed aif all of which are available on our website I will now turn the call over to Paul. i will now turn the call over to paul

Speaker 11: Thanks, David, and thank you all for joining us. This morning, I will discuss our first quarter results, provide high-level updates from across our portfolio, comment on sustainability and confirm our outlook. I will hand the call over to the team to provide further details. Following our outstanding performance in 2025, we continue to deliver strong results in the first quarter. Our culture of technical excellence and financial discipline, combined with the recent gold prices, resulted in strong operating margins, which again outpaced the increase in the gold price. As a result, In Q1, we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million. Our financial position and cash flow outlook remain excellent. We continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend. Thanks, David, and thank you all for joining us. thanks david and thank you all for joining us This morning, I will discuss our first quarter results, provide high-level updates from across our portfolio, comment on sustainability and confirm our outlook. this morning, i will discuss our first quarter results provide high-level updates from across our portfolio comment on sustainability and confirm our outlook I will hand the call over to the team to provide further details. i will hand the call over to the team to provide further details Following our outstanding performance in 2025, we continue to deliver strong results in the first quarter. following our outstanding performance in 2025 we continue to deliver strong results in the first quarter Our culture of technical excellence and financial discipline, combined with the recent gold prices, resulted in strong operating margins, which again outpaced the increase in the gold price. our culture of technical excellence and financial discipline combined with the recent gold prices resulted in strong operating margins which again outpaced the increase in the gold price As a result, In Q1, we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million. as a result, in q1 we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million Our financial position and cash flow outlook remain excellent. our financial position and cash flow outlook remain excellent We continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend. we continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend We are targeting to return approximately 40% of our free cash flow in 2026. In Q1, we continued our buyback program. Turning now to operational highlights. Q1 was a great start to the year with production of 493,000 oz. Both Tasiast and Paracatu had strong quarters and together accounted for more than half of our production, driving significant free cash flow. Paracatu delivered another excellent quarter on the back of record mill recoveries. Tasiast saw strong output in Q1, supported by higher grades and strong recoveries. With regards to our projects, we continue to make strong progress in Q1 across our pipeline of mine life extensions and growth projects. In the U.S., the team continues to advance the three projects we announced in January. We are targeting to return approximately 40% of our free cash flow in 2026. we are targeting to return approximately 40% of our free cash flow in 2026 In Q1, we continued our buyback program. in q1 we continued our buyback program Turning now to operational highlights. turning now to operational highlights Q1 was a great start to the year with production of 493,000 oz. q1 was a great start to the year with production of 493,000 oz Both Tasiast and Paracatu had strong quarters and together accounted for more than half of our production, driving significant free cash flow. both tasiast and paracatu had strong quarters and together accounted for more than half of our production driving significant free cash flow Paracatu delivered another excellent quarter on the back of record mill recoveries. paracatu delivered another excellent quarter on the back of record mill recoveries Tasiast saw strong output in Q1, supported by higher grades and strong recoveries. tasiast saw strong output in q1 supported by higher grades and strong recoveries With regards to our projects, we continue to make strong progress in Q1 across our pipeline of mine life extensions and growth projects. with regards to our projects we continue to make strong progress in q1 across our pipeline of mine life extensions and growth projects In the U.S., the team continues to advance the three projects we announced in January. in the u.s the team continues to advance the three projects we announced in january At Great Bear, both the advanced exploration program and the main project are progressing well with key permitting milestones achieved, which Geoff will comment on later. At Lobo-Marte in Chile, I'm pleased to report that we submitted the environmental impact assessment earlier this month, marking a significant milestone as we formally initiate the permitting process. We look forward to providing a Lobo-Marte update in the second half of the year. Turning now to sustainability. Our annual sustainability report will be published later this quarter. This comprehensive report, which is in its 18th edition, provides an update on all the progress we made in 2025 and what we aim to accomplish this year and beyond. Turning to our outlook. Following a strong first quarter, we are on track to achieve our production, cost, and capital guidance again this year. At Great Bear, both the advanced exploration program and the main project are progressing well with key permitting milestones achieved, which Geoff will comment on later. at great bear both the advanced exploration program and the main project are progressing well with key permitting milestones achieved which geoff will comment on later At Lobo-Marte in Chile, I'm pleased to report that we submitted the environmental impact assessment earlier this month, marking a significant milestone as we formally initiate the permitting process. at lobo-marte in chile i'm pleased to report that we submitted the environmental impact assessment earlier this month marking a significant milestone as we formally initiate the permitting process We look forward to providing a Lobo-Marte update in the second half of the year. we look forward to providing a lobo-marte update in the second half of the year Turning now to sustainability. turning now to sustainability Our annual sustainability report will be published later this quarter. our annual sustainability report will be published later this quarter This comprehensive report, which is in its 18th edition, provides an update on all the progress we made in 2025 and what we aim to accomplish this year and beyond. this comprehensive report which is in its 18th edition provides an update on all the progress we made in 2025 and what we aim to accomplish this year and beyond Turning to our outlook. turning to our outlook Following a strong first quarter, we are on track to achieve our production, cost, and capital guidance again this year. following a strong first quarter we are on track to achieve our production cost and capital guidance again this year More specifically on cost, given the recent geopolitical events, I would highlight that we continue to benefit from an attractive relative cost position, which is supported by our long-standing approach to mitigating cost pressures. This includes, among other things, our grade enhancement and hedging strategies. Andrea will comment on our hedge book strategy later. With respect to grade enhancement, we have Phase X, Curlew, Great Bear, and Lobo-Marte all bringing higher-grade ore into our future production profile. Looking forward, we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins and free cash flow. With that, I'll now turn the call over to Andrea. More specifically on cost, given the recent geopolitical events, I would highlight that we continue to benefit from an attractive relative cost position, which is supported by our long-standing approach to mitigating cost pressures. more specifically on cost given the recent geopolitical events i would highlight that we continue to benefit from an attractive relative cost position which is supported by our long-standing approach to mitigating cost pressures This includes, among other things, our grade enhancement and hedging strategies. this includes among other things our grade enhancement and hedging strategies Andrea will comment on our hedge book strategy later. andrea will comment on our hedge book strategy later With respect to grade enhancement, we have Phase X, Curlew, Great Bear, and Lobo-Marte all bringing higher-grade ore into our future production profile. with respect to grade enhancement we have phase x curlew great bear and lobo-marte all bringing higher-grade ore into our future production profile Looking forward, we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins and free cash flow. looking forward we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins and free cash flow With that, I'll now turn the call over to Andrea. with that i'll now turn the call over to andrea

Speaker 1: Thanks, Paul. This morning, I'll review our financial highlights from the 1st quarter, provide an overview of our balance sheet and return capital, and comment on our outlook. As Paul noted, Q1 was a strong start to the year for us. We produced 493,000 gold equivalent oz as planned. Q1 cost of sales at $1,380 per ounce and all-in sustaining costs of $1,732 per ounce were also on plan. Margins were a record $3,476 per oz and outpaced the increase in the gold price. Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was a record $1.1 billion. Thanks, Paul. thanks paul This morning, I'll review our financial highlights from the 1st quarter, provide an overview of our balance sheet and return capital, and comment on our outlook. this morning i'll review our financial highlights from the 1st quarter provide an overview of our balance sheet and return capital and comment on our outlook As Paul noted, Q1 was a strong start to the year for us. as paul noted q1 was a strong start to the year for us We produced 493,000 gold equivalent oz as planned. Q1 cost of sales at $1,380 per ounce and all-in sustaining costs of $1,732 per ounce were also on plan. we produced 493,000 gold equivalent oz as planned. q1 cost of sales at $1,380 per ounce and all-in sustaining costs of $1,732 per ounce were also on plan Margins were a record $3,476 per oz and outpaced the increase in the gold price. margins were a record $3,476 per oz and outpaced the increase in the gold price Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was a record $1.1 billion. our adjusted earnings were $0.71 per share and our adjusted operating cash flow was a record $1.1 billion Our earnings and adjusted earnings were impacted by the timing of a $65 million withholding tax expense recorded in Q1 but pertaining to tax payable in future quarters. This accounting requirement caused our earnings per share to be lower by $0.05 and skewed our effective tax rate higher in Q1. We expect our effective tax rate to be lower from Q2 to Q4 and our full year effective tax rate to be within our guidance range of 28%-33%. Our taxes paid are also expected to be in line with guidance, with approximately 70% of our payments expected in the first half of the year. Attributable free cash flow was a record $838 million, despite making significant tax payments of approximately $450 million in Q1, largely related to 2025 earnings. Turning now to our balance sheet. Our earnings and adjusted earnings were impacted by the timing of a $65 million withholding tax expense recorded in Q1 but pertaining to tax payable in future quarters. our earnings and adjusted earnings were impacted by the timing of a $65 million withholding tax expense recorded in q1 but pertaining to tax payable in future quarters This accounting requirement caused our earnings per share to be lower by $0.05 and skewed our effective tax rate higher in Q1. this accounting requirement caused our earnings per share to be lower by $0.05 and skewed our effective tax rate higher in q1 We expect our effective tax rate to be lower from Q2 to Q4 and our full year effective tax rate to be within our guidance range of 28%-33%. we expect our effective tax rate to be lower from q2 to q4 and our full year effective tax rate to be within our guidance range of 28%-33% Our taxes paid are also expected to be in line with guidance, with approximately 70% of our payments expected in the first half of the year. our taxes paid are also expected to be in line with guidance with approximately 70% of our payments expected in the first half of the year Attributable free cash flow was a record $838 million, despite making significant tax payments of approximately $450 million in Q1, largely related to 2025 earnings. attributable free cash flow was a record $838 million despite making significant tax payments of approximately $450 million in q1 largely related to 2025 earnings Turning now to our balance sheet. turning now to our balance sheet Our financial position continued to strengthen in Q1 as we added $440 million in cash after funding our planned CapEx and returning $300 million to shareholders. We ended the quarter with $2.2 billion in cash, $3.9 billion of total liquidity, and $1.4 billion in net cash. With respect to return of capital, we're targeting to return approximately 40% of our free cash flow back to shareholders through both dividends and share repurchases. Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield. In Q1, we repurchased a total of $250 million in shares, representing approximately 7.7 million shares, or 0.6% of our shares outstanding. Subsequent to Q1, we repurchased an additional $50 million in shares. Our financial position continued to strengthen in Q1 as we added $440 million in cash after funding our planned CapEx and returning $300 million to shareholders. our financial position continued to strengthen in q1 as we added $440 million in cash after funding our planned capex and returning $300 million to shareholders We ended the quarter with $2.2 billion in cash, $3.9 billion of total liquidity, and $1.4 billion in net cash. we ended the quarter with $2.2 billion in cash $3.9 billion of total liquidity and $1.4 billion in net cash With respect to return of capital, we're targeting to return approximately 40% of our free cash flow back to shareholders through both dividends and share repurchases. with respect to return of capital we're targeting to return approximately 40% of our free cash flow back to shareholders through both dividends and share repurchases Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield. our shares continue to remain a strong return on invested capital considering our attractive valuation and free cash flow yield In Q1, we repurchased a total of $250 million in shares, representing approximately 7.7 million shares, or 0.6% of our shares outstanding. in q1 we repurchased a total of $250 million in shares representing approximately 7.7 million shares or 0.6% of our shares outstanding Subsequent to Q1, we repurchased an additional $50 million in shares. subsequent to q1 we repurchased an additional $50 million in shares I'm pleased to report that since we restarted our share repurchases one year ago, we've repurchased approximately $900 million in shares, representing over 3% of our outstanding share count. Including our quarterly dividends, we've returned approximately $350 million to date in 2026 and over $1 billion since the first quarter of 2025. Turning now to our guidance. Following Q1, we remain solidly on track to produce 2 million oz at a cost of sales of $1,360 per ounce and all-in sustaining costs of $1,730 per ounce. We're also on track with our capital guidance of $1.5 billion. As a reminder, our cost guidance was based on a $4,500 gold price and a $70 per barrel oil price. I'm pleased to report that since we restarted our share repurchases one year ago, we've repurchased approximately $900 million in shares, representing over 3% of our outstanding share count. i'm pleased to report that since we restarted our share repurchases one year ago we've repurchased approximately $900 million in shares representing over 3% of our outstanding share count Including our quarterly dividends, we've returned approximately $350 million to date in 2026 and over $1 billion since the first quarter of 2025. including our quarterly dividends we've returned approximately $350 million to date in 2026 and over $1 billion since the first quarter of 2025 Turning now to our guidance. turning now to our guidance Following Q1, we remain solidly on track to produce 2 million oz at a cost of sales of $1,360 per ounce and all-in sustaining costs of $1,730 per ounce. following q1 we remain solidly on track to produce 2 million oz at a cost of sales of $1,360 per ounce and all-in sustaining costs of $1,730 per ounce We're also on track with our capital guidance of $1.5 billion. we're also on track with our capital guidance of $1.5 billion As a reminder, our cost guidance was based on a $4,500 gold price and a $70 per barrel oil price. as a reminder our cost guidance was based on a $4,500 gold price and a $70 per barrel oil price In terms of production, the second quarter is expected to be in line with our first quarter. As a result, the 2nd half is expected to be slightly higher than the 1st half to meet our full year production guidance. In terms of operating costs, we expect costs to be relatively stable throughout the year. Given the current situation of elevated oil prices, we're providing additional information on our oil price sensitivity. To start, I will note that impacts of higher oil prices within the 1st quarter were minimal. Fuel currently represents approximately 11% of our total costs, and as I noted earlier, our 2026 cost guidance was based on $70 oil. Our stated sensitivity is for every $10 per barrel change in price, we expect an impact of $3 per ounce on our cost of sales. In terms of production, the second quarter is expected to be in line with our first quarter. in terms of production the second quarter is expected to be in line with our first quarter As a result, the 2nd half is expected to be slightly higher than the 1st half to meet our full year production guidance. as a result the 2nd half is expected to be slightly higher than the 1st half to meet our full year production guidance In terms of operating costs, we expect costs to be relatively stable throughout the year. in terms of operating costs we expect costs to be relatively stable throughout the year Given the current situation of elevated oil prices, we're providing additional information on our oil price sensitivity. given the current situation of elevated oil prices we're providing additional information on our oil price sensitivity To start, I will note that impacts of higher oil prices within the 1st quarter were minimal. to start i will note that impacts of higher oil prices within the 1st quarter were minimal Fuel currently represents approximately 11% of our total costs, and as I noted earlier, our 2026 cost guidance was based on $70 oil. fuel currently represents approximately 11% of our total costs and as i noted earlier our 2026 cost guidance was based on $70 oil Our stated sensitivity is for every $10 per barrel change in price, we expect an impact of $3 per ounce on our cost of sales. our stated sensitivity is for every $10 per barrel change in price we expect an impact of $3 per ounce on our cost of sales This captures the direct impact of crude oil prices on refined products that are used in our operations, primarily fuel and including diesel. However, in the current volatile environment and contemplating other factors that impact the price of refined products such as refining, distribution, and taxes, the sensitivity for 2026 is estimated to be $10 per oz for every $10 per bbl change. This impact is not overly significant. To put it in perspective, if the oil price stays at $100 for the remainder of the year, we would expect an impact of approximately $20 per oz on our full year all-in sustaining cost, representing approximately 1%. This captures the direct impact of crude oil prices on refined products that are used in our operations, primarily fuel and including diesel. this captures the direct impact of crude oil prices on refined products that are used in our operations primarily fuel and including diesel However, in the current volatile environment and contemplating other factors that impact the price of refined products such as refining, distribution, and taxes, the sensitivity for 2026 is estimated to be $10 per oz for every $10 per bbl change. however in the current volatile environment and contemplating other factors that impact the price of refined products such as refining distribution and taxes the sensitivity for 2026 is estimated to be $10 per oz for every $10 per bbl change This impact is not overly significant. this impact is not overly significant To put it in perspective, if the oil price stays at $100 for the remainder of the year, we would expect an impact of approximately $20 per oz on our full year all-in sustaining cost, representing approximately 1%. to put it in perspective if the oil price stays at $100 for the remainder of the year we would expect an impact of approximately $20 per oz on our full year all-in sustaining cost representing approximately 1% If we go one step further and consider potential secondary cost inflation from a prolonged elevated oil price on other consumables and freight, we estimate a further $10 potential impact for a total $30 per oz to our full year all-In sustaining cost guidance, representing less than 2%. Overall, putting cost sensitivities into context, our grade enhancement strategy, which started in 2022, has already put us in an attractive relative cost position. In the short term, we're not expecting a significant impact on our costs because of higher oil prices. This is, in part, a result of our long-standing hedge strategy. We have favorable oil hedge positions in place under this program. For 2026, we've hedged 63% of the oil component of our fuel consumption at our U.S. and Tasiast operations at an average price of $62 per bbl. If we go one step further and consider potential secondary cost inflation from a prolonged elevated oil price on other consumables and freight, we estimate a further $10 potential impact for a total $30 per oz to our full year all-In sustaining cost guidance, representing less than 2%. if we go one step further and consider potential secondary cost inflation from a prolonged elevated oil price on other consumables and freight we estimate a further $10 potential impact for a total $30 per oz to our full year all-in sustaining cost guidance representing less than 2% Overall, putting cost sensitivities into context, our grade enhancement strategy, which started in 2022, has already put us in an attractive relative cost position. overall putting cost sensitivities into context our grade enhancement strategy which started in 2022 has already put us in an attractive relative cost position In the short term, we're not expecting a significant impact on our costs because of higher oil prices. This is, in part, a result of our long-standing hedge strategy. in the short term we're not expecting a significant impact on our costs because of higher oil prices. this is in part a result of our long-standing hedge strategy We have favorable oil hedge positions in place under this program. we have favorable oil hedge positions in place under this program For 2026, we've hedged 63% of the oil component of our fuel consumption at our U.S. and Tasiast operations at an average price of $62 per bbl. for 2026 we've hedged 63% of the oil component of our fuel consumption at our u.s and tasiast operations at an average price of $62 per bbl This accounts for approximately 75% of our company-wide fuel consumption. In the medium and long term, we have our grade enhancement strategy, bringing higher-grade ore into our future production profile and providing organic offsets to inflationary pressure. Lastly, in terms of supply of fuel and other consumables, we're not currently experiencing any disruptions at our operations, and we continue to receive regular delivery. I'll now turn the call over to Claude. This accounts for approximately 75% of our company-wide fuel consumption. this accounts for approximately 75% of our company-wide fuel consumption In the medium and long term, we have our grade enhancement strategy, bringing higher-grade ore into our future production profile and providing organic offsets to inflationary pressure. in the medium and long term we have our grade enhancement strategy bringing higher-grade ore into our future production profile and providing organic offsets to inflationary pressure Lastly, in terms of supply of fuel and other consumables, we're not currently experiencing any disruptions at our operations, and we continue to receive regular delivery. lastly in terms of supply of fuel and other consumables we're not currently experiencing any disruptions at our operations and we continue to receive regular delivery I'll now turn the call over to Claude. i'll now turn the call over to claude

Speaker 4: Thank you, Andrea. I'd like to start with our safety culture. This quarter, we have continued to focus on our Safeground brand through practical leadership training, with a focus on prevention of high-potential incidents. Visible leadership activities are engaging the workforce and strengthening our Safety Excellence program, which is resulting in strong leading indicators. Starting with Paracatu, the mine had an outstanding quarter, with strong production driving significant free cash flow. Production of 161,000 oz increased over the prior quarter due to record mill recoveries, driven by continuous improvement programs across the processing plant. Key initiatives included enhancements to the CIL circuit, improved operational controls, and carbon management practices, as well as targeted improvements in the AARL reactor performance. Thank you, Andrea. thank you andrea I'd like to start with our safety culture. i'd like to start with our safety culture This quarter, we have continued to focus on our Safeg round brand through practical leadership training, with a focus on prevention of high-potential incidents. this quarter we have continued to focus on our safeg round brand through practical leadership training with a focus on prevention of high-potential incidents Visible leadership activities are engaging the workforce and strengthening our Safety Excellence program, which is resulting in strong leading indicators. visible leadership activities are engaging the workforce and strengthening our safety excellence program which is resulting in strong leading indicators Starting with Paracatu, the mine had an outstanding quarter, with strong production driving significant free cash flow. starting with paracatu the mine had an outstanding quarter with strong production driving significant free cash flow Production of 161,000 oz increased over the prior quarter due to record mill recoveries, driven by continuous improvement programs across the processing plant. production of 161,000 oz increased over the prior quarter due to record mill recoveries driven by continuous improvement programs across the processing plant Key initiatives included enhancements to the CIL circuit, improved operational controls, and carbon management practices, as well as targeted improvements in the AARL reactor performance. key initiatives included enhancements to the cil circuit improved operational controls and carbon management practices as well as targeted improvements in the aarl reactor performance Cost of sales of $1,119 per oz increased over the prior quarter, and Paracatu remains on track to meet its guidance of 600,000 oz at a target cost of sales of $1,240 per oz. Tasiast had another strong quarter. Production of 130,000 oz increased over the prior quarter, and cost of sales of $990 per oz decreased over the prior quarter due to strong grades. Continuous improvement efforts at the Tasiast solar facility has led to 15.5 GW of power generation, accounting for 23% of the site power in the first quarter and offsetting 3.5 million L of hydrocarbons. Cost of sales of $1,119 per oz increased over the prior quarter, and Paracatu remains on track to meet its guidance of 600,000 oz at a target cost of sales of $1,240 per oz. cost of sales of $1,119 per oz increased over the prior quarter and paracatu remains on track to meet its guidance of 600,000 oz at a target cost of sales of $1,240 per oz Tasiast had another strong quarter. tasiast had another strong quarter Production of 130,000 oz increased over the prior quarter, and cost of sales of $990 per oz decreased over the prior quarter due to strong grades. production of 130,000 oz increased over the prior quarter and cost of sales of $990 per oz decreased over the prior quarter due to strong grades Continuous improvement efforts at the Tasiast solar facility has led to 15.5 GW of power generation, accounting for 23% of the site power in the first quarter and offsetting 3.5 million L of hydrocarbons. continuous improvement efforts at the tasiast solar facility has led to 15.5 gw of power generation accounting for 23% of the site power in the first quarter and offsetting 3.5 million l of hydrocarbons Tasiast remains on track to meet its guidance of 505,000 oz at a target cost of $1,050 per oz. At the Quebra, we produced 54,000 oz at a cost of sales of $1,526 per oz. Production decreased over the prior quarter due to a planned 16-day mill shutdown, which also includes several opportunistic continuous improvement initiatives aimed at increasing reliability and uptime in the plant. Grades and production are expected to increase in the second and third quarters as we mine Phase 7 ore. Quebra remains on track to meet its guidance of 210,000 oz at a target cost of sales of $1,320 per oz. Now, moving to our U.S. operations. Tasiast remains on track to meet its guidance of 505,000 oz at a target cost of $1,050 per oz. tasiast remains on track to meet its guidance of 505,000 oz at a target cost of $1,050 per oz At the Quebra, we produced 54,000 oz at a cost of sales of $1,526 per oz. at the quebra we produced 54,000 oz at a cost of sales of $1,526 per oz Production decreased over the prior quarter due to a planned 16-day mill shutdown, which also includes several opportunistic continuous improvement initiatives aimed at increasing reliability and uptime in the plant. production decreased over the prior quarter due to a planned 16-day mill shutdown which also includes several opportunistic continuous improvement initiatives aimed at increasing reliability and uptime in the plant Grades and production are expected to increase in the second and third quarters as we mine Phase 7 ore. grades and production are expected to increase in the second and third quarters as we mine phase 7 ore Quebra remains on track to meet its guidance of 210,000 oz at a target cost of sales of $1,320 per oz. quebra remains on track to meet its guidance of 210,000 oz at a target cost of sales of $1,320 per oz Now, moving to our U.S. operations. now moving to our u.s operations Production was higher quarter-over-quarter, benefiting from strong contributions from Fort Knox and Manh Choh in Alaska. Combined, the U.S. sites delivered production of 148,000 oz at a cost of sales of $1,982 per oz. At Fort Knox, first quarter production of 94,000 oz and cost of sales of $1,761 per ounce was higher than the prior quarter due to timing of the oz processed through the mill and the heap leach pads. At Bald Mountain, production of 28,000 oz was lower than the prior quarter due to the timing of oz recovered from the heap leach pads. Cost of sales of $1,934 per ounce was higher due to the fewer oz produced. Production was higher quarter-over-quarter, benefiting from strong contributions from Fort Knox and Manh Choh in Alaska. production was higher quarter-over-quarter benefiting from strong contributions from fort knox and manh choh in alaska Combined, the U.S. sites delivered production of 148,000 oz at a cost of sales of $1,982 per oz. combined the u.s sites delivered production of 148,000 oz at a cost of sales of $1,982 per oz At Fort Knox, first quarter production of 94,000 oz and cost of sales of $1,761 per ounce was higher than the prior quarter due to timing of the oz processed through the mill and the heap leach pads. at fort knox first quarter production of 94,000 oz and cost of sales of $1,761 per ounce was higher than the prior quarter due to timing of the oz processed through the mill and the heap leach pads At Bald Mountain, production of 28,000 oz was lower than the prior quarter due to the timing of oz recovered from the heap leach pads. at bald mountain production of 28,000 oz was lower than the prior quarter due to the timing of oz recovered from the heap leach pads Cost of sales of $1,934 per ounce was higher due to the fewer oz produced. cost of sales of $1,934 per ounce was higher due to the fewer oz produced At Round Mountain, production of 26,000 oz was lower quarter-over-quarter due to the processing of lower grade, lower recovery stockpile feed as we continue to transition towards higher grade, higher recovery ore from Phase X in the second half of the year. Our cost of sales of $2,776 was higher due to the fewer oz produced. With that, I will now pass this call over to William. At Round Mountain, production of 26,000 oz was lower quarter-over-quarter due to the processing of lower grade, lower recovery stockpile feed as we continue to transition towards higher grade, higher recovery ore from Phase X in the second half of the year. at round mountain production of 26,000 oz was lower quarter-over-quarter due to the processing of lower grade lower recovery stockpile feed as we continue to transition towards higher grade higher recovery ore from phase x in the second half of the year Our cost of sales of $2,776 was higher due to the fewer oz produced. our cost of sales of $2,776 was higher due to the fewer oz produced With that, I will now pass this call over to William. with that i will now pass this call over to william

Speaker 14: Thanks, Claude. Recall our project pipeline is backed by significant resource inventory, with over 27 million oz of M&I, plus an additional 17 million oz of inferred, all calculated at $2,500 per ounce. This includes several projects across our portfolio that our in-house technical team is advancing, while also leveraging ongoing exploration to support future production potential. We continue to see several value-creating investment opportunities emerging across our portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond. The three high-return projects in the U.S., which we announced earlier this year, are strong examples of the potential to progress oz from that extent of resource inventory into our production profile, enhancing our asset value. Projects and operations teams are making excellent progress across all three of these projects. Thanks, Claude. thanks claude Recall our project pipeline is backed by significant resource inventory, with over 27 million oz of M&I, plus an additional 17 million oz of inferred, all calculated at $2,500 per ounce. recall our project pipeline is backed by significant resource inventory with over 27 million oz of m&i plus an additional 17 million oz of inferred all calculated at $2,500 per ounce This includes several projects across our portfolio that our in-house technical team is advancing, while also leveraging ongoing exploration to support future production potential. this includes several projects across our portfolio that our in-house technical team is advancing while also leveraging ongoing exploration to support future production potential We continue to see several value-creating investment opportunities emerging across our portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond. we continue to see several value-creating investment opportunities emerging across our portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond The three high-return projects in the U.S., which we announced earlier this year, are strong examples of the potential to progress oz from that extent of resource inventory into our production profile, enhancing our asset value. the three high-return projects in the u.s which we announced earlier this year are strong examples of the potential to progress oz from that extent of resource inventory into our production profile enhancing our asset value Projects and operations teams are making excellent progress across all three of these projects. projects and operations teams are making excellent progress across all three of these projects At Phase X at Round Mountain, we are pleased to announce that we have received all major operational permits ahead of schedule, including the federal permit to increase our underground mining rate above 3,000 tons per day. In terms of the project, underground development is well advanced, with 7.2 km completed to date. We've already exceeded the planned development rate of 12 m per day for 2026 and are slightly ahead of schedule, which significantly de-risks our path to first production in 2028. Engineering work for both surface and underground infrastructure is advancing well, and procurement of long lead items such as the mining equipment is underway. At Bald Mountain, mining of Redbird is advancing well, fully realizing the anticipated efficiency benefits of mining closer to key site infrastructure with improved equipment utilization. At Phase X at Round Mountain, we are pleased to announce that we have received all major operational permits ahead of schedule, including the federal permit to increase our underground mining rate above 3,000 tons per day. In terms of the project, underground development is well advanced, with 7.2 km completed to date. at phase x at round mountain we are pleased to announce that we have received all major operational permits ahead of schedule including the federal permit to increase our underground mining rate above 3,000 tons per day. in terms of the project underground development is well advanced with 7.2 km completed to date We've already exceeded the planned development rate of 12 m per day for 2026 and are slightly ahead of schedule, which significantly de-risks our path to first production in 2028. we've already exceeded the planned development rate of 12 m per day for 2026 and are slightly ahead of schedule which significantly de-risks our path to first production in 2028 Engineering work for both surface and underground infrastructure is advancing well, and procurement of long lead items such as the mining equipment is underway. engineering work for both surface and underground infrastructure is advancing well and procurement of long lead items such as the mining equipment is underway At Bald Mountain, mining of Redbird is advancing well, fully realizing the anticipated efficiency benefits of mining closer to key site infrastructure with improved equipment utilization. at bald mountain mining of redbird is advancing well fully realizing the anticipated efficiency benefits of mining closer to key site infrastructure with improved equipment utilization Construction of processing infrastructure for Redbird extensions and detailed engineering of the SART plant is progressing well. Turning to our Curlew project in Washington, with a mild winter, we had a successful construction season, allowing us to make good progress on project infrastructure. Detailed engineering for the mill refurbishment is largely complete and procurement is well underway. We have selected a contractor for the mill refurbishment. Mobilization activity is commencing in Q2. We pulled forward some underground mining development into Q1 to de-risk our mine plan and first production. In parallel, we continue to progress exploration at Curlew. Strong results both at North South and at the Roadrunner zone, which provide potential to enhance and extend the mine plan. Construction of processing infrastructure for Redbird extensions and detailed engineering of the SART plant is progressing well. construction of processing infrastructure for redbird extensions and detailed engineering of the sart plant is progressing well Turning to our Curlew project in Washington, with a mild winter, we had a successful construction season, allowing us to make good progress on project infrastructure. turning to our curlew project in washington with a mild winter we had a successful construction season allowing us to make good progress on project infrastructure Detailed engineering for the mill refurbishment is largely complete and procurement is well underway. detailed engineering for the mill refurbishment is largely complete and procurement is well underway We have selected a contractor for the mill refurbishment. we have selected a contractor for the mill refurbishment Mobilization activity is commencing in Q2. mobilization activity is commencing in q2 We pulled forward some underground mining development into Q1 to de-risk our mine plan and first production. we pulled forward some underground mining development into q1 to de-risk our mine plan and first production In parallel, we continue to progress exploration at Curlew. in parallel we continue to progress exploration at curlew Strong results both at North South and at the Roadrunner zone, which provide potential to enhance and extend the mine plan. strong results both at north south and at the roadrunner zone which provide potential to enhance and extend the mine plan As you can see on the slide, at North South, we intersected 12.5 m at 7 g/t, 4.5 m at 8.5 g/t. At Roadrunner, we intersected 2.4 m at 9 g/t. With the U.S. projects advancing well and expected to come online in 2028, our team is also focused on advancing studies on opportunities across our resource base that are value accretive to our production profile in the 2030s. Here you can see updates on a few of those opportunities. At Bald Mountain, technical studies are underway for the next layback, the Top open pit, which has potential to extend production in the 2030s. The Top pit would be sequenced after Redbird and is the next potential anchor pit, with a current indicated resource of approximately 1 million oz. As you can see on the slide, at North South, we intersected 12.5 m at 7 g/t, 4.5 m at 8.5 g/t. as you can see on the slide at north south we intersected 12.5 m at 7 g/t 4.5 m at 8.5 g/t At Roadrunner, we intersected 2.4 m at 9 g/t. at roadrunner we intersected 2.4 m at 9 g/t With the U.S. projects advancing well and expected to come online in 2028, our team is also focused on advancing studies on opportunities across our resource base that are value accretive to our production profile in the 2030s. with the u.s projects advancing well and expected to come online in 2028 our team is also focused on advancing studies on opportunities across our resource base that are value accretive to our production profile in the 2030s Here you can see updates on a few of those opportunities. here you can see updates on a few of those opportunities At Bald Mountain, technical studies are underway for the next layback, the Top open pit, which has potential to extend production in the 2030s. at bald mountain technical studies are underway for the next layback the top open pit which has potential to extend production in the 2030s The Top pit would be sequenced after Redbird and is the next potential anchor pit, with a current indicated resource of approximately 1 million oz. the top pit would be sequenced after redbird and is the next potential anchor pit with a current indicated resource of approximately 1 million oz Similar to Redbird, the top open pit is a layback of an existing pit, and we will be exploring and studying additional satellite pit optionality to bring in alongside this anchor pit. At Fort Knox, we are progressing technical studies focused on advancing Phase 11, which is the next layback of the current open pit mine following the same well-understood ore body at Dahat. Phase 11 resource contains approximately 2 million oz and has potential to start producing in the early 2030s, meaningfully extending mine life at Fort Knox. We are studying optionality to mine the Gil satellite deposit alongside the current Phase X and future Phase 11 to augment our overall production profile in Alaska. Moving across to Chile at La Coipa, last year we submitted an environmental impact assessment for the Puren 4 extension, and we remain on track with our permitting timeline. Similar to Redbird, the top open pit is a layback of an existing pit, and we will be exploring and studying additional satellite pit optionality to bring in alongside this anchor pit. similar to redbird the top open pit is a layback of an existing pit and we will be exploring and studying additional satellite pit optionality to bring in alongside this anchor pit At Fort Knox, we are progressing technical studies focused on advancing Phase 11, which is the next layback of the current open pit mine following the same well-understood ore body at Dahat. at fort knox we are progressing technical studies focused on advancing phase 11 which is the next layback of the current open pit mine following the same well-understood ore body at dahat Phase 11 resource contains approximately 2 million oz and has potential to start producing in the early 2030s, meaningfully extending mine life at Fort Knox. phase 11 resource contains approximately 2 million oz and has potential to start producing in the early 2030s meaningfully extending mine life at fort knox We are studying optionality to mine the Gil satellite deposit alongside the current Phase X and future Phase 11 to augment our overall production profile in Alaska. we are studying optionality to mine the gil satellite deposit alongside the current phase x and future phase 11 to augment our overall production profile in alaska Moving across to Chile at La Coipa, last year we submitted an environmental impact assessment for the Puren 4 extension, and we remain on track with our permitting timeline. moving across to chile at la coipa last year we submitted an environmental impact assessment for the puren 4 extension and we remain on track with our permitting timeline Puren is also a layback of a prior pit, which we expect to extend production into the early 2030s, at which point we plan to transition to Lobo-Marte. Lastly, at Lobo-Marte, we submitted our EIA earlier this month, commencing our regulatory review process. Lobo-Marte is expected to be a long-life, low-strip, low-cost heap leach operation with potential to produce 4.7 million oz over a 16-year mine life. The strong heap leach grade of 1.3 g per ton and significant production potential of 300,000 oz-400,000 oz per year makes this an anchor tenant in our grade enhancement strategy alongside Great Bear in the 2030s, providing significant free cash flow with a low expected AISC. Puren is also a layback of a prior pit, which we expect to extend production into the early 2030s, at which point we plan to transition to Lobo-Marte. puren is also a layback of a prior pit which we expect to extend production into the early 2030s at which point we plan to transition to lobo-marte Lastly, at Lobo-Marte, we submitted our EIA earlier this month, commencing our regulatory review process. lastly at lobo-marte we submitted our eia earlier this month commencing our regulatory review process Lobo-Marte is expected to be a long-life, low-strip, low-cost heap leach operation with potential to produce 4.7 million oz over a 16-year mine life. lobo-marte is expected to be a long-life low-strip low-cost heap leach operation with potential to produce 4.7 million oz over a 16-year mine life The strong heap leach grade of 1.3 g per ton and significant production potential of 300,000 oz-400,000 oz per year makes this an anchor tenant in our grade enhancement strategy alongside Great Bear in the 2030s, providing significant free cash flow with a low expected AISC. the strong heap leach grade of 1.3 g per ton and significant production potential of 300,000 oz-400,000 oz per year makes this an anchor tenant in our grade enhancement strategy alongside great bear in the 2030s providing significant free cash flow with a low expected aisc We are in the process of updating and reviewing a 2021 FS for Lobo while progressing our permitting, and we'll provide a more fulsome project update in the second half of the year. I will now hand it over to Geoff for an update on permitting at Great Bear. We are in the process of updating and reviewing a 2021 FS for Lobo while progressing our permitting, and we'll provide a more fulsome project update in the second half of the year. we are in the process of updating and reviewing a 2021 fs for lobo while progressing our permitting and we'll provide a more fulsome project update in the second half of the year I will now hand it over to Geoff for an update on permitting at Great Bear. i will now hand it over to geoff for an update on permitting at great bear

Speaker 7: Thanks, Will. In terms of our advanced exploration, I am pleased to announce that we have now received the remaining permits from the Ontario Ministry of the Environment, Conservation and Parks. This is a testament to the team at Kinross and the Ministry of the Environment, Conservation and Parks under the leadership of Minister McCarthy to continue to advance the permitting process forward. Turning to the main project, we continue to advance permitting with both federal and provincial authorities. Federally, and as planned, I submitted the third and final phase of the impact statement to the Impact Assessment Agency of Canada in Q1, and we will continue to work with them as they progress their review and obtain public and Indigenous input. Thanks, Will. thanks will In terms of our advanced exploration, I am pleased to announce that we have now received the remaining permits from the Ontario Ministry of the Environment, Conservation and Parks. in terms of our advanced exploration i am pleased to announce that we have now received the remaining permits from the ontario ministry of the environment conservation and parks This is a testament to the team at Kinross and the Ministry of the Environment, Conservation and Parks under the leadership of Minister McCarthy to continue to advance the permitting process forward. this is a testament to the team at kinross and the ministry of the environment conservation and parks under the leadership of minister mccarthy to continue to advance the permitting process forward Turning to the main project, we continue to advance permitting with both federal and provincial authorities. turning to the main project we continue to advance permitting with both federal and provincial authorities Federally, and as planned, I submitted the third and final phase of the impact statement to the Impact Assessment Agency of Canada in Q1, and we will continue to work with them as they progress their review and obtain public and Indigenous input. federally and as planned i submitted the third and final phase of the impact statement to the impact assessment agency of canada in q1 and we will continue to work with them as they progress their review and obtain public and indigenous input As a reminder, receiving the final impact assessment report is the critical first step to obtaining other federal and provincial permits we require to construct and operate the Great Bear mine. We would require this final report and certain provincial early works and construction permits in the spring of 2027 to allow us to take advantage of the summer construction season in order to maintain targeted first production in late 2029. Provincially, we continue to work with the Ontario authorities to advance the permitting process for the main project under the One Project, One Process, which is overseen by the Ministry of Energy and Mines. One Project, One Process is a multi-phase process. As a reminder, receiving the final impact assessment report is the critical first step to obtaining other federal and provincial permits we require to construct and operate the Great Bear mine. as a reminder receiving the final impact assessment report is the critical first step to obtaining other federal and provincial permits we require to construct and operate the great bear mine We would require this final report and certain provincial early works and construction permits in the spring of 2027 to allow us to take advantage of the summer construction season in order to maintain targeted first production in late 2029. we would require this final report and certain provincial early works and construction permits in the spring of 2027 to allow us to take advantage of the summer construction season in order to maintain targeted first production in late 2029 Provincially, we continue to work with the Ontario authorities to advance the permitting process for the main project under the One Project, One Process, which is overseen by the Ministry of Energy and Mines. provincially we continue to work with the ontario authorities to advance the permitting process for the main project under the one project one process which is overseen by the ministry of energy and mines One Project, One Process is a multi-phase process. one project one process is a multi-phase process We have submitted our final project description and are awaiting final approval from the Ministry of Energy and Mines so that we can proceed to the next phase, which is the integrated authorization and permitting plan. We have submitted our final project description and are awaiting final approval from the Ministry of Energy and Mines so that we can proceed to the next phase, which is the integrated authorization and permitting plan. we have submitted our final project description and are awaiting final approval from the ministry of energy and mines so that we can proceed to the next phase which is the integrated authorization and permitting plan Submission of individual Ontario permits will proceed in accordance with this plan once approved by the Ministry of Energy and Mines. On the Indigenous community front, we continue to progress the negotiation of benefits agreements. We are pleased to report that in relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the main project resides, negotiations on the impact and benefits agreement continue to advance based on a recently signed and confidential memorandum of understanding that captures the key economic compensatory and procurement elements. With that, I will now turn it back to Will for a technical project update on Great Bear. Submission of individual Ontario permits will proceed in accordance with this plan once approved by the Ministry of Energy and Mines. submission of individual ontario permits will proceed in accordance with this plan once approved by the ministry of energy and mines On the Indigenous community front, we continue to progress the negotiation of benefits agreements. on the indigenous community front we continue to progress the negotiation of benefits agreements We are pleased to report that in relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the main project resides, negotiations on the impact and benefits agreement continue to advance based on a recently signed and confidential memorandum of understanding that captures the key economic compensatory and procurement elements. we are pleased to report that in relation to lac seul and wabauskang first nations on whose traditional territory the main project resides negotiations on the impact and benefits agreement continue to advance based on a recently signed and confidential memorandum of understanding that captures the key economic compensatory and procurement elements With that, I will now turn it back to Will for a technical project update on Great Bear. with that i will now turn it back to will for a technical project update on great bear

Speaker 14: Thanks, Geoff. At Great Bear, work on the AEX program and the main project is progressing well. With final AEX permits in place, we expect to commence construction of the AEX decline this summer. The AEX decline will provide drilling access for exploration and extension of the underground resource, as well as delineation work. In terms of the main project, with the impact assessment now submitted, we have already started to make meaningful progress on procurement, with early packages awarded and requests for proposal issued across several work streams, including key mill equipment. Detailed engineering is also advancing well and is approximately 45% complete. On completion of detailed engineering in early 2027, we will provide an update on the initial capital. Thanks, Geoff. thanks geoff At Great Bear, work on the AEX program and the main project is progressing well. at great bear work on the aex program and the main project is progressing well With final AEX permits in place, we expect to commence construction of the AEX decline this summer. with final aex permits in place we expect to commence construction of the aex decline this summer The AEX decline will provide drilling access for exploration and extension of the underground resource, as well as delineation work. the aex decline will provide drilling access for exploration and extension of the underground resource as well as delineation work In terms of the main project, with the impact assessment now submitted, we have already started to make meaningful progress on procurement, with early packages awarded and requests for proposal issued across several work streams, including key mill equipment. in terms of the main project with the impact assessment now submitted we have already started to make meaningful progress on procurement with early packages awarded and requests for proposal issued across several work streams including key mill equipment Detailed engineering is also advancing well and is approximately 45% complete. detailed engineering is also advancing well and is approximately 45% complete On completion of detailed engineering in early 2027, we will provide an update on the initial capital. on completion of detailed engineering in early 2027 we will provide an update on the initial capital This update will include both the impact from inflation since the 2024 PEA estimate and the impacts of any scope changes and enhancements we make as we move through detailed engineering. As an example, we've been progressing detailed engineering alongside permitting, and through that work, we have chosen to enhance the scope in select areas, including water management. These enhancements go beyond standard practices and reflect a proactive approach to environmental protection given the long expected mine life of the asset. Through detailed engineering, we are working to ensure we are building a robust, reliable, world-class operation given the multi-decade potential high-margin production we see at this asset. Turning now to exploration, we continue to see positive results that are validating that view of potential for multi-decade high-grade operation at Great Bear. This update will include both the impact from inflation since the 2024 PEA estimate and the impacts of any scope changes and enhancements we make as we move through detailed engineering. this update will include both the impact from inflation since the 2024 pea estimate and the impacts of any scope changes and enhancements we make as we move through detailed engineering As an example, we've been progressing detailed engineering alongside permitting, and through that work, we have chosen to enhance the scope in select areas, including water management. as an example we've been progressing detailed engineering alongside permitting and through that work we have chosen to enhance the scope in select areas including water management These enhancements go beyond standard practices and reflect a proactive approach to environmental protection given the long expected mine life of the asset. these enhancements go beyond standard practices and reflect a proactive approach to environmental protection given the long expected mine life of the asset Through detailed engineering, we are working to ensure we are building a robust, reliable, world-class operation given the multi-decade potential high-margin production we see at this asset. through detailed engineering we are working to ensure we are building a robust reliable world-class operation given the multi-decade potential high-margin production we see at this asset Turning now to exploration, we continue to see positive results that are validating that view of potential for multi-decade high-grade operation at Great Bear. turning now to exploration we continue to see positive results that are validating that view of potential for multi-decade high-grade operation at great bear 2026 exploration is focused on our 18-km LP structural corridor, as you can see on the slide. Drilling identified a new zone of mineralization 2.4 km on strike from the south-southeast edge of the LP resource called the Strider zone, where drilling intercepted encouraging widths around 2 m at double-digit grades. Drilling is continuing in this area following the structure on strike and down dip to define the extent of mineralization. With that, I will now turn it back to Paul for closing remarks. 2026 exploration is focused on our 18-km LP structural corridor, as you can see on the slide. 2026 exploration is focused on our 18-km lp structural corridor as you can see on the slide Drilling identified a new zone of mineralization 2.4 km on strike from the south-southeast edge of the LP resource called the Strider zone, where drilling intercepted encouraging widths around 2 m at double-digit grades. drilling identified a new zone of mineralization 2.4 km on strike from the south-southeast edge of the lp resource called the strider zone where drilling intercepted encouraging widths around 2 m at double-digit grades Drilling is continuing in this area following the structure on strike and down dip to define the extent of mineralization. drilling is continuing in this area following the structure on strike and down dip to define the extent of mineralization With that, I will now turn it back to Paul for closing remarks. with that i will now turn it back to paul for closing remarks

Speaker 11: Thanks, William Dunford. After a strong start to the year, we are well positioned to meet our targets in 2026, and we have a strong set of upcoming milestones this year, which include ongoing return of capital to our dividend and share repurchases, continued strengthening of our balance sheet supported by strong operational performance and cash flow generation, advancing our projects pipeline, including the U.S. projects we discussed in January, as well as Great Bear and Lobo-Marte, and continued exploration and studies of our resource inventory to bring in new projects to extend mine lives. Looking forward, we are excited about our future. We have a strong production profile. We have an attractive relative cost position. We are generating significant free cash flow. We have an excellent balance sheet. We have an attractive return of capital. We have an exciting pipeline of both exploration and development opportunities. Thanks, William Dunford. thanks william dunford After a strong start to the year, we are well positioned to meet our targets in 2026, and we have a strong set of upcoming milestones this year, which include ongoing return of capital to our dividend and share repurchases, continued strengthening of our balance sheet supported by strong operational performance and cash flow generation, advancing our projects pipeline, including the U.S. projects we discussed in January, as well as Great Bear and Lobo-Marte, and continued exploration and studies of our resource inventory to bring in new projects to extend mine lives. after a strong start to the year we are well positioned to meet our targets in 2026 and we have a strong set of upcoming milestones this year which include ongoing return of capital to our dividend and share repurchases continued strengthening of our balance sheet supported by strong operational performance and cash flow generation advancing our projects pipeline including the u.s projects we discussed in january as well as great bear and lobo-marte and continued exploration and studies of our resource inventory to bring in new projects to extend mine lives Looking forward, we are excited about our future. looking forward we are excited about our future We have a strong production profile. we have a strong production profile We have an attractive relative cost position. we have an attractive relative cost position We are generating significant free cash flow. we are generating significant free cash flow We have an excellent balance sheet. we have an excellent balance sheet We have an attractive return of capital. we have an attractive return of capital We have an exciting pipeline of both exploration and development opportunities. we have an exciting pipeline of both exploration and development opportunities We are growing our net asset value and our per share metrics, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability. In closing, we believe that our shares offer attractive relative value across a number of metrics. With that, operator, I'd like to open up the lines for questions. We are growing our net asset value and our per share metrics, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability. we are growing our net asset value and our per share metrics and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability In closing, we believe that our shares offer attractive relative value across a number of metrics. in closing we believe that our shares offer attractive relative value across a number of metrics With that, operator, I'd like to open up the lines for questions. with that operator i'd like to open up the lines for questions

Speaker 10: Your first question comes from the line of Josh Wolfson with RBC Capital Markets. Please go ahead. Your first question comes from the line of Josh Wolfson with RBC Capital Markets. your first question comes from the line of josh wolfson with rbc capital markets Please go ahead. please go ahead

Speaker 8: Hi, thank you very much. First question is on Great Bear. With the AEX permit now in place, you know, what is the pathway to be able to start some of that deeper exploration? You know, basically, what time frame would you be at the levels that you'd need to be at to start some of that deeper exploration? Hi, thank you very much. hi thank you very much First question is on Great Bear. first question is on great bear With the AEX permit now in place, you know, what is the pathway to be able to start some of that deeper exploration? with the aex permit now in place you know what is the pathway to be able to start some of that deeper exploration You know, basically, what time frame would you be at the levels that you'd need to be at to start some of that deeper exploration? you know basically what time frame would you be at the levels that you'd need to be at to start some of that deeper exploration

Speaker 14: I mean, the time frame now, the key path, there's some more work we just need to do over the summer once we thaw on water management to get ready for underground decline. We expect August or September to actually be blasting and getting underground. Following that, obviously, it's, you know, we're gonna focus in a few different areas at the beginning. We'll do infill and extensional drilling in the main part of the LP ore body. There's also Hinge and Limb, which wasn't in our PEA, which we'll hopefully explore over the next couple years. I think it's progressive really. It's, you know, we won't be deep at the very bottom of the ore body for a number of years. We'll kind of follow ahead of the mining. I mean, the time frame now, the key path, there's some more work we just need to do over the summer once we thaw on water management to get ready for underground decline. i mean the time frame now the key path there's some more work we just need to do over the summer once we thaw on water management to get ready for underground decline We expect August or September to actually be blasting and getting underground. we expect august or september to actually be blasting and getting underground Following that, obviously, it's, you know, we're gonna focus in a few different areas at the beginning. following that obviously it's you know we're gonna focus in a few different areas at the beginning We'll do infill and extensional drilling in the main part of the LP ore body. we'll do infill and extensional drilling in the main part of the lp ore body There's also Hinge and Limb, which wasn't in our PEA, which we'll hopefully explore over the next couple years. there's also hinge and limb which wasn't in our pea which we'll hopefully explore over the next couple years I think it's progressive really. i think it's progressive really It's, you know, we won't be deep at the very bottom of the ore body for a number of years. it's you know we won't be deep at the very bottom of the ore body for a number of years We'll kind of follow ahead of the mining. we'll kind of follow ahead of the mining

Speaker 8: Great. Thank you. Then back to sort of the conversation on inflation. You know, the company has some very good protections in place with the hedges. I guess sort of two parts to this question. One is, when you're looking at the non-energy related items, you know, reagents, labor, and so forth, I'm curious to know, you know, where is inflation tracking into next year? Then also, you know, when you're thinking about these capital updates for Lobo-Marte as well as Great Bear, you know, what's the sort of thought process there in terms of CapEx inflation trends? Thank you. Great. great Thank you. thank you Then back to sort of the conversation on inflation. then back to sort of the conversation on inflation You know, the company has some very good protections in place with the hedges. you know the company has some very good protections in place with the hedges I guess sort of two parts to this question. i guess sort of two parts to this question One is, when you're looking at the non-energy related items, you know, reagents, labor, and so forth, I'm curious to know, you know, where is inflation tracking into next year? one is when you're looking at the non-energy related items you know reagents labor and so forth i'm curious to know you know where is inflation tracking into next year Then also, you know, when you're thinking about these capital updates for Lobo-Marte as well as Great Bear, you know, what's the sort of thought process there in terms of CapEx inflation trends? then also you know when you're thinking about these capital updates for lobo-marte as well as great bear you know what's the sort of thought process there in terms of capex inflation trends Thank you. thank you

Speaker 1: Hi, Josh, it's Andrea. On inflation more broadly, I'd say, you know, we included a 5% inflation factor in our cost guidance back in February. We're still on track for that. It's early in the year, and we'll see where things go with oil price and fuel costs and energy-related costs we've given the sensitivities. As we sit here today, we're still feeling good about the 5% overall inflation factor. Hi, Josh, it's Andrea . On inflation more broadly, I'd say, you know, we included a 5% inflation factor in our cost guidance back in February. hi josh it's andrea . on inflation more broadly i'd say you know we included a 5% inflation factor in our cost guidance back in february We're still on track for that. we're still on track for that It's early in the year, and we'll see where things go with oil price and fuel costs and energy-related costs we've given the sensitivities. it's early in the year and we'll see where things go with oil price and fuel costs and energy-related costs we've given the sensitivities As we sit here today, we're still feeling good about the 5% overall inflation factor. as we sit here today we're still feeling good about the 5% overall inflation factor

Speaker 11: Maybe just to jump in there as well, as it relates to capital for both Lobo-Marte and Great Bear, look, I think, yeah, it's there. I don't think inflation's going away. Our PEA, which we put out in 2024, at some point in the future here, we're expecting to update, but there will definitely be an inflation component as between where we started with the numbers in 2024 and where we're likely to end up. I think you'll see that on both projects. Really just a macro effect, really, you know, something we're gonna be price receivers on. We'll continue to look to sharpen our pencils where we can, but we're working in that overall macro inflation environment. Maybe just to jump in there as well, as it relates to capital for both Lobo-Marte and Great Bear, look, I think, yeah, it's there. maybe just to jump in there as well as it relates to capital for both lobo-marte and great bear look i think yeah it's there I don't think inflation's going away. i don't think inflation's going away Our PEA, which we put out in 2024, at some point in the future here, we're expecting to update, but there will definitely be an inflation component as between where we started with the numbers in 2024 and where we're likely to end up. our pea which we put out in 2024 at some point in the future here we're expecting to update but there will definitely be an inflation component as between where we started with the numbers in 2024 and where we're likely to end up I think you'll see that on both projects. i think you'll see that on both projects Really just a macro effect, really, you know, something we're gonna be price receivers on. really just a macro effect really you know something we're gonna be price receivers on We'll continue to look to sharpen our pencils where we can, but we're working in that overall macro inflation environment. we'll continue to look to sharpen our pencils where we can but we're working in that overall macro inflation environment

Speaker 8: Great. Thank you. Great. great Thank you. thank you

Speaker 10: Your next question comes from the line of Fahad Tariq with Jefferies. Please go ahead. Your next question comes from the line of Fahad Tariq with Jefferies. your next question comes from the line of fahad tariq with jefferies Please go ahead. please go ahead

Speaker 6: Hi. Thanks for taking my question. Maybe first on Tasiast grades. They were really high, I think the highest since the third quarter of 2024. Just the outlook for grades through the rest of this year, that would be really helpful. Hi. hi Thanks for taking my question. thanks for taking my question Maybe first on Tasiast grades. maybe first on tasiast grades They were really high, I think the highest since the third quarter of 2024. they were really high i think the highest since the third quarter of 2024 Just the outlook for grades through the rest of this year, that would be really helpful. just the outlook for grades through the rest of this year that would be really helpful

Speaker 4: Yeah, Fahad, thanks for the question. Yeah. You know, Tasiast, we're working through different areas. We're finishing off on West Branch ore, that's why the grades were higher. We still had some of that stockpile inventory, we pushed that through in the first quarter. We expect it to taper off for the rest of the year, slightly lower. We are constantly looking at opportunities to obviously enhance what we're putting out from Tasiast. Yeah, Fahad, thanks for the question. yeah fahad thanks for the question Yeah. yeah You know, Tasiast, we're working through different areas. you know tasiast we're working through different areas We're finishing off on West Branch ore, that's why the grades were higher. we're finishing off on west branch ore that's why the grades were higher We still had some of that stockpile inventory, we pushed that through in the first quarter. we still had some of that stockpile inventory we pushed that through in the first quarter We expect it to taper off for the rest of the year, slightly lower. we expect it to taper off for the rest of the year slightly lower We are constantly looking at opportunities to obviously enhance what we're putting out from Tasiast. we are constantly looking at opportunities to obviously enhance what we're putting out from tasiast

Speaker 6: Maybe just staying in Mauritania, can you just remind us diesel prices are regulated, I believe, by the government, so that probably factors into the sensitivity you provided, if you could confirm that. Also anything you've heard in terms of security of supply specifically in Mauritania. Thanks. Maybe just staying in Mauritania, can you just remind us diesel prices are regulated, I believe, by the government, so that probably factors into the sensitivity you provided, if you could confirm that. maybe just staying in mauritania can you just remind us diesel prices are regulated i believe by the government so that probably factors into the sensitivity you provided if you could confirm that Also anything you've heard in terms of security of supply specifically in Mauritania. also anything you've heard in terms of security of supply specifically in mauritania Thanks. thanks

Speaker 4: I'll hit a bit. First of all, the diesel prices are regulated by the government for the country, but not necessarily for us. We have long-term contracts with the suppliers that come into our system. Both for HFO and other fuel. The second part of it from a supply point of view, it's very similar to Brazil and these other countries. We don't get our product from the Middle East. It comes from the other side of the track. We don't have an issue with supply. The impact will be on the unhedged fuel that from a cost point of view. We don't have an issue with supply. I'll hit a bit. i'll hit a bit First of all, the diesel prices are regulated by the government for the country, but not necessarily for us. first of all the diesel prices are regulated by the government for the country but not necessarily for us We have long-term contracts with the suppliers that come into our system. we have long-term contracts with the suppliers that come into our system Both for HFO and other fuel. both for hfo and other fuel The second part of it from a supply point of view, it's very similar to Brazil and these other countries. the second part of it from a supply point of view it's very similar to brazil and these other countries We don't get our product from the Middle East. we don't get our product from the middle east It comes from the other side of the track. it comes from the other side of the track We don't have an issue with supply. we don't have an issue with supply The impact will be on the unhedged fuel that from a cost point of view. the impact will be on the unhedged fuel that from a cost point of view We don't have an issue with supply. we don't have an issue with supply

Speaker 6: Okay. That's super clear. Thank you. Okay. okay That's super clear. that's super clear Thank you. thank you

Speaker 10: Your next question comes from the line of Ralph Profiti with Stifel Financial. Please go ahead. Your next question comes from the line of Ralph Profiti with Stifel Financial. your next question comes from the line of ralph profiti with stifel financial Please go ahead. please go ahead

Speaker 12: Thanks very much. The Lobo-Marte EIA submission would have had to, as a baseline include, you know, some type of a water usage strategy. Just wondering what that baseline is and what can you tell us about the strategy around that? Thanks very much. thanks very much The Lobo-Marte EIA submission would have had to, as a baseline include, you know, some type of a water usage strategy. the lobo-marte eia submission would have had to as a baseline include you know some type of a water usage strategy Just wondering what that baseline is and what can you tell us about the strategy around that? just wondering what that baseline is and what can you tell us about the strategy around that

Speaker 11: Sure. Maybe I'll start, and Will can jump in. I mean, it's a good question, Ralph. I mean, our whole Chile strategy is really around what is our water strategy. As you may recall, you know, whilst we have many thousands of Ls of water rights, what really matters is permitted pumping capability. We have permitted pumping wells that have been running for many years. That's a good thing because with pumping comes monitoring. As we've been pumping, we have monitoring wells, and we've got a very strong sort of history of monitoring that there's absolutely no detrimental impact to our draw. Our strategy, really, we call it our base case because there are upsides, but the base case is that we, the water wells that we're currently using, supply La Coipa. Sure. sure Maybe I'll start, and Will can jump in. maybe i'll start and will can jump in I mean, it's a good question, Ralph. i mean it's a good question ralph I mean, our whole Chile strategy is really around what is our water strategy. i mean our whole chile strategy is really around what is our water strategy As you may recall, you know, whilst we have many thousands of Ls of water rights, what really matters is permitted pumping capability. as you may recall you know whilst we have many thousands of ls of water rights what really matters is permitted pumping capability We have permitted pumping wells that have been running for many years. we have permitted pumping wells that have been running for many years That's a good thing because with pumping comes monitoring. that's a good thing because with pumping comes monitoring As we've been pumping, we have monitoring wells, and we've got a very strong sort of history of monitoring that there's absolutely no detrimental impact to our draw. as we've been pumping we have monitoring wells and we've got a very strong sort of history of monitoring that there's absolutely no detrimental impact to our draw Our strategy, really, we call it our base case because there are upsides, but the base case is that we, the water wells that we're currently using, supply La Coipa. our strategy really we call it our base case because there are upsides but the base case is that we the water wells that we're currently using supply la coipa They're actually physically closer to Lobo-Marte. We've spoken with the regulators. There's no guarantee with regulators, the concept is. You know, we take that existing permitted pumping water, and we just move it in a different direction closer to Lobo. That would be our base case. Using the water we already have, we've got many years of history and monitoring. The upsides from there really relate to if we could get more water, we've got a few initiatives underway, we could actually do more. As it relates to Lobo, the linear factor is that permitted pumping capability. Sorry, Will, did you wanna add? They're actually physically closer to Lobo-Marte. they're actually physically closer to lobo-marte We've spoken with the regulators. we've spoken with the regulators There's no guarantee with regulators, the concept is. You know, we take that existing permitted pumping water, and we just move it in a different direction closer to Lobo. there's no guarantee with regulators the concept is. you know we take that existing permitted pumping water and we just move it in a different direction closer to lobo That would be our base case. that would be our base case Using the water we already have, we've got many years of history and monitoring. using the water we already have we've got many years of history and monitoring The upsides from there really relate to if we could get more water, we've got a few initiatives underway, we could actually do more. the upsides from there really relate to if we could get more water we've got a few initiatives underway we could actually do more As it relates to Lobo, the linear factor is that permitted pumping capability. as it relates to lobo the linear factor is that permitted pumping capability Sorry, Will, did you wanna add? sorry will did you wanna add

Speaker 14: No, I mean, I think that's exactly right. That's what we submitted in the EIA. Lobo is the exact same, you know, water consumption, that we have at La Coipa, so it's been designed that way for the EIA so that, as you said, we just continue to use the same water with well-proven history. All of that water modeling and data has already gone into the EIA submission, providing that strong base case. We're working on all that other, you know, you mentioned the water rights. We're working on all of those water rights to identify other water, potential water sources for La Coipa in the longer term. There are other optionality actually. No, I mean, I think that's exactly right. no i mean i think that's exactly right That's what we submitted in the EIA. that's what we submitted in the eia Lobo is the exact same, you know, water consumption, that we have at La Coipa, so it's been designed that way for the EIA so that, as you said, we just continue to use the same water with well-proven history. lobo is the exact same you know water consumption that we have at la coipa so it's been designed that way for the eia so that as you said we just continue to use the same water with well-proven history All of that water modeling and data has already gone into the EIA submission, providing that strong base case. all of that water modeling and data has already gone into the eia submission providing that strong base case We're working on all that other, you know, you mentioned the water rights. we're working on all that other you know you mentioned the water rights We're working on all of those water rights to identify other water, potential water sources for La Coipa in the longer term. we're working on all of those water rights to identify other water potential water sources for la coipa in the longer term There are other optionality actually. there are other optionality actually

Speaker 12: Great. Yeah, that's very helpful. Just as a sort of a minor follow-up. I'm looking at the Round Mountain recoveries for the quarter, and just wondering, is that sort of the normal, you know, grade and recovery relationship there? Was that expected? You know, is there any change in the metallurgical assumptions around sort of that Phase X underground transition, when I think about those recoveries? Great. great Yeah, that's very helpful. yeah that's very helpful Just as a sort of a minor follow-up. just as a sort of a minor follow-up I'm looking at the Round Mountain recoveries for the quarter, and just wondering, is that sort of the normal, you know, grade and recovery relationship there? i'm looking at the round mountain recoveries for the quarter and just wondering is that sort of the normal you know grade and recovery relationship there Was that expected? was that expected You know, is there any change in the metallurgical assumptions around sort of that Phase X underground transition, when I think about those recoveries? you know is there any change in the metallurgical assumptions around sort of that phase x underground transition when i think about those recoveries

Speaker 4: There are multiple parts to that. You know, first of all, when we feed from those stockpiles, relative to where we are in the pit at the time, and this was the first quarter was really a lot of stockpile material, that grade is significantly lower, and then the grade recovery curve, as you know, changes. We anticipated that sort of recovery. We're doing a whole bunch of things to continue to optimize that. Phase X is a different grade and a completely different piece, very similar to what we had in Phase W or higher up in Phase W. We do see that recovery changing as we put different types of material through for the year. Yeah, it remains our focus point. There are multiple parts to that. there are multiple parts to that You know, first of all, when we feed from those stockpiles, relative to where we are in the pit at the time, and this was the first quarter was really a lot of stockpile material, that grade is significantly lower, and then the grade recovery curve, as you know, changes. you know first of all when we feed from those stockpiles relative to where we are in the pit at the time and this was the first quarter was really a lot of stockpile material that grade is significantly lower and then the grade recovery curve as you know changes We anticipated that sort of recovery. we anticipated that sort of recovery We're doing a whole bunch of things to continue to optimize that. we're doing a whole bunch of things to continue to optimize that Phase X is a different grade and a completely different piece, very similar to what we had in Phase W or higher up in Phase W. phase x is a different grade and a completely different piece very similar to what we had in phase w or higher up in phase w We do see that recovery changing as we put different types of material through for the year. we do see that recovery changing as we put different types of material through for the year Yeah, it remains our focus point. yeah it remains our focus point

Speaker 12: Okay, great. Yeah, I appreciate that clarity. Thank you. Okay, great. okay great Yeah, I appreciate that clarity. yeah i appreciate that clarity Thank you. thank you

Speaker 10: Your next question comes from the line of Carey MacRury with Canaccord Genuity. Please go ahead. Your next question comes from the line of Carey MacRury with Canaccord Genuity. your next question comes from the line of carey macrury with canaccord genuity Please go ahead. please go ahead

Speaker 3: Hi, good morning, and congrats on a strong start. Just following up on the second half guidance being slightly higher than the first half. Just wondering what assets in particular we should be thinking about as stronger in the second half. Hi, good morning, and congrats on a strong start. hi good morning and congrats on a strong start Just following up on the second half guidance being slightly higher than the first half. just following up on the second half guidance being slightly higher than the first half Just wondering what assets in particular we should be thinking about as stronger in the second half. just wondering what assets in particular we should be thinking about as stronger in the second half

Speaker 1: Sure. I'll start and someone else may wanna jump in. I think, you know, the U.S. in particular, we've pointed to as expecting to be higher in the second half. Some of that is Round Mountain as we expect, you know, higher production there as we get into the heart of Phase X. Sure. sure I'll start and someone else may wanna jump in. i'll start and someone else may wanna jump in I think, you know, the U.S. in particular, we've pointed to as expecting to be higher in the second half. i think you know the u.s in particular we've pointed to as expecting to be higher in the second half Some of that is Round Mountain as we expect, you know, higher production there as we get into the heart of Phase X. some of that is round mountain as we expect you know higher production there as we get into the heart of phase x We continue to be on plan at this point. We continue to be on plan at this point. we continue to be on plan at this point

Speaker 3: Okay. Just follow up on the oil hedges. I think, Andrea, you mentioned you're 75% hedged for 2026. Was that the number in terms of exposure? Okay. okay Just follow up on the oil hedges. just follow up on the oil hedges I think, Andrea, you mentioned you're 75% hedged for 2026. i think andrea you mentioned you're 75% hedged for 2026 Was that the number in terms of exposure? was that the number in terms of exposure

Speaker 1: We're 63% hedged for the exposures in the U.S. and at Tasiast. We're 63% hedged for the exposures in the U.S. and at Tasiast. we're 63% hedged for the exposures in the u.s and at tasiast

Speaker 3: Mm-hmm. Mm-hmm. mm-hmm

Speaker 1: That on the total portfolio is somewhere around 50%. We don't hedge in Brazil because there is price controls in Brazil. The prices don't move necessarily directly with spot in Brazil. For example, so far since early March, we've seen prices increase everywhere else, except they've been pretty flat in Brazil. That on the total portfolio is somewhere around 50%. that on the total portfolio is somewhere around 50% We don't hedge in Brazil because there is price controls in Brazil. we don't hedge in brazil because there is price controls in brazil The prices don't move necessarily directly with spot in Brazil. the prices don't move necessarily directly with spot in brazil For example, so far since early March, we've seen prices increase everywhere else, except they've been pretty flat in Brazil. for example so far since early march we've seen prices increase everywhere else except they've been pretty flat in brazil

Speaker 3: Okay, for 2027, we can kind of. Okay, for 2027, we can kind of. okay for 2027 we can kind of

Speaker 1: I think the 75% comment was the U.S. and Tasiast make up 75% of our fuel usage. I think the 75% comment was the U.S. and Tasiast make up 75% of our fuel usage. i think the 75% comment was the u.s and tasiast make up 75% of our fuel usage

Speaker 3: Okay, got it. For 2027, I guess we can just prorate based on the numbers on slide 11 there. Okay, got it. okay got it For 2027, I guess we can just prorate based on the numbers on slide 11 there. for 2027 i guess we can just prorate based on the numbers on slide 11 there

Speaker 1: Sorry, 42%. We're 42% hedged for those, for U.S. and Tasiast for 2027. That's about 30% company-wide. Sorry, 42%. sorry 42% We're 42% hedged for those, for U.S. and Tasiast for 2027. we're 42% hedged for those for u.s and tasiast for 2027 That's about 30% company-wide. that's about 30% company-wide

Speaker 11: Which we'll look at opportunities to chip away at. Which we'll look at opportunities to chip away at. which we'll look at opportunities to chip away at

Speaker 1: Yes. Yes. yes

Speaker 3: Okay. That's great. Thank you. Okay. okay That's great. that's great Thank you. thank you

Speaker 11: Going forward. Going forward. going forward

Speaker 3: Thank you. Thank you. thank you

Speaker 10: Your next question comes from the line of Anita Soni with CIBC World Markets. Please go ahead. Your next question comes from the line of Anita Soni with CIBC World Markets. your next question comes from the line of anita soni with cibc world markets Please go ahead. please go ahead

Speaker 2: Hi, guys. Good morning. Congrats on a strong start. I just wanted to ask, a lot of the questions I wanted to ask would have been asked already about Tasiast grades and Phase X grades. Just could you give us a little bit more guidance, or is it the same as it was at the beginning of the year on the cadence of sustaining capital and growth capital spend over the next few quarters? Hi, guys. hi guys Good morning. good morning Congrats on a strong start. congrats on a strong start I just wanted to ask, a lot of the questions I wanted to ask would have been asked already about Tasiast grades and Phase X grades. i just wanted to ask a lot of the questions i wanted to ask would have been asked already about tasiast grades and phase x grades Just could you give us a little bit more guidance, or is it the same as it was at the beginning of the year on the cadence of sustaining capital and growth capital spend over the next few quarters? just could you give us a little bit more guidance or is it the same as it was at the beginning of the year on the cadence of sustaining capital and growth capital spend over the next few quarters

Speaker 1: Sure. I mean, we were, you know, slower to start, which is typical for us. Q1 is always, you know, a bit of a lower CapEx quarter. We're still on track for the full year with, in particular, the growth capital spending kind of ramping up on the U.S. projects as we go through the year. Sure. sure I mean, we were, you know, slower to start, which is typical for us. i mean we were you know slower to start which is typical for us Q1 is always, you know, a bit of a lower CapEx quarter. q1 is always you know a bit of a lower capex quarter We're still on track for the full year with, in particular, the growth capital spending kind of ramping up on the U.S. projects as we go through the year. we're still on track for the full year with in particular the growth capital spending kind of ramping up on the u.s projects as we go through the year

Speaker 2: Okay, thanks. That's it for my questions. Okay, thanks. okay thanks That's it for my questions. that's it for my questions

Speaker 10: Okay. Your next question comes from the line of Tanya Jakusconek with Scotiabank. Please go ahead. Okay. okay Your next question comes from the line of Tanya Jakusconek with Scotiabank. your next question comes from the line of tanya jakusconek with scotiabank Please go ahead. please go ahead

Speaker 13: Oh, great. Good morning, everybody. Thank you for taking my question. Andrea, can I just come back, and you mentioned that, you're seeing no issues in terms of getting supplies to mine sites, etc. With your suppliers that you talk to, that they are monitoring just, you know, things are moving now, but is there anything tight that they're watching? Oh, great. oh great Good morning, everybody. good morning everybody Thank you for taking my question. thank you for taking my question Andrea, can I just come back, and you mentioned that, you're seeing no issues in terms of getting supplies to mine sites, etc. With your suppliers that you talk to, that they are monitoring just, you know, things are moving now, but is there anything tight that they're watching? andrea can i just come back and you mentioned that you're seeing no issues in terms of getting supplies to mine sites etc with your suppliers that you talk to that they are monitoring just you know things are moving now but is there anything tight that they're watching

Speaker 4: Tanya, it's Claude. I'll take that. From a supply point of view, globally, you know, as our teams work and these things change 'cause it's quite dynamic. We do follow up with the suppliers on a consistent basis. Obviously for us it's about what's the high priority items, explosives, cyanide, these kinds of things. We haven't seen any tension from any of them yet. You'll recall that two years ago with the issue in Ukraine, we shifted a lot of where our supply comes from, along working with our suppliers, on explosives, cyanide, all those types of things, lime. We feel like we're in pretty good shape relative to the current situation as well. Tanya, it's Claude. tanya it's claude I'll take that. i'll take that From a supply point of view, globally, you know, as our teams work and these things change 'cause it's quite dynamic. from a supply point of view globally you know as our teams work and these things change 'cause it's quite dynamic We do follow up with the suppliers on a consistent basis. we do follow up with the suppliers on a consistent basis Obviously for us it's about what's the high priority items, explosives, cyanide, these kinds of things. obviously for us it's about what's the high priority items explosives cyanide these kinds of things We haven't seen any tension from any of them yet. we haven't seen any tension from any of them yet You'll recall that two years ago with the issue in Ukraine, we shifted a lot of where our supply comes from, along working with our suppliers, on explosives, cyanide, all those types of things, lime. you'll recall that two years ago with the issue in ukraine we shifted a lot of where our supply comes from along working with our suppliers on explosives cyanide all those types of things lime We feel like we're in pretty good shape relative to the current situation as well. we feel like we're in pretty good shape relative to the current situation as well

Speaker 13: Okay. They're not seeing anything. That would imply, Andrea, I shouldn't see any increase in, you know, working capital inventory at site, at mine sites here if you're not accumulating anything there. Okay. okay They're not seeing anything. they're not seeing anything That would imply, Andrea, I shouldn't see any increase in, you know, working capital inventory at site, at mine sites here if you're not accumulating anything there. that would imply andrea i shouldn't see any increase in you know working capital inventory at site at mine sites here if you're not accumulating anything there

Speaker 1: We are targeting more fuel in country for Tasiast. There was already a little bit of a buildup of supplies inventory, you know, starting in March, but nothing overly significant. We are targeting more fuel in country for Tasiast. we are targeting more fuel in country for tasiast There was already a little bit of a buildup of supplies inventory, you know, starting in March, but nothing overly significant. there was already a little bit of a buildup of supplies inventory you know starting in march but nothing overly significant

Speaker 13: not going back sort of the COVID period. not going back sort of the COVID period. not going back sort of the covid period

Speaker 1: No. No. no

Speaker 13: No. Okay. My second question is still on the costing side. You know, we talked about fuel a lot. Thank you for that information. That's very helpful. I wanted to come back and focus on labor as well. I mean, you mentioned, you know, I, number one, I wanna understand whether you are seeing any tightness in the labor market and any contracts that you are seeing that are renewed for this year that you have to renew and align with your 5% inflation estimate. No. no Okay. okay My second question is still on the costing side. my second question is still on the costing side You know, we talked about fuel a lot. you know we talked about fuel a lot Thank you for that information. thank you for that information That's very helpful. that's very helpful I wanted to come back and focus on labor as well. i wanted to come back and focus on labor as well I mean, you mentioned, you know, I, number one, I wanna understand whether you are seeing any tightness in the labor market and any contracts that you are seeing that are renewed for this year that you have to renew and align with your 5% inflation estimate. i mean you mentioned you know i number one i wanna understand whether you are seeing any tightness in the labor market and any contracts that you are seeing that are renewed for this year that you have to renew and align with your 5% inflation estimate

Speaker 4: No, Tanya, as we mentioned in the previous quarter, we've now signed the major sites that have collective labor agreements. Tasiast, Brazil, and Chile, we have signed all of those agreements with the teams for the longer term. Chile's a two-year, Tasiast is a five-year, and Brazil is a three-year. We're in pretty good shape this year when it comes to that. From a labor supply point of view, there's always tension in the system, but we're seeing a lot less turnover in Nevada than we're used to. We're in reasonable shape. From a supply point of view, it's fine. From an agreement point of view, it's relative to the, other than the inflation, as Andrea mentioned, we don't see any pressures at this point. No, Tanya, as we mentioned in the previous quarter, we've now signed the major sites that have collective labor agreements. no tanya as we mentioned in the previous quarter we've now signed the major sites that have collective labor agreements Tasiast, Brazil, and Chile, we have signed all of those agreements with the teams for the longer term. tasiast brazil and chile we have signed all of those agreements with the teams for the longer term Chile's a two-year, Tasiast is a five-year, and Brazil is a three-year. chile's a two-year tasiast is a five-year and brazil is a three-year We're in pretty good shape this year when it comes to that. we're in pretty good shape this year when it comes to that From a labor supply point of view, there's always tension in the system, but we're seeing a lot less turnover in Nevada than we're used to. from a labor supply point of view there's always tension in the system but we're seeing a lot less turnover in nevada than we're used to We're in reasonable shape. we're in reasonable shape From a supply point of view, it's fine. from a supply point of view it's fine From an agreement point of view, it's relative to the, other than the inflation, as Andrea mentioned, we don't see any pressures at this point. from an agreement point of view it's relative to the other than the inflation as andrea mentioned we don't see any pressures at this point

Speaker 13: Okay. Because on your costing side, I think you mentioned that, you know, you have a strategy for, you know, your hedging, so your fuel, your currencies, and then your grade optimization as we get better grades. I'm just wondering if your productivity and your turnover is where you want it to be as well. Okay. okay Because on your costing side, I think you mentioned that, you know, you have a strategy for, you know, your hedging, so your fuel, your currencies, and then your grade optimization as we get better grades. because on your costing side i think you mentioned that you know you have a strategy for you know your hedging so your fuel your currencies and then your grade optimization as we get better grades I'm just wondering if your productivity and your turnover is where you want it to be as well. i'm just wondering if your productivity and your turnover is where you want it to be as well

Speaker 4: Yeah. Like I said, certainly with the Big 3 labor groups, we continue to focus on being the employer of choice. Certainly those areas we believe have been quite successful, but it doesn't take us off the focal point. Just from a point of view of cost, as I said, there's no pressure. Yeah. yeah Like I said, certainly with the Big 3 labor groups, we continue to focus on being the employer of choice. like i said certainly with the big 3 labor groups we continue to focus on being the employer of choice Certainly those areas we believe have been quite successful, but it doesn't take us off the focal point. certainly those areas we believe have been quite successful but it doesn't take us off the focal point Just from a point of view of cost, as I said, there's no pressure. just from a point of view of cost as i said there's no pressure

Speaker 13: Okay. Thank you. Okay. okay Thank you. thank you

Speaker 10: Our final question is from the line of Lawson Winder with Bank of America Securities. Please go ahead. Our final question is from the line of Lawson Winder with Bank of America Securities. our final question is from the line of lawson winder with bank of america securities Please go ahead. please go ahead

Speaker 9: Thank you, operator. Good morning, Paul and team. Thank you for today's update. You submitted the Lobo-Marte Environmental Impact Assessment in April. That formally starts the permitting process. You are expecting to provide an additional update in the second half. What are you anticipating in terms of timelines at this point? You know, what I'm ultimately getting at is, you know, when do we expect a full funding decision? You know, when should we be thinking about penciling in first production, just conceptually, even if we're not gonna put it in our models yet? Thanks. Thank you, operator. thank you operator Good morning, Paul and team. good morning paul and team Thank you for today's update. thank you for today's update You submitted the Lobo-Marte Environmental Impact Assessment in April. you submitted the lobo-marte environmental impact assessment in april That formally starts the permitting process. that formally starts the permitting process You are expecting to provide an additional update in the second half. you are expecting to provide an additional update in the second half What are you anticipating in terms of timelines at this point? what are you anticipating in terms of timelines at this point You know, what I'm ultimately getting at is, you know, when do we expect a full funding decision? you know what i'm ultimately getting at is you know when do we expect a full funding decision You know, when should we be thinking about penciling in first production, just conceptually, even if we're not gonna put it in our models yet? you know when should we be thinking about penciling in first production just conceptually even if we're not gonna put it in our models yet Thanks. thanks

Speaker 14: Yeah. Maybe I'll start. Then turn it over to others. With, you know, with the EIA, you're sort of looking at a couple of years to kind of complete that process. Yeah. yeah Maybe I'll start. maybe i'll start Then turn it over to others. then turn it over to others With, you know, with the EIA, you're sort of looking at a couple of years to kind of complete that process. with you know with the eia you're sort of looking at a couple of years to kind of complete that process

Speaker 11: Yeah. Then again, Cadence, following that couple of standard, I would say pre-standard, two years of work to finalize the impact statement, then you're into the sort of the approvals, the early works, and the construction, which would at a minimum be another two years. I think when you take all of that, and we've always anticipated Lobo to come in behind Great Bear in the early 2030s. That's kind of what we've got in our timeline. We always look at opportunities for schedule compression, but I think we're comfortable saying early 2030s in behind Great Bear. Yeah. yeah Then again, Cadence, following that couple of standard, I would say pre-standard, two years of work to finalize the impact statement, then you're into the sort of the approvals, the early works, and the construction, which would at a minimum be another two years. then again cadence following that couple of standard i would say pre-standard two years of work to finalize the impact statement then you're into the sort of the approvals the early works and the construction which would at a minimum be another two years I think when you take all of that, and we've always anticipated Lobo to come in behind Great Bear in the early 2030s. i think when you take all of that and we've always anticipated lobo to come in behind great bear in the early 2030s That's kind of what we've got in our timeline. that's kind of what we've got in our timeline We always look at opportunities for schedule compression, but I think we're comfortable saying early 2030s in behind Great Bear. we always look at opportunities for schedule compression but i think we're comfortable saying early 2030s in behind great bear

Speaker 9: Okay. Thank you for that. If I could ask on the solar power at Tasiast. I mean, it appears there's been a clear cost benefit to that. Are you able to quantify the cost benefit from the solar? For example, I mean, if there were no solar in Q1 versus you know, a full exposure to heavy fuel or diesel. I mean, do you have a sense of what that benefit would be? Like, taking that to the next conclusion, to what extent could you expand solar capacity at Tasiast, you know, particularly considering the stability of the overall electrical supply? Okay. okay Thank you for that. thank you for that If I could ask on the solar power at Tasiast. if i could ask on the solar power at tasiast I mean, it appears there's been a clear cost benefit to that. i mean it appears there's been a clear cost benefit to that Are you able to quantify the cost benefit from the solar? are you able to quantify the cost benefit from the solar For example, I mean, if there were no solar in Q1 versus you know, a full exposure to heavy fuel or diesel. for example i mean if there were no solar in q1 versus you know a full exposure to heavy fuel or diesel I mean, do you have a sense of what that benefit would be? i mean do you have a sense of what that benefit would be Like, taking that to the next conclusion, to what extent could you expand solar capacity at Tasiast, you know, particularly considering the stability of the overall electrical supply? like taking that to the next conclusion to what extent could you expand solar capacity at tasiast you know particularly considering the stability of the overall electrical supply

Speaker 4: Yeah. I mean, the calculation is pretty simple. It's about 14 million L of fuel that is additionally transport and then used at the fuel cost. For us, right now it's representing 22%-24% of our electricity supply to the whole site. It is significant. To your point on expansion, the challenge is, you know, the system, 25% is a quarter of the day, so it works through daylight hours. The real issue is battery capacity. Adding additional solar panels will not influence it in any way because we reached the peak supply of power for the site. You're just gonna create power that won't be able to use. Yeah. yeah I mean, the calculation is pretty simple. i mean the calculation is pretty simple It's about 14 million L of fuel that is additionally transport and then used at the fuel cost. it's about 14 million l of fuel that is additionally transport and then used at the fuel cost For us, right now it's representing 22%-24% of our electricity supply to the whole site. for us right now it's representing 22%-24% of our electricity supply to the whole site It is significant. it is significant To your point on expansion, the challenge is, you know, the system, 25% is a quarter of the day, so it works through daylight hours. to your point on expansion the challenge is you know the system 25% is a quarter of the day so it works through daylight hours The real issue is battery capacity. the real issue is battery capacity Adding additional solar panels will not influence it in any way because we reached the peak supply of power for the site. adding additional solar panels will not influence it in any way because we reached the peak supply of power for the site You're just gonna create power that won't be able to use. you're just gonna create power that won't be able to use

Speaker 11: Storage is the bottleneck. Storage is the bottleneck. storage is the bottleneck

Speaker 4: Storage is the bottleneck for those very large, capacity plants. Storage is the bottleneck for those very large, capacity plants. storage is the bottleneck for those very large capacity plants

Speaker 11: I think, Claude, to add, I mean, you know, the solar plant was really kind of the first beachhead. We got the direct savings on fuel, but now we're established with the beachhead. We've got buses, light vehicles, more and more use of battery-powered light vehicles at site, and I could see that trend continuing. I think, Claude, to add, I mean, you know, the solar plant was really kind of the first beachhead. i think claude to add i mean you know the solar plant was really kind of the first beachhead We got the direct savings on fuel, but now we're established with the beachhead. we got the direct savings on fuel but now we're established with the beachhead We've got buses, light vehicles, more and more use of battery-powered light vehicles at site, and I could see that trend continuing. we've got buses light vehicles more and more use of battery-powered light vehicles at site and i could see that trend continuing

Speaker 4: As we look at the larger mining fleet as well, we're starting to look at how do we capitalize on using that solar heat. The other part now is looking at the opportunity for wind, and we're currently doing a wind study as well in the area. Looking at a lot of different alternatives to heavy fuel. As we look at the larger mining fleet as well, we're starting to look at how do we capitalize on using that solar heat. as we look at the larger mining fleet as well we're starting to look at how do we capitalize on using that solar heat The other part now is looking at the opportunity for wind, and we're currently doing a wind study as well in the area. the other part now is looking at the opportunity for wind and we're currently doing a wind study as well in the area Looking at a lot of different alternatives to heavy fuel. looking at a lot of different alternatives to heavy fuel

Speaker 9: Okay. That's very helpful. Thank you both. If I could just ask just one quick clarification question on Fort Knox. The conveyor belt repairs during the quarter, I guess they were unexpected, and that's why they were backed out of earnings for adjusted earnings. Just any additional costs or shutdowns expected with that for the balance of the year? Okay. okay That's very helpful. that's very helpful Thank you both. thank you both If I could just ask just one quick clarification question on Fort Knox. if i could just ask just one quick clarification question on fort knox The conveyor belt repairs during the quarter, I guess they were unexpected, and that's why they were backed out of earnings for adjusted earnings. the conveyor belt repairs during the quarter i guess they were unexpected and that's why they were backed out of earnings for adjusted earnings Just any additional costs or shutdowns expected with that for the balance of the year? just any additional costs or shutdowns expected with that for the balance of the year

Speaker 4: No. The incident didn't have any impact on our actual production and process. It's given us the opportunity to refurbish a 50-year-old installation, and we're right on track. Ironically, right at this point, we're busy doing commissioning and testing of the new system, and we've replaced nearly a kilometer of belt. We're on track, and we expect the operation to just continue as normal. No. no The incident didn't have any impact on our actual production and process. the incident didn't have any impact on our actual production and process It's given us the opportunity to refurbish a 50-year-old installation, and we're right on track. it's given us the opportunity to refurbish a 50-year-old installation and we're right on track Ironically, right at this point, we're busy doing commissioning and testing of the new system, and we've replaced nearly a kilometer of belt. ironically right at this point we're busy doing commissioning and testing of the new system and we've replaced nearly a kilometer of belt We're on track, and we expect the operation to just continue as normal. we're on track and we expect the operation to just continue as normal

Speaker 9: Fantastic. Thank you very much. Fantastic. fantastic Thank you very much. thank you very much

Speaker 10: With no further questions in queue, I will now hand the call back over to Kinross Gold for closing remarks. With no further questions in queue, I will now hand the call back over to Kinross Gold for closing remarks. with no further questions in queue i will now hand the call back over to kinross gold for closing remarks

Speaker 11: Great. Thank you, operator. Thanks everyone for joining us this morning. We look forward to catching up with you in person in the coming weeks. Thanks, thanks for joining us. Great. great Thank you, operator. thank you operator Thanks everyone for joining us this morning. thanks everyone for joining us this morning We look forward to catching up with you in person in the coming weeks. we look forward to catching up with you in person in the coming weeks Thanks, thanks for joining us. thanks thanks for joining us

Speaker 10: Thank you again for joining us today. This does conclude today's conference call. You may now disconnect. Thank you again for joining us today. thank you again for joining us today This does conclude today's conference call. this does conclude today's conference call You may now disconnect. you may now disconnect