Barrick Mining Corporation

Welcome everyone to Barrick's third quarter 2025 results presentation. At this time, all participants are in listen-only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rickert, head of investor relations. Please go ahead.

Thank you, Mariana, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Interim CEO and Group COO, and Graham Shuttleworth, Senior EVP and CFO. Other members of BEREC's management team will be available after our prepared remarks for Q&A. Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect BEREC's future performance and our ability to deliver on these forward-looking statements. This material is also available on our website. I will now hand it over to Mark.

Okay, thanks, Cleve, and I appreciate everyone joining us this morning. So as Cleve pointed out, I'm the interim CEO and group COO, and since taking on these roles, I've met with the teams and visited most of our key sites to review performance and assess what we can do differently at Barrick, bringing a stronger emphasis on safety and operational performance. The quality of our assets is undeniable, so we're undertaking a review of our operations from the bottom up to ensure we have the right teams and processes in place to safely, most importantly, and consistently deliver value going forward. We're about halfway through that review and we'll provide more details at our full year results in February. So since assuming this interim CEO responsibility, it's become increasingly clear to me that the most significant opportunity is at our gold assets in North America, particularly through improved performance at NGM, coupled with our gold discovery at 4 Mile. So turning to our performance in Q3, we posted strong operational and financial results, and we logged several company records, including adjusted earnings per share and cash flow. So production increased from last quarter and costs dropped, which combined with a higher gold price drove a significant increase in our free cash flow. We increased our base dividend by 25%. Dividends and buybacks combined in the quarter were a record quarterly cash return to shareholders. Asset sales support an expanded 1.5 billion US buyback program. And on top of all this, our updated PEA confirms that Four Mile is arguably this century's most significant soul discovery. So despite this very strong quarter for business, it was unfortunately overshadowed by three fatalities, one at Gold Rush, one at Bull and Hulu, and one at Kibale. That was a result of an incident that we reported in Q2 this year. So firstly, I would like to extend our sincere condolences to the families and the loved ones of our three colleagues. And secondly, I want to highlight to everyone that we are conducting full investigation into these incidents so that we can put systems in place to guarantee everyone goes home safely every day, which is my commitment. Obviously, safety needs to be the number one focus at Barrick. We are reviewing our safety culture and structures to ensure we embed the right principles at all levels of the organisation to achieve our goal of zero harm. So looking at the business performance in the quarter, goal production increased 4% over Q2, primarily driven by higher grades at Kabaly, higher throughput at Cortez and Turquoise Ridge, and a record high throughput at Pueblo Vallejo. We expect continued quarterly growth in Q4 in line with our 2025 plan for a steady production increase throughout the year. Higher production volume helped drive our gold cost metrics per ounce lower across the board, despite the pressure on our cash costs from royalties associated with the higher gold prices. Higher volumes on lower costs translated into a 25% quarter-on-quarter increase in our attributable gold EBITDA, demonstrating significant operating leverage from a 5% increase in the gold price. Copper production was slightly down from Q2 on the back of a September shutdown on Lumana, which was in line with our preventative maintenance programs. We expect both Gold and Copper to deliver with their respective production guidance ranges for the year and on cost guidance after adjusting for the royalty impact from the higher Gold prices. Now I'm going to hand it over to Graeme to discuss our financial highlights. Thanks Graeme.