Barrick Mining Corporation

Presenting our results today are Mark Hill, Barrick's President and CEO, and Graham Shuttleworth, Senior EVP and CFO. Other members of Barrick'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 Barrick's future performance.

Turning to our performance in Q4, we built on last quarter's momentum and posted strong financial results. As I said, we logged several company records, included adjusted earnings per share, cash flow, and importantly, shareholder returns. Production increased from last quarter to the highest level of the year, which resulted in an 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy. Cash flow for the quarter was up 96% from last year and we logged a year of record annual cash returns to our shareholders. 4Mile continues to grow and we're excited about advancing this 100% owned gold asset. Finally, consistent with the announcement we made in December and following rigorous analysis, the Board has decided to move forward with preparations for an initial public offering of Barrick's North American Gold as assets, aimed at maximising the shareholder value. We are targeting to complete the IPO by late 2036 and will keep you updated on progress throughout the year. Returning to safety and health, our operational and financial achievements were overshadowed, unfortunately, last year with four fatalities. Last quarter, I made that commitment to making sure safety was our top priority, and this continues to be the company's number one focus for 2026. Clearly, there's more to be done because Q4 wasn't where we needed it to be. But our highest priority is that all our people go home safe and healthy at the end of each day. And I'll continue to work with myself and the Exco team to achieve and maintain that goal going forward. And moving on to the operational highlights. Operationally, our business performed well in Q4, and importantly, we delivered on our guidance to steadily lift production throughout the year. Goal production was 5% higher than Q3, driven by a 25% increase at Kala, and quarter-on-quarter increases across the NGM site. Our processing facilities ran well, and PV's throughput rose to another record high. Full-year gold production of 3.26 million ounces was in line with our guidance. Copper production increased 13% from Q3, driven by higher throughput at Lwana. Also, as I said before, we completed the operational review we discussed in the last quarter. So some important outcomes of that. We've now restructured our business units, putting PV in North America region, which places all our key autoclave processing bacillus under common leadership so that we can share best practices. Tim Cribb, previously overseeing RecoDig, has moved to take over North America region. Operational ownership, particularly Nevada, is back in the hand of the operator. The mine plans have been reviewed from the bottom up, and we're entering 2026 with high confidence in our guidance. I'll touch on this work a bit later, but now let me turn it over to Graeme to discuss the financial highlight. Thanks, Graeme.

Thank you, Mark. As most of you will know, this is my last earnings call, and I must say it is a real pleasure to finish on such a high note. Quarter four was a record quarter across almost every financial metric. The combination of our sequential increase in production and record high gold prices added to our strong financial foundation and sets us up with a lot of flexibility going forward to continue delivering significant cash returns to shareholders. Shown here on the right, revenues increased 45% from quarter three, driven by increased production and sales and a 21% increase in our realized gold price. Net earnings nearly doubled from the prior quarter, and we reported record quarterly cash flow, free cash flow, earnings per share, and a record cash balance. For the year, we reported $7.7 billion of cashflow from operations and 3.9 billion of free cashflow, up 71% and 194% from a year ago and another company record. When you consider our gold sales volume declined 13% in 2025 with one of our key assets not operating for most of the year, those results are even more impressive and we're excited about the year ahead. A tributal capex ended 2025 below the low end of our guidance as our engineering partners came on board and we refined our spending schedules, particularly at our biggest projects at Recodec and Lemwana. The graphs on the right-hand side of this slide highlight Barrick's financial value position. Our attributable EBITDA increased 53% versus the prior quarter on higher margins as the 21% increase in the gold price dropped to the bottom line. Importantly, we steadily increased our attributable EBITDA margin through the year, tracking the gold price higher and demonstrating the operating leverage our business provides to the gold price. All of this enabled the highest annual shareholder returns in Barrick's history, with more to come. We ended the year with a net cash position of $2 billion. Building on the capital allocation framework we highlighted last quarter, Barrick's balance sheet is in phenomenally good shape, and our future capital investment programs are well-funded. Suffice to say, Barrick is generating significant excess cash flow in the present environment. As I mentioned earlier, we generated $7.7 billion in operating cash flow, of which we reinvested $3 billion back into the business and bought back $1.5 billion of our stock, reducing our share count by 3%. You will recall that with our Q3 results, we increased the base dividend by 25% to 12.5 cents per quarter. But on the back of the strong annual results, the board has authorized a further 40% increase to 17.5 cents per quarter. In addition, the board has determined that it will target to pay out 50% of attributable free cash flow, incorporating a further discretionary component to reach the target. On this basis, the board has authorized a Q4 dividend payable in March of 42 cents per share, which is 140% increase on the quarter three dividend. This new policy will replace the previous performance dividend policy. And at the same time, given the focus of cash returns to shareholders through increased dividends, the board is determined not to renew the annual share buyback program. I will now turn the call back over to Mark.