Kinross Gold Corporation

to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. It is now my pleasure to turn the call over to David Shaver, Senior Vice President. Please go ahead.

Thank you and good morning. In the room with us today on the call, we have Paul Rowlinson, CEO, and from the Ken Ross Senior Leadership Team, Andrea Freeborough, Claude Schimper, Will Dunford, and Jeff 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 July 30, 2025. The MD&A for the period ended June 30, 2025. 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 second quarter results, provide high-level updates across our portfolio, comment on sustainability, and confirm our outlook. I will then hand the call over to the team to provide more detail. Following a good Q1, we delivered another strong quarter in Q2, establishing an excellent first half and positioning as well to achieve our full-year guidance. Our production in the second quarter was on plan, delivering 513,000 ounces at a cost of sales of $1,074 per ounce. Our strong production and cost management combined with the gold price resulted in record operating margins. As a result, we also delivered record free cash flow in the second quarter of almost $650 million and a first-half total of just over $1 billion. Our financial position and cash flow outlook remains excellent, and we plan to continue to return meaningful capital to shareholders through ongoing share repurchases and our quarterly dividend. With respect to our operations, Pericatu and Tassius together accounted for more than half of our production and contributed significant cash flow. Erica 2 delivered another strong quarter and was the highest producer in the portfolio, generating substantial cash flow. At Tassius, we delivered our budgeted production in the second quarter. The mill has been performing well and the site remains on track to meet its full year guidance. At La Coypa, despite encountering some excess groundwater in the pits, production was higher quarter over quarter, and the site remains on track to meet its full year production guidance. Our U.S. assets delivered strong production and costs as planned. In Alaska, we saw another quarter of contributions from both Fort Knox and Manchot that were on plan. In Nevada, we saw stronger production from both Bald Mountain and Round Mountain. At Bald Mountain, mining activity for phase one of Redbird is progressing well, and study work for phase two is ongoing. At Round Mountain, initial production from the phase S open pit has commenced and is expected to ramp up throughout the year and into next. At Phase X, underground development is progressing well, and we continue to see strong exploration results. All of our projects continue to progress well in Q2. Our brownfields projects at Curlew and Phase X both had positive exploration updates and are showing potential to contribute to our production profile later in the decade and beyond. The greenfields projects at Great Barren Lobo also progress well and are expected to contribute to our production in 2029 and 2031, respectively. Also, in the current gold price environment, we are seeing value generating investment opportunities across our portfolio. that capitalize on our significant resource base and our recent positive drill results. We see opportunities to extend mine life while maintaining our focus on margins and shareholder value. The team will comment on our resource optionality later. Turning now to a few remarks on sustainability. Our annual sustainability report was published earlier in May. It is a comprehensive document, which I encourage you all to review. Also, in Q2, we made progress across various water management initiatives, which remains a key focus area within our approach to sustainability. For example, at La Coypa, we enhanced water efficiency through an optimization program to reduce the amount of water loss going to our dry stack tailings. In Alaska, at Fish Creek, a historic mining area that Ken Ross did not operate, but later reclaimed for the benefit of the environment and local communities, fish populations continue to thrive. Turning now to our outlook, following a strong second quarter and first half, we have produced just over 1 million ounces at a cost of sales in line with our guidance. Looking ahead, we remain firmly on track to achieve our full year guidance. We will continue to maintain our financial discipline and prioritize margins to drive strong cash flow, which will support ongoing return of capital and further strengthen the balance sheet. With that, I will now turn the call over to Andrea.