Kinross Gold Corporation

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to Kinross Gold fourth quarter and year-end 2025 results conference call and webcast. All lines have been placed on mute 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 start followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to David Shaver, Senior Vice President. Please go ahead.

Thank you, and good morning. With us today, we have Paul Rowlinson, CEO, and from the Kinross Senior Leadership Team, Andrea Friborough, 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 date of February 18th, 2026, the MD&A for the period ended December 31st, 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 provide an overview of our fourth quarter and full year results, highlight our operations and projects, and discuss our outlook for the business going forward, and review our achievements in sustainability. I will then hand the call over to the team to provide more detail. Looking back, 2025 was another strong year for our business, underpinned by consistent operational and financial performance. We produced just over 2 million ounces and achieved our cost guidance, demonstrating a rigorous focus on cost control. As a result, our margins increased by 66% compared to a 43% increase in the gold price. This margin expansion resulted in record-free cash flow generation for our business. with $769 million generated in Q4 and $2.5 billion for the full year. This free cash flow strengthened our balance sheet and allowed us to return significant capital in 2025. In addition to returning approximately $1.5 billion of capital to debt and equity holders, we also ended the year with approximately $1 billion of net cash. With respect to operations, Tassius and Perica 2 continued to anchor the portfolio in 2025. Together, they accounted for approximately 1.1 million ounces for the full year, or more than half of our production, at strong margins. At Perica 2, full year production of over 600,000 ounces exceeded the midpoint of guidance, with production exceeding 500,000 ounces for the eighth consecutive year. At Cassius, full year production also exceeded the midpoint of guidance, and the mine was once again our highest margin operation in the portfolio. At La Coypa, we delivered on full year production guidance and saw strong performance in the fourth quarter. In the U.S., our assets delivered another solid year of operations with full year guidance achieved. Turning now to our projects, In 2025, we continue to make excellent progress across our attractive pipeline. In mid-January, we announced that we are proceeding with construction of three high-quality organic growth projects, which will extend mine life and benefit the long-term costs of our U.S. portfolio. Each of these projects demonstrate compelling economics at a range of gold prices and represent a strong case to invest capital to grow the overall value of the business. We also saw notable progress across our broader resource space with resource additions at several assets, enhancing our strong resource optionality and long-term production outlook. We also continue to advance our two world-class development projects, Great Bear and Lobo Marte. At Great Bear, surface construction for the AEX is well advanced, and we look forward to starting construction of the exploration decline later this year. I'm very pleased to report that we were just designated under the Ontario 1P1P process, which Jeff will elaborate more on. For the main project, detailed engineering and permitting continues to advance as we work with the Ontario and federal authorities, including the Impact Assessment Agency of Canada. The third and final phase of the impact statement submission remains on schedule to be filed at the end of this quarter. At Lobo Marte, we are progressing baseline studies and plan to submit an EIA by Q2, and we look forward to providing a project update later this year. With respect to our outlook, we are reaffirming our stable multi-year production profile. Production of 2 million ounces for 26 and 27 remains consistent with our previous guidance, and we are introducing a new year of production of 2 million ounces for 2028, at which time our new higher-grade U.S. projects are expected to come online coinciding with higher-grade mining at Tassius. Together, we expect this will provide an organic offset to cost inflation through great enhancement within the mine plan. Looking further ahead, we expect production to remain around the 2 million ounce level through the end of the decade, supported by the higher grade mining at Tassius, the US projects, open pit extensions at La Coypa, and the startup of Great Bear. As with everyone in the industry, costs are expected to increase compared to 2025 primarily on higher royalties and inflation. However, I want to stress that we are holding the line on what we can control through continued cost discipline. With respect to future capital allocation plans, we will continue to remain disciplined to ensure that we are investing in our operations to maintain a reliable low-risk business, growing net asset value through continued pipeline development, and strengthening our balance sheet while also returning meaningful capital to shareholders. The outlook for our business remains very robust, and Andrea will speak more on our plans to return capital to shareholders later. Turning to sustainability, in 2025, we continue to advance several priorities across this important area. In Q2, we will publish our annual sustainability report, which will provide a detailed review on our sustainability performance and initiatives throughout 2025. Some highlights from the past year include under the heading of environment, we completed an energy efficiency program delivering an estimated 1.5% reduction in greenhouse gas emissions through the implementation of more than 30 projects across our sites. Under the heading of social in Mauritania, we donated medical supplies through our longstanding partnership with Project Cure and Mauritania's Ministry of Health. To date, the program has supported more than 70 health clinics. And under the heading of governance, we were once again named the top scoring mining company in the Global Mail's annual corporate governance ranking, including maintaining placement in the top 15% of companies overall. With that, I will now turn the call over to Andrea.