Newmont Corporation

Hello and welcome to Newmont's fourth quarter 2025 results and 2026 guidance conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Please go ahead.

Hello, everyone, and thank you for joining NEMON's fourth quarter 2025 results and 2026 guidance conference call. Joining me today are Natasha Paul-Yoon, our President and Chief Executive Officer, Peter Wexler, our Interim Chief Financial Officer and Chief Legal Officer, and Francois Hardy, our Chief Technical Officer. They will all be available today to answer your questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website. With that, I'll turn the call over to Natasha.

Thank you, Neil, and thank you all for joining today's call. At the beginning of this year, I transitioned into my new role as Chief Executive Officer of Newmont, and I want to be clear that the priorities that guided me as Chief Operating Officer and that contributed to Neuron's success in 2025 remain firmly in place. As CEO, I will continue to focus on the following key areas. Firstly, ensuring that safety remains the highest priority across the organization, embedding efficiency, including cost and capital discipline into everything that we do, demonstrating that we are the best owners and operators of our assets by driving continuous improvement and greater operational consistency developing the highest return projects in our portfolio, ensuring our business has the runway to operate for decades to come, and enhancing shareholder returns by improving our per share metrics and returning capital to shareholders in a predictable manner, which we believe will support stronger price performance over time. Together, these priorities position us to strengthen our business, enhance returns, and building during value for all of our stakeholders. Turning now to our results. The fourth quarter of 2025 marked a strong finish to a year of continued progress at Nearmont. We achieved our full year guidance, improved our operational performance, and strengthened our financial position, reflecting disciplined execution across the business. Our consistent focus on operational delivery combined with a deliberate and patient approach to balance sheet management, has positioned us to continue returning capital to shareholders while improving our financial resilience. Building on that momentum, today we are introducing an enhanced capital allocation framework structured to be sustainable through the cycle. At its core, it's a dividend designed to grow on a per share basis, supporting by ongoing share repurchases that permanently reduce our overall share count. As a first step, we have increased our quarterly common dividend by 4% with predictable future growth potential. With that in mind, on today's call, we will review our full year 2025 results and then walk through Newmont's 2026 guidance and the enhanced capital allocation framework. But first, I want to take a moment to acknowledge the tragic loss of one of our team members, Matthew Middlebrook, following a fatal incident at our Tanami operation earlier this month. Our thoughts and deepest sympathies go out to his family, friends and colleagues, and we are focused on supporting them however we can during this very difficult time. An investigation into the circumstances that lead to the incident is underway, And we are committed to fully understanding what happened and taking the next reactions to strengthen the systems and controls we have in place to ensure that everyone who walks through our gates go home safely every day. Turning now to our operational performance in 2025, we successfully achieved our production and cost guidance for the year. We produced 5.7 million ounces of gold from our core portfolio. as well as 28 million ounces of silver and 135,000 tons of copper. We benefited from the cost savings and productivity initiatives implemented last year, which helped us mitigate pressures associated with a higher gold price environment and supported further margin expansion. In addition to achieving our absolute and unit cost guidance for 2025, we were able to meaningfully improve our G&I guidance for 2026 by $100 million, which equates to a 21% improvement. This operational and cost discipline contributed to record earnings and free cash flow on both the quarterly and annual basis, generating $2.8 billion in free cash flow in the fourth quarter and $7.3 billion for the full year. We also generated $4.5 billion in proceeds to date from the successful completion of our non-core divestiture programs And notably, we returned $3.4 billion to shareholders through dividends and share repurchases. Finally, at the end of 2025, we achieved commercial production at a half on north, bringing over 300,000 ounces of gold production into the portfolio this year. Over the last few years, Newmont has been on a transformational journey, aimed at curating a world-class portfolio of operations complementary gold and copper growth opportunities. In 2024, that transformation accelerated as we integrated new assets, began divesting non-core operations, and improved our understanding of the potential of our portfolio. And in 2025, this focus shifted to stabilization and optimization with a deliberate emphasis on cost control, productivity improvements, project execution, and expanded exploration activities. At the beginning of last year, we indicated that Newmont would benefit from a more stable production profile, and that is exactly what we delivered, demonstrating both the strength of our underlying portfolio and the capability of our people. And as I'll discuss in a moment, we continue to advance value-accretive growth options, including the initiation of a mine life extension program at Ligue 1 and the expected completion of Newmont's feasibility study for the Red Cross block guides in the second half of the year. Understanding this portfolio is the industry's strongest reserve and resource base, providing long-term visibility and confidence. And with this, I will turn it over to Franschois to review our 2025 reserves and recent exploration success.