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2025 production was achieved above the midpoint of guidance, driven by record processing volumes at Puna and exceptional recovery performance at Cripple Creek and Victor (CC&V).
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Generated $252 million in free cash flow for the full year, supporting a strong liquidity position of over $1 billion to fund both growth capital and shareholder returns.
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Reinstated a $300 million share repurchase program based on management’s view that the current share price does not reflect the intrinsic value of the diversified portfolio.
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CC&V was successfully integrated, generating more than $200 million in free cash flow at the mine site in 2025, more than double the initial initial acquisition cost of $100 million.
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It advanced the Hod Maden project through a Technical Report Summary (TRS) confirming its status as a high-grade first quartile copper-gold asset with an IRR of 39%.
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Implemented a sophisticated ‘durable versus non-durable’ mineral blending strategy at Marigold to mitigate historical heap leach compression issues and optimize gold recovery.
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It maintained a conservative reserve price assumption of $1,700 per ounce of gold, prioritizing margin preservation over volume expansion through lower cut-off grades.
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Production guidance for 2026 is 450,000 to 535,000 ounces of gold equivalent. Production at CC&V is expected to be 50% to 55% weighted in the second half of the year, while Seabee production is expected to be approximately 60% weighted in the second half.
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Anticipate a formal decision on construction of Hod Maden following joint venture reviews, with early works on the site currently funded at approximately $15 million per month.
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Planned 2026 capital spending of $150 million includes significant fleet replacements and leach pad expansions at Marigold to support long-term transportation requirements.
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The strategic approach at Puna involves evaluating pit withdrawals and the Cortaderas underground deposit to extend the mine life well beyond the current 2028 projection.
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Expect to launch an updated Marigold TRS within 18 months to integrate the Buffalo Valley and New Millennium deposits into the long-term production profile.
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Çöpler remains on care and maintenance with estimated cash costs of $20 million to $25 million per quarter while regulatory discussions regarding the heap leach facility continue.
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All-inclusive sustaining costs (AISC) for 2025 hit the high end of guidance due to higher-than-anticipated royalty costs tied to elevated gold prices and equity-based compensation.
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Marigold’s 2026 AISC is expected to be the highest in the first half, reflecting a 70% weighting of sustained capital expenditures for fleet and process plant improvements.
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Seabee operations will focus on underground development in the first half of 2026 to improve stope availability, resulting in a strong fourth quarter of production.