Barrick Mining (TSX:ABX) Q1 2026 Earnings Call

0:00 Welcome everyone to Barrick's First Quarter twenty twenty six Results Presentation. At this time, all participants are in listen only mode. As a reminder, this event is being recorded and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead. Thank you, and good morning, everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Barrick's President and CEO and Helen Cai, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q and A. Before we begin, please note that we will be making forward looking statements.

0:49 This slide includes a summary of the significant risks and factors that could affect Barrick's future performance and our ability to deliver on these forward looking statements. This material is also available on our website. I will now hand it over to Mark. Thanks, Cleve, and thank you all for joining us. We had a strong Q1 with excellent operating and financial results. Before I go into detail, I want to review the priorities for 2026 that we set at the start of the year. These are our priorities for achieving safe, consistent, reliable delivery across our portfolio. The first is obviously safety. Our safety performance has not been where it needs to be, and we're taking action to improve it. The second is operational delivery. We are on track to meet our production and cost balance.

1:38 The third is growth. We are advancing our key organic opportunities, including PV, Lamaana and Fourmile. And the fourth is the IPO of North American gold assets, which we believe will unlock significant value for our shareholders. In Q1, we made steady progress in all four of these areas. It was the second quarter in a row of improved delivery across the board. Most importantly, we improved safety. We performed well operationally, and we delivered gold production above guidance. Production increased 4% year over year. We also came in below guidance on our costs. Strong execution in the quarter allowed us to capture more of the higher gold price and deliver strong financial results.

2:24 Attributable EBITDA doubled year over year at a much higher margin. Free cash flow increased 320% year over year to 1,600,000,000, and we ended the quarter with AUD 2,400,000,000 of net cash. We advanced our growth projects. Our 100% owned four mile project continued to progress. The Moorama expansion advanced slightly ahead of schedule, and we are reviewing Record Dick as previously disclosed. Finally, we moved forward on the planned North American IPO, which are on track to complete by the end of this year. Our North American assets have their own dedicated leadership team, which has been working together successfully. Okay. I'd like now to spend some time reviewing our work on safety.

3:10 We believe our safety performance and operational performance are linked. Businesses perform better overall when they manage risk, have leaders in the field, and follow critical controls. Historically, Barrick focused on total recordable injuries. The company led the industry on that one metric, yet it did not adequately address the risks that can lead to serious injuries and fatalities. In q four of last year, we shifted our focus to identifying and eliminating the risks behind serious and fatal events. In q one, we saw this change begin to work. There was a meaningful reduction in significant and high severity injuries. Sixty three percent of all injuries during the quarter were classified as minor. Our reported lost time injuries also declined. Our lay our leaders all the way up to our executive committee are spending more time in the field. They are focusing more on leading indicators, particularly critical control verifications.

4:07 To be clear, though, we are still not where we need to be and had too many near misses during the quarter. We still have work to do, but we are making steady progress to fulfill our commitment to zero harm. It is now embedded in leadership behavior, operating routines and decision making at every level. Turning now to our Q1 highlights. So Barrick produced 719,000 ounces of gold in the quarter, above guidance and an increase of 4% from a year ago. There were three drivers, a 10% year on year increase in production in North America, along with strong performance of both Veladero and Lululemon Cotter. On the copper side, we produced 49,000 tonnes, in line with the plan. We managed costs with discipline.

4:54 Our gold cost per ounce came in better than planned, reflecting solid cost control and efficiencies across both mining and process. Copper production increased 11% year over year. C1 cash costs were lower than our plan. The combination of volume, cost discipline and favorable realized pricing drove substantial increase in earnings and cash flow, which has meant that today we announced a quarterly dividend of 17.5¢ per share and a $3,000,000,000 share buyback. In Q1, we had strong performance across all our regions. North America continued to anchor our world class portfolio. MGM and PV both registered year over year growth.

5:40 Together, they accounted for 57% of our attributable EBITDA at a margin of nearly 70%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 65%. Copper is performing well and it is important part of the growth driver for Barrick. Our portfolio provides near term cash flow and longer term organic growth. So, as I mentioned, MGM is on track and performing well. It was a core contributor to our operational and financial performance. The productivity improvements we highlighted last quarter continued through Q1. Carle And Cortez and Turquoise Ridge Underground Mines delivered their highest tonnages since the joint venture was formed.

6:28 We are now on track to achieve record underground tonnes mined for this year. That is an important leading indicator that speaks to both mine productivity and the reliability of execution underground. Our processing plants performed equally well. The Carlisle and roasters achieved their highest Q1 production since 2022. The Sage autoclave achieved its highest quarterly throughput since 2021. And we achieved these increases in both volume and productivity while continuing to improve safety. As I said, they work together. I also want to highlight that we remain in regular and constructive dialogue with Newmont, our MGM JV partner, about MGM performance, the timeline of the amended of Fourmile and the IPO.

7:17 Blue Loop and Cotter also had an excellent quarter. The ramp up progressed ahead of schedule. Both mining and processing outperformed the restart plant, which speaks to the strengths of both the asset and our execution. We are prioritizing the higher grade underground ore that will contribute more in the near term. At the same time, we are preserving future optionality in the open pits. The team reported zero safety and class one environmental incidents during the quarter. Financially, Lulu Concetta made an earlier than expected contribution to Barrick's quarterly attributable EBITDA, already a meaningful result at this stage of the ramp up. Turning to our organic growth pipeline. Lamaana is our copper growth project in Zambia. Once complete, the mill expansion will increase throughput from 27,000,000 to 52,000,000 tonnes per year, increasing copper production by 100% from 117,000 to two and forty thousand tonnes annually.

8:13 The project is on track to come in towards the lower end of the 2026 capital guidance and on track for the original budget of $2,000,000,000 During the quarter, the initial lift of the mill building was completed, mill shells were delivered, and the first shipments of structural steel were on their way to site. We expect to produce our first copper from the expansion by Q1 twenty twenty eight. Our four mile project in Nevada continued to demonstrate its potential to become a Tier one gold asset. Drilling activity continued throughout the winter. We plan to expand drilling through 2026 and to complete the PFS studies by 2028. You can see the quality of the interception grade outside of the existing resource on the slide.

9:01 Finally, we are on track to complete the proposed IPO of our North American gold assets by the end of twenty twenty six. As I said, the region has a dedicated team and has been working together very well for several months. They've been focused completely on North America without the competing priorities that came from running broader multinational portfolio. We believe that the focus should translate to further improvements in performance. We will continue to update the market on the IPO as we make further progress. So I would now like to introduce Helen Kai, our CFO, who will review our financial performance. Helen, over to you. Thank you, Mark, and good morning, everyone. At a high level, this was a quarter in which strong production, disciplined cost performance and a supportive gold price environment combined to deliver outstanding financial results.

9:58 We saw substantial growth in earnings, significant margin expansion and robust free cash flow generation, while also strengthening an already solid balance sheet. What is important is that these results were not driven by price alone. The higher gold price clearly helped, but it amplified improvements already occurring in the business, better operating performance, cost discipline, portfolio optimization and stronger capital efficiency. This is what gives these results real quality and durability. Turning to the numbers. Gold production from continuing operations increased 4% year over year.

10:45 Combined with the 66% increase in our realized gold price, that drove the very strong financial performance Mark already touched on. Adjusted net earnings rose 173% year on year and attributable EBITDA increased 103%. Attributable free cash flow, which is the measure we use as the basis for our dividend policy, increased 195% year over year to $1,200,000,000 in the quarter. These very strong results reflect both the operational progress in the business and the leverage our portfolio has to higher commodity prices when we execute well. We closed Q1 with $2,400,000,000 of net cash on the balance sheet, giving us flexibility to continue investing in our highest return opportunities.

11:41 Taken together, I would describe the quarter as one of strong earnings quality with strong cash conversion. Capital allocation is a major priority, particularly in an environment where the business is generating significant free cash flow. We have a clear framework for deploying capital to sustain and grow our business and provide returns to shareholders, all while ensuring our balance sheet remains strong and flexible. This framework is designed to be sustainable through the cycle. Our first priority is balance sheet strength. With $2,400,000,000 of net cash and an undrawn $3,000,000,000 revolving credit facility and no meaningful debt due until 2033, we are already in a favorable position.

12:38 Our second priority is earnings accretive growth, which includes sustaining and growth capital. Luwana and Fourmile are two clear examples where we are deploying capital into organic opportunities that we believe will generate superior returns. More broadly, we intend to identify similarly earnings accretive opportunities in the future to strengthen our growth profile while remaining disciplined in how and when we deploy capital. This is not only about growth for its own sake. It is about creating value over time. Our third priority is returning cash to shareholders.

13:24 Our new dividend policy implemented last quarter provides for a quarterly base dividend of 17.5¢ per share, topped up at year end to target a total payout of 50% of attributable free cash flow. This quarter, following solid execution, strong free cash flow and the value in Barrick stock, the Board also approved a $3,000,000,000 share buyback authorization that further amplifies our total return to shareholders. Since 2021, Barrick has returned $7,900,000,000 to shareholders, including $697,000,000 in Q1 twenty twenty six and $2,400,000,000 in 2025.

14:11 Our capital allocation framework is disciplined, flexible and designed to work throughout the cycle. It supports reinvestment in the business, advances growth, protects the balance sheet and creates a clear pathway for returning excess cash to shareholders. With that, I will turn the call back over to Mark. Thank you, Helen. Our 2026 production and cost guidance remain unchanged. For the second quarter, we expect gold production to be in the range of 730 to 770,000 ounces, which is above Q1 and consistent with our plan. We also expect higher production in the third and fourth quarters, which is typical for our business.

14:56 For copper, we expect higher production in the second half of the year than the first half. We will continue to focus on controlling costs, capital intensity and productivity. Based on what we see today, we remain confident in our ability to deliver our full year commitments. So to conclude, I want to reinforce our four priorities, all of which we have made steady progress on in q one. We improved safety, although we do realise we still have a lot of work to do. We improved operational consistency and cost discipline and delivered on guidance for Q1. We advanced PV, Lumwana and Fourmile on schedule and on budget. We advanced our North American IPO on schedule, and we are on track to execute successfully against all of these four priorities by year end.

15:51 So Barrick historically has been criticized for not delivering on its commitments. So I just wanna highlight that this is the second quarter that we have delivered on all of our commitments to our shareholders. Our portfolio is performing with increased resilience, our strategic projects are advancing, our balance sheet is strong, and we are on track to achieve our 2026 guidance. I'll now hand back to the moderator for Q and A. Thank you. For the Q and A session, we'll use the raise hand feature in Zoom. If you'd like to ask a question, click on the raise hand button at the bottom of your screen. Once prompted, please unmute yourself and go ahead. We'll now pause for a moment to assemble the queue. Our first question comes from Tanya Jakusconek at Scotiabank. Your line is open. Please unmute and ask your question.

16:50 Tanya, your line is open. Please unmute and ask your question. We will move on to the next question. Tanya, please reraise your hand if you would like to. Our next question comes from Daniel Major at UBS. Your line is open. Please unmute and ask your question. Hi, can you hear me okay? Yes, we can hear you. Hello, can you hear me? Great. Hi, Mark. Hi, Helen. Yeah, few questions. Yes, the first one, just on Rekadik. You've pulled the guidance for the full year down to the lower end of the range in terms of CapEx.

17:37 How should we be thinking about the kind of run rate of quarterly CapEx going through the balance of the year is the first part of the question. The second is, what is the estimated holding cost of the project on an annualized or a quarterly basis at care and maintenance? And I guess the third part is what would you need to see to conclude that this is a project that you feel comfortable committing the remaining CapEx to build the project? Okay, thanks, Daniel. So on Rec O'Dick, the budget as I say stays intact. We will be finishing some of those works that we'd already started. So those contracts will continue on whilst we do this twelve month review.

18:23 So the the year's budget will still come in on that range. Look, the run rate when we, are doing this review on top is about $20,000,000 a month, and that's probably a bit of a rough number at this stage, but we're still refining that. But you can assume it's around that number. And a good question, what do we need to see? So what we did is when we went into this review, was some things that we had to address right now. We're having issues with the contractors on-site, and we've had several force majeure notices. So the first thing is we have to understand the contracting strategy and how we're gonna make this successful. There's obviously we can't continue on that, and that was due to some security concerns and what's going on in the region as well. So we're working on how we'll rectify that with the Pakistan government, and our chairman was just there actually yesterday and making progress on those discussions.

19:24 And then, obviously, the other thing is I just wanna rerun the capital and see, where we are with that and if there's been any large shifts in the capital. And once we get the answer to all that, I can make an informed decision. I know I've been criticized for being overly cautious, but I think on a project like this, it's important for all the shareholders, including the ones in Pakistan, that we actually understand where we are so that we can be successful going forward. Does that answer everything you wanted, Danny? Okay. Yeah, I think so. So just to clarify that, if there's a situation beyond this year that you cannot commit to continuing it would be about $20,000,000 a month just to hold it on care and maintenance. Is that correct? Yes that's approximately what the number would be yes. After we get through these contracts we're winding up.

20:16 Yeah, okay. And then my second question, maybe one for Helen, on the balance sheet and the distribution policy. So nice to see you've added the buyback in, but a couple of elements to it. I'm assuming your 50% commitment to the dividend is independent of if you do buybacks or not, or is that 50% a cash return commitment? That's the first part. And then the second part, you've got $2,400,000,000 of cash on the balance sheet. What is the level at which you would be willing to commit 100% of free cash flow in capital returns? And what is the disadvantage of setting a net cash target? Thank you, Dan.

21:02 On your first question, the 50% attributable free cash flow policy was just introduced in 4Q last year, and we maintain that policy that means at year end we will use attributable operating cash flow minus attributable CapEx to derive the attributable free cash flow and then 50% of that will be used for top up dividend in the first quarter. So that will not affect or be impacted by any of the buyback program that we just announced today. Is that clear on that before I move to your second question? Yeah, that's clear. Thank you. Okay. So your second question is about setting up a target on the balance sheet. We had a balance sheet based target before, and we moved to the free cash flow based policy last quarter. So right now we are taking just a flexible stance given the strong cash flow and strong balance sheet. We announced this 3,000,000,000 and we will see the market window whenever appropriate we will execute on our buyback program.

22:16 Is that okay? You. Yeah, maybe just so I mean in terms of the 3,000,000,000, should we look at that as something that all else equal you would is it an option or is it kind of something we would expect you to be buying back stock, you know, through the year if we're in the same kind of range as we are today? I think that is that decision is based on our strong balance sheet and the cash flow generation as well as the value we see in Barrick shares. So we are, you know, launching this program to carry it on throughout the year. Okay. Thank you. Thank you. For our next question, we will return to Tanya Jakusconek from Scotiabank. Your line is open.

23:06 Please unmute and ask your question. Tanya, your line is open. Please unmute and ask your question. All right. For now, we will move forward. Our next question Sorry, can I just stop recognizing those sites? Tanya, if you want to flick your questions, I don't know why we can't hear you, but if you want to flick us the questions on email and I will answer them at the end. Thank you. Our next question comes from Josh Josh, excuse me, Wolfson at RBC. Your line is open. Please unmute and ask your question.

23:54 Yeah, thank you very much, operator. Just going into some of the operating details. First off at NGM, Mark, you sort of talked about a bunch of the factors that caused out performance in the first quarter. I'm wondering what's the ability for the company to extend some of these positive results into second quarter and maybe the second half of the year and maybe embedded within that second quarter guidance, is there any additional information on how MGM fits in there? Thank you. Okay, thanks, Josh. Look, on the MGM performance, so there is a thing I want to highlight because we're discussing this about guidance. So you remember in Q4 when the team said, look, we're going to try and not pull down all the inventory out of all the circuits at the end of the year. So we didn't do that, which actually did give us a boost in Q1 that we didn't expect or we didn't plan for, suppose, is the right way to put it.

24:53 And the increases in performance, Some of them were already built in, I mean Tim and the team have done a good job of realizing those, but it doesn't change the outlook for the year. And I don't know Tim if you wanna make any other comments on that. No, think you covered Mark. It's really that focus on operating discipline and conformance to plan. I do think if you can deliver on that, you do lead to delivering on efficiency improvements as it goes. But as you said, the plan is where it stands for the rest of the year. Josh, are you happy with that? Reasonably happy. I may have some follow-up questions with the team. Let me just say something else. Look, this process where we've given all autonomy back to that region, and we've had a focus on it, and we have had separate management teams.

25:48 I will admit the results have come quicker than I expected. So if we will let get it, let us get through Q2 and just see where we're tracking after that. Looking forward to that. On Lulu, you talked about the underground ramp up going faster than expected. You know, in light of some of the uncertainties in Mali and some of the news on contractor changes, I guess first, you know, should we expect to see improvements in the asset into the second quarter? Then more broadly, I mean, what should our expectations be under this new operating plan for this asset on a steady state basis? Okay, well, I'm going to I'll just give you the high level update. So yes, you're right, it ramped up quicker than expected, and it will reach its full potential by the end of the year as we've planned, so that remains unchanged.

26:43 And then once we get to steady state, then you can expect the 100%, I think 600 plus thousand ounces, whatever it was before we went into the care and maintenance stage. But look, it's progressing well and I'm just going to hand over to Seb. I don't know if you've got some other comments for what Josh said. Yeah, maybe Josh, look on the contractor change, were aware that DTP was planning to exit, but it also tied into our strategy to replace it with a local contractor. So we expect to replace that contract by the end of the year and resume that part of the open pit buying plan. As you say, our undergrounds have ramped up nicely. Our other open pits are performing, so there's no impact to the plan and you will see a step up.

27:32 And I think just on the options that Lulu still remains a strong contributor to the bottom line. It's a strong contributor to our production profile. So, but as we ramp this up, we'll of course, we'll continue to assess the all the full range of the strategic alternatives on this asset. Thanks, Zach. As a reminder, if you would like to ask a question, please click on the raise hand button at the bottom of your screen. Our next question comes from Bennett Moore with JPMorgan. Your line is open. Please unmute and ask your question. Hi, good morning. Can you hear me all right? Yeah, we can hear you Bennett. Thanks. Great. Thanks for taking my questions. And Helen, congrats on the new role.

28:21 I wanted to start with the broader shift in strategy outlined in the recent shareholder letter as it relates to reducing high risk exposure in those jurisdictions and targeted acquisitions. Could you speak a bit to your framework on both? How do you go about determining which assets might be best suited for divestment and vice versa for acquisitions? And for the latter, is there any preference between gold and copper? Ben, I think on the de risking, obviously, we're trying to focus our growth in more stable areas, right, where we have more certainty around the the mining regime and and the ability to operate without a lot of interference. Without going through the actual list of the countries, I mean, obviously, there you can see with what's happened in Africa recently, which countries would obviously not be ideal for investment.

29:14 And then about, I suppose, non core assets is what you meant by the second part of that question, Bennett? Yep. Okay. So noncore assets, I mean, things like core growing, we have a minority stake in it at 24%, and, we obviously spend a considerable amount of management time on it. So something like that would be considered noncore at this stage, and and that's that would from where we are now, that would be where I ended. Alright. Thanks for that. And then, appreciate the sensitivity on diesel. Wondering if you could remind us which operations are most exposed, what inventory buffers look like so we can, I guess, get a better gauge for the cadence of potential impacts moving forward?

30:04 Okay. I can't remember where we're heading with that. But the sensitivity obviously is $12 per ounce for every $10 move in the oil price. As far as supply, and we went through this yesterday as well. So as far as supply goes, we are well covered everywhere. So that the supply is not gonna be an issue. It's just going to be the knock on effect on on the cost per ounce. So I don't we're at no risk of running out of diesels. That's what's the question. Okay. Much appreciated. Best of luck. Thanks, Bennett. Our next question comes from Anita Soni at CIBC World Markets. Your line is open. Please unmute and ask your question. Hi. Can you hear me?

30:50 Yeah. We can hear you, Anita. Thanks. That's good. Not if I can figure out the unmute button, but a couple of questions. So firstly, have you experienced any issues with concentrate shipments coming out of Zambia at this point, like in terms of restrictions or things like that? Not that I'm aware of. Sam, if you can you answer that? No, look, all of our concentrate we smelt locally, so it hasn't been an issue. And I'm not aware of any issues with the product export from there. No, we haven't had problems. Moving to PV, the tonnage there, I think I had only like a fifteen day shutdown, but that tonnage was fairly low for the quarter. Could you just talk about the tonnage, the throughput rate of PV?

31:46 Okay, let me hand it over to Tim. Tim, can you answer it? Yeah, thanks. And I think the important thing of PV is we updated the metallurgical model and and we shared that in the updated technical report. Part of that work, and I I mentioned it last quarter, is we're working with Hatch on how we can further improve this. So in addition to the the outages which happened during the month as as well as some power interruptions which the team experienced, there is also a body of work going on with Hatch and and with our team around how we can further optimize this recovery going forward. So you're really seeing a combination of the power, the outage for the shutdown work and this improvement program work together in that number. But as you can see, the recovery has come up from where it sat a year ago. And I think we have some optimistic programs to try and lift ourselves further from where we're at on that recovery front.

32:44 Yeah, I mean I was encouraged by the recovery rate at 74%, albeit in the numbers have been reduced from what our prior expectations were. With the throughput, the combination of the throughput and the slightly higher grade, I was assuming that part of that could be part of the improved recovery could be attributed to both those factors, right? Longer retention time, given the the lower tonnage. I guess I'm just like are you expecting throughput next quarter to be up from where you are? I mean you're halfway through the quarter at this point so can you let us know how it's going at PB? Yes. Throughput continues to increase over the year. And I mean, think your observation is exactly correct. And it's about understanding that so that we can work out where we need to invest to either debottleneck the throughput or lift the recovery at the throughput rate we run through.

33:35 I think it's a correct observation and we continue to push throughput this quarter and into Q3 as well. And then just a quick question on the could you just give us the key drivers of where you're seeing the production improve quarter over quarter from Q1 to Q2, so we have an idea of which you know and what the driver like which assets and what's what's driving that? Not every asset, but just maybe the movers. Yeah. No. No. So we see obviously improvements across the board as we go into the third and fourth quarter. And Anita, a lot of that is just due to the fact which I'm going to try and change this where we hunt all the maintenance and shutdowns into the first half of the year to try and bolster the fourth quarter, which I'm sure we're not the only ones who do that.

34:27 But as far as other changes maybe down in the weeds a bit, let me just ask each of the COOs to give you an answer. So can we start with you, Seb, if there's obviously Lulu Kankato or Ramp up? Is there anything else Anita should know? No. I think you'll see most of the sites, especially Kibali, we're also you'll you'll start seeing the production improve. There's been a lot of, some maintenance work in this first quarter. I think, but Lula Gounkoto for us really, as you say, is the key one. Okay, Tim. The key for us is that we keep continuing the Goldrush underground expansion. So you'll see Cortez up for the quarter, and that's really the key driver there as we deliver that body of work.

35:16 Okay. And Gay, Borgara has obviously improved. Exactly. So Borgara experienced a challenging first quarter due to some sort of one off events and also planned maintenance, so we should see an uptick for q two. And Veladero should be broadly in mind, so no big change. Yeah. Veladero, Nate, just so we're clear because we did pull some ounces for us as you would have seen into q one. So again, it's just we're just drawing down inventory on the pads that we'll have to pay for that in Q2 at Belladea. Okay. And then my final question. So there was some a press release, I guess, came out April 28, update on the IPO process. I was intrigued by your comment about, commentary about bringing discussions on bringing Fourmile in, into the fold, I guess, and I'm not sure if it said earlier than planned or not, or maybe I was just reading into that and hoping for that. But could you give some color on what exactly, how does Fourmile fit in? What are the nature of the discussions with Newmont at this stage?

36:20 Sure. So look, the relationship with Newmont has, well, completely changed. So one of the things we do offer Newmont is look, come in and have a look at Fourmile early Because eventually it has to come in the joint venture and Newmont will be part of that now. The trigger, as you point out, is not now. It's not till I think the feasibility in 2029 where we have to actually reach agreement. But they're saying no reason to not give them full access to the data, and then we can have a discussion going forward about how we wanna manage it. They're still going through that data, so I really haven't got an update past that. I guess I was wondering, is there any possibility of it coming into the fold earlier than the feasibility study? And you mentioned the PFS is due in or it will be done in 2028. So I'm curious as to whether or not you can come to an agreement to bring it bring it forward.

37:12 Nate, if we can reach an agreement, I mean, we would bring it in for sure. Mean, that's not an easy question to answer because obviously it's for PA level who's comfortable on which parts of it. We'll have that discussion. Like I said, though, it will be an open discussion, and we'll just see if we can bring it in early, we will. And if we can't, we'll leave it as per the current agreement. Okay. I will stop there, and hopefully, Tanya can get on and probably ask a question around the around the audit that Newmont is doing. Thanks. Actually, operator, have Tanya. I've got your actual email. So I'm not sure. Can do you wanna try once more to see if you can actually ask the question? Otherwise, I'll read them out.

38:02 Sure. Tanya Jakusconek, you are allowed to speak now. Please go ahead and unmute yourself. Can you hear me now? Oh, I can hear you now. Thank goodness. I thought you were gonna get a complex in here. Oh my goodness. Okay. Man, I feel like I've you know, what's his name? So, yes, Houston. We make contact here. Okay. Alright. Thank you for trying, And first of all, I do wanna say, Mark, on improving the safety at Nevada Gold Mines. Assuming that majority there. And one of my first questions on Nevada Gold Mines is you've seen that improvement productivity.

38:48 Have you also seen an improvement in the turnover? So that's a good question. The turnover hasn't changed as far as I am. I'm looking at Bessel and Tim, they're nodding. So I think, look, I think the I'm just gonna say, I think the morale and the and the excitement about MGM and where it's going is definitely evident on the ground. I mean, I was there actually with Natasha last week, and we went and did a line out, and everyone seems focused. So I I would hope that that turnover number starts to improve, but no, it hasn't as yet. And can you remind me, was it 12%? Was that 12%? Sorry, Tanya. I have trouble hearing you. So it's I thought it was 12 or is it 12 or 14%, Tanya? 14%. 14%.

39:41 Okay. Okay. Thank you for that. And and just as as again at Nevada at Nevada Gold Mines and I know I need to ask on on bringing new logs in earlier for four mile once it's concluded and and in stock. Is there anything in in you know in your discussions with them? I know that you only have a PDA and you know they might have a feasibility study. Because we need to have reserves I guess for you know US GAAP or, for them to kind of do any calculations, but is there a way that this could be also brought in, you know, over a period of time? Is that an option as well? Actually, Tanya, I'm not sure. Like, I think sorry.

40:28 And I look. I don't wanna speak on behalf of you, my people here, so I need to be a bit careful. But but like I said, I like, they have all the information now, including all the financial model. And if we can bring in it early, I I can't see how that is not a a bench out just to both of us, but I really can't say much more than that, and I certainly can't speak to what they're thinking at this stage. Okay. Thank you for that. And if I could ask on just Mali, I know obviously a lot of country and country issues that are occurring there, and I keep getting asked on the impact to you and your operations, supplies and others. Can you just give us an update on anything, any impacts that are happening to you because of, you know, country country issues versus your own, you know, how you're doing your mine plan.

41:22 Sorry, Tanya. This you're talking just specifically Maori. Yes? Yes. Specifically Maori. Okay. Look. I'll start off, then I'm gonna hand over to Seb. So obviously, we've had a good run as you've seen. So we've been unimpeded in getting this thing up and running, which, was a pleasant surprise. And the roadblocks, all the difficulties that Seb's facing, actually, I'll hand over to Seb and let him speak for himself if there's anything he wants to highlight. Look Tanya, we we haven't had any impact on our operations. Our supply chain's coming through Senegal, so it's doesn't really impact us, the the roadblock sets into Bamako. We've got at least five months of supplies on, you know, our key inventory holdings.

42:11 And most of our contractors are local. So really, and diesels also not be an issue. We've secured about three months of stock with a strong pipeline. So we're operating as normal at the moment and there's been no impact. Okay. And then Mark, if I could just ask my final question, just on the ice field of the North American assets. Can you just review with us the timeline of all of the documentations? First of all, all the documentations that are required, sort of the timeline that you need them all filed and available to the public before so that you can make your year end deadline. So if we don't have it by X, you know, date, then do we slip into 2027?

43:01 So I'm just trying to understand documents that we need, I think, Board of Directors for financials, etcetera, and when can we get this in the market? Okay, Tanya. Look. It I know the high level timeline, but let me hand it over to George, and he can probably give you a bit more granular detail. Thanks, Adrian, how are you? Sorry, so just in terms of answering your question, we need to file with the SEC, we need to file with TSX. So those, you know, I know it's frustrating, but our advisors tell me that I can't say much, but effectively what we're looking at is we'll be public sometime late in the summer, which then allows us to access the market in the fall, which is why we're confident that we can do this by year end, this year.

43:47 So just to be clear, we've been working since the board gave us the approval, at the last board meeting, we've been working on these documents like you said the financials etc. Those have all been done and we're in the process of filing all of that and like I said it will be done by late summer you'll have all the information we'll be able to answer all the questions. And am I correct that you need three year financial, you need to file technical reports on the Batagome mine for a mile in February, Hovyan. Is that correct assumption? That that's correct. So the the team has done like like the perimeter is obviously you know, NGMPV plus four mile and that's what the financials will reflect. We can't look forward to getting those documents.

44:35 Thank you for taking my questions and thank you for your patience. Thanks Tanya, not to hear from you. Our next question comes from Martin Pradiera at Veritas. Your line is open, please unmute and ask your question. Can you hear me? Yeah, we can hear you, Mark. Perfect. Can you explain how the equity pickup in Kivali was $2.00 4,000,000 in Q1? And this is similar to the equity pickup in the whole year 2025. I'm not sure I understand that question. Seb, can you answer that? Sorry. Just repeat it. I I I didn't get it.

45:21 I'm sorry. Yeah, the equity pickup in first Q twenty twenty six for Kivali was $2.00 4,000,000, which is similar to the equity pickup that you had in the full 2025. So what happened? I mean, it's much higher than the same quarter last year. What happened there? Is there any extraordinary thing? No, mean, there's nothing extraordinary. So I think what I would suggest is to send us an email so that we can understand exactly what you're pointing to. Sorry, Bruce, do you want to comment? He's not online. Okay.

46:07 All right. Sorry, Martin. Can we come back to you on that? Yeah. Sure. Hang on. Sorry. Helen's got something bad. Hang on. Just one minute, Martin. Yeah. So this is mainly the reversal of the super profit tax. That is our current answer to you. If there's anything more, we'll follow-up with you offline. The reversal of what? Super profit tax. I can say. Okay. And how big and how big that was? I don't know, Martin. Look. Can we follow-up offline? I think, Anne will get you the call. We're Okay. We're we're not. Maybe it's too detailed. That's fine. Thank you. It's not too detailed. I just don't know the answer.

46:55 Our next question comes from Stephen Green with TD Securities. Your line is open. Please unmute and ask your question. Yeah, good morning everyone. Just a quick follow-up. I guess this one's for Helen regarding the NCIB. Are there any restrictions in buying back shares once IPO process is underway? Hi. Thank you for your question. Yes, there will be blackout period according to all the regulations. Our buyback will be executed only when it is regulatory possible. Okay, great. Thank you.

47:41 Thank you. Our next question comes from Brian MacArthur at Raymond James. Your line is open. Please unmute and ask your question. Brian, your line is open. Please go ahead and unmute and ask your question. It seems we operator, it seems we have the same problem. Again, Brian, you're welcome to email the question, and, we'll answer it. Mark, sorry. Hi, Mark. Can you hear me? I can hear you now, Brian. Yes. Sorry about that, I don't, I'm just having a hard time here too. I'm just following up on one of your earlier questions about non core assets, you mentioned quarter up, but is there anything on the copper side historically with some discussion that over time Salvador might be potentially divested. Can you comment on that at all, please?

48:45 Yeah, so there's no, Brian, yes, there's no process or anything going on at the moment to divest or sell the bono. Thanks very much. Thanks, Brian. That concludes our Q and A session for today. Back to Cleve for any closing remarks. Great, thank you everyone for joining us today. We look forward to speaking with you again on our second quarter results call in August. As always, please get in touch with us if you have any further follow-up questions. Thanks again. Thank you. Cheers.