Mohammed Sadidi

Mohammed Sadidi asked about the expected throughput levels for Greenstone in 2026 and the medium term, specifically whether the company aims for 27,000 tons per day or closer to 30,000 tons per day. He also inquired about the quarter-over-quarter production cadence for Valentine in 2026, asking if it would be H2 weighted.

Answer

CEO Darren Hall stated that Greenstone's 2026 guidance of 250,000-300,000 ounces implies an average of 25,000-26,000 tons per day, with a focus on reducing downtime and improving reliability, aiming for 30,000 tons per day in 2027. For Valentine, he confirmed that 2026 production would be H2 weighted due to ongoing ramp-up, with Q4 2025 at 90% of nameplate, January at 70% due to winter, and February at 110%.

Mohammed Sadidi inquired about the quarter-over-quarter production cadence for Valentine in 2026, asking if production would be weighted towards the second half of the year.

Answer

CEO Darren Hall confirmed that Valentine's production would be H2 weighted for its 150,000-200,000 ounce guidance. He noted that while Q4 2025 saw 90% throughput, January experienced a dip to 70% due to winter conditions, but February rebounded to 110%. Hall expects continuous quarter-on-quarter improvements in plant reliability, leading to higher tons and grades.