Total Revenue

+21% YoY (from $4,402 million to $5,317 million) " "

**The increase in total revenue is largely driven by stronger core performance—primarily robust gold sales—and favorable market pricing, while the strategic divestiture of non‐core assets helped streamline the revenue mix. This reinforces the focus on core operations for future periods. " " **

Gold Sales

+26% YoY (from $3,623 million to $4,582 million) " " "

**Gold sales saw a substantial increase mainly due to higher average realized gold prices, similar to trends seen in previous quarters where price improvements offset lower ounce volumes, indicating continued strength in core asset performance and positive market conditions. " " " **

Held for Sale – CC&V

Dropped from $78 million to $0 "

**The revenue from CC&V was eliminated as a result of its completed divestiture in Q1 2025, consistent with the portfolio optimization program that targeted non-core assets to better focus on the Tier 1 portfolio. " **

Held for Sale – Musselwhite

Dropped from $132 million to $0 "

**The Musselwhite segment was sold to Orla Mining, which resulted in its removal from the revenue mix. This divestiture underscores the company’s strategy to exit non-core operations and concentrate on high-performing segments. " **

Held for Sale – Porcupine

Decreased from $206 million to $32 million "

**The marked reduction in Porcupine’s revenue is attributable to the divestiture transaction finalized in early Q2025, which drastically reduced its revenue contribution as part of the ongoing portfolio optimization. " **

Held for Sale – Élénore

Dropped from $147 million to $0 "

**The complete removal of Élénore revenue reflects its sale under the company’s strategic divestment program, indicating a decisive move away from non-core asset exposure to enhance focus on core, high-performance areas. " **

Key Geographic Contributions

N/A (Peñasquito: $815M, Nevada Gold Mines: $783M, Ahafo: $657M) " "

**Strong contributions from Peñasquito, Nevada Gold Mines, and Ahafo highlight the robust performance of core geographic operations, which helped drive overall revenue growth even as non-core segments were divested, positioning the company well for sustained performance. " " **

Gold Production

FY 2025

no prior guidance (no numeric value provided in Q1) N/A

Produced 1,500,000 ounces in Q2 2025 "

no prior guidance

Copper Production

FY 2025

no specific guidance beyond weighting at Cadia "

Produced 36,000 tonnes in Q2 2025 "

no prior guidance

Gold All-In Sustaining Costs

FY 2025

$1,651 per ounce "

$1,593 per ounce "

lowered

Free Cash Flow

FY 2025

Continued generation expected (qualitative guidance) "

$1.7 billion " "

no prior guidance

Capital Allocation

FY 2025

no prior guidance N/A

Committed to FY 2025 guidance with a strong balance sheet, funding projects and returning capital " "

no prior guidance

Shareholder Returns

FY 2025

no prior guidance N/A

$0.25 per share dividend and $2.8 billion in share repurchases YTD with an additional $3 billion repurchase program "

no prior guidance

Sustaining Capital Expenditures

FY 2025

Expected to increase in Q2 relative to Q1 " "

Expected to increase in the second half of 2025 compared to the first half "

no change

Debt Management

FY 2025

no prior guidance N/A

Outstanding principal balance of $7.4 billion as of June 30, 2025 "

no prior guidance

Capital Allocation and Shareholder Returns

Previous periods consistently emphasized disciplined capital allocation, debt reduction, and shareholder returns. Q1 2025 highlighted significant share repurchases and debt reduction. " " " Q4 2024 focused on predictable dividends and share repurchase programs. " " " Q3 2024 underscored returning capital through repurchases and dividends. " "

Q2 2025 reinforced the strategy with a strong internal focus on buying back stock, debt retirement, and an approved additional $3 billion repurchase program. " " " "

Consistent focus on returning capital and strengthening the balance sheet, with an enhanced commitment in Q2 2025 reflected by a broader repurchase program and continued debt reduction.

Production Performance and Guidance

Earlier periods consistently reported steady production levels and detailed guidance. Q1 2025 and Q3 2024 provided comprehensive guidance on gold, copper, and other metals. " " " Q4 2024 elaborated on exceeding guidance targets and maintaining annual averages. "

Q2 2025 reported strong operational results with solid production performance, while noting site‐specific adjustments (e.g. Cadia and Penasquito) and cautious second‐half expectations. " " "

Steady production remains a theme, yet there is more nuanced caution in Q2 2025 due to transitional issues at some sites. The company continues to meet full-year targets amid operational adjustments.

Operational Efficiency and Cost Discipline

Consistent across periods, Q1 2025 stressed safety, productivity, and cost discipline. " " Q4 2024 focused on improving cost structures and normalizing sustaining capital spend. " " Q3 2024 detailed synergies and cost management efforts from integration. " "

In Q2 2025, emphasis was placed on cost discipline, productivity enhancements, and operating efficiently, with costs tracking to guidance. " " "

There is a continuous emphasis on operational efficiency and cost management, with evolving measures to improve productivity and better control costs.

Sustaining Capital Expenditure Pressures

Previously, Q1 2025 noted a lighter first-quarter spend with expectations to ramp up. " " Q4 2024 and Q3 2024 reported elevated sustaining capital levels (around $1.8 billion) and significant reinvestments, especially at Cadia. " " " "

In Q2 2025, sustaining capital expenditures are highlighted as being 57% weighted to the second half, with targeted investments at key sites such as Cadia and Tanami. " "

Persistent high pressures remain, but the timing is becoming more strategically phased. The focus has shifted to precise scheduling of expenditures to balance cost with production needs.

Cost Pressures: Inflation, Tariffs, and Input Costs

Earlier calls provided detailed breakdowns: Q1 2025 outlined impacts on labor, consumables, and tariffs " " ; Q3 2024 discussed rising contracted labor costs and sustained input pressures " " " ; Q4 2024 mentioned elevated costs and normalization efforts. " "

In Q2 2025, management noted that cost expectations—including fuel, energy, materials and higher taxes/royalties—are largely in line with prior assumptions, despite an elevated gold price environment. "

Ongoing cost pressures remain a feature. While detailed breakdowns were prominent in earlier periods, Q2 2025 reflects a stabilization in assumptions with a modest shift toward managing higher taxes and royalties.

Operational Risks and Production Challenges

Previous periods saw a mix of progress and setbacks. Q1 2025 emphasized safety culture improvements and stable performance. " " " Q3 2024 noted a tragic fatality and significant safety incidents along with production challenges at key sites. " " Q4 2024 discussed integration issues and production stabilization efforts. " "

Q2 2025 detailed specific safety incidents (e.g. fall of ground at Red Chris) and production adjustments at sites like Cadia and Penasquito. " "

There is persistent focus on safety and managing production risks. Although operational improvements continue, Q2 2025 shows more immediate incident reporting and challenges, indicating an ongoing need for risk mitigation and process refinement.

Growth Projects and Expansion Initiatives

Recurring updates: Q1 2025 highlighted progress in Ahafo North, Tanami expansion, Red Chris, and Cadia developments. " " Q3 2024 and Q4 2024 provided detailed project milestones including panel cave developments and feasibility studies for projects like Red Chris and Yanacocha. " " " " "

Q2 2025 confirmed progress on Tanami Expansion 2, Ahafo North nearing first gold, continued Cadia development, and advancement of a feasibility study for Red Chris. " " "

The commitment to growth remains robust, with current updates showing refined execution and risk management. The project pipeline is actively advancing while maintaining disciplined capital allocation.

Autonomous Technology Adoption

Earlier periods had little or indirect reference: Q4 2024 mentioned Cadia’s role in block caving and automation " , while Q1 and Q3 2024 did not address autonomous tech.

Q2 2025 introduced explicit adoption at Boddington, noting an autonomous haul fleet that has delivered a 10% uplift in productivity. "

This is a new emerging focus. Autonomous technology adoption has clearly shifted from peripheral or indirect mentions to a highlighted initiative with demonstrated productivity benefits.

Limited Long-Term Guidance Visibility

Previously, Q4 2024 and Q3 2024 addressed limited long-term guidance with plans to focus on 2025 and build for 2026. " " " " Q1 2025 did not emphasize this topic as strongly.

Q2 2025 does not specifically mention long-term guidance visibility.

The visibility concern is de-emphasized in Q2 2025, suggesting a shift away from articulating long‐term forecasts as management focuses on near-term stabilization and portfolio understanding.

Dependence on Elevated Gold Prices

Previously, Q1 2025 stressed that operations would perform irrespective of high gold prices. " Q4 2024 highlighted robust free cash flow and dividends despite high prices. " " Q3 2024 discussed the correlation between production costs and gold prices. "

Q2 2025 noted that while elevated gold prices are beneficial, they come with higher taxes and royalties, adding cost pressures. "

The theme remains steady but the sentiment in Q2 2025 is slightly more cautious—instead of solely celebrating high prices, the focus has shifted to managing the upside and downside impacts such as higher costs.

Strategic Divestment and Balance Sheet Flexibility

Throughout earlier periods, strategic divestment was a key focus: Q1 2025 detailed completion of divestments and strengthened balance sheet metrics. " " " " Q4 2024 and Q3 2024 reported robust divestment transactions, debt reduction, and share repurchase programs. " " " " " "

Q2 2025 continues this trend with active debt reduction, a strong cash balance, and an expanded share repurchase program. " " " "

There is a consistent and disciplined focus on portfolio rationalization and financial flexibility. The strategy remains critical to supporting long-term value creation, with steady execution evident across all periods.