Total Revenue

Increased from $3,957 million to $5,652 million (42.9% YoY)

The increase in total revenue reflects improved operating performance and stronger sales, likely driven by higher metal prices and increased production compared to the previous period, which had lower revenue benchmarks. " "

Operating Income

Swung from a loss of $3,102 million to $2,054 million

A dramatic operational turnaround is evident, suggesting better cost management, higher consolidated sales, and possibly synergies from operational improvements that were absent or weaker in Q4 2023. " "

Net Income

Went from a net loss of $3,131 million to a net profit of $1,403 million

Improved operational efficiencies and cost containment have resulted in a significant bottom‐line recovery, reversing the losses seen in Q4 2023. " "

Basic EPS

Rose from -$3.81 to $1.24

The turnaround in earnings per share mirrors the overall profitability recovery, underlined by the improvements in operating income and net income, and reflects the successful execution of initiatives that reversed previous financial challenges. " "

Gold Sales

Accounted for $4,837 million, making up approximately 85.6% of total revenue

The dominance of gold sales, driven by higher realized prices and increased production volumes compared to Q4 2023, underscores its key role in revenue growth and marks a significant improvement in this business segment. "

Gold Production

FY 2025

5.6 million ounces "

5.6 million ounces "

no change

Sustaining Capital

FY 2025

$1.8 billion "

$1.8 billion "

no change

All-in Sustaining Cost (AISC)

FY 2025

no prior guidance

$1,620 per ounce "

no prior guidance

Development Capital Spend

FY 2025

no prior guidance

$1.3 billion "

no prior guidance

Production Weighting

FY 2025

no prior guidance

52% "

no prior guidance

First Quarter Production

FY 2025

no prior guidance

23% "

no prior guidance

Free Cash Flow

FY 2025

no prior guidance

sequentially higher free cash flow each quarter "

no prior guidance

Cadia

Mentioned consistently from Q1 to Q3 with discussions on transitioning from older panel caves, a temporary production decline, and early ramp‐up initiatives (e.g., caving work at Panel Cave 2-3 and Panel Cave 1-2, lower grades during transition). " " "

Q4 emphasized a major transition by establishing new panel caves (PC2-3 and PC1-2), delivering over 1 million tonnes of ore and outlining long-term potential (over 5 million ounces gold, 1 million tonnes copper). " "

Improved long-term outlook – shifting from short-term production declines to significant ramp-up and stabilization with strong infrastructure investments.

Capital Allocation

Consistently covered from Q1 to Q3 with a focus on maintaining an investment-grade balance sheet, disciplined cash management, approved share buyback programs, and steady dividend policies. " " "

Q4 reaffirmed a strong balance sheet with record free cash flow, substantial cash liquidity (over $3.6B), and continued emphasis on share repurchases and dividends as part of a balanced capital allocation strategy. " "

Consistent and robust – the strategic focus remains unchanged with a stable, positive sentiment regarding financial strength and shareholder returns.

Cost Management Challenges

Early discussions in Q1–Q2 highlighted inflation pressures (e.g., steel, cyanide, labor), alongside emerging cost reduction initiatives and synergy efforts; Q3 noted significant contractor inflation and broader cost pressures. " " " "

Q4 detailed ongoing inflation pressures and elevated costs that partially overwhelmed synergy benefits, while reaffirming efforts to reduce costs and systematically improve productivity. " "

Persistent and cautious – inflation pressures remain an ongoing challenge, counterbalanced by targeted cost reduction initiatives; sentiment is cautious yet proactive.

Elevated Sustaining Capital Expenditures

Q1 mentioned planned development capital investments; Q2 and Q3 noted higher sustaining capex driven by tailings work and long-term infrastructure projects, signaling pressures from elevated spending. " " "

Q4 underscores sustaining capex at an elevated level (around $1.8B) driven by significant tailings remediation and infrastructure investments at key sites like Cadia, adding further to unit cost pressures. " "

Continued challenge – high sustaining capital expenditures remain a consistent pressure, potentially intensifying cost challenges; sentiment tends toward concern.

Integration & Synergy Realization

Q1 highlighted integration hurdles (including safety and procedural issues) and initial synergy achievements; Q2 and Q3 reported progress with synergy targets from Newcrest (e.g., $100M in G&A, supply chain, full potential initiatives). " " "

Q4 noted continued integration challenges with synergies emerging (e.g., a $5M per annum run rate and additional supply chain synergies) but with elevated costs still offsetting full financial visibility of these benefits. " "

Mixed progress – while synergy realization is advancing, integration challenges persist; sentiment is cautiously optimistic amid ongoing hurdles.

Limited Long-Term Guidance

Minimal discussion in Q1–Q2; Q3 began addressing production outlook uncertainties with asset-by-asset guidance while hinting at longer-term unpredictability. " "

Q4 explicitly stated a focus on ensuring stabilization for 2025 and deferred substantive long-term guidance beyond that while acknowledging uncertainties at key assets (Cadia, Lihir). " "

Emerging concern – long-term guidance uncertainty has become more pronounced recently, with a deliberate short-term focus reflecting a cautious outlook for the future.

Operational Production Challenges

Across Q1 to Q3, various sites (Cadia, Lihir, Brucejack, etc.) were affected by production transitions, lower grades, and operational adjustments, with specific shortfalls and risks highlighted. " " "

Q4 continued to report significant operational challenges at key sites (e.g., production instability at Cadia, adjustments at Lihir and Brucejack, and risk management to stabilize output). "

Persistent and recurring – operational challenges remain consistent across periods, with ongoing risks requiring targeted mitigation; sentiment remains cautious.

Asset Divestiture Uncertainty

Q1 discussed uncertainty in achieving divestiture targets relative to book values, while Q2 and Q3 detailed competitive bidding processes and some uncertainty regarding timing and purchase prices. " "

Q4 reported a target of $2.5B in cash proceeds from non-core asset sales, with transactions largely on track and less explicit mention of uncertainty, though the process is ongoing. " "

Slightly improved clarity – while some inherent uncertainty remains, progress in the divestiture process has led to a more defined outlook; sentiment is cautiously optimistic.

Safety & Operational Risk Incidents

Q1 through Q3 extensively discussed safety issues and fatalities (e.g., Cerro Negro, Brucejack) along with significant focus on safety program enhancements and investigations. " "

Q4 did not mention any safety or operational risk incidents.

Reduced emphasis – the absence of safety incident mentions in Q4 may indicate improved safety performance or lower incident occurrence, contributing to a more positive operational sentiment.