What milestones did Nevada Gold Mines (NGM) recently achieve?

At the Carlin complex, the Gold Quarry roaster underwent a significant expansion, increasing throughput by approximately 20%. This enhancement is expected to improve cost efficiency and boost gold production.

We commenced the deployment of 62 Komatsu 930E-5 haul trucks. These trucks are being integrated into our Cortez and Carlin operations, with 23 already operational at Cortez and 20 commissioned at Carlin.

Safety remains a core value, and we are advancing our “Journey to Zero” program, aiming to foster a culture of safety where everyone feels accountable. We saw continuous improvement in our safety performance metrics and introduced a fatal risk program to train employees to identify and manage critical risks. In December 2023, we received the Record of Decision for the Goldrush project, enabling us to proceed with mine expansion and address ventilation bottlenecks. With over 75% of the first ventilation shaft work complete, we anticipate a significant production ramp-up as we approach full operations by 2025-2026. How did NGM address recent operational challenges to meet future production goals?

In 2024, Turquoise Ridge faced infrastructure challenges that impacted aggregate movement, along with electrical and pumping failures that hindered dewatering efforts, affecting production. Recognizing that large-scale capital projects require time for effective execution, we are committed to refurbishment initiatives over the coming years to optimize operations.

Despite these hurdles, NGM maintained consistent performance in 2023. Notably, the Goldrush Underground project is projected to produce approximately 130,000 oz of gold in 2024, aiming for commercial production in 2026 and an increase to about 400,000 oz/y by 2028. How will NGM ensure sustainable reserves and prevent depletion of existing resources?

Wholly owned by Barrick, the Fourmile project is situated north of the Goldrush development. Intensive drilling and testing identified four primary zones within the deposit, revealing high-grade mineralization that positions Fourmile is a potential Tier One mine, with production estimates exceeding 500,000 oz/y over more than two decades.

The Greater Leeville project demonstrated significant potential to expand mineralization. Ongoing exploration aims to convert these findings into reserves, extending the Carlin complex's life beyond 2045.

Located immediately north of Cortez, the Robertson project is undergoing evaluation, with a Record of Decision pending for its open-pit mine development. Full-scale pilot testing on three small pits is anticipated to commence around 2026. Its proximity to existing operations will allow for integrated planning and equipment sharing. What is NGM’s commitment to the environment?

We commissioned the first and second phases of our solar initiative, resulting in 200 MW of capacity. Solar power contributes approximately 17% of our total power requirement. This initiative allows us to eliminate about 235,000 tons of CO2. We are converting the TS power plant from coal-fired to gas-fired. We transitioned our fleet of light vehicles, including pickup trucks, from petrol to electric. How does NGM balance opportunity and long-term profitability with elevated gold prices?

While higher gold prices boost our revenues, we must remain disciplined in our response. The challenge is how we react to these increased prices. Operations that previously did not meet our financial thresholds now appear more attractive, but chasing every ounce can drive up costs. There are valid reasons we avoided certain areas at lower prices, and we must be cautious not to pursue opportunities without weighing the long-term impact. Sustainable growth requires balancing short-term gains with a focus on maintaining efficiency and profitability over time. What initiatives has NGM implemented to address workforce challenges?

We prioritize the development of our people. To elevate trade skills beyond traditional training, we launched our Training Mine program. We are introducing the Barrick Academy in the US, designed to enhance business acumen and financial management for engineers, geologists, supervisors, and other professionals. We are committed to offering diverse growth opportunities, including rotational assignments that provide exposure to different areas of our operations. We believe this holistic approach fosters job satisfaction and strengthens employee retention. What is your outlook for coming years?

We are focused on maximizing our margins at the optimal production point. This effort includes reinvesting in our open pit fleets to maintain profitability and supplement our underground production, which has become the backbone of our life-of-mine production profile. We are positioning ourselves for success through critical investments.