Slide 1: Third Quarter 2025 Update
THIRD QUARTER 2025 UPDATE Q3 Growing, multi-asset producer Musselwhite – Oct. 2025
Slide 2: Cautionary disclaimers
F O RW A R D L O O K I N G S TAT E M E N T S A R E M A D E I N T H I S P R E S E N TAT I O N Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including
Slide 3: Cautionary disclaimers
ADDITIONAL NOTES Cautionary disclaimers CAUTIONARY NOTE TO U.S. READERS This document and shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction, and no securities may be offered or sold without registration under t
Slide 4: Operations, Exploration & Development, Pipeline
OPERATIONS EXPLORATION & DEVELOPMENT PIPELINE Performing & Delivering & Growing & Integrated Advancing Developing
Slide 5: Maintaining our strong momentum
Q 3 O P E R AT I N G H I G H L I G H T S Maintaining our strong momentum Q3 2025 YTD Q3 2025 22koz 80koz 58koz Total Gold Produced oz 79,645 205,215 CAMINO ROJO TOTAL GOLD PRODUCTION MUSSELWHITE Total Gold Sold oz 78,857 204,124 Musselwhite, Canada • Continued integration of the Musselwhite Mine Ore
Slide 6: Advancing towards construction in Nevada
SOUTH RAILROAD PROJECT Advancing towards construction in Nevada 1. Updated Feasibility Study in Q4 • Pave way for early procurement and detailed engineering 2. Final permits for construction expected mid-2026 • Notice of Intent published August 13 (Federal Register) • Fast-41 Covered Project Status
Slide 7: Strong financial performance
Q3 FINANCIAL HIGHLIGHTS Strong financial performance 79koz $1,641/oz $113m Q3-2025 YTD Q3 2025 Operating GOLD SOLD ALL-IN SUSTAINING COST1 OP CASH FLOW Gold Production ounces 79,645 205,215 Gold Sold ounces 78,857 204,124 1 Average Realized Gold Price per ounce $3,417 $3,239 All-in sustaining costs
Slide 8: Slide 8
Slide 9: Growth, for longer.
Growth, for longer. NEXT 24 MONTHS IN FOCUS Multi-year Productivity assessment Reinforcing exploration and opportunities for team and culture cost reductions
Slide 10: Expand resource; initiatives to improve efficiencies
Expand Evaluate Increase mine resource handling productivity TO LEVELS FOR MATERIAL OF MATERIALS STOPE CYCLE TIME HANDLING UPGRADES FOR UPGRADES Haulage Minimize Utilize milling optimization dilution capacity INITATIVES TO IMPROVE EFFICIENCIES
Slide 11: Growth Vision: Material handling a key opportunity
GROWTH VISION Material handling a key opportunity 0.5 Mtpa Expand resource, AVAILABLE MILL CAPACITY leverage untapped ~1.0 Mtpa 1.5 Mtpa mill capacity CURRENT UTILIZATION NAMEPLATE 11
Slide 12: High-grade discovery confirms 2-km extension potential
M U S S E LW H I T E , C A N A D A High-grade discovery confirms 2-km extension potential Mine Trend Extension Confirmed: Deep directional drilling intersected high-grade gold mineralization 1.6 kilometres along strike from current operations • Including 4.1 metres at 15.1 g/t Au Favourable geology
Slide 13: Musselwhite exploration ramping up
M U S S E LW H I T E , O N TA R I O Musslewhite exploration ramping up 13
Slide 14: Multi-pronged exploration
M U S S E LW H I T E , C A N A D A Multi-pronged exploration 1. Test mine trend extensions 2. Replace and expand underground resources 3. Identify satellite discoveries • Encouraging early-stage positive shallow intercepts from multiple targets within 10 km of the mill • Potential satellite sources
Slide 15: Continued exploration across portfolio
G L O B A L E X P L O R AT I O N Continued exploration across portfolio Musselwhite: • Continued deep directional drilling from surface, outline future vision • Pursue opportunities in resource growth and expansion potential South Carlin Complex (including the South Railroad project): • Testing exte
Slide 16: People & Sustainability
People & Sustainability Engagement and social investment across portfolio, delivering benefits to all stakeholders. South Railroad: strong support through Public Scoping period. Musselwhite: LEAD Training, Orange Shirt Day Camino Rojo: Pro-ABC project, renewal of land use and collective bargaining a
Slide 17: Upcoming catalysts
P I P E L I N E A D VA N C E M E N T Upcoming catalysts South Carlin Complex, Nevada • Updated feasibility Q4 2025 • Detailed engineering and early procurement ahead of Record of Decision (final permits) Q2 2026 Musselwhite, Canada • Underground and deep directional drill programs continue through t
Slide 18: Proven strategy + Quality partners + Quality projects
T H E R I G H T F O R M U L A F O R VA L U E C R E AT I O N Proven strategy + Quality partners + Quality projects
Slide 19: Updated 2025 guidance
STRONG GOLD PRODUCTION Updated 2025 guidance Gold Production Koz 265 – 385 Camino Rojo Koz 95 – 105 Musselwhite Koz 170 – 180 Total Cash Cost (net of by-product)1,2,3 US$/oz Au sold $900 – $1,100 Camino Rojo US$/oz Au sold $800 – $900 Musselwhite US$/oz Au sold $1,000 – $1,200 All-in Sustaining Cost
Slide 20: 2025 guidance
AGGRESSIVE REINVESTMENT INTO THE BUSINESS 2025 guidance Capital Expenditures1 US$m $130 Camino Rojo Sustaining US$m $5 Non-sustaining / capitalized exploration US$m $7 Musselwhite Sustaining US$m $90 Non-sustaining / capitalized exploration US$m $18 South Carlin Complex Non-sustaining capital projec
Slide 21: 2025 guidance
G R O W T H A N D E X P L O R AT I O N , C O R P G & A 2025 guidance Exploration & Project Development Expenses US$m $43 Camino Rojo – exploration expense $9 Musselwhite – exploration expense $7 South Carlin Complex – exploration expense $15 South Carlin Complex – project development $12 Corporate G
Slide 22: Non-GAAP measures
NOTES Non-GAAP measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”). These are common performanc