Slide 1: Fourth Quarter and Full Year 2024 Update
Q4 FOURTH QUARTER AND FULL YEAR 2024 UPDATE Transformational year
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
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: Performing, Advancing, Growing
OPERATIONS EXPLORATION & DEVELOPMENT PIPELINE Performing Advancing Growing
Slide 5: Continued operational outperformance
RECAP Continued operational outperformance 2024 AT YEAR END (pre-Musselwhite acquisition) Debt free STRONG FINANCIAL POSITION (December 31, 2024) ACHIEVED IMPROVED PRODUCTION $161 million $311 million GUIDANCE (130,000 – 140,000 oz) in cash liquidity1 136,748 oz EXPLORATION $805/oz AISC1 LOW END OF
Slide 6: Investing in growth – preliminary guidance 2025
M U S S E LW H I T E G U I D A N C E T O B E P R O V I D E D I N Q 2 Investing in growth – preliminary guidance 2025 PRODUCTION AND COST GUIDANCE 110-120 koz 1 $875-$975 /oz AISC2 INVESTMENT INTO EXPLORATION & PROJECT DEVELOPMENT (pre-Musselwhite) ~$50 million across portfolio3 6 1. For additional i
Slide 7: Strong operating quarter driving record 2024
O P E R AT I N G H I G H L I G H T S Strong operating quarter driving record 2024 Q4 2024 FY 2024 27koz 0.94g/t 18.5ktpd Mining AU GRADE STACKED Total Ore Mined tonnes 1,822,952 7,613,734 GOLD PRODUCTION AVG STACKING TPT Waste Mined tonnes 2,798,907 8,563,535 Total Mined tonnes 4,621,859 16,177,269
Slide 8: South Railroad: Pathway to production in Nevada
SOUTH RAILROAD Pathway to production in Nevada Supplemental CONSTRUCTION PRODUCTION Acquisition of Environmental (2026) (2027) Gold Standard Ventures Reports August 2022 2024 Option for DETAILED ENGINEERING early start PROCUREMENT PLAN OF OPERATIONS PERMITTING EIS development and consultation Submit
Slide 9: Margin expansion driving strong cash flows
Q4 FINANCIAL HIGHLIGHTS Margin expansion driving strong cash flows 33koz $826/oz $39m Operating Q4-2024 FY-2024 GOLD SOLD ALL-IN SUSTAINING COST1 FREE CASH FLOW 1 Gold Production ounces 26,531 136,748 Gold Sold ounces 33,288 138,474 1 Average Realized Gold Price per ounce $2,669 $2,390 Strong free c
Slide 10: Strong margins delivering financial results
Q4 FINANCIAL HIGHLIGHTS Strong margins delivering financial results $46m $39m $0.07 Operating Cash Flow Free Cash Flow1 Adj. EPS1 Free cash flow generation of $39.4 million1 Income tax expenses of $24.1 million Cash flow from operations before changes in W/C of $46.0 million Strong operating profit
Slide 11: Leveraging balance sheet strength
A C Q U I S I T I O N O F M U S S E LW H I T E C O M P L E T E D W I T H Z E R O U P F R O N T E Q U I T Y D I L U T I O N Leveraging balance sheet strength Building cash through profitable operation MUSSELWHITE ACQUISITION FUNDING3 • Year end net cash1 position of $160.8 million • 36 equal monthly
Slide 12: South Railroad: Potential expansion of open pits in Nevada
SOUTH RAILROAD Potential expansion of open pits in Nevada Multiple high-grade intersections within and beyond Dark Star – Longitudinal Vertical Section – Looking W the projected open pit boundaries • Potential to expand resources at Dark Star and Pinion deposits Drilling at the South Area strengthen
Slide 13: Governance improvements reflected in ESG Ratings
S U S TA I N A B I L I T Y Governance improvements reflected in ESG Ratings 2024 S&P Corporate Sustainability Assessment 2024 Scotiabank (LSEG)3 (CSA)1 Combined ESG Scores 2022 2023 64 62 62 58 39 / 100 43 / 100 52 51 46 44 S&P Global CSA Score2 S&P Global ESG Score Compared to Industry CSA Score av
Slide 14: Musselwhite integration
Musselwhite integration • Integration and transition commenced immediately on announcement • First employee town hall at site on closing • Second employee town hall at site Mid-March • Thunder Bay community town hall in mid April
Slide 15: 2024 Recap + 2025 Plans
2024 RECAP + 2025 PLANS Continued execution and positioned for growth 2024 RECAP 2025 PLANS Record Musselwhite Resource Debt Free Integration Updates Production At year end 1 Guidance to be provided in Q2 South Railroad and 137koz at $805 AISC Camino Rojo Sulphides Acquisition Permitting Study Work
Slide 16: The right formula for value creation
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 17: 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