### Summary ConclusionManagement reported strong Q2 results, with production exceeding budget for the second consecutive quarter, record free cash flow and shareholder returns, while maintaining the full-year production guidance unchanged.

### Key DataGold production reached 856,000 ounces, exceeding budget for the second consecutive quarter; record free cash flow exceeded $1.3 billion; adjusted net profit was approximately $1.5 billion ($3.07 per share).

### Operational ProgressSeveral mines set operational records, including Macassa (truck loading and mill throughput), Detour (total mine tonnage and daily mill throughput), Meliadine (mill throughput), and Kittila (mill throughput). A rock movement occurred at the Barnat pit of Canadian Malartic (approximately 1 million tonnes), with mining expected to resume in Q4, resulting in a loss of approximately 370,000 ounces of recoverable reserves. The Hope Bay project has been approved, with engineering over 70% complete, and the first supply vessel is expected to arrive around August 10. In Finland, acquisitions of three companies including Rupert Resources were completed, consolidating approximately 2,500 square kilometers of exploration area, with a target to double Finnish production to over 500,000 ounces per year.

### Guidance & OutlookThe 2026 production guidance of 3.3 million to 3.5 million ounces remains unchanged, but management expects results to be at the lower end of the range. Management reiterated the target of 20%-30% production growth over the next decade and expects the full-year shareholder return rate may exceed the original target of 40% of free cash flow.

### Risk/Highlight SignalsManagement emphasized that safety is the top priority, and key control measures are being accelerated following three recent fatal incidents. The Barnat pit incident is a short-term risk, but the team has responded quickly.