### At a GlanceManagement reported Q2 results in line with expectations and raised full-year cost guidance, primarily due to labor inflation and higher contractor costs, while production guidance remained unchanged.

### Key Data- Island Gold mine mining rate increased to 1,550 tonnes/day, targeting 2,000 tonnes/day by year-end- Magino mine June throughput reached 9,800 tonnes/day, exceeding 10,000 tonnes/day in July- Full-year cost guidance raised by approximately $90/oz, with $30/oz attributable to retention programs in Canadian operations

### Business ProgressDevelopment at the Island Gold mine is progressing well, with a gradual ramp-up to 2,000 tonnes/day by year-end in the second half. Throughput at the Magino mine continues to improve. The Young Davidson mine is undergoing rehabilitation at the 9,410 level, expected to recover to above 7,000 tonnes/day in the second half. The Lynn Lake project has commenced full construction, with a budget of $920 million. The Mulatos mine has transitioned to underground mining, with a processing plant under construction. Management explicitly stated it is not currently focused on M&A, prioritizing organic growth projects.

### Guidance & OutlookFull-year production guidance remains unchanged, but cost guidance was raised for all three mines. The cost increase at Island Gold is primarily due to higher contractor expenses and the impact of retention programs, expected to persist through 2027. The Young Davidson mine is expected to complete rehabilitation by year-end and recover to above 7,000 tonnes/day by 2027. Extended leach cycles at La Yaqui Grande have deferred some production to 2027.

### Risk/Highlight SignalsManagement emphasized strong exploration progress in the Upper West area of the Island Gold mine, targeting an increase in inferred resources from 300,000 oz to 500,000 oz, potentially adding 1,000 tonnes/day of production via existing ramps by 2029. Deep seismic activity risk at the Young Davidson mine has been incorporated into the long-term mining plan, with an estimated annual increase of $10–15 million in sustaining capital.