Operator: Good afternoon. Welcome to the AngloGold Ashanti Q2 2026 Earnings Release. [Operator Instructions] Please note that this event is being recorded. I will now hand you over to Mr. Stewart Bailey. Please go ahead.

Stewart Bailey: Thanks very much, Judith. Good afternoon, good morning to everyone, depending on where you are, and welcome to our results for the second quarter and the first half of 2026. Alberto and Gillian will be presenting, but we have members of the executive team for any questions you might have. As always, we have a safe harbor statement at the front of the presentation, which has important information regarding forward-looking statements, and we would encourage you to read that. I'll hand over to Alberto.

Alberto Calderon: Thank you, Stewart. I will start with safety. You will remember from our Q1 presentation that we had a tragic fatality at Obuasi on April 24. We suspended operations for 2 weeks to undertake a thorough investigation into the incident, and we are taking the necessary and important steps to prevent a reoccurrence. This kind of event validates the effort and resources that we spend every day to improve our safety performance. We do remain proud of the enormous strides we have made over the past 5 years, as you can see. Before we go into the quarter, let's take a step back and look at the first half, which -- really how are we doing after half a year. Production after stripping out the sale of Serra Grande was more or less stable year-on-year at around 1.5 million ounces. We had an exemplary cost performance again, managing controllable costs slightly lower in real terms. That is, if you strip away inflation, oil price, royalties, exchange rate, which is what we can control, we once more are below that level of controllables. Once again, you see strong growth in EBITDA and earnings. Comparisons are not usually nice, but probably we had the best EBITDA growth year-on-year of all of the large gold companies, comfortably outstripping the rise in the gold price along with a more than doubling in cash flows. We made sure that shareholders both see the full benefit and see it right away with just under $1 billion in dividends declared over 6 months. It's been an extraordinary period by any measure. As we look to Q2, there was a production impact from both Serra Grande sale and the temporary safety suspension at Obuasi. On the positive side of the ledger, we had standout performances at Tropicana and Cuiaba. Total cash cost to the group were $1,480 per ounce. Once again, as with the half year, the macro context is critical. As I mentioned before, royalties, fuel, broad inflation, FX basically accounted for all of the increase. While this impact is driving cost inflation across the industry, our underlying operational discipline is firmly intact. And that discipline is why our financial metrics are so strong. We've ensured that earnings and cash flow grow well ahead of the gold price. EBITDA was up 46% to $2 billion. Headline earnings were 58% better at $1 billion. You can see our cash flows remain robust. Cash generated from operations grew 49% to $1.8 billion. As we expected, cash taxes more than doubled year-over-year to $542 million. This reflects not only our improved profitability, but also the timing of payments across our operating jurisdictions. Importantly, it is a seasonal peak. As we start reading the analyst reports, I think that that's probably something that needs to be adjusted because, for example, we do expect cash taxes to fall to less than half of that $542 million to about $230 million to $250 million in each of Q3 and Q4. So that points to an even stronger cash conversion over the remainder of the year. We continue to transform the balance sheet. Liquidity is ample at $4.2 billion, underpinned by a net cash position of nearly $1 billion. To put that in perspective, we had a net debt position of $311 million just 12 months ago. This allows us to comfortably invest in our growth pipeline while ensuring our shareholders benefit from strong cash returns. This is an interesting graph, and we could make this one since 2021, but right now, you're seeing it since H1 of 2024. As we look at the broader industry landscape, it's clear that external market-driven factors have fundamentally reshaped cost profiles across the industry. Every operator is navigating the same intense macroeconomic pressures, persistent inflation, fuel spikes and the impact of higher gold price-linked royalties. Our approach is not to passively accept them. We are relentlessly focused on executing what we can control. This chart provides important historical context of our cost performance. The gray bars represent our normalized cost. That is what our total cash cost would be if we simply accepted market inflation and royalty hikes and nothing else changed. However, through active mitigation strategies implemented across our portfolio, we have managed to partially offset these macro factors. This is reflected in the orange parts, which represents the total cash cost we actually reported, proving our ability to consistently outperform these macro-inflated baselines. Through rigorous operational discipline and our Full Asset Potential program, we have successfully compensated not only for the increase due to these external factors, but also for normal changes in grade and mining further from infrastructure that is inevitable. Ultimately, by decoupling our controllable operating costs from these escalating market headwinds, we ensure that the full benefit of record gold prices flows directly to the bottom line, maximizing free cash flow and driving our sector-leading yields. Our Tier 1 assets are the core growth and cash engine of the group, accounting for over 70% of total production at an exceptional 71% cash margin. These assets hold approximately 80% of our mineral reserves, underscoring the structural long-term quality of our global portfolio. Our Tier 2 assets continue to serve as reliable cash generators, delivering a solid 58% margin with ongoing focus on operational discipline and cost competitiveness. This combined asset structure provides superior cash flow leverage to the higher gold price environment while maintaining the quality foundation needed to keep us firmly on track for full year guidance. The high-quality portfolio we just walked through is not static. We are fortunate to have an emerging slate of low-risk, capital-efficient and potentially very high-return brownfield and greenfield opportunities. These projects underscore what I've said repeatedly, while we always scan the landscape for value-adding M&A, the best opportunities for us lie within our portfolio. Nevada is anticipated to become a significant production center for the company in the early 2030s. We're advancing to full feasibility study at Arthur. But even at our existing operation, we have options with the potential to add between [ 10% to 15% ] to our current production profile in the next 3 years, all from our existing operations. There are various opportunities identified through leveraging our established strategic asset review and option analysis processes. Key operational focus areas include additional ore sources and processing plant expansions aimed at sustainably improvement on current production bottlenecks at Cuiaba, Geita, Siguiri, Obuasi and Sukari. We are currently advancing high-value exploration opportunities, priority studies and project implementations all along the pipeline with a new more agile fast-track project framework. I will give a detailed update of these growth projects in Q3. This is what disciplined capital allocation looks like, taking part of our record free cash flow and reinvesting in its low-risk, high-return opportunities that will optimize the value we can deliver from our world-class ore bodies. We are prefunding the health and expansion of these assets today, ensuring they remain highly profitable cash generators well into the next decade. On dividends, it is worth having a quick reminder of our dividend policy. It provides for a quarterly payout of $0.125 a share. It also provides for an annual true-up payment, bringing the payout to 50% of free cash flow. We again use discretion to make that true-up at the half year, underlining not only the extraordinary cash flow generation, but also our confidence in the outlook of the business. That takes our dividend declaration for the half year to $949 million with $364 million declared in Q2. This remains one of the most generous yields in the sector. And as normal, we expect a strong second half. When you look at our overall capital allocation framework, you can see it working precisely as intended. Our portfolio is well capitalized and is performing consistently to plan. Our balance sheet is the strongest it's ever been. We're delivering sector-leading returns with one of the industry's most attractive yields. We've shown an investor-forward approach with more frequent dividend payments. In April, we executed a buyback of our outstanding bonds, retiring $666 million of our '28 and '30 notes. That's another reduction in our longer-term financing risk and a clear improvement in our strategic flexibility. That positions us well to deploy excess liquidity into a $2 billion open market share buyback program. Shareholders approved the program last week, and we're now waiting approval from the South African Reserve Bank. Again, if you step back, this is a business with a predictable operating base and unrivaled project pipeline and a balance sheet that will stand us in good stead in whatever market we encounter. With that, I hand over to Gillian.

Gillian Doran: Thank you, Alberto. We generated free cash flow of $727 million in Q2, a 36% increase over the $535 million reported in Q2 of last year. This was underpinned by a 41% year-on-year increase in net cash flow from operating activities to $1.4 billion, driven by disciplined cost execution and a 35% higher average gold price received. The upward pressure on cost for our industry were particularly acute this quarter. U.S. CPI escalated to 3.5% in June of 2026 from 2.7% 12 months earlier. The primary driver was the 45% increase in Brent crude prices, which led to a spike in our energy inputs. Australia was the clearest example with inflation more than doubling to 4%, putting pressure on local labor and consumables. U.S. dollar weakness was matched by appreciation of our local currencies, creating strong cost headwinds. This currency-driven inflation is receiving aggressive focus on internal cost containment measures. Our internal realized inflation rate, which represents CPI changes in the jurisdictions that we operate, is currently just under 6%. We're working to offset those cost pressures with our Full Asset Potential program and by adopting a total cost of ownership supply chain framework, ensuring disciplined capital allocation by optimizing long-term asset performance. In our financials, the results show a significant rise in earnings and free cash flow. The increase in free cash flow was underpinned by higher realized price and improved cash receipts from Kibali. EBITDA rose 46% to $2 billion. Basic earnings per share rose 49% year-on-year to $1.97, up from $1.32 in Q2 of last year. As a result of the strong performance, we ended the quarter with net cash of $991 million, a $1.3 billion swing from June in the prior year. Total cash costs increased by 21% year-on-year to $1,480 per ounce compared to $1,226 per ounce in Q2 of 2025. We've been very clear on those exogenous factors driving the increase. Inflation, higher gold price-linked royalties and exchange rates collectively added around $216 per ounce or 18% to the cost base. The higher gold price meant higher revenue-linked royalty costs, while the 45% increase in oil price drove up our fuel costs across the portfolio. The suspension at Obuasi accounted for another $38 an ounce. In our managed operations, we saw the benefit of our Full Asset Potential programs, specifically our plant feed expansion program at Cuiaba. Total cash costs for our managed operations increased by 20% to $1,486 an ounce. Through Full Asset Potential and other operational improvement initiatives, we continue to look for opportunities to improve efficiencies and protect our margins. On free cash flow, the higher price added $733 million, offset by lower sales volumes, which reduced it by $151 million. Increases in operating costs were largely driven by higher royalties, inflationary pressure and the weaker U.S. dollar, partly offset by higher byproduct revenues and lower costs related to legacy tailings facilities. It's important to note that earnings-related tax payments in Q2 2026 were the highest on record and are expected to be, by some way, the highest for this year. Capital spend stepped up as planned, while distributions to our noncontrolling interests were $85 million year-on-year. We are pleased to again reaffirm annual guidance based on our stated assumptions, which underscores the robustness of our portfolio and the improving operational performance into the second half. We do expect a second-half weighted production profile, particularly in Q4. Production is expected to reduce slightly at Tropicana as open pit mining moves into the lower-grade Havana 6 pit and at Iduapriem due to difficulty accessing temporarily flooded higher-grade areas. Obuasi is running at a normalized run rate with half-2 production expected to be 150,000 ounces. We are keeping a close eye on developments in the Middle East to mitigate any impacts on our energy and global supply chains. With that, I'll pass back to Alberto to outline our relative market performance.

Alberto Calderon: Thank you, Gillian. We've not changed our focus. 2026 is about disciplined execution and controlling what we can control like we have done in the past 5 years. In a strong gold environment, discipline matters more, not less. Our aim is simple: protect margins, allocate capital rigorously, strengthen the portfolio. We remain laser-focused on cost discipline across the portfolio. For Full Asset Potential, we are systematically looking for ways to offset external pressures across the board. We're increasing the production contribution from our Tier 1 assets, which structurally lowers our cost base and improves margin resilience. Active portfolio management remains core. We've been active in this area, and we'll continue to direct capital to assist -- to assets that generate superior risk-adjusted returns. Sustaining capital is about protecting safety and reliability as well as asset longevity and growth. We are appropriately capitalizing our assets to ensure safe, stable and sustainable operations. We continue to invest in mineral reserve development to increase operational flexibility, particularly in complex ore bodies. Reserve replacement remains fundamental. Sustained reserve growth underpins long-term value creation. Growth capital is focused on high-quality, long-life projects, particularly in Nevada. These projects enhance jurisdictional quality and portfolio resilience. We are creating flexibility for life extension and brownfield growth across the portfolio by building new tailings and opening land to extend our mining operations. We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical. We remain deeply committed to our host communities and governments where we're providing real-time benefit from the higher gold price through taxes, royalties, social investment and meaningful participation in our value chain. We've made steady progress narrowing the rating gap relative to our North American peers through a comprehensive multiyear plan to strengthen the business. Today, our fundamentals are robust. Our portfolio is performing and the higher gold price is flowing directly to the bottom line. This slide clearly illustrates our relative outperformance. The transparent bubbles represent where we and our peers sat exactly 1 year ago, while the solid bubbles show our position today. Over the last 12 months, you can see a sector-wide derating. For AngloGold over the past year, as you can see in the chart, we moved to higher dividend yield and a slightly higher EV-to-EBITDA multiple. All of our competitors saw the opposite. That is no accident for us. The market performance has followed our results. In fact, in Q2, we generated a sector-leading 36% year-over-year growth in free cash flow per share, outpacing the peer group. In the end, that is what matters, what flows to the bottom line to free cash flow. While some peers have built significant net cash positions, our capital allocation ensures we pass this strong cash generation directly to shareholders. At these elevated gold prices -- as these elevated gold prices hold, we are focused on realizing our operational catalysts, managing costs aggressively and delivering on our buyback program. With that clear focus, we believe AngloGold represents the most compelling investment proposition in the sector today with significant embedded upside. With that, I will hand over to the operator for your questions.

Operator: [Operator Instructions] Our first question comes from Josh Wolfson of RBC.

Joshua Wolfson: Alberto, we had a lot of questions on the last call on the buyback announcement. Many of the details couldn't be disclosed. With this now approved, can you provide me a bit more information on how the company is looking to leverage this? Is it going to be opportunistic purchases, more stable? And what are your thoughts on executing the full program, all things equal?

Alberto Calderon: Thank you, Josh. We still, as I said -- mentioned, haven't had the authorization from the Reserve Bank of South Africa. And I can tell you at this stage, it's going to be more opportunistic. There's going to be probably at some point, a minimal buying, but it's going to be skewed more towards the downside and to [ liquidate ] more than anything else. But yes, we're still waiting for the reserve bank and then we see.

Joshua Wolfson: Got it. And then on our end, we're very excited about this upcoming organic growth update. The company has issued some details at least at Geita, and we kind of know the outlook for Obuasi. When we think about the other assets that were identified, Sukari, Cuiaba and Siguiri, is there any more information you can provide, maybe early expectations there? And also, what should we be thinking about the capital needs for some of these opportunities?

Alberto Calderon: Thank you, Josh. Look, I'm sort of resistant because I want to give what I've said, sort of the next quarter is going to be, I would imagine, with -- I know a significant detail per asset of what we expect to see in 3 years and probably before that. But obviously, we've continued to work. There's a whole team, let's say, that has been assembled in the corporate with an SVP that's equivalent to the Head of Africa. So it's a pretty senior position. And in that group, you have planning people, you have supply people, you have finance, you have HR people, you have projects people. And so they're looking at each one of these. The cost is not high. Probably it's where we have the processing plant in Geita, there's going to be a bit more cost. But in Sukari, it's basically equipment, trucks and shovels and things like that and exploration. In Cuiaba, it's going to be -- we will -- looking for bringing ore from other places, but it's pure mining. And Cuiaba, yes, we'll see if it's between -- it may be 75,000 or something in 3 years that we're looking for. And Siguiri, it's, again, pure mining. It is -- we've identified areas. We again need to do a bit more brownfield, but the initial estimates sort of solidify, strengthen our view that this is going to be just more of mining, open pit. There's not issues. We need to do some -- the issues of license to operate with resettlements, but nothing that we will see is going to be an issue within the next 3 years. So look, what I can tell you right now, we've given a guidance between 2025 baseline, so above 3 million ounces and between 300,000 and 450,000 ounces. And the more we see, I think that we're going to be in that range and what we will be talking in Q3. So low CapEx. Interestingly enough, and this is important, what you see in the growth CapEx and sustaining CapEx right now in this quarter is already contemplating the money to achieve that growth. For example, you will see in the growth capital, $120 million, from memory, for TSFs in Obuasi and TSFs in Siguiri from memory. So those two are needed as we grow the ounces. You are also seeing money on sustaining for stripping, money on sustaining for ORD, and that is all preparing the terrain. So we've started to spend within apparently normal course of business, but it's within this laying the groundwork to have -- to materialize these growth projects. And again, it's not that we're going to only see the growth in 3 years. We should start seeing some of the growth. So we expect growth. If this is a transition year, if I look at 2026, we will be sort of flat for -- versus '25. We expect to see growth in '27, growth in '28 and then bigger growth in '29.

Joshua Wolfson: Okay. Very much looking forward to that. If I can sort of tuck in maybe one more question. There was a detailed exploration update also issued this morning, lots of sort of incremental pieces of insight, specifically for Arthur, where I guess we're focused on some of the upside there. Is there anything you can kind of point to? It looks like there's a lot of drilling that's been completed there. How should we be thinking about some of those opportunities and what that means for that project?

Alberto Calderon: We are -- maybe I'll ask Marcelo Godoy just to help me out here or if he wants Nick, tell me, Marcelo. But look, we continue to advance. We had a Board meeting yesterday. We've given like significant more resources to finish this feasibility study. We are concentrated on that for -- to have it, I think, next year sometime. And everything we see is -- gives us more and more confidence that this is going to be the defining asset for AngloGold in the next decade. The progress in [indiscernible] but North Bullfrog, we expect record of decision by the end of this year. But Marcelo could -- you're somewhere else, but do you want to add something versus the question, please?

Marcelo Godoy: Sure, Alberto. We have been -- we have finished a major drilling campaign at Arthur, and we are aiming to increase the reserves by -- our target is 1 million-plus ounces for this year. And now with the approval of the feasibility -- the approval from the Board, we have the funds to start the feasibility study now in August. So that's where we've been focusing on. Everything else is working according to plan. Thank you.

Operator: The next question comes from Adrian Hammond of SBG.

Adrian Hammond: Firstly, just talk about capital allocation, if you may. Your target for $1 billion cash buffer is largely achieved. So does this assume then you pay out all future free cash flows? Or are you going to build further cash buffers here in light of your growth aspirations?

Alberto Calderon: Thanks, Adrian. No, the plan is to find a way to return that cash. At this stage, we don't -- our plan is to, yes, build that $1 billion. And so as I look at it, it all depends on the gold price. But if you believe that the gold prices staying where it is, we should double the free cash flows. And then you can just remember, let's say, it's $3.8 billion, and we already -- so that's $1.9 billion we're returning on dividends. And then on the other $1.9 billion, we use $666 million, close to $700 million for the repurchase. So you can see that, that will -- there is -- if we keep $1 billion, there's going to be more upside that we'll return one way or another.

Adrian Hammond: Okay. Great. And then if we can talk about Obuasi, you've mentioned 3 issues, including equipment breakdowns, availability, operational delays. Every 6 months, it seems to be something unfortunate there at Obuasi. Do these issues -- are they temporary? Or do you think these risk the ramp up there?

Alberto Calderon: So let me -- I think the main, main issue was the fatality. I don't think that if there was any -- before the fatality, we were heading towards -- the first quarter was fine, and we were heading towards delivering on our target for the year, which was between 300,000 and 350,000, something like that. We would have done that. And even -- but as you know, the fatality in an ore pass, the way it happened really obliged -- we had an obligation to deeply understand why it happened, how it happened and what we needed to do to avoid this. We also had a catastrophic failure in the system again. And so that impacted us not only in the weeks that we had operations closed. But for example, we're not using those ore passes right now. So basically, we're operating without the KMS shaft. And even without that, we expect to have an annualized 300,000 in the second half. Now we do expect to bring everybody back to normality, including the ore passes. So we're building another ore pass because remember, all of the gate into -- how do you say? Yes, the gate that you used to control the flow of the ore pass was completely destroyed. So we are building another ore pass that should be ready by the fourth quarter, and that sets well the groundwork to deliver on the 2027, which was around 325,000, 350,000 or something like that. So that's where we are preparing ourselves to and we are thinking, again, that mostly without the KMS shaft, we will do around annualized 300,000 in the second half of the year.

Adrian Hammond: That's clear. And then third question, perhaps for Gillian, on the realized gold price versus market averages. They seem to be quite apart. Is this just timing? Or should we think there is a reason for this such as the potential discounts that you're required to sell gold to Ghana and Tanzanian authorities?

Gillian Doran: Thanks, Adrian. It's exactly timing. You will know that there was quite a lot of volatility in gold price change in Q2. You saw the highest drop actually since 2013. And so it's effectively the timing of sales. So we had -- it was -- our realized price was $90 an ounce lower than the kind of the consensus or the spot price for the quarter. It is related to timing. The other thing we've got very small amounts of concentrate sales still in Brazil, 36,000 ounces. So that's a small premium or discount on the gold price. But otherwise, nothing impacting us achieving market prices.

Adrian Hammond: And while you're on the line, just I noticed your working capital outflows have improved quite considerably. Do you think that will reverse completely, at all at 2H? Or is this going to be something where we should expect a steady balance going forward?

Gillian Doran: No, I think -- thanks, and thank you for recognizing the achievement. The team is so focused on working capital. We're not anticipating any lumpiness in the second half. Of course, as your receivables are higher based on gold price, maybe there's some movement there, but we are laser-focused on working capital and don't anticipate any lumpiness in the second half.

Operator: Our next question comes from Raj Ray of BMO.

Raj Ray: A couple of questions. First, a follow-up and more a clarification on Adrian's question on the buybacks. So am I correct in understanding that in periods where you pay 50% of your free cash flow as dividend, you're still willing to go above that for share repurchases. So your total capital returns could be higher than the 50% of free cash flow. Is that correct, Alberto?

Alberto Calderon: That is absolutely correct. And if the gold price stays where it is today, it will be -- that will be the case.

Raj Ray: Okay. And then a second question is the comment you made on the growth of -- coming in the portfolio over the next few years. Can you comment on what it does to your capital intensity? Are you happy with your sustaining and nonsustaining capital intensity at these levels as you deliver on those growth? Or is that expected to increase?

Alberto Calderon: No. Look, it is -- I would say it's going to be stable for some years. So we are doing about $480, something like that, per ounce, which you look at other like Agnico, I think it's double, they're not investing anything. We have, yes, a very important growth pipeline within our own organic assets. And we -- yes, you need to invest in it. So we expect to stay where it is high for some years, but not go higher than that.

Operator: Our next question comes from Joseph Reagor of ROTH Capital Partners.

Joseph Reagor: Two items I don't think have been touched on yet. So first, at Siguiri, there was this announcement that the government is going to force the flow of gold through their refinery. Has this occurred for you guys with Siguiri? And is there any impact from that going forward?

Alberto Calderon: Thanks, Joseph. So yes, we are in conversations with the government. This is something that we have seen elsewhere, and we work with the governments like in Ghana. And yes, it's just about -- we have -- I think they gave 3 months. So we believe we will find a way of how to deal with it. But we understand the asks wanting to have more local adding value. And we will, again, talk to the government and the ways to deal with that. So at this stage, I don't want to comment more except that we believe that it's something that you can address within almost business as usual. Business as usual means it's not any significant thing. We just need to reach to how do we do this with the government. But we have a lot of, I would say, confidence the Minister of Mines is -- probably is very knowledgeable of the industry, understands what we are, the needs of the industry. And yes, we expect to continue constructive conversations on this front.

Joseph Reagor: Okay. Fair enough. And then at Iduapriem, cash costs rose pretty significantly quarter-over-quarter, looking at grades and throughput, et cetera. It doesn't seem like there's any meaningful justification for it. Is there some color you guys can give there on what caused that and if it's sticky?

Alberto Calderon: I will tell you, and it is related, there is a particular significant hit on this quarter on the royalties increase. That's it. If you look at Iduapriem in terms of -- for the quarter in terms of what we call flex cost, which is including royalties and fuel price and everything, we sort of are flat. So that is important. And then the other interesting thing that I can note, if I look at the outlook for the year for Iduapriem, we're going to be again flat in terms of the flat cost. And then that royalty impact is reduced. Let me just say one more thing, which is important, what the government did was increase the royalty. So right now, the increased impact is 5%, but they reduced the COVID levy by a net impact of about 2.6%. But that you see -- you don't see in cash flows. You see in taxes. And so there is a significant mitigation that you see below the line. So all in all, the sum is Iduapriem is doing well on cost. There was some increase in mining contractor, but the bulk of it for the quarter was the royalty impact.

Operator: Our next question comes from Tanya Jakusconek of Scotiabank.

Tanya Jakusconek: The first one is just a clarification, if I can, Alberto. I understood from Josh and others that for that 300,000 to 450,000 ounce growth from your portfolio, that's going to come at less than $100 million of capital and really not any additional change to the $480 per ounce of sustaining capital. Is that a correct way for me to think about that?

Alberto Calderon: We will give you more details. The $100 million, we've never talked about that. What I've said is, overall, we don't expect the sustaining CapEx numbers to increase. And the other thing that I've said is that all of the projects, I think most of them is going to be -- I don't have the numbers yet, but it's going to be nothing significant in the scheme of things. They're very high IRR projects. But of course, if you need to buy more equipment in Siguiri and you need to buy more mining equipment in Sukari, that's just going to come at a cost. And I don't know how it's going to flow in -- exactly in the numbers. But it is nothing like you're going to have in billions of dollars that you have to do an expansion. So there will be no other projects that are as high IRRs as this one. That's the point I've tried to make. In the Q3, we will give probably some more detailed estimates of what we're assuming. But most of it is just more mining and the costs that are involved with that.

Tanya Jakusconek: Okay. Sorry, I heard a $75 million number that was put out. I think you mentioned it. And so I thought that was for everything. Sorry, maybe it was my misunderstanding. Okay. So that was my first clarification. The second I wanted to focus on was on your costs. And I appreciate that the higher gold price impacts the royalties, the higher fuel price impacts the cost as well. Can you maybe just talk about some of the other inputs that maybe you are feeling some inflationary pressure on, maybe it's labor, maybe it's consumables. Are you seeing anything in those areas that are also impacting your costs?

Alberto Calderon: Thanks, Tanya. Let me probably -- the number I did mention was 75,000 ounces additional in Cuiaba. I don't know if that's what I didn't say. It wasn't millions, but ounces additional in Cuiaba. Look, in terms of the costs, how do we -- the inflation impact in the half year is a bit larger than what we -- so it's -- usually, it's been 5%. It's about 5.8%. And this is excluding the fuel price. And so -- and the fuel price, it's about -- on the half-on-half, it's about $20 an ounce. So it's not significant, but everything adds up to it. So when you look at the impacts -- and this -- I'm talking again half-on-half year, you're having about [ $60 ] on inflation, you're having about [ $23 ] in fuel price and exchange rate like [ $46 ] and then you have the impact of the royalty that is significant. So that all adds up to a flex cost that is higher -- a bit higher than what you see in the numbers. If you go to our cost for the half year, cash cost is $1,436, the flex cost is a bit higher than that. So which means that we've been able to lower a bit versus the flex cost. I don't know if that's helpful.

Tanya Jakusconek: I'm just wondering, as you -- is it labor -- is labor inflationary above the 3% to 5% in your portfolio? I'm just trying to understand, excluding that fuel and royalties, what else is just overall inflation? Just trying to understand that. And I know you've reduced on your productivity and optimization of assets separate from this about 2%. So you're gaining a little bit there. I'm just wondering where else am I seeing those pressures?

Gillian Doran: Maybe, Tanya, I can just say that we're not seeing anything out of the ordinary in terms of inflationary pressure within the jurisdictions that we operate, particularly around labor. What we would say is it's a relatively fixed cost business, especially in the short term. And so yes, we -- if you kind of look at the volumes and the cost base, you can see that it's those primary drivers for the costs are the macro factors that we are kind of trying to manage as best we can. But there's nothing outside of that, that we would highlight as an issue for us. And we are again expecting really quite strong cost performance in the second half, in line with the sort of volume profile that we are anticipating.

Alberto Calderon: I'm not going to say whom, but we have heard others talking about like extraordinary costs and you see their impact. We haven't seen that. That's just...

Tanya Jakusconek: Okay. Well, that's good. And then my final question, Alberto, to you. When you put up a slide and you showed your Tier 1 portfolio, which has a nice production of over 500,000 ounces, great costs and then you have your Tier 2 that obviously brings up the cost structure. How do you think about that Tier 2 portfolio? Like if you -- it's always hindsight is 20/20, if you didn't have that portfolio, would you theoretically trade higher valuation with that cost base? So I just kind of think -- I wonder how you're thinking about those Tier 2 assets. What makes them important to stay within the portfolio? Maybe just review the -- maybe it's exploration upside, maybe it's increasing mine life. I'm just trying to understand why they're important.

Alberto Calderon: Tanya, it's interesting. We were, at some point, trying to sell one of the assets that was Tier 2. And then at these gold prices, it's impossible to get the right value because it's sort of in nature that a lot of the offers come like at consensus pricing and with very conservative views of the gold price in 2 or 3 years, and we value them at futures, they're valued much, much more. So it wasn't -- it was not a secret that we were trying to sell the CVSA that -- and we -- I can tell you, the cash flows for this year are like 60% of what we were going to receive by selling it. So if -- what we now have in our Tier 2 assets is -- and the only one that is not working that well and is improving is Sunrise and you see in the performance. But again, talk about CVSA. It's working like a little charm. It's been -- increased its life from 3 to 5 years. Silver, obviously, is now a byproduct and it's a blessing in CVSA, but the free cash flow it's generating is amazing. And so we have no rush to dispose in the current environment of Tier 2 assets. Different was the case, for example, of Serra Grande that was just too small and it was just -- it drew on a lot of management time for the money that it produced. And so we're happy to have disposed of that one. But the rest, we're very happy to keep it. And then you have assets that -- like Siguiri that are turning and will turn into Tier 1. So at this stage, we're quite happy with our 9 operating assets. It's a footprint that we can manage easily. We will see in the future what happens. But for now, we're not -- we're quite happy with that 9 operating assets.

Operator: Ladies and gentlemen, at this stage, I will hand over to Stewart Bailey for questions from the webcast.

Stewart Bailey: Thanks, Judith. So the first question I'll ask is from Arnold Van Graan at Nedbank. He says, solid results and proper long-term delivery. So my question is, where do you see the most compelling near-term growth optionality in the portfolio? Also, please talk us through your risk-adjusted return methodology. Are you seeing good projects in certain jurisdictions that fall short once you add the risk component to your assessments?

Alberto Calderon: That's an interesting question. Look, the near-term optionality is in those 5 assets that are the core of the growth portfolio, Obuasi, Geita, Sukari, Siguiri and Cuiaba. And as I said, there is a lot of focused attention even with a centralized team, even though it will be delivered by each of the assets, we want to understand what are the bottlenecks, what do we need to do, what we need to do in brownfields, what we need to do in license to operate, what we need to do in TSF, what we need to do in communities and have a very clear centralized view of that. And that's what we're working on. So those are the best near-term optionality that we have, and those are the ones that we are working to present in Q3. The risk-adjusted returns, we do have different discount rates, obviously, for each -- even though we have a company-weighted one, we have a different risk-adjusted return. So they all -- for example, these growth projects in different areas in Africa, they will all have to face the hurdles. Now what I've said is they are so profitable that with all of that risk -- because it's little investment to a significant impact in the growth, take, whatever, in Siguiri, if we go from 300,000 to 350,000 or 375,000, that's 50% -- like that's -- I'm sorry, what would be 20% increase in the production and with very significantly little capital. So even though we do explicitly do risk-adjusted returns, they are way above any hurdle that we have for investment.

Stewart Bailey: All right. Thanks for that, Arnold. The next question is from [ Robert Kellaway, ] who says, please update on the connection of Sukari to the Egyptian National Grid in light of the operation's heavy dependence on HFO fuel generation. And Robert, just very quickly, the feasibility on that 80-megawatt grid connection is almost complete. We've got all the regulatory approvals we need and all going well. We're looking at commissioning early in 2028. The work to do between now and then is just to make sure that the -- there's certain upgrades to the grid just to ensure stability once that's connected. But just for the meantime, remember, we do have the 30-megawatt solar facility there that's working like a charm, so no problems there. Alberto, one other from Martin Creamer, which is just your thoughts on AI. Are we using any in the business for exploration or for safety? And do you think it can improve efficiency?

Alberto Calderon: I think we can ask Marcelo, who is the expert on that, but we are using AI, but give us some, Marcelo, of your wisdom on that front.

Marcelo Godoy: We have been implementing AI across the organization for quite a long time, especially machine learning, which we have been using for predictive maintenance, for process control and other activities around the mine. We also have a program to increase proficiency of AI across the group. So we have selected a single provider, blocked everything else and our technical teams and operating teams have access to generative AI for general tasks. We are not in the era of agentic AI. We have some proof of concepts going on. But given the security issues that we have with that type of technology, we are taking a very cautionary approach to deploying that type of technology. But we are very advanced in our adoption across the group generally. Yes.

Stewart Bailey: Great. Thanks, Marcelo. I think that's it from the webcast, and we don't have any other questions on the line. So Alberto, if you'd give us a closing remark before we wrap up.

Alberto Calderon: Thank you. Okay. Yes. Look, mining, I always say, it's a normal curve without the right-hand side. So there's always issues. This one was particularly difficult. We -- the fatality in Obuasi impacted us in many, many ways. But apart from that, the -- which is very bad, but apart from that, that impacted Obuasi, we have some impact in Sunrise. But the portfolio effect, Tropicana doing much better and many others, leads us to relatively stable production in the first half. We expect in the second half, if things go as expected, and that's always an if, if we don't have any additional surprises, to have an increase in the second half by about 6%. So that will also lead to -- we expect cash costs in the second half to actually go down versus the first half just because of higher production, obviously, higher denominator, and that will flow well. The other thing that I'd like to highlight is the free cash flow because in the end, you can talk about cash cost and who's better, you can talk about all-in sustaining, you could talk about all-in costs. But in the end, what matters is what flows to the bottom line, and we do exceptionally well there. Our increase in the half of 36% higher than anybody else -- much higher than most of them is something that we are proud of. And this is in spite -- and something that we had prepared for the questions but none came, which was the tax thing. We had an unusual lumpy tax in the second quarter of about $540 million. We expect half of that in Q3 and half of that in Q4, which by definition, if the gold price stays where it is today, should significantly improve the free cash flow in relative terms in Q3 and Q4. So we are very comfortable where we are. We expect, as we said, to be comfortably within guidance, and we expect to keep making the most of this high gold price environment in terms of what we can deliver to our shareholders. We were clear that it's going to be, if the gold price stays where it is, above the 50%. We are already in the $1 billion of net cash. So we -- yes, we're looking very much forward to a strong second half in all fronts, obviously, with a little grace from God that you always need. Thank you.

Operator: Thank you. Ladies and gentlemen, that concludes today's event. Thank you for joining us, and you may now disconnect your lines.