Thank you, operator, and good morning, everyone. Before we get started, I'd like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law.

I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Please note that all figures discussed on this call are in Canadian dollars unless otherwise noted.

Our press release, MD&A, and financial statements are available both on SEDAR+ and on our corporate website, wesdome.com. With us on today's webcast is Anthea Bath, Wesdome's President and CEO; Phil Yee, our Chief Financial Officer; Tyler Mitchelson, Wesdome's interim COO; Jono Lawrence, Senior Vice President, Exploration and Resources; Raj Gill, SVP, Corporate Development and IR; Kevin Lonergan, SVP, Technical Services.

Following management's formal remarks, we will then open the call to questions. Now over to Anthea.

Thanks, Trish, and good morning to everyone. Financially, this was a very strong quarter for Wesdome, and it capped off the best year in the history.

We produced more gold than ever before, and we did it safely, with zero LTIs recorded during the year. Strong production performance, combined with accelerated gold prices, translated into record results across the business, including revenue, net income, EBITDA, net cash from operating activities, and free cash flow.

For the year, we generated $278 million in free cash flow, and we ended the year with more than $350 million in cash on our balance sheet. In 2026, at current gold prices, we expect to generate significantly more free cash flow than we did for last year.

Last year's achievements went well beyond record financial and production results. We made meaningful improvements in health and safety across our operations, and I'm so proud of that.

At Kiena, we tripled the number of mining areas under our control. At Eagle River, our developed inventory is double that of a year ago.

Through the acquisition of Angus Gold, we quadrupled Eagle River's land package. We also established, for the first time, a clear and disciplined exploration strategy and delivered the first 200 km of drilling in this program.

At the corporate level, we strengthened our balance sheet, we expanded our revolving credit facility, and we introduced a capital allocation framework that includes returning capital to our shareholders through a share buyback program. Finally, we strengthened our leadership bench with the addition of Phil Yee as our CFO, Tyler Mitchelson as our interim COO, and most recently, Christine Barwell as our SVP, Human Resources.

These are important achievements that position us well for the future. Turning to 2026, as everyone knows, last year was a challenging year at Kiena, and we recognize that we disappointed the market.

As a result, our guidance for this year is very deliberate. This approach does not reflect any lack of confidence in our assets.

In fact, it's quite the opposite. I'm confident that you'll see improvement quarter-on-quarter as we show what Kiena can actually do.

2026 will firstly mark a year of beginning at Wesdome. Before I do that, I'd just like to talk a little bit about exploration and frame the strategy that underpins our approach.

At its core, our strategy is built on leveraging two key quality and high-potential assets. First, we control exceptional land packages at both Eagle River and Kiena, and our work over the past 2 years has significantly improved our understanding of their scale and their continuity.

Secondly, we have a substantial existing infrastructure that is currently underutilized relative to the scale of the geological systems that we do control. Through disciplined exploration and the application of our global and geological models, we are working to demonstrate the true scale of these systems and to extend the life of our mines well beyond what the market currently recognizes.

Exploration is therefore a central part of our long-term life-of-mine extension and value-creation strategy. And 2025 marked the first year of this structured, multi-year exploration program.

As we grow the resource base and extend mine life, we also unlock another important driver of value: our cost structure. A significant portion of our operating platform is fixed.

As we bring more ounces through existing infrastructure, those fixed costs are spread across greater production. This has the potential to meaningfully improve costs and our margins as well.

This combination—extending mine life through exploration while leveraging existing infrastructure to improve costs—is a powerful combination strategy for creating long-term value. We're now in the second year of this exploration program.

The plan is to drill up to 270 km this year. What's truly exciting is that roughly half of our exploration budget is dedicated to discovery drilling, testing true greenfield targets both near-mine and surface for the first time in many, many years.

As you can imagine, with all this drilling, we'll be updating the market on our progress on a regular basis. At least two or three news releases will be issued, leading to the filing of our updated technical reports, a very, very important milestone for Wesdome this year.

These reports will provide a reset for the market and clearly demonstrate the runway that we see ahead, which is what we've been working on since our arrival. The release we issue in June in advance of these reports will be framed like a conceptual study, showcasing how we see the long-term potential of both Eagle River and Kiena.

Importantly, the technical release will also showcase our strategy to continue extending and replacing high-grade reserves while highlighting the addition of significant bulk tonnage near existing infrastructure. Our June release will highlight why we believe the market should appreciate the potential to extend and grow mine life at both Eagle River and Kiena.

We'll also outline what we see as a clear, low-risk, and high-return path to increasing production while driving down costs across the portfolio. This will be the first time Wesdome's provided a comprehensive long-term roadmap for unlocking the full value of our assets.

Before I hand things over to Phil, I first like to thank my entire team at Wesdome for their hard work and dedication last year. I'm proud of each and every one of you.

Additionally, I'd like to officially welcome Tyler Mitchelson, our new interim chief operating officer. Tyler brings more than 30 years of mining experience across multiple commodities and jurisdictions.

He has held technical, commercial, and site-based operational roles throughout his career, combining deep technical experience with strong operational leadership and business discipline. He's successfully implemented operating models across five different mines, transforming systems and processes while delivering measurable improvements in safety, reliability, and productivity.

We're truly thrilled to have Tyler join the Wesdome team. With that, I'll turn over to Phil to walk you through the financial results.

Thank you, Anthea. Good morning, everyone.

It's great to have you on the team, Tyler. Turning to slide 7, you'll see a clear trend: sequential growth quarter-over-quarter and year-over-year across the past 2 years.

2025 marked a milestone year for Wesdome, delivering record annual financial results driven by two key factors: record production exceeding 185,000 oz, right in line with our revised guidance, and an average realized gold price of $3,475 US per ounce for the year. The impressive results speak for themselves.

Compared to 2024, revenue increased by 64% to $914 million. Net income rose two 2.5 times to $349 million or $2.32 in earnings per share.

Both EBITDA and operating cash flow nearly doubled, reaching $600 million and 450—$457 million respectively. Free cash flow more than doubled to $278 million or $1.85 per share.

While stronger gold prices helped to drive last year's impressive results, our free cash flow margin expanded to 31% in 2025. This remains among the highest in the gold sector, and we expect to drive the free cash flow margin percentage even higher in 2026 as we reduce costs and benefit from high gold prices.

Turning to costs on slide 8, on a consolidated basis, both cash costs and all-in sustaining costs per ounce of gold sold increased by 4% year-over-year to $976 and $1,518 US per ounce respectively. These amounts were both within revised guidance for the year.

Eagle River's full ASIC was $1,446 US per ounce sold. The fourth quarter ASIC was the highest of the year, driven by higher tonnes milled at lower grade as we opportunistically extended development into a lower-grade area of the 300 Zone that was not previously included in our existing resources.

This was a unique and timely opportunity to set up Eagle River for success in 2026. As we outline our guidance for 2026, we anticipate that Eagle River's ASIC will increase due to higher royalties from higher revenues and new payments related to First Nations.

Sustaining capex is expected to be largely consistent with 2025. All-in sustaining costs per ounce of gold sold at Kiena increased in the fourth quarter relative to Q4 2024, primarily due to higher sustaining capex resulting from timing of equipment and machinery deliveries.

We expect Kiena's full-year 2026 all-in sustaining costs per ounce sold to decrease as higher gold production is anticipated to offset lower input costs. In 2026, we have a number of initiatives underway to reduce costs, focusing on supply chain optimization, improving efficiencies through automation, reduced reliance on contractors, and improving our processes.

Turning to slide 9, as at December 31st, 2025, our cash balance was $354 million, nearly triple what it was at the end of fiscal 2024. Wesdome has a strong, debt-free balance sheet, and combined with our undrawn revolving credit facility, total liquidity is now nearly $700 million Canadian and will continue to strengthen this year.

Based on our budget, we expect to generate approximately $350 million in free cash flow in 2026. However, I should note that our budget was based on a gold price below $4,000 US per ounce.

At $5,000 US gold, our free cash flow generation should exceed $500 million or over $40 million a month. As our cash position increases, we remain committed to improving operational infrastructure, advancing key organic growth initiatives, and disciplined capital allocation.

This year, we're spending $205 million in capex, including approximately 45% of that in growth capital initiatives. We're also committing $55 million to drill approximately 270,000 m in 2026 to support our organic growth project.

In addition, we plan to fully execute our share repurchase program objectives in 2026. Wesdome's financial position continues to be very strong.

Our return on invested capital significantly increased in 2025 to approximately 36% from 23.6% in 2024, this beating most of our peers and the seniors. We intend to improve upon that position in 2026 by delivering on production and reducing costs.

With that, I'll now turn over to Tyler to review operations.

Thank you, Phil, and good morning, everyone. I'm very pleased to be part of the team here at Wesdome.

While I've only been here about 8 weeks, I've already spent considerable time at site getting to know our people and our operations. My first impression: there is no question that Eagle River and Kiena are high-quality assets.

Unlocking their full value starts with a disciplined mining through a consistent operating model, and the building blocks are already in place. Our focus now is integrating them into a clear operating framework, enabling more data-driven decisions and delivering more stable, predictable performance.

Turning now to slide 11, let's look at safety, something that I deeply care about. In 2025, we had no lost-time incidents, and our total recordable incident frequency rate improved by 60% over the prior year.

This is an incredible accomplishment in just 1 year and reflects a meaningful and deliberate shift in safety culture. Our commitment is quite simple: everyone goes home safe every single day.

Let's move to slide 12. Eagle River delivered exceptional performance in 2025, producing a record 113,000 oz at 14 g per tonne.

We closed the year with a strong Q4, producing nearly 24,000 oz while achieving the highest amount of underground tonnage ever mined and milled in a single quarter. Our team's disciplined focus on dilution control delivered measurable improvements throughout the year.

Importantly, these are now embedded into our operating practices going forward. To provide a little bit more clarity around Q4, our Q4 grade of 10 g a tonne was planned.

Low-grade ore development was included in the plan to opportunistically extend the mining zones in the 300 Zone, unlocking stope inventory for 2026 while strategically drawing down our stockpile to keep the mill running at optimal capacity. As we continue to ramp up underground tonnes, our processing capacity is ready, reflecting the benefits of the investments made in the last year.

In November, we ran the mill at over 1,000 tonnes per day, demonstrating we can confidently handle higher throughput as the ore converter still in the mill. In 2025, we focused on several key operational improvements.

We advanced our proactive maintenance program, and the results have been quite significant. We achieved a 30% improvement during the year, and our target is 80% planned maintenance by the end of this year, bringing us in line with industry best practices.

We also continued transitioning from contractor reliance to a stronger in-house workforce. This program, launched late 2024, is delivering results.

Last year, Wesdome crews completed 55% of the total development meters, a 40% increase year-over-year. Today, all crews are Wesdome-managed, supported by contractors as we continue recruiting.

The end result: Eagle River enters 2026 benefiting from previous initiatives, including the operational improvements as well as substantial stope inventory. This sets us up for operational success and another strong performance this year.

Moving to slide 13 outlines Eagle's 2026 guidance and upcoming milestones. 2026 production guidance is targeting 105,000 to 115,000 oz at 13 to 14 g per tonne, slightly lower grade than in 2025.

This year's mine plan reflects significant investments in development, with a 10% increase year-over-year to reduce our reliance on the 300 Zone, with over 50% of the tonnes coming from Falcon, 6 Central, and other areas. This aligns with our strategy to bring in new zones and build flexibility underground.

This is a joint effort between our exploration group and our operations team. ASIC is expected to increase in 2026 to between US$1,525 and $1,675 per ounce gold sold, mainly driven by higher cash costs associated with royalties and payments to First Nations.

We're planning to spend about $105 million in capital, including $60 million in sustaining, which is largely consistent year-over-year. What is really exciting, for the first time in years, is the focus at Eagle River is shifting toward building a foundation for the future.

We have $45 million earmarked for growth capex to support higher production rates, for upgrading equipment, and adding new mobile fleet. We're upgrading and expanding our camp capacity so we can attract and retain talent.

At the same time, we're improving our site infrastructure and investing in exploration drilling, tailings, and power. When we publish the results of our technical report in June, the rationale for these investments will become clear.

Momentum is building at Eagle River, and we look forward to another good year. Moving now to Kiena on slide 14.

Kiena wrapped up 2025 producing 73,000—73,000 oz, which was within revised guidance range. Fourth quarter production was the strongest of the year, achieving 23,000 oz.

As Kiena Deep hit plan, grade reconciled well, the new Presqu'île Zone contributed 2,500 oz, and our mill proved its capability, averaging over 1,100 tonnes per day in December, with extended periods of more than 1,300 tonnes per day. My takeaway: as the mining rates increase and we feed more material through the mill, Kiena's infrastructure is ready to scale.

In 2025, there was major focus on operational flexibility at Kiena, as shown on slide 15. By increasing our development by 12% year-over-year, we increased our active mining areas and are now operating in three different zones: two in Kiena Deep and one at Presqu'île, triple what we had for most of last year when we were mining in just one zone.

This is a game-changer for Kiena. As well, several key infrastructure projects started last year are well underway.

The ramp connection to surface is nearing completion, and our ventilation upgrade, expected within the next year, will support higher production rates. We've also built two new drill platforms for Kiena Deep, including the one at 109 drift extension, which will allow us to efficiently test the high-grade VC Zone, and the 134 level, which lets us further test extensions in Kiena Deep.

Finally, the development towards 142 is progressing on schedule and will add another mining horizon by year-end. On the operational support side, significant progress has also been made.

Maintenance improvements from 2025 are being embedded to ensure equipment is reliable, available, and aligned with our operating plans. We filled 50% of the employee vacancies and are building the team needed to retain key skills and reduce reliance on contractors.

Supply chain work is also underway, which will reduce our costs and support our maintenance program. We are progressing well in the implementation of our operating model.

As you may recall as well last year, we commissioned an independent review of our critical infrastructure. We've begun proactive maintenance on key priorities and are developing a 3-year infrastructure plan.

While there's still more to do, we believe the positive impact on performance is just around the corner. Moving to slide 16.

In terms of what you can expect from Kiena in 2026, we've taken a conservative approach to Kiena's production guidance, with 60% of the production expected in the second half. This reflects three key factors.

First, Q1 will be the lightest of the year due to planned plant sequencing, as well as a deliberate decision to focus on our maintenance work and our execution planning to set us up for the rest of the year. Second, production from Presqu'île, which is already started, will begin to ramp up in the second half.

Third, we'll begin to see the value of the work initiated in 2025 related to systems, process, and workforce development. Unit costs are projected to decrease year-over-year, driven by increased throughput and operational efficiencies.

As well, growth capital for Kiena will decline substantially this year as we complete the Kiena ramp and advance towards final completion of the ventilation infrastructure for Kiena Deep. The bottom line: operations at Kiena are starting to show improvement, and we should start to see these compounding in the second half of the year.

I'm really happy to have the opportunity to work with Wesdome during this exciting period of growth. Now over to Jono to review exploration.

Thank you, Tyler, and good morning, everyone. 2025 was a pivotal year for exploration.

At the beginning of the year, we stepped back, stripped down the program to the fundamentals, and established a pathway leading from a short-term focus on replacing production ounces to an aggressive hybrid focus on both replacement and growth. Through the process, the team developed a new appreciation for the scale of the opportunity in front of us.

The result is a more strategic and systematic approach, focusing on data, specifically, the integration of information and technology to identify geologic patterns, trends in mineralization, and gaps in our understanding. We've strengthened our exploration toolbox by incorporating advanced processing of geophysical data, which is enhancing our targeting process and building a more robust pipeline.

For the first time in Wesdome's history, we now have a clearly defined short, medium, and long-term strategy. In addition to replacing reserves, we are focused on growing resources and making new discoveries.

2025 was a foundational year, setting the base for a multi-year exploration strategy. Let's look at what was achieved at Eagle River.

In-mine, extensions were confirmed in known zones. First, we doubled the 6 Central Zone to 600 m, showcasing the down-plunge continuity with initial step-out drilling, subsequently supported with closer-spaced infill drilling.

Importantly, assays continue to demonstrate the high-grade nature of the zone, which is similar in grade to assays from the top of the 300 Zone at similar depths. The zone remains open down-plunge.

We also confirmed the interpretation of the 300 Fold Zone as a separate structure, and that both the 300 and the 300 Fold zones remain open down-plunge. Next, the extension of the 720 Falcon Zone towards surface and to the west was confirmed.

At the end of the year, we completed the first phase of global model drilling for the upcoming technical report. Global model drilling targets predominantly unclassified material above cut-off grade, which was left behind during historic mining activities.

As part of the fill-the-mill strategy, this material has the potential to add incremental tonnes and ounces of grade without displacing existing high-grade ore. Regional exploration was just as successful.

In 2025, the team made a critical structural reinterpretation along the Mishibishu-Magnacon corridor, which potentially has major implications for property-wide exploration. Following our acquisition of Angus Gold last June, we consolidated their data with our own and reprioritized Dorset deposit, which has an historical resource that we expect to update later this year.

Finally, using IP surveys, we identified new drilling targets to the west of Eagle River Mine and at Abbie Lake. The Abbie Lake results were exciting.

The IP survey covered a 10 km zone of coincident geochemical and magnetic anomalies along a portion of the regional deformation zone, a conduit for mineralizing fluids. Turning to Kiena.

Kiena made great strides in 2025. We demonstrated that Kiena is not just high-grade, it is truly world-class, with a standout intercept of 2,350 g over 2.9 m.

Further drilling in the areas above the Footwall Zone identified a new high-grade A Zone lens that remains open. Drilling has also extended lenses of the high-grade Footwall Zone.

Further drilling will be conducted to test the continuation both at depth and beyond the Norbenite fault zone, which currently constrains the drilling and interpretation. We've added three new lenses to the B Zone, and infill drilling has highlighted that it has the potential to host higher grades than previously thought, with logging of visible gold in the main lens.

We identified a potential extension of the original Shawkey mines to the northwest towards the Wish area. The highlight of our summer drilling program was the discovery of a new zone located beneath the Dubuisson North and South zones.

Along with this discovery, our geologists made a structural reinterpretation that has led us to think of Dubuisson more as a potential bulk tonnage deposit at impressive grades. The style of mineralization, a diorite with quartz-tourmaline veining, is similar to what we have drilled at Shawkey South deposit, and which is reported at the nearby Goldex deposit.

Notably, the majority of drilling at Shawkey South and Dubuisson is still within 600 m of surface, well above the deep mineralization ranges in the Abitibi. Processing of high-resolution magnetic data that we collected in late 2025 has identified anomalies beneath Dubuisson and between the Wesdome and Siscoe deposits.

These will be drill-tested in 2026. Looking at Eagle River, this year's program will be the largest in the mine's history, with roughly 145,000 m of drilling planned.

About half of the drilling is focused on new discoveries, with the balance supporting phase 2 of our global model work and continued expansion of the 300, 311, 6 Central, and Falcon zones. In the second half of 2025, drilling was focused on converting 11 global model targets to contribute to feasibility studies.

A similar number of global model targets are planned to be drilled in the first half of 2026. The Eagle River Mine is hosted in an intrusive diorite approximately 2.5 km long by 0.8 of a kilometer wide.

The diorite remains relatively untested by drilling, especially at depth and along the northern contact corridor. The potential for discovering new mineralized structures is high.

As part of our exploration strategy, we are drilling deep holes to test extensions of the 300, 311, 6 Central, and 800 zones. Early work beneath the 800 and between Falcon 720 and 311 is complete, and we're already planning follow-up holes.

This spring will advance Dorset and Cameron Lake through infill drilling to move them towards resource definition, with both having the potential to strengthen our longer-term pipeline. At Mishibishu-Magnacon, we're beginning to see a broader extent of low-grade mineralization and higher grades at depth beneath the old Magnacon pit.

The mineralization remains open along trend and down-plunge. Additionally, the geological setting at Mishibishu-Magnacon is starting to resemble other similar settings in the Abitibi that host deposits, giving us a new way of focusing our exploration.

Finally, we'll test several new regional targets, our first true early-stage or greenfield exploration on the property in many years. Moving to Kiena, the 2026 program is equally exciting.

We have 125,000 m planned, focused on laying the groundwork for a multi-year growth strategy. More than 60% of these meters are dedicated to resource growth and making new discoveries.

The extension of the exploration drift on level 109 will be completed this month, and we will restart drilling of the VC Zone. A previously reported intercept at the base of the zone, 43 g per tonne over 5 m, remains open.

The zone is a high priority for resource and reserve growth. From level 134, our new drill platform is giving us an excellent drilling angle into the deepest part of the Kiena Deep, where we previously intercepted 15 g per tonne over one—sorry, over 83 m.

This intercept was on the other side of the Norbenite fault structure and is currently not included in resource models. The intercept remains open in all directions, and follow-up holes planned for the first half of 2026.

At Dubuisson, we've already commenced deep drilling from level 33 to test the geophysical anomalies identified last year. As soon as weather conditions allow, we'll mobilize two barges to expand that program, follow up on 2025 targets, and test new areas.

We're also launching the first land-based exploration program in several years, targeting Shawkey South, Shawkey Main, and new greenfield areas south of the mine. The Shawkey South program is very notable as it will define the extent of the diorite-hosted quartz-tourmaline mineralization.

There is significant opportunity in front of us. To wrap up, over the next several years, we'll be aggressively managing our target triangle, expanding our pipeline, and advancing opportunities towards making discoveries that could transform our operations and define the next chapter at Wesdome.

The best part of this is just the beginning. We are starting to daylight the potential of the mineralizing systems we have at both our assets, deliver on our higher expectations, and we believe the next breakthroughs are on the horizon.

Operator, you may now open the line for questions.

Hi, Anthea and team. Thank you very much for taking my questions.

First one for me is on the upcoming technical reports. In the disclosure, you've mentioned that they were expected to demonstrate the longevity of these assets.

I was wondering, to the extent that you can, if you could potentially preview what we might expect. My thinking that this new geological model and some of the near-mine drilling would help to extend mine lives, but regional exploration would be left for a later date.

Is that thinking correct? Might we expect any incremental increase in throughput at either of the operations?

Hi, Jeremy. Thanks for that question.

I think it's multifaceted. The idea, there'll be a release out at the time which will explain to you how the potential work to give you a view on the extent of the mine life extension from what we know today in 2P reserves, as well as showcase how the exploration program will grow it further, if that makes sense.

Beyond that, you should be able to see or get a sense of the regional potential beyond that as well. I think it's going to be a very interesting release.

For Kiena, it'll be a little bit behind because you'll have more of a sense of the scale of the opportunity from a geologic potential, as well as some of the addition on a reserve level. The geological model work at Kiena will happen a bit later.

It said global model work. [laughter] Okay.

Does that answer your question, Jeremy?

It does. Thanks for that color.

I guess similarly on the topic of growth, the balance sheet is growing, there's no debt. Could you provide us your latest thoughts on M&A?

Obviously nothing's changed really to how we feel about M&A. We're going to keep focused on looking after per-share value for our shareholders at the timing, and looking for value and quality in this aspect.

Nothing's changed really, Jeremy. We remain very disciplined and prudent in the way we look at this.

Got it. Appreciate it.

The last one for me is just on the payments to First Nations that were factored into cost guidance for this year. Could you provide a bit more detail that might help us model those out going forward?

I think I'll hand over to Tyler. Do you want to grab it?

Or you want me to? [laughter] Go for it.

At this stage, I can't comment on exact numbers because we're finalizing the agreement as it is right now. All we can say is we're making great progress with our First Nations on these agreements, and hopefully, we can daylight a little bit of that soon.

Great. I really appreciate you taking my questions.

I'll step back in the queue.

Thank you, Jeremy.

Thank you, operator, and good morning, Anthea and team. First question at Eagle, just wondering if you could provide a little more color on the pivot into the development ore, whether that worked out as you had hoped and whether do you expect the increase in throughput and reduction in grades that we saw in Q4 to be limited to Q4 or carry into Q1?

Thank you.

Go, Tyler. Do you want to go ahead?

[laughter]

Sure. In Q4, it truly was an opportunity as we're developing that sill, realized that there was more mineral potential at the end of each one of those sills, we extended it on each side, which gives us more stopes for 2026 that we could pull in that actually wasn't in the plan.

It gives us a bit of flexibility there. Going forward, we don't expect that grade to continue.

Our plan, as we said in the guidance, is around that 13 to 14 g a tonne, and we expect to continue on that. It gives us the opportunity with additional stopes available to work on our sequencing for margin opportunities and capacity increases through the mill.

I just want to add, Don, that I think this was really really great that the mine did this, the way that they planned, and I think that they did a great job of accessing value that was not in any plan and they could do it.

Okay. Thank you.

Then maybe as a second question for Jono, and again, this builds on Jeremy's question, looking ahead to these technical reports, what is the cutoff date for the resource estimates that will feed into these reports, and approximately how many meters will go into each of the updates? Is it going to be a blend of infill and expansion, or primarily one or the other?

Just trying to understand maybe the magnitude of drilling that's going to support these reports. Thank you.

Don, sure. Good questions.

The technical reports are predominantly based on a database cutoff at the end of December. There's a portion on a few of the deposits where we pushed it out to middle of January, waiting for assays to come through, but that's based on some 207,000 m of drilling that we've completed in the year.

Bear in mind, added to that is that part of our work with the global model is that we've been reviewing a lot of the historic data, drill holes, channel sampling, and mapping underground, and working on the database and validating that information and bringing that in as all part of the growth that we're doing, and standardizing and data-quality work at the deposits. We will see not just surface exploration, underground exploration, but impacts on the conversion, delineation drilling, plus some open-pit material that we've been drilling as well, as I mentioned, Mish and Dorset.

I think just to add, Don, I don't know if you also asked a question to Jonno, is it cut-off grades? The cut-off grade really hasn't changed year-over-year, has it, Jono, in your resource grade?

Just to answer Don as well, that's really important. The resource cut-off grade, he asked what is that.

Yes. Don, we kept the same cut-off grade as last year, our earlier work, and that's currently under review as part of the technical feasibility studies.

Okay. Thank you.

Just as a final question, and this would also be to Jono then, we're looking forward to the exploration teach-in, but looking at all the targets you have and the potential upside, what is your pecking order for maybe the top three exploration priorities? [laughter]

Top pecking order without drilling down too much, Don, grade is king, always. We're looking at our growth strategy and fill the mill, we do have a balance of grade that's underground and close to the mine, number one.

Two is in our target triangle, opportunities that are looking higher grade, but don't have a lot of drilling in them at the moment, what we'd call our tier 5s and 6s, advancing those so that we have fruit that's available in the coming years. They're the two main ones.

Then the third one would be longer-term step-outs that we call our tier 6s or conceptual. We've got a balance through of setting those up so that we test these geophysical and structural models that are coming through so we've got a balanced approach for drilling not just this year, but for the next 3 years.

Okay. Thank you very much.

That's all for me. Good luck with the rest of the quarter.

Thanks, Don.

Great. Good morning, Anthea and team, and congratulations on a great quarter.

My first question is just on labor in Val-d'Or. Wondering if you can get us a little bit more color on how you're seeing turnover and labor availability at Kiena, and have there been any impacts on the operation, either in a positive way or a negative way?

That's a great question, and thanks, Allison, for your question. The labor situation is very challenging in Val-d'Or, as you rightly point out, and it's something that I've said this before to the market, I say it again, it's something that sits top of our agenda in terms of how we think about the business.

We obviously keep looking at this. What we're currently doing is we're building out various programs which will pull a labor strategy that's very strong for operations.

Our turnover rates are far higher than we'd like them at the moment, we need to pull that. Right now, what we're doing is we're filling this up with contractors, which are way more expensive, as you probably know, there is redundancy built in on the back of that, which is not very helpful, as you can imagine why we're focusing strongly on the labor strategy in that case.

I think the work we've done over the last 2 years in building our compensation structures and all these other things like cultural development, as well as understanding what our employees want, working on various surveys with our employees to understand what matters to them and building out a long-term mine or life-of-mine that shows people a future, I think those will start to ring true as we start to keep building on the business as a whole. I'm really hoping that what you'll get is more stability and stickiness in this.

Obviously, another big thing this team cares about is leadership and making sure the leaders lead with the culture we want, and I think that's been enhanced in the work that we've been doing over the last while.

Great, that's very helpful. Thank you.

Just one other question for you. In terms of return of capital to shareholders, we've seen several of your peers start to give a small dividend.

Is this something you're considering with the strong free cash flow generation that you are expecting to see this year?

Sorry, Allison, I could not hear you. Can you say that again, please?

Sorry.

Yep. I was saying in terms of return of capital to shareholders, we've seen several of your peers start to give a small dividend.

Is that something you're considering with strong free cash flow generation expected this year?

I'm going to hand over to Phil. You already answered this for us.

[laughter] Thank you.

Hi, Allison. Definitely, return on capital is front and center, top of mind, and as we continue to grow our balance sheet and dividends are a consideration and will be looked at as we progress through the year.

All right, great. That's it for me, and thank you for taking my questions this morning.

Thanks, Alison.