Oct 29, 2026 earnings call — Quarterly results, cash returns, and project progress
Company reported Q3 production of 425 thousand ounces and increased shareholder returns to 50% of free cash flow.
Revenue $1.7B (est $1.9B) · EPS $0.50 (est $0.46)
Key quotes
"We are deeply saddened by the tragic loss of 2 employees of business partners at our Bald Mountain operations in Nevada."
"We increased our commitment from 40% to 50% of our full year free cash flow through both dividends and share repurchases."
"Our project pipeline is advancing as we continue to make strong progress across our mine life extensions and growth opportunities."
Analyst Q&A 6
capital spending pace this year and next
Q (Matthew Murphy · BMO): Is CapEx likely to be at the upper end of this year's guide given the pace so far? And what is the expected pace in 2027 — should we assume a steady quarterly rate or higher?
A: They expect a bit higher CapEx in Q4 on both sustaining and growth, putting the year around the midpoint to upper end of the guidance but still within it. For 2027 they have a 1.5 billion range but it is subject to inflation and project approvals; some potential spends (e.g., Fort Knox phase 11) are still under assessment.
"So that probably takes us somewhere in the midpoint to upper end of the guidance by the time we close out this year." — Andrea Susan Freeborough
Round Mountain performance and Great Bear permitting risk
Q (Fahad Tariq · Jefferies): What were the operating metrics expected in the original Round Mountain mine plan given the recent better results? And are there any First Nations or permitting risks for the AEX that could affect the main Great Bear project?
A: They said Round Mountain showed quarter-on-quarter improvements in grade and recovery but recovery still needs to get back to around 80% to meet the target. On Great Bear, AEX permitting is a separate process and is not critical to the main project; appeals exist but they do not expect those to delay main project permitting and they are progressing IBA negotiations with local rights holders.
"AEX is not critical to the main project. And I would also say that AEX is not under 1 p 1 p, which the main project is." — Geoffrey Gold
unit cost outlook and project CapEx timing
Q (Daniel Major · UBS): Will unit costs move higher into 2027 given flat production and inflation pressures? Also, what CapEx run-rate should we expect for Great Bear and Lobo-Marte in 2027?
A: They said they provide cost guidance one year out and expect inflation similar to this year (about a 5% factor), while watching diesel and oil prices; production mix changes to 2027 won't significantly change overall cost. Great Bear construction spending should ramp meaningfully in 2027 upon permits (original PEA had ~$500 million but needs inflation adjustment); Lobo-Marte will have early/preapproval spend in 2027 and full construction later in 2028–2029. They also noted they have hedged about 50% of diesel oil cost for 2027.
"we do also have hedges in place against the oil cost component of the diesel price in 2027 for about 50% hedged for 2027." — Andrea Susan Freeborough
La Coipa high-copper ore and Great Bear underground drilling
Q (Carey MacRury · Canaccord Genuity): How long will mining in the high-copper-grade area at La Coipa last and how much of the plan contains that ore? Also, when will underground drilling start at Great Bear from the decline?
A: They said the very high copper sulfides sit at the bottom of phase 7, which they plan to finish next year, and those deeper sulfide resources would be optional later (thirties) with flotation; the current planned pit impacts are limited through 2027. For Great Bear, the underground decline is on track and they expect to start some underground drilling early next year from the top end of the ore body.
"We think that will be early next year. If everything stays on target right now, we start to get some early opportunities at top end of the ore body to drill off in a couple areas." — William D. Dunford
labor and consumable inflation plus project capital risk
Q (Tanya Jakusconek · Scotiabank): What are you seeing on labor inflation and turnover, and on consumable inflation for 2027? Also, could Great Bear capital rise by 20–30% or more due to inflation and labor tightness?
A: They estimate average labor inflation around 5% to 6% (higher in the U.S. and Nevada) and expect overall inflation near 5%, while noting some markets and Nevada have higher turnover. Consumable costs show ebb and flow but nothing dramatic now; on Great Bear capital they expect inflation-driven increases but do not expect a doubling and will provide more detail in H1 next year as detailed engineering and procurement progress.
"The average labor inflation we are thinking around kind of 5% to 6%, but it is not equal everywhere." — Andrea Susan Freeborough
Chilean peso FX sensitivity and capital return mix
Q (BofA): Should we read anything into the larger Chilean peso cost sensitivity this year? And will further capital return favor dividend increases or buybacks?
A: On the peso sensitivity they said it is a denominator impact while the cost mix stayed similar, so nothing unusual to read into. On returns they reaffirm that the dividend is intended as a permanent baseline and they prefer to use buybacks to flex capital return amounts; they raised the dividend recently but see buybacks as the tool to lean in and out.
"We believe the dividend should be a kind of a forever commitment." — J. Paul Rollinson (CEO)