Category: 3. Business

As announced in the press release dated January 20, 2026, “Notification Regarding the Commencement of the Tender Offer for Shares of Mitsubishi Logisnext Co., Ltd. by LVJ Holdings 2 LLC”, the Tender Offeror commenced the Tender Offer on January 21, 2026, and the Tender Offer was completed on February 18, 2026. Since the total number of shares tendered in the Tender Offer exceeded the minimum number of shares to be purchased, the Tender Offer was successfully completed. For details of the Tender Offer, please refer to “Notice Concerning Results of the Tender Offer for the Company Shares, etc. by LVJ Holdings 2 LLC and Changes in Major Shareholder” announced today by Mitsubishi Logisnext.

The Company did not apply for the Tender Offer. Instead, the Company will sell Mitsubishi Logisnext shares held by the Company through a share repurchase by Mitsubishi Logisnext which will be implemented after the completion of the Tender Offer. Following the completion of the sale, the Company will repurchase the shares issued by the Tender Offeror. Mitsubishi Logisnext shall cease to be a consolidated subsidiary of the Company.

Strong momentum built in Q4 and progressing merger to create global critical minerals champion

Vancouver, B.C. – Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) today announced its unaudited fourth quarter results for 2025. 

“Teck closed out 2025 with strong momentum, delivering robust Q4 financial performance underpinned by significantly higher copper prices and operating performance in line with plan,” said Jonathan Price, President and CEO. “At Quebrada Blanca, we continued to make meaningful progress on ramp‑up, with improving production and tailings management facility development, supporting unlocking the full value of this exceptional resource. We advanced the proposed merger of equals between Teck and Anglo American, with shareholders voting overwhelmingly in favour and a key approval secured under the Investment Canada Act. Looking ahead to 2026, Teck is well positioned to deliver disciplined execution of our business plans and progress the merger and integration planning to create a global top‑five copper company.”

Highlights

• The proposed merger of equals (the Merger) with Anglo American plc to form Anglo Teck advanced during the fourth quarter with Teck shareholders voting overwhelmingly in favour of the transaction on December 9, 2025, and the Government of Canada granting approval of the Merger under the Investment Canada Act on December 15, 2025.
• On October 7, 2025, we announced the completion of our Comprehensive Operational Review and Updated Outlook. Progress on the QB Action Plan continued in the fourth quarter with development of the tailings management facility (TMF) proceeding as planned with progressive improvement in sand drainage rates and dam development.
• Adjusted EBITDA¹ of $1.5 billion in Q4 2025 was $678 million higher than the same period last year, driven by significantly higher copper prices and increased revenue from by-products. Our profit from continuing operations before taxes was $792 million in Q4 2025. 
• Adjusted profit from continuing operations attributable to shareholders¹ in Q4 2025, was $671 million, or $1.37 per share and profit from continuing operations attributable to shareholders was $544 million or $1.11 per share. 
• We ended the year in a net cash¹ position, supported by $1.3 billion of cash flow generated from operations in Q4 2025. Our liquidity as at February 18, 2026 is $9.3 billion, including $5.2 billion of cash.
• Our copper segment generated gross profit before depreciation and amortization¹ of $1.1 billion in Q4 2025 compared to $732 million in the same period last year, driven by higher copper prices, which averaged US$5.03 per pound in the fourth quarter, and lower smelter processing charges. Gross profit from our copper business was $747 million in Q4 2025.
• Copper prices rose significantly during Q4 2025 and closed at US$5.67 per pound at year end. 
• Our zinc segment generated gross profit before depreciation and amortization¹ of $305 million in the fourth quarter, compared to $320 million in the same period last year. Lower zinc sales volumes from Red Dog, due to the timing of shipments, were largely offset by improved profitability at our Trail Operations. Gross profit from our zinc business was $243 million in Q4 2025. 
• Our annual High-Potential Incident (HPI) frequency rate improved to 0.06, equal to our best annual result achieved for Teck-controlled operations and 50% lower than last year.

<sup>Note:
1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.</sup>

Financial Summary Q4 2025

Financial Metrics (CAD$ in millions, except per share data)	Q4 2025	Q4 2024
Revenue	$ 3,058	$ 2,786
Gross profit	$ 990	$ 542
Gross profit before depreciation and amortization1	$ 1,384	$ 1,052
Profit from continuing operations before taxes	$ 792	$ 256
Adjusted EBITDA1	$ 1,513	$ 835
Profit from continuing operations attributable to shareholders	$ 544	$ 385
Adjusted profit from continuing operations attributable to shareholders1	$ 671	$ 232
Basic earnings per share from continuing operations	$ 1.11	$ 0.75
Diluted earnings per share from continuing operations	$ 1.11	$ 0.75
Adjusted basic earnings per share from continuing operations1	$ 1.37	$ 0.45
Adjusted diluted earnings per share from continuing operations1	$ 1.37	$ 0.45

Key Updates

Teck and Anglo American plc Merger of Equals

• On September 9, 2025, Teck and Anglo American plc announced the Merger to form Anglo Teck, a global critical minerals champion headquartered in Canada. Both Anglo American plc and Teck believe the Merger will be highly attractive for their respective shareholders and stakeholders, enhancing portfolio quality, financial and operational resilience and strategic positioning. 
• The Merger is expected to deliver annual pre-tax synergies of approximately US$800 million, with approximately 80% expected to be realized on a run-rate basis by the end of the second year following completion. Anglo Teck will also work with key stakeholders and partners to optimize the value of the adjacent Collahuasi and Quebrada Blanca assets to realize US$1.4 billion (100% basis) of annual average underlying EBITDA² uplift from 2030-2049.
• On December 9, 2025, shareholders of both Teck and Anglo American plc approved the Merger as required under the arrangement agreement. 
• On December 15, 2025, Teck and Anglo American received regulatory approval from the Government of Canada under the Investment Canada Act (ICA) for the Merger.
• The Merger remains subject to customary closing conditions for a transaction of this nature, including regulatory approvals in multiple jurisdictions globally. The parties continue to work collaboratively toward securing the required approvals and advancing the transaction to completion.

<sup>Notes:
1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.
2. This is a non-GAAP financial measure. See the Management Proxy Circular for the special meeting of shareholders of Teck Resources Limited held on December 9, 2025, filed under Teck’s profile on SEDAR+ (www.sedarplus.ca)  for further information.</sup>

QB Action Plan Update and Q4 Performance 

• In 2025, production at QB was constrained by the pace of development of the TMF, requiring downtime in the concentrator to manage the rate of tailings rise. Our priority remains enabling safe, unconstrained production by raising the crest height of the dam. This is being delivered through construction of additional rock benches while continuing to progress efforts to improve sand drainage to support construction of the sand dam. 
• Q4 2025 copper production at QB was 55,400 tonnes, an increase of 15,800 tonnes compared with Q3 2025 and the strongest quarterly performance of 2025. Q4 2025 performance was driven by the continued development of the TMF, focus on operational stability initiatives and progress towards steady-state operations. 
• Q4 2025 molybdenum production at QB was 690 tonnes, the highest quarterly production to date, with continued ramp-up of the molybdenum plant with the focus on operational stability.
• In Q4 2025, development of the TMF advanced as planned, supporting effective management of freeboard levels and enabling continuous operations. 
• QB achieved progressive improvement in sand drainage rates during the fourth quarter. We completed the full replacement of the cyclone technology, which reduced the amount of ultra fines present in the sand, and successfully implemented refined sand placement improvements. The sand wedge development is progressing as per plan and, with improved sand drainage rates, we expect completion of the sand wedge in 2026. Work also advanced in the fourth quarter on the construction of the remaining rock benches, in line with expectations.
• Throughput improved progressively throughout the fourth quarter with December achieving the highest monthly rate of throughput in 2025, and in line with rates achieved in Q4 2024. Recoveries remained consistent over the quarter and within plan based on the type of ore being processed. Copper grades continued to align with plan and were 0.59% on average in the fourth quarter.
• Copper sales volumes from QB in Q4 2025 of 41,600 tonnes were lower than production, primarily due to a short-term build-up in inventory resulting from weather and sea conditions in December, which delayed shipments into early 2026.
• Shiploader repairs at QB’s port facility were completed at the end of January 2026. The first successful shipments were loaded in early February and normal operation of the shiploader has resumed.
• QB net cash unit costs¹ for 2025 of US$2.67 per pound were at the lower end of our previously disclosed 2025 annual guidance range of US$2.65–US$3.00 per pound. QB net cash unit costs¹ in the fourth quarter increased from the same period last year mainly due to lower copper production, offset partially by lower operating costs and higher molybdenum by-product credits. 

Safety and Sustainability Leadership 

• Our annual High-Potential Incident (HPI) frequency rate improved to 0.06, equal to our best annual result achieved for Teck-controlled operations. The rate is 50% lower than the 2024 annual rate of 0.12.
• On November 18, 2025, Teck was named one of Canada’s Top 100 Employers for the ninth consecutive year by Mediacorp Canada’s Top Employers program, which recognizes companies for exceptional human resource programs and innovative workplace policies.

<sup>Note:
1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.</sup>

Guidance

• Our 2025 annual production of copper, zinc in concentrate and refined zinc and our 2025 copper and zinc net cash unit costs¹ were within our previously disclosed guidance ranges.
• On January 20, 2026, we reaffirmed our previously disclosed 2026 annual guidance for all Teck operated sites and updated our 2026 annual zinc in concentrate production guidance for Antamina to 35,000 to 45,000 tonnes, reflecting an updated mine plan finalized in the fourth quarter of 2025.
• There are no changes to our previously disclosed guidance, which is outlined in summary below and our usual guidance tables, including 2027–2028 production guidance, can be found on pages 26–29 of Teck’s fourth quarter results for 2025 at the link below.

2026 Guidance – Summary	Current
Production Guidance
Copper (000’s tonnes)	455 – 530
Zinc (000’s tonnes)	410 – 460
Refined zinc (000’s tonnes)	190 – 230
Sales Guidance – Q1 2026
Red Dog zinc in concentrate sales (000’s tonnes)	40 – 50
Unit Cost Guidance
Copper net cash unit costs (US$/lb.)1	1.85 – 2.20
Zinc net cash unit costs (US$/lb.)1	0.65 – 0.75

<sup>Note:
1. This is a non-GAAP financial measure or ratio. See “Use of Non-GAAP Financial Measures and Ratios” for further information.</sup>

All dollar amounts expressed in this news release are in Canadian dollars unless otherwise noted. 

Click here to view Teck’s full fourth quarter results for 2025. 

WEBCAST

Teck will host an Investor Conference Call to discuss its Q4/2025 financial results at 11:00 AM Eastern time, 8:00 AM Pacific time, on February 19, 2026. A live audio webcast of the conference call, together with supporting presentation slides, will be available at our website at www.teck.com. The webcast will be archived at www.teck.com.

REFERENCE 

Emma Chapman, Vice President, Investor Relations: +44 207.509.6576 
Dale Steeves, Director, External Communications: +1 236.987.7405 

USE OF NON-GAAP FINANCIAL MEASURES AND RATIOS

Our annual financial statements are prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB). Our interim financial results are prepared in accordance with IAS 34, Interim Financial Reporting (IAS 34). This document refers to a number of non-GAAP financial measures and non-GAAP ratios, which are not measures recognized under IFRS Accounting Standards and do not have a standardized meaning prescribed by IFRS Accounting Standards or by Generally Accepted Accounting Principles (GAAP) in the United States. 

The non-GAAP financial measures and non-GAAP ratios described below do not have standardized meanings under IFRS Accounting Standards, may differ from those used by other issuers, and may not be comparable to similar financial measures and ratios reported by other issuers. These financial measures and ratios have been derived from our financial statements and applied on a consistent basis as appropriate. We disclose these financial measures and ratios because we believe they assist readers in understanding the results of our operations and financial position and provide further information about our financial results to investors. These measures should not be considered in isolation or used as a substitute for other measures of performance prepared in accordance with IFRS Accounting Standards.

Adjusted profit from continuing operations attributable to shareholders – For adjusted profit from continuing operations attributable to shareholders, we adjust profit from continuing operations attributable to shareholders as reported to remove the after-tax effect of certain types of transactions that reflect measurement changes on our balance sheet or are not indicative of our normal operating activities. 

EBITDA – EBITDA is profit before net finance expense, provision for income taxes, and depreciation and amortization.

Adjusted EBITDA – Adjusted EBITDA is EBITDA before the pre-tax effect of the adjustments that we make to adjusted profit from continuing operations attributable to shareholders as described above.

Adjusted profit from continuing operations attributable to shareholders, EBITDA and Adjusted EBITDA highlight items and allow us and readers to analyze the rest of our results more clearly. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our business in order to provide liquidity to fund working capital needs, service outstanding debt, fund future capital expenditures and investment opportunities, and pay dividends.

Adjusted basic earnings per share from continuing operations – Adjusted basic earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of shares outstanding in the period.

Adjusted diluted earnings per share from continuing operations – Adjusted diluted earnings per share from continuing operations is adjusted profit from continuing operations attributable to shareholders divided by average number of fully diluted shares in a period.

Gross profit before depreciation and amortization – Gross profit before depreciation and amortization is gross profit with depreciation and amortization expense added back. We believe this measure assists us and readers to assess our ability to generate cash flow from our reportable segments or overall operations.

Total cash unit costs – Total cash unit costs for our copper and zinc operations includes adjusted cash costs of sales, as described below, plus the smelter and refining charges added back in determining adjusted revenue. This presentation allows a comparison of total cash unit costs, including smelter charges, to the underlying price of copper or zinc in order to assess the margin for the mine on a per unit basis.

Net cash unit costs – Net cash unit costs of principal product, after deducting co-product and by-product margins, are also a common industry measure. By deducting the co- and by-product margin per unit of the principal product, the margin for the mine on a per unit basis may be presented in a single metric for comparison to other operations. 

Adjusted cash cost of sales – Adjusted cash cost of sales for our copper and zinc operations is defined as the cost of the product delivered to the port of shipment, excluding depreciation and amortization charges, any one-time collective agreement charges or inventory write-down provisions and by-product cost of sales. It is common practice in the industry to exclude depreciation and amortization, as these costs are non-cash, and discounted cash flow valuation models used in the industry substitute expectations of future capital spending for these amounts. 

Total debt – Total debt is the sum of debt plus lease liabilities, including the current portions of debt and lease liabilities.

Net debt (cash) – Net debt (cash) is total debt, less cash and cash equivalents. Net cash is the amount by which our cash balance exceeds our total debt balance.

Profit (Loss) from Continuing Operations Attributable to Shareholders and Adjusted Profit from
Continuing Operations Attributable to Shareholders

(CAD$ in millions)	Three months ended  December 31,		Year ended  December 31,
	2025	2024	2025	2024
Profit (loss) from continuing operations attributable to shareholders	$ 544	$ 385	$ 1,401	$ (467)
Add (deduct) on an after-tax basis:
Asset impairment	—	—	—	828
QB variable consideration to IMSA and Codelco	(70)	23	(86)	32
Environmental costs	141	(6)	172	3
Share-based compensation	19	5	52	72
Commodity derivatives	(46)	(29)	(105)	(65)
Foreign exchange (gains) losses	22	(208)	37	(137)
Tax items	—	(51)	(82)	178
Other	61	113	144	161
Adjusted profit from continuing operations attributable to shareholders	$ 671	$ 232	$ 1,533	$ 605
Basic earnings (loss) per share from continuing operations	$ 1.11	$ 0.75	$ 2.84	$ (0.90)
Diluted earnings (loss) per share from continuing operations	$ 1.11	$ 0.75	$ 2.83	$ (0.90)
Adjusted basic earnings per share from continuing operations	$ 1.37	$ 0.45	$ 3.10	$ 1.17
Adjusted diluted earnings per share from continuing operations	$ 1.37	$ 0.45	$ 3.09	$ 1.16

Reconciliation of Basic Earnings (Loss) per share from Continuing Operations to Adjusted Basic
Earnings per share from Continuing Operations

(Per share amounts)	Three months ended  December 31,		Year ended  December 31,
	2025	2024	2025	2024
Basic earnings (loss) per share from continuing operations	$ 1.11	$ 0.75	$ 2.84	$ (0.90)
Add (deduct):
Asset impairment	—	—	—	1.60
QB variable consideration to IMSA and Codelco	(0.14)	0.05	(0.17)	0.06
Environmental costs	0.29	(0.01)	0.35	0.01
Share-based compensation	0.04	0.01	0.11	0.14
Commodity derivatives	(0.09)	(0.06)	(0.21)	(0.13)
Foreign exchange (gains) losses	0.05	(0.41)	0.07	(0.27)
Tax items	—	0.10	(0.16)	0.34
Other	0.11	0.22	0.27	0.32
Adjusted basic earnings per share from continuing operations	$ 1.37	$ 0.45	$ 3.10	$ 1.17

Reconciliation of Diluted Earnings (Loss) per share from Continuing Operations to Adjusted
Diluted Earnings per share from Continuing Operations

(Per share amounts)	Three months ended  December 31,		Year ended  December 31,
	2025	2024	2025	2024
Diluted earnings (loss) per share from continuing operations	$ 1.11	$ 0.75	$ 2.83	$ (0.90)
Add (deduct):
Asset impairment	—	—	—	1.58
QB variable consideration to IMSA and Codelco	(0.14)	0.04	(0.17)	0.06
Environmental costs	0.29	(0.01)	0.35	0.01
Share-based compensation	0.04	0.01	0.10	0.14
Commodity derivatives	(0.09)	(0.06)	(0.21)	(0.13)
Foreign exchange (gains) losses	0.04	(0.41)	0.07	(0.26)
Tax items	—	(0.10)	(0.16)	0.34
Other	0.12	0.23	0.28	0.32
Adjusted diluted earnings per share from continuing operations	$ 1.37	$ 0.45	$ 3.09	$ 1.16

Reconciliation of EBITDA and Adjusted EBITDA

(CAD$ in millions)	Three months ended  December 31,		Year ended  December 31,
	2025	2024	2025	2024
Profit (loss) from continuing operations before taxes	$ 792	$ 256	$ 1,656	$ (718)
Net finance expense	172	141	641	719
Depreciation and amortization	413	523	1,757	1,726
EBITDA	1,377	920	4,054	1,727
Add (deduct):
Asset impairment	—	—	—	1,053
QB variable consideration to IMSA and Codelco	(116)	37	(142)	51
Environmental costs	166	(8)	208	—
Share-based compensation	25	5	66	91
Commodity derivatives	(63)	(40)	(144)	(90)
Foreign exchange (gains) losses	25	(235)	41	(146)
Other	99	156	250	247
Adjusted EBITDA	$ 1,513	$ 835	$ 4,333	$ 2,933

Reconciliation of Gross Profit Before Depreciation and Amortization

(CAD$ in millions)	Three months ended  December 31,		Year ended  December 31,
	2025	2024	2025	2024
Gross profit	$ 990	$ 542	$ 2,657	$ 1,607
Depreciation and amortization 1	394	510	1,682	1,665
Gross profit before depreciation and amortization	$ 1,384	$ 1,052	$ 4,339	$ 3,272
Reported as:
Copper
Quebrada Blanca	$ 280	$ 304	$ 860	$ 766
Highland Valley Copper	286	100	850	471
Antamina	370	275	1,101	1,038
Carmen de Andacollo	142	52	382	121
Other	1	1	3	5
	1,079	732	3,196	2,401
Zinc
Trail Operations	106	15	282	12
Red Dog	200	303	846	851
Other	(1)	2	15	8
	305	320	1,143	871
Gross profit before depreciation and amortization	$ 1,384	$ 1,052	$4,339	$ 3,272

<sup>Note:
1. Depreciation and amortization recognized in cost of sales.</sup>

26-05-TR

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Accenture has begun monitoring staff use of its AI tools as part of how it decides top-level promotions, as consultancies push reluctant employees to adopt the technology. 

The Dublin-headquartered firm told associate directors and senior managers that promotion to leadership positions would require “regular adoption” of AI, according to people familiar with the matter and an internal email seen by the FT.

This month Accenture started to collect data on individual weekly log-ins to its AI tools for some senior employees.

“Use of our key tools will be a visible input to talent discussions” during this summer’s leadership-level promotion decisions, the email said. The New York-listed group says it has more than 550,000 people trained in generative AI.

The tools include AI Refinery, which Accenture said helps companies “turn raw AI technology into useful business solutions”, along with SynOps, an “innovative human-machine operating ‘engine’ that optimises the synergy of data, applied intelligence, digital technologies and talent to help organisations transform business operations”.

The push underlines the challenges consulting groups face when persuading senior employees and partners to adapt to AI.

Three executives at the Big Four accounting and consulting firms have told the FT that persuading senior managers and partners to adopt AI tools has proved more difficult than with junior staff. One described it as an exercise in “chivvying”. 

Older, more senior figures are often less comfortable with technology and more wedded to established working methods, the executives said, prompting leadership teams to take what one called a “carrot and stick” approach.

One person familiar with the change at Accenture who was not directly affected said they would “quit immediately” if the change affected them. They and a second person both criticised the usefulness of the tools Accenture wants employees to use, claiming some of the tools were “broken slop generators”.

Staff in 12 European countries are exempt from the policy, along with those working in Accenture’s division that handles US federal government contracts, as well as certain joint ventures. The firm has almost 800,000 workers globally.

Accenture is racing to complete a wide-ranging reorganisation announced last June that united its strategy, consulting, creative, technology and operations units into a single division called “Reinvention Services”.

Chief executive Julie Sweet said last year that Accenture would “exit” staff who could not adapt to the AI age. The firm has since dubbed its employees “reinventors” in an effort to emphasise their ability to advise clients on AI.

Last month Accenture bought London-based AI startup Faculty to improve its ability to help clients “reinvent core and critical business processes” by adopting AI. 

However, Accenture has struggled to adapt to a sector-wide slowdown for consultants. Its share price has fallen by 42 per cent over the past 12 months, reducing its market value to about $137bn. It peaked at more than $260bn as demand surged during the pandemic.

Accenture said: “Our strategy is to be the reinvention partner of choice for our clients and to be the most client-focused, AI-enabled, great place to work.

“That requires the adoption of the latest tools and technologies to serve our clients most effectively.”

JAKARTA, Indonesia (ILO News) – The Ministry of Manpower, with support from Better Work Indonesia (BWI) programme, a joint initiative of the ILO and the International Finance Cooperation (IFC), has continued to update and revise the regulations on Fixed-Term Employment Contract (PKWT). The recent update was issued through the Law No. 6/2023 on Omnibus Law.

We expect a harmonized understanding in the application of PKWT in accordance with prevailing regulations, thereby strengthening legal certainty, enhancing productivity and ensuring the sustainability and competitiveness of Indonesia’s garment industry supply chain in the global market.

Indah Anggoro Putri, Director General of Industrial Relations and Social Security at the Ministry of Manpower 

Indah Anggoro Putri, Director General of Industrial Relations and Social Security at the Ministry of Manpower, welcomed the development of this PKWT implementation guideline for the export-oriented garment sector as a shared reference for both workers and businesses. “We expect a harmonized understanding in the application of PKWT in accordance with prevailing regulations, thereby strengthening legal certainty, enhancing productivity and ensuring the sustainability and competitiveness of Indonesia’s garment industry supply chain in the global market.”

Since 2018, the BWI programme has collaborated with the Ministry of Manpower through national stakeholder consultations to develop guidelines on PKWT. The guideline has served as a practical tool to bridge gaps in understanding and application of the law. By offering structured explanations and examples, it has helped factories align with national regulations while maintaining productive and competitive operations.

PKWT contracts support business flexibility in a highly competitive export market. However, their implementation has often been accompanied by compliance challenges. Common issues include determining the appropriate duration of contracts, identifying types of work eligible for fixed-term arrangements and ensuring adherence to other regulatory provisions governing employment contracts.

The ILO is pleased that the updated guidelines serve as a practical reference to clarify the legal framework, strengthen compliance and support balanced employment practices that uphold workers’ rights while maintaining the competitiveness of Indonesia’s garment industry.

Simrin Singh, ILO Country Director for Indonesia and Timor-Leste 

As labour regulations and their implementation continue to evolve, the guideline has been revised through a series of close consultations with key directorates within the Ministry of Manpower, including the Directorate of Labour Inspection, the Directorate of Industrial Relations and Wages and the Legal Bureau. These consultations aimed to align the guidance with current legal provisions, enforcement practices and the realities faced by factories and workers in the sector.

Simrin Singh, ILO Country Director for Indonesia and Timor-Leste, emphasized that the updated guideline is designed as a living document, open to future review and revision in line with regulatory developments and emerging issues. “The ILO is pleased that the updated guidelines serve as a practical reference to clarify the legal framework, strengthen compliance and support balanced employment practices that uphold workers’ rights while maintaining the competitiveness of Indonesia’s garment industry.”

To strengthen the implementation and utilization of the guidelines, English and Korean versions have been developed, and a series of dissemination activities were rolled out over one month from September to October 2025. More than 100 labour inspectors and industrial relations mediators from Greater Jakarta, Banten, Central Java, West Java and the Special Region of Yogyakarta participated in these sub-national sessions.

The biggest challenge today is adapting to rapidly changing global market trends… Thus, the management of PKWT remains a crucial aspect in maintaining the balance between business continuity and creating decent working conditions.

Satrio Adipratama, Compliance Manager of PT Ungaran Sari Garments 

During the same period, outreach to factories engaged over 200 representatives from enterprises participating in the BWI programme. The series concluded with the introduction of the English and Korean versions of the guidelines to international buyers and broader constituents in November 2025, helping to strengthen alignment and awareness across the supply chain. This introduction aimed to support more predictable employment practices, reinforce compliance with national labour regulations and foster constructive industrial relations across the export-oriented garment sector.

One of the participating BWI factories, PT Ungaran Sari Garments in Semarang, Central Java, emphasized the importance of balancing business continuity with the creation of decent working conditions. Compliance Manager Satrio Adipratama stated: “The biggest challenge today is adapting to rapidly changing global market trends. This requires improving the skills and flexibility of the workforce to ensure continued adaptation. Thus, the management of PKWT remains a crucial aspect in maintaining the balance between business continuity and creating decent working conditions.”

• New luxury airline makes first direct jet purchase to grow tourism and economy on Vietnam’s largest island

WASHINGTON, Feb. 18, 2026 /PRNewswire/ — Boeing [NYSE: BA] and Sun PhuQuoc Airways today announced the new Vietnam-based carrier has ordered up to 40 787 Dreamliner jets to serve as the backbone of its widebody fleet. The airline will leverage the ultra-efficient, long-range 787 Dreamliner to connect international travelers to its Vietnam hub at Phu Quoc International Airport.

“Our partnership with Boeing establishes a strong foundation for building a world-class airline that operates in sync with the tourism and resort ecosystem Sun Group has developed,” said Dang Minh Truong, chairman of Sun Group, the airline’s Vietnam-based parent company. “We selected the Boeing 787-9 not only for its superior operational performance, but because it is the most suitable aircraft type to realize our vision of bringing Phu Quoc to the world and bringing the world to Phu Quoc.”

General Secretary To Lam and U.S. government representatives joined airline and Boeing leaders to recognize Sun PhuQuoc’s previously unidentified purchase, which is the largest Boeing widebody order in Vietnamese history.

With a range of 7,565 nautical miles (14,010 km), the 787-9 will position Sun PhuQuoc Airways to efficiently connect Phu Quoc with major cities and other tourist destinations across Asia, Europe and North America.

The 787 Dreamliner delivers superior comfort to passengers with the largest windows of any widebody airplane flying today and air that is pressurized at a lower cabin altitude, allowing passengers to arrive at their destinations feeling more refreshed.

“We are excited to work with Sun PhuQuoc Airways as they join other global airlines in flying the 787 Dreamliner, which connects the most countries of any widebody fleet,” said Stephanie Pope, president and CEO of Boeing Commercial Airplanes. “The 787-9’s unmatched range, fuel efficiency and passenger comfort will give the airline flexibility to open new long‑haul markets, lower operating costs and contribute to local tourism growth.”

Since airlines began flying the 787 Dreamliner family in 2011, the global fleet has helped launch more than 535+ new nonstop routes globally and carried more than 1.2 billion passengers, further enhancing connectivity and expanding global travel options.

With Southeast Asia poised for significant air travel growth over the next 20 years, Vietnam is expected to be the region’s fastest-growing aviation market with annual passenger growth of nearly 8% by 2030.

About Sun PhuQuoc Airways
As Vietnam’s first airline named after an island, Sun PhuQuoc Airways is developed by Sun Group under a “resort aviation” model with a hub-and-spoke network strategy. The airline directly connects Phu Quoc to major domestic and international tourism and economic centers through non-stop flights, competitive fares, and a seamless experience integrated with the island’s comprehensive ecosystem. With plans to expand its fleet to 100 aircrafts by 2030, Sun PhuQuoc Airways is well positioned to capture the next wave of premium tourism demand, contributing to the sustainable global rise of both Phu Quoc and Vietnam.

About Boeing
A leading global aerospace company and top U.S. exporter, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. Our U.S. and global workforce and supplier base drive innovation, economic opportunity, sustainability and community impact. Boeing is committed to fostering a culture based on our core values of safety, quality and integrity.  

Contact
Boeing Media Relations
media@boeing.com

SOURCE Boeing

Dr. Eko Onggosanusi, a researcher at Samsung Research America (SRA), has been named a recipient of the 2025 3rd Generation Partnership Project (3GPP) Excellence Award.

Established in 2012, the award recognizes individual contributions to the development of next-generation mobile telecommunications standards.

Dr. Onggosanusi, who works in the Standards and Mobility Innovation Lab at SRA, was honored for his contributions to 3GPP RAN Working Group 1 (RAN1)¹ — particularly for his leadership in advancing multiple-input multiple-output (MIMO) systems within the 3GPP community.

“I am proud to contribute to Samsung’s efforts in 3GPP standardization,” said Dr. Onggosanusi. “It has been a privilege to serve in RAN1 as the 3GPP RAN MIMO rapporteur. My focus has been on fostering collaboration and consensus within the 3GPP community to develop state-of-the-art physical-layer technology and help shape the future of cellular standards.”

Dr. Onggosanusi has been a RAN1 delegate since 2005, contributing to the early development of 4G LTE. After joining Samsung in 2014, he became the rapporteur for full-dimension multiple-input multiple-output (FD-MIMO) systems. He has held the role across six consecutive MIMO work items spanning multiple releases from 2014 to 2025, covering both 4G LTE and 5G New Radio (NR) standardization.

By improving network efficiency, data rates and coverage through advanced multi-antenna signal processing, MIMO is a core technology for both 4G and 5G. Its evolution, including active antenna systems, has enabled large-scale antenna deployments in 5G. Samsung Research — an advanced R&D hub within the Device eXperience (DX) Division at Samsung Electronics — led this advancement through a pioneering 3GPP work item expected to play a key role in 6G networks and significantly enhance the mobile user experience.

This marks the eighth time a Samsung employee has received the 3GPP Excellence Award, more than any other company. The milestone further underscores Samsung’s leadership in advancing mobile telecommunications technology and standardization.

---

Meta CEO Mark Zuckerberg was clearly getting testy.

“That’s not what I’m saying at all,” said the tech billionaire. “I think you’re misunderstanding what I’m saying,” Zuckerberg responded. “You’re mischaracterizing what I’m saying,” he shot back.

The executive was testifying on Wednesday before a jury in Los Angeles in a marquee social media trial accusing Meta of deliberately designing features of Instagram to addict children, and the legal team for the family suing was intent on showing that Zuckerberg’s fingerprints were all over the company’s big decisions.

Mark Lanier, a Texas trial lawyer and pastor with a folksy courtroom demeanor, directed Zuckerberg’s attention to a 2020 internal Meta document showing that 11-year-olds were four times as likely to keep coming back to Facebook, compared to older users. Instagram’s minimum age for signing up is 13.

“People who join Facebook at 11 years old? Lanier asked Zuckerberg. “I thought y’all didn’t have any of those?”

Lanier then went over Meta internal documents highlighting goals to increase the time 10-year-olds spend on Instagram.

“I don’t remember the context of this email from more than ten years ago,” Zuckerberg said. “I think the way we should build things is to build useful services for people to connect with their family and friends and learn about the world.”

One 2018 internal Meta document stated “If we wanna win big with teens, we must bring them in as tweens,” Lanier pointed out, saying that undercut Meta’s own policies.

The legal team representing the plaintiff, a 20-year-old California woman known in court documents as “Kaley,” attempted to demonstrate that the top-down goal of Meta has always been to encourage users to get on their platforms as young as possible, and once there, to figure out ways to keep them around. Often features like “beauty filters,” made the app more alluring, Lanier argued.

When the company hired experts who affirmed that such appearance-enhancing filters contributed to body-image issues among young girls, Zuckerberg would not dispense with the filters tools, calling getting rid of them was “paternalistic.”

Under questioning in court, the billionaire Facebook founder responded: “What we allowed was letting people use those filters if they wanted but deciding not to recommend them to people,” he said. “So that was the balance we came to to let people express themselves the way they want.”

Kaley, who’s also identified as KGM in court documents, often used these filters, which her lawsuit says contributed to body dysmorphia and other mental health issues.

Had Zuckerberg looked at Kaley’s Instagram posts before the trial, Lanier asked? His staff had shown him some, he responded.

That’s when Lanier, who is known for orchestrating spectacles at trial, had five lawyers unspool a roughly 20-foot collage of hundreds of photos that Kaley posted to Instagram. Lanier implored Zuckerberg to dwell on the posts. Other observers in the room, including the media, were not able to see the photos.

When it was time for Meta’s lawyer to ask Zuckerberg questions, he emphasized that the company does not have an incentive for people to have harmful experiences on its services.

“From a business perspective, people think if we maximize the amount of attention people spend, that that’s good for us,” Zuckerberg said. “But if people feel like they’re not having a good experience, why would they keep using the product?”

Keeping users safe, especially teen users, has always been a priority, Zuckerberg said.

“Questions about well-being I consider part of this for sure,” he said. “If you build a community and people don’t feel safe, that’s not sustainable and eventually people go and join another community.”

1,600 other plaintiffs

The appearance of Zuckerberg, the star witness of the trial, came in the second week of what’s expected to be a six-week proceeding. Other tech executives, social media specialists, addiction experts and others have also testified.

Kaley, the plaintiff, is expected to deliver the most emotional testimony later in the trial. Her lawsuit claims she began using social media at age 6, including YouTube, Instagram, TikTok and Snap. After becoming hooked on the platforms, she said her body image issues, depression and suicidal thoughts worsened. The suit points to features like beauty filters, infinite scroll and auto-play as being tantamount to a “digital casino.” Evidence of the harms of these features were concealed from the public, the lawsuit says.

In response, Meta and Google, which owns YouTube, have said the accusations over-simplify the complexity of adolescent mental health issues. The companies argue social media use does not directly cause young people to be mentally unwell, so they should not be held legally liable for a user’s mental health struggles.

Kaley’s legal team called expert witnesses who described multiple studies linking regular social media use with worsening depression, anxiety and body image issues.

The jury will determine to what degree social media platforms should be held legally culpable for plaintiff Kaley’s struggles. The trial is a bellwether case tied to 1,600 similar suits filed by families and school districts. How the jury decides is expected to influence settlement talks in all those pending cases.

While debates about social media addiction have raged for decades, it has taken until now for a major trial on the issue to unfold largely due to a federal legal shield that has protected Silicon Valley. A law known as Section 230 of the 1996 Communications Decency Act has allowed tech companies to fend off lawsuits over what users post to their sites. Social media firms have also won legal battles, including a key Supreme Court case, that have found how companies curate content on platforms is a type of protected free speech.

Despite these protections, the plaintiff’s lawyers in the Los Angeles case found a way to legally attack tech giants: by treating social media apps as unsafe products, viewing Instagram, YouTube and other services as defective under product liability law. The argument is that tech companies deliberately designed social media sites as harmful and dismissed internal warnings that the services could be problematic for teenagers.

The jury will ultimately have to assess Zuckerberg’s credibility, which was under attack on Wednesday.

Lanier, Kaley’s lawyer, brought up an internal document showing how Meta communications staffers have pushed Zuckerberg to portray himself as more “human” and “relatable,” and “empathetic, and less “fake,” and “corporate,” and “cheesy.”

When questioned about his performance in various other public settings, whether in courtrooms or before Congress, Zuckerberg showed some humility.

He said: “I think I’m known to actually be pretty bad at this,” which drew some laughter from the courtroom.

NEW YORK, Feb. 18, 2026 (GLOBE NEWSWIRE) — Apollo Global Management, Inc. today released the following statement:

To Our Partners,

In light of the variety of media and social traffic we feel compelled to again reach out. Despite the flurry of coverage and certain constituents pushing their own agendas, the facts remain the same. In 2020 Apollo initiated an independent, transparent, and thorough investigation in regard to any relationships with Jeffrey Epstein. The publicly released report can be found here.

The facts matter. From an Apollo perspective, there’s nothing new in these documents. Neither Marc Rowan nor anyone else at Apollo (excluding Leon Black) had either a business or personal relationship with Jeffrey Epstein.

Mr. Black, who left the firm in 2021, previously retained and compensated Mr. Epstein for personal tax advice. In select instances, Mr. Rowan and other Apollo employees provided information to Epstein in connection with his tax work for Mr. Black. While Mr. Epstein sought to do work with the Apollo co-founders other than Mr. Black, it was declined at every turn.

Transparency and accessibility are hallmarks of who we are, and we will not be dissuaded from speaking out.  

Day in and day out, we are focused on delivering for our investors.  With the markets in a volatile period, we are well prepared to be on offense.

If you have any questions our leadership team is available and 100% committed to transparency.

Best regards,

James C. Zelter
President
Apollo Global Management, Inc.

Contacts
Noah Gunn
Global Head of Investor Relations
+1 (212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
+1 (212) 822-0491
Communications@apollo.com

(All financial figures in United States dollars unless otherwise stated)

VANCOUVER, BC , Feb. 18, 2026 /PRNewswire/ – OceanaGold Corporation (TSX: OGC) (OTCQX: OCANF) (“OceanaGold” or the “Company”) reported its operational and financial results for the three months and year ended  December 31, 2025. The consolidated financial statements and Management’s Discussion and Analysis (“MD&A”) are available at www.oceanagold.com.

Fourth Quarter and Full Year Highlights

• Full year 2025 production of 497,600 ounces of gold, above the mid-point of Guidance.
• Produced 157,400 ounces of gold and 3,200 tonnes of copper in the fourth quarter, an increase in gold production of 52% from the prior quarter, with all four sites delivering an increase in gold production.
• All-In Sustaining Cost (“AISC”)^† 25% lower in the quarter and at $1,966 per ounce for the full year.
• Record quarterly revenue of $652 million at a record average realized gold price of $4,227 per ounce.
• Quarterly Adjusted EBITDA Margin^† of 57% and record Operating Cash Flow Per Share^† of $1.21.
• Record quarterly attributable net profit of $328 million and record EPS of $1.44. Record Adjusted EPS^† of $0.88, which excludes the post-tax net impairment reversal at Haile.
• Generated record annual and quarterly Free Cash Flow^† of $543 million and $259 million respectively, resulting in a trailing 12-month Free Cash Flow^† yield² of 15%.
• Cash balance increased by 42% from the prior quarter to $477 million with no debt.
• Completed $175 million in share repurchases in 2025 at an average price of CAD$24.54.
• The Board approved a tripling of the quarterly dividend to $0.09 per share.
• The Board approved a doubling of share repurchases to up to $350 million for 2026.
• Received final approval for the Waihi North Project permit, with development activity accelerating.
• The Company intends to list on the New York Stock Exchange (“NYSE”) in early April, 2026.

2026 Guidance

• Gold production growth of ~12%¹ to between 520,000 to 590,000 ounces, driven by Haile.
• 7%¹ reduction in AISC^† to between $1,750 to $1,900 per ounce.
• Growth and exploration capital investment of $340 million, reflecting an acceleration of the Waihi North Project, commencement of the Palomino Underground development and a ~50% increase in exploration.

Gerard Bond, President and CEO of OceanaGold, said: “2025 was a stellar year for OceanaGold, with strong operational execution translating to record financial outcomes and shareholder returns. We safely and responsibly delivered production, cost and capital Guidance for the year. We generated record net profit, record EPS and record Free Cash Flow^†, and further strengthened our balance sheet to nearly half a billion dollars of cash with no debt. We were able to invest in our attractive organic growth opportunities, pay an increased dividend and return a substantial amount of capital to shareholders via an upsized share buyback.

Looking ahead to 2026, we expect higher production, lower unit costs, and expect another year of strong Free Cash Flow^† in the current gold price environment. We are excited to progress development and exploration activity to accelerate one of the highest‑grade undeveloped gold projects in our industry, the Waihi North Project, as well as commence development of Palomino Underground at Haile. We are increasing our investment in exploration in 2026 by 50%, to a Company record, in pursuit of high return, near mine options.  We are confident this growth investment will continue to drive value creation for shareholders.

We are committed to maximizing returns to shareholders via our disciplined capital allocation framework and will do so by tripling the dividend from 2025 levels, and doubling our share buyback program to $350 million. To further broaden our investor base and enhance liquidity, we are also excited to be listing on the NYSE in April this year.”

Results Overview

Dividend

OceanaGold has declared a $0.09 per share dividend, which is tripled compared to the prior quarter. Shareholders of record at the close of business in each jurisdiction on March 4, 2026 (the “Record Date”) will be entitled to receive payment of the dividend on April 2, 2026. The dividend payment applies to holders of record of the Company’s common shares traded on the Toronto Stock Exchange.

Dividends are payable in United States dollars. Shareholders in other jurisdictions can elect to participate in Computershare’s international payments service if they want to receive dividends in an alternative currency. This dividend qualifies as an ‘eligible dividend’ for Canadian income tax purposes.

Share Buyback

In 2025, the Company completed the planned $175 million of share repurchases for the full year at an average price of CAD$24.54. The Board has approved a doubling of the share buyback program for 2026, with up to $350 million in share buybacks planned.

Management Update

The Company is pleased to announce that Mr. David Bickerton will assume the position of Executive Vice President and Chief Sustainability Officer (CSO) starting in April 2026, based in Brisbane. David joined OceanaGold in 2011 and has completed numerous roles in Brisbane, USA, New Zealand and the Philippines. Since August 2022, David has been Asset President of the Didipio Mine. David brings a deep understanding of our business, culture and Company objectives to this critical role and to the Executive Leadership team.

Conference Call and Webcast:

Senior management will host a conference call and webcast to discuss the quarterly results on Thursday, February 19, 2026 at 10:00 am EST (7:00 am PST). To participate in the conference call, please use one of the following methods:

If you are unable to attend the call, a recording will be made available on the Company’s website.

About OceanaGold  

OceanaGold is a global intermediate gold and copper producer committed to safely and responsibly maximizing the generation of Free Cash Flow from our operations and delivering strong returns for our shareholders. We have a portfolio of four operating mines: the wholly-owned Haile Gold Mine in the United States of America; the wholly-owned Macraes and Waihi operations in New Zealand; and the 80%-owned Didipio Mine in the Philippines.

Cautionary Statement for Public Release 

This public release contains certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities laws which may include, but is not limited to, statements with respect to the future financial and operating performance of the Company, its mining projects, the future price of gold, the estimation of mineral reserves and mineral resources, the realization of mineral reserve and resource estimates, costs of production, estimates of initial capital, sustaining capital, operating and exploration expenditures, costs and timing of the development of new deposits, costs and timing of the development of new mines, costs and timing of future exploration and drilling programs, timing of filing of updated technical information, anticipated production amounts, requirements for additional capital, governmental regulation of mining operations and exploration operations, timing and receipt of approvals, consents and permits under applicable legislation, environmental risks, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. All statements in this public release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “may”, “plans”, “expects”, “projects”, “is expected”, “scheduled”, “potential”, “estimates”, “forecasts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases, or may be identified by statements to the effect that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, among others: future prices of gold; general business; economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets); changes or developments in global, national or regional political and social conditions; changes in laws (including tax laws) and changes in IFRS or regulatory accounting requirements; the actual results of current production, development and/or exploration activities; conclusions of economic evaluations and studies; fluctuations in the value of the United States dollar relative to the Canadian dollar, the Australian dollar, the Philippines Peso or the New Zealand dollar; changes in project parameters as plans continue to be refined; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability or insurrection or war; labour force availability and turnover; adverse judicial decisions, inability or delays in obtaining financing or governmental approvals; inability or delays in the completion of development or construction activities or in the re-commencement of operations; legal challenges to mining and operating permits including the FTAA as well as those factors identified and described in more detail in the section entitled “Risk Factors” contained in the Company’s most recent Annual Information Form and the Company’s other filings with Canadian securities regulators, which are available on SEDAR+ at sedarplus.com  under the Company’s name. The list is not exhaustive of the factors that may affect the Company’s forward-looking statements.

The Company’s forward-looking statements are based on the applicable assumptions and factors Management considers reasonable as of the date hereof, based on the information available to Management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to: the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

The Company’s forward-looking statements are based on the opinions and estimates of Management and reflect their current expectations regarding future events and operating performance and speak only as of the date hereof. The Company does not assume any obligation to update forward-looking statements if circumstances or Management’s beliefs, expectations or opinions should change other than as required by applicable law. There can be no assurance that forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits or liabilities the Company will derive therefrom. For the reasons set forth above, undue reliance should not be placed on forward-looking statements.

Non-IFRS Financial Information

Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share

These are used by Management to measure the underlying operating performance of the Company. Management believes these measures provide information that is useful to investors because they are important indicators of the strength of the Company’s operations and the performance of its core business. Accordingly, such measures are intended to provide additional information and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS. Adjusted Net Profit/(Loss) is calculated as Net Profit/(Loss) less the impact of impairment expenses and reversals, write-downs, foreign exchange (gains)/losses, gain on sale of assets, listing costs and restructuring costs related to transitioning certain corporate activities from Australia to Canada.

The following table provides a reconciliation of Adjusted Net Profit/(Loss) and Adjusted Earnings/(Loss) per share:

EBITDA and Adjusted EBITDA

Management believes that Adjusted EBITDA is a valuable indicator of its ability to generate liquidity by producing operating cash flows to fund working capital needs, service debt obligations and fund capital expenditures. EBITDA is defined as earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA less the impact of impairment expenses and reversals, write-downs, gains/losses on disposal of assets, listing costs, foreign exchange gains/losses and other non-recurring costs. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by revenue.

The following table provides a reconciliation of EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin:

Cash Costs and AISC

Cash Costs are a common financial performance measure in the gold mining industry; however, it has no standard meaning under IFRS. Management uses this measure to monitor the performance of its mining operations and its ability to generate positive cash flows, both on an individual site basis and an overall company basis. Cash Costs include mine site operating costs plus indirect taxes and selling cost net of by-product sales and are then divided by ounces sold. In calculating Cash Costs, the Company includes the value of cash-settled stock-based compensation in the year of vesting. Cash costs are reduced by copper and silver by-product credits that are considered incidental to the gold production process, thereby allowing Management and other stakeholders to assess the net costs of gold production. The measure is not necessarily indicative of cash flow from operations under IFRS or operating costs presented under IFRS.

Management believes that the AISC measure provides additional insight into the costs of producing gold by capturing all of the expenditures required for the discovery, development and sustaining of gold production and allows the Company to assess its ability to support capital expenditures to sustain future production from the generation of operating cash flows, both on an individual site basis and an overall company basis, while maintaining current production levels. Management believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow per ounce sold. AISC is calculated as the sum of Cash Costs, capital expenditures and exploration costs that are sustaining in nature and corporate G&A costs. AISC is divided by ounces sold to arrive at AISC per ounce.

Prior to the first quarter of 2025, Didipio’s AISC calculation excluded local corporate G&A costs which is consistent with the calculation of AISC for the other operations. In order to align the Company’s reporting of AISC with local reporting requirements in the Philippines, Management has included local corporate G&A costs in Didipio’s AISC calculation beginning in the first quarter of 2025.

 The following table provides a reconciliation of consolidated Cash Costs and AISC:

The following tables provides a reconciliation of Cash Costs and AISC for each operation:

Haile

Macraes

Waihi

Didipio

Net Cash/(Debt)

Net Cash/(Debt) has been calculated as total debt less cash and cash equivalents. Management believes this is a useful indicator to be used in conjunction with other liquidity and leverage ratios to assess the Company’s financial health.

The following table provides a reconciliation of Net Cash/(Debt):

Operating Cash Flow per share

Operating Cash Flow per share before working capital movements is calculated as the cash flows provided by operating activities adjusted for changes in working capital then divided by the fully diluted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of total fully diluted Operating Cash Flow per share:

Free Cash Flow

Free Cash Flow has been calculated as cash flows from operating activities, less cash flow used in investing activities. Management believes Free Cash Flow is a useful indicator of the Company’s ability to generate cash flow and operate net of all expenditures, prior to any financing cash flows. Free Cash Flow per share is calculated as the Free Cash Flow divided by the fully diluted weighted average number of common shares issued and outstanding.

The following table provides a reconciliation of Free Cash Flow:

SOURCE OceanaGold Corporation