Revenue Operating Cash Flow Cash G&A Expenses Avg. Gold Price Shares Outstanding $7.8B Cumulative revenue $5.1B Cumulative cash flow Growth does not require increased G&A Growth not dependent on gold price 84.5M Shares outstanding 1 5x 12x 23x 167x 110x 25 Accretive Growth Financed Without Significant Equity Dilution Growth from Calendar 2000 through 2025 1) December 31, 2025 25 Lowest in GDX