This report does not constitute a rating action. We think strong gold prices and stable production will bolster Boroo's revenue and support credit metrics through 2026. Building on the momentum of a robust 2025--driven by gold prices averaging $3,427/ounce (oz)--Boroo has delivered favorable results through the first half of 2026. We expect gold prices to hold steady near $4,300/oz for the rest of 2026 before declining toward $4,000/oz in 2027. Consequently, S&P Global Ratings expects Boroo to conclude fiscal year 2026 with approximately $1 billion in revenue. Besides the strong gold price momentum, this outlook is also supported by stable production levels within the 220,000 oz-240,000 oz range, stemming from its Peruvian Lagunas Norte mine, which accounts for 75% of
