The review will provide a ranking of exploration targets for potential limited diamond drilling with the objective of unlocking further value from this extensive land position in light of the higher gold price environment. The Company expects to spend approximately $21.3 million for 98,100 metres of capitalized drilling at Meliadine in 2026. The drilling will be focused on expanding and converting near-mine mineralization and testing multiple mineralized plunges at depth that remain open in the main deposits.
The Company expects to spend approximately $11.3 million for 26,500 metres of expensed exploration drilling and $1.3 million for 6,400 metres of capitalized drilling at Amaruq in 2026, focused on expanding mineral resources in the Kangislulik, Whale Tail and IVR areas and converting mineral resources in the Kangislulik and IVR areas. The Company expects to spend approximately $43.4 million for 110,000 metres of drilling at Hope Bay in 2026, including $29.0 million for 70,000 metres of expensed drilling and $14.4 million for 40,000 metres of capitalized drilling for mineral resources conversion. The main objectives in 2026 are to convert inferred mineral resources at Patch 7 into indicated mineral resources and to further test the entire Madrid deposit to expand and upgrade mineral resources.
Results will be integrated into the technical evaluation of Hope Bay that is expected to be completed in the second quarter of 2026 and to contribute to a potential construction decision for Hope Bay in May 2026. An additional $7.8 million of capitalized expenses in 2026 will be used to continue the exploration ramp development at the Madrid deposit and for technical evaluation. The Company expects to spend approximately $15.1 million for 49,300 metres of capitalized drilling at Fosterville in 2026, focused on the extensions of mineral reserves and mineral resources at Lower Phoenix and Robbins Hill.
An additional $18.7 million is budgeted for 63,000 metres of underground and surface expensed exploration to test new geological targets, including parallel faults and folds to the main Fosterville host structure, exploring for similar geological context to the Swan Zone structure. The exploration program will include the assessment of the Fosterville tenement acquired from S2 Resources Ltd. on December 22, 2025. This tenement surrounds the Fosterville mine and provides prime exploration ground in the search for additional mineralized structures or the extensions of known gold- bearing structures.
During 2026, the Company expects to spend $8.0 million on exploration at the Northern Territory assets including 48,600 metres of expensed drilling to follow up on results from 2025 and investigate other targets with potential for mineral resource growth. The current scenario analysis is focused on developing a decade-long sustainable ore supply from multiple sources to the Union Reefs processing facility with a potential upgrade of the processing facility to treat refractory ores. The Company expects to spend approximately $21.0 million for 101,900 metres of drilling at Kittila in 2026, focused on the Main zone in the Roura, Suuri and Rimpi areas as well as the Sisar zone.
The drilling includes 77,700 metres of capitalized drilling. The Company expects to spend approximately $5.3 million for 25,500 metres of capitalized and expensed exploration drilling at Pinos Altos in 2026.
