Gold Resource Corporation

participants are in a listen-only mode. Following management's presentation, there will be a question and answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has any difficulties hearing the conference, please press star followed by the zero for operator assistance at any time. I would like to remind everyone that this conference is being recorded today, November 5th, 2025 at 12 p.m. Eastern Time. I will now turn the conference over to Chet Holyoke, Gold Resource Corporation Chief Financial Officer. Mr. Holyoke, you may proceed.

Thank you, Mike, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our third quarter 2025 results. Before we begin the call, there are a couple of housekeeping matters I would like to address. Please note that certain statements to be made today are forward-looking in nature and as such are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings. Please note all amounts referenced during this presentation are in U.S. dollars unless otherwise stated. Joining me on the call today is Alan Palmier, our President and CEO. Following our prepared remarks, we will be available to answer questions. This conference call is being webcast and will be available for replay on our website later today. Yesterday's news release that was issued following the close of the market and the accompanying Form 10Q have been filed with the SEC on EDGAR and are also available on our website at www.goldresourcecorp.com. I will now turn the call over to Alan.

Thank you, Chet, and good morning, everyone. Or afternoon, I guess, technically. I would like to thank you for joining our third quarter conference call. I'd like to address a few points first, then I will follow that up by addressing operations, followed by Chet addressing the financials. Following these remarks, I'll make a few closing comments, and then we will take questions. I'm pleased to tell you that we are seeing the early signs of a turnaround at our operations in Mexico. As you may be aware, a year ago we were facing significant challenges. We knew it was necessary to address these challenges, but we were capital constrained. As we were able to raise funds, we began slowly implementing our plans and made some management changes. There were major issues to address. Lack of development severely constrained our production. Our mining fleet needed renewal and availability further constrained our production. Another issue related to the size of our mining equipment. Our fleet was sized for wider veins, which resulted in inappropriate mining methods having to be employed and resulted in excessive dilution. As part of our fleet renewal process, we have and are acquiring replacement equipment to address aging assets. Several units appropriately sized for projected mining requirements have already arrived and are operational. As previously announced, to reduce production risk, we engaged a mining contractor to assist in mine development and to focus on mine development and production from the new Three Sisters area. Development by the contractor continues to progress well, with 1,435 meters completed in the Three Sisters area. Their progress has validated our expectations, revealing good vein widths and high-grade mineralization. Notably, this work has enabled the commencement of production from the Three Sisters, marking a significant milestone. The material extracted from this zone is high in precious metals, reinforcing our confidence in the area's potential. With properly sized equipment, we are changing our mining methods in narrow vein zones. One key improvement has been the introduction of cut and fill for approximately 40% of our stoves, which is more profitable in narrow vein applications. By reducing dilution, this method results in lower tons mined while delivering the same metal units to the mill. Lower transportation, crushing, grinding, and processing costs coupled with higher recovery results in higher profitability. In addition to the operational improvements we've discussed, we're also benefiting from record high metal prices. While our strategy does not depend on elevated pricing, these market conditions are certainly contributing to a stronger economic position. This added momentum supports our efforts as we continue executing on the plans that we laid out earlier in the year. I would like now to provide an update on the operations. During the quarter, the operation unfortunately recorded several lost time injury incidents. which, while concerning, do not reflect our longstanding commitment to maintaining a safe and healthy workplace. In response, we have engaged an external consultant to conduct a comprehensive safety assessment and audit. This initiative will help us identify operational risks, evaluate our current safety maturity, and develop a proactive plan aligned to our zero-accident mindset. Despite a challenging quarter driven by extensive mine development activities, our team implemented key adjustments to mining methods, particularly in the narrow Arista veins and Three Sisters areas to reduce pollution. These changes yielded measurable results. Resulted in higher production volumes and enhanced ore grades delivered to the plant. As a result, metallurgical recoveries across all metals exceeded prior quarters. To support our growth strategy, we successfully acquired specialized narrow-vein mining equipment, which has improved selectivity and operational control. While we await arrival of the third filter press, the dry-stack tailing system, we completed several upgrades at the filtration plants. These enhancements have increased productivity per cycle allowing us to maintain a steady milling rate of approximately 1,350 tons per day on those days that we operate. Permitting and rehabilitation efforts resumed at the Altagracia mine with commissioning targeted for early Q1 of 2026. Mine development and exploration drilling remain critical to sustain production and expanding our resort base. Continued support from a mine development contractor and two diamond drilling contractors is essential to advance a resource to reserve conversion pipeline. I'll now pass the presentation over to Chet to discuss the financial results.