Allied Gold Corporation

Thank you for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information, and actual results could differ from the conclusions or projections in that forward-looking information, which include but are not limited to statements with respect to estimation of mineral reserves and resources, the timing and amount of estimated future production, cost of production, capital expenditures, future metal X prices and the cost and timing of the development of new projects. For a complete discussion of the risks and certainties and factors which may lead to actual financial results and performance which being different from the estimates contained in the forward-looking statements, please refer to Allied Gold Press Release issued March 26 announcing fourth quarter and full year 2023 results. as well as the management discussion and analysis for the same period and other regularity feelings in Canada. I would like to remind everyone that this conference call is being recorded and will be available for replay later on today. Replay information and presentation slides accompanying this conference call and webcast are available on Allied Calls website at alliedcalls.com. I would now like to turn the meeting over to Mr. Peter Moroney, Chairman, NCU. Please go ahead.

Operator, thank you very much, and thank you to everyone for participating on this call this morning. Let me begin by saying that the importance of and some of the achievements in 2023, we set out to establish the sustainability of the production platform for the existing operations of the company, and Q4 certainly demonstrates the capacity for sustainable production at a run rate that we have said we expect to be at 375,000 ounces per year. We began the year with 79,000 ounces in the first quarter. We ended the year with approximately 95,000 ounces in the fourth quarter. We had a second half of the year that was stronger than the first half. We had an uptick in production quarter over quarter. We expect we'll have more to say on this in a few moments, but we expect that the pattern will continue in 2024, although from a higher base. EU4 is also important in that it allowed us to evaluate the potential of the assets, the strengths and weaknesses not only of the assets, but also of the people involved in the organization, management, contractors, and others. It allowed us to assess where and how to better plan, create consistency, and optimize. In 2023, we also advanced the Kermuk project. It is now planned at 6 million tons per year as capacity. We've increased the capacity expectation of the project. We are optimizing throughput, increasing production, and taking into account significant exploration upside that will increase mine life. 2022 is also important because we implemented the phased expansion at Satiola. Although more importantly, rather than saying that it is a phased expansion, we should be referring to Stadiola as an optimization of the mine. We're finding new oxide areas. We're taking a phased approach, although it is an integrated approach. Phase one will move immediately into phase two. We see this as an integrated project that ultimately gets production to a level that is in excess of 300,000 ounces per year. This will see us increase production and reduce costs beginning in the second quarter of this year with the contributions coming from DBA in particular. We will be increasing production from 175,000 ounces to a range, depending on the year, of 200 to 230,000 ounces. And ultimately then, by 2029, we expect it to be in excess of 300,000 ounces with a range of 300 to 400,000 ounces. We're stabilizing production and processing, and we're moving forward with this optimization plan. 2023 also saw the increase in mineral reserves and mineral resources. We demonstrated the importance of exploration to increase our in-the-ground inventory, and we saw mineral reserves increasing by a full 190% over mining depletion. We expect that to continue in the next several years, given that exploration potential that is there. And we began to tackle mining and processing inefficiencies, including changing mine contractors and improving performance at our operations. As we move then into 2024, we expect then that we will be at a production level, as I mentioned, of 375,000 ounces minimum. Our range is 375,000 ounces to 405,000 ounces. And we will see cost reductions that set the foundation for what to expect in the years to follow. We are advancing and will continue to advance the CREMUC project. In respect of CREMUC, we are advancing detailed engineering and procurement, early works, and civil and infrastructure works. We intend to spend approximately $155 million this year. We expect soon to award the mine contract, the mine contracting to advance the mine preparation beginning as soon as this year. And we must remember that we already own the sag mill. It's in storage, ready to be deployed. We look at Satiola, and we have completed the access road to Diba, the Diba satellite area. We've begun mine preparation. We're advancing other oxide satellite areas. We are conducting studies to further increase recoveries. And we're preparing the mine for the higher mining rate and the higher throughput through the new plant. Initially, the modifications to the existing plant and then the new plant going forward. In terms of outlook, we've already indicated where we expect to be this year and then into the years to follow. Daniel will be providing a little bit more color and view on that outlook. The important thing that I would like to mention is the impact of that on operating cash flow. While the production growth of this company increases significantly to an excess of 100% in the next several years, less than a handful of years, it is outsized by comparison to operating cash flow because all these new ounces are coming in at lower cost. We expect to continue with the drill bit successes, and particularly at Cremonc and the Cote d'Ivoire that extends mine life. And we have a budget that is commensurate with that. With $32 million that is allocated for exploration in 2024. We've talked about before about financial flexibility. 2023 saw us generate $83 million in operating cash flow. That was on the basis of 343,000 ounces at roughly $1,600 all-in sustaining costs. We expect production this year to be in excess of that in the range of 30 to 50,000 ounces more at better costs And we must emphasize that we're at higher gold prices, roughly $250 to $300 better gold prices presently than what was the average realized gold price last year. So between cash available, although modest credit, including a revolving credit facility, operating cash flow, and further non-equity financial options that are available to us, we are fully funded to develop the projects that we have and to advance our growth. The order for the balance of this presentation will be the following. As you will go into detail on the operations, Jason will discuss our financial performance. Daniel, as I mentioned, will deal with our outlook. I'll come back with some closing comments. And with that, perhaps if I can pass the call to Pat.

Thank you, Peter, and good morning, everyone. Let's take a look at our operating results, starting with an overall summary as follows. In the fourth quarter, we produced 94,725 ounces of gold, bringing our full year total to 3,043,817 ounces. By producing much, I expected to exceed the minimum annual production level of at least 275,000 ounces, as evident by the delivery in the fourth quarter. And this is before the further efficiency and optimization and cost improvements currently underway. Production and order sustaining costs during the fourth quarter were impacted by the mining performance at Appel. The mining contractor was put on notice and subsequently replaced in early 2024 to improve our future bus performances. The full year cost of sales, cash costs, and order sustaining costs per ounce sold were $1,300, $1418, and $1,569, respectively. This is within the 2% variance from our current order sustaining of $1,550 per ounce for 2023. Looking at the quarterly results by mine, starting with , we produced 41,150 ounces and sold 40,863. The cost per ounce sold stood at 1541, cash cost 1429, and all in sustaining 1592 per ounce. The course's performance aligns with our projections, a direct result of optimizing the oil blends with high-grade fresh oil stockpiles. After closing the DEBUG transaction, we started road construction in December, setting up for drilling and the build-out of the mine infrastructure in early 2024. Moving to Bonnie Crow, production for the quarter was 34,232 ounces, the sales in line with this production. Cost of sales was $1,502, cash cost $107.6, and all in sustaining $1,022 per hour sold. During the quarter, we benefited from a high rate of growth from the main mining group BIT, as anticipated by our mining sequence. A Q4 circuit audit highlighted some losses, prompted us to tighten controls. We are now applying these enhanced audits across our other assets to ensure best operating practices. Moving to Atmel, production was 19,373 ounces, with sales at 70,800 in H2. Costs were higher, with cost of sales at 2,100, cash costs 1,947, and all in sustaining $2,308 per ounce sold. Reportage results were significantly influenced by the performance of our manufacturing sector. Peter referenced in his opening remarks, in pursuit of improved performance and cost efficiency, he made the decision to replace the contractor, especially considering the extended mine life of this asset. With this overview completed, I'll pass the floor to Jason for the financial review.