Amerigo Resources Ltd.

Good afternoon, my name is Sylvie and I will be your conference operator today. At this time, I would like to welcome everyone to Amerigo Resources Q4 and full year 2025 earnings conference call. Note that all lines have been placed on mute to prevent any background noise. After the formal remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then number one on your telephone keypad. If you would like to withdraw your question, please press star then number two. Thank you. Mr. Graham Farrell of Northstar Investor Relations, you may begin your conference.

Thank you, Operator. Good afternoon and welcome everyone to Amerigo's quarterly conference call to discuss the company's financial results for the fourth quarter and full year of 2025. We appreciate you joining us today. This call will cover Amerigo's financial and operating results for the fourth quarter and full year ended December 31st, 2025. Following our prepared remarks, we will open the conference call to a question and answer session. Our call today will be led by Amerigo's President and Chief Executive Officer, Aurora Davidson, along with the company's Chief Financial Officer, Carmen Emezquita. Before we begin our formal remarks, I would like to remind everyone that some of the statements on this conference call may be forward-looking statements. Forward-looking statements may include but are not necessarily limited to, financial projections or other statements of the company's plans, objectives, expectations, or intentions. These matters involve certain risks and uncertainties. The company's actual results may differ significantly from those projected or suggested by any forward-looking statements due to a variety of factors which are discussed in detail in our CDAR filings. I will now hand the call over to Aurora Davidson. Please go ahead, Aurora.

Thank you, Graham. Good morning, and thank you for joining us for Amerigo's 2025 Annual Results Conference Call. With me today is Carmen Amezquita, our Chief Financial Officer, who will present the financial results following my remark. 2025 was a very good year for Amerigo because their business model performed exactly as designed. We delivered robust operational performance, strong free cash flow, full debt elimination, and meaningful capital returns to shareholders. And we did it in a year of high copper price volatility, which validated the durability, resilience, and scalability of the America model. Let me start with operations at Minera Valle Central, or NVC, which is the foundation of our company. NBC is one of the lowest-risk copper operations globally because we have two sources of copper to process. We are not exposed to mining dilution, great uncertainty, or large sustaining capital cycles. In 2025, NBC produced 62.2 million pounds of copper, exceeding our revised guidance. We also produced 1.5 million pounds of molybdenum, again outperforming expectations. Plant availability remained above 98%, reflecting continued operational discipline. These results were achieved despite interruptions to the supply of fresh tailings following a fatal accident at El Teniente in July. Our ability to increase processing of historic tailings to maintain production targets speaks directly to the flexibility and resilience of the NBC flowsheet. We did not achieve these operational results by cutting corners. We achieved them through an experienced team of operators, clear targets, and focused programs. Hand in hand with the operational results, NVC's 2025 safety performance remains strong, with continuous focus and awareness and training. We have achieved four consecutive years without any of our employees experiencing a lost time accident. This is a remarkable record for any company, let alone one as large as NBC. We also continue to operate with a minimal environmental footprint relative to traditional mining operations. NBC's role as a circular economy operation was further recognized in 2025, including an industry award in Chile for its tailings reprocessing model. Recovering copper from tailings is not just environmentally responsible, it is economically efficient and increasingly relevant in a constrained copper supply environment. Before commenting on our headline annual financial results, I will first mention that our average copper price in 2025 was $4.73 per pound, 14% higher than in 2024. With that 14% change in copper price, Amerigo's revenue increased 18% to $227 million, EBITDA increased 31% to $90 million, reflecting both commodity price leverage and discipline cost control, and free cash flow to equity increased 33% to $37 million. These are the numbers that result from strong operational leverage driven by excellent cost containment. Our 2025 cash cost of $1.93 per pound was below guidance, supported by increased molybdenum by-product credits, lower treatment and refinery charges, and strict cost controls at NBC. Carmen will provide more information on our financial performance, but I will make one additional financial comment. As you know, we fully eliminated all of our debt in 2025. Amerigo is now debt-free. This is a major milestone for the company and the outcome of years of deliberate conservative capital management. Importantly, it also ensures that shareholders, not lenders, capture the majority of value created by NBC. Having no debt and maintaining a healthy cash buffer strongly positions America to withstand copper price volatility. We can continue to pay dividends through cycles and act opportunistically with share buybacks, performance dividends, or both if conditions warrant. Capital allocation is where America differentiates itself. We operate a low-risk, capital-light copper business that generates predictable pre-cash flow across cycles. Because we do not need to reinvest heavily to maintain production, we can return excess capital to shareholders in a disciplined, sustainable way. So you see, our capital return strategy, or CRS, is the logical outcome of our successful business model. Our CRS has three distinct tools, quarterly dividends, performance dividends, and share buybacks. Each serves a different purpose, and the three are complementary. In the case of Amerigo CRS, the sum is greater than the parts. Our quarterly dividend is the foundation of Amerigo CRS. It represents the baseline cash-generating capacity we believe can be sustained through corporate price cycles. The quarterly dividend is a clear signal of our confidence in the durability of NBC's cash flows. The Board of Directors sets the quarterly dividend at a level that does not rely on peak copper prices, does not compromise balance sheet strength, and does not assume perfect operating conditions. In practical terms, the quarterly dividend answers a simple question for shareholders. What can I expect Amerigo to return to me even in an average or difficult market? Debt reliability matters. It anchors share valuation, attracts long-term investors, and reinforces internal financial discipline. The second tool is the performance dividend. The performance dividend exists for one reason, to return excess cash when corporate prices and operating conditions exceed our base assumptions. Performance dividends are deliberately variable, spontaneous, and not embedded in guidance. They are not the same as the quarterly dividend. We don't want shareholders to counter performance dividends. This is critical. Rather than raising the quarterly base dividend during strong copper markets and then risk having to cut the dividend later, we use performance dividends. This tool enables us to quickly pass strong copper prices directly to shareholders while preserving the long-term sustainability of our quarterly dividend. Performance dividends allow us to say, this was a strong period. The balance sheet is secure. Here is the excess cash. Performance dividends reflect prudence, not caution. They ensure shareholders participate in upside without weakening the company where conditions normalize. The third tool is the share buyback. This tool is our most surgical capital return tool. Fundamentally, we use share buybacks to ensure shareholders are not diluted year on year. We also use them when we think that the share price does not reflect a variable's intrinsic value. In this case, we will buy back shares when we assess that buybacks are accretive to net asset value. In other words, reducing the share count increases ownership per share, cash flow per share, and dividend capacity per share. Buybacks at Amerigo are not automatic. They are opportunistic and valuation-driven. Importantly, buybacks demonstrate that the company's capital allocation incentives are aligned with shareholders. We think in terms of value per share, not size or scale. I hope this explains how each tool plays a distinct role. Quarterly dividends provide stability and predictability. Performance dividends ensure shareholders capture upside. And share buybacks enhance long-term per share value. Together, they allow America to return capital across cycles, remain financially conservative, avoid common capital allocation mistakes in the mining sector, and ensure that shareholders are the primary beneficiaries of strong copper markets. This is what makes her capital return strategy successful. It is structural, repeatable, and aligned with America's approach to creating value. I will now provide some comments on the copper market. Generally speaking, opinions and discussions on copper these days are spending less time and energy debating short-term prices and focusing instead on the structural forces that are now firmly in place. We have commented on the emerging forces of secular rising demand and struggling supply for many years. Rising copper prices indicate that the rest of the world is starting to see copper as we do, that copper has likely moved away from being a purely cyclical commodity driven solely by construction cycles. It has become a strategic material tied directly to electrification, energy security, and infrastructure resilience. This is a significant shift and will change how supply and demand interact over time. On the demand side, the drivers are clear, durable, and increasingly non-discretionary. Grid expansion, renewable energy, electric vehicles, and data center build-outs all require more copper per unit of economic output than the systems they replace. Much of this demand is due to long-term capital programs and is not short-term consumer behavior. The new cumulative demand is layered on top of an already tight market. Even in a scenario where global growth moderates, we think copper demand will remain resilient because much of it is tied to infrastructure that industry, governments, and utilities cannot easily defer. For example, due to international competitive pressures, the global rollout of artificial intelligence is unlikely to falter, even in the event of weak economic growth. The build-out of the energy infrastructure necessary to support that rollout will also stand strong. This is why we think copper demand in 2026 is likely to be less cyclical than ever. On the supply side, increasing global copper production is far more challenging. New copper supply has become more difficult to bring online due to declining ore grades, rising capital intensity, permitting delays, social constraints, and longer development timelines. And these are not new constraints. They have been in place and getting worse for decades. Current copper prices are healthy by historical standards, but they are still not high enough to incentivize new, low-risk supply to meet projected medium-term demand. And even if copper prices rise to that incentive level, there will be many years of execution risk before an incremental pound of copper is produced. In fact, we can clearly see that the market has very little margin for error. Disruptions, whether operational, geopolitical, or environmental, have an outsized impact because replacement supply is scarce. This emerging supply gap is not a temporary issue. It is the result of decades of underinvestment and geological inevitability. and a strong incentive copper price will not solve this supply problem for many years. From our perspective, this reinforces the view that long-term copper prices need to be structurally higher than historical averages to balance the market. This means that copper demand must be destroyed through prices even higher than those necessary to incentivize new production. But how high are the copper prices needed to cause demand destruction? The copper demands of today's world differ from those of only a few decades ago. Substitution for aluminum is not feasible in many areas of new demand due to copper's superior electrical performance compared to other metals. Another factor is the sheer size of the new infrastructure projects being built. In a world of 100 billion AI facilities that require power generation equivalent to that of small cities, the impact of rising copper prices is small compared to the overall cost. It won't matter to AI companies whether copper prices double or triple because the contingency embedded in their projects is already in the billions of dollars. The same type of reasoning can be applied to global electrification projects and to national defense efforts that require copper. The price of copper will not be the delaying factor for these projects. Availability will. Given that, the demand destruction necessary to balance the markets will take longer than expected and result in higher copper prices than expected. Against this backdrop, Amerigo is well-positioned because with low CapEx requirements and a stable cost base, our cash flow benefits significantly from high copper prices. I just mentioned a 31% increase in EBITDA and a 33% increase in free cash flow to equity in 2025, driven by a 14% rise in the copper price. We do not need higher copper prices to justify new projects. We need them only to generate more cash and return it to shareholders. Now, does this mean that we can expect smooth sailing every day? No. No, we believe that volatility will persist and could be high. Copper prices will continue to move in response to macro headlines, to interest rate expectations, and to short-term sentiment. But we think that if you step back and look at the fundamentals heading into 2026, demand growth and supply constraints, the direction of travel is clear, even if the path is uneven. That is why we remain constructive on copper, but disciplined in how we participate. For America, the copper market in 2026 reinforces our strategy. We do not build our business on optimistic assumptions. Instead, we focus on operating reliability, generating free cash flow, and returning capital to shareholders. In a world where copper is increasingly scarce, capital intensive, and politically complex, simplicity, flexibility, and discipline are our competitive advantages. That is the lens through which we view the copper market in 2026 and why we believe Amerigo continues to be well-positioned to perform regardless of potential near-term noise. Looking ahead to 2026, we have guided copper production of 63.8 million pounds, representing another year of growth. Our molybdenum production is expected to remain stable at 1.5 million pounds. Our cash cost is expected to remain competitive at $1.98 per pound, and our capital expenditure budget of $17.55 million includes $6.4 million in optimization projects that we expect will pay for themselves in the short term. So to recap, our outlook for 2026 assumes continued operational consistency and no heroic assumptions on pricing or costs. In other words, our guidance is deliberately conservative. Our priorities remain unchanged. Operate safely and reliably, maximize free cash flow, return capital to shareholders, and maintain balance sheet strength. We're not distracted by empire building. Our objective is to compound pair share value over time, and we believe Amerigo is uniquely positioned to do that. To close my remarks, 2025 demonstrated exactly what Amerigo is designed to do. Perform strongly through disruptive events, generate cash across cycles, and return that cash to shareholders. We entered 2026 with strong operations, a debt-free balance sheet, and clear visibility into cash generation. Thank you for your continued support. With that, I will turn the call over to Carmen, who will talk about the 2025 financial results. Carmen, please go ahead.