Aris Mining Corporation

Good morning everyone and welcome to the ARIS Mining's first quarter 2025 results call. We will begin with an overview from management followed by a question and answer period. To join the queue, you may press star then 1 on your telephone keypad. As a reminder, all participants are in listen-only mode and the conference is being recorded. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentation section of ARIS Mining's website at aris-mining.com. Also, ARIS Mining's first quarter 2025 financials have been filed on CEDAR Plus and EDGAR and can also be found on their website. I would now like to turn the conference over to Mr. Neil Whittier, Chief Executive Officer. Please go ahead.

Thank you, Operator, and welcome to everybody. And thanks for joining us on our first quarter's 25 earnings call. I'm joined by a management team, including Richard Thomas, Richard Dorosetti, and Oliver Daschle. But before we go into the results, please note the customary statements on slide two, as we will indeed be making forward-looking statements. Starting on slide three, I'm pleased to report to you that we had our best quarterly results since the formation of Aris Mining in September 2022. These routes are supported by solid operational execution and record gold prices, generating strong cash flow to fund our key growth initiatives. In the first quarter, we reported adjusted net earnings of £27 million, which is 16 cents a share, our highest quarterly EPS. Gold revenue totalled £154 million in Q1, representing an increase of 47% over the same quarter last year. Our 12-month trading adjusted EBITDA was £201 million. At the end of March, our cash balances stood at 240 and net debt at 250, resulting in a net leverage ratio of 1.2 times, providing us flexibility and balance sheet strength as we continue to invest in our organic growth. Turning to our growth initiatives, last week I had the opportunity to visit both Segovia and Mamato to assess what was going on and see the progress on the plant expansion and ongoing development of the lower mine. and I'm very encouraged to see the strong performance made on the ground, as well as our team's operational discipline and focus on efficient execution. But Richard will be talking a little bit more about those projects shortly. But first, I'll pass over to Oliver to talk about the highlights from our first quarter.

Thank you, Neil. Moving on to slide four. During the first quarter, we delivered total gold production of 55,000 ounces across our operations, an increase of 8% from Q1 2024. This accounts for 22% of the midpoint of our full year 2025 production guidance range of 230 to 275,000 ounces. This is a solid start to the year as we expect production rates to progressively increase in the second half of the year following commission of the Segovia plant expansion in June. At Segovia, we produced 47.5 thousand ounces of gold during the quarter, supported by an average gold grade of 9.4 grams per ton and gold recoveries of 96%. We generated a total on-sustaining cost margin from Segovia of 61 million US dollars, more than doubling our on-sustaining cost margin from Q1 2024 of 28.5 million dollars. Owner mining all and sustaining cost was $1,482 per ounce and remains at the lower end of the company's full year 2025 guidance range of $1,450 to $1,600 per ounce. Meanwhile, gold delivered from our contract mining partners or CMPs generated a 41% all and sustaining cost sales margin. outperforming the top end of the company's full year 2025 guidance range of 35 to 40%. As shown in the chart on the right, rising realized goal prices and disciplined cost control have expanded on and sustaining cost margins on a per ounce basis by 105% at Segovia when comparing Q1 2025 to Q1 2024. Segovia's ability to generate cash flow is expected to expand significantly once the mill expansion project is completed and gold production increases. Turning to slide five, as Neil mentioned at the beginning of the call, we closed the quarter with a cash balance of $240 million and a low net leverage of 1.2 times, demonstrating the strength of our balance sheet. Since the issuance of our $450 million senior unsecured bonds in October last year, we have steadily reduced both total and net leverage ratios. As of March 2025, total leverage was 2.4 times and net leverage was 1.2 times. I'd also like to take this opportunity to provide an update on our TSX listed warrants expiring on July 29th, 2025. During the quarter and through early May, we've continued to see strong participation in the exercise of these deeply in the money warrants. We've received over $19 million in proceeds from warrant exercises so far. If the remaining warrants get exercised, we expect an additional cash inflow of up to $96 million. Following the expiry of the warrants at the end of July, the company will have no convertible securities outstanding other than stock options issued under its stock option plan. With a strong and streamlined capital structure and supported by solid operational performance generating robust cash flow, Ares Mining remains well positioned to responsibly fund our organic growth initiatives. Moving to slide six, I'd like to hand over to Richard Thomas to provide an update on our growth projects.