Aris Mining Corporation

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

Thank you, operator, and welcome, everyone. Thank you for joining us for our second quarter 2025 earnings call. I'm joined today by other members of the management team, including our new CFO, Ken Patterson, who joined us last month, as well as Richard Thomas, Oliver Dreschel, and Alejandro Jimenez. We'll all be available to answer your questions at the end of the call. Before we begin, please take note of the disclaimers on slide two, as we will be making forward-looking statements throughout today's presentation. Starting on slide three, I'm pleased to report that we delivered another strong quarter with record adjusted earnings and significant increase in our cash position. After a strong start to the year in Q1, our Q2 performance has further increased our momentum keeping us firmly on track to meet our 2025 guidance. The quarter's financial highlights can be summarised as follows. Q2 net adjusted earnings were $48 million, or $0.27 a share, the highest quarter since the formation of Iris Mining in September 2022. Q2 gold revenue totalled $200 million, up 30% over Q1. Our trailing 12 months adjusted EBITDA was £264 million. We ended the quarter with £310 million of cash, including £54 from warrants exercised in the quarter. After June 30th, we received an additional £61 million of exercised warrants, which expired on July 29th. In total, 99% of the warrants were exercised, generating 150 million of cash proceeds. Combined with a strong operating cash flow, the warrant proceeds have further strengthened our liquidity and reinforced our strong financial position. As reported in late June, we also completed the installation and commissioning of the second ball mill at Segovia. The expansion increases Segovia's processing capacity by 50%. And I'd like to take the opportunity to congratulate the project team and operations team for delivering this project on time, within budget, while maintaining strong operational performance. So our focus now shifts to ramping up production in the second half of the year, with a target of 300,000 ounces next year for Segovia. In addition, we continue to make good progress on the construction of the Mamato bulk mining zone. Earthworks for the substation are completed. Earthworks for the CIP platforms are nearing completion. Equipment deliveries of key components are underway and the project remains on schedule with the first all being processed and production ramp-up commencing in the second half of 2026. With increased production capacity, a supportive gold price environment and strong operational momentum, we're well positioned to deliver a successful 2025. We anticipate completing technical studies of both the revised Sote Norte project and the revised Toro Prue Guiana by the end of this third quarter. And finally, I have the pleasure of introducing our new CFO, Cam Patterson. Cam's delighted to welcome Cam to the team. He brings highly relevant experience from his previous roles, where he worked closely with regional teams across South America, Canada, and Mexico, supporting both operation and financial performance. And with that, welcome, Cam, and over to you.

Thank you for that introduction, Neil. It certainly is an exciting time for Eris Mining, and I'm absolutely thrilled to be part of the team. With that, I'm pleased to update you on our financial performance in the second quarter. Moving on to slide four, our ASIC margin increased by 43% compared to Q1. The result is strong production, higher realized gold prices, and solid cost controls. Importantly, we generated free cash flow from operations of $38 million this quarter. That's after investing $37 million in expansion projects and paying our 2024 taxes. That cash inflows were $31 million in the quarter compared to $12 million buildup in Q1, which reflects the timing of that refunds. Taxes paid totaled $42 million in Q2, up $37 million from Q1, primarily due to the timing of the annual 2024 Colombian income tax settlements. Financing activities recorded a cash inflow of $32 million, mainly from the $53 million in proceeds from the warrant exercises that Neil mentioned earlier. As a result, we added $70 million to our cash position during Q2, closing the quarter with a cash balance of $310 million. Subsequent to quarter end, we received an additional $61 million from the final warrant exercises. Now, moving to slide five. While the warrants have been a significant source of cash, they've also introduced significant non-cash earnings volatility from mark-to-market revaluations. This slide reconciles the reported net loss in Q2 with our adjusted earnings of $48 million for the quarter. The most significant adjustment being the $51 million non-cash loss on financial instruments. which was primarily from the warrant revaluation. Our share price increased by 38% during Q2, which increased the fair value of the underlying warrants. This resulted in the $45 million non-cash lost in the quarter from that warrant revaluation. These warrants expired on July 29, 2025, and with that, the associated warrant liability was fully extinguished, thereby removing this significant source of non-cash earnings volatility from future earnings results after Q3. I'd now like to hand over the call to Oliver to discuss our capital structure.