Centerra Gold Inc.

Thank you for standing by. This is the conference operator. Welcome to the Sentara Gold third quarter 2024 conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Sentara Gold. Please go ahead.

Thank you, operator, and good morning. Welcome to Sentara Gold's third quarter 2024 results conference call. Joining me on the call today are Paul Tamori, President and Chief Executive Officer, Paul Charin, Chief Operating Officer, and Ryan Snyder, Chief Financial Officer. Our release yesterday details our third quarter 2024 results. It should be read in conjunction with our MD&A and financial statements, both of which can be found on CDAR, EDGAR, and our website. All figures are in U.S. dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Sentara's website. Following the prepared remarks, we will open the call for questions. Before we begin, I would like to caution everyone that certain statements made today may be forward-looking and are subject to risk, which may cause our actual results to differ from those expressed or implied. Please refer to the cautionary statements included in the presentation, as well as the risk factors set out in our annual information form. Certain measures we will discuss are non-GAAP measures. Please refer to the description of non-GAAP measures in our news release and MD&A issued yesterday. I will now turn the call over to Paul Tamori.

Thanks, Lisa, and good morning, everyone. We continue to deliver consistent operating performance, producing over 93,000 assets of gold and 13.7 million pounds of copper in the third quarter. We're on track to meet our consolidated production and cost guidance for the year. We've benefited from margin expansion driven by stable cost performance in an elevated metal price environment. As planned, we've returned to strong free cash flow generation this quarter, And even after spending approximately $32 million on the restart of operations at Thompson Creek, we grew our cash and cash equivalents to $604 million at the end of the third quarter. Over the last year, we have made significant progress delivering on our strategic plan, aimed at maximizing the value of each asset in our portfolio. Earlier this year, we secured an additional agreement with Royal Gold, providing us the opportunity to evaluate Mount Milligan's potential for long-term, multi-decade operations. This marked an important initial step in our strategy to unlock full value as a key asset in a top-tier mining jurisdiction. Work on the preliminary economic assessment continues and is expected to update the large resource to include all the drilling completed to date, identify value-added initiatives to the plant, and optimize the mining plan. We expect to complete the technical study towards the end of the first half of 2025. In September, we announced the decision to unlock significant value in our U.S. Molybdenum operations through the restart of operations at Thompson Creek and progressive ramp-up of production at Langlois. We published the Thompson Creek feasibility study and Langlois commercial optimization plan, which combined a robust project economics at a conservative 8% discount rate. Combined, the U.S. Molybdenum operations are expected to produce an after-tax NPV of $472 million and a 22% IRR. Key contributor to this value is Langelot, which at full capacity and with the benefit of high quality feed from Thompson Creek, has the potential to generate approximately $50 million of annual EBITDA. There are two key value drivers that allow Langelot to potentially generate these robust cash flows. First is increased capacity utilization. At full capacity, the molyconcentrated process in Langelot is expected to consist of approximately one-third supplied by Thompson Creek and approximately two-thirds to purchase from third-party providers. With increased capacity utilization, Langloff will leverage its fixed costs, which should increase profitability and cash flow. The second value driver is vertical integration of Langloff with the Thompson Creek mine, which will produce one of the highest quality concentrates in the world. Langloff can blend its concentrates with lower-quality third-party concentrates, which is expected to lead to margin improvements. Also, the high quality of Thompson Creek concentrates and enables Langelot to produce an increased volume of higher-margin, final-molecule products. Capital investment required to restart operations at Thompson Creek is $397 million, which is expected to be spent over the next three years, with first production in the second half of 2027. With infrastructure already in place, CAPAC's large ID risk is primarily related to stripping. We believe that the Thompson Creek capital investment could be funded mostly from cash flow from operations, As a result, we expect to maintain a strong cash balance, which can be deployed in alignment with our capital allocation strategy, the shareholder returns, internal projects, and external growth opportunities. Our decision to restart operations at Thompson Creek and to progressively ramp up production at Langlois is a key milestone on the path to unlocking significant value in our multiple assets. As we advance our U.S. molding and operations, we're also focused on growing our gold exposure in the portfolio. In addition to the Mount Middleton PEA, which should showcase a significant mine life extension, we also have organic growth projects, Goldfield and Chem Mass, in our pipeline. We continue to progress our work at the Goldfield project in Nevada and expect to release an initial resource, their year-end reserve and resource update in early 2025. At Chem Mass, as previously mentioned, we will not be proceeding with the underground blockade project. Instead, we are evaluating alternative technical concepts for the resource. We remain optimistic that Chem-S could be a future source of gold and copper production. Finally, I'd like to touch on some ESG achievements in the quarter. As we continue to progress our climate and nature strategy, we are conducting cost-benefit analyses of decarbonization issues that have been identified at our sites. These efforts will guide our decision-making and help us to identify practical pathways for reducing GHG emissions. Our social performance team at Mount Milligan have been working hard alongside our First Nations partners and the local school district to develop equal opportunity employment and enhancement programs. These programs provide hands-on experience at our site, the ultimate goal of attracting future talent to the mining industry. We are also proud to announce collaboration with our First Nations partners to revamp our pre-employment and training education readiness program. Designed to remove barriers for Indigenous applicants in mining occupations, by equipping them with relevant skills to facilitate apprenticeship placements. Lastly, I'm proud to announce that Oxsuit has won 11 awards across three distinguished organizations for our efforts in social responsibility. These awards recognize our commitment to empower women entrepreneurs in our local communities by supporting the first women's cooperative established in the Devoli District. Through initiatives like this, we continue to strive to create a lasting positive impact I'll now pass the call over to Paul Sharman to walk through our operational performance for the quarter.