Centerra Gold Inc.

Thank you for standing by. This is the conference operator. Welcome to the Sentara-Bold second quarter 2025 conference call. As a reminder, all participants today are in listen-only mode, and the conference is being recorded. After today's presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal a conference operator by pressing star, then 0. I would now like to turn the conference over to Lisa Wilkinson, Vice President of Investor Relations and Corporate Communications with Sentara-Bold. Please go ahead.

Thank you, operator, and good morning, everyone. Welcome to Sentara-Bold's second quarter 2025 results conference call. Joining me on the call today are Paul Tamori, President and Chief Executive Officer, David Hendricks, Chief Operating Officer, and Ryan Snyder, Chief Financial Officer. Other members of the management team are available for the Q&A session. Our news published yesterday outlines our second quarter 2025 results and is complemented by our MD&A and financial statements, which are available on CDAR, EDGAR, and our website. All figures are in US 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 remind everyone that today's discussion may include forward-looking statements, which are subject to risks that could cause our actual results to differ from those expressed or implied. For more information, please refer to the cautionary statements in our presentation and the risk factors outlined in our annual information form. We will also be referring to certain non-GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD&A issued last evening. I will now turn the call over to Paul Temori.

Thank you, Lisa, and good morning, everyone. In the second quarter, both Mount Milligan and Ennobstoot contributed to strong earnings driven by high commodity prices. Gold and copper production in the quarter was over 63,000 ounces and 12.4 million pounds of copper, respectively. The second quarter marked the first full period under the leadership of our new Chief Operating Officer, David Hendricks, and our newly appointed General Manager of Mount Milligan, Eric Dell. Their early impact has been substantial, bringing renewed operational focus and significantly enhancing our confidence in the mine's future performance through the initiation of an infill and grade control drilling program, among other initiatives. We are making solid progress on two studies that are expected to support Centera's long life copper-gold organic growth strategy in British Columbia, both of which are targeted for delivery in the second half of 2025. At Mount Milligan, work on the PFS is on track to be completed in the third quarter. We are evaluating substantial mineral resources to unlock additional value beyond the current mine life of 2036, which is based on the available space in the existing tailings resource facility. We are progressing with the engineering solution for additional tailings capacity, and the PFS is set to incorporate an increase of annual mill throughput in the range of 10% through the ball mill motor upgrades, which will be at modest capital cost. At the ChemS project, we continue to advance work on a PEA based on an open pit and conventional underground mining concept, which is on track for completion by the end of 2025. ChemS has significant infrastructure already in place requiring only targeted refurbishing to support operations. To complement this existing infrastructure, it is anticipated that new crushing, conveying, and mining infrastructure will be developed to further support our operations and longer term efficiency. We expect the existing infrastructure to lower the execution risk of the project when compared to a typical greenfield project of this scale. Yesterday, we announced that we are advancing on the Goldfield project, which is located in the historic mining district of Nevada, one of the most reliable mining jurisdictions in the world. This is a strategic milestone that is expected to grow Centera's near term gold production profile and can be fully funded from our existing liquidity. Over the last several months, we've undertaken additional technical work and project optimizations that have significantly enhanced goldfield value proposition. Favorable gold prices combined with these recent developments have improved the project's economics, enabling us to move forward with execution. Our technical study confirms attractive economics to the project, including an after-tax NPV of $245 million and an after-tax IRR of 30% using a long-term gold price of $2,500 per ounce. We have implemented a targeted hedging strategy on 50% of gold production in 2029 and 2030 with a gold price floor of 3,200 per ounce and an average gold price cap of 4,435 in 2029 and 4,705 in 2030 at no cost to Centera. This gold hedging strategy positions us to lock in strong margins to safeguard project economics and enable predictable cash flow during the ramp-up period while maintaining exposure to rising gold prices for the life of the mine. Just under 80% of the planned production over the life of the mine remains unhedged and fully exposed to market gold prices. The project is expected to have a seven-year mine life, average annual production of around 100,000 ounces in peak production years at an all-in sustaining cost of $1,392 per ounce and a competitive initial capital cost of $252 million. The project is well-positioned to benefit from a short timeline to first production by the end of 2028 and low execution risk given its relatively simple process flow sheet. Goldfield is projected to grow our near-term gold production profile, generate robust cash flow, and deliver significant value to shareholders. We believe also that Goldfield is ideally positioned in our project development pipeline, bringing additional gold production online, helping to offset the natural decline that would suit and to ensure continuity as we advance development to the longer life Mount Milligan and Chem-S assets in British Columbia. I'd like to share an update on our sustainability initiatives. In June, we published our 2024 sustainability report. We achieved several important milestones this past year and we remain committed to meet the rising expectations through greater transparency and aligned with the recognized sustainability frameworks and standards. With respect to some of the progress we've made, at Oak Stood, we achieved full compliance with the International Cyanide Management Code, reinforcing our commitment to safe and environmentally responsible mining practices. We advanced our climate change strategy focusing on economically feasible decarbonization initiatives at the site level, refining our climate risk scenario analysis and continuing to enhance our disclosures. As part of that broader effort, Oak Stood earned an ISO 5001 certification for energy management, helping us improve an energy efficiency at site. We also strengthened our partnerships with indigenous owned businesses and reached 19% indigenous employee representation across our British Columbia operations. In terms of local economic impact, our local procurement spending rose by 26% year over year across all operating jurisdictions, reaching $134 million. And lastly, we are pleased to share that we have surpassed our 2026 gender diversity goal for the second year in a row, with women representing 38% of our board and 33% of our executive officers. Together, these achievements reinforce our belief that strong sustainability performance is a key driver of long-term value for all of our stakeholders. And with that, I'll pass the call over to David to walk through our operational performance for the quarter.