Capstone Copper Corp.

Good afternoon and welcome to Capstone Copper's second quarter 2025 results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, July 31st, 2025. I would now like to turn the conference over to Daniel Sampieri. Please go ahead.

Thank you, Operator. I'd like to welcome everyone to Capstone Copper's Q2 2025 conference call. Thank you for joining us today. Please note that the news release and regulatory filings announcing Capstone Copper's 2025 second quarter financial and operational results are available on our website and on CDAR+. If you are logged into the webcast, we will advance the slides of today's presentation, which are also available in the investor section of our website. I am joined today by... our President and CEO, Kashil Maher, our SVP and Chief Operating Officer, Jim Whitaker, and our SVP and Chief Financial Officer, Raman Randhawa. During the Q&A session at the end of the call, we will also be joined by our SVP Risk, ESG, and General Counsel, Wendy King, and our Head of Technical Services, Peter M. Malumson, who are available for questions. Please note that the comments made on the call today will contain forward-looking information within the meaning of applicable securities laws. This information, by its nature, is subject to risks and uncertainties, and actual results may differ materially from the views expressed today. For further information on the risks and uncertainties pertaining to our business, please see Capstone's most recent filings, which are available on our website at www.capstonecopper.com and on CDAR+. And finally, I'll just note that all amounts we will discuss today are in U.S. dollars, unless otherwise specified. It is now my pleasure to turn the call over to Kashil Maher, joining us for the first time in his new role as CEO.

Thank you, Daniel. And hello to all of you dialing in from the Americas, Europe, Australia, and around the globe. Today, we are pleased to present our second quarter 2025 results and achievements. As I conclude my first couple of months as CEO, I'm proud of how we have transitioned as a company for the last few years, from a period of building and ramping up mines to a period of execution with a focus on safety and operational excellence. We are positioned extremely well. Our ramp-ups are complete, our production is increasing, and our costs are coming down. Additionally, we have a very strong financial position. We remain committed to protecting the resiliency of our business through safety, operational execution, and maintaining our strong balance sheet. And of course, we are focused on copper, which makes up over 90% of our revenues. Copper is in the spotlight, with governments signaling its strategic importance and strong LME prices. We continue to see robust demand and believe the medium and long-term fundamentals remain attractive. Turning to slide five. In Q2, our operations delivered consolidated copper production of 57.4,000 tonnies at a consolidated C1 cash cost of $2.45 per pound, which represents record copper production and the lowest cash costs we've achieved to date. This was driven by record sulfide production at both Manto Verde and Mentos Blancos. We are very proud to report that both sites achieved average throughputs above their design rates in Q2, a significant accomplishment by our teams in Chile. It has been a remarkable turnaround at Mentos Blancos, where our team has done a tremendous job implementing our asset management framework, And we are pleased to see another strong quarter at our new mental bird egg sulfide concentrator. Earlier this month, we announced another significant milestone with receipt of the mental bird egg optimized permit, which will allow us to increase throughput from 32 to 45,000 tonnies per day. We are eager to execute on this project eminently, subject to all joint venture board approvals. While we have been disappointed by lower throughputs at Pinto Valley over the past 12 months, it is important to consider this in the context of Pinto Valley's long history. The mine has produced over 4 billion pounds of copper in one of the oldest and most prolific mining districts in the United States. With a long mine life and over a billion tonnies of resource, there is significant value that remains to be unlocked here. As the only operating mine in the district, we are extremely well positioned to take advantage of the current environment in the United States that is placing a greater emphasis on growing domestic copper production. We are focused on the implementation of our asset management framework to achieve stable operations and design throughput at PV, modeled after the success we recently achieved at Mantos Blancos. At Cozumel, we saw another steady quarter with strong production and low unit costs. On the corporate side, we completed our debt refinancing plan by repaying our portion of the mental verdict project finance facility, further improving our balance sheet strength and flexibility. Our balance sheet is in excellent shape and we are committed to deleveraging further through internally generated cash flow. In line with our sustainable development strategy, during the quarter we launched a company-wide biodiversity standard. This establishes a common framework and minimum site requirements for applying the prevention and mitigation hierarchy for nature-related impacts and risks. Turning to slide six. Our operations were off to a solid start in the first half and we have reaffirmed our consolidated 2025 guidance. We are particularly pleased about the performance at Mentos Blancos and Cozumel, which are both tracking towards the upper ends of their site-level production guidance ranges, offsetting Pinto Valley tracking towards the lower end. Compared to the first half of last year, production has increased 34%, while costs have decreased 12%. primarily driven by the ramp-ups at our Chilean assets. If we look to the balance of the year, we are expecting even stronger production in H2, and we are reaffirming all of our production costs and capital expenditure guidance provided earlier this year. Throughout the remainder of 2025, we look forward to demonstrating reliable copper production, lower costs, and strong cash flow generation. while continuing to advance our production growth opportunities. And with that, I'll pass over to Raman for our financial results.