Calibre Mining Corp.

Good morning and thank you for taking the time to join us this morning. Firstly, I would like to thank our employees and business partners for their continued commitment to safe and responsible operations. This commitment is demonstrated not only by a 20% reduction in our lost time injury frequency rate year over year, but delivering record production of 76,000 ounces in Q4 and 242,000 ounces for the full year, exceeding the upper end of our production guidance. This strong operating performance has continued into 2025 with consolidated production 15% of budget and cash increase 23% to $161 million as of mid-February. Additionally, Dave Schumer and the Nicaraguan team continue to identify operational efficiencies to drive further improvements in Nicaragua. The Valentine feasibility study forecasted an average of 195,000 ounces per year for the first 12 years. With the build-on budget and first build expected in Q2, I anticipate 2025 production to be between 50,000 to 100,000 ounces. This would be in addition to our pre-Valentine production guidance of 230,000 to 280,000 ounces. In addition to delivering Atlantic Canada's largest goldmine, 2025 will be a noteworthy year for exploration, with a 200,000-metre company-wide drilling program the largest in calibre's history. In particular, the exciting discovery drilling at Valentine's Frank Zone and El Limon's Vitam Gold Corridor have the potential to meaningfully increase our mineral resources. Moving to slide four and Valentine. During 2024, we attracted a very capable operating team at Valentine, which has considerable commissioning experience. who are working with Reliable Controls Corporation to oversee pre-commissioning and commissioning to ensure a seamless transition from construction to operations. Valentine Construction is on track with notable progress including the primary crusher is ahead of schedule and ready for commissioning, mill margins to be set within the week and substantively complete by month end, structural steel installation is at 91%, CIL tank piping on target for completion early March, Cable installation is set for completion in March. Reclaimed tunnel, steel and apron feeders are progressing and on track for commissioning in April. And finally, the ADR plant and gravity circuit are nearing mechanical completion and ready for turnover. We have made substantial progress on technical studies to increase Valentine's throughput in a Phase 2 expansion, while the feasibility envisaged an increase in throughput from 2.5 million tonnes per year to 4 million tonnes per year starting in 2029, we are now actively advancing plans to accelerate the timeline for scaling up production to an excess of 5 million tonnes per year. We have commenced program management activities and are on track to award detailed engineering in March with the intent of committing to long lead times before year end. Given the strong exploration upside of balance line, our approach positions us well for long-term growth and value creation. Turning to slide five, Ballantyne offers an impressive 5 million ounce resource base from which to grow both near mine and the numerous exploration opportunities which exist across the property. Oil control drilling has confirmed grade and added 29% more tonnes at the Leprechaun pit, resulting in a 30% increase in gold compared to the 2022 mineral reserve. Importantly, the grade distribution indicates that applying a higher cutoff will result in the potential to process higher grades material for longer. Similarly, oil control drilling at the Marathon Pit yielded 47% higher gold grades, resulting in 44% additional ounces over the 2022 middle reserve for the same tonnage. Discovery drilling at the Frank Zone, located one kilometre southwest of reported mineral resources continues to return significant broad intervals of gold mineralisation. Importantly, recent drilling has now traced mineralisation to surface, highlighting the potential for another open PIRP. Initial drill intercepts include 172 metres grading 2.4 grams, 2.12 grams over 95 metres, 2.26 grams over 78 metres and 3.08 grams over 48 metres. These new intercepts geologically align with or from the Marathon, Berry and Leprechaun open pits. While exploration of the Franks zone is still in its early stages, current data indicates that the zone remains open to the southwest and to the north and now has been traced for over a thousand metres along the strike into a depth of approximately 500 metres. Historically, drilling at Valentine is mainly focused on a small portion of the 32 kilometre Valentine Lake shear zone. This structure remains highly prospective for discovering additional gold resources and represents only a small fraction of the broader 250 square kilometre land package. Moving to slide six, with record gold prices, consistent operating performance, exciting exploration results and Valentine on track to deliver first gold in Q2, which will diversify our production profile and unlock peer leading production growth, I am confident that we will continue delivering superior value and provide a compelling re-rate opportunity for all shareholders. With that, we're happy to take questions. I'll now pass it back to the operator.

Yes, thank you. We will now begin the question and answer session. To ask a question, you press star, then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If any time your question has been addressed and you would like to withdraw it, please press star, then 2. At this time, we will pause momentarily to assemble the roster. And the first question comes from Francisco Costanzo with Scotiabank.

Hi there. This is Francesco calling on behalf of Ove Sabib. Morning, Darren and team. I just want to start by saying congrats on the earnings beat this quarter. Maybe I'll start with the Valentine project. Darren, could you just reiterate briefly that sort of production outlook you gave for Valentine for this year?