DPM Metals Inc.

Good day. Thank you for standing by. Welcome to the Dundee Precious Metals Third Quarter 2023 Earnings Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you'll need to press star-1-1 on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Jennifer Cameron. Please go ahead.

Thank you, and good morning, and thank everyone for your patience as we got that technical issue sorted out. I'm Jennifer Cameron, Director of Investor Relations, and I'd like to welcome you to our call. With me today are members of our senior management team, including David Ray, President and CEO, and Navin Dial, Chief Financial Officer. Before we begin, I'd like to remind you that all forward-looking information provided during this call is subject to the forward-looking qualification, which is detailed in our news release and incorporated in full for the purposes of today's call. Certain financial measures referred to during this call are not meant to be recognized and are referred to as non-GAAP measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DPM are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Please refer to the non-GAAP financial measures section of our most recent MD&A for reconciliations of these non-GAAP measures. Please note that unless otherwise stated, operational and financial information communicated during this call are related to continuing operations and have generally been rounded. References to 2022 pertain to comparable periods in 2022 and references to averages are based on midpoints of our outlook or guidance. I'll now turn the call over to David Ray.

Good morning and thank you all for joining us. I'm pleased to provide you with an overview of our third quarter results and some insights into our achievements during this period. This morning I'll briefly review our results and discuss why we believe DPM continues to be well positioned to deliver value to all our stakeholders now and over the long term. Highlights from our third quarter include strong production of 74,000 ounces of gold and 7.2 million pounds of copper, all in sustaining costs of $911 per ounce of gold sold, and continued strong free cash flow generation of $45 million. With strong operating performance generating over $180 million of free cash flow year to date, our mining operations are on track to achieve our 2023 guidance for production and all in sustaining cost, demonstrating the quality of our assets and the strength of our operating teams. We exited the quarter in a very strong financial position with a cash balance of $563 million, and we continue to deploy our capital in a disciplined manner. In addition to investing in our future growth and exploration prospects, we returned approximately 42% of our free cash flow to shareholders during the first nine months of the year through our sustainable quarterly dividend and enhanced share buy-by program, which Navin will touch on shortly. Looking at our operations in more detail, Chalapetch continued its track record of strong performance in the third quarter, producing approximately 40,000 ounces of gold and 7.2 million pounds of copper. Chalapetch's oil and sustaining cost of $1,120 per ounce of gold salt reflects higher treatment charges during the quarter as a result of shipping concentrate to Sumit, as opposed to using third-party smelters, as was the case in the first two quarters of the year. In the fourth quarter and going forward, we do not expect to process additional concentrate from Chalapetch at Sumit. We continue to advance the Chalapetch brownfield exploration program with eight drill rigs currently active along the Breveni exploration license and the Charlotte Dairy target within the mine concession. Later this month, we expect to provide an update on our exploration activities, along with updating the mineral reserve and resource estimates and life of mine plans at Chalapetch. With increased in-mine and brownfield exploration drilling, we believe there is strong potential to continue our track record of extending mine life at Chalapach. Turning to Atatepe, the mine continued to deliver impressive performance, achieving a new record for quarterly production. The mine produced approximately 34,000 ounces of gold, with an all-in sustaining cost of $509 per ounce of gold sold, which is at the low end of Atatepe's guidance range for copper. Adatepe has consistently outperformed our expectations since commissioning in 2019, and we are confident that Adatepe will continue to deliver strong results, supported by the updated Life of My Plan we announced in January this year. We're also continuing our exploration efforts around Adatepe. At the newly granted Krumavica exploration license, we started scout drilling in August. At Sunet, complex concentrate smelted during the quarter was approximately 22,000 tons, which reflects the planned maintenance shutdown that occurred in the quarter. During the Osmalt Reliant Focus shutdown, we also completed repairs to the off-gas system where water leaks affected operational stability in the last campaign. While we resume full operations in Sumet towards the end of September and are seeing improved performance in line with a more normalized throughput rate, we expect Sumet to be at the low end of its production guidance and towards the high end of its cash cost guidance at year end. In Serbia, exploration activities focused on the Choko Rikita deposit with 11 drill rigs currently in operation. Since we announced the high-grade discovery in January, we've been aggressively drilling the deposit with over 63,000 meters completed in the first nine months of the year. Infill drilling at a 30 by 30 meter spacing is well-advanced, covering the core of the system in order to provide additional confidence in the continuity and high-grade nature of the mineralization. We expect to complete a made-in-mineral resource estimate for Chocowikita by the end of this year, and we're also progressing activities to accelerate the advancement of the project. This includes metallurgical test work and geotech evaluation of potential surface locations for the exploration, decline, mine infrastructure, and processing facilities. Chocoriquita has several positive attributes that we look for in projects, including a very high grade core, good initial metallurgical results, strong infrastructure, and a great fit with our skill sets, resulting in significant potential within our organic growth portfolio. We also believe there's significant additional exploration potential in the surrounding land package, and we've started scout drilling to test other camp-wide targets near Choca Rikita, as well as the 10,000-meter scout drilling program we've discussed previously at UMCA. In October, we were granted new exploration license for the area hosting the T-MOK Gold Project, and this provides additional exploration potential on prospective targets immediately to the north of Chocoriquita. We are preparing an aggressive exploration program and plan to start testing for scarn targets on the new licenses to the north and west of Chocoriquita, and we expect to commence a 25,000-meter drilling program in early 2024. Turning to Loma Laga, there were two important developments for our activities in Ecuador during the quarter. First, we entered into an investment protection agreement with the government, a significant milestone that provides tax stability and incentives, as well as legal protections such as resolutions of disputes through international arbitration. Second, a decision on the appeal of the constitutional protective action was received in August. Based on our analysis, the decision reaffirmed our concessions for Loma Laga and clarified that consultation. Certain local indigenous populations is required. It also held that environmental consultation with communities in the project's area of influence and additional reports on the impact on water resources and the nearby national recreation area would need to be delivered by the Ministry of Environment to the court prior to advancing the project to the exploitation phase. We are in the process of seeking clarification on these requirements for these additional reports, the indigenous and environmental consultation, and the steps needed in order to resume the planned drilling campaign in support of the updated feasibility study and to assess the impact on the project's development timeline. At the same time, we've continued to advance the feasibility study optimization, which includes leveraging our expertise with similar deposits such as Chalapetch and to incorporate certain scope changes. These scope changes combined with inflation pressures consistent with general industry trends are expected to result in significant increases to the estimated capital and operating costs for the project. We are continuing with the optimization phase beyond our original timeline ending in 2023 in order to evaluate additional opportunities and to potentially incorporate the results from drilling once we're able to resume these activities. We continue to view Loma Laga as a high-quality advanced stage project with the potential to generate strong economic returns following the results of the ongoing optimization work. We will continue to take a disciplined approach with respect to future investments in the Loma Laga project based on key milestones and the overall operating environment in Ecuador. And as such, we anticipate our spending related to Loma Laga in 2024 to be materially lower than the 2023 levels. At Tierras Coloradas, the concession 200 kilometers to the south of Loma Lago in Ecuador's Loja province, we initiated a 10,000-meter drilling program in August, completing 2,300 meters during the quarter. This program is designed to follow up the positive results we reported at the end of February, which confirmed the presence of two high-grade vein systems that remain open in multiple directions. The primary focus will be to further assess the extension and geometry of the two vein systems and to test recently discovered high-grade vein and soil anomalies. In closing, our third quarter results continue to demonstrate BPM's strong performance and highlights within our industry. These highlights include strong consistent production from our operations and an all-in sustaining cost that ranks among the lowest in the gold mining industry, significant free cash flow generation, financial strength and flexibility, a record of disciplined capital allocation and returning capital to shareholders, attractive development projects, a proven exploration success both in extending mine life of our operations and discovering new brownfield opportunities, and a strong leadership and technical team with a history of adding real value through innovation. I'll now turn the call over to Navin for a review of our financial results and outlook, following which we'll open the call to questions.