DPM Metals Inc.

Welcome to the Dundee Precious Metals Third Quarter 2024 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 will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 1 again. please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Jennifer Cameron. Please go ahead.

Thank you, and good morning. I'm Jennifer Cameron, Director of Investor Relations, and I'd like to welcome you to our third quarter conference call. Joining us 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 purposes of today's call. Certain financial measures referred to during this call are not measures recognized under IFRS 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 2023 pertain to the comparable periods in 2023, 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. This morning, Navid and I will briefly review our third quarter results and discuss why we believe DPM continues to be well-positioned to deliver value now and over the long term. Highlights from our third quarter include progress at our Choca Raquita project as we completed the infill drilling to the PFS and announced two new high-grade discoveries. Solid production of approximately 60,000 ounces of gold and 7 million pounds of copper. Very strong margins, which increased 53% quarter over quarter, reflecting an oil and sustaining cost of $1,005 per ounce and an average gold price of $2,548 per ounce. Also, we had robust free cash flow with generation of $71 million and continued financial strength as we ended the quarter with a consolidated cash balance of $658 million and no debt. I'm pleased to say that we are on track to achieve our 2024 guidance target, which will mark the 10th consecutive year we have achieved or outperformed our goal to production and all in sustaining cost guidance, a testament to the strength of our operating team and the quality of our minds. Taking a look at our operations in more detail, Chalapetch continued its consistent track record in the third quarter, producing 44,000 ounces of gold and 7 million pounds of copper at an impressive all-in sustaining cost of $638 per ounce of gold sold. Over the balance of the year, we expect improved copper grades at Chalapetch, and the operation is on track to achieve its production guidance for the year. With all-in sustaining costs of $659 per ounce year-to-date, Chalapeche is also expected to be well within its cost guidance for the year. At Adetepe, some temporary challenges impacted performance during the quarter, including lower-than-expected head grades, recoveries, and fleet availability. This resulted in third-quarter production of approximately 16,000 ounces of gold and an all-in sustaining cost of $1,171 per ounce of gold sold. The issues that impacted fleet availability have been resolved with performance tracking to plan, and we expect higher production in the fourth quarter than Adatepe remains on track to achieve its guidance for the year. Turning to our development projects, we continue to progress the pre-feasibility study for our high-quality Choker-Rikia project, which is on track for completion in the first quarter of 2025. At the end of the third quarter, the PFS design and engineering was approximately 80% complete. During the quarter, we completed the PFS infill drilling program, the results of which continue to confirm the continuity of the high-grade mineralization and an updated mineral resource estimate is underway. The geotechnical and hydrogeological drilling program, which will support the PFS design and cost estimates, is nearing completion. We're also advancing project permitting activities in support of this timeline, with good support and engagement from key regional and national authorities. This includes preparations for the EIA, which we expect to submit in the first quarter of 2026. What makes Choker Rikida particularly exciting is that it's an attractive project on a standalone basis, offering very robust economic returns, production growth, and strong margins. And also, there's a significant exploration potential across our four licenses, as demonstrated by our recent scout drilling results. In September, we announced two new discoveries at the Dimitri Potok and Frazen Prospect, which are both located only a kilometer north of Chocoraquita. It is still early days for these discoveries, with additional work to do in order to understand the footprint, continuity, and overall site potential, as well as the metallurgy. However, the exploration upside remains evident from our ongoing drilling success. A new high-grade copper-gold mineralization keeps expanding its footprint at Dimitra Potok and Fraser. It also demonstrates that our targeting model is working and that there is significant potential for additional mineralization along the strike to Choker-Wikita, Dimitra Potok, and Fraser. Overall, we're very excited by Choker-Wikita's potential in a region where we've had a presence for many years. that has a long history of exploration and mining developments and where we've developed strong relationships with local stakeholders. Turning to the Loma Laga project, we continue to progress activities related to permitting and stakeholder relations. The baseline ecosystem and water studies were complete during the third quarter and submitted to the court by the Ministry of Environment. At the end of October, the environmental consultation process with local communities overall voting favorably for the development of the project. We would expect the environmental license to be issued once the free, prior, and informed consultation process is concluded. We continue to take a disciplined approach with respect to future investments in activities in Ecuador, which will be based on the project achieving key milestones. the overall operating environment in the country, and, of course, other capital allocation priorities. Overall, we continue to deliver strong financial results, and with both minds on track to achieve our 2024 guidance targets, we're well positioned to continue our strong operating track record. I'll now turn the call over to Navin for a review of our financial results.