DPM Metals Inc.

Good day and thank you for standing by. Welcome to the Dundee Precious Metals Fourth 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 11 on your telephone. You will 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 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 the Dundee Precious Metals fourth 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 the purposes of today's call. Certain financial measures referred to during this call are not financial measures recognized under IFRS and are referred to as non-GAAP measures or ratios. These measures have no standardized meanings under IFRS and may not be comparable to similar measures presented by other companies. The definitions established and calculations performed by DCM 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.

Thank you, Jennifer. Good morning, and thank you all for joining us. Our excellent Q4 and year-end results reinforce the DPM strength that underpin our strategy to become a mid-tier precious metals company. At first, we're a responsible and efficient operator, where we once again achieved our goal production and all-in-sustaining cost guidance, continuing our exceptional 10-year track record of delivery. Most importantly, we've accomplished this while maintaining a high standard for responsible mining with a strong safety and environmental track record. which has ranked as at the top of our industry for the past four years. Second, we focused on developing quality assets. We've rapidly advanced Choka Rikida, a testament to the quality of our team and project, completing the pre-feasibility study at the end of last year, and we're focused on completing the feasibility study by the end of this year. We have a proven track record in project development, having delivered the $180 million Atatepe project on time and on budget, as well as the Celepec expansion that doubled production and other investments to improve operations and enhance value. And we've also established our exploration credentials with three discoveries in Serbia and our long track record of adding mine life at Celepec. And exploration will continue to be a significant DPM focus in 2025. Third, we maintain a strong financial position to support growth. So we've consistently delivered free cash flow generation, including a record $305 million in 2024, which has grown our cash position to over $800 million at the beginning of 2025 and further strengthened our financial capacity to fund growth. At the same time, our investors are benefiting from our low-cost, high-margin gold production as we harvest free cash flow by returning excess capital to shareholders. We've returned $261 million to shareholders since 2020 and plan up to $200 million of additional share purchases in 2025. Overall, our accomplishments in 2024 have culminated in an exceptional track record that provides confidence in our ability to grow the business and deliver on our strategic objective to become a mid-tier precious metals company. As we enter 2025, we're focused on growth as demonstrated by the advancement of our exploration and project portfolio, which is reflected in our three-year outlook. Navin will review the details in a moment, so I'll emphasize our priorities. We continue to fund our high-quality organic growth pipeline by investing more than $90 million this year between growth capital and exploration, following on several recent successes. We also continue to deliver on our strong operational track record, producing just under 200,000 ounces of gold and 30 million pounds of copper annually over the next three years, and continue to be one of the lowest cost gold producers. Turning to Chirca Riquida, what makes Chirca Riquida particularly exciting is the significant exploration potential within the footprint of the project, where we have made two additional discoveries Dimitra Potok and Frazen Prospects, which are located approximately one kilometer north of Cholka Wakeda. Results from these targets are demonstrating camp-scale potential for high-grade copper-gold mineralization. And we're completing additional work in order to understand the footprint, the continuity, the overall site potential, and the metallurgy. This will be a significant focus for us in 2025. with planned exploration spending of between $23 and $25 million and similar levels forecast for 26 and 27. With Shoka Rikida, our growth priority is advancing Shoka Rikida to production, which is targeted for 2028. In less than 24 months since announcing the initial discovery, we have outlined a very robust, highly value-accreted project that adds high-margin gold production growth to our portfolio. We proceeded immediately to a feasibility study while advancing permitting activities in parallel with a goal of commencing construction in mid-2026. In 2025, our focus will be on completing surface and underground geotechnical and hydrogeological drilling and the completion of the feasibility study, which is expected by year end. Completed in December, the PFS results featured several improvements from the PEA, including accelerated gold production in the first five years, averaging 170,000 ounces of gold per year, lower oil and sustaining costs, which we're now expecting at $644 per ounce of gold over the life of mine, and a de-risk project timeline and execution plan. And we intend to utilize existing processing facilities and mine equipment from Adatepe leveraging the project's proximity to Chalapetch to train and develop key personnel for operating roles. Overall, we're very excited by Chocoroquita's potential in a region where we've had a presence for many years, that has a long history of exploration and mining development, and where we've developed strong relationships with local stakeholders. With Chalapetch, and specifically Chalapetch mine life, we're also prioritizing in-mine and brownfields exploration work to further extend mine life. targeting an increase to over 10 years. Reflecting this priority in 2025, we are increasing the brownfields exploration budget for Chalapetch as we focus on testing near mine targets on the Chalapetch concession. Chalapetch today has a mine life that extends to 2032 based on our reserves, a substantial 1.2 million ounce mineral resource base, and a 4,100 hectare land package with significant opportunities to continue the track record of mine life extension. In addition, the Chalipetch North concession approval is anticipated before the end of 2025, and we've just received the geological discovery confirmation in Q4 for Brevenik. At Loma Laga, the progress we've made with permitting in 2024, we've chosen to complete an updated feasibility study for the project in the second quarter of 2025. This will update the project economics to reflect the current gold price, capital and operating costs, as well as demonstrating the value and optionality for our growth portfolio. The prior informed indigenous consultation process, which is the last step of the four before the environmental licenses issued, was also initiated and engagement with the community progressed during Q4. For 2025, we have budgeted $12 to $14 million in growth capital for Loma Lago, reflecting the updated feasibility study and our disciplined approach to the business. We will continue allocating additional capital to the project depending on achieving certain permitting milestones and the intent will be to fund resuming drilling and further advancing permitting. Loma Laga remains an attractive growth option in our portfolio with mineral reserves of 1.9 million ounces of gold and 80 million pounds of copper that is a great fit with our technical and operating expertise. I'll now turn the call over to Navin for a review of the financial results.