DPM Metals Inc.

Good day and thank you for standing by. Welcome to the DPM Metals third quarter 2025 earnings 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 your speaker today, Jennifer Cameron.

Please go ahead. Thank you, and good morning. I'm Jennifer Cameron, Director, Investor Relations, and I'd like to welcome you to the DPM 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 the 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 meanings 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 2024 pertain to the comparable periods in 2024, and references to averages are based on midpoints or outlook or guidance. I'll now turn the call over to David Ray.

Good morning, and thank you all for joining us. I'm proud to report that DPM delivers record financial results during the quarter, including record revenue, earnings, and free cash flows. results that reflect reliable high margin production from our portfolio and the strength of the current gold price environment. Highlights from the third quarter include solid production of 64,000 gold ounces and 7.8 million pounds of copper, continued strong margins with an oil and sustaining cost of $1,168 per ounce of gold sold, compared to an average realized gold price of $3,635 an ounce. Record-free cash flow generation of $148 million, which further strengthens our financial capacity to fund growth. During the quarter, we achieved a major milestone with the closing of the Adriatic acquisition, successfully bringing the high-grade virus operation into our portfolio and transforming our long-term production profile. I'm pleased to report that integration activities are progressing very well. From day one, we focused on embedding BPM's health and safety practices at Viresh, including the well-being of our people. This remains our top priority. We've also begun to transform training programs for local personnel and engaging with stakeholders, important steps as we build a strong foundation for long-term success. Looking ahead, we're advancing our priorities at Viresh, including driving the decline to the bottom of the ore body and advancing construction of the Pace Backfill plant. We're on target to achieve a ramp up to an 850,000 tonne per annum rate by the end of next year. I'm also pleased to note that we're now expecting higher production at VARESH in 2026 than previously anticipated as a result of higher tonnes, gold and silver grades compared to the VARESH PFS. We will provide a detailed update on our expectations for 2026 along with our three-year outlook in February. Turning now to review our operations in more detail, and starting with Chalapetch. Chalapetch produced 44,000 ounces of gold and 7.8 million pounds of copper, with an oil and sustaining cost of $671 per ounce of gold sold. Cash costs of $63 per ton of ore processed were on target for the quarter, reflecting Chalapetch's track record of solid efficient operations, and the mine is on track to meet its 2025 guidance targets for 2025 subject to market dynamics. We continue to prioritize in-mine and brownfields exploration work to further extend mine life at Chalapach, targeting a 10-year plus reserve life. During the quarter, underground drilling was primarily focused on the wedge zone deep target, which is now located on the northern flank of the Chalapach Mine Concession, approximately 300 meters below existing mineral reserves. This newly discovered zone of high-sulfidation mineralization is presented as a zone of continuous high-grade mineralization over an interval of approximately 150 meters downhole and has been outlined in two close-based drill holes to date. Further drilling is in progress from multiple locations to better understand the extent of the mineralization. Production at Adatepe increased in the third quarter as anticipated, producing approximately 19,400 ounces of gold, with an oil and sustaining cost of $1,030 per ounce of gold sold. Adatepe is on track to achieve its guidance for the year. Turning now to the Loma Laga project in Ecuador, I want to provide an update on recent developments and our path forward. At the end of September, We released the results of an updated feasibility study, which highlighted the potential for the project to deliver attractive returns. During the second quarter, we achieved a significant milestone with the issuance of the environmental license. This was the result of a rigorous process to ensure high Ecuadorian standards were applied to the development of the project. We're confident that our environmental management plan and robust environmental protection measures not only complied with those standards, but also reflect BPM's proven track record of responsible development and our commitment to international best practices. However, in October, we received notification from the Ministry of Environment and Energy that the environmental license for Loma Lago was revoked. We are evaluating all available options to preserve value and optionality for our shareholders, including assessing legal avenues. In line with our capital discipline, we're planning to minimize further spending on the project until this issue is resolved and have reverted back to our original guidance for 2025. We continue to focus on developing quality growth assets such as Choca Raquita. The feasibility study is advancing on schedule and on track for completion by year end. We successfully completed all surface and underground geotechnical and hydrogeological drilling and we're now moving the design forward to the basic engineering level. Planning for project execution and operational readiness is proceeding as planned, ensuring that we are well positioned for the next phase of development. As we noted in our news release last night, most of the baseline studies required for the environmental and social impact assessment have been completed. The certificate of resources and reserves has been approved by the technical committee, and we look forward to initiating the special purpose spatial plan once approved to do so. Based on an updated permitting timeline, we now expect mine construction to commence in early 2027 with first production of concentrate targeted for the first half of 2029. We are maintaining close and proactive engagement with the relevant authorities to support this permitting process, and we remain confident in the overall progress at Choker Rikita. Key technical work streams are advancing as planned and our proactive stakeholder engagement continues to support our path forward. So our path toward receiving the necessary approvals and advancing development activities on schedule. We're closely monitoring permitting timelines and implementing mitigation measures to ensure that we're ready to move forward with construction as soon as approvals are in place. In terms of our exploration activities at the Rikita Camp, we continue to be excited by the impressive drill results, which are clearly demonstrating the existence of a large copper-gold system, analogous to other large porphyry scarn systems globally. Results from Dimitra Potok are continuing to confirm the presence of a large high-grade copper-gold-silver scarn system. with mineralization concentrated along both the eastern and western sides of an intrusion. In September we released results from one of the most significant incepts at Dimitropotok to date, with 132 meters grading over 3.9% copper. Down the same hole there was a 20 meter gap and then another 76 meters of 2.47% copper equivalent. On the western side of the intrusion, we extended the widest extent of mineralization by approximately 200 meters to the south, and drilling to date has outlined about 600 meters of strike lengths of high-grade scarn contact mineralization. We also continue to see strong results in the Rikita North, Frazen, and Bayasaka prospects, all located within one to two kilometers from Choker Rikita. Located adjacent to planned Choca Raquita infrastructure, the Mitropotoc has the potential to unlock additional value and growth potential for an already high-margin, high-return organic project. We are targeting resource estimates for the Mitropotoc, Raquita North, and Phrasin targets by year-end, and have increased our exploration budget as we continue to target high-potential areas within the six-kilometer trend that we have identified to date. Based on drilling to date, mineralization has been detected over a one-kilometer strike length up to 300 meters vertically and up to 500 meters away from the intrusion. I want to pause for a moment in order to acknowledge the significant contribution Paul Ivashkunu, our Vice President of Exploration, who tragically and unexpectedly passed away in October. Paul was more than a leader at DPM. His passion and mentorship, which developed an impressive exploration team, and his unwavering commitment to our values has left a deep impression on all of those who worked with him. Under his leadership, our exploration team's efforts have significantly transformed the future of DPM, driving the discovery of Choka Rikita, Dimitra Potok, and identifying many other opportunities. On behalf of all of us at DPM, I extend our deepest sympathies to his family and friends, who we are keeping in our thoughts. I'll now turn the call over to Navin for a review of the financial results.