DPM Metals Inc.

Good day, and thank you for standing by. Welcome to the DPM Metals fourth quarter and full year 2025 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, please press star 11 on your telephone. You will then hear a 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, ma'am. Thank you, and good morning. I'm Jennifer Cameron, Director of Investor Relations, and I'd like to welcome you to the DPM Metals fourth quarter and year-end 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 of 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 of our outlook or guidance. I'll now turn the call over to David Ray.

Good morning, and thank you all for joining us. 2025 was an excellent year for DPM and demonstrates DPM's strengths of disciplined capital allocation and operational excellence that underpin our strategy to be a premier mining business. First, we are a sustainable, responsible, and efficient operator. In 2025, we achieved our gold production guidance, extending our operational track record to an exceptional 11 years. At the same time, we continued to deliver strong margins with an all-in sustaining cost of $1,082 per ounce of gold sold compared to an average realized gold price of $4,323 per ounce. Most importantly, we've accomplished all of this while maintaining a high standard for responsible mining with a strong safety and environmental track record. that has ranked us at the top of our industry for the past five years in the S&P Global Corporate Sustainability Assessment. Second, we focused on developing quality assets. In 2025, we transformed our growth profile by acquiring the high-margin Viresh operation, advancing Choka Rikita to feasibility, while defining Dimitra Potok and outlining a 10-year mine life with potential to extend at our flagship mine, Chelapeche. We completed an initial mineral resource for the Rikida Camp, which together with the results for Choka Rikida confirmed the Rikida Camp as a Tier 1 gold asset for BPM, offering a rare combination of scale, grade, and longevity. Third, we maintain a strong financial position to support our growth. We consistently delivered free cash flow generation, including a record $505 million in 2025, and we returned over $145 million to shareholders through dividends and share repurchases. And we currently have $1 billion of immediate liquidity to deliver high return growth. Overall, we were pleased to see our accomplishments in 2025 result in DPM being one of the top performing stocks amid mid-cap precious metals producers. As we enter 2026, we are focused on execution and growth, delivering an average of approximately 350,000 ounces gold equivalent annually over the next three years and continuing to maintain our competitive cost position. Turning to Viresh, the new addition to our portfolio and a key driver of our near-term growth, integration and ramp-up activities are continuing to advance very well. From day one, we focused on embedding BPM's health and safety practices at VARISH, ensuring the well-being of our people remains our top priority. Development rates continue to progress in line with plan and mine production recommenced in January. This progress is the result of our efforts to transform training programs for local employees and engaging with stakeholders, both important steps as we build a strong foundation for long-term success. Our 2026 guidance for Baris reflects this fact and this is a transitional year for the operation. Production is expected to increase quarterly as we progress the ramp up to 850,000 tons per year as a rate we expect to achieve in Q4 and then continuing in future years. With the second half of this year represents approximately two-thirds of our 2026 production. This year we're accelerating precious metals production with gold and silver production higher than previously communicated in the PFS for gold equivalent production of over 100,000 ounces. Cash flow and margins are expected to be higher than the PFS as a result of the increased precious metals production and higher prices, more than offsetting higher operating costs that we anticipate this year. Consistent with our approach across all of our operations, we will continue to evaluate opportunities to optimize the cost structure for 2027 and beyond, targeting the cash cost per ton metrics outlined in the technical report. Our track record of optimizing assets and driving efficiencies gives us the confidence that we can unlock additional value at Varish, just as we've done at Chalapetch. In short, Varish is off to a strong start, and we're excited about its contribution to our growth in the years ahead. Turning now to Chalapetch, our flagship asset that continues to underpin our success, we're expecting consistent high-margin production in line with the updated life of mine plan we published last week. We're pleased to achieve our target of increasing Chalapetch's mine life to 10 years. However, it is important to note this does not incorporate the potential of the new wedge zone deep discovery and the prospectivity of Chalapetch North and the Brevenny exploration license. With results from drilling to date demonstrating grades higher than reserve grade, the wedge target represents an opportunity to enhance milk feed grade and gall production, potentially from 2029. Initial drilling results from this discovery made in a relatively underexplored area of the mine concession demonstrate this is an area that is highly prospective for additional discoveries. We are currently completing a 10,000 meter drilling program in the first quarter and Additionally, we expect the Chalapetch North concession to be granted this year, and concurrently, the Breveni exploration license is progressing through a well-defined permitting regime. Our growth priority in 2026 is advancing Choker Rikita permitting to support a construction decision. Late last year, we completed the feasibility study for Choker Rikita as planned, confirming robust economics for a high-margin underground gold mining operation contributing almost 190,000 gold ounces annually for the first five years at first quartile life of mine, all in sustaining costs of $644 per ounce of gold sold. Based on the positive results, we're proceeding to execution readiness and construction permitting with first concentrate production anticipated in the first half of 2029. In November, we achieved a key permitting milestone with the approval to initiate the special purpose planning process. Permitting activities continued with a detailed permitting timeline focused on supporting start-up construction in early 2027. Most baseline studies required for the environmental and social impact assessment have been completed, and the approval and adoption of the special purpose spatial plan is expected in the second half of 2026. following which DPM anticipates submitting the exploitation field application in accordance with the Serbian permitting process. 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 Choka Rikita. In terms of our exploration activities at the Rikita camp, in early December we announced initial mineral inferred resource estimates for Dimitra Potok, Phrasin and Rekita North of 2.6 million ounces of gold and 1.9 billion pounds of copper. The mineral resource estimates demonstrate the Rekita Counts potential of the district-scale gold-copper system, with all three prospects remaining open in multiple directions, and sitting alongside several other high-potential targets along a six-kilometer trend. Within 14 months of announcing these initial discoveries, they've rapidly grown into a significant gold-copper-inferred mineral resource, a remarkable achievement over a short period of time, underscoring the significant potential of the Rikita camp. Drilling is currently paused on the Rikita license, the Choka Rikita license, pending the normal course renewal of permits, and is anticipated to recommence in the second quarter of 2026. Upon renewal of the permit, we're planning 20,000 meters of drilling of which a significant portion will be allocated to infilling and extending mineralization at Dimitra Potok and increasing drill density prior to initiating any PEA or other economic study. Meanwhile, active drill testing is ongoing on the neighboring Potash Kruka license to the north of the Rakita license. Before handing the call over to Navin, I'll summarize our 2026 priorities. We intend to deliver on the ramp up at Varash. We're going to be advancing Choka Rikita to a construction decision, and we're going to be following up on the significant exploration potential within our existing portfolio, both in Serbia and in Bulgaria, each with a potential to drive meaningful value for our shareholders. We will continue to execute on these priorities with the same commitment to responsible, efficient mining, financial discipline, and value creation. I'll now turn the call over to Navin for a review of our financial results and a detailed look at our guidance.