DPM Metals Inc.

BPM Metals First Quarter 2026 Earnings Results Conference Call. At this time, all participants are in 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 that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that the conference is being recorded. I would now like to hand the conference over to 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 DPM Metals first quarter conference call. Joining us today are members of our senior management team, including David Ray, President and CEO, and Navin Giles, 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 the 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. Definitions established and calculations performed by DPAM 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 2025 pertain to the comparable period in 2025. 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 want to start by recognizing the dedication of our teams across all operations whose commitment to safety, operational excellence, and responsible mining continues to drive our success. We started 2026 from a position of strength, delivering record quarterly results, and continuing to progress our growth strategies. Our recent acquisition of the Varesh mine and continued advancement of our growth pipeline have further demonstrated EPM's position as a growing European focused precious metals producer. Let me start with the highlights of the first quarter. We produced approximately 84,000 gold equivalent ounces and remain firmly on track to achieve our 2026 production guidance. We continue to deliver strong margins with an oil and sustaining cost of $1,686 per gold equivalent ounce sold, compared to an average realized gold price at $4,955 per ounce. We generated a record $203 million of free cash flow, as the ramp-up of Viresh price production growth. We've continued to return capital to shareholders, returning 34 million or 17% of free cash flow to our share buyback and dividend payments, and we ended the quarter with $575 million in cash and close to $1 billion of total liquidity. Let me now turn to our operations and growth projects in more detail, starting with Viresh. Integration and ramp-up activities at VARA should continue to advance very well. Mine production restarted in January as planned, producing approximately 29,000 gold-equivalent ounces during the first quarter, with an all-in sustaining cost of $892 per gold-equivalent ounce sold. We are on track to achieve the ramp up to the 850,000 tonne per year run rate by year end and development rates have increased over the course of the quarter and have met our Q1 goals. Construction of the paste plant is progressing well and during Q2 we're planning a 20 day shutdown in the processing plant for the installation of tyres for the second tailing filter. This will allow installation of that filter with minimal impact to the higher production rates that we're anticipating in the second half of the year. We do expect to begin the surface drilling program during the second quarter, drilling at priority targets, at repeacher or abeacher targets, in addition to advancing 3D models and conducting geophysical surveys and mapping to support target generation. In short, Viresh is off to a strong start and we are excited about its contribution to our growth in the years ahead. Turning now to Chalapetch, this delivered a solid production of approximately 43,000 gold equivalent ounces in the first quarter, with an all-in sustaining cost of $1,497 per gold equivalent ounce sold. Production is expected to increase in the second quarter, and Chalapetch is on track to achieve its guidance for the year. During the first quarter, we completed the 10,000-metre drilling program at the Wastestone Deep Target as planned. With results from drilling to date demonstrating grades higher than the reserve grade, the wedge target represents an opportunity to enhance mill heap grade and gold production potentially from 2029. Interpretation, modelling, geotechnical and metallurgical test work are being advanced to support an initial mineral resource evaluation for the wedge stone heap target. and we look forward to providing an update on those results and significant drilling intercepts within the second quarter. We expect the Chalapetch North concession to be granted this year, and concurrently the Bremeni Exploration License is completing its 50,000-metre drilling program and is progressing through a well-defined permitting regime. On April 16th, we celebrated the final production blast at Adatepe, As the first new mine in the Balkans in over 40 years, Adatepe has been a testament to DPM's ability to permit, build and operate a world-class asset. We have the opportunity to establish a new track record as we prepare for Adatepe's next chapter of responsible mine closure. We have been working towards the development and support of small and medium enterprises to develop viable businesses independent of the mining industry. and our goal is to ensure that the community will continue to thrive and grow longer after our operations have ended. Our closure plan includes rehabilitating and returning 95% of the mine area back to the Natura 2000 protected area. We recently launched a microsite to highlight the story about Atepe, the benefits of DTN's stewardship of the assets and how that's generated value to the local community and outlines the plans for its future as a fully rehabilitated site. Our growth priority in 2026 is advancing Shoka Rikida permitting to support a construction decision. We continue to advance permitting in line with the well-defined Serbian process to support the start-up of construction in early 2027. The special purpose planning process, which was initiated in November 2025 and is a key permitting milestone, continues to progress well and is expected to be approved and adopted in the second half of 2021. we're maintaining a close and proactive engagement with the relative authorities to support this permitting process and we remain confident in the overall progress at choker wikita in mid-march 20 2026 we were pleased to receive the normal course extension of the exploration permit for the choker wikita license as anticipated reflecting that well-defined permitting process and service We initiated a 20,000-metre drilling programme and we have nine drill rigs currently active with more to come. A significant component of the drilling programme will be allocated to infilling and extending minimalisation at Dimitra Potok and increasing the drilling density prior to initiating an economic study. An additional 20,000 metres of drilling and six to eight drill rigs will be dedicated to the Potash Kupa licence to the north of Chota Rikida targeting the same northwest geological trend of Chokerwikiza and Dimitri Potok projects. With a significant gold, copper and third mineral resource already defined at Dimitri Potok and the prospect open in several directions, we look forward to advancing the drilling program and continuing to define the potential of this organic growth prospect. Before handing the call over to Navin, I'll summarize our 2026 priorities. First, we aim to deliver on our ramp-up commitments at Viresh. Second, we're going to advance Choka Rikida to a construction decision and following up on the significant exploration potential within our existing portfolio, each with the potential to drive meaningful value for our shareholders. We will continue to execute on these priorities with the same commitments 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.