DPM Metals Inc.

Good day and thank you for standing by. Welcome to the DPM Metals second quarter 2026 earnings results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll 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 for 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 DPM Metals second quarter conference call. Joining us today are members of our senior management team, including David Rae, President and CEO, and Navindra Dyal, 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 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 EPM 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 conciliations of these Non-GAAP measures. Please note that unless otherwise stated, Operational and financial information communicated during this call are related to continuing operations that have generally been rounded. References to 2025 pertain most to the comparable period in 2025, and references to averages are based on midpoints of our Outlook World Guide. I'll now turn the call over to David Rae.

Good morning, and thank you all for joining us. I want to start by recognising the dedication of our teams across all operations whose commitment to safety, operational excellence and responsible mining continues to drive our success. We delivered exceptional results in the second quarter, generating record free cash flow and earnings while continuing to advance our growth strategy. The ongoing ramp-up of the Varish mine and continued advancement of our growth pipeline, including the major discovery of the Breveni South Porphyry, have further demonstrated DPM's position as a growing European-focused precious metals producer. Moving to the highlights of the second quarter, we produced approximately 103 ounces gold equivalent and remain firmly on track to achieve our 2026 production guidance for the 12th consecutive year. We continue to deliver strong margins with an all-in sustaining cost of $1,214 per ounce gold equivalent sold, compared to an average realized gold price of $4,375 per ounce. We generated a record $227 million in free cash flow, driven by strong operating performances, the ramp-up of Viresh drives production growth. We continue to return capital to shareholders, returning $58 million, or 25% of free cash flow, to our share buybacks and dividend payments. And we ended the quarter with $761 million of cash and $1.2 billion of total liquidity. Let me now turn to our operations and growth projects in more detail, starting with Varesh. We're making significant progress at Varesh, and we're on track to achieve the ramp-up to full production by year-end. We are achieving development rates over 400 meters per month and have done so since October last year. We've processed 117,000 tons in the quarter and a 48% increase quarter over quarter. The planned shutdown of the processing plant to complete tie-ins to the additional tailings filter was completed in seven days, well ahead of schedule. This allows for reduced downtime in the second half of the year when we anticipate higher production rates. Varash produced approximately 35,000 gold equivalent ounces during the second quarter with an oil and sustaining cost of $563 per gold equivalent ounce sold. Navindra will have some additional color on the oil and sustaining cost at Varash and our guidance expectations. We are on track to achieve the ramp up to the 850,000 ton per year run rate by year end. During the quarter, we started commissioning the second water treatment plant Construction of the PACE backfill plant is well set, and the second tailings filter continues to advance. Both of these are expected to be operational before the end of the year. We initiated our surface drilling program during the second quarter, drilling at priority targets at the Rupitsi-Vorovice area, alongside advancing 3D models and conducting geophysical surveys to support target generation. Most importantly, we progress the development of our future leadership for Varash, including key positions for mining, processing, technical services, finance, HR and legal, and laying the foundation for our long-term success in the country. In short, Varash is exceeding our expectations and we're excited about its contribution to our growth in the years ahead. Turning down to Chalipetch, our flagship operation delivered solid production of approximately 57,000 gold equivalent ounces in the second quarter with an oil and sustaining cost of $1,174 per gold equivalent ounce sold and is on track to achieve its guidance for the year. We're very pleased with the progress of the wet zone target. Delineation drilling continued during the second quarter and results confirmed and extended the high-grade mineralization This mineralized zone is currently defined over approximately 170 meters along strike, with 130 meters in width and 300 meters of vertical extent. The target remains open along strike and down dip, with strong potential for further expansion. Initial metallurgical test work indicates that the mineralization is amenable to flotation processing using the existing flow sheet at the Chalopech plant. We are planning to complete an initial mineral resource estimate for the waste zone by year end as part of our annual mineral resource and mineral reserve update. We are also actively evaluating decline contractors and advancing and Economic Study for Wedge. We continue to anticipate commencing the decline towards Wedge from existing operations by year end, using internal resources. In June, we announced a major new discovery of a high-grade copper-gold porphyry mineralization at the Brevenet South Porphyry Target. This is our fourth significant discovery since 2023, continuing our remarkable exploration track record. Initial results from drilling including 713 meters of 2.5 grams per ton gold equivalent demonstrate the potential for scale and continuity with broad continuous intervals of high grade copper-gold porphyric mineralization. That particular hole, which was in progress as we reported, continued for over one kilometer and was terminated in mineralization. A large fillet alteration envelope exceeding 1,000 meters by 1,500 meters indicates a substantial hydro turbine system with the BSB target remaining open in multiple directions and at depth. Given the significance of this discovery, drilling continues with five high-capacity rigs dedicated to the target and up to 15,000 meters planned through to the end of the third quarter. In parallel, we continue to progress the technical work required to support the conversion of the Brevenne exploration license to a mining concession under the well-defined Bulgarian permitting process. On completion of the current phase of exploration work, which ends in September 2026, BPM plans to submit a final report in Samor to support of a commercial discovery certificate. At this point, and while the process to convert Brevenne to a commercial discovery is underway, We will not be able to conduct drilling activities on the Bremeni license. However, BSP remains open towards the southeast flank of the Chalapeche Mine Concession and we intend to immediately move to testing the target from within the mine concession. Wedgie and BSP are two great examples of how we have transformed our growth outlook, creating an exceptional project pipeline that sets the DPM apart from other mid-tier producers. Today we have several attractive growth opportunities including Csoka Rikita where we are advancing permitting this year to support a construction decision. We continue to advance permitting in line with the well-defined Serbian process to support the start of construction in early 2027. The special purpose spatial plan 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 2026. Following that, we anticipate submission of the exploitation field application. Most of the baseline studies required for the environmental and social impact assessment have already been completed and it is expected to be submitted at year end. We are maintaining close and proactive engagement with the relative authorities and stakeholders to support the permitting process and we remain confident in the overall progress at Chilta Wakita. Project execution readiness and operational readiness are planned to continue, leveraging the project's proximity to our Chalapetch underground mine and our new Varesh underground mine to support training and development of key personnel and practices for future operating roles. We initiated a 20,000 meter drilling program at the Choka Rikida license during the second quarter. A significant component of the drilling program is allocated to infilling and extending mineralization at Dimitra Potok and increasing the drill density. Upon completion of the drilling, we intend to update the mineral resource estimate to the Rikida count. An additional drilling program is also underway at the Potash-Kuka license targeting the same northwest geological trend of Choker-Rikita and Dimitra Potok projects. With a significant gold-copper-inferred mineral resource already defined at Dimitra 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 process. As we reported earlier this month, production at Adatepe concluded as scheduled on July 15, 2026. 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 and implement standards that go above and beyond what is required. I want to express my deepest gratitude to everybody who has been a part of this exceptional story. I particularly want to acknowledge the community for welcoming us, partnering with us, and working with us to create a world-class example of how mining can be conducted responsibly, with standards that go above and beyond those required, and for the benefit of all stakeholders. We now have the opportunity to demonstrate responsible mine closure, with 95% of the mine area expected to be returned back to the Nature 2000, the European Union's Nature Protection Network. I'm proud of what we have accomplished at Adatepe, and I'm confident that we are leaving a positive legacy for future generations. Before handing the call over to Navindra, I'll summarize our 2026 priorities. Delivering on the ramp up at Barish, advancing our Choka Rikita to a construction decision, and daylighting value from our discovery of two Tier 1 potential gold-copper deposits. We will continue to execute on these priorities and with the same commitment to responsible, efficient mining, financial discipline, and value creation. I'll now turn the call over to Navindra for a review of our financial results.