Ero Copper Corp.

Thank you for standing by. This is the conference operator. Welcome to the Eric Hopper Third Quarter 2025 Operating and Financial Results Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star then zero. I would now like to turn the conference over to Phil Komet, VP Investor Relations. Please go ahead.

Thank you, Operator. Good morning and welcome to AeroCopper's third quarter earnings call. Our operating and financial results were released yesterday afternoon and are available on our website, along with our financial statements and MD&A for the three and nine months ended September 30th, 2025. A corresponding earnings presentation can be downloaded directly from the webcast and is also available in the presentation section of our website. Joining me on the call today are Marco DiFilippo, President and Chief Executive Officer, Wayne Dreyer, Executive Vice President and Chief Financial Officer, Gelson Batista, Executive Vice President and Chief Operating Officer, and Courtney Lin, Executive Vice President, External Affairs and Strategy. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements, which involve risks and uncertainties that may cause actual results to differ materially. For a detailed discussion of these risks and their potential impact on our business, please refer to our most recent annual information form, available on our website, as well as on CDAR and EDGAR. Unless otherwise noted, all figures discussed today are in U.S. dollars. With that, I'll now turn the call over to Marco DiFilippo.

Thank you, Farouk, and thank you all for taking the time to join us this morning. Speaking for everyone on this side of today's conference call, it is an exciting time over here at Arrow. During our last quarterly update and in conversations with many stakeholders since then, we have been speaking to the fundamental transformation that has been underway at Arrow this year. This work has continued to drive sequential improvements in quarterly performance and unlock new value drivers across our portfolio. These efforts are clearly evident in our Q3 results and in our Giavancina release yesterday. I will speak to both on today's call while ensuring we have sufficient time for questions. Yesterday, before market opened, we announced the results of a dedicated behind-the-scenes effort we initiated late last year to create value from within our portfolio, specifically at the Giavancina operations, This work entailed sampling, metallurgical testing, characterization, and commercialization of stockpiled gold concentrates that had been produced in small but high-grade quantities since processing operations began over a decade ago. These efforts have culminated in the announcement of a maiden inferred resource of 24,000 tons, grading approximately 37 grams per ton, containing 29,000 ounces of gold. The estimate was based on detailed sampling of approximately 20% of the concentrate stockpile volume. Late last month, just shy of one year since we laid out the initial work plan for this initiative with our teams, we commenced shipping gold concentrate, resulting in our first invoice this week, which Wayne will speak to in more detail. Looking ahead, we expect to sell between 10 and 15,000 tons of concentrate during Q4 2025 at an operating cost of approximately $300 to $500 per ounce of gold. At approximately 90 to 95% payability after deductions and treatment charges, this means, in practical terms, that we expect to significantly accelerate the deleveraging of our business, one of our core objectives for 2025. Sampling campaigns are ongoing to better quantify the remaining gold concentrate in stockpile, and we expect to sell the full volume over the next 12 to 18 months, resulting in what we expect to be a significant boost to gold sales and financial performance. Before I jump back into the quarter itself, I'll just address what is likely the first question many of you have. How did October go and how does that compare to underlying operational guidance ranges? While one month doesn't make a quarter and we have a considerable amount of daylight between now and December 31st, I am pleased to report that every single operation in our portfolio achieved not just 2025 calendar year monthly records for productivity and production, but they achieved all-time historic monthly records in October, beating some set many years ago. Starting at Cariba, we built on the momentum of a solid Q3, and during the month of October, achieved all-time record mine tonnages from each of the Pilar, Burmeos, and Surabine mines. New high watermarks across all of our mines at Cariba supported all-time record monthly mill throughput of just over 400,000 tons, implying an annualized run rate well beyond our installed capacity. We achieved this result on the back of a successful debottlenecking exercise that was initiated early this year and completed during the third quarter at effectively zero cost. Q4 at Cariba is off to a good start with over 3,500 tons of copper produced in October, on par with our best months so far this year. At Tucumã, sequential improvement in throughput volumes and grades following another sequential quarter of nearly 20% growth in copper production, drove a new monthly record in October of approximately 3,300 tons of copper produced. Last but not least, at Javanchina, we produced just shy of 7,000 ounces of gold in October, excluding any benefits from our new concentrate sales operation. This is a particularly noteworthy result when you consider that our average quarterly production during the first half of the year was also 7,000 ounces. This result reflects the considerable effort we've put into successfully mechanizing Javanchina to make it safe and more productive. I'm very proud of what Rodrigo Fidel is and his team and the whole broader team at Javanchina have been doing to achieve these results. More broadly speaking, We have spent a lot of time this year changing the way we do things, challenging the status quo, incentivizing improvement and optimization across our organization, and focusing on health and safety in order to drive productivity and operational excellence. The build we saw from a challenging first half of the year across the group, the green shoots in July and August, momentum from August into September, and breaking all time records in September and October has been energizing, and we expect many more production records to be broken over the coming months and years. I am deeply proud of the work we are doing to achieve these results, proud of our global leadership team for their commitment, and thankful to our operational leadership for achieving these results while consistently improving our consolidated safety performance. That was a long detour to our third quarter results, but hopefully that clears up the question queue. Getting back to the quarter itself, Q3 was another record for Arrow on consolidated copper production due to increased contributions from Tucumã, up nearly 20% for the second consecutive quarter. As we look to Q4, and as evidenced by my commentary on October, we continue to build on our strengths here and are expecting Q4 to be the strongest production quarter of the year across all three of our operations. At Kariba, plant throughput levels reached a quarterly volume record supported by sequentially higher mining rates across all three mines in the complex, momentum we have carried so far into Q4. Grade declined as expected in the quarter as we switched our center of mass to the upper levels of the polar mine and received more ore from the Cerro Beam pit, a strategy shift that was discussed at length last quarter. We expect to continue to benefit from higher throughput levels going forward, the result of a multi-quarter debottlenecking effort in order to drive higher copper production. We expect strong production in Q4 to allow us to achieve the low end of our annual production guidance, and we expect cash costs to decline from Q3 levels during Q4, supporting our full-year C1 cash costs in the lower half of our range. At Tucumã, production in the third quarter increased 19% driven by the continued ramp-up of throughput at the mill, up approximately 37% quarter-on-quarter, partially offset by lower planned grades. As we look to Q4, we expect continued progress and increasing throughput levels, along with higher grades in the mine, to drive the strongest production of the year. We're off to a good start in October and expect strong production in Q4 to allow us to achieve the low end of our annual production guidance. We have adjusted our full year of C1 cash cost guidance at Tucumã to reflect higher than expected maintenance and freight costs incurred during Q3, which will be partially offset by the expected improvements and underlying costs in Q4. At Javanchina, production increased by approximately 17% quarter on quarter as the mine began to benefit from our investments in mechanization during the first half of the year. We mined over 50,000 tons of ore in Q3, a level we haven't achieved since 2022. Looking ahead into Q4, as I touched on in my October commentary, we expect higher mine tonnage, higher tons processed, and higher grade stopes to significantly drive higher gold production in Q4, which will allow us to achieve the lower end of gold production guidance and meet full year cost guidance ranges at Javanchina. At FRNAS, a central part of our growth strategy, physical work streams onsite progressed well through the end of October. We have now completed approximately 50,000 meters of drilling, completing the drilling obligations set out in the agreement for both the Phase I and Phase II programs. The Phase I program, completed early this year, was drilled in support of an updated mineral resource estimate and preliminary economic analysis. Technical work streams to support the preliminary economic analysis remain ongoing, and we are on track to complete this study during the first half of next year. The drilling completed under phase two of the agreement will be used in time to support the development of a pre-feasibility study. We currently do not anticipate slowing the drill program at Fernas based on the success of these programs and early insights into potential project economics. We set out this year to turn around and stabilize our operations, achieve commercial production at Tukama, deliver our balance sheet, aggressively advance long-term growth initiatives at Fernas, and in due course, initiate returns to shareholders. Transformative work is nonlinear, but seeing the momentum we have carried and the results flow through to an incredible September and October makes me confident we are on the right path. Every area of our business is doing its part to achieve these goals and create additional value for all of our stakeholders out of what we believe is a truly remarkable asset portfolio. I am thankful as ever for the continued support and belief in our vision for Arrow. To ensure we have sufficient time for Q&A, I will leave it there and pass the call to Wayne, who will provide more detail on our financial results.