Ero Copper Corp.

Thank you for standing by. This is the conference operator. Welcome to the Arrow Copper Second Quarter 2026 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 1 on your telephone keypad. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. I would now like to turn the conference over to Farooq Hamed, VP, Investor Relations. Please go ahead.

Thank you, operator. Good morning, and welcome to Arrow Copper's second 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 six months end of June 30th, 2026. 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 Makko DeFilippo, President and Chief Executive Officer, Wayne Drier, Executive Vice President and Chief Financial Officer, Gelson Batista, Executive Vice President and Chief Operating Officer, and Courtney Lynn, 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 Makko DeFilippo.

Thank you, Farooq, and good morning. I appreciate everyone taking the time to join us today. As I reflected on our results this quarter, what stood out most was not any one individual metric, but the breadth of progress we were seeing across the business. Our efforts to reshape Arrow are now increasingly visible in both our operating and financial results. A meaningful part of that progress traces back to One Arrow, a company-wide initiative we launched at the start of 2025. One Arrow is designed to streamline how we operate, improve efficiency, and unlock synergies across operations, human resources, procurement and finance while investing in people, systems and processes to drive frontline excellence in data and analytics. We have fundamentally changed how we work together, brought leadership changes onsite and across the organization. These changes are translating into safer, stronger operational performance, higher cash flows and meaningful balance sheet improvement. allowing us to accelerate longer-term growth within our portfolio. These were the commitments I made to shareholders at the start of 2025, and we are delivering on that. These changes are coming together at exactly the right time. Paired with commodity price tailwinds, our operational momentum drove another quarter of solid financial performance. Cash flow from operations increased nearly 50% quarter-on-quarter, to approximately $138 million and adjusted EBITDA increased to $144 million. Stepping back to the first half as a whole really illustrates how much our business has changed over the past year. Cash flow from operations for the first six months of 2026 increased to approximately $231 million from $156 million in the first half of 2025. Adjusted EBITDA increased to $269 million from $146 million over the same period. Stronger cash generation has enabled us to make significant progress on deleveraging our balance sheet, one of our key strategic priorities this year. Over the past 18 months, we have reduced net debt by approximately $100 million, while improving our net debt leverage ratio to 0.8 from a peak of 2.6 at the start of 2025. As outlined in our news release, we repaid an additional $25 million in our revolving credit facility in July, bringing total payments in 2026 to $60 million. One arrow has been an important contributor to that progress, and we can point to several tangible examples of the value it is creating across the business. Operationally, investments we continue to make in infrastructure, equipment, people, processes, and technology are increasingly being reflected in our results, Our copper operations produced a combined 17,315 tons of copper during the second quarter at a consolidated seeding cash cost of $2.42 per pound. At Carriva, we are sustaining the higher throughput rates we achieved at the end of last year following our completion of a substantial debottlenecking effort and remain on track for a new annual throughput record in 2026. At Tucumán, plant throughput increased 27% quarter-on-quarter, and in June we completed the first phase of our tailings filtration expansion. During the second half of the year, we are on track to install and commission three new modular filters, which are expected to significantly increase filtration capacity and support higher plant throughputs into the future. At Chabanchina, important investments in ventilation and cooling are supporting improved mining and development rates, and we saw that reflected during the quarter. Our focus on bringing forward value from our gold concentrate program coincided with the end of the rainy season, which allowed us to recover more gold from our historic gold concentrates. Together, improved mine performance and increased contributions from historic gold concentrates drove a 170% quarter over quarter increase in total gold from Javagena to more than 20,000 ounces. This included 8,693 ounces of mined gold production at a C-1 cash cost of $15.86 per ounce and 11,860 ounces recovered from historic concentrates at a C-1 cash cost of $633 per ounce. We expect the successful commissioning and ramp-up of our mobile filter press and industrial dryer to be a real benefit to our concentrate operations through the rest of this year. The collective improvements we have made and are making across our portfolio have positioned us for a strong second half of 2026. Our copper operations remain well positioned against four-year guidance, with stronger production expected in the second half. We have also maintained consolidated copper C1 cash cost guidance, with unit costs expected to decline sequentially through the remainder of the year. At Chattanooga, we expect mining rates, throughput, and mine gold production to be meaningfully higher in the second half, with unit costs declining as production increases. The slower start to the year means we now expect mine gold production at the low end of the maintained guidance range. And as a result, we have updated full-year C1 cash cost guidance to $1,100 to $1,350 per ounce, and our all-in-sustaining cost guidance to $2,200 to $2,700 per ounce. We have also increased our consolidated capital expenditure guidance by $10 million to include the approval of a new power line at Javanchina. Once operational, the power line is expected to strengthen site infrastructure, support our ongoing efforts to grow our operational footprint at Javanchina, and importantly, reduce power transmission costs, allowing this investment to effectively pay for itself within two years. At Furnas, our June project update showed continued high-grade continuity with mineralization extending both at depth and along strike. An encouraging sign for the life of mine production plan we outlined in the PEA. We are well advanced on the 45,000-meter Phase III drill program and remain firmly on track to complete it before year-end. In parallel, we are progressing various work streams in support of a pre-feasibility study that we expect to publish in 2027. In summary, our strategy is working. We are investing in and strengthening operating performance across the portfolio, realizing measurable benefits from One Arrow, converting that progress into cash flow and balance sheet improvement, and rapidly advancing Furnas as Arrow's next major leg of growth. Before I turn the call over to Gelson, I also want to remind everyone that we'll be hosting our Capital Markets Day in Sao Paulo on Monday, September 14th. For those of you interested in attending, please reach out to our investor relations team for more information and to register. We look forward to seeing many of you there. With that, I will turn the call over to Gelson.