7/26/2023

speaker
Conference Operator
Operator/Call Moderator

Thank you for standing by. This is the conference operator. Welcome to the first Quantum Minerals Limited second quarter 2023 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there'll 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 Bonita Tove, Director, Investor Relations. Please go ahead.

speaker
Bonita Tove
Director, Investor Relations

Thank you, Gaylene, and thank you, everyone, for joining us today to discuss our second quarter results. During the call, we will be making forward-looking statements, and as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A, and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in U.S. dollars unless otherwise noted. On today's call will be Tristan Pascal, our Chief Executive Officer, with opening remarks, followed by Rudy Battenhorst, our Chief Operating Officer, who will provide an overview of our operations. Ryan McWilliam, our Chief Financial Officer, will review our financial results, and Tristan will then wrap things up, after which we will open up the lines to take questions. And with that, I will now hand it over to Tristan.

speaker
Tristan Pascal
Chief Executive Officer

Thank you, Benita, and thank you, everybody, for joining us on our conference call today to discuss our second quarter results. After what was a challenging start to the year, it is pleasing to report improvements in the second quarter, which Rudy will speak to in his review of operations. As a result of our focus on productivity and cost, to which we continue to seek to improve, Our second quarter EBITDA of $568 million increased from the first quarter, despite the weakness in the copper price, which Ryan will provide more details in his financial review. Overall, I am pleased with our second quarter results, with our three largest operations hitting daily production records during the period, and I am confident that our three main operations are set up well for the remainder of the year. We do expect a stronger performance in the second half of the year, and we remain comfortable with our guidance. although production will likely be at the bottom end of the range. I would like to give an update on the concession contract in Panama. As you are aware, we reached an agreement with the government of Panama earlier this year. Since this agreement, the concession contract has successfully gone through the public consultation process in April and has been signed by both the government and MPSA in June. It is currently under normal course review with the national comptroller which is the final stage before the contract is presented to the National Assembly. We do expect endorsement from the National Controller in short order and continue to expect the concession contract to be put in front of the National Assembly in the current legislative term. The Cobra Panama team continue to work closely with government to support the passage of the contract into law for the mutual benefit to Cobra Panama and the people of Panama. Before I hand over the call to Rudy to review operational results, I would like to highlight that during the quarter we published our 2022 ESG report, which was our seventh annual report on our sustainability performance. Following the publication of this report, we hosted our inaugural virtual ESG day that outlined our practical and pragmatic approach on a number of ESG areas that are key to our business. I'm very proud of the work we do across our business and the commitment of all our operations to the surrounding communities and our commitment to produce copper in a safe and responsible manner. If you were unable to attend this event, I encourage you to view the replay, which is available on our website. And with that, I would like to hand the call over to Rudy.

Disclaimer

This conference call transcript was computer generated and almost certianly contains errors. This transcript is provided for information purposes only.EarningsCall, LLC makes no representation about the accuracy of the aforementioned transcript, and you are cautioned not to place undue reliance on the information provided by the transcript.

Q2FM 2023

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Investor presentation