G Mining Ventures Corp.

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Good morning, and welcome to G Mining Ventures' first quarter 2025 results conference call. I'm Dusan Petkovic, Senior Vice President of Corporate Strategy. Joining me today are Louis-Pierre Gignac, President and CEO, and Julie Lafleur, CFO. This call is being recorded and will be available on our website, All figures are in U.S. dollars unless otherwise stated. Please refer to slide two for our cautionary language regarding forward-looking statements. We'll start with Q1 performance, followed by an update on OCO West, and conclude with key 2025 catalysts before opening the line for questions. With that, I'll turn it over to LP. Thanks, Dushan.

Q1 marked our second full quarter of production, and continued strong execution. Our buy-build-operate model remains our edge, driving disciplined execution, capital efficiency, and cash flow generation. At PZ, we operated closely to plan despite challenging weather, maintaining first quarter cost performance. At Oko West, we've kicked off early works and remain on track for a construction decision in the second half. We produced 35,578 ounces at a cash cost of $689 per ounce and ASIC of $960 per ounce, reinforcing our first quartile position. Adjusted EBITDA was $69 million and free cash flow came in at $36 million. We ended the quarter with $149 million in cash. We remain on track to deliver 175,000 to 200,000 ounces at ASIC between $9.95 and $11.25 per ounce, with over 56% of production expected in the second half as grades and throughput increase. In Q1, we secured our interim environmental permits at OcoWest, enabling us to commence early works activities. Published resource and reserve updates showing material increases year-over-year in all categories. Indicated resources now total 9.4 million ounces. Inferred resources now total 1.2 million ounces. And most importantly, global reserves now total 6.7 million ounces, a 4.6 million ounce increase year-over-year. This quarter, we initiated early works construction activities at Oko West and announced a robust feasibility study confirming Oko West's Tier 1 potential. Q1 saw steady performance at TV despite heavy rainfall impacting access to higher grade benches. We drew from our substantial surface stockpiles, which remained robust at 5.5 million tons, trading 0.8 grams per ton, representing over 12 months of no feed. We processed 904,000 tons at 1.4 grams per ton with 88% recovery, producing 35,578 ounces. Throughput averaged just over 10,000 tons per day, or 78% of nameplate capacity, reflecting unscheduled downtime largely related to the replacement of damaged sag mill polyknit liners. The sag mill liner upgraded was completed in April and will help support greater than 90% availability going forward. We expect grades and tonnage to increase in the second half, driving stronger production. I'm also proud to report zero lost time injuries in the quarter, underscoring the strength of our safety culture and the discipline of our team.