Lundin Gold Inc.

Ladies and gentlemen, and welcome to the Lundin Gold's Q1 and 2025 Financial Results Call Conference Call. At this time, all lines are in these and only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, May 9th of 2025. I would now like to turn the conference over to Ron Horstein. President and CEO, Ron, please go ahead.

Thank you, Chester, and good morning, everyone. Thank you all for joining us today. I'm joined by Terry Smith, Chief Operating Officer, and Chester See, our Chief Financial Officer. We're going to take you through our results for the first quarter of 2025. Please note lending goals disclaimers on this slide. This discussion includes forward-looking information. Actual future results may differ from expected results for a variety of reasons described in the caution regarding forward-looking information and statements section of our press release. Lending Gold is a U.S. dollar reporting entity and all amounts in this presentation refer to U.S. dollars unless otherwise indicated. Lending Gold delivered a strong first quarter in 2025, achieving gold production and sales of over 117,000 ounces. Our cash operating cost per ounce sold was 792, and our all-in sustaining cost was $909 per ounce sold. With a strong start to the year, we are confirming our 2025 production guidance of 475 to 525,000 ounces of gold. and our ASIC guidance of $935 to $995 per ounce sold. However, I want to note that our royalties and profit sharing are linked to the gold price, and our 2025 guidance assumes an average gold price of $2,500 per ounce. For every $100 increase in the gold price, we anticipate a roughly $10 increase in both our cash operating costs and ASIC. That said, Through our focus on operational excellence, we are reaffirming our guidance. Supported by the strong operating performance and record high gold prices, lending gold generates strong quarterly cash flow from operations of over 194 million and free cash flow of just under 171 million during the first quarter. This robust free cash flow allows us to introduce a new quarterly variable dividend, complementing our existing sustainable fixed dividend of 30 cents per share. The inaugural variable dividend will be 15 cents per share, resulting in a total quarterly dividend of 45 cents per share. Additionally, given robust gold prices and our strong operating performance, we have also announced a special dividend of 100 million, or 41 cents per share. Chester will provide more detail on this shortly. On the exploration front, we released exciting results earlier this week, highlighting the growth within our portfolio of deposits and targets. Our success to date has led us to increase our 2025 exploration drill program to a minimum of 108,000 meters, our largest ever and likely the largest in South America this year. Turning to slide five, I wanted to highlight our financial achievements for the quarter. and demonstrate how different things look a year later, supported by a rising gold price. In the first quarter, we saw significant growth across key financial metrics. Revenue increased by 57% year-over-year to $356 million, and we generated robust free cash flow of $171 million, a substantial 108% increase. Our bottom line also saw excellent growth. with net income reaching a record 154 million, up 266%, earnings per share at 64 cents, at 256% increase. EBITDA stood at approximately 242 million, representing 116% rise. Furthermore, our profitability per ounce sold improved considerably. While we are a huge beneficiary of the gold price rise, which we can't control, We have been able to control our costs through optimization and productivity improvements. I'm extremely proud of our team that is constantly looking at ways to improve and innovate. Our all-in sustaining cost margin per ounce increased by 71% to $2,172 in Q1 2025. This positive trend is also reflected in our wall ASIC margin in millions, which reached $256 million for the quarter. With that, I'd now like to turn the call over to Terry.

Thanks, Ron, and good morning, all. Last quarter, we discussed our 2024 safety performance and the need to refocus on the fundamentals, including promoting safe employee behaviors, visible leadership in the field, hazard recognition, and fostering open communications. I am pleased to report that we started 2025 trending in the right direction. For the first quarter, we had two medical incidents and no lost time incidents. Our total recordable incident rate per 200,000 hours worked decreased from 0.21 from 0.66 in Q4 2024. We can build on this if we avoid complacency and continue to stay focused. Moving on to operations, we had a strong start to the year, highlighted by the successful completion of our plant expansion project in the first quarter. This key project, which aims to increase throughput to 5,000 tons per day and boost average recovery by 3%, is already contributing positively. In fact, in March and April, we saw average recoveries of 90% and 92% respectively. I'm excited to see how much more we can optimize the plant now that the expansion project is behind us. The first quarter saw gold production exceeding 117,000 ounces from 403,000 tons of ore mined with mill throughput just under 400,000 tons at an average of 4,424 tons per day. Leveraging the downtime associated with the plant expansion tie-ins, we proactively completed the relining of the sag mill and other essential maintenance originally scheduled for the second quarter, resulting in more downtime than originally planned for the first quarter but positioning us well for the remainder of the year. Benefiting from strategic resequencing and positive grade reconciliation, we experienced a higher mill head grade of 10.4 grams per ton with 88.5% recovery in Q1. We anticipate this higher grade trend to continue through the first half of the year before moderating in the second half, while our overall average grade target remains at 9 grams per ton for 2025. As Ron mentioned earlier, given our strong first quarter performance and the initial ramp up of the expanded plant, we are confirming our 2025 gold production guidance of 175 to 525,000 ounces. With that, I'd like to turn the call over to Chester to discuss our financial results.