Lundin Gold Inc.

Good morning, ladies and gentlemen, and welcome to London Gold's fourth quarter and fiscal year 2025 conference call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If anyone has any difficulties hearing the conference, please press star zero for operator assistance at any time. I would now like to turn the conference call over to Jamie Betts, President and CEO. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you all for joining us today. I'm joined here by Terry Smith, our Chief Operating Officer, and Chester See, our Chief Financial Officer. We're going to take you through our results for the fourth quarter and full year 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 US dollar reporting entity and all amounts in this presentation refer to US dollars unless otherwise indicated. 2025 was an exceptional year for Lending Gold marked by strong operational delivery, record financial performance, and important advances across our growth pipeline. At Fruta del Norte, we produced approximately 498,000 ounces of gold and sold 503,000 ounces. Our average head grade was 9.5 grams per ton, average recovery was 89%, and the mill processed over 1.8 million tons at a record average throughput of 5,009 tons per day. These results underscore the consistency of the operation and the success of our ongoing optimization work. Amidst strong gold prices, we remain focused and disciplined on our cost performance. For the year, cash operating costs averaged $838 per ounce, and our all-in sustaining costs averaged $1,015 per ounce, resulting in an ASIC margin of 72%. The combination of robust production and disciplined costs translated directly into record financial outcomes. From a cash generation standpoint, we delivered $1 billion of cash flow from operations and $926 million of free cash flow in 2025. After paying $664 million in dividends in the year, we ended the year with $630 million in cash. For the fourth quarter, we announced a dividend of $1.15 per share, or approximately $278 million, which will be payable on March 26 this year. These results reflect our continued focus on returning capital while maintaining balance sheet strength. On growth, we achieved a major milestone with the inclusion of FDNS into mineral reserves, and we are now proceeding with underground development. We have advanced our mine to mill expansion study that will evaluate increasing throughput beyond 5,500 tons per day. And we continue to demonstrate the district scale potential of our land package, expanding the epithermal gold deposits at both FDNS and FDN East, as well as identifying five copper gold porphyries within the emerging corridor. Turning briefly to the corridor, The fourth quarter was the strongest in our history on multiple measures. Revenue reached $527 million. Net income was $234 million. EBITDA was $364 million. Free cash flow at $328 million. Earnings per share were $0.97, and our ASIC margin per ounce climbed to $3,106, each representing a quarterly record and significant year-over-year increase. This performance reflects both continued operational excellence and our ability to capture margin in a strong bulk price environment. With that, I'd like to now turn the call over to Terry to discuss our operations in more detail.

Thanks, Jamie, and good morning, everyone. I'm very proud of our team that delivered great production results yet again, and we did it safely. We started 2025 with a goal to improve our safety performance and I'm pleased to report that recorded no lost time incidents and achieved our lowest annual total recordable incident rate ever. This accomplishment speaks to the team's strong commitment to save production. While preventing injuries is our objective, we continue to focus on leading indicators and getting out in the field, reinforcing behaviors that keep our people safe every day. Operationally, the fourth quarter capped a year of consistent delivery and steady optimization. In Q4, we achieved record mining output of 501,301 tons. The mill processed 484,950 tons at an average of 5,271 tons per day, even with the reduced operating hours during unplanned maintenance activities at the mill. This is a 14% increase as compared to Q4 2024 when the plant's expansion project was largely complete. Our progress through the year keeps us on track toward our goal of averaging 5,500 tons per day in 2026. For the full year, we achieved our elevated 2025 production guidance range of 490 to 525,000 ounces, finishing the year with 498,315 ounces produced. We recently added a portion of the growing FD&S deposit into our mineral reserves, marking an important step forward for this emerging ore body. With this milestone, underground development toward the deposit will proceed. We currently anticipate non-sustaining capital of 30 to 35 million in 2026 associated with FD&S development. FD&S is also being integrated into our mine-to-mill expansion study, which is evaluating opportunities to sustain higher mining rates by incorporating FD&S into the broader mine plan, together with potential plant de-bottlenecking and upgrades to supporting increased throughput. Our intention is to make a single integrated investment decision in 2026, informed by analysis of the most efficient mining rates at both FDN and FD&S, along with options to increase processing capacity beyond 5,500 tons per day. Further estimates for non-sustaining capital associated with FD&S development and the potential plants expansion will be provided as these studies continue to advance and are finalized. With that, I'll turn the call over to Chester to discuss our financial performance.