Mandalay Resources Corporation

Good morning, ladies and gentlemen, and welcome to the Mandalay Resources Corporation second quarter 2024 conference call. This call contains forward-looking statements which reflect the current expectations or beliefs of the company based on information currently available to the company. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results of the companies to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from the current expectations are disclosed under the heading risk factors and elsewhere in the company's annual information form, dated March 28, 2024, available on CDAR and the company's website. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during the call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 28, 2024. I would now like to turn the conference over to Fraser Boucher.

Please go ahead.

Thank you, operator, and welcome everyone. Joining us on the call today are Hashim Ahmed, our Executive Vice President and Chief Financial Officer, Ryan Ostberry, our Chief Operating Officer, and Chris Davis, our VP of Operational Geology and Exploration. Yesterday, Mandalay Resources disclosed its second quarter financial results at market close. You can access our consolidated financial statements and MD&A on either the company's website or through our profile on CDAR. Mandalay achieved sizable financial progress in the first half of 2024 relative to our market capitalization with solid production results and a stable cost profile. In the second quarter alone, all in U.S. dollars, we generated $24 million in cash flow from operations and adjusted EBITDA of $36 million the company strengthened its balance sheet, and we ended the quarter with a cash balance of $63 million. Based on these results and ongoing cash flow expectations, Mandalay repaid the entire $20 million outstanding balance on its revolving credit facility, subsequent to the quarter end in July 2024. I am pleased to announce that the company now has no significant debt apart from minor equipment leases. Additionally, the undrawn $35 million revolving credit facility remains available until 2027, enhancing our financial flexibility and supporting our corporate strategic objectives. Operationally, the company is well on track meet our annual production guidance of 90 to 100,000 gold equivalent ounces, having produced approximately 26,000 gold equivalent ounces in Q2, totaling about 51,000 gold equivalent ounces during the first half of 2024. Equally important, we remain focused on various exploration activities, all with the intent to extend the mine life at Costerfield as we have successfully done for the past 15 years in acquiring the assets, and outlining higher-grade portions of the large gold vein system we have at Bjorkdal, both above and below the model unit. Our strategic focus on quality organic growth at both operations, coupled with a continuous review of external opportunities, continues to set the stage for our anticipated asset value growth, and thereby shareholder growth at Mandalay Resources. Looking ahead, we continue to execute internal plans for development and soaping, with intent to increase production from higher-grade areas of Yorkdall, while ramping up near-mine exploration drilling to again replace depleted reserves. We will continue to manage our balance sheet prudently to enhance our financial flexibility and maintain strong cash flow generation. I would now like to hand a call over to different members of my executive team to recap the second quarter results for Mandalay Resources. First, Brian Otterberry, our Chief Operating Officer.