Mandalay Resources Corporation

Good day and thank you for standing by. Welcome to Mandalay Resources Corporation Q4 and year-end 2024 conference call. Today's 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 company to differ materially from those discussed in the forward-looking statement. Factors that could cause actual risks 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 at the company's website. Mandalay Resources discloses financial resources at market close. You can access their consolidated financial statements and MD&A on either the company's website or through our profile on CDAR. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Fraser Boucher, President and CEO of Mandalay. Please go ahead.

Thank you, Operator, and welcome, everyone. Joining me on this call today is Hashim Ahmed, our Chief Financial Officer. And in addition, I have Ryan Osterberry, our Chief Operating Officer, and Chris Davis, our VP Exploration, providing commentary in their respective areas. 2024 was a truly transformative year for Mandalay Resources. Mandalay is now a much stronger company than it was a year ago. And early into this 2025 year, we are continuing to build on this momentum, executing on a clear multi-year growth strategy. Since becoming president and CEO in the second quarter of 2023, I have worked with the team to instill a strategic emphasis on high margin production cost efficiency including prudent capital management, operational improvements, and increased organic exploration. This approach of execution and accountability delivered outstanding results in 2024. For example, and note, all dollar amounts are in U.S. dollars, free cash flow generation of 69 million dollars, That's after all capital and exploration spend, as compared with just $300,000 in 2023. Cash balances increased threefold year on year, now sitting at over $76 million. All debt completely eliminated, now a fully undrawn $35 million revolver facility. That gives us available liquidity of well over $100 million. We achieved our cost guidance with production up 8% from the previous year. That's just shy of 100,000 ounces at 97,000 gold equivalent ounces. And that was at the upper end of our guidance. And exploration success with now over 2 million ounces of gold equivalent in just the M&I category of mineral resources across our two operating assets in Tier 1 jurisdictions. And finally, a share price that more than doubled during 2024 at 114%. And at today's price, the share price, which is up over 150%, and that is four to five times the increase of variant relevant indices such as the JDX and the JDXJ. We believe that we truly outperformed. I would now like to hand the call over to different members of my executive team to recap the fourth quarter results, which bookended this exceptional year for Mandalay Resources. First, Ryan Ofterberry, our Chief Operating Officer.

Thanks, Fraser. Mendeley closed out 2024 strongly, with Costa Field achieving its best quarter of gold production for the year. As Fraser mentioned, delivering towards the top end of our guidance reflects the hard work and operational execution from the entire team. The exceptional performance at Costa Field was driven by excellent mining performance, reliable plant throughput, continued high gold equivalent grades, which is a trademark of Costa Field, and high metallurgical recoveries. Mine door tonnage exceeded targets thanks to increased stoping activity from shorter tramming distances and the ability to occasionally use larger equipment. This enabled the site to achieve its strongest quarterly gold production of the year, totaling over 12,000 pure gold ounces. In 2024, the average process grades were approximately 11 grams per ton of gold and 1.7% for antimony, resulting in the production of 43,000 ounces of gold and 1,300 tons of antimony, which is nearly 55,000 gold-equivalent ounces. In line with Fraser's approach to operational improvements and striving for excellence, we made several targeted investments, which included the implementation of a two-stage crushing process, leading to an upgraded crush product for milling and lowering maintenance time and cost, rebuilding of the front end of the primary mill, which reduced downtime, thereby improving milling rates through increased operational hours. For 2025, due to mining sequencing, we expect Costa Fields production to range between 43,000 to 49,000 gold equivalent ounces, with higher historic production rates currently scheduled to return in 2026. Turning to Bjorkdal. Fourth quarter production remained steady compared to previous quarters, delivering about 9,700 gold ounces and contributing to an annual total of just over 42,000 gold ounces, which was a slight improvement on 2023. Similar to Costa Field, we made several investments aimed at improvements. Completion of the mill conversion project, increasing annual throughput by approximately 150,000 tonnes to now 1.4 million tonnes per annum run rate being achieved. Upgrades to the underground water pumping network, which are ongoing, reducing the risk of operational disruptions. And we employed operational efficiency experts to improve systems and processes, which will carry through to 2025 this year and expand that to Costa Field. In 2025 at Bjorkdal, the focus will remain on capital development to increase access to more veins and establish multiple production fronts to enhance operational flexibility. In 2025, production at Bjorkdal is expected to be 42,000 to 46,000 gold ounces, consistent with 2024 levels, supported by stable process tonnage and grades. We plan to continue prioritisation of the reliable higher margin underground material while leveraging the existing low-grade surface stockpiles to fully utilise the plant's 1.4 million tonne per annum capacity. In summary, we were pleased with the results at both Costa Field and Bjorkdal in 2024. We will continue to invest in the operations in 2025 in order to maintain the momentum we have established. I would like to now pass the call to Hashim, our Executive Vice President and Chief Financial Officer, who will highlight our financials.