Mineros S.A.

Good morning, everyone. Thank you for joining us today. I am Ann Wilkinson, Vice President of Investor Relations, and I'm joined today by Daniel Annal, President and CEO of Moneris, and Natalia Correa, Chief Financial Officer. Before we begin, I would like to remind everyone that today's presentation includes forward-looking statements based on estimates and assumptions. These statements involve inherent risk, and uncertainties as detailed in our cautionary note, and we encourage all participants to review our management discussion and analysis and our Q1 2026 financial statements, which are available on our website and on CDAR+. Following our formal remarks, we will open the floor for questions. You may submit questions at any time through the webcast portal. Please be advised that this call is being recorded and a replay will be available on our website within 24 hours. I would now like to turn the call over to our CEO, Daniel Henao.

Thank you, Anne. Good morning, everyone, and thank you for joining us today to review our first quarter 2026 results. Q1 was, in short, an outstanding quarter for Mineros. The numbers speak for themselves on multiple fronts simultaneously. From a financial standpoint, this was a record quarter across the board. We delivered revenues of $292 million, up 82% year-over-year, and a record net profit of $88 million, which is a 131% improvement over Q1 2025. These are not incremental gains. These are step-change results. Our adjusted EBITDA reached $154 million at 116%, with an EBITDA margin of 53%. That means that for every dollar of revenue we generated, more than half was pure operational earnings. This is the power of our operating model at work when gold prices align with disciplined production. Of course, a key driver behind all of these results was the gold price. Our average realized gold price in Q1 was $4,777 per ounce, 66% higher compared to the first quarter of 2025. And critically, we captured this price fully because we operated with zero hedges on our production. This was a deliberate strategic decision and it paid off. I also want to flag the Gold Back Liquid position. Beyond the $44 million in cash on hand, we hold approximately $173 million in gold exposure. comprised of $153 million in trade receivables from gold sales pending final price determination that can convert into bullion or cash, and $20 million in physical gold bullion. This is our treasury strategy at work, building direct exposure to the asset that drives our business. On the operational side, our combined production reached 60,785 gold equivalent ounces, a 10% increase over Q1 2025. Gold production came at 57,850 ounces, with Nicaragua contributing 37,941 ounces and Colombia, 19,909 ounces. Silver was a standout story this quarter. We sold 161,766 ounces at an average realized price of $87 per ounce. That is 164% higher than the first quarter of 2025. This reflects the continued optimization of our silver recovery circuit at Henco, and it is becoming an increasingly meaningful contributor to our revenues and to our oil and sustain cost. Our oil and sustain cost for the quarter was $2,235 per ounce, and our cash cost was $2,002 per ounce. both tracking below the lower end of our 2026 guidance and constantly below current. That translates directly into strong operating margins. On the Henco expansion front, we reached sustained throughput of 2,000 tons per day during the quarter. This is a 14% improvement over our 1750 tons per day baseline, and we remain on schedule to reach 2200 tons per day by June and 2500 tons per day by December of this year. Strategically, the quarter was equally active. The Portmoneer PFS delivered exceptional results. An after-tax NPD of $460 million at a 5% discount rate, an IRR of almost 38%, and a payback period of only two years. All of that at a gold price that was assumed of $3,150 per ounce. So at current levels, Forvenir is looking very attractive. I'll give you more details on that in a few slides. We also completed the acquisition of a project in Tolima, Colombia, that has a historical resource of 28.3 billion ounces of gold. And we continue to strengthen our market presence We are now included in the S&P TSX Global Mining Index, we were recognized as a TSX study company, we achieved BTC eligibility on AuditCQX, and our shares were among the top performers on the Colombian Exchange. All of this reflects the growing institutional recognition of Mineros as a quality operator in the mid-tier gold space. With that summary, let me now hand the call over to Natalia to walk us through the financial results in more detail.

Thank you, Daniel, and good morning, everyone. The first quarter of this year represents the strongest quarterly financial performance in Minero's history. Let me take you through the key line items. As Daniel mentioned, revenue came in at $292 million. an 82% increase versus the first quarter of 2025. The primary driver was the 66% increase in our average realized gold price to $4,777 per ounce. On top of that, our gold-owned sales were up 7%, and silver revenue grew by 452%. from 2.5 million to 14 million. These three factors working together produce a revenue result that significantly exceeded any prior quarter in our history. Gross profit reached 143 million. This is up 122% as our revenue growth significantly outpaced the 55% increase in cost of sales. The rise in cost reflects two primary factors. Higher cost prices that translate directly into higher payments to our Bonanza mining partners in Nicaragua and our Contrast mining partners in Colombia. And higher taxes and royalties of 6.7 million primarily reflecting the Nicaraguan and Valorant stock impact at elevated gold prices. Net profit for the quarter was $88 million. This is $0.29 per share, and this is 131% more compared to the first quarter of 2020. This is a record quarterly net profit. The main offset to our gross profit growth was a $20 million increase in current tax expense, which is directly proportional to the pre-tax profit improvement. This is exactly what you would expect in a high-earnings environment. Adjusted EBITDA was $154.1 million, up 116% year-over-year with a margin of 53%. To put this in context, for every dollar of revenue we generated this quarter, 53 cents became a VISA. This reflects exceptional operating leverage at current bond prices. On free cash flow, our net free cash flow was $72 million negative for the quarter. This number requires context. Our mining operations generated $164 million in adjusted EBITDA. The negative free cash flow is entirely a timing effect from our strategic gold position. We deployed $127 million into gold-safe receivables that are pending final price determination and that will be paid either in cash or in bullion. and $23 million into physical gold bullion. Capital remains on our balance sheet in gold form, and this is not a fail. As Doha Tiva was settled in CO2, the cash will flow in and the free cash flow picture normalizes. There's no deterioration in operating performance here. This is capital deployed into our own product. With that, let me move to our balance sheet. Our balance sheet remained conservatively structured and highly liquid at the end of Q1. Cash and cash equivalents stood at $44 million. I want to frame this properly. Cash was 108 million at the end of 2025, and the 64 million reduction during the quarter was driven entirely by the strategic accumulation of gold-exposed assets. When you look at our total liquid position, which is comprised of cash of 44 million dollars, gold bullion of 20 million, and gold-backed receivables of 153 million, We had approximately $270 million in total liquidity at quarter end. Our loans and borrowings stood at $36 million, resulting in a net cash position of $8 million. This is a conservative balance sheet. We have no meaningful leverage. We have significant financial flexibility and the capacity to fund our organic growth finance while maintaining our dividend program. With that, I'll hand it back to Daniel for a discussion of our operations.