OceanaGold Corporation

Good morning and welcome to Oceana Gold's first quarter 2025 operating and financial results webcast and conference call. I'm Haley Mayers, Vice President of Investor Relations. I will be in this role for the coming year as Rebecca Hanare is on maternity leave. We are joined today by Jared Bond, President and Chief Executive Officer, Marius Van Niekerk, Chief Financial Officer, Bhuvanesh Malhotra, Chief Technical and Projects Officer, and Peter Sharpe, Chief Operating Officer, Asia Pacific. The presentation that we'll be referencing during the conference call is available through the webcast and on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. As we'll be making forward-looking statements during the call, please refer to the cautionary notes included in the presentation, news release, and MD&A, as well as the risk factors set out in our annual information form. All dollar amounts discussed in this conference call are in U.S. dollars. I'll now turn the call over to Jared for open remarks.

Thank you, Hayley, and good morning, everyone. I'm really pleased with our strong start to the year, with our first quarter production, cost, and CapEx performance putting us well on the way to delivering four-year guidance. Our profit and free cash flow this quarter were both well ahead of market expectations based on solid production and good cost control. As a fully unhedged gold producer, we also fully benefited from the increase in gold prices. Most importantly, the first quarter was a safe quarter. Our continued focus on our key programs and lifting our time in the field has helped keep our people safe and we remain very focused on this. Open pit waste stripping programs at both Hale and McRae's are progressing and are expected to deliver access to the next higher grade oil phase of both open pit mines later this year. And this is what powers our production growth in the fourth quarter of this year and in 2026. We delivered yet another quarter of strong free cash flow of almost $70 million, supported by record quarterly average realized gold prices. Our strong production and effective cost management allowed us to convert most of these high prices to the bottom line. Our free cash flow per ounce of $585 for the first quarter was better than the average of our industry. If I just widen the lens a bit, I'd just like to highlight that over the last 12 months, we have delivered $312 million of free cash flow, which represents a yield of around 16% on our average market cap over the same period. We have a strong balance sheet with zero debt, and we increased our cash holdings by nearly 20% by the end of the quarter. During the quarter, we also made significant progress on our exciting organic growth opportunities. Our fast track application for the transformational Waihi North project in New Zealand was submitted and we continue to expect approval of it by the end of the year. Additionally, we announced the new Pisces discovery at Hale, which currently has three drill rigs further defining this attractive opportunity. We look forward to sharing the results of all of our elevated exploration activity over the course of this year. In line with our disciplined capital allocation framework, we were able to fund our growth projects, maintain a strong balance sheet, pay a dividend and continue our share repurchases during the quarter. Looking forward, we are well on track to meeting our 2025 full year guidance. We continue to expect planned waste stripping at Hale and Macraes to deliver high grade ore in the fourth quarter. which is expected to be the strongest production quarter of the year, particularly at McCrae's. This is what underpins our unchanged guidance for the full year for each of production, costs and capex. I'll now turn the call over to Maurice to discuss our financial results in more detail.

Thank you, Gerard, and good morning, everyone. We delivered a strong first quarter with significantly improved financial performance as compared with the first quarter of 2024. We generated revenue of $360 million, supported by a record average realized gold price of $28.58 per ounce. I'm really pleased to report that we had some notable achievements this quarter, including EBITDA of $192 million, an EBITDA margin of 53%, and an operating cash flow per share of $0.28, which were all second highest on record. This really highlights our keen focus on cost control and improving our margins. We're also pleased to repeat our quarterly record of earnings per share at 14 cents. Supported by a strong gold price and our disciplined approach to cost control, we generated $69 million of free cash flow. And that is after investing in growth and exploration. We have zero debt. and have increased our cash balance by 18% to $228 million. With this robust financial position, we have flexibility to fund our growth and continue to return capital to our shareholders via our share buyback program. Looking at our balance sheet from a broader perspective, you can see we've improved our position significantly from a few years ago. systematically applying our stronger free cash flow to reduce our debt and strengthen our balance sheet. In addition to maintaining our quarterly dividends, we also brought back $20 million worth of shares in the first quarter at an average price of $4.03 Canadian per share, with $100 million of buybacks approved under the current program for 2025. Importantly, The rising gold price provides significant upside to our already strong free cash flow. We have no gold price edges and no gold prepays with a free cash flow sensitivity of roughly $35 million per annum for every $100 change in the gold price. And just to underscore this, the current gold price is roughly $500 higher than the average price achieved in Q1. So as Jared pointed out, We are well positioned to achieve our annual guidance and to deliver attractive growth in 2026 and beyond. I'll now pass it over to Bhuvanesh to discuss HAIL's performance.