OceanaGold Corporation

Good day ladies and gentlemen and welcome to the OceanaGold Corporation Q2 2026 earnings conference call. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star 0 for the operator. This call is being recorded on Thursday, August 6, 2026. I would now like to turn the conference over to Valerie Burns. Please go ahead.

Good morning, everyone, and welcome to Oceana Gold's second quarter 2026 Operating and Financial Results webcast and conference call. I'm Valerie Burns, Director of Investor Relations. Joining me today are Gerard Bond, President and Chief Executive Officer, Marius van Niekerk, Chief Financial Officer, and Bhuvanesh Malhotra, Chief Operating Officer. The presentation that we will be referencing during the conference call is available through the webcast and on our website. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the MD&A and Annual Information Form. All dollar amounts discussed in this conference call are U.S. dollars. I will now turn the call over to Gerard for opening remarks.

Thank you, Al, and good morning, everyone. We had a really good second quarter. We safely and responsibly delivered 7% more gold than we did in the first quarter. We continued to generate strong free cash flow. We made great progress with our organic growth projects. We returned meaningful amounts of capital to shareholders and we still added cash to the balance sheet. Our gold production of around 139,000 ounces and copper production of 2,700 tonnes was in line with plan, keeping us on track to deliver on our full year guidance. Our margins remain strong. Even with the pullback from the record high gold prices of the first quarter, the second quarter delivered a record quarterly adjusted EBITDA margin of 61%. After investing in our growth projects, which include the Waihi North project and the Palomino underground mine, we generated $130 million of free cash flow, taking us to $385 million of free cash flow year to date. In line with our capital allocation framework, we continue to actively provide capital returns to shareholders, returning $78 million through dividends and buybacks in the quarter. And we strengthen the balance sheet, with cash up 6% to $655 million, and we remain debt-free. We made great progress at our flagship Waihi North project, where the tunnel towards the high-grade Ferrochiro Ponga ore body is well on the way. and we have advanced numerous other aspects of this exciting project. Finally, we released more high-grade drill results for multiple targets at hail. These demonstrate our ability to add value through exploration and highlight the significant upside potential that we have in our portfolio. We're on track to deliver on our 2026 guidance. At the halfway mark of the year, we're around halfway towards the midpoint of full year guidance for both gold production and capital spend. And we expect stronger copper production in the second half that will achieve our copper production guidance. In terms of the shape of the rest of the year, we expect the company's third quarter gold production to be similar to the second quarter. And we expect fourth quarter gold production to be the highest of the year. This increase is driven by expected stronger production and hail in the third quarter and then again in the fourth. This higher gold production in the second half, together with a lower rate of sustaining capital, is expected to drive our all-in sustaining costs lower in the third quarter and a gain in the fourth. Our all-in sustaining costs for the year is anticipated to near the upper end of our 2026 guidance range. This reflects labour cost inflation, more investment in maintenance and reliability improvements that have really high payback, the impacts of high diesel prices where we are unhedged, and lower silver by-product credits due to a lower silver price than we expected. Total capital expenditure is expected to be in line with guidance. In the coming half, we expect an increase in growth capital for the Whiting North project and Palomino Underground and more waste-driven retail, partially offset by lower sustaining capex across the company. Overall, we're very pleased with our performance in the first half of 2026, and remain focused on safely and responsibly delivering on our full year guidance in the second half. Our capital allocation framework allocates our operating cash flow in a very balanced way and you can see how in the first half of this year we're almost evenly distributing it to sustaining the business, growing the business, returning capital and adding cash to the balance sheet. So by component. The $165 million of sustained capital includes investments in site infrastructure, improving the integrity of plants and equipment, mobile fleet improvements, as well as deferred stripping and capitalised mining. Our growth capital of $118 million was mainly invested in the Whitey North project and the Palomino Underground at Hale. and the $25 million of exploration expenditures reflects that big step up in drilling across the portfolio where we think we can add enormous value to exploration. We remain very focused on shareholder returns and are pleased to have returned a total of $174 million of shareholders' money back to them in the first half of the year through our high dividend and share buyback programs. A reminder that we have an approved program of up to $350 million of buybacks for 2026, of which $134 million has been bought back to date. After all that, we were still able to add $178 million of cash to the balance sheet in the first half of the year, which is a 37% increase in cash from the year end. So in summary, our capital allocation framework is working as intended, funding the business Investing in Growth, Strengthening the Balance Sheet, and Delivering Attractive Returns to Shareholders. I'll now turn the call over to Marius to discuss our financial results in more detail.