Orla Mining Ltd

Good morning ladies and gentlemen and welcome to the Orla Mining's conference call for the first quarter 2022. My name is Brent and I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question and answer session. If you would like to ask a question during this time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question Again, press star 1. Please be advised that this call is being recorded. I would like to turn the meeting over to Andrew Bradbury, Vice President of Investor Relations and Corporate Development for Orla Mining. Please go ahead, Mr. Bradbury.

Thank you, Operator, and welcome everyone to Orla's first quarter 2022 results conference call. During today's call, we will be making forward-looking statements. I would invite you to review the cautionary language on the first and second slides of today's presentation, which describes some of the risks and uncertainties that may affect the performance in the future. I'd also like to mention that unless otherwise indicated, all dollar amounts discussed today will refer to US dollars. Joining me on the call this morning is the full executive team, led by Jason Simpson, President and Chief Executive Officer, Etienne Morin, Chief Financial Officer, Andrew Cormier, Chief Operating Officer, Sylvain Liard, Senior Vice President Exploration, and Shafiqa Adin, Chief Sustainability Officer. During the quarter, we made the transition from gold developer to gold producer with declaration of commercial production. Annual guidance has been issued, and we are well on our way to a successful 2022. Management walked through the Camino Rojo oxide operations, our strength and balance sheet, the project pipeline, and the start of exploration on our large land packages. And with that, I will turn the call over to Jason Simpson, Orla's President and CEO.

Thanks, Andrew. Orla has had a remarkable start to our year. Construction is complete, and we have declared commercial production. Through the construction and commissioning phases, we maintained a strong health, safety, and environmental record. Now in operations, we continue to reinforce these established practices. Gold production from the Camino Rojo oxide mine is expected to be 90,000 to 100,000 ounces for the full year 2022. Orla produced just over 23,000 ounces during a ramp-up first quarter, and we are on track to achieve production guidance. Upon achieving commercial production, we began accounting for all-in sustaining costs, which means we will be reporting from the second quarter onward. All in sustaining costs from Q2 to Q4 of this year is forecast to be 600 to 700 per ounce, and we are on track to achieve this target as well. It should be noted that we are seeing inflationary increases from some consumables, but that has been offset by reduced consumption rates. We are aware of the potential impacts of inflation, but our cost guidance is not affected at this time. We have forecast $5 million in sustaining capital and $20 million in non-sustaining capital for 2022. The non-sustaining capital is related to the completion of construction, and all in, we anticipate the total project cost low budget. We can now afford to spend $15 million on exploration this year. First quarter activities involve planning and staging. Drill rigs have been turning across our properties in April and we look forward to sharing the results as they are available. Andrew Cormier, ORLIS COO and an experienced metallurgist will walk you through some details on the recent Camino Rojo sulfide metallurgical tests, which provide the possibility of a standalone and staged processing facility. Project evaluation is ongoing, and we are working toward a preliminary economic assessment as a first step in project development. We are encouraged with what we are seeing thus far on geology and metallurgy. Before we get into the operational detail, I'll pass the call to Etienne Morin, or the CFO, to discuss the financial results for the quarter.