Orla Mining Ltd

Good morning ladies and gentlemen and welcome to Orla Mining's conference call for the fourth quarter and year end 2022 results. My name is Rob 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 the star one. 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 to Orla's fourth quarter and year-end 2022 results conference call. We will be making four looking statements. during today's call, and I would direct you to the first and second slides of the presentation, which contains important cautionary notes regarding these four looking statements. All dollar amounts discussed today will refer to U.S. dollars, unless otherwise indicated. On the call this morning is Orla's executive team, and I'll now pass the call over to President and Chief Executive Officer Jason Simpson. Thank you, Andrew. Our fourth quarter was highlighted by our efforts in sustainability that underpin all our activities. This includes strong health and safety performance, sound environmental management, and creating value for our stakeholders. One very recent example, which you may have seen in media, is the signing of a collaborative agreement with the government of Zacatecas. which will integrate local suppliers into our business operations. We know that our mining investments have a multiplying effect on our community stakeholders, and this agreement intends to grow that opportunity. The next thing I would like to highlight is that we set another production record at Camino Rojo by maintaining the processing rate above main plate design. The production outperformance was matched with impressively low cost, generating strong cash flow. This strengthened our already robust balance sheet. In less than one year from commissioning Camino Rojo, we have reduced our net debt to $50 million and are processing at rates which exceed nameplate capacity. Orla has formed a foundation upon which we can build the company. Our strong financial position will support growth through our prospective exploration portfolio and development stage projects. Stepping out from the quarter and looking back at the full year, 2022 was a transformational period for the company. as we commissioned the Camino Rojo oxide mine on time and under budget. Since commissioning, we consistently outperformed on production, enabling us to increase guidance in our very first year as producers. This overperformance included our cost containment, which finished at the low end of our cost guidance and remains industry-leading. The strong cash margins led us to building cash and we ended the year with $96 million. By every measure, 2022 was a tremendous success for Orla Mining. Andrew Cormier, our Chief Operating Officer, will provide a quick snapshot of the operations and then Etienne Morin, our Chief Financial Officer, will summarize the financial results. Over to you, Andrew.

Thank you, Jason. Keeping our employees safe as we grow the company is of the utmost importance to the company. At the end of February, Camino Rojo has completed over 1.5 million hours without a lost time injury. During the quarter, site activities continue to focus on optimizing the mining, crushing, stacking, and the process plant operations. Mining rates continue to steadily increase, and 2.2 million tons of ore were mined at a strip ratio of 0.7, at an average grade of 0.69 grams per ton of gold. For 2022, we mined 8.3 million tons at a strip ratio of 0.67, and at an average grade of 0.71 grams per ton. The average grade of ore processed during the fourth quarter was 0.78 grams per ton of gold in line with plan, and the average grade of processed for the full year of 2022 was 0.82 grams per ton of gold, approximately 5% higher than planned. An average stacking rate of 18,251 tons per day was achieved above name-link capacity of 18,000 tons. This demonstrates the strong project execution and exit startup of the operation by our site teams. Camino Rojo achieved record quarterly gold production of 32,017 ounces of gold in the fourth quarter, primarily a result of an increased ore stacking rate during the quarter, which achieved a new quarterly record of 19,591 tons per day, 9% above nuclear capacity. For the year, we produced almost 110,000 ounces of gold, which was at the high end of our increased guidance. Mine ore tons and grade are reconciling well to the block model, and process recoveries to date are in line with the metal drill recovery model. We continue to see the model blocks of waste tons convert to ore tons in the upper benches of the pit. The Camino Royal Mine has demonstrated a consistent delivery of results in 2022, and we expect this to continue in 2023. Over to Etienne Moret, Board of Chief Financial Officer, to discuss the financial results for the quarter.