Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to the Orla Mining's conference call for the second quarter 2023 results. My name is Cheryl, 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 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 second quarter 2023 results conference call. We will be making four looking statements during today's call and I direct you to the first and second slide 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 Jason Simpson, President and Chief Executive Officer. Thanks Andrew. Our second quarter was highlighted by ensuring the safety for our people and surrounding environment. Continued operational consistency at Camino Rojo and effective cost management across the business. This operational strength has led to more cash generation and I am pleased to report a net debt balance of only $20 million at quarter end. Additionally, our extensive use to generate positive results. We are committed to unlocking value through consistent operation, exploration, and development. At the halfway point of the year, we are on track to achieve gold production guidance. Please note that we are adjusting our cost guidance down. as a result of resequencing the mine plan, which will reduce our strip ratio until the end of the year. Andrew Cormier, our Chief Operating Officer, will provide a summary of the quarterly operating results. Etienne Morin, our Chief Financial Officer, will provide an update on the financial details. And Shafiqa Abin, our Chief Sustainability Officer, will provide some updates on our EST efforts. Over to you, Andrew.

Thank you, Jason. The second quarter was marked by continued strong mining and processing performances at Camino Rojo while maintaining the health and safety of our team. 1.9 million tons of ore was mined at a strip ratio of 0.61 and an average grade of 0.76 grams per ton of gold. The average grade of ore processed during the second quarter was 0.77 grams per ton gold. An average stocking rate of 19,669 tons per day was achieved, once again, above plant nameplate capacity. Mined ore tons and grade are reconciling well to the block model and process recoveries remain in line with the Meadow Trail Recovery Model. Waste mining during the first half has been less than planned, resulting in lower mining costs and all-in sustaining costs in the short term. We are awaiting permit amendments from SEMRANET, the Mexican Environmental Permitting Authority, and it's been taking longer than our previous experience. Once the amendments are approved, we will schedule the waste material as we intended to mine this year. Our 2023 plan has been adjusted to account for mining less waste for the remainder of the year. As such, we're adjusting the olive sustaining costs downwards. These changes to our plan will not impact the 2023 gold production. The 2023 strip ratio is now expected to be 0.4, a reduction from one, or about 4.5 million times lower. Upon receipt of the necessary permit amendments, We'll begin mining this material, and we do not anticipate an impact to the 2024 gold production. I will now pass the call over to Etienne Morin, Florida's Chief Financial Officer, to discuss the financial results for the quarter. Etienne? Thanks, Andrew.