Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the second quarter 2024 results. My name is Kayla 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'd 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 and 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. Please go ahead, Mr. Bradbury.

Thank you, Operator, and welcome to ORLA's second quarter 2024 results conference call. We will be making forward-looking statements during today's call, and I direct you to the first and second slides of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated. The executive team is on the call this morning, and I'll pass the call to Jason Simpson, President and CEO. Thanks, Andrew. During the second quarter, Camino Rojo continued to produce higher than planned ounces at low costs, all the while maintaining the health and safety of our workforce and considerate of our local environment. Our low-cost production combined with higher gold prices is driving increased margins and cash flow, which is being used to pay down debt and invest in our growth. Some of that growth includes the Camino Rojo sulfide extensions, with recent drilling showing impressive high grades and strong initial metallurgical results. We have the executive team on the call to provide specific updates in various areas. The year-to-date outperformance at Camino Rojo enables us to increase our full-year production guidance to 120,000 to 130,000 ounces and decreasing our all-in sustaining cost guidance to $800 to $900 per ounce gold sold. I am very proud of our team's efforts in delivering the consistent execution quarter over quarter. Now over to Andrew Cormier, our Chief Operating Officer, to discuss more on this operating performance.

Thank you, Jason. As mentioned, our operating team in Mexico delivered another strong quarter. It is imperative to ORLA that we maintain a safety-first culture and always consider the impact of our actions on our stakeholders. During the quarter, we mined over 1.9 million tons of ore at a strip ratio of 1.08. In the second half of the year, we plan to continue to increase the race movement to a strip ratio of 1.5. As we previously indicated, we'll be mining at least 90% of the material planned for the year. The average gold grade of our process during the second quarter was 0.87 grams per ton. We also achieved an average stacking rate of 19,000 717 tons of ore per day. I would like to provide an update on the recovery improvement program we started in August 2023. The objective of the program was to increase the gold recovery by reducing the crusher product size while maintaining the daily throughput. The program has resulted in an increased gold recovery between three to 5%. And we will continue with the testing in 2024. With the continued strong mining and operating performance in the second quarter, we produced over 33,000 ounces of gold. And year to date, we have outperformed on tons, grade, and recovery for both gold and silver. With the continued operational execution and performance, we are increasing our production guidance for the full year to 120,000 to 130,000 ounces of gold. The increased production guidance for 2024 is a result of the increased total stock material and improved recoveries. Overall grades for the year will remain in line with plan. It is worth noting that we are continuing our permitting efforts to expand the mine in Mexico and have the flexibility of the current mine plan. The permitting process also continues in Nevada. We are working through the federal permitting process with the Bureau of Land Management. the lead agency for the permitting. All 19 supplemental environmental reports have been submitted for review, of which 13 reviews have been completed. We anticipate permitting will continue through this year and next year in advance of the target construction start in 2026. And with that, I'll pass the call to Etienne Morin, our Chief Financial Officer, to discuss the financial results for the quarter.