Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the first quarter 2025 results. My name is Regina, 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, press star one a second time. Please be advised that this call is being recorded. I would like to turn the meeting over to Andrew Bradbury, Vice President, Investor Relations and Corporate Development. Please go ahead, Mr. Bradbury.

Thank you, operator, and welcome to Orla's first quarter 2025 results conference call. We will be making four little statements during today's call, and I would direct you to the second and third slides of the presentation, which contains important cautionary notes regarding these four little statements. All dollar amounts discussed today will refer to U.S. dollars, unless otherwise indicated. The oil executive came on the call this morning, and I'll pass the call to Jason Simpson, President and CEO.

Thanks, Andrew. During the first quarter, Camino Rojo continued to perform with low costs, and the continued gold price momentum drove strong cash flows. We recorded our first month of production from our newly acquired Musselwhite mine, which drove a record quarter of gold production for Orla. We continue to advance our exploration and development projects in Mexico and Nevada, and now have begun our exploration program in Canada. With the integration of Musselwhite underway, we are aggressively investing in exploration and investing capital into the operation to improve mining rates and extend mine life. As we communicated about Muscle White, we see great geologic potential, which could add to mine life and the annual gold production from this asset. As such, we are updating our 2025 guidance today, inclusive of the new investment at Muscle White. We are pleased to provide updated production guidance for 2025 of 280 to 300,000 ounces of gold at consolidated cash costs of $850 to $1,050 per ounce and all in sustaining costs of $1,300 to $1,500 per ounce of gold sold. This includes 170 to 180,000 ounces of gold expected from Muscle White from March to December. Cost guidance at Muscle White is provided for April to December with expected cash costs of $1,000 to $1,200 per ounce and all-in sustaining costs of $1,550 to $1,750 per ounce of gold sold. Production guidance at Camino Rojo is unchanged at 110 to 120,000 ounces of gold. At an asset level, cash costs are expected to be between $625 to $725, and all in sustaining costs is expected to be between $700 and $800 per ounce. This cost guidance is in line with initial guidance but reflected net of the corporate overhead. We've also updated our exploration, capital and development guidance for the year to include our investment in future production growth at Muscle White. The consolidated total investment across our business in 2025 is approximately $175 million, including exploration, capital, project costs with $115 million of this total related to Muscle Way. This investment represents an improvement from the mine it out scenario outlined in the reserve only technical report. We believe this is what the operation requires to take it to the next level in terms of productivity and mine life extension. Most of the investment relates to underground lateral development to improve ore availability and efficiency for future years, as well as access for underground exploration drilling. The balance of the investment is to be spent on exploration and improving the underground mobile equipment. Total exploration spending planned for 2025, inclusive of Muscle White, is approximately $55 million. a testament to our commitment to growth through discovery and resource addition. Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.