Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to the Orla Minings conference call for the second quarter 2025 results. My name is Eric 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 again. 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 ORLIS' second quarter 2025 resolved comments call.

We will be making forward-looking statements during today's call, and I direct you to the second and third 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 oral executive team is on the call this morning, and I'll now pass the call to Jason Simpson, President and CEO. Thanks, Andrew. Let me start by listing the Q2 highlights. The second quarter marked the first full quarter of production from Muscle White following the closing of the acquisition at the end of February. this broader production base throws strong earnings and cash flow in our business. We also released the initial underground resource update for the next phase of Camino Rojo Underground and continue to explore the exciting Zone 22 discovery, which we hope will expand the resource and extend mine life. We also continue to advance our exploration programs in Canada, United States, and across our broader land package in Mexico. More recently, we experienced a setback in the uncontrolled material movement event at Camille Rojo on July 23rd. The event occurred along a temporary north wall of the north section of the open pit and involved approximately 390,000 tons of material. Most importantly, no one was in, in part because of the early detection by the pit monitoring systems and critical decision making by our site team based on that information. No equipment was damaged, nor was there any environmental impact from the event. However, we did need to temporarily pause in-pit mining as we completed a geotechnical assessment with our external consultants and established an action plan for safe restart. We have also adjusted the standard operating procedures within the pit to ensure ongoing safety. The material movement was bounded by two faults acting as release features from increased pore pressure due to rainfall and the steepness of the inter-wall angle. The current action plan includes mining from surface downwards to push back 50 meters at the toe and 80 meters at the crest of the entire north wall to create a shallower pit wall angle and reestablish safe working conditions on the north side of the pit from the top down. The material from the North Wall is predominantly oxidized with an ore-to-waste strip ratio of 1 to 0.9 and an anticipated average gold grade of 0.74 grams per ton. This ore material will be crushed and stacked on the heat bleach. Total ore tons to be removed is about 9 million tons. or approximately 250,000 ounces. This layback is allowable under Mexican provisions for emergency remediation measures. To be clear, no material was lost or sterilized from this event, but rather deferred later in pit resequencing to ensure safe operations. As a result of this deferral of production, we have revised our guidance at Camino Rojo for the year to 95 to 105,000 ounces of gold production at cash costs of $800 to $900 per ounce sold and all-in sustaining costs of $850 to $950 per ounce sold. This compares to initial guidance of 110 to 120,000 ounces of gold at cash cost of $625 to $725 and all-in sustaining cost of $700 to $800 per ounce sold. Based on the current action plan and Camino Rojo's updated fit sequencing, combined with the unchanged muscle weight guidance, Our 2025 consolidated guidance is now expected to be in the range of 265,000 to 285,000 ounces of gold at cash costs of $900 to $1,100 per ounce sold and all in sustained costs of $1,350 to $1,550 per ounce sold. This compares to previous guidance of 280 to 300,000 ounces of gold at cash cost of $850 to $1,050 per ounce sold and all-in sustaining cost of $1,300 to $1,500 per ounce sold. While this has been an unfortunate incident in what has been an otherwise seamless operation, I am very proud of the tools we had in place to prevent injuries and also the way in which our team reacted to assess the situation, establish a safe restart plan, incorporating this learning, and into the operation going forward, which is back in production. Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.