Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to the Orla Mindings conference call for the third quarter 2025 results. My name is Audra 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 the star key 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.

Andrew Bradbury Thank you, Audra, and welcome to ORLA's third quarter 2025 conference call. We will be making forward-looking statements during today's call, and I would direct you to the second and third slides of the presentation, which contain important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated. The Orly Executive Team is on the call this morning, and I'll now pass the call to Jason Simpson, President and CEO.

Thanks, Andrew. Good morning, everyone. I would like to walk you through the key developments of the last quarter, a period that tested our resilience but ultimately highlighted our operational strength and diversification. Most notably, we had another strong quarter, with record margins delivering cash to the balance sheet. In particular, we generated record-free cash flow supported by record gold production and price. At Muscle White, the team had an outstanding quarter of strong gold production. At Camino Rojo, a pit wall event occurred in July, but a stabilization plan was enacted quickly, so the operations have rebounded nicely. The update to 2025 guidance reflects a deferral of mining higher grade material due to the mine resequencing. We are also making impressive strides in advancing our growth projects. At Muscle White, our growth for longer vision is focused on both near-term and longer-term opportunities for resource growth, expanded production, and mine life extensions. Recent drilling has confirmed an extension of the main goal trend, indicating potential to extend the mine life and increase production from our cornerstone Canadian asset. At our Camino Rojo underground project, work is underway on delivering the preliminary economic assessment in 2026. A key development step and key development steps thereafter to advance this to a construction-ready project. Which takes us to South Railroad, our heat leach project in Nevada that is now moving toward final permits and construction start, with project updates to be delivered in the weeks ahead. This next building block will establish an operating presence in Nevada and take our annual production to closer to half a million ounces at competitive costs. We look forward to increasing the frequency of updates as we actualize this project. Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.