Orla Mining Ltd

Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the fourth 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'd like to withdraw your question, press star one a second time. Please be advised that this call is being recorded. I would now like to turn the meeting over to Andrew Bradbury, Vice President, Investor Relations and Corporate Development. Please go ahead, Mr. Bradbury.

Thank you, Regina, and welcome to ORLA's fourth quarter 2025 results conference call. We will be making forward-looking statements during today's call, and I would direct you to the next few 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 Orla executive team is on the call this morning, and I'll now pass it to Jason Simpson, President and CEO.

Thanks, Andrew. Good morning, everyone. The fourth quarter 2025 was an incredibly strong period to end a pivotal year for Orla. We more than doubled our annual gold production through the addition of our Muscle White mines. Alongside record gold prices, we generated significant cash flow, which positioned us to deliver the balance sheet, initiate a dividend, and continue investing in the growth of our business in Canada, United States, and Mexico. Our acquisition of Musselwhite meant the addition of a high quality team and an exceptional geologic asset that is already exceeding our expectations. Only a year into ownership, we validated the geological upside by discovering mineralization two kilometers beyond the current operations. This geologic upside is being matched by operational excellence. We closed the year with six consecutive months of nearly uninterrupted ore supply, averaging nearly 4000 tons per day, which represents the highest throughput since at least 2012. I want to thank publicly all our Muscle White employees who contributed to that achievement. At Camino Rojo in Mexico, Our resilience was tested in 2025 with a pit wall event, but the team rebounded safely and our operating adaptability was highlighted with a solid second half of the year, and I would like to thank our Camino Rojo team for delivering that safely. The benefits of our diversified business were on display, with the strength of Muscle White booing a challenge at Camino Rojo, Ultimately, we were able to not only meet revised production guidance, but actually exceed the initial guidance range. Beyond our operations, we are making large strides in advancing our next two growth opportunities. We are marching towards field mobilization in Nevada and our South Railroad team is growing fast. In Mexico, we released a PEA the underground project at Camino Rojo a key step to unlocking the site's long-term potential and earlier this week we announced an important milestone on that path from acquisition to exploration success and the return of capital Orlet is stronger and more diversified than ever before Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.