Trekor Metals Limited

Ladies and gentlemen, thank you for standing by. My name is Jericho and I'll be your conference operator today. At this time, I would like to welcome everyone to the Teseco Minds 2025 Q4 Earnings Conference Call. 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, Again, press the star 1. I would now like to turn the conference over to Brian Bergo, Vice President of Investor Relations. Please go ahead.

Thank you, Jericho. Welcome, everyone, and thank you for joining Teseco's 2025 Fourth Quarter and Annual Results Conference Call. The news release and regulatory filing announcing our annual financial and operational results was issued yesterday after market close and is available on our website at tesecomines.com and on CDAR+. I am joined today in Vancouver by TSECO's President and CEO, Stuart MacDonald, TSECO's Chief Financial Officer, Bryce Hamming, and our COO, Richard Tremblay. As usual, before we get into opening remarks by management, I would like to remind our listeners that our comments and answers to your questions will contain forward-looking information, and this information by its nature is subject to risks and uncertainties. As such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our fourth quarter MD&A and the related news release, as well as the risk factors particular to our company. These documents can be found on our website and also on CEDAR+. I would also like to point out that we will use various non- during the call. You can find explanations and reconciliations regarding these measures in the related news release. And finally, all dollar amounts we will discuss today are in Canadian dollars unless otherwise specified. Following opening remarks, we'll open the phone lines to analysts and investors for questions. I'll now turn the call over to Sir for his remarks.

Great. Okay. Thanks, Brian. And good morning, everyone. Thanks for joining our call today to discuss our 4-4-25 annual results which were released yesterday. As usual, I'll start by providing some comments and additional detail on the operational aspects of our business, and then Bryce will review the recent financial performance. So I'm going to jump straight to the exciting news that we announced yesterday. Florence Copper is now producing copper, as of just a few days ago when we turned on the electro-winning circuit. Copper is now being plated, and we're just a few days away from harvesting the first cathodes. This is a great achievement for everyone at Tesico. and especially the construction and operating teams at Florence. As we've talked about, wellfield operations commenced in the fourth quarter, so we've actually had solutions flowing in the commercial wellfield for about three months now. Initial results from the wellfield have been very positive, as we've been able to achieve higher injection flow rates than expected in these first few months. As a result of those higher flows, the acidification of the ore body has been faster than planned, and the grade of copper recovered in solution or PLS, has actually ramped up faster than expected. So it's still early days, but the initial leaching results have been quite positive. And actually, our PLS grade was high enough to begin copper production several weeks ago, but the commissioning of the SXEW plant took a few weeks longer than planned. We're expecting Florence to produce approximately 30 to 35 million pounds of copper this year. And by the time we report first quarter earnings, we'll be in a good position to provide some operating metrics in terms of flow rates, PLS grade, and production from the initial wells. A key factor in the ramp-up will be our ability to expand the well field and bring on new wells through the year. Drilling resumed in the fourth quarter, and there are now three drill rigs running. It's taken some time for the new drilling crews to get ramped up, We have a fourth drill rig being added in the next week or so and expect to see improved drilling productivity going forward. Before we turn to Gibraltar, I'd like to start by commenting that safety is a core value at Taseco. Nothing is more important than ensuring that the people who work at our operations go home each day the same way they arrived. In November, a tragic accident occurred at Gibraltar that resulted in the death of a contract worker. We're deeply saddened by the loss of a colleague and again offer our condolences to the co-workers, friends and family of the individual. Findings from that incident are in the process of being reviewed with employees on site. In terms of production at Gibraltar, in the fourth quarter we saw copper head grades increase to 0.26% and recoveries of 81%, which led to 31 million pounds of copper production. So it was a strong production quarter. The higher grades and recoveries were slightly offset by throughput, which was about 8% under design capacity for the period due to unscheduled mill downtime. Molybdenum production was 800,000 pounds and also benefited from higher grades and recoveries. Copper and moly production for the quarter was the highest level of 2025 as we expected it would be. And for molybdenum, it was actually the best production quarter in the history of the mine. With higher production, our total operating costs dropped to 247 US per pound in Q4. For the year, Gibraltar produced a total of 98 million pounds of copper and 1.9 million pounds of molybdenum at a cost of 266 per pound. Production was heavily weighted to the second half of the year as we mined deeper into the connector pit to access higher grades and better ore quality in the third and fourth quarters. Looking ahead to 2026 mining operations are much better situated in the connector pit so we expect higher annual production and much less quarterly variability than last year. We are, however, taking a more conservative view on copper grades, due to the impact of small higher grade zones that have not been realized through our mining so far in the connector pit. Over the last 18 months, we've also encountered more oxide and supergene and transitionary ore in the connector pit than we originally expected. The oxide ore has been stacked on leach pads and would be processed through the Gibraltar SXEW plant. But the supergene ore goes through the concentrator with lower recoveries. For 2026, we're expecting average recoveries between 75% to 80%. And that's really a similar level to what we saw in the second half of 2025. Taking all of this into account, we're expecting Gibraltar to produce 110 to 115 million pounds of copper this year. And given that the connector pit will be the primary source of ore for the next three years, we expect annual production will remain at the same range, plus or minus 5%, through the end of 2028. With copper prices now roughly 25% higher than last year's average price, we are well positioned to benefit from our copper price leverage supported by higher production from Gibraltar and production growth at Florence. Tight supply due to global mine disruptions combined with strong demand from traditional end users and new demand from AI data centers and grid modernization all support continued strong copper prices. So Teseco is very well positioned for cash flow growth in the future. We also have significant long-term optionality and value in our other projects. And in 2025, we achieved some significant milestones at both Yellowhead and New Prosperity. The new technical report from Yellowhead confirmed strong economics, and we will continue to advance the project towards an ultimate construction decision and begin unlocking the net present value. And talking about leverage to copper, that NPV also benefits from a strong copper price environment. When we published our report in June, we used a price of $4.25 per pound, which gave us a $2 billion NPV. At today's pricing, that's more like $4 billion after tax NPV or even higher. So the project's getting a lot of attention from potential partners, and when you consider the lack of large-scale open pits, copper projects in North America that can be brought online in this time frame you know these opportunities are very rare so it's a great opportunity great asset I think for the company going forward permitting efforts are very active and we continue to engage with the local communities and open houses in recent months with no major issues arising so far our yellowhead project team is also preparing the detailed project description that will be filed later this year So 2026 promises to be another busy and productive year on many fronts. And with that, I'll turn the call over to Bryce for some commentary on the financials.