Trekor Metals Limited

Ladies and gentlemen, thank you for standing by. Hello, and welcome to Teseco Mines' 2026 First Quarter Earnings Conference Call. Please note that this call has been placed on mute to prevent any background noise. Thank you. I would now like to turn the conference over to our Vice President of Investor Relations, Brian Burgot. Please go ahead.

Thank you, Dustin. Welcome, everyone, and thank you for joining Teseco's First Quarter 2026 Conference Call. The news release and regulatory filing announcing our 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 Teseco's President and CEO, Stuart MacDonald, Teseco'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 first 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 CDAR+. I would also like to point out that we will use various non-GAAP measures 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 will open the phone lines to analysts and investors for questions. I will now turn the call over to Stuart for his remarks.

Thank you, Brian, and welcome everyone to our first quarter earnings call. As usual, I'll start with an overview of our recent operating results, and Bryce can then review the financial performance. It was an exciting quarter for us, obviously, with the start-up at Florence and first copper from that new operation. But I'll start today with our Gibraltar mine, which had another solid quarter. Steady production that we saw in the second half last year continued into the first quarter. The mine produced 30 million pounds of copper, and just over 700,000 pounds of molybdenum, which was generally in line with our expectations. Head grade of 0.25% was slightly above our life of mine reserve grade, and copper recoveries of 83% also benefited from the higher quality ore from the lower benches of the connector pit. Mill throughput was slightly lower this quarter as we focused on optimizing copper recoveries from the higher grade ore, and we also had some unplanned mill downtime. But overall, it was a good production quarter at Gibraltar. We did see some operating cost increases in the period as Gibraltar's C1 cash costs increased to $2.63 per pound produced. That's about 6% higher than the previous quarter and was impacted by inflation in a few areas, most notably diesel prices and explosives. With the situation in the Middle East, diesel prices have increased about 50 cents per litre compared to last year. Those are Canadian cents, which represents 15 US cents per pound of copper at Gibraltar. We're also seeing higher costs for explosives as the market for ammonium nitrate has been affected by a plant outage in the US. And repairs and maintenance was also this higher this quarter, although that was more of a timing issue for some key repairs, and we don't expect that level of spend to continue for the rest of this year. Offsetting those factors was a strong quarter from molybdenum production, which continues to provide a meaningful byproduct credit, and we expect similar moly grades for the remainder of this year. And Gibraltar's SXEW plant also contributed 733,000 pounds of copper cathode production in Q1. and we were able to keep that plant running through the winter months, which was a positive. We stopped leaching operations at Gibraltar in April to complete the tie-in of a second leach pad, and that should support higher cathode production going forward. Turning to Florence now, and it was a major milestone that we achieved in late February with first copper cathode production. This is a testament to the perseverance and technical expertise that our project team has demonstrated over the last decade to bring this project through the PTF test program, permitting through a well-executed capital project, and now finally into commercial production. In Q4, we started injection of solutions into the well field, and the initial flow rates were higher than expected. This allowed for faster acidification of the ore body. and solution grades increased faster than planned, reaching targeted levels in January. The commissioning of the SXEW plant was completed in mid-February. That was a few weeks behind schedule, and by that time we had built up an inventory of copper in solution, and we harvested 1.5 million pounds of cathode over the remainder of Q1. In recent weeks, our operating team has done an excellent job of stabilizing the whole circuit from well field through to cathode production. We now have approximately 90 production wells producing copper at a consistent daily rate in the range of 55 to 60,000 pounds a day. This is in line with our expectations for the initial wells at this stage and represents another significant de-risking step for the project. Now our focus is on ramping up. which means expanding the well field to increase flow rates and copper production. We currently have five drill rigs operating. And after a slow start, we have seen drilling productivities improve in the last few weeks. This month, an additional 20 production wells will come online. Then later in the summer, an additional group of 26 new wells will begin producing. And then further groups of wells will be added every month for the remainder of the year. As the wellfield expands, we will see higher solution flows and PLS grade, which will allow us to achieve a 30 to 35 million pound target for the year. It's important to note that production will not be perfectly correlated with the number of wells, as each core block has a slightly different ramp-up profile, and the new wells added to the perimeter of the wellfield will improve the performance of the existing inner wells. We continue to expect 30 to 35 million pounds of copper production from Florence this year, with production weighted to the second half as new wells are put into production. And our target is still to achieve 80 to 85 million pounds of copper production next year in 2027, which is a steady state capacity of Florence. Lastly, I can give a quick update on Yellowhead. Our project team remains quite busy advancing the environmental assessment work. And following on from the community open houses that we hosted last fall, we're now incorporating feedback from stakeholders to complete the detailed project description. We expect to file that this summer, which will lead towards a readiness decision and the next phase of work. Also, just last week, the government of British Columbia announced the addition of new major projects to its priority projects list, and yellow head copper was included. This is a clear message that the province recognizes the value of our yellowhead project and we're continuing to work closely with the first nation, province of BC, and the government of Canada to move the permitting process forward as efficiently as possible. With that, I'll now turn the call over to Bryce.