Wesdome Gold Mines Ltd.

We'll be going live in five, four, three. Good morning. Welcome to West Dome's Gold Mines. Conference call to discuss the company's financial and operating results for the three and 12 months ended December 31st, 2025. As a reminder, this call is being recorded. Your host for today is Trish Moran, West Dome's Vice President of Investor Relations. Ms. Moran, please go ahead.

Thank you, operator, and good morning, everyone. Before we get started, I'd like to point out that during today's call, we may make forward-looking statements as defined under Canadian security law. I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Please note that all figures discussed on this call are in Canadian dollars, unless otherwise noted. Our press release to MD&A financial statements are available both on CR Plus and on our corporate website, westdome.com. With us on today's webcast is Anthea Bath, WestDome's President and CEO, Phil Yee, our Chief Financial Officer, Tyler Mitchelson, WestDome's Interim COO, Jonah Lawrence, Senior Vice President, Exploration and Resources, Raj Gill, SDP Corporate Development and IR, Kevin Lonergan, SEP Technical Services. Following management's formal remarks, we will then open the call to questions. And now over to Andrea. Thanks, Trish, and good morning to everyone. Financially, this was a very strong quarter for Western, and it kept up with the best year in history. We produced more gold than ever before, and we did it safely with zero LTIs recorded during the year. Strong production performance combined with accelerated gold prices translated into record results across the business, including revenue, net income, EBITDA, net cash from operating activities, and free cash flow. For the year, we generated $278 million in free cash flow, and we ended the year with more than $350 million in cash on our balance sheet. In 2026, at current gold prices, we expect to generate significantly more free cash flow than we did the last year. But last year's achievements went well beyond record financial and production results. We made meaningful improvements in health and safety across our operations, and I'm so proud of that. At Kena, we tripled the number of mining areas under our control. At Eagle River, our developed inventory is double that of a year ago. Through the acquisition of Angus Gold, we quadrupled Eagle River's land package. We also established for the first time a clear and disciplined exploration strategy and delivered the first 200 kilometers of flooding in this program. At the corporate level, we strengthened our balance sheet, we expanded our revolving credit facility, and we introduced a capital allocation framework that includes returning capital to our shareholders for a shared buyback program. And finally, we strengthened our leadership bench with the addition of Phil Gee as our CFO, Tyler Mitchelson as our interim COO, and most recently, Christine Barwell as our SVP human resources. These are important achievements that position us well for the future. Turning to 2026, as everyone knows, last year was a challenging year for Kena, and we recognize that we disappointed the market. As a result, our guidance for this year is very deliberate. This approach does not reflect any lack of confidence in our assets. In fact, it's quite the opposite. I'm confident that you'll see improvement quarter on quarter as we show what Kena can actually do. Before I talk about exploration in more detail, sorry, 2026 will firstly mark a real beginning at West Dome. And before I do that, I'd just like to talk a little bit about exploration and frame the strategies that I've been approaching. At its core, our strategy is built on leveraging two key quality and high potential assets. First, we control exceptional dam packages at both Eagle River and Kina. Our work over the past two years has significantly improved our understanding of their scale, and the continuity. Secondly, we have a substantial existing infrastructure that is currently underutilized relative to the scale of the geological systems that we do control. Through disciplined exploration and the application of our global and geological models, we are working to demonstrate the true scale of these systems and to extend the life of our mines well beyond what the market currently recognizes. Exploration is therefore a central part of our long-term life of mines extension and value creation strategy. In 2025 marked the first year of the structured multi-year exploration program. As we grow in resource base and extend mine life, we also unlock another important driver of value, our cost structure. A significant portion of our operating platform is fixed. As we bring more ounces to existing infrastructure, Those fixed costs are spread across greater production. This has the potential to meaningfully improve costs and our margins as well. This combination, extending mile-by-mile for exploration while leveraging existing infrastructure to improve costs, is a powerful value strategy for creating long-term value. We're now in the second year of this exploration program. The plan is to drill up to 270 kilometers this year, which is truly exciting is that roughly half of our exploration budget is dedicated to discovery drilling, testing true greenfield targets both near mine and surface for the first time in many, many years. As you can imagine, with all this drilling, we'll be updating the market on our progress on a regular basis. At least two or three new releases will be issued leading to the filing of our updated technical reports, a very, very important milestone for Westone this year. These reports will provide a reset for the market and clearly demonstrate the right way that we're still here, which is what we've been working on since I arrived. The release we issue in June in advance of these reports will be framed like a conceptual study, showcasing how we see the long-term potential of both Eagle River and Kena. Importantly, the technical release will also showcase our strategy to continue extending and replacing high-grade reserves, while highlighting the addition of significant radical changes their existing infrastructure. Our June release will highlight why we believe the market should appreciate the potential to extend and grow mine life at both Eagle River and Kenan. We also outline what we see as a clear low risk and high return path, increasing production, while driving down costs across the portfolio. This will be the first time Western has provided a comprehensive long-term roadmap by knocking the full value of our assets. Before I hand things over to Phil, I'd first like to thank my entire team at Greystone for their hard work and dedication last year. I'm proud of each and every one of you. Additionally, I'd like to officially welcome Tyler Richardson, our new interim Chief Operating Officer. Tyler brings more than 30 years of mining experience across multiple communities and jurisdictions. He has had technical, commercial, and site-based operational roles throughout his career, combining deep technical experience with strong operational leadership and business discipline. He has successfully implemented operating models across five different lines, transforming systems and processes while delivering measurable improvements in safety, reliability, and productivity. He is truly thrilled to have Tyler join the Western team. And with that, I'll turn it over to Phil to walk you through the financial results.

Thank you, Anthea. Good morning, everyone. And it's great to have you on the team, Tyler. Turning to slide seven, you'll see a clear trend, sequential growth quarter over quarter and year over year across the past two years. 2025 marked a milestone year for Westcombe, delivering record annual financial results driven by two key factors, record production exceeding 185,000 ounces, right in line with our revised guidance, and an average realized gold price of 3,475 US per ounce for the year. The impressive results speak for themselves. Compared to 2024, revenue increased by 64% to $914 million. Net income rose two and a half times to $349 million, or $2.32 in earnings per share. Both EBITDA and operating cash flow nearly doubled, reaching $600 million and $457 million respectively. and free cash flow more than doubled to $278 million for $1.85 per share. While stronger gold prices helped to drive last year's impressive results, our free cash flow margin expanded to 31% in 2025. This remains among the highest in the gold sector, and we expect to drive the free cash flow margin percentage even higher in 2026 as we reduce costs and benefit from high gold prices. turning the cost on slide eight on a consolidated basis both cash costs and almost daily cost per ounce of gold sold increased by four percent year over year to 976 and fifteen hundred eighteen dollars u.s per ounce respectively these amounts were both within revised guidance for the year eagle rivers coal asic was fourteen hundred forty six u.s per ounce sold the fourth quarter basic was the highest of the year, driven by higher tons milled at lower grade as we opportunistically extended development into a lower grade area of the 300 zone that was not previously included in our existing resources. This was a unique and timely opportunity to set up Eagle River for success in 2026. As we outline our guidance for 2026, we anticipate that Eagle River's ASIC will increase due to higher royalties from higher revenues and new payments related to First Nations. Sustained capex is expected to be largely consistent with 2025. All those sustaining costs per ounce of gold sold at Kena increased in the fourth quarter relative to Q4 2024, primarily due to higher sustained capex resulting from timing of equipment and machinery delivery. We expect TINA's full year, 2026, all the sustaining costs for unsold to decrease as higher goal production is anticipated to offset lower input costs. In 2026, we have a number of initiatives underway to reduce costs, focusing on supply chain optimization, improving efficiencies through automation, reduced reliance on contractors, and improving our processes. Turning to slide nine, As of December 31st, 2025, our cash balance was $354 million, nearly triple what it was at the end of fiscal 2024. West Nova has a strong debt-free balance sheet, and combined with our undrawn revolving credit facility, total liquidity is now nearly $700 million to median, and will continue to strengthen this year. Based on our budget, we expect to generate approximately $350 below $4,000 U.S. per ounce. At $5,000 U.S. gold, our pre-tax generation should exceed $500 million or over $40 million a month. As our tax position increases, we remain committed to improving operational infrastructure, advancing key organic growth initiatives, and disciplined capital allocation. This year we are spending 205 million in capex, including approximately 45% of that in growth capital additions. We are also committing 55 million to drill approximately 270,000 meters in 2026 to support our organic growth project. In addition, we plan to fully execute our share repurchase program objectives in 2026. West Dome's financial position continues to be very strong. Our return on investment capital significantly increased in 2025 to approximately 36% from 23.6% in 2024, this beating most of our peers and seniors. We intend to improve upon that position in 2026 by delivering on production and reducing costs. With that, I'll now turn over to Tyler to review operations.