Cerrado Gold Inc.

Good day, and thank you for standing by. Welcome to Serato's Goal Q4 and Year-End 2025 Financial and Production Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Mike McAllister, Vice President, Investor Relations. Please go ahead.

Good morning, and thank you, operator. I'd like to note that today's call may contain forward-looking information that is based on the company's current expectations, estimates, and beliefs. Please review this slide. and the other forward-looking information contained on page two of today's presentation, as well as in the company's annual information form, which is publicly available on CEDAR Plus and the company's website. The accompanying presentation for today's call is available for download from the company's website at www.sorotogold.com. The accompanying press release is also posted on the website and on CEDAR Plus. Please note that all dollar amounts mentioned on today's call are in U.S. dollars unless otherwise noted. Following management's presentation and remarks, a Q&A period will follow. Joining us on the call today are Mark Brennan, our CEO and chairman, Jason Brooks, our CFO, Cliff Hale-Saunders, our president, Ed Gamirez, our executive vice president, Andrew Kroll, our chief technical officer, Carl Calandra, our vice president and legal counsel, and David Ball, our vice president, corporate development. With that, I'd now like to turn the call over to our CEO, Mark Brennan.

Thanks, Mike, and I'd like to thank everyone for joining us today. I'd also particularly like to thank the Serato Financial team and our auditors at McGovern Hurley and Grant Thornton for the delivery of the year-end results a full month in advance of the statutory requirement. We've come a long way in the last two years on the financial reporting, and we're thrilled. 2025 has been a very successful transitional year for the company. Not only did we make a lot of money, leaving our treasury and financial position very strong, but we've also made significant investments into each of our three projects, setting the stage for future success and growth for 26 and beyond. Our EBITDA for 2025 was $46 million, with our closing balance of cash at over $22 million. This has grown materially in the first quarter, and our prospects for 2026 look significantly brighter with gold trading at the $4,600 level. The results achieved in the fourth quarter and for the full year demonstrate Serato's ability to maintain production at our MDN operation with stable operating costs as we transition from solely heap-leach-driven production to production sourced from underground, the heap-leach, and existing low stockpiles. This process has continued throughout the first quarter of 2026, and we expect the underground to reach stable production levels in the latter part of 2020. Q2 of 2026. Not only was 2025 a success operationally, but organizationally, we have invested in people and systems to improve everything from cost control to reporting, which is, as stated above, we are very proud to say has enabled us to release our financial results one month ahead of schedule. With elevated gold prices, we continue to generate significant cash flows supporting our continued optimization and exploration efforts at MDM. which we expect will lead to an extension of the mine life and increased production. We expect to see robust economic potential with the completion of the bankable feasibility study at Montserrat, targeted for the Q2 this year. And we continue the development process at the Lagoa Salgada project, while at the same time reducing debt and building a strong cash position, improving Serato's overall financial strength. Following robust levels of adjusted EBITDA in the fourth quarter of 2025, We continue to see strong cash generation into this quarter and throughout the year, especially now that the majority of our growth CapEx programs are nearing completion and the prior hedging program we had in place has been completed. Looking forward to 2026, operations at MDN are performing exceptionally well and we are benefiting from continued strong gold prices providing strong margins, leaving us to expect that the year will be another strong year for Serato. We are providing Our 2026 production guidance is 50,000 to 60,000 ounces, geo ounces, with an ASIC of $1,800 to $2,000, with production weighted towards the second half of the year when the underground is expected to reach expected capacity. Our focus for the coming year will continue to be on developing MDN, extending my life, increasing production, and continuing to develop future cash generation by completing the feasibility studies that both are development projects in Portugal and Quebec with limited dilution. I'd now like to turn the call over to Jason Brooks to take us through the financial highlights.