Q4 2024 G Mining Ventures Corp Earnings Call

Yeah.

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Jessie Liu-Ernsting: Thank you, operator. Good morning, everyone, and welcome to G Mining Ventures Corp.'s Q4 and full year 2024 results conference call. My name is Jessie Liu-Ernsting, Vice President, Investor Relations and Communications, and I'll be moderating today's call. We will be making forward-looking statements during today's call, and I would direct you to slide 2 of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to US dollars unless otherwise indicated. Louis-Pierre Gignac, President and Chief Executive Officer, will provide an overview of GMIN's 2024 corporate highlights, operating performance, and health and safety achievements. Following this, Julie Lafleur, Vice President and Chief Financial Officer, will present the financial results. The call will conclude with a discussion of key catalysts for 2025, including the development plans for Oko West and GMIN's exploration strategy for the year.

Speaker Change: Thank you operator, good morning, everyone and welcome to <unk> mining ventures fourth quarter and full year 2024 results conference call My.

Jessie Luernstein: Good morning, everyone, and welcome to G Mining Ventures fourth quarter and full year 2024 Results Conference Call. My name is Jessie Luernstein, Vice President Investor Relations and Communications. and I'll be moderating today's call.

Speaker Change: My name is Jesse learn thing Vice President Investor Relations and communications.

Speaker Change: And I'll be moderating today's call.

Jessie Luernstein: We will be making forward-looking statements during today's call, and I would direct you to slide 2 of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated.

Speaker Change: We will be making forward looking statements during today's call and I would direct you to slide two of the presentation.

Speaker Change: Which contains important cautionary note regarding these forward looking statements.

Speaker Change: All dollar amounts discussed today will refer to U S dollars.

Speaker Change: Otherwise indicated.

Louis-Pierre Gignac: Louis-Pierre Gignac, President and Chief Executive Officer, will provide an overview of GMIN's 2024 Corporate Highlights, Operating Performance and Health and Safety Achievements.

Speaker Change: <unk>, President and Chief Executive Officer will provide an overview of came in 2020 for corporate highlights.

Speaker Change: Operating performance in health and safety achievements.

Julie Loeffler: Following this, Julie Loeffler, Vice President and Chief Financial Officer, will present the financial results.

Speaker Change: Following this.

<unk>, Vice President and Chief Financial Officer will present, the financial results.

Speaker Change: Right.

Louis-Pierre Gignac: The call will conclude with a discussion of key catalysts for 2025, including the development plans for Okawesk and GMIN's exploration strategy for the year. Following this, we'll open the floor to Q&A.

Speaker Change: The call will conclude with a discussion of key catalysts for 2025, including the development plans for <unk> and Jim is exploration strategy for the year. Following this we'll open the floor to Q&A with that I would like to turn the call over to <unk>.

Jessie Liu-Ernsting: Following this, we'll open the floor to Q&A. With that, I would like to turn the call over to LP Gignac.

Louis-Pierre Gignac: With that, I would like to turn the call over to LPGN. Thank you, Jesse, and good morning everyone. It's a pleasure to join you for our inaugural earnings call as a gold producer. From the very beginning, our vision has been to establish a leading intermediate gold producer. And today, we've made significant strides towards realizing that ambition. Since founding the business in October 2020, we have transformed from a company with no assets into a cashflow positive gold producer with our Filkinson Zeno Gold Mine in production, the world-class OCO-S Gold Project in development, and a highly prospective exploration portfolio we call the Guru P Project.

Speaker Change: LPG yet.

Louis-Pierre Gignac: Thank you, Jessie. Good morning, everyone. It's a pleasure to join you for our inaugural earnings call as a gold producer. From the very beginning, our vision has been to establish a leading intermediate gold producer, and today we've made significant strides towards realizing that ambition. Since founding the business in October 2020, we have transformed from a company with no assets into a cash flow positive gold producer with our Tocantinzinho gold mine in production, the world-class Oko West gold project in development, and a highly prospective exploration portfolio we call the Gurupi project. In 2024, we successfully executed all stages of our buy, build, operate strategy. We acquired high-quality assets in Oko West and Gurupi, built Tocantinzinho on time and on budget, and ramped up operations after achieving commercial production at TZ.

Speaker Change: Thank you Jessie and good morning, everyone.

Speaker Change: It's a pleasure to join you for our inaugural earnings call as a gold producer.

Speaker Change: From the very beginning our vision has been to establish a leading intermediate gold producer and today, we've made significant strides towards realizing that ambition.

Speaker Change: Since founding the business in October 2020, we have transformed from a company with no assets into a cash flow positive gold producer with our silicon sensing a gold mining production the world class <unk> Gold project in development in the highly prospective exploration portfolio, we call. It the Davinci project.

Louis-Pierre Gignac: In 2024, we successfully executed all phases of our Buy, Build, Operate strategy. We acquired high-quality assets in Ocoa West and Garupi, built Tuk and Tanzino on time and on budget, and ramped up operations after achieving commercial production at Teesdale. With these milestones, GMIN has firmly established itself as an emerging, low-cost coal producer with a clear and scalable growth plan. Our next phase of growth will be driven by OCO-SD Guyana, a large-scale, high-grade project that was acquired through the Transformational Merger with Reunique Gold. The strong economics outlined in the preliminary economic assessment we completed in Q3 solidified Oklahoma West's position as one of the top development projects globally.

Speaker Change: In 2024, we successfully executed all stages of our buy and build operate strategy.

Speaker Change: We acquired high quality assets in <unk> and Google.

Bill: Bill took them on time and on budget and ramped up operations after achieving commercial production at <unk>.

Louis-Pierre Gignac: With these milestones, GMIN has firmly established itself as an emerging low-cost gold producer with a clear and scalable growth plan. Our next phase of growth will be driven by Oko West in Guyana, a large-scale, high-grade project that was acquired through the transformational merger with Reunion Gold. The strong economics outlined in the preliminary economic assessment we completed in Q3 solidified Oko West's position as one of the top development projects globally. Once in production, it is set to propel GMIN above the 500,000 ounces per year mark. Further strengthening our growth pipeline, we ended the year with the acquisition of the Gurupi project in Brazil from BHP. This asset presents significant exploration potential and aligns with our strategy of building a robust, high-quality portfolio.

Bill: With these milestones Julian has firmly established itself as an emerging low cost coal producer with a clear and scalable growth plan.

Bill: Our next phase of growth will be driven by <unk>, Guyana large scale high grade project that was acquired through the transformational merger with <unk>.

Bill: The strong economics outlined in the preliminary economic assessment, we completed in Q3 solidified <unk> position as one of the top development projects globally.

Louis-Pierre Gignac: Once in production, it is set to propel GMIN above the 500,000 ounces per year mark. Further strengthening our growth pipeline, we ended the year with the acquisition of the Garupi project in Brazil from BHP. This asset presents significant exploration potential and aligns with our strategy of building a robust, high-quality portfolio. As TISI continues to ramp up to nameplate capacity, the strong cash flow generated will offer us significant financial flexibility to fund our future growth. Q4 marked our first full quarter of commercial production, delivering strong operational and financial results. We produce just over 40,000 ounces of gold at an all-in sustaining cost of 862 crowns.

Bill: Once in production it is thats for Belgium in above the 500000 ounces per year Mark.

Bill: Yeah.

Bill: Further strengthening our growth pipeline, we ended the year with the acquisition of the Gucci project in Brazil from BHP.

Bill: Asset presents significant exploration potential and aligns with our strategy of building a robust high quality portfolio.

Louis-Pierre Gignac: As TZ continues to ramp up to nameplate capacity, the strong cash flow generated will offer us significant financial flexibility to fund our future growth. Q4 marked our first full quarter of commercial production, delivering strong operational and financial results. We produced just over 40,000 ounces of gold at an all-in sustaining cost of $862 per ounce. For the full year, gold production exceeded 63,500 ounces at an AISC of $972 per ounce. This cost performance underscores the disciplined operational execution of our team and the high quality, strong margins driven by low costs translated into robust financial performance. With a realized gold price of $2,560 per ounce in Q4, we reported $58 million in adjusted net income or $0.26 per share and generated $53 million in free cash flow.

Bill: As <unk> continues to ramp up to nameplate capacity with strong cash flow generated will also have significant financial flexibility to fund our future growth.

Bill: Q4 marked our first full quarter of commercial production delivered strong operational and financial results.

Bill: Produced just over 40000 ounces of gold at an all in sustaining cost 852 per ounce for.

Louis-Pierre Gignac: For the full year, gold production exceeded 63,500 ounces at an ASIC of 972 per ounce. This cost performance underscores the disciplined operational execution of our team and the high quality. Strong margins driven by low costs translated into robust financial performance. With a realized gold price of $2560 per ounce in Q4, we reported $58 million in adjusted net income for $0.26 per share and generated $53 million in free cash flow. Adjusted EBITDA for the quarter totals $78 million, and we ended the year in a solid financial position, reducing net debt to $27 million.

Bill: For the full year gold production exceeded 63500 ounces and the music of 972 per ounce.

Bill: This cost performance underscores the disciplined operational execution of our team and a high quality.

Bill: Yes.

Bill: Strong margin drift.

Bill: Driven by low cost translated into robust financial performance.

Bill: With our realized oil price was $25 60 per ounce in Q4.

Bill: We reported $58 million adjusted net income or <unk> 26 per share.

Bill: And generated $53 million in free cash flow.

Louis-Pierre Gignac: Adjusted EBITDA for the quarter totaled $78 million. We ended the year in a solid financial position, reducing net debt to $27 million. Next, I will highlight key operational achievements and health and safety milestones from 2024. After two months of commissioning, Tocantinzinho reached commercial production on 1 September, on time and on budget. Q4 marks the first full quarter of commercial production, whereas the full production year includes two months of commissioning. The mining team was formed and trained during the construction phase and has effectively been operating for over two years. During 2024, 14.3 million tonnes were mined, of which 6.4 were ore, resulting in a low strip ratio of 1.23.

Bill: Adjusted EBITDA for the quarter totaled $78 million and we ended the year in a solid financial position.

Bill: Do you see net debt to $27 million.

Louis-Pierre Gignac: Next, I will highlight key operational achievements and health and safety milestones from 2020. After two months of commissioning, Duke and Denzino reached commercial production on September 1st, on time and on budget. Q4 marks the first full quarter of commercial production, whereas the full production year includes two months of commissioning. The mining team was formed and trained during the construction phase and has effectively been operating for over two years. During 2024, 14.3 million tons were mined, of which 6.4 were ore, resulting in a low strip ratio of 1.26. During the quarter, 4.3 million tons were mined, of which 2.2 million tons were ore, resulting in a low strip ratio just below one, as more mining was focused on the initial phase of the open pit.

Bill: Next I will highlight key operational achievements in health and safety milestones from 2024.

Bill: After two months of commissioning.

Bill: <unk> commercial production on September one on time and on budget.

Bill: Q4 marks the first full quarter of commercial production, whereas the full production.

Bill: Including two months of commissioning.

Bill: The mining team was formed and training during the construction phase we have effectively been operating for over two years.

Bill: During 2020 for $14 3 million tonnes of ore mined of which $6 four or resulting in a low strip ratio of 123.

Louis-Pierre Gignac: During the quarter, 4.3 million tonnes were mined, of which 2.2 million tonnes were ore, resulting in a low strip ratio just below 1, as more mining was focused on the initial phase of the open pit. Q4 throughput was over 10,500 tonnes per day, representing 82% of nameplate capacity. While all major equipment is operating at or above design, mill availability limited throughput due to unexpected shutdowns to replace worn Poly-Met liners in the SAG mill. A full metallic liner system will be installed in early Q2, resolving this issue and eliminating further downtime. Plant performance to date has shown the ability to consistently reach up to 14,000 tonnes per day. With recoveries over 89%, near the estimated 90% in the feasibility study, we were comfortable feeding higher-grade ore to the plant.

Bill: During the quarter $4 3 million tonnes reminder, of which $2 2 million tonnes of ore, resulting in a low strip ratio just below one as more mining was focused on the initial phase of the open pit.

Louis-Pierre Gignac: Q4 throughput was over 10,500 tons per day, representing 82% of nameplate capacity. While all major equipment is operating at or above this line, no availability, limited throughput due to unexpected shutdowns. to replace worn polyamide liners in the signal.

Bill: Q4 throughput was over 10500 tonnes per day, representing 82% of nameplate capacity.

Bill: While all major equipment is operating at or above design, no availability limited throughput due to unexpected shutdowns.

Bill: We replaced one Pauline that liners in the Sag mill.

Louis-Pierre Gignac: A full metallic liner system will be installed in early Q2, resolving this issue and eliminating further downtime. plant performance to date has shown the ability to consistently reach up to 14,000. With recoveries over 89% near the estimated 90% in the feasibility study, we were comfortable feeding higher-grade ore to the plant. The average grade process for the quarter was 1.45 grams per ton, compared to 1.32 grams per ton for the year. Despite being in ramp up, we produced just over 40,000 ounces of gold from TZHU. and 63.5 thousand ounces for the year.

Bill: Our full metallic lennar system will be installed in early Q to resolving this issue and eliminate any further downtime.

Bill: Plant performance to date has shown the ability to consistently each up to 40000 tons per day.

Bill: With recoveries over 89% near the estimated 90% in the feasibility study we were comfortable feeding of higher grade ore to the clients.

Louis-Pierre Gignac: The average grade processed for the quarter was 1.45 grams per tonne, compared to 1.32 grams per tonne for the year. Despite being in ramp-up, we produced just over 40,000 ounces of gold from TZ Q4 and 63,500 ounces for the year. While building mines is our DNA, we are now ready to set a new standard as a top-tier operator as well. As a new operation in its first full quarter of commercial production, Tocantinzinho has already established itself as a low-cost, high-margin mine. Total cash costs for the quarter were $577 per ounce and $668 for the year. Using the World Gold Council standards, AISC for the quarter was $862 per ounce and $972 per ounce for the year. For the year, owner mining costs averaged $231 per tonne mined, with processing costs at $10 per tonne milled.

Bill: The average grade processed for the quarter was $1 45 grams per tonne compared to 132 grams per tonne for the year.

Bill: Despite being in the ramp up we produced just over 40000 ounces of gold from TV in Q4.

Bill: 63, 5000 ounces for the year.

Bill: Yeah.

Bill: Yes.

Louis-Pierre Gignac: While building mines is in our DNA, we are now ready to set a new standard as a top tier operator. As a new operation in its first full quarter of commercial production, Took and Tanzino has already established itself as a low-cost, high-margin mine. Total cash costs for the quarter were $577 per ounce and $668 for the year. Using the World Gold Council standards, ASIC for the quarter was 862 pounds and 972 pounds for the year. For the year, owner mining costs averaged $2.31 per tonne mined, with processing costs at $10 per tonne milled. GMA costs were $7.29 per tonne mils, with Q4 average being lower at $6.62.

Bill: While building mines.

Bill: We are now ready to set a new standard as a top tier operator as well.

Bill: As the new operation in its first full quarter of commercial production.

Bill: <unk> has already established itself as a low cost high margin line.

Bill: Total cash costs for the quarter were 577 per ounce and 668 for the year.

Bill: You see the World Gold Council standards basic for the quarter was 862 hurdles and 972 per ounce for the year.

Bill: Okay.

Bill: For the year on our mining costs averaged $2 31 per ton mined with processing costs at $10 per ton mill.

Louis-Pierre Gignac: G&A costs were $7.29 per tonne milled, with Q4 average being lower at $6.62. As we continue to ramp up to nameplate capacity, we expect our unit G&A cost to decrease given the significant portion of fixed costs. When we step back and compare Tocantinzinho's cost performance to the broader industry, it's clear that we have built a highly competitive asset with strong cash flow potential. On the global cost curve for primary gold mines, Tocantinzinho ranks in the first decile with a Q4 AISC of $862 per ounce, 33% below the global average of $1,285 per ounce. Our strong margins stem from low costs, which directly translate into robust financial performance. Maintaining a peer-leading cost profile is a key strategic objective going forward.

Bill: G&A costs were $7 29 per ton mills with Q4 average lower at $6 62.

Louis-Pierre Gignac: As we continue to ramp up demand plate capacity, we expect our unit G&A cost to decrease given the significant portion of... When we step back and compare Tickens and Zino's cost performance to the broader industry, it's clear that we've built a highly competitive asset with strong cash flow potential. on the Global Cost Curve for Primary Gold Mines. Token Tansino ranks in the first BESOL with a Q4 ASIC of 862 per ounce. 33% below the average, the global average of $12.85 per ounce. Our strong margins stem from low costs, which directly translate into robust financial performance.

Bill: As we continue to ramp up to nameplate capacity, we expect our unit G&A cost to decrease given the significant portion of fixed costs.

Bill: When we step back and compare to continuous cost performance to the broader industry. It's clear that we have built a highly competitive asset with strong cash flow potential.

Bill: On the global cost curve primary gold mines.

Bill: <unk> ranks first decile with a Q4 ASIC of 862 per ounce.

Bill: 33% below the average the global average of $12 85 per ounce.

Bill: Our strong margins stemming from low cost, which directly translated into robust financial performance.

Louis-Pierre Gignac: Maintaining a pure leading cost profile is a key strategic objective going forward.

Bill: Maintaining a pure leading cost profile is of key strategic objectives going forward.

Bill: Yes.

Bill: Yeah.

Louis-Pierre Gignac: Before turning it over to Julie for a comprehensive financial review, I want to take a moment to highlight our health and safety. because it is foundational to everything we do. At TZ, we're proud to report strong safety results for 2024. With 2.5 million hours worked, we are proud to report only one lifetime injury. This translates into industry leading safety record with a lost time injury frequency rate of 0.08. and the total recorded volumetric frequency rate of 0.72. Our performance reflects the team's strong commitment to safe operations as we progress from construction and commissioning into steady state production.

Louis-Pierre Gignac: Before turning it over to Julie for a comprehensive financial review, I want to take a moment to highlight our health and safety performance because it is foundational to everything we do. At TZ, we're proud to report strong safety results for 2024. With 2.5 million hours worked, we are proud to report only 1 lost time injury. This translates into industry-leading safety record with a lost time injury frequency rate of 0.08 and a total recordable injury frequency rate of 0.17. Our performance reflects the team's strong commitment to safe operations as we progress from construction and commissioning into steady state production. A key achievement has been building a strong local workforce. Today, our operations team includes just over 1,000 employees and contractors, with 67% of employees coming from local communities.

Speaker Change: Before turning it over to Julie for a comprehensive financial review I want to take a moment to highlight our health and safety performance.

Bill: Because it is foundational to everything we do.

Speaker Change: At <unk>, we're proud to report strong safety results for 2024 with $2 5 million hours worked we are proud to report only one lost time injury.

Speaker Change: This translates into industry, leading safety record with the lost time injury frequency rate to zero point zero waves.

Speaker Change: And the total recordable injury frequency rate sharply.

Speaker Change: Our performance reflects the.

Speaker Change: Strong commitment to safe operations as we progressed from construction to machine into steady state production.

Louis-Pierre Gignac: A key achievement has been building a strong local work Today our operations team includes just over 1,000 employees and contractors, with 67% of employees coming from local communities. As a new producer, we are aligning our practices with leading international standards, including towards sustainable mining, the global industry standards on tailings management, and the cyanide code. Beyond operational excellence, we remain committed to the well-being of our people and host communities.

Speaker Change: A key achievement has been building a strong local workforce today. Our operations team includes just over 1000 employees and contractors with 67% of employees coming from local producers.

Louis-Pierre Gignac: As a new producer, we are aligning our practices with leading international standards, including Towards Sustainable Mining, the Global Industry Standard on Tailings Management, and the Cyanide Code. Beyond operational excellence, we remain committed to the well-being of our people and host communities. Our support for local initiatives is aligned with the UN Sustainable Development Goals, reinforcing our long-term commitment to responsible mining. With that, I'll hand the call over to Julie to walk you through our financial results for the quarter and the year.

Speaker Change: As the new producer, we are aligning our practices with leading international centers, including towards sustainable mining the global industry standard on tailings management and the cyanide code.

Speaker Change: Beyond operational excellence, we remain committed to the wellbeing of our people and host communities.

Louis-Pierre Gignac: Our support for local initiatives is aligned with UN Sustainable Development Goals, reinforcing our long-term commitment to responsible mining.

Speaker Change: Our support for local initiatives is aligned with the UN sustainable development goals reinforcing our long term commitment to responsible mining.

Speaker Change: Okay.

Julie Loeffler: With that, I'll hand the call over to Julie to walk you through our financial results for the quarter and the year. Thank you and be proud. In 2024, we generated $145 million in revenue from 57,082 ounces of gold sold at an average realized price of $2,545 per ounce. Q4 being the first full quarter in commercial production, was responsible for 70% of the 2024 total revenue, totaling $102 million from 39,938 ounces of gold sold. Operational success drove robust financial performance with adjusted EBITDA of $100 million for the year and $78 million for the quarter. Adjusted net income totals $71 million for the year and $58 million for the quarter.

Speaker Change: With that I'll hand.

Speaker Change: The call over to Julie to walk you through our financial results for the quarter and the year.

Julie Lafleur: Thank you, LP. In 2024, we generated $145 million in revenue from 57,082 ounces of gold sold at an average realized price of $2,545 per ounce. Q4, being the first full quarter in commercial production, was responsible for 70% of the 2024 total revenue, totaling $102 million from 39,938 ounces of gold sold. Operational success drove robust financial performance with adjusted EBITDA of $100 million for the year and $78 million for the quarter. Adjusted net income totaled $71 million for the year and $58 million for the quarter. Per share metrics are not very meaningful at this time due to the large variance in the basic weighted average share outstanding for the year and the quarter as a result of the corporate transaction with Reunion Gold. Free cash flow for the quarter totaled $53 million.

Julie: Thank you Luca.

Julie: In 2024, and we generated $145 million in revenue from 57082 ounces of gold at an average realized price.

Julie: 2000.

Julie: $545 per ounce.

Julie: Q4, being the first full quarter in commercial production.

Julie: Ansible for 17% of the 2024 in total revenue.

Julie: $102 million from 39938 ounces of gold sold.

Julie: Open rational success drove robust financial performance.

Julie: Adjusted EBITDA of $100 million for the year.

Julie: Seven 8 million for the quarter.

Julie: Adjusted net income totaled $71 million for the year and $58 million for the quarter.

Julie Loeffler: Per share matrix are not very meaningful at this time due to the large variance in the basic weighted average share outstanding for the year and the quarter as a result of the corporate transaction with Green and Gold. Free cash flow for the quarter totals $53 million.

Julie: Per share metrics are not very meaningful at this time due to the large variance and the basic weighted average shares outstanding for the year and the quarter as a result of the corporate transaction.

Julie: And goals.

Julie: Free cash flow for the quarter totaled $53 million.

Julie: Okay.

Julie Loeffler: to continue. fourth quarter ramp-up significance and end our cash generation with operating activities before change in working capital, contributing $73 million. As expected, during any ramp-up phase, working capital increased due to inventory build-up and supplier payments, resulting in a $30 million outflow in Q3. For the full year, operating activities generated $28 million reflecting robust production performance alongside the working capital requirements associated with commissioning and ramp-up.

Julie Lafleur: Tocantinzinho's Q4 ramp-up significantly enhanced our cash generation with operating activities before change in working capital, contributing $73 million. As expected, during any ramp-up phase, working capital increased due to inventory build-up and supplier payments, resulting in a $30 million outflow in Q4. For the full year, operating activities generated $28 million, reflecting robust production performance alongside the working capital requirements associated with commissioning and ramp-up. Total expenditures for the year amounted to $120 million, primarily directed towards the development of Tocantinzinho. These investments were fully funded through $190 million in financing inflows, including debt drawdowns, equity issuance related to the Reunion transaction, and proceeds from warrant exercise. After accounting for minor foreign exchange impact, we closed 2024 with a net cash increase of $89 million, ending the year with $141 million in cash on the balance sheet.

Julie: No.

Julie: Third quarter ramp up significantly enhance our cash generation with operating activities.

Julie: Foreign change in working capital contributing $73 million.

Julie: As expected doing any ramp up phase working capital increased.

Julie: Due to inventory buildup and supplier payments, resulting in a $30 million outflow.

Julie: Sure.

Julie: For the full year operating activities generated $28 million, reflecting robust production performance alongside the working capital requirements associated with commissioning and ramp up.

Julie Loeffler: Total expenditures for the year amounted to $120 million primarily directed towards the development of Stoke-on-Trent University. These investments were fully funded through $190 million in financing inflows, including debt drawdowns, equity issuance related to the reunion transaction, and proceeds from warrant exercise. After accounting for minor foreign exchange impacts, we closed 2024 with a net cash increase of $89 million, ending the year with $141 million in cash on the balance. This strong liquidity position provides the flexibility to support TZ's ramp-up to nameplate capacity, the development of OCOS and ongoing exploration across our asset portfolio, all while maintaining financial discipline and balance sheet health and allows a prudent approach to capital allocation.

Julie: Total expenditures for the year amounted to $120 million to mildly starting towards the development of the contingency.

Julie: These investments were fully funded.

Julie: $190 million in financing inflows, including debt drawdown equity issuance related to the Iranian transaction and proceeds from warrant exercises.

Julie: After accounting for minor foreign exchange impact, we close 2024 with a net cash increase of $89 million.

Julie: Thank you.

$141 million in cash on the balance sheet.

Julie Lafleur: This strong liquidity position provides the flexibility to support TZ's ramp-up to nameplate capacity, the development of Oko West, and ongoing exploration across our asset portfolio, all while maintaining financial discipline and balance sheet health and allows a prudent approach to capital allocation. With Tocantinzinho now generating strong free cash flow, GMIN is well positioned to self-fund the next phase of growth at Oko West, mitigating dilution risk and reinforcing our disciplined approach to capital allocation. To calculate free cash flow, we start with cash flow generated from operating activities, then deduct sustaining capital expenditures and add back investment in long-term inventories. These long-term inventory investments represent stockpiles mined during the period but scheduled for processing more than 12 months later. Free cash flow for the Q totaled $53 million.

Julie: This strong liquidity position provides the flexibility to support te's ramp up to nameplate capacity.

Julie: Okay, Wes and overall ongoing exploration across our asset portfolio.

Julie: All while maintaining financial discipline and balance sheet, Elk and allows a prudent approach to capital allocation.

Julie Loeffler: With Tocantinzinho now generating strong free cash flow, GMIN is well positioned to self-fund the next phase of growth at Okawesk, mitigating dilution risk and reinforcing our disciplined approach to capital allocation. To calculate free cash flow, we start with cash flow generated from operating activities, then deduct sustaining capital expenditures and add back investment in long-term investment. These long-term inventory investments represent stockpiles mined during the period but scheduled for processing more than 12 months later. Free cash flow for the quarter totals $53 million. Factoring in the initial investment in working capital required for the ramp-up period. full year free cash flow is reduced to $35 million.

Julie: Okay. Thank you.

Julie: Generating strong free cash flow.

Julie: <unk> is well positioned to self fund the next phase of growth at <unk> with mitigating dilution risk.

Julie: Enforcing our disciplined approach to capital allocation.

Julie: To calculate free cash flow, we start with cash flow generated from operating activities.

Julie: Then deduct sustaining capital expenditures and adds back investment in long term investor.

Julie: These long term inventory investment represents stockpile mine during the period, but scheduled for processing more than 12 months later.

Julie: Free cash flow for the quarter totaled $53 million.

Julie Lafleur: Factoring in the initial investment in working capital required for the ramp-up period, full-year free cash flow is reduced to $35 million. This waterfall illustrates the bridge between the $53 million of free cash flow generated in Q4 and the resulting $37 million change in the cash balance. We began Q4 with $105 million in cash, and over the quarter we generate $53 million in free cash flow, increasing our cash balance to $158 million. $36 million was reinvested into the business, including $17 million in long-term inventories and $19 million in non-sustaining capital. Net financing inflows of $13 million, driven largely by $16 million in warrant proceeds, partially offset the investment. Finally, a $6 million favorable foreign exchange adjustment brought our closing cash balance to $141 million. This cash position underscores GMIN's successful transition from a development stage company to a self-sustaining gold producer.

Julie: Factoring in the initial investment in the working capital required for the ramp up period.

Julie: Full year free cash flow is reduced to 35.

Julie Loeffler: This waterfall illustrates the bridge between the $53 million of free cash flow generated in Q4 and the resulting $37 million change in the cash balance. We began Q4 with $105 million in cash and over the quarter we generate $53 million in free cash flow, increasing our cash balance to $158 million. $36 million was reinvested into the business, including $17 million in long-term inventories and $19 million in non-sustaining capital. Net financing inflows of $13 million, driven largely by $15 million in warrant proceeds, partially offset the investment. Finally, a $6 million favorable foreign exchange adjustment brought our closing cash balance to $141 million.

Julie: This waterfall illustrates the bridge between the $53 million.

Julie: Cash flow generated in Q4, and the resulting $37 million change in the cash balance.

We began in Q4 with $105 million in cash and over the quarter, we generated $53 million in free cash flow, increasing our cash balance.

Julie: $168 million.

Julie: $36 million was reinvested into the business, including $17 million and long term inventory and $19 million in non sustaining capital.

Julie: Net financing inflows of $13 million, driven largely by $16 million in warrant proceeds partially offset investment.

Julie: Finally at 6 million favorable foreign exchange adjustments, our closing cash balance to 141 million.

Julie Loeffler: This cash position underscores GMIN's successful transition from a development-stage company to a self-sustaining goal producer. Our ability to fund the next phase of growth largely through free cash flow reflects the prudent financial management that will continue to guide our decisions as we scale. Our strong capital structure and solid balance sheet provide the flexibility to support disciplined growth in the years ahead.

Julie: This cash position underscores gm's successful transition from a development stage company to a self sustaining gold producer.

Julie Lafleur: Our ability to fund the next phase of growth largely through free cash flow reflects the prudent financial management that will continue to guide our decisions as we scale. Our strong capital structure and solid balance sheet provide the flexibility to support disciplined growth in the years ahead. With that, I'll turn it over to L.P. for a deeper dive into our operations as well as our 2025 catalysts and outlook.

Julie: Our ability to fund the next phase of growth largely to free cash flow reflects the prudent financial management that will continue to guide our decisions.

Julie: Bill.

Julie: Our strong capital structure and solid balance sheet provides the flexibility to support the sustained growth in the years ahead.

Rui-Quiara: With that, I'll turn it over to Rui-Quiara for a deeper dive into our operations, as well as our 2025 catalysts and outputs. Thank you, Julie. 2024 was marked by many significant achievements, and 2025 is shaping up to be another dynamic year as we lay the foundation of our next phase of growth amid a very strong gold price environment. Starting with 2025 guidance for Telcontenzino, we expect to produce between 175 and 200,000 ounces of gold. with 56% of output weighed towards the second half of the year when we expect to access higher grade material from deeper benches alongside the plant reaching full capacity.

Julie: With that.

Michelle: I'll turn it over to Michelle for.

Michelle: For a deeper dive into our operations as well as our 2025 catalyst and outsource.

Michelle: Okay.

Louis-Pierre Gignac: Thank you, Julie. 2024 was marked by many significant achievements. 2025 is shaping up to be another dynamic year as we lay the foundation of our next phase of growth amid a very strong gold price environment. Starting with 2025 guidance for Tocantinzinho, we expect to produce between 175,000 and 200,000 ounces of gold this year, with 56% of output weighted towards the second half of the year when we expect to access higher-grade material from deeper benches alongside the plant reaching full capacity. Total cash costs are guided between USD 590 to 655 per ounce sold, with site-level AISC ranging from USD 903 to 1,033 per ounce. On a consolidated basis, including corporate G&A, AISC is expected to range between USD 995 to 1,125 per ounce, positioning GMIN as a low-cost producer with strong leverage to higher gold prices and a clear path to funding growth.

Julie: Thank you Julie.

Julie: 2024 was marked by many significant achievements in 2025 is shaping up to be another dynamic year as related foundation of our next phase of growth amid a very strong gold price environment.

Julie: Starting with 2025 guidance for Turkey.

Julie: We expect to produce between 175 and 200000 ounces of gold this year with 56% of output weighted towards the second half of the year. When we expect to access higher grade material from deeper benches alongside of the plant reaches full capacity.

Rui-Quiara: Total cash costs are guided between $590 and $655 per ounce sold, with site-level ASIC ranging from $903 to $1033 per ounce. On a consolidated basis including corporate GNA, ASIC is expected to range between 995 to 1125 per hour. Positioning GMIN as a low-cost producer with strong leverage to higher gold prices and a clear path to funding growth. In anticipation of making a full construction decision on Oka West in the second half of the year, we've budgeted $200 to $240 million this year to advance the project, mainly focused on early works activities and long lead item orders.

Julie: Total cash costs are guided between 590 and 655 per ounce sold.

Julie: With site level ASIC, ranging from 903 to 1032 per ounce.

Julie: On a consolidated basis, including corporate G&A is expected to range between 995 to 11 25 per ounce.

Julien: Julien as a low cost producer with strong leverage to hardware prices and a clear path to fund new growth.

Louis-Pierre Gignac: In anticipation of making a full construction decision on Oko West in H2 of the year, we've budgeted $200 to $240 million this year to advance the project, mainly focused on early works activities and long lead item orders. Sustaining capital is budgeted at $60 to $70 million, which includes waste stripping, additional mining equipment, and near mine exploration. The purchase of additional mining equipment was always part of the plan, allowing us to make a final ramp-up of the mining rates. Regional exploration will take on a greater focus this year, where we've planned roughly $20 million across our 3 projects, which I'll touch on in more detail. The Oko West project in Guyana is clearly our next growth engine that will allow GMIN's production profile to reach a half a million ounces.

Julien: In anticipation of making a full construction decision on local west in the second half of the year.

Julien: Budgeted $200 million to $240 million this year to advance the projects mainly focused on early works activities on long lead items in quarters.

Rui-Quiara: Facility capital is budgeted at $60 to $70 million, which includes waste stripping, additional mining equipment, and near-mine exploration. The purchase of additional mining equipment was always part of the plan, allowing us to make a final ramp-up of the mining. Regional exploration will take on a greater focus this year where we've planned roughly $20 million across our three projects, which I'll touch on in more detail. The Elko Web project in Guyana is clearly our next growth engine that will allow GMIN's production profile to reach a half a million ounces. The September 2024 P.A. confirmed a strong project's economics with average annual gold production of 353,000 ounces over 13 years at ASIC of 986 per ounce.

Julien: Sustaining capital is budgeted at $60 million to $70 million, which includes waste dripping additional mining equipment and near mine exploration.

Julien: The purchase of additional mining equipment was always part of the plan, allowing us to make a final wrap up of the mining rates.

Julien: Okay.

Regional exploration will take on a greater focus this year.

Julien: Where we are as planned roughly $20 million across our three projects, which I'll touch on in more detail.

Julien: Okay.

Julien: The <unk> project in Guyana is clearly our next growth engine that will allow Aegean production profile to reach a 5 million ounces.

Louis-Pierre Gignac: The September 2024 PEA confirmed a strong project's economics with average annual gold production of 353,000 ounces over 13 years at AISC of $986 per ounce. Oko West is expected to generate an after-tax NPV of $2.5 billion and a 31% IRR at $2,500 gold. Feasibility study we are currently working on remains on track for completion in April, which we will also present an updated mineral resource and a maiden mineral reserve for the project. With an interim environmental permit in hand, we've already initiated early works construction, which is progressing nicely. We are targeting to complete the barge landing, access road upgrades, permanent camp facility, and construction support infrastructure, allowing us to ramp up the workforce during the course of the year. Our goal is to substantially complete all of this by year-end.

Julien: The September 2024.

Julien: The strong project economics with average annual gold production of 253000 ounces over 13 years at <unk> of 986 per ounce.

Rui-Quiara: OCO-West is expected to generate an after-tax NPP5 of $2.5 billion and a 31% IRR at $2,500 gold. The feasibility study we are currently working on remains on track for completion in April, which we will also present an updated mineral resource and a mated mineral reserve for the For more information visit www.fema.gov With an interim environmental permanent in hand, we've already initiated early works construction, which is progressing nicely. We are targeting to complete the barge landing, access road upgrades, permanent camp facility, and construction support infrastructure. Allowing us to ramp up the workforce during the course of the year.

Julien: <unk> is expected to generate an after tax NPV five of $2 5 billion and a 31% IRR at $2500 goal.

Julien: Okay.

Julien: Feasibility study we are currently working on remains on track for completion in April which we will also present, an updated mineral resource and a maiden mineral reserve for the project.

Julien: Yes.

Julien: With an interim environmental permanent in hand, we've already initiated early works construction, which is progressing nicely.

Julien: We are targeting to complete the March landing access road upgrades.

Julien: Permanent count facility and construction support infrastructure.

Julien: Allowing us to ramp up the workforce during the course of the year.

Rui-Quiara: Our goal is to substantially complete all of this by year-end. We're also progressing key permitting milestones with the final ESIA submission and the full environmental permit expected by mid-year. With the feasibility study underpinning a robust project and full environmental permanent in hand, we expect to make an official construction decision in the second half of the year. Our expedited development timeline for OCO-West shares many similarities to Zucca and Tenzino, benefiting from a pro-business government, a predictable permitting process, and supportive community. From publishing a first resource to early works construction in under two years is a statement of the support the company enjoys and will allow Genin to deliver significant economic growth in Guyana.

Julien: Our goal is to substantially complete all of this by year end.

Louis-Pierre Gignac: We're also progressing key permitting milestones with a final ESIA submission and the full environmental permit expected by mid-year. With the feasibility study underpinning a robust project and full environmental permit in hand, we expect to make an official construction decision in H2. Our expedited development timeline for Oko West shares many similarities to Tocantinzinho, benefiting from a pro-business government, a predictable permitting process, and supportive communities. From publishing our first resource to early works construction in under 2 years is a statement of the support the company enjoys and will allow GMIN to deliver significant economic growth in Guyana. This is a timeline that we don't see in North America and makes Guyana a tier 1 jurisdiction. As part of this feasibility study, we are refining our schedule while maintaining an aggressive approach, aiming for first gold production in Q4 2027.

Julien: We're also progressing key permitting milestones was the final ESI a submission and the full environmental permits expected by midyear.

Julien: With the feasibility study underpinning a robust projects and full environmental permit in hand, we expect to make an official construction decision in the second half of the year.

Julien: Okay.

Julien: Our expedited development timeline for <unk> shares many similarities.

Julien: Benefiting from our pro business government.

Julien: Predictable permitting process and supportive communities.

Julien: From publishing our first resource to early works construction and under two years as a statement of the support the company enjoys.

Julien: Allows you then to deliver significant economic growth in Guyana.

Rui-Quiara: This is a timeline we don't see in North America and makes Guyana a Tier 1 jurisdiction. As part of the feasibility study, we are refining our schedule while maintaining an aggressive approach, aiming for first-goal production in the final quarter of 2026. The success of our fast-track strategy will depend on the rapid advancement of detail engineering, ensuring designs are finalized and optimized for seamless execution. Equally critical is the efficient procurement of equipment and materials, allowing us to maintain momentum and keep construction on schedule.

Julien: This is the timeline that we don't see in North America, and makes Guyana, a tier one jurisdiction.

Julien: As part of the feasibility study we are refining our schedule, while maintaining an aggressive approach and for first gold production in the final quarter of 2027.

Louis-Pierre Gignac: The success of our fast track strategy will depend on the rapid advancement of detail engineering, ensuring designs are finalized and optimized for seamless execution. Equally critical is the efficient procurement of equipment and materials, allowing us to maintain momentum and keep construction on schedule. Exploration remains a key driver of our future growth, and we're executing targeted programs across the portfolio. At Tocantinzinho, we've allocated $2 million for extensional drilling of the deposit at depth and along the northwest limb. Our broader exploration strategy in the Tapajós region is designed to create long-term value by finding new deposits close to our existing infrastructure. Our extensive land package covers 688 sq km of underexplored ground with high potential, given the strong geochem anomaly and the regional structure highlighted by geophysics.

Julien: The success of our fast track strategy will depend on the rapid advancement of detail on sharing ensuring designs are finalized and optimized for seamless execution.

Julien: Equally critical efficient procurement of equipment and materials, allowing us to maintain momentum and keep construction on schedule.

Julien: Okay.

Julien: Yeah.

Rui-Quiara: Exploration remains a key driver of us. and we're executing targeted programs across the portfolio. At Perkins & Zinnel, we've allocated $2 million for extensional drilling of the deposit at desk and along the northwest limit. Our broader exploration strategy in the Tapashos region is designed to create long-term value by finding new deposits close to our existing infrastructure. Our extensive land package covers 688 square kilometres of underexplored ground with high potential given the strong geochem anomaly in the regional structure highlighted by geophysics. The focus is on targets within 15 kilometers of the process plant, allowing for easy integration into the business.

Julien: Exploration remains a key driver of our future growth and were executing targeted programs across the portfolio.

Julien: That circumstance, but located 2 million extensional drilling of the deposit at depth and along the northwest.

Julien: Our broader exploration strategy in the toughest most region is designed to create long term value by finding new deposits close to our existing infrastructure.

Julien: Our extensive land package covers 688 square kilometers under explored ground with high potential given the strong NGL, Kevin only and the regional structure highlighted by geophysics.

Louis-Pierre Gignac: The focus is on targets within 15km of the process plant, allowing for easy integration into the business plan. In the near term, drilling is concentrated within permitted areas and within 5km of the plant. Any new mineralization discovered would create flexibility, allowing us to optimize the life of mine plan, displace lower grade material, and ultimately enhance project's economics. Notwithstanding last year's significant drilling campaigns at Oko West, primarily focused on infill drilling to support the feasibility study, there remains numerous areas to be explored and follow-up drilling still required. To drive resource growth, we have allocated $8 million to an extensive drilling program. This initiative aims to expand the current pit, extend underground potential in blocks 5 and 6, identify additional near-surface satellite, and test greenfield targets across the broader land package.

Julien: The focus is on targets within 16 kilometers of the process plant, allowing for easy integration into the business plan.

Rui-Quiara: In the near term, drilling is concentrated within permitted areas and within five kilometers of the plant. Any new mineralization discovered would create flexibility in allowing us to optimize the life of a mine plant, displace lower-grade material, and ultimately enhance project economics. Notwithstanding last year's significant drilling campaigns at Ocoa West, primarily focused on infill drilling to support the feasibility study, there remains numerous areas to be explored and follow-up drilling still required. To drive resource growth, we have allocated $8 million to an extensive drilling program. This initiative aims to expand the current pit, extend underground potential in Blocks 5 and 6.

Julien: In the near term.

Julien: Julian is concentrated within permitted areas and within five kilometers of the plant.

Julien: The new mineralization discovered would create flexibility, allowing us to optimize the life of mine plan.

Julien: Displace lower grade material and ultimately enhance project economics.

Julien: Notwithstanding last year's significant drilling campaign federal costs, primarily focused on infill drilling to support the feasibility study there.

Julien: It remains numerous areas to be explored and follow up drilling still required.

Julien: To drive resource growth, we have allocated $8 million to an extensive drilling program.

Julien: This initiative aims to expand the current pit extend underground potential in block five and six identified additional near surface saprolite untested greenfield targets across the broader land package.

Rui-Quiara: Identify additional near-surface saprolyte and test greenfield targets across the broader land package.

Rui-Quiara: Our objective is clear. Increase scale, extend mine life, and position Okawesk for the long-term growth and future optimization beyond the feasibility. Edgar Rupi's historical work on the project has outlined an estimated 1. million ounces of measured and indicated resources. along with an additional 0.8 million ounces in the inferred category.

Louis-Pierre Gignac: Our objective is clear: increase scale, extend mine life, and position Oko West for the long-term growth and future optimization beyond the feasibility study. At Gurupi, historical work on the project has outlined an estimated 1 point million ounces of measured and indicated resources, along with an additional 0.8 million ounces in the inferred category. Our goal is to relaunch exploration with a targeted 2 to 4 million program focused on data compilation and interpretation while fostering strong constructive relationships with all our stakeholders to lay a solid foundation for future development. Leveraging AI-driven relogging of 150,000m of historical drill core, 720km of high-resolution airborne LiDAR surveys, and targeted soil sampling, we're refining and prioritizing our targets. By enhancing our understanding of this 80-km greenstone belt, we will be well-positioned to launch drill campaigns and that resource expansion.

Julien: Our objective is clear increased scale extend mine life and position <unk> for the long term growth and future optimization beyond the feasibility study.

Julien: At Google fees historical work on the project as outlined an estimated 1 million ounces of measured and indicated resources along with an additional 0.8 million ounces in the inferred category.

Rui-Quiara: Our goal is to relaunch exploration with a targeted $2 to $4 million program focused on data compilation and interpretation, while fostering strong constructive relationships with all our stakeholders to lay a solid foundation for future development. Leveraging AI-driven relogging of 150,000 meters to this charcoal drill. 720 km high-resolution airborne LiDAR surveys, and targeted soil sampling. We're refining and prioritizing our targets. By enhancing our understanding of this 80-kilometer greenstone belt, we will be well positioned to launch drill campaigns aimed at resource expansion.

Julien: Our goal is to relaunch exploration was the targeted 2% to 4 million program focused on data compilation and interpretation.

Julien: Foster a strong construction constructive relationships with all our stakeholders to lay a solid foundation for future development.

Julien: Leveraging AI driven re logging of 150000 meters of historical drove four 720 kilometers high resolution airborne Lidar surveys and targeted soil sampling.

Julien: Refining and prioritizing our charges.

Julien: By enhancing our understanding of this 80 kilometer greenstone belts, we will be well positioned to launch drop campaigns aimed at resource expansion.

Rui-Quiara: I'd like to conclude by outlining our priorities and catalysts for 2025. A year focused on scaling our growth and continuing to deliver value for shareholders. In 2024, we proved we could execute. We brought Turconsoncino into production and validated our buy-build-operate model. Now, 2025 is about building on that success, generating strong cash flows from TZ, while advancing Elko West and unlocking the future growth I grew. At Circadenzino, we're focused on reaching in-plate capacity by the second quarter and optimizing costs and recovery. In the second half, we expect production to benefit from higher-grade ore, driving stronger margins.

Louis-Pierre Gignac: I'd like to conclude by outlining our priorities and catalysts for 2025, a year focused on scaling our growth and continuing to deliver value for shareholders. In 2024, we proved we could execute. We brought Tocantinzinho into production and validated our buy, build, operate model. Now, 2025 is about building on that success, generating strong cash flow from TZ while advancing Oko West and unlocking the future growth at Gurupi. At Tocantinzinho, we're focused on reaching input capacity by Q2 and optimizing costs and recoveries. In H2, we expect production to benefit from higher-grade ore, driving stronger margins. Importantly, TZ is expected to generate meaningful cash flow this year, supporting growth without sacrificing our balance sheet. Oko West remains our next major growth engine. We're advancing the feasibility study, targeting completion in April, while progressing permitting with final ESIA submission and full environmental approval expected mid-year.

Julien: I would like to conclude by outlining our priorities and catalysts for 2025.

Julien: You are focused on scaling our growth we continue to deliver value for shareholders.

Julien: Okay.

In 2024, we proved we could execute.

Julien: When you brought <unk> into production invalidated or buy build operate model.

Julien: Now 2025 is about building on that success generating strong cash flow from TV.

Vincent: And Vincent <unk>, who are key to future growth.

Julien: Okay.

Julien: We're focused on reaching nameplate capacity by the second quarter and optimizing costs and recoveries.

Julien: In the second half, we expect production to benefit from higher grade ore driving stronger margins.

Rui-Quiara: Importantly, TVA is expected to generate meaningful cash flow this year, supporting growth without sacrificing our balance sheet. OCO-S remains our next major growth engine. We're advancing the feasibility study, targeting completion in April, while progressing permitting with final ESIA submission and full environmental approval expected mid-year. Early works construction is already underway to accelerate infrastructure development ahead of full build decision in the second half of the year. At Groovy, the large and highly prospective land package adds strategic depth to our pipeline and positions us well for long-term growth. With strong operating cash flow, exploration will take center stage as a key value driver.

Julien: Importantly, <unk> is expected to generate meaningful cash flow this year supporting growth without sacrificing our balance sheet.

Julien: <unk> remains our next major growth engine, we're advancing the feasibility study targeting completion in April while at <unk>.

Julien: Progressing permitting with final ESI, a submission and full environmental approval expected mid year.

Louis-Pierre Gignac: Early works construction is already underway to accelerate infrastructure development ahead of full build decision in the second half of the year. At Gurupi, the large and highly prospective land package adds strategic depth to our pipeline and positions us well for long-term growth. With strong operating cash flow, exploration will take center stage as a key value driver. We're committing a substantial $20 million to unlocking the potential of our extensive and highly prospective land packages across our three projects. With production ramping up, strong free cash flow, and Oko West advancing, we see a clear path to re-rating as we shift from a developer multiple to a valuation reflective of a cash-generating producer. With strong gold market fundamentals as a backdrop, GMIN is well positioned to deliver low-cost, sustainable growth and create lasting value for shareholders.

Julien: Early works construction is already underway to accelerate infrastructure development.

Julien: A full board decision in the second half of the year.

Julien: A groupie the large and highly prospective land package add strategic depth to our pipeline positions us well for long term growth.

Julien: With strong operating cash flow exploration will take center stage as a key value driver.

Rui-Quiara: We are committing a substantial $20 million to unlocking the potential of our extensive and highly prospective land packages across our three projects. With production ramping up, strong free cash flow, and OCO-S advancing, we see a clear path to rebating as we shift from a developer multiple to a valuation reflective of a cash-generating producer. With strong gold market fundamentals as a backdrop, Ximin is well-positioned to deliver low-cost, sustainable growth and create lasting value for shareholders.

Julien: We're committing a substantial 20 million to unlocking the potential of our extensive and highly prospective land packages across our three projects.

Julien: Okay.

Julien: With production ramping up strong free cash flow and local west and Betsy, we see a clear path to rebating as we shift from a developer multiple two evaluation reflective of our cash generating producers.

Julien: With strong gold market fundamentals as a backdrop shimon is well positioned to deliver low cost sustainable growth and create lasting value for shareholders.

Rui-Quiara: Lastly, I want to express my gratitude for the hard work and dedication of all our GMIN employees and for being an integral part of the GMIN journey.

Louis-Pierre Gignac: Lastly, I want to express my gratitude for the hard work and dedication of all our G Mining employees and for being an integral part of the G Mining journey. With that, Jessie, I'll turn the call back to you to begin the Q&A.

Julien: Lastly, I want to express my gratitude for the hard work and dedication of all our gene and employees and for being an integral part of the gene that journey.

Jessie Luernstein: With that, Jesse, I'll turn the call back to you to begin the Q&A.

Julien: With that Jesse I'll turn the call back to you to begin the Q&A.

Operator: Before we open the floor for questions, a quick reminder. Phone participants can dial star 1 to ask a question and webcast viewers can continue submitting their questions. via the Q&A function.

David Brown: Before we open the floor for questions, a quick reminder. Phone participants can dial star one to ask a question, and webcast viewers can continue submitting their questions via the Q&A function. Our first question comes from Michael Siperco from RBC Capital Markets.

Speaker Change: Before we open the floor for questions a quick reminder.

Julien: Phone participants can dial star one.

Julien: To ask a question and webcast viewers can continue submitting their questions via the Q&A function.

Michael Superko: Our first question comes from Michael Superko from RBC Capital Markets. Yeah, thanks very much for taking my question. If I could ask a couple briefly. On TV, you acquired the project with gold roughly 40% lower versus spot. How sensitive is exploration potential and resource growth there to metal prices? And could prices over 3,000 an ounce change your longer term thinking on the mind the exploration spend? Is there a potential expansion scenario? Have you been looking at that at this point? Or still too early?

Michael: Our first question comes from Michael <unk>.

Michael: <unk> from RBC capital markets.

Michael: Yes, thanks very much for taking my question.

Michael Siperco: Yeah. Thanks very much for taking my question. If I could ask a couple briefly. On TZ, you acquired the project with gold roughly 40% lower versus spot. How sensitive is exploration potential and the resource growth there to metal prices? Could prices over $3,000 an ounce change your longer-term thinking on the mine, the exploration spend? Is there a potential expansion scenario? Have you been looking at that at this point or still too early?

Speaker Change: If I could ask a couple briefly.

Speaker Change: The new acquired the project with the goal of roughly 40% lower versus spot.

Speaker Change: Sensitive as exploration potential on the resource growth there too to metal prices and the prices over 3000 announced change your longer term thinking on the mine. The exploration spend is there a potential expansion scenario have you been looking at that at this point or it's still too early.

Louis-Pierre Gignac: Thanks for your question Mike. To be honest, when you look at our resource, we essentially pull in most of the resource into a reserve. So, that's why we're very keen to be ramping up exploration at this stage, and as we pointed out, some of the regional exploration is going to take center stage now that we're generating cash flow. But the near mine exploration that we're going to be doing is finding extensions to the existing TZ deposit, some of which we hit with some of our drilling last year. For example, the northwest limb at TZ. Currently, we do expect that with exploration we'll be able to grow the resource.

Speaker Change: Thanks for your question Mike.

Louis-Pierre Gignac: Thanks for your question, Mike. Yeah, to be honest, when you look at our resource, we essentially pull in most of the resource into a reserve. That's why we're very keen to be ramping up exploration at this stage, and as we pointed out, some of the regional exploration is going to take center stage now that we're generating cash flow. The near mine exploration that we're going to be doing is finding extensions to the existing TZ deposit, some of which we hit with some of our drilling last year on, for example, the northwest limb at TZ. Currently, yeah, we do expect that with exploration, we'll be able to grow the resource. To your point, what we've seen so far in mining the deposit is we have encountered more low grade as we mine.

Speaker Change: To be honest when you look at our resource we essentially pull in most of the resource into our reserves.

Speaker Change: So thats why were very keen to be wrapping up exploration at this stage.

Speaker Change: As we pointed out some of the regional exploration.

Speaker Change: It's going to take center stage now that we're generating cash flow.

Speaker Change: But the near mine exploration that we're going to be doing is finding extensions to the existing T Z deposit.

Speaker Change: Some of which we hit.

Speaker Change: With with some of our drilling last year on <unk>.

Speaker Change: That pulled that north west limb.

Speaker Change: At TC. So currently we do expect that with exploration will be able to grow the resource but.

Louis-Pierre Gignac: But to your point, we've seen so far in mining the deposit is we have encountered more low-grade as we mine. That's a lot of the positive reconciliations that we've experienced to date is encountering more low-grade that becomes economic at these gold prices. But yeah, just maybe to finish the question, yeah, we end up stockpiling most of that low grade that will extend the mine life more towards the tail end because we're really focused on feeding the higher grade to the plant.

Speaker Change: To your point.

Speaker Change: We've seen so far in mining the deposit as we have encountered more low grade as we mine.

Louis-Pierre Gignac: That's a lot of the positive reconciliations that we've experienced to date is encountering more low grade that becomes economic, obviously, at these gold prices. Yeah, just maybe to finish the question, yeah, we end up stockpiling most of that low grade that will extend the mine life more towards the tail end, because we're really focused on feeding the higher grade to the plant in the initial years.

Speaker Change: So that's a lot of the positive reconciliation.

Speaker Change: We've experienced to date is encountering more low grade that becomes economic obviously at these gold prices.

Speaker Change: Well, yes.

Speaker Change: Maybe to finish the question Yeah, we ended up stockpiling most of that low grade.

Speaker Change: It will extend the mine life.

Speaker Change: More towards the tail end.

Speaker Change: Because we're really focused on feeding the higher grade to the plant.

Louis-Pierre Gignac: The Initial Economic Impact of the COVID-19 Pandemic Okay. And, I mean, maybe a bit of a segue in a conversation about financial flexibility on the free cash flow from TV and presumably higher spot prices than budget. Can you talk a bit more about how you're thinking about funding OccoWest in that context and what considerations you're taking into account, including potential other growth opportunities and accelerated exploration plan? Yeah, so obviously, as we point out, I mean, we are going to be using a lot of the free cash flow from TZ to finance Okawesk. So, as we get the feasibility finished and the final CAPEX established, we'll be able to firm up our...

Speaker Change: In the initial years.

Speaker Change: Okay.

Michael Siperco: Okay. Maybe a bit of a segue in a conversation about financial flexibility on the free cash flow from TZ and presumably higher spot prices than budget. Can you talk a bit more about how you're thinking about funding Oko West in that context, and what considerations you're taking into account, including potential other growth opportunities and accelerated exploration plans?

Speaker Change: I mean, maybe a bit of a segue.

Speaker Change: And our conversation about it.

Speaker Change: Financial flexibility on the free cash flow from from TV, presumably higher spot prices that budget can you can you talk a bit more about how youre thinking about funding <unk> west in that context.

Speaker Change: While considerations you are taking into account, including potential other growth opportunities in an accelerated exploration plans.

Speaker Change: Yes, so obviously.

Louis-Pierre Gignac: Yeah. Obviously, as we point out, we are going to be using a lot of the free cash flow from TZ to finance Oko West. As we get the feasibility finished and the final CapEx established, we will be able to firm up our funding plans. Essentially, we will be looking at all options, including corporate revolvers, equipment financing, and the high yield debt market seems quite open and interested in mining issuers these days. That is also an option that we will be looking at.

Speaker Change: As we pointed out I mean, we are.

Speaker Change: It's going to be using a lot of the free cash flow from Tuc to finance OCA west.

Speaker Change: So as we get the feasibility finished and the final Capex established.

Speaker Change: We will be able to firm up our.

Louis-Pierre Gignac: Funding Plans, but essentially we'll be looking at all options, including corporate revolvers, McMint financing. and the high-yield debt market seems quite open and interested in mining issuers these days, so that's also an option that will be looked at. But, but I guess. Sorry, go ahead. Yeah, and that's why based on exploration success, we could be increasing our exploration budgets as well. So that's something that we'll monitor over the course of the year. And I would say, like, we were very conservative and. at Gurupi in terms of what we thought we could do out of the gate.

Speaker Change: Funding plans.

But essentially we will be looking at all options, including corporate revolvers.

Financing.

Speaker Change: And the high yield debt market seems quite open.

Speaker Change: Interested in mining issuers. These days. So that's also an option that we'll be looking at.

Michael Siperco: Sorry, go ahead.

Speaker Change: But.

Speaker Change: Uh huh.

Speaker Change: Sorry go ahead.

Louis-Pierre Gignac: Yeah. That's why based on exploration success, we could be increasing our exploration budgets as well. That's something that we'll monitor over the course of the year. I would say, we were very conservative at Gurupi in terms of what we thought we could do out of the gate. We only allocated $2 to 4 million, the discussions we've been having in the State and with local stakeholders are indicating that we'll be able to do a lot more work than we had anticipated. That's where we could see exploration budgets being increased as well.

Speaker Change: Yes.

Speaker Change: That's why I based on exploration success, we could be increasing our our exploration budgets as well.

Speaker Change: So that's something that we'll monitor over the course of the year and I would say like we were very conservative in.

Speaker Change: At <unk> in terms of what we thought we could do out of the gate.

Louis-Pierre Gignac: So we only allocated $2 to $4 million, but the discussions we've been having in the state and with local stakeholders are indicating that we'll be able to do a lot more work than we had anticipated. So that's where we could see expiration budgets being increased as well.

Speaker Change: So, we only allocated $2 million to $4 million, but.

Speaker Change: The discussions we've been having in the state.

Speaker Change: And with local stakeholders are indicating that we'll be able to do a lot more work than we had anticipated.

Speaker Change: So that's where we could see exploration budgets.

Speaker Change: <unk> increased as well.

Speaker Change: Okay.

Louis-Pierre Gignac: Okay, perfect. Thank you. And then maybe one last question for me. I know the feasibility study for AquaWest is coming, but can you maybe refresh us a bit on what the biggest changes could be versus the PEA and what you've been focused on as you advance the study? Yeah, so obviously, we're, we're kind of in the final stages of the feasibility study being pulled together. You know, the thing I would point out is the the PA that we did was very good level of detail. So we're not going to be changing the plant throughput targets that we have.

Michael Siperco: Okay, perfect. Thank you. Then maybe one last question from me. I know the feasibility study for Oko West is coming, but can you maybe refresh us a bit on what the biggest changes could be versus the PEA and what you've been focused on as you advance the study?

Speaker Change: Okay perfect. Thanks. Thank you and then maybe one last question for me I know the feasibility study for our cost is coming but can you maybe refresh us a bit on what the biggest changes could be versus the PGA and what <unk> been focused on as you advance the study.

Louis-Pierre Gignac: Yeah. Obviously we're kind of in the final stages of the feasibility study being pulled together. The thing I would point out is the PEA that we did was very good level of detail. We're not going to be changing the plant throughput targets that we have. The infill drilling that we've done to upgrade the resource was quite successful. The conversion has been very good. We don't see a large impact in terms of the gold production profile that will be coming in the fees. We'll still be around the 350,000 ounce per year average mark. The one adjustment that we see in the feasibility is raising the pit bottom a little bit and leaving that material for the underground to take.

Speaker Change: Yes, so obviously, where we're kind of in the final stages of the feasibility study being pulled together.

Speaker Change: The thing I would point out is the PAA that we did was very good level of detail.

Speaker Change: So we're not going to be changing the plant throughput targets that we have.

Louis-Pierre Gignac: and the infill drilling that we've done to... You know to upgrade the resource was quite successful. So, the conversation has been very good. So, we don�t see a large impact in terms of the goal production profile that will be coming in the fees. So, we will still be around the $3000-$5000 per year average mark. The one adjustment that we see in the feasibility is raising the pit bottom a little bit and leaving that material for the underground to take. So it's more fine-tuning and tweaking in terms of the open pit underground interface that will be built into the fees and obviously significant more detail on everything that's going on.

Speaker Change: And the infill drilling that we've done too.

Speaker Change: To upgrade the resource was quite successful.

Speaker Change: So the conversion has been very good.

Speaker Change: So we don't see a large impact in terms of the gold production profile that will be coming in the fees. So we will still be around the 350000 ounce per year average mark.

Speaker Change: The one adjustment that we see in the feasibility it is raising the pit.

Speaker Change: Bottom, a little bit and leaving that material for the underground to take.

Louis-Pierre Gignac: It's more fine-tuning and tweaking in terms of the open pit underground interface that will be built into the feasibility study, and obviously significant more detail on everything and all the engineering that we're doing. I think what we're doing now is, as we point out, is we're fast-tracking the project. We're advancing early works construction, and a lot of procurement is taking place. The good thing that we're seeing so far in all the procurements that we've done, it's lining up quite well with the PEA. That's what I can put forward at this point.

Speaker Change: So it's more fine tuning and tweaking in terms of the open pit underground interface.

Speaker Change: We will be built into the fees and obviously significant more detail on everything thats.

Louis-Pierre Gignac: and all the engineering that we're doing. I think what we're doing now, as we point out, is we're fast-tracking the project. So we're advancing early works construction and a lot of procurement is taking place. Um, and so the good thing that we're seeing so far and and all the procurement that we've done, it's lining up quite well with the PAH. So that's what I can put forward at this point.

Speaker Change: And all of the engineering that we're doing it.

Speaker Change: I think what we're doing now is as we pointed out as we're fast tracking the project.

Speaker Change: So we're advancing early works construction and a lot of procurement has been.

Speaker Change: Is taking place.

Speaker Change: And so the good thing that we're seeing so far in.

Speaker Change: And all of the procurement that we've done.

Speaker Change: It's lining up quite well with the PGA.

Speaker Change:

Speaker Change: So that's what I can.

Speaker Change: But Florida at this point.

Michael Superko: Perfect. Thank you very much for the answers. I'll pass it on.

Michael Siperco: Perfect. Thank you very much for the answers. I'll pass it on. Thank you.

Speaker Change: Perfect. Thank you very much for the answers I'll pass it on thank you.

Anita Soni: Our next question comes from Anita Soni from CIP.

David Brown: Our next question comes from Anita Soni from CIBC.

Anita Soni: Our next question comes from Anita Soni from CIBC.

Anita Soni: Hi, good morning, Lupe here, and Julie. Thanks for taking my questions. My first question is with respect to the installation of the steel liner. Can you just give us an idea of how long of a shutdown there would be in Q2 when you install that? Yeah, the shutdown to replace the full liner set will be about 96 hours is what we plan for. So when we do that, we typically bring in some specialized external support in that process. So that's being organized as well. And is that going to be at what point in the quarter?

Anita Soni: Hi, good morning, Lupier and Julie. Thanks for taking my questions. My first question is with respect to the installation of the steel liner. Can you just give us an idea of how long of a shutdown there would be in Q2 when you install that?

Anita Soni: Hi, good morning, riparian Julie Thanks for taking my questions. My first question is with respect to the.

Speaker Change: Installation of the steel.

Speaker Change: Still liner.

Speaker Change: Can you just.

Speaker Change: Can you give us an idea of how long of a shut down there would be in Q2, when you install that.

Speaker Change: Yes.

Louis-Pierre Gignac: Yeah. The shutdown to replace the full liner set will be about 96 hours, is what we plan for. When we do that, we typically bring in some specialized external support in that process. That's being organized as well.

Speaker Change: Got down to replace the full liner set it will be about 96 hours is what we planned for.

Speaker Change: So when we do that we typically bring in some specialized external support and that process. So that's being organized as well.

Anita Soni: Okay. At what point in the quarter? Is it earlier in the quarter or later in the quarter that it's going to be installed?

Speaker Change: Okay and is that going to be like at what point in the in the quarter is that earlier in the quarter or later in the quarter that it's gonna be withheld.

Louis-Pierre Gignac: Is it earlier in the quarter or later in the quarter that's going to be installed? Yeah, so we're anticipating receiving all the material in April, so if all goes well and we receive everything on time, it'll likely be during the month of April. And that allows you to get, right now you said it was 90% you achieved of full throughput rates and then what's the ultimate, I mean, sorry, when do you expect to get to the 100% of the nameplate capacity? Yeah, like the expectation is in Q2, where we would be able to ramp up to 100%.

Louis-Pierre Gignac: Yeah. We're anticipating receiving all the material in April. If all goes well and we receive everything on time, it'll likely be during the month of April.

Speaker Change: Yeah. So we're we're anticipating receiving all the material in April.

Speaker Change: So if all goes well.

Speaker Change: We receive everything on time, it'll likely be during the month of April.

Anita Soni: Okay. That allows you to get, right now you said it was 90% you achieved of full throughput rates. What's the ultimate, sorry, when do you expect to get to the 100% of the nameplate capacity?

Speaker Change: Okay and that allows you to get right. Now you said it was 90% you achieved full throughput rates and then what's the ultimate I mean like.

Speaker Change: Alright, let's say when do you expect to get to the 800% of the nameplate capacity.

Louis-Pierre Gignac: Yeah. The expectation is in Q2, where we would be able to ramp up to 100%. That's really to get the plant availability up. As I pointed out, we've seen the plant do about 9% to 10% in excess of nameplate on many consecutive days. That's why we're confident that once we get these small issues resolved, we'll be able to hit nameplate as an average.

Speaker Change: Yeah, I like the expectation is in Q2.

Speaker Change: Where are we with.

Speaker Change: Be able to ramp up to a 100%.

Louis-Pierre Gignac: And that's really to get the plant availability up. And as I pointed out, I mean, we've seen the plant do about 9%, 9 to 10% in excess of nameplates on on many consecutive days. Um, so that's why we're confident that once we get the. get these small issues resolved, we'll be able to hit nameplate as an average. And is that your only bottleneck that you're seeing at this stage, or is there expectations that there might be a few other minor things to look through? Yeah, I mean, that's typically what happens is you always focus on a bottleneck and the next one then becomes a...

Speaker Change: And that's really to to get the plant availability up and.

Speaker Change: And as I pointed it out I mean, we've seen the plant two.

Speaker Change: About 9%, 9% to 10% in excess of nameplate on on many consecutive days.

Speaker Change: So that's why we are confident that once we get.

Speaker Change: Get these small issues resolved, we'll be able to hit nameplate as an average.

Anita Soni: Is that your only bottleneck that you're seeing at this stage, or is there expectations that there might be a few other minor things to look through?

Speaker Change: And is that your only bottleneck that you are seeing at this stage.

Speaker Change: Is there expectation that there might be a few other minor things so electric.

Louis-Pierre Gignac: Yeah. That's typically what happens, is you always focus on a bottleneck and the next one then becomes your next bottleneck to keep ramping up beyond where you're at. Really what we've seen is it's really concentrated in the comminution sector, so crushing and grinding. The rest of the circuit really performs really nicely and very few issues so far. That's really where our focus would be.

Speaker Change: Yeah, I mean, that's typically what happens is you always focus on.

Speaker Change: Any bottleneck in the next one then becomes.

Louis-Pierre Gignac: your next bottleneck to keep ramping up. beyond where you're at. But really what we've seen is it's really concentrated in the comminution sector, so crushing and grinding. The rest of the circuit really performs really nicely and very few issues so far. So that's really what our focus is.

Speaker Change: Your next bottleneck to keep ramping up.

Speaker Change: On where youre at so but really what we've seen is it's really concentrated in combination sector, so crushing and grinding.

Speaker Change: The rest of the circuit really performance really nicely.

Speaker Change: Very few issues so far so that's really what our focus will be.

Julie Loeffler: And then just a small question I guess for Julie. On the mining cost per tonne, I think there's a notation about includes the capitalized portions of the cost. Can you just explain to me like what that means? Like is that also sort of if you take those unit costs, should you be deducting something for some for for capital? If you're trying to get back into the mining costs, sorry, if you're trying to get back into your cash costs. Yeah, if I understand properly, and we're just trying to make sure we understand. So a lot of the major components for the mining fleet, they're built into or they're part of our sustaining CapEx.

Anita Soni: Just a small question, I guess, for Julie. On the mining cost per tons, I think there's a notation about includes the capitalized portions of the cost. Can you just explain to me what that means? If you take those unit costs, should you be deducting something for capital if you're trying to get back into the mining costs? Sorry, if you're trying to back into your cash cost.

Julie: And then just a small question I guess for Julie.

Julie: On the mining cost per ton I think theres a notation about include fee.

Julie: Capitalized.

Julie: Capitalized portions of the call can you just explain to me like what that what that means.

Is that also sort of a few if you take those unit costs should you be deducting something for them for capital.

Julie: If you are trying to get back into the mining costs, sorry, if youre trying to back into your cash cost.

Louis-Pierre Gignac: Yeah. If I understand properly, and we're just trying to make sure we understand. A lot of the major components for the mining fleet, they're built into or they're part of our sustaining CapEx. They're not included in the mining cost per se. They'll be showing up in our sustaining capital.

Julie: Yes, if I, if I understand properly and we're just trying to make sure we understand so a lot of the.

Julie: The major components or the mining fleets. There are they are built into or they are part of our sustaining capex.

Julie Loeffler: So they're not included in the mining costs per se. They'll be showing up in our sustaining capital. Okay, all right.

Julie: So they are not included in the in the mining cost per say there'll be showing up in our in our sustaining capital.

Anita Soni: Okay. All right. Lastly, just I wanted to ask, with respect to exploration, which I think Mike talked about a little bit. Can you just outline the plans at TZ in terms of what you're going to be doing from an exploration standpoint?

Julie: Okay Alright.

Anita Soni: And then lastly, just I wanted to ask with respect to exploration, which I think Mike talked about a little bit.

Julie: Alright, and then lastly, just I wanted to ask.

Julie: With respect to exploration, which I think Mike talked about a little bit.

Louis-Pierre Gignac: Can you just outline the plans at TZ in terms of what you're going to be doing from an exploration standpoint? Sure. Yeah, so What we're focusing on now is within five kilometers of the infrastructure and it's more for accessibility reasons, given that we're in a primary forest, we have permitting as well to do if we start extending beyond the mining concession. So, we're doing drilling within the 5 kilometre range, and we're also going to be completing the soil sampling on one of the Northwest permits in our land package that we received last year. which is on-trend on the main TZ trends.

Julie: Can you just outline the plans at teens, Ed in terms of what youre going to be doing from an exploration standpoint.

Louis-Pierre Gignac: What we're focusing on now is within 5 km of the infrastructure, and it's more for accessibility reasons, given that we're in a primary forest. We have permitting as well to do if we start extending beyond the mining concession. We're doing drilling within the 5 km range. We're also going to be completing the soil sampling on 1 of the northwest permits in our land package that we received last year, which is on trend on the main TZ trends. When you do look at slide 22, you do see 1 big exploration box that didn't get covered by soil geochem, we're going to be completing that this year as well. We have 2 targets currently that we're drilling surrounding the pits. 1, based on success there, we'll continue, and otherwise, we'll be moving on to the next target.

Julie: Yeah. So.

Julie: What we're focusing on now is.

Julie: Within five kilometers of the infrastructure and it's more for accessibility reasons given that we're in a primary for US we have a permitting as well to do if we start extending beyond the mining concession.

Julie: So we're doing.

Julie: Drilling within the 25 kilometers.

Julie: At a range.

Julie: We're also going to be completing the soil sampling on.

Julie: One of the northwest permits and our land package that we received last year.

Julie: Which is on trend on the main that TC trends. So when you do look at slide 22.

Louis-Pierre Gignac: So when you do look at slide 22, you do see one big exploration box that didn't get covered by Soil Geochem, so we're going to be completing that this year as well. But we have two targets currently that we're drilling surrounding the pit. and one, you know, based on success there, we'll continue and otherwise we'll be moving on to the next.

You do see one big exploration box that didn't get covered by soil Geo Chem. So we're going to be completing that this year as well.

Julie: But we have two targets currently that we're drilling surrounding the pits.

Julie: I had one based on success, there will continue and otherwise we'll be moving onto the next targets Oems.

Louis-Pierre Gignac: And is the expectation that that would add to resources this year or would it be able to add to reserves? The $2 million that we're doing of drilling that's near pits, we do expect that positive intercepts there would add to the resource this year. The regional drilling that we're doing is still very greenfield and we'd have to do a lot more drilling to build up our resource, so that's going to be more of a multi-year process.

Anita Soni: Is the expectation that that would add to resources this year, or would it be able to add to reserves this year?

Julie: So we are close to that.

Julie: That would add to resources this year or would it be evercore add to reserves.

Louis-Pierre Gignac: Well, the $2 million that we're doing of drilling that's near pits, we do expect that positive intercepts there would add to the resource this year. The regional drilling that we're due is still very greenfield, and we'd have to do a lot more drilling to build up our resource. That's going to be more of a multi-year process there.

Julie: Well the 2 million that we're doing that's drilling that's near pits, we do expect that.

Julie: Positive intercepts, there what would add to the resource this year.

Julie: The original drilling that would do is still very equipped greenfield and we'd have to do a lot more drilling to buildup of resource. So that's going to be more of a multi year process there.

Anita Soni: Great. Thank you. Congratulations on a solid free cash flow quarter.

Julie: Great. Thank you and congratulations on a solid free cash flow quarter.

Anita Soni: Thank you and congratulations on a solid free cash flow quarter.

Louis-Pierre Gignac: Thank you.

Julie: Thank you.

Rabi Zami: Our next question comes from Rabi Zami from National Beck Financial. Good morning, and congratulations to the team on a strong first quarter. Only three years ago, this was a $200 million market cap, so your trajectory has been very impressive and well done. So on the all-sustaining cost trajectory, the Q4 costs are perhaps a bit lower than the 2025 guidance range. So can you elaborate a little bit on the key drivers of that? And then as you transition into steady state, can you also elaborate on how that's expected to evolve through 2025 in terms of the fleet expansion and what specifically that means for your operations?

David Brown: Our next question comes from Rabi Zalk from National Bank Financial.

Speaker Change: Our next question comes from Rabih <unk> from National Bank financial.

Rabi Zalk: Good morning, and congratulations to the team on a strong Q1. Only 3 years ago, it was a $200 million market cap, so your trajectory has been very impressive, and well done. On the all-in sustaining cost trajectory, the Q4 costs are perhaps a bit lower than the 2025 guidance range. Can you elaborate a little bit on the key drivers of that? As you transition into steady state, can you also elaborate on how that is expected to evolve through 2025, in terms of the fleet expansion and what specifically that means for your operations? Tying that into, is it fair to assume that your quarterly cost range could vary greater than the full year average range that you were providing?

Rabih: Good morning, and congratulations to the team on a strong first quarter only three years ago. So that 200 million market cap. So your trajectory has been very impressive and well done.

Speaker Change: So on the.

Speaker Change: On sustaining cost of equity to Q4 costs, perhaps a bit lower than the 25 Franklin five guidance range. So can you elaborate a little bit on the key drivers of that and then as you study as you transition into steady state.

Speaker Change: Can you also elaborate on how that executive evolve through 2025 Psi in terms of the fleet expansion and what what specifically that means for your operations.

Rabi Zami: And tying that into, is it fair to assume that you're quarterly cost range could vary greater than the full year average range that you were provided.

Speaker Change: And tying that into is it fair to assume that you are.

Speaker Change: Quarterly cost range could vary greater than the full year average range that you provided.

Louis-Pierre Gignac: Yeah, you packed in a few questions in that one, but I'll try and answer it. So, yeah, I would say our 2025 guidance has, you know, some sustaining capital related to mine fleet additions. So that's kind of what's bringing our ASIC higher up in 2025 compared to... 2024 results. And I would say it's a bit of a peak that we see because we expect our ASIC to actually come down. 2026 and subsequent. So yeah, we're adding a shovel, three trucks, additional support equipment. So, there's $20 million of equipment there that's... that's really done to complete the mine fleet.

Louis-Pierre Gignac: Yeah. You've packed in a few questions in that one, but I'll try and answer it. Yeah, I would say our 2025 guidance has some sustaining capital related to mine fleet additions. That's kind of what's bringing our AISC higher up in 2025 compared to our Q4 2024 results. I would say it's a bit of a peak that we see because we expect our AISC to actually come down in 2026 and subsequent years. Yeah, we're adding a shovel, 3 trucks, additional support equipment. There's $20 million of equipment there that's really done to complete the mine fleet. For tailings management, we have 1 pond that receives our tailings from our leach circuit. We're in the process of building the second pond. That really completes all the capacity that we'll need for the life of mine at that point.

Speaker Change: Yes.

Speaker Change: Impacting the two questions in that one, but I'll try and answer it.

Speaker Change: So, yes, I would say our 2025 guidance has some sustaining.

Speaker Change: Sustaining capital related to mine fleet additions.

Speaker Change: So that's that's kind of what's bringing our ASIC higher up.

Speaker Change: In 2025 compared to <unk>.

Speaker Change: Our Q4 2024 results.

Speaker Change: And I would say, it's a bit of a peak that we see because we expect our ASIC to actually come down.

Speaker Change: In 2026 and subsequent years.

Speaker Change: So yes, we're mind, we're adding a shovel and three trucks additional support equipment.

Speaker Change: So there's there's 21.

Speaker Change: One $8 million of equipment there.

Speaker Change: That's really done to complete the mine fleet.

Louis-Pierre Gignac: And for tailings management, we have a... One pond that receives our tailings from our leach circuit. So we're in the process of building the second pond. and that really completes all the capacity that we'll need for the life of mine at that point.

Speaker Change: And for tailings management.

Speaker Change: We have.

Speaker Change: Uh huh.

Speaker Change: <unk> ponds that receives or the tailings from our Leach circuit. So we're in the process of building the second pond.

Speaker Change: And that really completes all of the capacity that we will need for the life of mine at that point so.

Louis-Pierre Gignac: Those were the main drivers and variances in our AISC.

Louis-Pierre Gignac: Yeah, those are the main factors and variances in our. Great, that makes sense.

Speaker Change: Yes, those are the main garrison and variances in our usage.

Rabi Zalk: Great. That makes sense. You already alluded a bit to the nameplate, the plant and the debottlenecking that you are doing. As we approach that nameplate capacity and tying that into the excess low-grade ore that you are encountering as you mine, is there any thought at this stage about pushing that throughput further?

Speaker Change: Great that makes sense and then.

Louis-Pierre Gignac: And then you already you already alluded a bit to the nameplate, the plant and the deep bottlenecking that you're doing, but as we approach that nameplate capacity and time that into the. The excess low-grade ore that you are encountering as you mine, is there any thought at this stage about pushing that throughput further? Um, yeah, I should be honest. I mean, that's that's part of internal studies that we'll be doing this year. So Maybe two factors. One project that we're implementing now is the implementation of an expert control system on our sag mill and flotation circuit.

Speaker Change: You've already you already alluded a bit to the nameplate the plant and the Debottlenecking that youre doing.

Speaker Change: But as we approach that nameplate capacity and time that into the.

Speaker Change: The excess low grade ore that you are encountering has in mind is there any thought at this stage about.

Speaker Change: Pushing that throughput further.

Speaker Change: Yes, it should be.

Louis-Pierre Gignac: Yeah. To be honest, that's part of internal studies that we'll be doing this year. Maybe 2 factors. One project that we're implementing now is the implementation of an expert control system on our SAG mill and flotation circuit. On the SAG mill, that's why we're seeing this ability to push beyond nameplate, and it's working very well. The one on the flotation circuit will be commissioned fully operational a little later in Q2. That's where we could see a little bump in recoveries. The other throughput enhancement project that we'll be looking at is adding a pebble crusher, to help support the SAG mill and push more tonnage. That's an assessment that we're doing now. That wouldn't be a very high CapEx type of project, but give us another bump in throughput. We're assessing that.

Speaker Change: Honestly I mean, that's part of internal studies that we'll be doing this year.

Speaker Change: So.

Speaker Change: Maybe two factors one one project that we're implementing now as the implementation of an expert control system on our Sag mill and flotation circuit.

Louis-Pierre Gignac: So, on the sag mill, that's why we're seeing this ability to push beyond nameplate. and it's working very well. The one on the flotation circuit will be commissioned fully operational a little later in Q2, so that's where we could see a little bump in recoveries. Um, and then the other You know, throughput enhancement project that we'll be looking at is adding a pebble crusher to help support the sag mill and push more tonnage. So, that's an assessment that we're doing now that wouldn't be a very high CapEx. type of project, but. give us another bump in throughput.

Speaker Change: So on the Sag mill, that's why we're seeing this.

Speaker Change: This ability to push beyond nameplate.

Speaker Change: And it's working very well.

Speaker Change: The one on the flotation circuit will be commissioned.

Speaker Change: Fully operational with a later in Q2, so that's where we could see.

Speaker Change: A little bump in recoveries.

Speaker Change: And then the other.

Speaker Change: Throughput enhancement project that we'll be looking at is adding a pebble crusher to help support the Sag mill and pushed more tonnage.

Speaker Change: So that's an assessment that we're doing now that wouldn't be a very high capex.

Speaker Change: Type of project, but.

Speaker Change: Give us another bump in throughput.

Louis-Pierre Gignac: So we're assessing that.

Speaker Change: And so we're assessing that.

Rabi Zami: Thank you very much for taking my questions and congratulations again. Thank you.

Rabi Zalk: Good. Thank you very much for taking my questions and congratulations again.

Speaker Change: Okay. Thank you very much for taking my questions.

Speaker Change: Congratulations again.

Louis-Pierre Gignac: Thank you.

Speaker Change: Thank you.

Nick Chook: Our next question comes from Andrew.

David Brown: Our next question comes from Andrew Mikitchook from BMO Capital Markets.

Speaker Change: Our next question comes from Andrew <unk>.

Nick Chook: Nick Chook from BMO Capital Markets. Hi, LP. Great level of detail in the presentation and the questions so far. Just a couple of quick follow ups. The construction at Ocoe West, How does the concept or timeline of... basic in detail engineering fit in with what's going on on site in this, you know, long lead time ordering that's ongoing now that you've already talked about. Yeah, no, that's that's a good question. So when we show our timeline. The reason we show Detail Engineering overlapping with Feasibility Studies is actually for that. So we have Detail Engineering. We're issuing drawings for construction, issued per construction, as we're wrapping up the fees.

Speaker Change: Mixture from BMO capital markets.

Andrew Mikitchook: Hi, LP. Great level of detail in the presentation and the questions so far. Just a couple of quick follow-ups. The construction at Oko West, how does the concept or timeline of basic and detailed engineering fit in with what's going on onsite and this long lead time ordering that's ongoing now that you've already talked about?

Speaker Change: Great.

Speaker Change: Great level of detail on the.

Speaker Change: Presentation.

Speaker Change: And the question so far just a couple of quick follow ups.

Speaker Change: The construction at <unk> West.

Speaker Change: How does the concept or timeline of.

Speaker Change: Basic and detailed engineering fit in with what's going on on site in this.

Speaker Change: Long lead time ordering that's ongoing now that you've already talked about.

Louis-Pierre Gignac: Yeah, no, that's a good question. When we show our timeline, the reason we show detailed engineering overlapping with feasibility study is actually for that. We have detailed engineering and we're issuing drawings for construction, issued for construction as we're wrapping up the feas. There's a bit of a parallel stream there on the engineering side. Really our lessons learned from TZ is, if we can advance procurement, that gives us the best chances to delivering the project on time. We have about, I would say, about $150 million of either purchase orders or letters of intent issued, that are going towards the permanent camp, mobile equipment for the open pit fleet, construction equipment, our marine equipment. We're buying a tug and barge. That's all work streams that we have ongoing that are aimed to advance the project and fast-track it.

Speaker Change: Yeah No. That's that's a good question so when we show our timeline.

Speaker Change: The reason, we show detail engineering overlapping with feasibility study is actually.

Speaker Change: Or that so we have detail engineering.

Speaker Change: We're issuing drawings for construction issue for construction as we're wrapping up the fees.

Louis-Pierre Gignac: So there's a bit of a parallel stream there on the engineering side. And really the, you know, our lessons learned from TZ is. You know, if we can advance procurement, that gives us the best chances to delivering the project on time. So we have about, I would say about 150 million of either purchase orders or letters of intent issued. that are going towards like the permanent camp, mobile equipment for the open pit fleet, construction equipment. Our marine equipment, so we're buying a tug and barge. So that's all, you know, work streams that we have ongoing that are aimed to.

Speaker Change: So theres a bit of a parallel stream there on the engineering side.

Speaker Change: And really the.

Speaker Change: Our lessons learned from T Z is.

Speaker Change: If we can advance procurement that gives us the best chances to delivering the project on time.

Speaker Change: So we have about I would.

Speaker Change: I'd say about $150 million.

Speaker Change: Are their purchase orders or letters of intent issued.

Speaker Change: That are going towards like the permanent camp.

Speaker Change: Mobile equipment for the open pit fleet construction equipment.

Speaker Change: Our marine equipment, so we're buying a tug and barge.

Speaker Change: So that's all.

Speaker Change: Work streams that we have ongoing that are aimed to.

Louis-Pierre Gignac: advanced the project and fast-tracked it. So, yeah, we're really working on two fronts here. And so that's why the feasibility will have a great level of detail on certain scopes because we're. very advanced in terms of detail engineering and actual production.

Speaker Change: Advance the project and fast track it so yeah, we're really working on two fronts here.

Louis-Pierre Gignac: Yeah, we're really working on two fronts here. That's why the feasibility will have a great level of detail on certain scopes because we're very advanced in terms of detail engineering and actual procurement.

Speaker Change: And so that's why the feasibility we will have a great level of detail on certain scopes because were.

Very advanced in terms of detail engineering and actual procurement.

Nick Chook: Okay, and just last quick follow-up. I think you mentioned you're targeting completing the feasibility in April. Does that also imply an April release? for that or would that be after the afterwards? Um, yeah, so it's, yeah, we're targeting. by the end of April to issue a press release with our feasibility study results. Um, and typically our technical report will come out, uh... a little after. So that's the current target, but yeah, we're in the final stages. of wrapping up our numbers and the results. Well, fantastic. Thank you very much. Congratulations to you and the very talented team that's delivered this.

Andrew Mikitchook: Okay. Just last quick follow-up. I think you mentioned you're targeting completing the feasibility in April. Does that also imply an April release for that, or would that be afterwards?

Speaker Change: Okay, and just last quick follow up.

Speaker Change: Thank you mentioned youre targeting completing feasibility in April.

Speaker Change: Does that also imply an April release.

Speaker Change: For that or would that be after.

Speaker Change: After the afterwards.

Louis-Pierre Gignac: Yeah. We're targeting by the end of April to issue a press release with our feasibility study results. Typically our technical report will come out a little after. That's the current target. Yeah, we're in the final stages of wrapping up our numbers and the results.

Speaker Change: Yes, so yes, we're targeting.

Speaker Change: By the end of April to issue a press release with our feasibility study results.

Speaker Change: And typically our technical report will come out.

Speaker Change: A little after.

Speaker Change: So that's that's the current target, but yes, we're in the final stages.

Speaker Change: Wrapping up our numbers.

Speaker Change: And the results.

Andrew Mikitchook: Yep. Well, fantastic. Thank you very much. Congratulations to you and the very talented team that has delivered this. I will sign off.

Speaker Change: Okay fantastic. Thank you very much congratulations to you on that.

Speaker Change: Very talented team that's delivered this.

Nick Chook: I'll sign off.

Speaker Change: Ill sign off.

Louis-Pierre Gignac: Thank you.

Speaker Change: Thank you.

Jeremy Hoi: Our next question comes from Jeremy Hoi from Kanaka, Argentina. Please go ahead. Hello.

David Brown: Our next question comes from Jeremy Hoy from Canaccord Genuity. Please go ahead.

Speaker Change: Our next question comes from Jeremy <unk> from Canaccord Genuity.

Speaker Change: Go ahead.

Louis-Pierre Gignac: Hello?

Speaker Change: Hello.

Jessie Liu-Ernsting: Jeremy, you might be on mute.

Jeremy Hoi: Jeremy, you might be on mute. Hi, yep, was on mute. Thanks, guys. Hi, LP. Thanks for taking my question. Given the performance of the share price over the last.

Speaker Change: Jeremy you might be on mute.

Jeremy Hoy: Hi. Yep, was on mute. Thanks, guys. Hi, LP. Thanks for taking my question. Given the performance of the share price over the last several months, does this change your thinking at all about financing for Oko in terms of the mix of debt, PE, and operational cash flow?

Speaker Change: Hi, Yes was on mute thanks, guys.

Speaker Change: ILP Thanks for taking my question.

Speaker Change: Given the performance of the share price over the last several months.

Louis-Pierre Gignac: What are your thoughts on financing for OCO, in terms of the mix of debt, equity, and operational cash flow? Obviously, yeah, I mean, we have the ability to do. To evaluate all options, I mean that. Our original intent is to minimize equity dilution. And so we see the ability to add debt given our very low debt level that we have. But yeah, we'll be looking at all options when we get to that point. of you know finalizing our financing package. Okay, thanks. That's it for me.

Speaker Change: Does this change your thinking at all.

Speaker Change: About financing for <unk> in terms of the mix of touch.

Speaker Change: Operational cash flow.

Louis-Pierre Gignac: Obviously, yeah. We have the ability to evaluate all options. Our original intent is to minimize equity dilution. We see the ability to add debt given our very low debt level that we have. Yeah, we'll be looking at all options when we get to that point of finalizing our financing package for Oko.

Speaker Change: Obviously, yeah I mean.

Speaker Change: The ability to do.

Speaker Change: To evaluate all options that.

Speaker Change: Our original intent is to minimize equity dilution.

Speaker Change:

Speaker Change: So we see the ability to add debt given our very low debt level that we have.

Speaker Change: But yes, we'll be looking at all options.

Speaker Change: We get to that point.

Speaker Change: Finalizing our financing package for political.

Yeah understood. Okay. Thanks, that's it for me.

Jeremy Hoy: Yeah. Understood. Okay, thanks. That's it for me.

Louis-Pierre Gignac: Thanks.

Speaker Change: Thanks.

Operator: Okay, we have some additional questions from the webcast I hope the team would like to address.

Jessie Liu-Ernsting: Okay. We have some additional questions from the webcast the team would like to address. The first question is from Brendan Gatzler from SCP Resource Finance. He's asking if there's any updates on the operations in Q1 2025 compared to the Q4 results we just released.

Speaker Change: Okay, we have some additional questions from the webcast.

Speaker Change: The team would like to address so the first question is from Brandon <unk> from <unk>.

Louis-Pierre Gignac: So the first question is from Brendan Gatzler from SCP Resource Finance and he's asking if there's any updates on the operations in Q1 of 2025 compared to the Q4 results we just released. January and February were really good months. We're very close to the midpoint of our guidance and March was a little less performance and related to the mill liner issue. But overall, we're We're doing quite well and costs we expect to be in the same range as we had.

Speaker Change: Resource finance and he's asking if there is any update on the operation.

Speaker Change: In Q1 of 2025 compare to the.

Speaker Change: Q4 results, which is released.

Louis-Pierre Gignac: January and February were really good months. We're very close to the midpoint of our guidance. March was a little less performance, and related to the mill liner issue. Overall, we're doing quite well. Costs we expect to be in the same range as we had it in Q4.

Speaker Change: Yeah. So I mean January and February were really good months.

Speaker Change: We're very close towards the midpoint of our guidance and.

Speaker Change: March was a little less.

Speaker Change: Performance and related to the mill Lennar issue.

Speaker Change: But overall were.

Speaker Change: We're doing quite well and costs, we expect to be in the same in the same range as we had it.

Speaker Change: In Q4.

Speaker Change: Yeah.

Louis-Pierre Gignac: There's one final question from Howard Splinter. He's asking, what's the CapEx in 2025 compared to 2024? I think it's something we gave in the you know guidance. Yeah, so, well, 2024 was the year we were building the project, so it's a bit, uh... You know, it's the initial project costs. So, this is our first real year of operation. So our sustaining capital, like I was mentioning, is a bit higher this first year as we're completing the additions to our mine fleet and some of the tailings management facilities that we're expanding as well, but that will be built for the life of mine of the project at that point.

Jessie Liu-Ernsting: There's one final question from Howard Splinter. He's asking, what's the CapEx in 2025 compared to 2024? I think it's something we gave in the guidance.

Speaker Change: There is one final question from Howard flanker, he's asking.

Speaker Change: The capex in 2025 compared to what 2024.

Speaker Change: I think it's something that we gave in the.

Speaker Change: In our guidance.

Speaker Change: Yeah.

Louis-Pierre Gignac: Yeah. 2024 was the year we were building the project, so it's the initial project cost. This is our first real year of operations. Our sustaining capital, like I was mentioning, is a bit higher this first year as we're completing the additions to our mine fleet and some of the tailings management facilities that we're expanding as well, but that will be built for the life of mine of the project at that point.

Speaker Change: So while 2024 it was a year, where we're building the project so it's a bit.

Speaker Change: It's the initial project costs.

Speaker Change: So this is our first real euros of operations.

Speaker Change: So our sustaining capital like I was mentioning is a bit higher this first year.

Speaker Change: As we're completing the additions to our minds needs and some of the tailings management facilities that we're that we're expanding as well but that will be.

Speaker Change: Built for the life of mine of the project at that point.

Speaker Change: Yeah.

Okay, thank you LP.

Jessie Liu-Ernsting: Okay. Thank you, LP. There are no further questions in the queue, so that concludes our inaugural earnings conference call. Thank you again for joining us, and stay connected via our email list and social media updates. Have a great weekend, everyone. Thank you.

Speaker Change: Okay. Thank you. Okay. There are no further questions in the queue. So that concludes our inaugural earnings conference call. Thank you again for joining us and stay connected via our E Mail lists and social media updates have a great weekend everyone. Thank you.

There are no further questions in the queue, so that concludes our inaugural earnings conference call. Thank you again for joining us and stay connected via our email list and social media updates. Have a great weekend everyone. Thank you.

This concludes the meeting. You may now disconnect.

David Brown: This concludes the meeting. You may now disconnect.

Speaker Change: This concludes the meeting you may now disconnect.

Speaker Change: [music].

Speaker Change: Okay.

Speaker Change: Yeah.