Q2 2025 Wesdome Gold Mines Ltd Earnings Call

<unk> 2025.

As a reminder, this call is being recorded your host for today's Trish Morgan Wisdoms, Vice President of Investor Relations Ms. Martin. Please go ahead.

Thank you and good morning, everyone before we get started I'd like to point out that during today's call. We may make forward looking statements as defined under Canadian Securities Law.

I ask that you view, our slide presentation for cautionary language regarding forward looking statements and the risk factors pertaining to these statements.

Speaker #2: Good morning, and welcome to Wesdome Gold Mines' conference call to discuss the company's financial and operating results for the three and six months ended June 30, 2025.

Trish Moran: Good morning. Welcome to Wesdome Gold Mines' conference call to discuss the company's financial and operating results for the three and six months ended June 30, 2025. As a reminder, this call is being recorded. Your host for today is Trish Moran, Wesdome's Vice President of Investor Relations. Ms. Moran, please go ahead.

Please note that all figures discussed on this call are in Canadian dollars unless otherwise noted.

Our press release, MD&A and financial statements are available both on SEDAR, plus and on our website western Dot com.

Speaker #2: As a reminder, this call is being recorded. Your host for today is Trish Moran, Wisdome's Vice President of Investor Relations. Ms. Moran, please go ahead.

With us on today's call and webcast is antibody West Jones, President and CEO of <unk>.

<unk>, our Chief operating Officer, John Lawrence, Our senior Vice President exploration.

Speaker #3: Thank you, and good morning, everyone. Before we get started, I'd like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law.

Rajbir Gill: Thank you, and good morning, everyone. Before we get started, I would like to point out that during today's call, we may make forward-looking statements as defined under Canadian securities law. I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Please note that all figures discussed on this call are in Canadian dollars unless otherwise noted. Our press release, MD&A, and financial statements are available both on SEDAR Plus and on our website, wesdome.com. With us on today's call and webcast is Anthea Bath, Wesdome's President and CEO; Niel Bruin, our Chief Operating Officer; Jonah Lawrence, our Senior Vice President, Exploration; and Rajbir Gill, our Interim Chief Financial Officer, as well as Kevin Lonergan, Senior Vice President, Technical Services. Following management's formal remarks, we will then open the call to questions. Now over to Anthea.

And Raj Gill, our interim Chief financial officer, as well as Kevin Lonergan SVP Technical services. Following management's formal remarks, we will then open the call to questions and now over to Andrea.

Speaker #3: I ask that you view our slide presentation for cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Please note that all figures discussed on this call are in Canadian dollars, unless otherwise noted.

Thank you Chris good morning, everyone.

As we move past the halfway point of 2020 Fox One thing is clear with them has made significant strides over the last two years.

Speaker #3: Our press release, MD&A, and financial statements are available both on CDR Plus and on our website, wisdome.com. With us on today's call and webcast is Anthea Bath, Wisdome's President and CEO.

We delivered consistent sequential improvements in both operational and financial performance, culminating in record results across several key metrics for the quarter and the first half of the year.

Speaker #3: Guy Belleau, our Chief Operating Officer; Jonah Lawrence, our Senior Vice President of Exploration; Raj Gill, our Interim Chief Financial Officer; and Kevin Lonergan, SVP of Technical Services.

At the consolidated level with semi is effectively executing its strategy.

Shifting from a short to Justin Thomas approach to one that is focused on building long term sustainable value.

Speaker #3: Following management's formal remarks, we will then open the call to questions. Now, over to Anthea.

While our financial performance year to date has been strong.

Speaker #4: Thank you, Trish. Good morning, everyone. As we move past the halfway point of 2025, one thing is clear: Wisdome is made significant strides over the last two years.

We're updating our guidance to reflect Eagle river's excellent performance and the challenges of Cana.

Guy Belleau: Thank you, Trish. Good morning, everyone. As we move across the halfway point of 2025, one thing is clear: Wesdome Gold Mines Ltd. has made significant strides over the last two years. We've delivered consistent sequential improvements in both operational and financial performance, culminating in record results across several key metrics for the quarter and the first half of the year. At the consolidated level, Wesdome Gold Mines Ltd. is effectively executing its strategy, shifting from a short-term, just-in-time approach to one that is focused on building long-term, sustainable value. That said, while our financial performance year to date has been strong, we are updating our production guidance to reflect Eagle River's excellent performance and the challenges at Kiena. At Eagle River, the past 12 months have marked the start of a multi-year turnaround.

At Eagle River. The past 12 months have marked the start of a multiyear turnaround.

While there's still much to do you see vast improvements in safety increases in production and decreasing cost.

Speaker #4: We've delivered consistent sequential improvements in both operational and financial performance, culminating in record results across several key metrics for the quarter and the first half of the year.

Demonstrated again this quarter equal to the continues to deliver strong results.

Speaker #4: At the consolidated level, Wisdome is effectively executing its strategy. Shifting from a short-term just-in-time approach to one that is focused on building long-term sustainable value.

This is due to good performance against our plans compliance to a sequence and improved dilution.

Given performance to date, we are raising production guidance, increasing the top end to 115000 ounces in tackling the great guidance to between 14 and 15 grams per tonne.

Speaker #4: That said, while our financial performance here to date has been strong, we are updating our guidance to reflect eco-river's excellent performance, and the challenges are keener.

All in sustaining cost per ounce are expected to improve benefiting from ongoing cost optimization initiatives.

Speaker #4: At Eco-River, the past 12 months have marked the start of a multi-year turnaround. While there's still much to do, we've seen vast improvements in safety, increases in production, and decreasing costs.

Guy Belleau: While there's still much to do, we've seen vast improvements in safety, increases in production, and decreasing costs. As demonstrated again this quarter, Eagle River continues to deliver strong results. This is due to good performance against our plan, compliance to our sequence, and improved dilution. Given performance to date, we are raising production guidance, increasing the top end to 115,000 ounces, and tightening the grade guidance to between 14 and 15 grams per ton. All-in sustaining costs per ounce are expected to improve, benefiting from ongoing cost optimization initiatives. While Eagle River is trending upward, Kiena has fallen slightly behind. Kiena's challenges in the second quarter were largely a continuation of existing issues. Equipment availability challenges impacting our planned sequence, accentuated by our reliance on a single mining horizon. This dependency limits operational flexibility and heightens our risk.

Whilst eagle release training upward kina has fallen slightly behind.

Chinas challenges in the second quarter will largely continuation of existing issues.

Speaker #4: As demonstrated again this quarter, eco-river continues to deliver strong results. This is due to good performance against our plans, compliance to our sequence, and improved dilution.

Shipment availability challenges impacting our planned sequence accentuated by reliance on a single mining horizon.

This dependency limit operational flexibility and Hawkins Irish.

Speaker #4: Given performance to date, we are raising production guidance, increasing the top end to 115,000 ounces, and tightening the grade guidance to between 14 and 15 grams per ton.

When you're mining <unk> III to foster the month under or over performance in just one dose can have a significant impact.

Speaker #4: All-in sustaining costs per ounce are expected to improve, benefiting from ongoing cost optimization initiatives. While Eco-River is trailing upward, Keener has fallen slightly behind.

We've consistently highlighted the importance of operation of <unk>.

Our operational flexibility, which is why since the mid 2023 timeline.

Every major initiatives Athena has been aimed at unlocking operational agility.

Speaker #4: Keener's challenges in the second quarter were largely a continuation of existing issues. Equipment availability challenges, impacting our planned sequence, accentuated by our reliance on a single mining horizon.

As a result, Ciena has undertaken a number of significant and important projects many of which will be completed by the end of this year. These include the tripling of the number of active mining zones.

Speaker #4: This dependency limits operational flexibility and heightens our risk. When you're mining just 3 to 5 strokes per month, underperformance or overperformance in just one stroke can have a significant impact.

<unk> of our development meters year on year.

Guy Belleau: When you're mining just three to five strokes per month, under or overperformance in just one stroke can have a significant impact. We've consistently highlighted the importance of improving our operational flexibility, which is why, since the mid-2023 timeline, nearly every major initiative at Kiena has been aimed at unlocking operational agility. As a result, Kiena has undertaken a number of significant and important projects, many of which will be completed by the end of this year.

Developing an exploration ramp which allows us a second material movement actions as well, which completely unlocked a material movement in the mine.

Speaker #4: We've consistently highlighted the importance of operation of improving our operational flexibility. Which is why, since the mid-2023 timeline, nearly every major initiative at keener has been aimed at unlocking operational agility.

Our shelf capacity by 50% rehabilitating, our 33 level drift, allowing us access to the <unk> sections of the mine adding.

Adding 10 to 15 mutual platforms underground as well as increasing our installation of 100% acuity in 2026 is a lot going on at Ciena.

Speaker #4: As a result, keener's undertaken a number of significant and important projects, many of which will be completed by the end of this year. These include the tripling of the number of active mining zones, doubling of our development meters year-on-year, developing an exploration ramp which allows us a second material movement access as well, which completely unlocks our material movement in the mine, freeing up shaft capacity by 50%, rehabilitating our 33-level drift allowing us access to the upper sections of the mine, adding 10 to 15 new drill platforms underground, as well as increasing our ventilation by 100% at keener deeps in 2026.

The breadth and the pace of these initiatives represent a very deliberate and strategic investments in chinas long term value creation.

Guy Belleau: These include the tripling of the number of active mining zones, doubling of our development meters year on year, developing an exploration ramp which allows us a second material movement access as well, which completely unlocks our material movement in the mine, freeing up shaft capacity by 50%, rehabilitating our 33-level drift allowing us access to the upper sections of the mine, adding 10 to 15 new drill platforms underground, as well as increasing our ventilation by 100% at Kiena Deep in 2026. There is a lot going on at Kiena. The breadth and the pace of these initiatives represent a very deliberate and strategic investment in Kiena's long-term value creation. The team's ability to simultaneously ramp up, de-risk, and expand operational flexibility while maintaining active mining and development is a notable achievement. This mine, at a fundamental level, is incredibly strong, and its future is taking shape.

<unk> ability to simultaneously ramp up.

And expand operational flexibility, while maintaining active mining development is a notable achievement.

This mine at a fundamental level.

Is incredibly strong and its future is taking shape.

In hindsight, our higher risk tolerance may have been warranted given the scope and the complexity of the work underway.

As we noted in our Q2 production release in mid July.

Speaker #4: There's a lot going on at keener. The breadth and the pace of these initiatives represent a very deliberate and strategic investment in keener's long-term value creation.

<unk> has been pacing at or just below the lower end of guidance.

While we have our midyear forecast, indicating the kina construe meet the lower end of the original production range. We believe it prudent to revise guidance to reflect the inherent risk in defense.

Speaker #4: The team's ability to simultaneously ramp up de-risk and expand operational flexibility while maintaining active mining and development is a notable achievement. This mine at a fundamental level is incredibly strong, and its future is taking shape.

We're not targeting 80 to 90000 ounces in 2025 with a corresponding increase in costs we.

We have indicated.

10000 ounces from scale as you take the average of the last five quarters, which is between 20 and 21000 ounces you can see we can get.

Speaker #4: However, in hindsight, our higher risk tolerance may have been warranted given the scope and the complexity of the work underway. As we noted in our Q2 production release in mid-July, keener has been pacing at or just below the lower end of guidance.

Guy Belleau: However, in hindsight, our higher risk tolerance may have been warranted given the scope and the complexity of the work underway. As we noted in our Q2 production release in mid-July, Kiena has been pacing at or just below the lower end of guidance. While we have our mid-year forecast indicating that Kiena can still meet the lower end of its original production range, we believe it would be prudent to revise guidance to reflect inherent risk in the plan. We are now targeting 80,000 to 90,000 ounces in 2025 with a corresponding increase in cost. We have indicated up to 10,000 ounces from for skill.

This also obviously additional great and developments coming from <unk>, which adds to this and helps us get to the numbers, which makes it very sensible.

Over the past 18 months the block model has reconfirmed extremely well we remain confident in the keno ore body and the team continues to prove that they can mine.

Speaker #4: While we have our mid-year forecasts indicating that keener can still meet the lower end of its original production range, we believe it'd be prudent to revise guidance to reflect inherent risk in the plan.

<unk>, which is the most important in Cushing for me.

Speaker #4: We're now targeting 80 to 90 thousand ounces in 2025, with a corresponding increase in costs. We have indicated up to 10,000 ounces from per scale, and if you take the average of the last five quarters, which is between 20 and 21 thousand ounces, you can see we can get there.

We have a multifaceted program in place to deliver on this revised guidance.

Which includes an integrated action plan.

Short interval controls to track our performance and to quickly course correct.

Guy Belleau: As we take the average of the last five quarters, which is between 20,000 and 21,000 ounces, you can see we can get there. There is also obviously additional grades and developments coming from Kiena Deep, which adds to this and helps us get to the numbers which make this very sensible. Over the past 18 months, the block model has reconsolidated extremely well. We remain confident in the Kiena ore body, and the team continues to prove that they can mine this extremely well, which is the most important thing personally for me. We have a multifaceted program in place to deliver on this revised guidance, which includes an integrated action plan, short interval controls to track our performance and to quickly course-correct, and we have added more resources, which helps us increase our redundancy.

We've added more resources, which helps us increase our redundancy.

Speaker #4: There's also obviously additional grade and development coming from keener deeps, which adds to this and helps us get to the numbers which make it very sensible.

As well as the lower grade ore from the skill set to be processed in the second half of this year as mentioned, we expect this to reduce up to 10000 ounces from what is the first new Super zone exit by this new exploration.

Speaker #4: Over the past 18 months, the block model has reconciled extremely well. We remain confident in the keener ore body, and the team continues to prove that they can mine this extremely well, which is the most important thing personally for me.

Each of these critical steps is aimed at securing the second half of the year and building for the future, enabling a more efficient predictable execution and building a solid foundation for more consistent performance.

Speaker #4: We have a multifaceted programming in place to deliver on this revised guidance. Which includes an integrated action plan, short interval controls to track our performance, and to quickly course-correct.

On a consolidated basis with the increase at equal levels, largely offsetting the short <unk>, which seek to remain around the midpoint of our original production guidance for the year.

Speaker #4: And we've added more resources which help us increase our redundancy. As well, the lower grade ore from per scale is set to be processed in the second half of this year.

At higher costs.

Guy Belleau: As well, the lower grade ore for for skill is set to be processed in the second half of this year. As mentioned, we expect this to reduce up to 10,000 ounces from what is the first near-surface zone accessed via this new exploration ramp. Each of these critical steps is aimed at securing the second half of the year and building for the future, enabling a more efficient, predictable execution and building a solid foundation for more consistent performance. On a consolidated basis, with the increase at Eagle River largely offsetting the shortfall at Kiena, we expect to remain around the midpoint of our original production guidance for the year, albeit at higher costs. With respect to investment, the incremental $30 million is mostly due to increasing gross capital at Kiena, which is well spent.

With respect to investment the incremental $30 million is mostly due to increase in gross capita makena, which as well since the change reflects the redesign of the installation infrastructure, because we have a larger ore body relative to the original design as well as the catheter with acceleration vis vis development any to extend the footprint.

Speaker #4: As mentioned, we expect this to reduce up to 10,000 ounces from what is the first near surface zone accessed via this new exploration ramp.

Speaker #4: Each of these critical steps is aimed at securing the second half of the year, and building for the future. Enabling a more efficient, predictable execution, and building a solid foundation for more consistent performance.

Of this larger skilled zone to a deep level.

This will establish an additional mining front, giving us much more flexibility skill gears up for future growth no.

Speaker #4: On a consolidated basis, with the increase at eco-river largely offsetting the shortfall at keener, we expect to remain around the midpoint of our original production guidance for the year.

No changes have been made to our 2026 guidance.

The second quarter was a strategically important one for western one that showcased our discipline, our focus and our ability to pursue the right opportunities for long term growth.

Speaker #4: Albeit at higher costs. With respect to investment, the incremental $30 million is mostly due to increasing growth capital at Keener, which is well spent.

In June we closed the acquisition of <unk>, a new Ah contribute our land position in Eagle River to 400 square kilometers.

Speaker #4: The change reflects a redesign of the ventilation infrastructure because we have a larger ore body relative to the original design, as well as the capital to accelerate this development and to extend the footprint of this larger per scale zone to a deeper level.

Guy Belleau: The change reflects a redesign of the ventilation infrastructure because we have a larger ore body relative to the original design, as well as the capital to accelerate this development and to extend the footprint of this larger for skill zone to a deep level. This will establish an additional mining front, giving us much more operational flexibility as for skill goes up for future growth. No changes have been made to our 2026 guidance. The second quarter was a strategically important one for Wesdome Gold Mines Ltd., one that showcased our discipline, our focus, and our ability to pursue the right opportunities for long-term growth. In June, we closed the acquisition of Angus Gold and contributed our land position at Eagle River to 400 square kilometers. With the acquisition of Angus Gold, we've inherited more than 40,000 meters of drilling, plus a rich dataset of geological information.

With the acquisition of Angus, we've inherited more than 40000 metres of drilling has a rich dataset of geological information.

Speaker #4: This will establish an additional mining front, giving us much more flexibility as per scale gears up for future growth. No changes have been made to our 2026 guidance.

<unk> consolidated our highly prospective land package around <unk>, and we've added top tier exploration targets that directly support affordable strategy.

During the quarter, we also amended and Upsized, our revolving credit facility.

Speaker #4: The second quarter was a strategically important one for Wisdome. One that showcased our discipline, our focus, and our ability to pursue the right opportunities for long-term growth.

Financial housekeeping as this as the previous one was materially we took advantage of this opportunity and increase the facility to 250 million U S dollars and and locked in more favorable terms with over $500 million.

Speaker #4: In June, we closed the acquisition of Angus Gold, a move that quadrupled our land position at eco-river to 400 square kilometers. With the acquisition of Angus, we've inherited more than 40,000 meters of drilling, plus a rich data set of geological information.

In total liquidity, we strengthened our financial position, giving us the runway to balance strategic growth with returning capital to our shareholders.

Speaker #4: We've now consolidated a highly prospective land package around eco-river, and we've added top-tier exploration targets that directly support our foldable strategy. During the quarter, we also amended and upsized our revolving credit facility.

Guy Belleau: We've now consolidated a highly prospective land package around Eagle River, and we've added top-tier exploration targets that directly support our sole demand strategy. During the quarter, we also amended and upsized our revolving credit facility. Financial housekeeping, as the previous one was maturing, we took advantage of this opportunity and increased the facility to $250 million and locked in more favorable terms. With over $500 million in total liquidity, we strengthened our financial position, giving us a runway to balance strategic growth with returning capital to our shareholders. Let's look ahead at what's coming down the pike that could drive the next phase of value for Wesdome Gold Mines Ltd. Exploration is central to our future, and this year, we're investing up to $50 million to unlock that potential.

Yes.

Let's look ahead of what's coming down the pipe that could drive the next phase of value for wisdom.

Exploration is central to our future and this year, we're investing up to $50 million to unlock that potential.

Speaker #4: Financial housekeeping, as the previous one was matured, we took advantage of this opportunity and increased the facility to 250 million US dollars and locked in more favorable terms.

We're on track to release, an Eagle with update this month and followed up with additional results from both sites later in the fall.

At Eagle River work on the updated global resource model is advancing well.

In terms of drilling program is aimed at maximizing our resource QA QC.

Speaker #4: With over 500 million dollars in total liquidity, we strengthened our financial position, giving us a runway to balance strategic growth with returning capital to our shareholders.

With the goal of delivering a technical report that more accurately reflects reflects the full potential and the intrinsic value of this asset.

Speaker #4: Let's look ahead at what's coming down the pipe that could drive the next phase of value for Wisdome. Exploration is central to our future, and this year, we're investing up to 50 million dollars to unlock that potential.

Let's take the drilling cutoff date of December 31. This year April we'll update on rent versus and mineral resource estimates when we published the results of our updated technical reports into next year.

Speaker #4: We are on track to release an eco-river update this month and follow up with additional results from both sides later in the fall. At eco-river, work on the updated global resource model is advancing well. Our intensive drilling program is aimed at maximizing our resource QA/QC, with the goal of delivering a technical report that more accurately reflects the full potential and the intrinsic value of this asset.

At.

Guy Belleau: We are on track to release an Eagle River update this month and follow up with additional results from both sides later in the fall. At Eagle River, work on the updated global resource model is advancing well. Our intensive drilling program is aimed at maximizing our resource QA/QC with the goal of delivering a technical report that more accurately reflects the full potential and the intrinsic value of this asset. We have set a drilling cut-off date of December 31st this year. Therefore, we will update our mineral reserve and mineral resource estimates when we publish the results for our updated technical report in June next year. At Kiena, the upfront technical report work is centered on cost optimization, near-surface opportunities along 33 levels, and a full review of mine design and mining methods.

The upfront technical report will be centered on cost optimization near surface opportunities around 33 level and a full review of mine design and launch metrics.

Different approaches of each month, but the goal is the same to show the potential of each asset and to unlock with long term value.

Is a lot of foundational work ahead of us as we move both the can grow portfolio and as always we'll keep you informed every step of the way now over to Keith.

Speaker #4: We've set a drilling cut-off date of December 31st this year; therefore, we'll update our manual reserve and manual resource estimates when we publish the results of our updated technical report in June next year.

Thank you and good morning, everyone listening to slide seven and review operational performance.

<unk> had another strong quarter, producing approximately 26000 ounces.

Speaker #4: At keener, the upfront technical report will be centered on cost optimization, near surface opportunities along 33 level, and a full review of mine design and mining methods.

Year over year increase of 33% at grades of $16 nine Gram per tonne in Q2 was above the high end of guidance. This year strong great profile reflects continued high grade contribution from the 300 and 700000 Falcon zones and improved great Rick.

Speaker #4: Different approaches at each mine, but the goals are the same: to show the potential of each asset and to unlock this long-term value. There's a lot of foundational work ahead of us as we move both technical reports forward.

Guy Belleau: Different approaches to each mine, but the goal is the same: to show the potential of each asset and to unlock this long-term value. There is a lot of foundational work ahead of us as we move both technical reports forward. As always, we will keep you informed every step of the way. Now over to Guy.

Solutions and dilution control.

Speaker #4: And as always, we'll keep you informed every step of the way. Now over to Guy.

Importantly performance year to date reflects disciplined execution not a 14th degree chasing sequencing remains fully aligned with our 2025 plans in your body is reconciling well.

Speaker #5: Thank you, Anthea. Good morning, everyone. Let's move to slide nine and review operational performance. Eco-river had another strong quarter, producing approximately 26,000 ounces in Q2, a year-over-year increase of 33%.

Niel Bruin: Thank you, Anthea. Good morning, everyone. Let's move to slide nine and review operational performance. Eagle River had a strong quarter, producing approximately 26,000 ounces in Q2, a year-over-year increase of 33%. At grades of 16.9 grams a ton in Q2, it was above the high end of guidance. This year's strong grade profile reflects continued high-grade contribution from the 307-20 Falcon zone and improved grade reconciliation and dilution controls. Importantly, performance year to date reflects disciplined execution, not opportunistic grade chasing. Sequencing remains fully aligned with our 2025 plan, and the ore body is reconciling well. The team at Eagle River has been advancing new mining fronts to strengthen operational flexibility and drive more predictable performance. With the inclusion of the global model, we expect to increase from three to four zones to between five and seven zones in the next two years.

The team at Eagle River has been advancing new mining fronts to strengthen flexibility and drive more predictable performance with the inclusion of the global model, we expect to increase from three to four zones to between five and seven zones.

Speaker #5: At grades of 16.9 grams per ton in Q2, it was was above. The high end of guidance. This year's strong grade profile reflects continued high grade contribution, from the 300 and 720 Falcon zones.

Two years.

Red Zone development is now almost a full year ahead of production, reducing risks and supporting stronger execution.

Speaker #5: An improved grade reconciliation and dilution controls. Importantly, performance year-to-date reflects disciplined execution, not opportunistic grade chasing. Sequencing remains fully aligned with our 2025 plan, and the ore body is reconciling well.

We've spoken before about the Kansas improvement program Eagle River and I'm pleased to report that it is starting to deliver measurable results for both the second quarter and the first half of 2021 cost of sales cash costs and all in sustaining cost per ounce of gold sold each declining year over year.

Speaker #5: The team at eco-river has been advancing new mining fronts to strengthen flexibility and drive more predictable performance. With the inclusion of the global model, we expect to increase from 3 to 4 zones to between 5 and 7 zones, with the next two years.

We're targeting up to $4 million in annualized savings in 2025.

Several of our units.

Including improved maintenance enabled by our new surface workshop opening in September and more integrated planning across the mine and mill were aligning the best practices and it's paying off this.

Speaker #5: In the 300 zone, development is now almost a full year ahead of production. Reducing risk and supporting stronger execution. We've spoken before about the conscious improvement program at eco-river, and I'm pleased to report that it is starting to deliver measurable results.

Niel Bruin: In the 300 zone, development is now almost a full year ahead of production, reducing risk and supporting stronger execution. We've spoken before about the conscious improvement program at Eagle River, and I'm pleased to report that it is starting to deliver measurable results. For both the second quarter and the first half of 2025, cost of sales, cash costs, and all in sustaining costs per ounce of gold sold each declined year over year. We're targeting up to $4 million in annualized savings in 2025 from several areas, including improved maintenance enabled by our new surface workshop opening in September and more integrated planning across the mine and mill. We're aligning the best practices, and it's paying off. This is just the start. We expect to deliver meaningful long-term cost reduction as we shift from contractor-led to owner-operated activity.

This is Doug we start we expect to deliver meaningful long term cost reductions as we shift from contractor to owner operator activity.

Speaker #5: For both the second quarter and the first half of 2025, cost of sales, cash cuts, and all in sustaining costs per ounce of gold sold each decline year-over-year.

A near term example of surface ore haulage with new trucks, arriving in our team ramping up this month.

Turning away from contractors.

Speaker #5: We're targeting up to 4 million in annualized savings in 2025, from several areas. Including improved maintenance, enabled by our new surface workshop opening in September, and more integrated planning across the mine and mill, we're aligning the best practices and it's paying off.

Underground, we're doing those things.

Since late 2024, we've been steadily bringing development work in house. This.

This year over half the development meters are being completed.

Eagle River cruise.

Also making targeted infrastructure investment to boost surface efficiency and strengthen long term reliability all align the mines risk profile.

Speaker #5: This is just the start. We expect to deliver meaningful long-term cost reductions, as we shift from contractor-led to owner-operated activities. A near-term example is surface ore haulage, with new trucks arriving and our team ramping up this month, where transitioning away from contractors.

During an 18 day shutdown in May and June we completed several major upgrades, including replacing the few days.

Niel Bruin: A near-term example is surface ore haulage, with new trucks arriving and our team ramping up this month. We're transferring away from contractors. On the ground, we're doing the same. Since late 2024, we've been steadily bringing development work in-house. This year, over half of the development meters are being completed by Eagle River crews. We're also making targeted infrastructure investments to boost surface efficiency and strengthen long-term reliability, all aligned with the mine's risk profile. During an 18-day shutdown in May and June, we completed several major upgrades, including replacing the feed and trunnion gear on the primary ball mill, swapping out the gear set on the secondary ball mill, and completing other plant maintenance. These enhancements were done to improve mill availability and throughput and to ensure long-term reliability as we work to achieve our fill-the-mill strategy.

<unk> trillion year on their primary ball mill swapping out the gear set from the secondary ball mill and competing other plants maintenance. These enhancements were done to improve mill availability and throughput.

Speaker #5: On the ground, we're doing the same. Since late 2024, we've been steadily bringing development work in-house. This year, over half of the development meters are being completed, by eco-river crews.

Ensure long term liability as we work to achieve our build the mill strategy.

I am pleased to report that the mill was safely restarted on schedule and Thats been running steadily ever since in July we averaged nearly 900 tonnes per day.

Speaker #5: We're also making targeted infrastructure investments to boost surface efficiency and strengthen long-term reliability. All aligned with the mine's risk profile. During an 18-day shutdown in May and June, we completed several major upgrades, including replacing the feed and trunnion gear on the primary ball mill, swapping out the gear set on the secondary ball mill, and completing other plant maintenance.

50% increase over the 2024 average.

<unk> did not stop while the mill was being upgraded we focused our efforts on strategically building up before stockpile, which allows us to blend materials and maintain a more stable no fee.

Due to the length of the plant shutdown quarterly mill throughput declined by 7% year over year, which is why the year to date numbers are directionally more accurate net performance in the first half.

Speaker #5: These enhancements were done to improve mill availability and throughput. And to ensure long-term reliability as we work to achieve our fill the mill strategy.

Speaker #5: I am pleased to report that the mill was safely restarted on schedule and has been running steadily ever since. In July, we averaged nearly 900 tons per day, a 50% increase over the 2024 average.

Niel Bruin: I am pleased to report that the mill was safely restarted on schedule and has been running steadily ever since. In July, we averaged nearly 900 tons per day, a 50% increase over the 2024 average. Mining did not stop while the mill was being upgraded. We focused our efforts on strategically building up the ore stockpile, which allows us to blend materials and maintain a more stable mill feed. Due to the length of the plant shutdown, quarterly mill throughput declined by 7% year over year, which is why the year-to-date numbers are directionally more accurate. Mill performance in the first half of 2025 was up 4%, thanks to the initiatives to increase drill and develop inventory that are starting to deliver results. Since mid-2024, Eagle River has been undergoing a disciplined transformation, and we are now seeing those efforts deliver real results.

2025 was up 4%.

Thanks to the initiatives to increase drilling and they are.

Inventory that are starting to deliver results.

Since mid 2020 for Eagle River has been undergoing a disciplined transformation.

Speaker #5: Mining did not stop while the mill was being upgraded. We focused our efforts on strategically building up the ore stockpile, which allows us to blend materials and maintain a more stable mill feed.

We're now seeing those efforts deliver real results there is still much more work to do however.

Changes to date are laying the groundwork for improved future performance.

Speaker #5: Due to the length of the plant shutdown, quality mill throughput declined by 7% year-over-year, which is why the year-to-date numbers are directionally more accurate.

On a strong profile Eagle River is well positioned to sustain its momentum and continue delivering value in the second half our appreciation goes out to our northern Ontario D. Their focus execution and commitment are driving a successful turnaround and positioning Eagle River for continued success.

Speaker #5: Mill performance in the first half of 2025 was up 4%. Thanks to the initiative to increase drill and develop inventory, that are starting to deliver results.

Turning now to slide 10.

Speaker #5: Since mid-2024, eco-river has been undergoing a disciplined transformation. And we're now seeing those efforts deliver real results. There is still much more work to do.

With delivery and execution falling below expectation that China, our focus is unclear.

<unk> priorities to drive performance first we're taking definitive actions to secure a strong second half production.

Niel Bruin: There is still much more work to do. However, the changes to date are laying the groundwork for improved future performance. Building on a strong first half, Eagle River is well positioned to sustain its momentum and continue delivering value in the second half. Our appreciation goes out to our Northern Ontario team. Their focus, execution, and commitment are driving a successful turnaround and positioning Eagle River for continued success. Turning now to slide 10, with delivery and execution falling below expectation at Kiena, our focus is on clear, actionable priorities to drive performance. First, we are taking definitive action to secure strong second-half production and meet revised guidance. Second, we are rapidly advancing several critical initiatives to enhance operational flexibility and unlock future value. I will come back to each of these important priorities shortly, but first, let us take a quick look at Q2 performance.

Speaker #5: However, the changes to date are laying the groundwork for improved future performance. Building on a strong first half, eco-river is well positioned to sustain its momentum and continue delivering value in the second half.

Our revised guidance.

Second we're rapidly advancing several critical initiatives to enhance operational flexibility and unlock future value all.

Speaker #5: Our appreciation goes out to our Northern Ontario team, their focus execution, and commitment are driving a successful turnaround and positioning eco-river for continued success.

Come back to each of these important priorities shortly but first let's take a quick look at Q2 performance.

<unk> delivered approximately 7200 ounces in the second quarter, bringing year to date production to nearly 34000 ounces.

Speaker #5: Turning now to slide 10, we're delivering and executing below expectations at Keener. Our focus is on clear, actionable priorities to drive performance. First, we're taking definitive action to secure strong second-half production and meet revised guidance.

Q2 was slightly ahead of Q1, but down 31% compared to Q2 last year.

Average $10 seven Gram per ton in line with Q1, but was lower than the $13 nine gram per tonne, we achieved in Q2 2024.

Speaker #5: Secondly, we're rapidly advancing several critical initiatives to enhance operational flexibility and unlock future value. I'll come back to each of these important priorities shortly, but first, let's take a quick look at Q2 performance.

<unk> dip in production and grade came down to two key issues ongoing equipment availability challenges that constrained access with several plans high grade stopes, which have been the birth and one high grade stope underperformed due to limited delineation.

Speaker #5: Keener delivered approximately 7200 ounces in the second quarter, bringing year-to-date production to nearly 34,000 ounces. Q2 was slightly ahead of Q1, but down 31% compared to Q2 last year.

Niel Bruin: Kiena delivered approximately 7,200 ounces in the second quarter, bringing year-to-date production to nearly 34,000 ounces. Q2 was slightly ahead of Q1, but down 31% compared to Q2 last year. Grade averaged 10.7 grams per ton, in line with Q1, but was lower than the 13.9 grams per ton we achieved in Q2 2024. Q2's dip in production and grade came down to two key issues: ongoing equipment availability challenges that constrained access to several plant high-grade stokes, which have been deployed, and one high-grade stoke underperformed due to limited delineation. To compensate for the shortfall, the team mined some lower grade, previously caked stokes that were stable to re-enter and recover ore. We are pursuing several key initiatives that give us confidence in our ability to deliver stronger production in the second half of the year.

To compensate for the shortfall 15 minus some lower grade previously.

<unk> that was stable to reenter and recover or we're pursuing several key initiatives that gives us confidence in our ability to deliver stronger production in the second half of the year first we must maintain the mining sequence, which is a function of planning and ensure people and machinery availability.

Speaker #5: Grade averaged 10.7 grams per ton, in line with Q1, but was lower than the 13.5 grams per ton we achieved in Q2 2024. Q2's dip in production and grade came down to two key issues.

<unk> from a single singled from as underscore just how crucial it is to maintain the mining sequence and success hinges on resources being reliable and available.

Speaker #5: Ongoing equipment availability challenges constrain access to several plants' high-grade stoves, which have been deferred. Additionally, one high-grade stove underperformed due to limited delineation.

The maintenance challenge experienced this year is multi layer. So let me break down the steps we've taken.

Speaker #5: To compensate for the shortfall, the team mined some lower-grade, previously caved stoves that were stable to re-enter and recover ore. We are pursuing several key initiatives that give us confidence in our ability to deliver stronger production in the second half of the year.

Since the end of Q1, we have acted decisively to align our maintenance practices with the current risk profile. This means bringing in more people to critical areas and building redundancy. We've optimized ships scheduled to ensure full round the clock maintenance coverage, we're building staffing redundancy to support continuous operation.

Speaker #5: First, we must maintain the mining sequence, which is a function of planning, and ensure people and machinery availability. Mining from a single front has underscored just how crucial it is to maintain the mining sequence, and success hinges on resources being reliable and available.

Niel Bruin: First, we must maintain the mining sequence, which is a function of planning and ensuring people and machinery availability. Mining from a single front has underscored just how crucial it is to maintain the mining sequence, and success hinges on resources being reliable and available. The maintenance challenge experienced this year is multilayered. Let me break down the steps we've taken. Since the end of Q1, we've acted decisively to align our maintenance practices with Kiena's current risk profile. This means bringing more people to critical areas and building redundancy. We've optimized shift schedules to ensure full-round lift/lock maintenance coverage. We're building staffing redundancy to support continuous operation. We've reopened an additional maintenance workshop on the ground and increased availability. Several new machines were purchased, which will be redeployed to preskill and other zones once their support is no longer required in Kiena Deep.

We opened an additional maintenance workshop underground and increase the ability to sell.

Total new machines, where purchase which will be redeployed to Brazil and other zones.

Once their support is no longer required in.

Speaker #5: The maintenance challenge experienced this year is multi-layered. Let me break down the steps we've taken. Since the end of Q1, we've acted decisively to align our maintenance practices with a keener deep current risk profile.

Rental equipment has also been brought in to strengthen our fleet and reduce the downtime risks.

And we are increasing our spare parts inventory to properly reflect the risk profile and absolute growth supplier partnerships to ensure timely access to major long lead components.

Speaker #5: This means bringing more people to critical areas and building redundancy. We've optimized shift schedule to ensure full round-the-clock maintenance coverage. We're building staffing redundancy to support continuous operation.

The top things off we have implemented a strict set of critical coaches to provide better insurance going forward.

Speaker #5: We've reopened an additional maintenance workshop underground, and increased bay availability. Several new machines were purchased, which will be redeployed to per scale and other zones, once their support is no longer required in keener deep.

Importantly, several of the high grade stopes deferred in Q2 are now scheduled for mining in the second half of the year the.

The balance will be access in 2026, once our initiatives to enhance operational flexibility.

Speaker #5: Rental equipment has also been brought in to strengthen our fleet and reduce the downtime risk. We are increasing our spare parts inventory to properly reflect Keener's risk profile and have secured supplier partnerships to ensure timely access to major long-lead components.

Niel Bruin: Rental equipment has also been brought in to strengthen our fleet and reduce the downtime risk. We're increasing our spare parts inventory to properly reflect Kiena's risk profile and have secured supplier partnerships to ensure timely access to major long-lead components. To top things up, we have implemented a strict set of critical functions to provide better assurance going forward. Importantly, several of the high-grade stokes deferred in Q2 are now scheduled for mining on the second half of the year. The balance will be accessed in 2026 once our initiatives to enhance operational flexibility are fully realized. Although our plan involves some risk, the steps we've taken are already showing positive results. Together with safety, strengthening production, and meeting guidance is our top priority.

Fully realized.

Although our plan involves some risk the steps we've taken already is showing positive results together with safety straightening production and meeting guidance is our top priority.

Turning now to slide 11 as mentioned one of Chinas key priority in the coming months is to enhance operational flexibility, which will lower our risk profile.

Speaker #5: To top things up, we have implemented a strict set of critical controls to provide better assurance going forward. Importantly, several of the high-grade stoves deferred in Q2 are now scheduled for mining in the second half of the year.

The current reality accumulate that we operate in a single mining horizon, providing little to no flexibility operational flexibility is essential to unlocking the full value of Qunar, which is why we're expanding from one to three active mining horizon.

Speaker #5: The balance will be accessed in 2026 once our initiatives to enhance operational flexibility are fully realized. Although our plan involves some risk, the steps we've taken are already showing positive results.

Progress on the second front with Crystal Zone is well underway with our currently being stockpiled fruit for presenting starting in Q3.

Speaker #5: Together with safety, strengthening production, and meeting guidance is our top priority. Turning now to slide 11, as mentioned, one of keener's key priorities in the coming month is to enhance operational flexibility, which will lower our risk profile.

<unk> will be a key contributor to our <unk> strategy augmenting production from cumulative.

Niel Bruin: Turning now to slide 11, as mentioned, one of Kiena's key priorities in the coming months is to enhance operational flexibility, which will lower our risk profile. The current reality at Kiena is that we operate in a single mining horizon, providing little to no flexibility. Operational flexibility is essential to unlocking the full value of Kiena, which is why we are expanding from one to three active mining horizons. Progress on the second front with Presqu'ile Zone is well underway, with ore currently being stockpiled for processing starting in Q3. Presqu'ile will be a key contributor to our fill-the-mill strategy of augmenting production from Kiena Deep. At the same time, development of the third horizon is advancing steadily. The main ramp has reached level 136, and lateral development is in progress, opening up a new production front with the high-grade Kiena Deep Zone.

At the same time.

<unk> of the third horizon is advancing studies.

<unk> has reached level of 136 and lateral development is in progress opening up a new production front with the high grade.

Speaker #5: The current reality at Keener is that we operate in a single mining horizon, providing little to no flexibility. Operational flexibility is essential to unlocking the full value of Keener, which is why we're expanding from one to three active mining horizons.

Zone.

Both new horizons prestige and 136 will be ready by year end.

We're also making strong progress on the exploration ramp which will provide direct access to surface. This project is also on track for completion in 2025, the ramp development is enabling a major ventilation upgrade of Timothy serving as a reader, Norway and leading to a plant 100% increase in valuation.

Speaker #5: Progress of the second front with per scale zone is well underway. With ore currently being stockpiled for processing, starting in Q3, per scale will be a key contributor to our fill the mill strategy, augmenting production from keener deep.

Speaker #5: At the same time, the development of the third horizon is advancing steadily. The main ramp has reached level 136, and lateral development is in progress.

In the second half of 2011.

Project scope has also been expanding into Bristol ore body.

Speaker #5: Opening up a new production front with the high grade keener deep zone. Both new horizons per scale and 136 will be ready by year-end.

We're now allocating additional capital to business unit for long term mining success by optimizing the ventilation system in this area to ensure long term capacity, while lowering <unk>.

Niel Bruin: Both new horizons, Presqu'ile and 136, will be ready by year-end. We are also making strong progress on the exploration ramp, which will provide direct access to surface. This project is also on track for completion in 2025. The ramp development is enabling a major ventilation upgrade at Kiena Deep, serving as a return airway and leading to a planned 100% increase in ventilation capacity in the second half of 2024. Project scope has also been expanded on the Presqu'ile ore body. We are now allocating additional capital to position it for long-term mining success by optimizing the ventilation system in this area to ensure long-term capacity while lowering opening costs and accelerating development and expanding the footprint to a deeper level, establishing an additional mining front. Supporting infrastructure for Presqu'ile is now coming online.

Speaker #5: We're also making strong progress on the exploration ramp, which will provide direct access to surface. This project is also on track for completion in 2025.

Operating costs and accelerating development in extending the footprint to a deeper level, establishing a net additional mining products.

Speaker #5: The ramp development is enabling a major ventilation upgrade at keener deep, serving as a return airway. And leading to a planned 100% increase in ventilation capacity in the second half of 2025.

Supporting infrastructure for prestige is now coming online.

Surface Crusher is now operational and civil works for their first surface ventilation fans are underway.

It goes without saying that the new mining horizon surplus ramp access and upgraded ventilation system are crucial to keynote future success.

Speaker #5: Project scope has also been expanded at the per scale ore body. We're now allocating additional capital to position it for long-term mining success by optimizing the ventilation system in this area, to ensure long-term capacity while lowering opening costs.

One simply there will transform <unk> into a more flexible and resilient operation the importance of the new ramp was reinforced in July when the longer than planned.

Shutdown highlighted the need for alternative access.

Speaker #5: And accelerating development and extending the footprint to a deeper level, establishing an additional mining front. Supporting infrastructure for per scale is now coming online.

Once complete the rent will provide a second option for transporting people in material.

A key element of our broader strategy to strengthen operational redundancy and reservoir.

Speaker #5: The surface crusher is now operational, and similar works for the first surface ventilation plant are underway. It goes without saying that the new mining horizon, surface ramp access, and upgraded ventilation system are crucial to keener's future success.

Niel Bruin: The surface crusher is now operational, and civil works for the first surface ventilation plant are underway. It goes without saying that the new mining horizon, surface ramp access, and upgraded ventilation system are crucial to Kiena's future success. Once complete, they will transform Kiena into a more flexible and resilient operation. The importance of the new ramp was reinforced in July when the longer-than-planned oil shutdown highlighted the need for alternative access. Once complete, the ramp will provide a second option for transporting people and materials, a key element of our broader strategy to strengthen operational redundancy and resilience. As mentioned at the outset, Kiena's focus for the second half of the year is clear. It is to strengthen production and meet revised guidance.

As mentioned at the outset gannett's focus for the second half of the year is here.

This has strengthened production and meet revised guidance. It is also to complete the initiatives underway to improve operational flexibility.

Speaker #5: Once complete, they will transform keener into a more flexible and resilient operation. The importance of the new ramp was reinforced in July when the longer-than-plant oil shutdown highlighted the need for alternative access.

I am confident that the exceptional team at Ciena is well positioned to deliver.

Leading the effort is our best yet who joined as general manager in June John brings deep experience in our press respective to the operation, we woke up into the annuity and now over to Jonathan to discuss exploration.

Speaker #5: Once complete, the ramp will provide a second option for transporting people and materials at key elements of our broader strategy to strengthen operational redundancy and resilience.

Thank you Jay and good morning, everyone.

Some things up on slide 13, a snapshot of what's happening in Eagle River, both underground and surface.

Speaker #5: As mentioned at the outset, Keener's focus for the second half of the year is clear: it is to strengthen production and meet revised guidance.

Underground at the Central Zone drilling is doing exactly what we had hoped.

Speaker #5: It is also to complete the initiatives underway to improve operational flexibility. I'm confident that the exceptional team at Wesdome is well positioned to deliver.

Niel Bruin: It is also to complete the initiatives underway to improve operational flexibility. I am confident that the exceptional team at Kiena is well positioned to deliver. Leading the effort is John Bastien, who joined as General Manager in June. John brings deep experience and a fresh perspective to the operation. We welcome him to the meeting. Now over to Jonah Lawrence to discuss exploration.

The continuation of them pumps mineralization of consistent thickness in grade and Walmart and potential new sub parallel structures.

Speaker #5: Leading the effort is Jean Berthier, who joined as general manager in June. Jean brings deep experience and a fresh perspective to the operation. We welcome him to the new team.

And the 300 fault zone drilling support the continuity of high grades down plunge on a separate sub parallel structure from the spring 100 Psi.

Speaker #5: And now over to Jonah to discuss exploration.

311720, its early days, just the <unk>, but the data so far suggesting boastful bodies continues down plunge from <unk>.

Speaker #6: Thank you, Guy. And good morning, everyone. Let's start things off on slide 13, a snapshot of what's happening at eco-river, both underground and at surface.

Jono Lawrence: Thank you, Guy, and good morning, everyone. Let us start things off on slide 13, a snapshot of what is happening at Eagle River, both underground and at surface. Underground at the sixth central zone, drilling is doing exactly what we had hoped, confirming the continuation of downplunge mineralization at consistent thickness and grade and highlighting potential new subparallel structures. In the 300-fold zone, drilling supports the continuity of high-grade downplunge on a separate subparallel structure from the 300 zone. Over at 311 Falcon and 720, it is early days, just a few assays in, but the data so far is suggesting both ore bodies continue downplunge. The 720 also has indication that the mineralization remains open to the west. On surface, Q2 drilling focused on the upper extension of the Falcon zone, testing the mineralization further upplunge.

<unk> also as indication that the mineralization remains open to the west.

Speaker #6: Underground at the central zone, drilling is doing exactly what we had hoped: confirming the continuation of down-plunge mineralization at consistent thickness and grade, and highlighting potential new sub-parallel structures.

On surface Q2 drilling focused on the upper extension of the south concerning testing the mineralization further up plunge.

We intersected great core signing of visible gold in both the holes.

Speaker #6: Near the 300 Fold Zone, drilling supports the continuity of high-grade down-plunge on a separate sub-parallel structure from the 300 Zone. Over at 311 Falcon and 720, it's early days.

A strong sign and more drilling is scheduled to evaluate continued.

We also tested a parallel trends to the six signings surface drilling seven holes across 300 meters of strike, we intersected corresponding with sulfides and we're now awaiting assays.

Speaker #6: Just a few assays in. But the data so far is suggesting both ore bodies continue down-plunge. The 720 also has indication that the mineralization remains open to the west.

Since quarter end, we've kicked off mutual programs mission with Mega concept to follow later this quarter.

Total we've got 10000 meters of drilling planned about 68 homes.

Speaker #6: On surface, Q2 drilling focused on the upper extension of the Falcon zone, testing the mineralization further up-plunge. We intercepted grade core staining with visible gold in multiple holes, a strong sign, and more drilling is scheduled to evaluate continuity.

The song testing gaps with the current drilling admission.

<unk> was down plunge continuity of initiative below the open pits and tween historically persistence at both mission and cyclical.

Jono Lawrence: We intersected grade 4 staining with visible gold in multiple holes, a strong sign, and more drilling is scheduled to evaluate continuity. We also tested a parallel trend to the sixth zone from surface, drilling seven holes across 300 meters of strike. We intercepted quartz staining with sulfides, and we are now awaiting assays. Since quarter end, we have kicked off new drill programs at Mishi, with MagnaConcept to follow later this quarter. In total, we have got 10,000 meters of drilling planned, about 68 holes, focused on testing gaps west of the current drilling at Mishi, assessing the downplunge continuity of the Mishi deposit below the open test, and twinning historic intercepts at both Mishi and MagnaDone. Now, a quick update on the Angus property on slide 14. Our top priority here is to complete the resource work at Dorset, which the Angus team commenced earlier this year.

Now a quick update on the Angus property on slide 14.

Speaker #6: We also tested the parallel trend to the 6 zone in surface. Drilling seven holes across 300 meters of strike. We intercepted core staining with sulfides, and we're now awaiting assays.

Top priority here is to place the resource work at doses, which the Angus team commenced earlier this year.

Mid July we had drilled about 1300 meters on the mine and designs with another 2000 leaders to go.

Speaker #6: Since the quarter end, we've kicked off new drill programs at Michi, with a magnet concept to follow later this quarter. In total, we've got 10,000 meters of drilling planned, about 68 holes.

Targeted by Tuesday.

As well as those requests.

Our goal is to update historic dose of resource and define the continuity of the recent high grade hits at doses list.

Speaker #6: Focused on testing gaps west of the current drilling at Michi, assessing the down-plunge continuity of the Michi deposit below the open pit, and twinning historic intercepts at both Michi and Magneton.

Once the resource drilling program of doses wrapped up with shift focus to other high priority targets, including these with a slate and the camera like on formation.

Speaker #6: Now, a quick update on the Angus property on slide 14. Our top priority here is to complete the resource work at Dorset, which the Angus team commenced earlier this year.

And just a quick note from our global model before we move to Kinder.

Full underground rigs are currently tasked with infill drilling global model targets between now and they have been up approximately 40000 maintenance will be completed.

Speaker #6: By mid-July, we had drilled about 1,300 meters on the main A and B zones, with another 2,000 meters to go, targeting both Dorset A, B, as well as Dorset West.

Jono Lawrence: By mid-July, we had drilled about 1,300 meters on the main A and B zones, with another 2,000 meters to go, targeting both Dorset A, B, as well as Dorset West. Our goal is to update the historic Dorset resource and define the continuity of the recent high-grade heaps at Dorset West. Once the resource drilling program at Dorset is wrapped up, we will shift focus to other high-priority targets, including the Eagle River Slave and the Cameron Lake Iron Formation. Just a quick note on the global model before we move to Kiena. Four underground rigs are currently tasked with infill drilling global model targets. Between now and November, approximately 40,000 meters will be completed. Two other rigs are focused on delineation drilling for grade control and continued infill and exploration drilling on the Falcon 311 and six central parallel zones.

Two other rigs are focused on delineation drilling for grade control and continued infill and exploration drilling on the Falcon 311, and six central parallel zones.

Speaker #6: Our goal is to update the historic Dorset resource and define the continuity of the recent high-grade hits at Dorset West. Once the resource drilling program at Dorset is wrapped up, we'll shift focus to other high-priority targets, including the Eco-River Splay and the Cameron Lake iron formation.

The global model drill program will support category conversion of target material and feed into next year's updated technical report.

It's a lot to be excited about in Eagle River, and we are targeting a release for the full exploration update in the coming weeks.

Speaker #6: And just a quick note from the global model, before we move to keener. Four underground rigs are currently tasked with infill drilling global model targets, and between now and November, approximately 40,000 meters will be completed.

Now, let's turn to Keno on slide 15.

The completion of new underground drilling platforms is opening up some exciting opportunities and a big part of the mine to platforms and level 134, now complete and drilling is underway from the first site.

Speaker #6: Two other rigs are focused on delineation drilling for grade control and continued infill and exploration drilling on the Falcon 311 and 6 Central parallel zones.

For a more platforms are on track for completion by year end.

These platforms are game changer.

They are giving us much better angles to test Cana deep the footwall zone and the down plunge extension of the design.

Speaker #6: The global model drill program will support Caterpie ie conversion of target material, and feed into next year's updated technical report. There's a lot to be excited about at eco-river, and we are targeting a release for the full exploration update in the coming weeks.

Jono Lawrence: The global model drill program will support category conversion of target material and feed into next year's updated technical report. There is a lot to be excited about at Eagle River, and we are targeting a release with a full exploration update in the coming weeks. Now let us turn to Kiena on slide 15. The completion of new underground drilling platforms is opening up some exciting opportunities. In the deep part of the mine, two platforms on level 134 are now complete, and drilling is underway from the first phase. Three more platforms are on track for completion by year-end. These platforms are a game changer. They are giving us much better angles to test Kiena Deep, the footwall zone, and the downplunge extension of the B zone. They also significantly reduce drill hole lengths, meaning faster, more cost-effective exploration drilling.

But it also significantly enriched reduce drill hole links meaning faster more cost effective exploration drilling.

As highlighted in our June news release, we remain encouraged by results of Cana deep, especially with compelling into sensor by the football side and the norfleet of <unk>.

Speaker #6: Now let's turn to keener on slide 15. The completion of new underground drilling platforms is opening up some exciting opportunities. In the deep part of the mine, two platforms on level 134 are now complete, and drilling is underway from the first bay.

And the base side.

Historically, a low grade area recent drilling has led to a major reinterpretations what was thought to be a single lens is now suite to be multiple stacked lenses all open down plunge.

Speaker #6: Three more platforms are on track for completion by year-end. These platforms are a game changer. They're giving us much better angles to test keener deep, the foot wall zone, and the down-plunge extension of the B zone.

This matters because they designed sits right next to existing infrastructure.

It is now being actively assessed as part of our broader fill the mill strategy.

Speaker #6: They also significantly reduce drill hole lengths, meaning faster, more cost-effective exploration drilling. As highlighted in our June news release, we remain encouraged by results at Keener Deep, especially with compelling intercepts from both the footwall zone and the north limb of Keener Deep Bay.

With pain of mineralization, highlighting a broad trend that great increases the diff the down plunge continuity of visa and presents an exciting exploration target, which will evaluate in the near future.

Jono Lawrence: As highlighted in our June news release, we remain encouraged by results at Kiena Deep, especially with compelling intercepts from both the footwall zone and the north limb of Kiena Deep A. In the B zone, historically a low-grade area, recent drilling has led to a major reinterpretation of what was thought to be a single lens is now thought to be multiple stacked lenses all open downplunge. This matters because B zone sits right next to existing infrastructure. It is now being actively assessed as part of our broader fill-the-mill strategy. With Kiena mineralization highlighting a broad trend that grade increases at depth, the downplunge continuity of B zone presents an exciting exploration target, which we will evaluate in the near future. Moving up to level 33, our new platform is already producing results.

Moving up the level of 33, new platform is already producing results as shown on slide 16 drilling southeast of the wish side has intersected two high grade areas. One of which lies just northwest of the historic shock in mind.

Speaker #6: In the B zone, historically a low grade area, recent drilling has led to a major reinterpretation of what was thought to be a single lens is now thought to be multiple stack lenses, all open down-plunge.

This intersect is especially interesting.

Speaker #6: This matters because B zone sits right next to existing infrastructure. It is now being actively assessed as part of our broader fill the mill strategy.

The mineralization style resembles and matches the original shortly ore body more than six grams per ton, suggesting a possible north with continuation of the mineralization.

Speaker #6: With keener mineralization highlighting a broad trend of grade increases at depth, the down-plunge continuity of B zone presents an exciting exploration target, which we'll evaluate in the near future.

Areas strategically important due to its proximity to existing development at the <unk> mine.

We're now drilling from further east along level 33 with host test in the northwest extinction of the shortened mineralization.

Speaker #6: Moving up to level 33, our new platform is already producing results. As shown on slide 16, drilling southeast of the Wish Zone intercepted two high-grade areas.

Jono Lawrence: As shown on slide 16, drilling southeast of the WISH zone has intercepted two high-grade areas, one of which lies just northwest of the historic Shorky mine. This intercept is especially interesting. The mineralization style resembles and matches the original Shorky ore body, more than 6 grams per ton, suggesting a possible northwest continuation of the mineralization. This area is strategically important due to its proximity to existing development at the old Shorky mine. We are now drilling from further east along level 33, with holes testing the northwest extension of the Shorky mineralization. Three holes have been completed so far. Early results are promising, and further drilling is planned. Looking ahead, we are excited to complete the extension of the level 109 exploration ramp, which will allow us to resume drilling the downplunge extension of the BC zone. We are targeting a restart before the end of the year.

Three holes have been completed so far.

Early results are promising and further drilling plans.

Speaker #6: One of which lies just northwest of the historic Shawkee mine. This intercept is especially interesting. The mineralization style resembles and matches the original Shawkee ore body, more than six grams per ton, suggesting a possible northwest continuation of the mineralization.

Looking ahead, we're excited to complete the extension of the level 100, non exploration drift, which will allow us to resume drilling the down plunge extension of the BC side with.

We're targeting a restock before the end of the year.

Beyond underground surface exploration Cana is also progressing well. We currently have three batch drills active targeting extensions of the prestige zone and exploring at northwest Westtown do the sone and the <unk> XI.

Speaker #6: This area is strategically important due to its proximity to existing development at the old Shawkee mine. We're now drilling from further east along level 33, with holes testing the northwest extension of the Shawkee mineralization.

Finally, we've launched our planned high resolution drawing magnetic survey across the entire Cana property.

Speaker #6: Three holes have been completed so far. Early results are promising, and further drilling is planned. Looking ahead, we're excited to complete the extension of the Level 109 exploration drift, which will allow us to resume drilling at the down-plunge extension of the VC zone.

This will give us a valuable new layer of geophysical data to help guide future exploration and uncover new targets across the land package.

To wrap up it's been a strong and productive first half with momentum continuing to build across the portfolio.

Speaker #6: We're targeting a restart before the end of the year. Beyond underground, surface exploration at keener is also progressing well. We currently have three barge drills active, targeting extensions of the per scale zone and exploring it northwest west zone Dubisson and the 134 zone.

Jono Lawrence: Beyond underground, surface exploration at Kiena is also progressing well. We currently have three barge drills active, targeting extensions of the preskill zone and exploring at northwest Wesdome, Dubason, and the 134 zone. Finally, we have launched our planned high-resolution drone magnetic survey across the entire Kiena property. This will give us a valuable new layer of geophysical data to help guide future exploration and uncover new targets across the land package. To wrap up, it has been a strong and productive first half, with momentum continuing to build across the portfolio. We are also pleased to welcome the Angus Gold exploration team, bringing valuable expertise to the Angus Gold program while contributing to our broader exploration efforts. Company-wide, our drilling programs remain tightly focused and efficient, aimed at driving resource growth, enhancing operational flexibility, and delivering long-term value.

We're also pleased to welcome the Angus exploration team, bringing valuable expertise the youngest program all contributed to a broader exploration efforts.

Any wide drilling programs remain tightly focused and efficient aimed at driving resource growth enhancing operational flexibility and delivering long term value.

Speaker #6: And finally, we've launched our planned high-resolution drone magnetic survey across the entire keener property. This will give us a valuable new layer of geophysical data to help guide future exploration and uncover new targets across the land package.

Our exploration teams have worked hard at building a pipeline of drill targets.

And underground.

And seals and Greenfields, we are first of all real estate with exciting upside potential.

Speaker #6: To wrap up, it's been a strong and productive first half, with momentum continuing to build across the portfolio. We're also pleased to welcome the Angus exploration team bringing valuable expertise to the Angus program while contributing to our broader exploration efforts.

We look forward to sharing continued progress as we advanced the splits for the second half of the year.

Now over to Raj, who will take you through this quarters financial results.

Thanks, Sean and good morning, everyone turning to slide 18, the second quarter set several new records across revenue EBITDA cash margin net income and free cash flow nor.

Speaker #6: Company-wide, our drilling programs remain tightly focused and efficient. Aimed at driving resource growth, enhancing explorational flexibility, and delivering long-term value. Our exploration teams have worked hard at building a pipeline of drill targets, surface and underground, ground fields, and green fields.

Notably western generated $53 million in free cash flow this quarter more than the entire first half of 'twenty 'twenty four.

Jono Lawrence: Our exploration teams have worked hard at building a pipeline of drill targets, surface and underground, ground fields, and greenfields. We have fertile real estate with exciting upside potential. We look forward to sharing continued progress as we advance this work through the second half of the year. Now over to Rajbir Gill, who will take you through this quarter's financial results.

Per share metrics like adjusted net income of 52 and <unk>.

Cash flow of 67.

Strong sequential improvement over the first quarter as well as Q2 2024.

Speaker #6: We have fertile real estate with exciting upside potential. We look forward to sharing continued progress as we advance this work through the second half of the year.

I would note that headline earnings were adjusted was adjusted to reflect executive departure costs as well as a consideration receivable accrued for royalty buybacks.

Speaker #6: And now, over to Raj, who will take you through this quarter's financial results.

Turning to slide 19 pulp production in second quarter was approximately 43000 ounces at cash cost of 929 U S per ounce and all in sustaining costs of $15 28 per ounce.

Speaker #7: Thanks, Jonah and good morning, everyone. Turning to slide 18, the second quarter set several new records across revenue, EBITDA, cash margin, net income, and free cash flow.

Fernando Ragone: Thanks, Jonah Lawrence, and good morning, everyone. Turning to slide 18, the second quarter set several new records across revenue, EBITDA, cash margin, net income, and free cash flow. Notably, Wesdome Gold Mines Ltd. generated $53 million in free cash flow this quarter, more than the entire first half of 2024. Per-share metrics, like adjusted net income of $0.52 and cash flow per share of $0.67, showed strong sequential improvement over the first quarter, as well as Q2 2024. I would note that headline earnings were adjusted to reflect executive departure costs, as well as a consideration of receivable accrued for loyalty buybacks. Turning to slide 19, gold production in the second quarter was approximately 43,000 ounces, a cash cost of $929 per ounce, and all-in sustaining costs of $1,528 per ounce.

Speaker #7: Notably, Western generated 53 million in free cash flow this quarter, more than the entire first half of 2024. Per share metrics, like adjusted net income of 52 cents and cash flow of 67 cents, showed strong sequential improvement over the first quarter, as well as Q2 2024.

As an unhedged producer with most of our cost in Canadian dollars recaptured over $17 50 U S per ounce of 553% basic margin per ounce compared to a realized gold price of $3279 U S per ounce were seeing the benefits of having multiple producing assets in the portfolio with Eagle River strong performance.

Speaker #7: I would note that headline earnings were adjusted to reflect executive departure costs, as well as a consideration of receivable accrued for loyalty buybacks. Turning to slide 19, full production in the second quarter was approximately 43,000 ounces, at a cash cost of $929 per ounce, and all-in sustaining costs of $1,528 per ounce.

Great, partially offsetting lower production due to equipment availability challenges.

Looking at the ASIC profile for the second half were forecasted in Q3 to be similar to Q2, while Q4 is expected to be materially lower.

Even with record margins. This quarter, there is clearly room for improvement by tightening cost controls enhancing our planning and tracking processes and upgrading our internal reporting we can unlock more value empowering real time tactical and strategic decision making.

Speaker #7: As an unhedged producer with most of our costs in Canadian dollars, we captured over 1750 US per ounce or 53% ASIC margin per ounce compared to a realized gold price of 3,279 dollars US per ounce.

Fernando Ragone: As an unhedged producer with most of our costs in Canadian dollars, we captured over $1,750 per ounce, or 53% all-in sustaining margin per ounce compared to a realized gold price of $3,279 per ounce. We're seeing the benefits of having multiple producing assets in the portfolio, with Eagle River's strong performance on grade expectations, partially offsetting lower production in Kiena due to equipment availability challenges. Looking at the all-in sustaining cost profile for the second half, we're forecasting Q3 to be similar to Q2, while Q4 is expected to be materially lower. Even with record margins this quarter, there's clearly room for improvement. By tightening cost controls, enhancing our planning and tracking processes, and upgrading our internal reporting, we can unlock more value, empowering real-time tactical and strategic decision-making. Turning to slide 20, our balance sheet continues to strengthen with about $188 million in cash from zero debt.

Turning to slide 20.

Our balance sheet continues to strengthen with about $188 million in cash and zero debt.

Speaker #7: We're seeing the benefits of having multiple producing assets in the portfolio, with eco-river's strong performance on grade partially offsetting lower production at keener due to equipment availability challenges.

With a stronger second half and fourth quarter plan.

We expect our financial position to continue improving on an accelerated clip is work hard to deliver more consistently reduce cost and capture the operating leverage inherent in the business.

Speaker #7: Looking at the ASIC profile for the second half, we're forecasting Q3 to be similar to Q2, while Q4 is expected to be materially lower.

As a reminder, we closed the <unk> transaction on June 27, which required a cash outlay of about $39.

Speaker #7: Even with record margins this quarter, there's clearly room for improvement. By tightening cost controls and enhancing our planning and tracking processes, and upgrading our internal reporting, we can unlock more value in powering real-time tactical and strategic decision-making.

Cynthia mentioned during the quarter, we also amended our revolving credit facility to extend its maturity to 2028 increased capacity of $250 million from Canadian $150 million previously.

Speaker #7: Turning to slide 20, our balance sheet continues to strengthen with about 188 million dollars in cash and zero debt. With a stronger second half and fourth quarter planned, we expect our financial position to continue improving at an accelerated clip as we work hard to deliver more consistently reduced costs and capture the operating leverage inherent in the business.

Facility also includes an accordion feature which now stands at USD $50 million.

With liquidity of more than 5 billion Canadian dollars Wes.

Fernando Ragone: With a stronger second half and fourth quarter planned, we expect our financial position to continue improving at an accelerated clip as we work hard to deliver more consistently, reduce costs, and capture the operating leverage inherent in the business. As a reminder, we closed the Angus Gold transaction on June 27, which required a cash outlay of about $30 million. As Anthea Bath mentioned, during the quarter, we also amended our revolving credit facility to extend its maturity to 2028, increased capacity at $250 million from Canadian $150 million previously. The debt facility also includes an accordion feature, which now stands at U.S. $50 million.

Western enters the second half of 2025 in its strongest financial position to date.

We're now at the point, where we're building a disciplined capital allocation framework anchored on maintaining financial flexibility, while balancing the execution of our strategic objectives and delivering long term returns for shareholders.

Speaker #7: As a reminder, we close the Angus gold transaction on June 27th, which required a cash outlay of about 30 million dollars. As Anthea mentioned during the quarter, we also amended our revolving credit facility to extend its maturity to 2028, increase capacity of 250 million US from Canadian 150 million previously.

Our first priority always remains fully funding high potential exploration and advancing the fill the mill strategies of both Eagle.

River and Keno.

Organic growth has historically yielded the highest returns for our shareholders in parallel we will maintain a rigorous approach to evaluating strategic opportunities that complement our operating strengths and support our vision of building resilient growing value driven gold producer with that operator, you can open the lines up for questions.

Speaker #7: The debt facility also includes an accordion feature, which now stands at $50 million. With liquidity of more than half a billion Canadian dollars, Wesdome enters the second half of 2025 in its strongest financial position to date.

Fernando Ragone: With liquidity of more than half a billion Canadian dollars, Wesdome enters the second half of 2025 in its strongest financial position to date. We are now at the point where we are building a disciplined capital allocation framework, anchored on maintaining financial flexibility while balancing the execution of our strategic objectives and delivering long-term returns for shareholders. Our first priority always remains fully funding high-potential exploration and advancing the fill-the-mill strategy in both Eagle River and Kiena. Organic growth has historically yielded the highest returns for our shareholders. In parallel, we will maintain a rigorous approach to valuing strategic opportunities that complement our operating strengths for our vision of building a resilient, growing, value-driven gold producer. With that, operator, you can open the line for questions.

Speaker #7: We're now at the point where we're building a disciplined capital allocation framework. Anchored on maintaining financial flexibility while balancing the execution of our strategic objectives and delivering long-term returns for shareholders.

Thank you we will now begin the question and answer session.

I'd like to remind everyone in order to ask a question.

Speaker #7: Our first priority always remains to fully fund high-potential exploration and advance the fill-the-mill strategies of both Eco-River and Keener. Organic growth has historically yielded the highest returns for our shareholders.

Ross Star then the number one on your telephone keypad.

We'll pause for just a moment as callers join the queue.

The first question comes from the line of Andrew <unk>.

<unk> with BMO capital markets. Your line is open.

Speaker #7: In parallel, we'll maintain a rigorous approach to evaluating strategic opportunities that complement our operating strength, and support our vision of building a resilient, growing, value-driven gold producer.

Well, thanks for taking my question.

That's quite a bit of detail on remote work that youre doing at Cana, but maybe I could just ask.

Speaker #7: With that operator, you can open the line with your questions.

Sure.

Someone to contrast, what we see at Eagle in terms of.

Speaker #2: Thank you. We will now begin with a question and answer session. I would like to remind everyone in order to ask a question, please press star then the number one on your telephone keypad.

Operator: Thank you. We will now begin the question and answer session. I would like to remind everyone, in order to ask a question, please press star, then the number one on your telephone keypad. We will pause for just a moment as callers join the queue. The first question comes from the line of Andrew Mikitchook with BMO Capital Markets. Your line is open.

Fairly well.

Impressive preparation and reliability in a year.

Speaker #2: We'll pause for just a moment as callers join the queue. The first question comes from the line of Andrew Mititschuk with BMO Capital Markets.

Forward development.

And all kinds of metrics like that how long or is it possible to get to that kind of a situation at keno.

Speaker #2: Your line is open.

Is that the goal or am I misunderstanding.

Vision.

Speaker #8: Well, thank you for taking my question. There's quite a bit of detail on the work that you're doing at keener, but maybe I could just ask someone to contrast what we see at eagle in terms of, you know, fairly well you know, impressive preparation and reliability and, you know, a year of forward development.

The engine that's a great question and thank you bask inflation.

Andrew Mikitchook: Thanks for taking my question. There's quite a bit of detail on the work that you're doing at Kiena, but maybe I could just ask someone to contrast what we see at Eagle River in terms of, you know, fairly impressive preparation and reliability and a year of forward development and all kinds of metrics like that. How long, or is it possible, to get to that kind of a situation at Kiena? Is that the goal, or am I misunderstanding the vision?

Yes, I think Eagle side seen a program that's been going for about 18 to 24 months team can move towards being much more flexible and these are wonderful strategy to keep growing eagle and to pull that out and has been extended can show you that in the technical folks as well for Ciena.

This thing was to make sure we pulled back our operational flexibility in the mine, which was enough to hand off it further.

Speaker #8: And, you know, all kinds of metrics like that. How long, or is it possible to get to that kind of a situation at keener?

<unk> is a little bit different from Eagle in the Q you have a different ground situationally conscious.

Across this entire operation that people say the more mining sites to open up the more flexibility we create the big thing was moving from level 129 down from over 186 and in continuing that went down to about 142, which is what we continue to do an unlocking opportunities as well all of these credits on a client.

Speaker #8: Is that the goal or am I misunderstanding? The vision?

Speaker #4: Andrew, that's a great question, and thank you for asking it. So, yeah, I mean, I think EagleSide has been a program that's been going for the last 18 to 24 months to move it towards being much more flexible. There's a wonderful strategy to keep growing Eagle and to build it up, and hopefully next year we can show you then the technical reports as well.

Guy Belleau: Andrew, that is a great question, and thank you for asking the question. Yes, I mean, I think Eagle inside has been a program that has been going for about 18 to 24 months to move towards being much more flexible, and it is a wonderful strategy to keep growing Eagle and to build it up. Hopefully, next year, we can show you the technical reports as well. For Kiena, the first thing was to make sure we build out our operational flexibility in the mine, which will then allow us to unlock it further. Kiena is a little bit different from Eagle in that you have a different ground situation where you cannot just open up strokes across the entire operation. You have to build very carefully. The more mining fronts we open up, the more flexibility we create.

Prior to taking effect.

<unk>.

And in terms of not having it takes time to see the impact of issues going wrong in demand. So in this case, we had a situation.

Speaker #4: For Keener, the first thing was to make sure we build out our operational flexibility in the mine, which will then allow us to unlock it further.

No.

Speaker #4: Keener is a little bit different from Eagle in that you have a different ground situation where you can't just open up strokes across this entire operation; you have to build very carefully.

Furniture and equipment and performed stabilization, there was 1% ticking and with that.

It affects your frequency, which means we rely on a single patient and you can see it just slows things down. However, the one thing I want to assure you that we havent really system Mexican state by state process to get this to get that unlocked through the flexibility discussed we just mentioned, but similarly, if when we do things a keener right now were doing in <unk>.

Speaker #4: So the more mining fronts we open up, the more flexibility we create. The big thing was moving from level 129 down to level 136, and then continuing that ramp down to level 142, which is what we continue to do.

Guy Belleau: The big thing was moving from level 129 down to level 136 and then continuing that exploration ramp down to level 142, which is what we continue to do, and then unlocking opportunities near surface as well. All of these programs are currently taking effect. You see, in terms of not having that flexibility, you see the impacts of issues going wrong in the mine. In this case, we had a situation where our material, our equipment did not perform to the utilization levels we wanted it to be. With that, you then affect your sequence, which means you rely on the single place, and then it just slows things down. However, the one thing I want to show you is that we have a very systematic and step-by-step process to get this, to get that unlocked through the flexibility discussion we just mentioned.

Speaker #4: Then unlocking opportunities near surface as well. All of these programs are currently taking effect. You see, in terms of not having that flexibility, you see the impact of issues going wrong in the mine.

Similarly in line the mining really really well, which is what is the next thing to do now is to make sure we get the sniffles open the end market and in the flexibility actually happens in the meantime, we've done the kina is open up redundancy to allow us to actually manage this.

Speaker #4: In this case, we had a situation where our material and equipment didn't perform to the utilization levels we wanted it to be. As a result, this affected our sequence, which means we relied on the single phase, and it just slowed things down.

Or is it a little bit different than say they didn't have to but we have issue right people aren't available for a machine at <unk> com.

Attendance in our books in if we can assure the utilization rates.

Speaker #4: However, the one thing I want to assure you is that we have a very systematic and step-by-step process to get this to get that unlocked through the flexibility discussion we just mentioned.

Gypsy persistence from.

So then if that helps.

Yes.

Okay.

Speaker #4: But similarly, when we do things at keener right now, we're doing them really right. So when we do mine, we're mining really, really well, which is what I love.

Guy Belleau: Similarly, when we do things at Kiena right now, we are doing them really right. When we do mine, we are mining really, really well, which is what I love. The next thing to do now is to make sure we get these levels open, we unlock it, and then the flexibility naturally happens. In the meantime, what we have done at Kiena is we have opened up redundancy to allow us to actually manage those little errors a little bit differently. If they do happen or we have an issue where people are not available for a machine at the right time, we have got redundancy now built in that we can assure the utilization rates we need to keep our sequence strong. I do not know if that helps at all, Andrew.

Alright.

Kind of makes sense.

Okay.

And staying with Kiana keno.

Speaker #4: The next thing to do now is to make sure we get these levels open, we unlock it, and then the flexibility naturally happens. In the meantime, what we've done at Keener is we've opened up redundancy.

<unk>.

This 10, 11, 12 days shaft maintenance unplanned issues.

How should that.

Impact Q3 versus.

Speaker #4: To allow us to actually manage those little areas a little bit differently. So if they do happen, and we have an issue where people aren't available for a machine at the right time, we've got redundancy now built in that we can assure the utilization rates we need to keep our sequence strong.

Q2 should like we're looking for a similar outcome.

Hopefully some improvements in the balance of the quarter offset those issues are.

Is there a risk that Q3 is weaker than Q2, 9% I think differently. When we had it was a planned maintenance shut at stendal.

Speaker #4: So I don't know if that helps at all, Andrew?

Speaker #8: No, it kind of makes sense. And staying with keener, keener, this 10/11/12 days shift maintenance unplanned issues, how should that impact Q3 versus, say, Q2?

Andrew Mikitchook: No, it kind of makes sense. Staying with Kiena, this 10, 11, 12 days of shaft maintenance, unplanned issues, how should that impact Q3 versus, say, Q2? Should we be looking for a similar outcome that, hopefully, some improvements in the balance of the quarter offset those issues, or is there a risk that Q3 is quicker than Q2?

45 days.

But it does your quarter to date.

<unk> seen improvement definitely.

Steve you want to comment further.

So it was.

Four days.

Planned shutdown in the shutdown has been it's been has been extended to two fixed to fixed on some key components around around noise. It's solid it's all it's all behind US and then moving to add into the quarter we.

Speaker #8: Should we expect a similar outcome, with hopefully some improvements in the balance of the quarter offsetting those issues? Or is there a risk that Q3 is weaker than Q2?

We've seen some some pretty impressive results. There recently the team has been working very hard at fixing fixing issues.

Speaker #4: No, no, no. I think definitely what we had there was a planned maintenance shutdown that extended right by four or five days. I've got four days there.

Guy Belleau: No, no, no. I think, okay, definitely, what we had there was a planned maintenance shaft that extended, right, by four or five days. I have got four days there. But your Q3 does see an improvement, definitely. So, Matthew, do you want to comment further?

We've seen recently 20 ground battalions of mill. So overextend visit the team is doing a very good job over there.

Speaker #4: But it does your quarter three, your quarter three does see an improvement. Definitely. So as Guy, do you want to comment further?

Speaker #5: Yeah, so it was a four-day planned shutdown, and the shutdown has been extended to fix some key components around the oils.

Okay.

Niel Bruin: It was a four-day planned shutdown, and the shutdown has been extended to fix some key components around the oil. Now it is all, it is all, it is all behind us, and we are moving ahead into the quarter. We have seen some pretty impressive results recently. The team has been working very hard in fixing issues, and we have seen recently 20 grams per ton in the mill, so over-expectation. The team is doing a very good job over there.

Taking the question.

And I. Thank you.

To this.

Earlier in the call, but just to be clear, if you're going to deliver 40% of your goal in Q4, yes.

Speaker #5: Now it's all behind us and we're moving ahead into the quarter. We've seen some pretty impressive results recently. The team has been working very hard in fixing issues.

That would require.

Both tonnes and grades to come up in Q4 or is it really.

Mostly tonnes here.

Any guidance on a split so that people can have an idea of what to expect.

Speaker #5: And we've seen recently 20 gram per ton in the mill. So what we're expecting is the team is doing a very good job over there.

I will just translate again to different hesitant or a great impact from community.

If you think about it it really is.

Still coming in in Q4 as well as cumulative.

Speaker #8: Okay, last keener question. And I think you alluded to this earlier in the call, but just to be clear, if you're going to deliver 40% of your gold in Q4, that would require both tons and grades to come up in Q4, or is it really mostly tons or any guidance on the split so that people can have an idea of what to expect?

Andrew Mikitchook: Okay, last Kiena question. I think you alluded to this earlier in the call, but just to be clear, if you are going to deliver 40% of your gold in Q4, that would require both tons and grades to come up in Q4, or is it really mostly tons? Is there any guidance on the split so that people can have an idea of what to expect?

Executing at a similar run rates than it would have done.

It's very achievable and we just need to make sure we keep delivering at the moment.

Okay last question.

Monopolizing the time here.

<unk>.

Any further explanation of what you are considering when you say return of capital to shareholders.

Speaker #4: Okay, so I'll just try and say it again. So definitely has a bit of a grade impact from keener deep. But if you think about it, it really is per scale coming in in Q4 as well as keener deep, almost executing at a similar run rate than it would have done over a period.

Guy Belleau: Okay, to, I will just try and say it again. This one has a bit of a grade impact on Kiena Deep, but if you think about it, it really is preskill coming in in Q4, as well as Kiena Deep almost executing at a similar run rate than it would have done over a period. It is very achievable. We just need to make sure we keep delivering as we are at the moment.

Yes, I mean, we are busy working with our board on chemical indications signed with at the moment and engineering will be shown in the second half of the year.

We said before.

At this stage.

Yes.

The key focus within the team and obviously.

Speaker #4: So it's very achievable. We just need to make sure we keep delivering as we are at the moment.

We keep focusing strongly on organic initiatives and remain very prudent.

Well. Thank you very much for humor, many questions and I'll pass the microphone to somebody else.

Speaker #8: Okay, last question because I don't want to monopolize the time here. Any further explanation of what you're considering when you say you return capital to shareholders?

Andrew Mikitchook: Okay, last question because I know I am monopolizing the time here. Any further explanation of what you are considering when you say return of capital to shareholders?

The next question comes from the line of Wayne Lam with TD Securities. Your line is open.

Speaker #4: Yeah, I mean, we're busy working with our board on capital allocation framework at the moment. Andrew and we'll be sharing them the second half of the year.

Guy Belleau: We are busy working with our board on capital allocation framework at the moment, Andrew, and we will be sharing them the second half of the year, as we said before. At this stage, that is the key focus within the team. Obviously, we keep focusing strongly on our organic initiatives and remain very prudent.

Okay.

Hi, Thanks, Good morning, guys.

Maybe.

A follow up follow up question I have you.

Speaker #4: As you said before, so at this stage, you know that's the key focus within the team. And obviously, you know we keep focusing strongly on our organic initiatives and then remain very prudent.

Have you seen any difficulties in terms of the mine ability of Makena deepen is that also driving like is that driving some of the changes to the mine design and then just wondering going forward what would be the targeted run rate.

Expected from Kennedy on a ton per day basis.

Speaker #8: Well, thank you very much for humoring my many questions, and I'll pass the microphone to somebody else.

Andrew Mikitchook: Thank you very much for humoring my many questions, and I will pass the microphone to somebody else.

Would that still be something in the range of 650 tonnes per day, and then maybe adding in 350 from press scale to get to.

Speaker #4: Andrew.

Guy Belleau: Thanks, Andrew.

Speaker #2: The next question comes from the line of Wayne Long with TD Securities. Your line is open.

Operator: The next question comes from the line of Wayne Long with TD Securities. Your line is open.

<unk> thousand ton per day run rate.

So.

Minus any teams and I'll make a comment afterwards, manav vintage is going really well.

Speaker #9: Hey, thanks. Morning, guys. Maybe a follow-up question about Keener. Have you seen any difficulties in terms of the minability of the Keener Deep, and is that also driving some of the changes to the mine design?

Fernando Ragone: Hey, thanks. Morning, guys. Maybe a follow-up question to Kiena. Have you seen any difficulties in terms of the minability of the Kiena Deep, and is that also driving, like is that driving some of the changes to the mine design? Then just wondering, going forward, what would be the targeted run rate expected from Kiena Deep on a ton-per-day basis? Would that still be something in the range of 650 tons per day, then maybe adding in 350 from Presqu'île to get to a 1,000-ton-per-day run rate?

We can definitely mining demand is reasonably well so that should inhibit the premises with lack of demand is doing a great job something we've been focused on <unk>.

Run rate wise, we currently target with 250 tends to date, we've seen a beat.

Speaker #9: And then just wondering going forward, what would be the targeted run rate expected from keener deep on a ton per day basis? Would that still be something in the range of 650 tons per day?

At the moment.

And then if you add.

On top of that you get from the 350, Australia, it's getting a little bit higher than that.

354, and it will have to.

Speaker #9: And then maybe adding in 350 from per scale to get to a thousand tons per day run rate?

Okay.

Okay, great. Thanks, and then maybe with the.

Speaker #4: So So minability and a key comment afterwards, the minability is going really well. We can definitely mine and we mine at really, really well.

Guy Belleau: Minability, and I will make a key comment afterwards, but minability is going really well. We can definitely mine, and we mine it really, really well. That is really good relative to the premises. We would like it to be mined. We are doing a great job. It is something we have really focused on. Run rate-wise, we have currently.

Within the additional growth Capex budgeted at Cana.

Much of that is related to accelerated development.

And the 136 level and has completion of access to the Wednesday six been slightly delayed.

Speaker #4: So that's really good relative to the parameters we'd like it to be mined. We're doing a great job. It's something we're really focused on.

Speaker #4: Run rate-wise, we're currently targeting 750 tons per day from Keener Deep at the moment. 750, and then if you add per scale on top of that, you get another 350 or so. It's getting a little bit higher than that, Wayne.

So Tony when you keep taking you may repeat your question.

Anthea Bath: is 250 tons per day from Kiena at the moment, roughly? 250. Then if you add the skill on top of that, you get another 350 or so. You are skimming a little bit higher than that, when 350, 400, about two.

Yes.

The additional growth capital now.

Now budgeted at Cana I was just wondering how much of that is related to accelerated development of king of deep and the 136 level and.

Speaker #4: 35400 or about two.

Yeah.

Speaker #9: Okay, great. Thanks. And then maybe within the additional growth capex budget at Keener, how much of that is related to accelerated development and the 136 level?

Heidi: Okay, great, thanks. Then maybe within the additional growth CapEx budget at Kiena, how much of that is related to accelerated development, and the 136 level? Has completion of access to the 136 been slightly delayed?

Whether the completion and have access to $1 36 had been slightly delayed.

No.

Shouldnt, we were planning on many of 90 $136 <unk>.

That's pretty much on track to plan and additional capital gains will be actually more in Brazil on the development skill and also unlocking the best relationship with the most actually done some work on optimizing with installation cycled through client development team.

Speaker #9: And has completion of access to the 136 been slightly delayed?

Speaker #4: So, so sorry, Wayne. You said sorry. Can you repeat your question?

Anthea Bath: Sorry, sorry, sorry. When you said, sorry, can you repeat your question?

Speaker #9: Yeah, just within the additional growth capital now budgeted at Keener, I was just wondering how much of that is related to the accelerated development of Keener Deep and the 136 level?

Heidi: Yeah, just within the additional growth capital now budgeted at Kiena, I was just wondering how much of that is related to accelerated development of Kiena Deep and the 136 level. I also wanted to know whether the completion of access to 136 had been slightly delayed.

This is largely around flexibility at both hyperscale never in trading and others.

Ryzen day, as well as enhancing our future flexibility in the mine going forward. So it's not to do with 136 1006 is going to be well. It was neither plants in mining 2025 at all and then it will be ready to be mined in 2026.

Anthea Bath: No, I mean, the completion, we were not planning on mining 136 this year at all. So that is pretty much on track and it is per plan. The additional capital there is really actually more in Priscilla on the development side of the skill and also unlocking the ventilation circuit even more so. We have done some work on optimizing the ventilation circle to require a bit more development too. This is largely around flexibility at both at Priscilla level and creating another horizon there as well as enhancing our future flexibility in the line going forward. So it is not to do with 136. 136 is going really well. It was never planned to be mined in 2025 at all, and it will be ready to be mined in 2026.

Okay, great. Thanks, and then.

Maybe just last one at Eagle River obviously.

Some significant improvements being made operationally I'm just wondering if you might be able to provide a bit more detail on.

Some of the improvements being made on that front and then whether that whether you see that as sustainable and just wondering how much of that improvement.

It's also being driven by the new global model.

John.

They keep coming to US now thank you.

Very good question or the team has worked very hard on improving drilling and blasting techniques and.

<unk>.

For the year, we have seen.

Heidi: Okay, great, thanks. Then, maybe this last one at Eagle River, obviously, some significant improvements being made operationally. Just wondering if you might be able to provide a bit more detail on some of the improvements being made on the dilution front and whether you see that as sustainable. Just wondering how much of that improvement is also being driven by the new global model.

Cuz CSA improvements in the in the dilution doing an exceptional job controlling better the drilling accuracy.

And vibrations during blasting so translating into very very good results and we see it integrated as well.

I think just the accident Duane <unk>.

To continue.

Page nine on things on that piece of it beyond.

Anthea Bath: Okay, I'm going to let Kevin Lonergan comment on that.

And beyond that and see that substantial difference in holiday.

Kevin Lonergan: No, thank you. You're a good question. The team has worked very hard on improving drilling and blasting techniques. Since the beginning of the year, we have seen continuous improvement in the dilution, doing an exceptional job controlling better the drilling accuracy and the vibrations during blasting. This is translating into very, very good results. We see it in the grade as well.

Screening on dice trend that's simply the global model is and is not the reason for that the government is that other benefits and I think it's quite exciting to see what testing days, so thats going to add more to mine life and more team putting Apollo.

In X gene and his team are diverting on is in making sure we ramp up and get the rating.

The whole operation maybe prevent pathway.

Lots of good breadth.

And in terms of opening operational flexibility, but also preparing equals if I could sneak site.

Anthea Bath: I think just to add to that, when it is best to continue, I think if you were in Kevin Lonergan's head now, you are saying about in a few sort of plans and going beyond that. So there has been a substantial difference in how they are improving on those parameters there. The global model is not the reason for that. The global model has got other benefits, and I think it is quite exciting to see what is happening there. So that is going to add more to mine life and more to filling up our mill. So another good thing that Kevin Lonergan and his team have been working on is in making sure we ramp up and get the mill ready, and the whole operation ready for a ramp up there.

Okay perfect. Thanks for taking my questions and look forward to the improvements in the month.

Thank you.

The next question comes from the line of Ralph <unk> with <unk>. Your line is open.

Thanks, operator, good morning, and I appreciate the added color on Cana deeps the goal being to double ventilation infrastructure in 2026, just wondering if you can give.

Anthea Bath: So lots of good work going on at Eagle River in terms of opening operational flexibility, but also preparing Eagle River for its next phase.

Give us a sort of a capex on that quarter.

Understanding that as part of a broader scope and may be included as part of the comprehensive technical review.

Heidi: Okay, perfect. Thanks for taking my questions and look forward to the improvements in the month ahead.

Okay. So from a capex perspective on the day today. So the thesis maybe just make it clear.

Anthea Bath: Thank you.

Building ventilation, we don't need information, probably the mining like nine 129 minute installation unit growth in mining creates more flexibility you're right.

Trish Moran: The next question comes from the line of Rajbir Gill with National Bank. Your line is open.

Rajbir Gill: Thanks, operator. Good morning. Anthea, I appreciate the added color on Kiena Deep. The goal being to double ventilation infrastructure in 2026. Just wondering if you can give us a sort of a CapEx on that work order, you know, understanding that is part of a broader scope and may be included as part of the comprehensive technical review.

And if you wanted to create more redundancy of inflation, especially on limited an installation in terms of what we can and what they can add on can you cant just add machines into the mine life now if we look at them.

2012.

This is always part of the plan.

To do this well.

Nothing new doing nicely.

Enhancing that because we are realizing that this mine is.

Anthea Bath: Okay, so from a CapEx perspective on the ventilation side, if you just maybe just make it clear, we are building ventilation. We do not need ventilation for where we are mining right now in 129. We need ventilation; we want to grow the mine and create more flexibility. If we want to create more redundancy, ventilation helps because we are limited on ventilation in terms of what we can add on. We cannot just easily add more machines into the mine right now if we needed them at this point in time. This was always part of the plan, to do this as well. This is nothing new. What we are doing now is we are just enhancing that because we are realizing that this mine is compatible with more. We are seeing more on label 33. We are seeing more in Priscilla. We are seeing more things.

More so we're seeing more and they were pretty soon we're seeing more in Prestea are we seeing more since you just said turning to speak about the scale of what's in what's in <unk>.

<unk> team is doing is preparing.

And for the long term as well so when you stand back from the operation We wanted to make sure that any decision. We make allows us to have success not just for the next three years, but for beyond two years. So some of these investments that you might've seen which was an increase.

It was about four 4 million in the second one second Kevin I am just looking at Q.

It's not.

Maybe we could have the number of architecture I think Kevin.

Kevin to get that number exactly but it was a bit more to help enhance that.

That program.

<unk>.

Anthea Bath: You just heard Jono Lawrence speak about the scale of what is in Kiena. A lot of what Wesdome's team is doing is preparing Kiena for the long term as well. When we stand back on the operation, we want to make sure that any decision we make allows us to have success not just for the next three years, but for beyond three years. Some of this investment that you might have seen, which was an increase, I think it was about $4 million if I am not mistaken. Kevin Lonergan, I am just looking at you. It is about $4 million if I could have the number not exactly right, but I can get Kevin Lonergan to get that number to us exactly. It was a bit more to help enhance that program. It is not something that we have learned today.

It's not something that could lead to today, it's something that's important.

And more flexibility.

Yes, that's helpful. Thank you.

Just as a second question I wanted to delve a little bit more into the equipment availability constraints. It wasn't clear whether or not this is related to fixed infrastructure or mobile equipment and either or is this more related to design issues maintenance issues, our operator issues.

So I just wanted them.

So as long as I've been in.

Jay can you just say that again.

My apologies, yes, I wanted to go to then expand a little bit more on the equipment availability constraints and whether or not this was mobile equipment or fixed infrastructure and whether or not these are more related to designed maintenance or operator, okay. Great question.

Anthea Bath: It is something that we are building to build more growth and more flexibility in the future.

Rajbir Gill: Yes, that's helpful. Thank you. Just as a second question, I want to delve a little bit more into the equipment availability constraints. It wasn't clear whether or not this is related to fixed infrastructure or mobile equipment. Either/or, is this more related to design issues, maintenance issues, or operator issues?

That because we realizing that this month, you know, isn't has got more, right? So we see more and they will study through. We see more in skill, we seeing more things, you just heard trying to speak about the scale of what's in, what's in, um, what's in Kina. So a lot of what we've done team is doing is preparing um, Kina for the long term as well. So when you stand back from the operation you want to make sure that any decision you make allows us to have success. Not just for the next 3 years but for Beyond 3 years. So some of this investment that you might have seen, which is an increase. I think it was about 4, 4, 4 million, or something. I'm not mistaken. Kevin. I'm just looking at you into about 4 million in sales. I could have the number not exactly right. But I can get Kevin to get that number to us. Exactly. But it was a bit more to help enhance that that that program. Um, it's it's it's it's it's, it's, it's not something that we've learned today. It's something that we're building to create more growth and more flexibility in China.

The mobile it's nice you may need to see at this stage and the reason why is because our city availability needs to be at an extremely high level from a useful answer.

If you add a nickel on a utilization number which is wealth plan.

The problem is it's a people issue as well as the.

Yes, that's helpful. Thank you. And, and just as a second question, I want to delve a little bit more into the uh, equipment availability constraints. It wasn't clear. Whether or not this is related to fixed infrastructure or mobile equipment and either or is this is this more related to design issues, maintenance issues or operator issues.

Anthea Bath: Should I just run them? Sorry, as well, if I didn't hear you perfectly, can you just say that again?

Equipment issue.

Just 1 moment.

The size and risk profile of all.

Rajbir Gill: My apologies, yes. I wanted to get and expand a little bit more on the equipment availability constraints and whether or not this was mobile equipment or fixed infrastructure and whether or not these are more related to design, maintenance, or operator.

Sorry, as well. I didn't hear you. Perfect. Can you just say that again?

It needs to be fully aligned with the risk profile of the mine. If you think of things like a state expenditure, we probably needed to be.

Stronger on the hedging to make sure we had.

You can't wait.

Anthea Bath: Okay, great question. The mobile, it is mostly related to fleet at this stage. The reason why is because our fleet availability needs to be at an extremely high level from a utilization level, which is well planned. The problem is it is a people issue as well as an equipment issue. It is both sides. The risk profile of our equipment needs to be fully aligned with the risk profile in the mine. If you look at things like our spare parts strategy, we probably needed to be a bit stronger on that, Heidi, to make sure we had, you know, you cannot wait. You do not have time to wait when you require a very tight execution program. It is, this is not an equipment specific issue.

Tom two ways when you require very tight execution program.

My apologies. Yes, I wanted to get an expand a little bit more on the equip equipment, availability, constraints, and whether or not, this was mobile equipment or fixed infrastructure and whether or not these are more related to design maintenance or operator.

This is not an equipment.

Okay, great question. Um, the mobile it's mostly related to sleep at the.

Specific issue. This is a net of a planning issue more than anything else.

Equipment <unk> equipment, it's about making sure that the planning procedures and how we are sure that our tendency in our risk profile aligns data requirements at the mine.

This is nothing inherent about this Ralph this is this is a fantastic mining operation. This is just about getting these things to fit the risk profile appropriately next one I would say, we probably should have applied a bit more risk at the beginning of the plan.

Stage. And the reason why is because our fleet availability needs to be at an extremely high level in terms of utilization. Well, it needs to be at a level that is well planned. The problem is, it's a people issue as well as an equipment issue, right? So it's both sides. The risk profile of our equipment needs to be fully aligned with the risk profile on the mine. So if you look at things like our spare parts strategy, we probably need to be a bit more strategic.

But we purposely ultrasonics unit to make sure reducing system execute extremely well.

Do you expect we expect well we need to make sure that our people strategy fits really really well.

Anthea Bath: This is a matter of a planning issue more than anything else. The equipment is there. We have got great equipment. It is about making sure that the planning procedures and how we assure that our redundancy and our risk profile align better to the requirements of the mine. This is nothing inherent about this role. This is a fantastic mining operation. This is just about getting these things to fit the risk profile appropriately. That is why I say we probably should have applied a bit more risk at the beginning of the plan. What we have really focused on, to make sure we do things systematically extremely well. If we do extract, we extract well. We need to make sure that our people strategy fits that really, really well.

Christian to run the machine to machine.

Got to sequence. It requires you to have the machine ready and the person has a day you contract the machine when you need it and you've got no flexibility berthing guesswork and constant with the secrets, So what I tell the team at <unk>.

Do you mind, well keep mining this mine well, if it's actually care about because you'll see the states will come in they are beautiful. This is a beautiful mind mildly consoles really well the things. This mine has done a really want to say the <unk> team.

Stronger on the heating to make sure we had you know, uh you can't wait that you don't have time to wait when you require a very tight execution program, so it's it's, this is not an equipment, you know, uh, specific issue. This is a matter of a planning issue, more than anything else. Um, the equipment's there because of great equipment, it's about making sure that the planning procedures and how we assure that our redundancy and our risk profile aligns better to the requirements of the mind. It's this is this is nothing inherent about this world. This is, this is a fantastic morning.

Phenomenal job of developing infrastructure to grow this operation with the future drilling.

The pace is still the exploration ramp that both keep working so well to create a future.

Anthea Bath: If you do not have a person to run a machine, you do not have a machine that can work. If you have got a sequence that requires you to have a machine ready and the person is not there, you cannot run the machine when you need it. If you have got no flexibility, then guess what? You cannot see what your sequence. What I tell the team is, I do not care. You mine well. You keep mining this mine well because that is what we care about. You will see those strokes will come in. They are beautiful. This is a beautiful mine. The mine reconciles really well.

I'm, telling you in the sub crowded because you'll see it come through is such great geological potential. This minded scary, but we now need to do is to systematically keep delivering get the risk profile, which is which is coming down.

Really coming down yet the second ramp coming in unlocking demand.

The people strategy will support and execution strategy.

More controls and I mean, a short term into controls are now so tight if you're watching them I think shift by shift in thinking.

Anthea Bath: The things this mine has done, and I really want to say this to the team, they have done a phenomenal job of developing infrastructure to grow this operation with the future. They are drilling all over the place. They have built exploration ramps. They have built, I mean, they keep working so well to create a future that you, that I am telling you, we would be so proud of because you will see it come through. There is such great geological potential in this mine, and it is scary. What we now need to do is just systematically keep delivering, get the risk profile down, which is, which is coming down, which is really coming down. You have a second ramp coming in, it is unlocking the mine. You have got the people strategy well supporting the execution strategy. You have got more controls in.

Okay.

Yes. It Shouldnt have had this issue that has escaped me apologize to all of them.

Operation. This is just about getting these things to sit the risk profile appropriately. And that's why I say we probably should have applied a bit more risk. You know, at the beginning of the plan, um, what we, what we really focused on it, you know, is to make sure we do things systematically extremely. Well, if we do extract, we extract, well, we need to make sure that our people strategy fits that really, really well. You don't have a person to run a machine. You don't have a machine that can work. If you got a sequence that requires you to have a machine ready and the person isn't there, you can't run the machine when you need it. You got no flexibility. Well then guess what you can't see with your sequence. So what I tell the team is I don't care you mine. Well you keep mining this mine well because that's what we care about because you'll see those folks will come in. They are beautiful. This is a beautiful mind the mind reconciles really. Well the things this mind has done and I really want to say this to the community, they've done a phenomenal job of developing infrastructure to grow this operation with the future, they're drilling all over the place they've built.

A market for that.

Okay.

Thank you Andrew those are very helpful answers.

The next question comes from the line of Don Demarco with National Bank. Your line is open.

Thank you operator, and good morning, Peter and team.

<unk> My first question is on Kina.

Anthea Bath: I mean, our short-term interval controls are now so tight that we are watching them, I think, shift by shift these days. So we, it is, it, we made, yeah, we should not have had this issue. We did have it. We apologize to all of our markets for that. But we will, we will, we will fix it.

So you'll be getting into level 136 by the end of the year can you give us a sense of the grades and the tonnage that you might expect to mine from the zone and how long you'll be mining it.

Exploration ramps, they're built. I mean, they keep working. So, well to create a future that you that I'm telling you, you're going to be so proud of because you'll see it come through, but there's such great geological potential in this mind. It's scary, but we now need to do is just systematically, keep delivering, get the risk profile down, which is, which is coming down, which, which is really coming down. You have a second ramp coming in its unlocking, the mind you got the people strategy while supporting the execution strategy, you got more control then. I mean our short term into the controls are now so tight that we

Watching them, I think shift by shift in key steps. So we.

So I can just one just relates to my.

The actual loan section 14 of the 186 level what is the grade profile decline decrease.

It's... it's what we made. Yeah, we shouldn't have had this issue. We did have it. We have... We apologize to all of our market for that. But we'll... we'll fix it.

Rajbir Gill: Thank you, Anthea. Those are very helpful answers.

This is very much similar to what we're producing.

Thank you, Anthony. Those are very helpful answers.

129 rose to 14 grams a tonne.

Trish Moran: The next question comes from the line of Don Demarco with National Bank. Your line is open.

One is really six not mistaken.

Okay.

Guy Belleau: Thank you, operator. Good morning, Anthea and team. My first question is on Kiena. You will be getting into level 136 by the end of the year. Can you give us a sense of the grades and the tonnage that you might expect to mine from the zone and how long you will be mining it?

The next question comes from the line of Don DeMarco, vide National Bank. Your line is open.

She is declining.

So we developed <unk> six horizon, as we say which is four levels.

Thank you, operator, and good morning Kina and team or sorry at the end team. My first question is on Kina. Um,

In the.

12% to 14 grams, a tonne once that's developed is sustained production from those levels up to 2020.

In late 2020 as so once we develop these horizons we have.

The end of the year, can you give us a sense of the grades and the tonnage that you might expect to mine from The Zone and how long you'll be mining it?

Anthea Bath: Okay, so I can just revert to my determining that you have the actual long section 14 at the level 136 level. What is the grade profile?

Got two two and half years of mining in those horizons switches.

<unk> summit.

Kevin Lonergan: Yeah, the grade is very much similar to what we're used to in Kiena Deep.

Coincides with what I see.

<unk> ability once they are developed we tend to.

Okay, so, I can just, I'll just revert to my. If you can get you have the, the actual long section 14 of the, for 136 level. What is the grade profile? Yeah, the grade the grade is very much similar to what we're used to.

Anthea Bath: 129.

Kevin Lonergan: To 14 grams a ton. In 136, yeah.

Of consistent sustainable mining for long term.

129 to 14 grams a ton. I mean.

Anthea Bath: Not mistaken as a value.

She is aligning himself.

Yeah, not mistaken. It's about a year.

Okay great.

Kevin Lonergan: We develop 136 horizon, as we say, which is four levels. It is in the 12 to 14 grams a ton. Once that is developed, it sustains production from those levels up to, I think, late 2028. Once we develop these horizons, we have two, two and a half years of mining in those horizons, which coincides with what Anthea Bath said about the flexibility. Once they are developed, we tend to have consistent sustainable mining for a long term in them.

And so how many levels will you be mining in Cana deep.

After level. After your intent 136, then at Keybanc to $1 42, and then after 142, we get to 100 for the cyclical.

Cyclical instrument in April.

Pension country gears.

Yeah, so we develop one tree, six horizons, as we say, which is four levels. It's in the, you know, the 12 to 14 grams a ton once that's developed and sustained production. From those levels up to 2028, I think late 2028.

But in terms of the currently mined youll be mining from multiple levels concurrently entered the year, we can now see it again in milestone.

So, once we develop these horizons, we have, you know, we've got 2 to 2.5 years of mining in these horizons, which is, you know, that's so...

We have one okay.

Yes.

Sure.

Okay.

Leads into my next question.

And I'm looking at the throughput in Q2 and its 500 tons per day is certainly got a lot of spare capacity at the mill.

Anthea Bath: Two years of mining.

Coincidentally, what is the flexibility once they're developed? We tend to have consistent, sustainable mining for a long time in them.

Kevin Lonergan: Yeah, two years.

Guy Belleau: Okay, great. How many levels will you be mining in Kiena Deep after you are into 136?

By way of getting into level 136, plus per skeel, where do you think that mill throughput might move up to over the coming quarters.

Two years of mining. Okay, great. And so, how many levels will you be mining in Kina Deep?

Anthea Bath: Then we keep going to 142. After 142, we get to 146. I cannot remember the exact.

After level, after you're into 136.

Kevin Lonergan: Yeah, it is currently in the current reserves you are talking about.

After you get into these zones.

As I just I mean, if you look at this year, we should be getting.

Guy Belleau: But in terms of currently mining, will you be mining from multiple levels concurrently?

Then you keep going to 142. And then after 142, we get to 1486. I can't remember the exact... yeah. It currently in the current zero. So,

The end of this year second half you'll see the increase line clearly.

Anthea Bath: End of the year, we can have three. Then we are going to mine from.

But in terms of current mining, you'll be mining from multiple levels concurrently.

Kevin Lonergan: Three.

29, naval classed Brazil, hitting to the sovereign plus level.

Yeah, we can have 3.

Anthea Bath: To what we have one. End of the year, we have three.

3, we have 1.

Guy Belleau: Okay. This leads into my next question. I am looking at the throughput in Q2, and it is 500-something tons per day. You certainly got a lot of spare capacity at the mill. By way of getting into level 136 plus Prescille, where do you think that mill throughput might move up to over the coming quarters or after you get into these zones?

It does include 200 tonnes per day at plus more or less to that growth environment. When you get to 136 and the larger the Knicks and Verizon as well and I think I mentioned earlier, even though voice capacity and drop the terrific <unk> team has done so even with more capability to it.

Okay, I guess this leads into my next question. You know, I'm looking at the throughput in Q2, and it's 500-something tons per day. You certainly have a lot of spare capacity at the mill.

Slide, which I think of 870 <unk> hundred tons a day. So when you really unlocking material and we'd like to think it would come down to how many of US we can get into.

Anthea Bath: Yeah, as I just, I mean, if you look at this year, we should be getting for the end of this year, second half, you will see the increase line purely in 129 level plus Prescille heading to the 1,000 plus level. It goes up to 1,200 tons per day plus more into that mill at the moment. When you get to 136, that allows you the next horizon as well. I think I mentioned earlier that even the hoist capacity has been unblocked with the work that Gene's team has done. So we have even got more capability. We can hoist right upwards, I think, of 1,700, 1,800 tons a day. So we really can, we are unlocking material movement. It is then going to come down to how many levels we can get into to create the flexibility to it because you cannot. Also, the design.

By way of getting into level 1, 36 plus per scale, where do you think that mill throughput might move up to over the coming quarters or, you know, after you get into these zones?

To create the flexibility correct, because you cant and also the design to Kevin's teams typically 200 to make sure we take multiple funds kind of into liver, which the changes designed to allow for more flexibility.

So there's a lot of with great on time and to reduce risk in this line.

Okay.

Right.

And I think earlier at some point you had talked about coming out with updated technical reports for both Cana and Eagle is that still on track for sometime maybe early next year is that schedule that you had expected.

We'll be planning on putting our depreciation to next year.

So we.

Is that just, I mean, you look at this year. We should be getting, for the end of this year, second half, we'll see the increase line purely in, in, in, in 1, 29 level plus per skill heading to the thousand plus level. It goes up to 12,200 points per day plus more or less, through that most of the moments. When you get to 136, that allows you the next horizon as well. And I think I mentioned earlier that even the voice capacity has been unblocked with the work that he and his team have done. So we even got more capability to... We can hoist through that, which I think of 1,800, 1,700, 1,800 tons a day, so we really can. Yeah, locking material movements, it's been going to.

I mentioned in last call was we needed to understand the amount of provision or confirmation training nextgen senior ticking against the QA QC correct.

Anthea Bath: So Kevin Lonergan's team is busy working on the design to make sure we create multiple fronts coming into a level, which is a change in design to allow even more flexibility per level. So there is a lot of work going on to unlock and to reduce risk in this mine.

Once we got those back.

About 45 minutes I think.

To do that just to confirm and lending obviously that gets us to the end of the yes, and it will have a <unk> in our industry.

Guy Belleau: Okay, great. I think earlier at some point you talked about coming out with updated technical reports for both Kiena and Eagle River. Is that still on track for sometime maybe early next year? Is that the schedule that you had expected?

Come down to how many levels we can get into to create the flexibility correctly because you can't and also the design. So, Kevin seems to be working on the design to make sure we create multiple fronts coming into a little with the chain design to allow it. The more flexibility per level. So there's a lot of work going on to unlock and to, you know, reduce risk in this line.

Okay, and so and that will include a mine plan then that will give us an idea of the trajectory of these throughput increasing as you get into the different zones and optimize things.

Anthea Bath: are planning on putting out the press release in June next year. I would talk. So, we, the thing we need to do, as I mentioned in the last call, is we needed to understand the amount of conversion or confirmation training that Jono Lawrence and team needed to do to get the QAQC correct. That was, we got those plans back, and we need to do about 40,000 units, I think, of prelims to do that just to confirm. Then obviously that gets us to the end of the year, and then we will have it ready by June in our release.

Okay, great. So and I I think earlier, at some point you talked about coming out with updated technical reports for both keen and Eagle, is that still on track for some time? Maybe early next year is that so is that a schedule that you had expected?

That's terrific and then you can add.

What you can see how.

Since the acquisition and.

And the patient.

Scientists for the businesses within the current available.

In terms of available module seeking you mentioned.

Talk a bit more about that later, but it's going to have a marked impact.

Okay, and then just finally just to wrap it all up.

So we will be expecting kind of a material increase in throughput.

At some point into 2026 term or thereafter versus what we saw in Q2.

Guy Belleau: Okay. That will include a mine plan then that will give us an idea of the trajectory of these throughputs increasing as you get into the different zones and optimize things. Is that right?

Will be planning on putting out depression, June next year. Um, so we, we the thing we need to do, as I mentioned, the last call was related to understand the month of conversion or confirmation during this journey as you need to do to get the qaqc. Correct. And that was, we got those plans back and we need to do about 40,000 minutes, I think, upon to do that, just to confirm. Um, and then obviously, that gets us to the end of the year. And then we'll have a really by June in our, in our release.

Yes.

Got it.

Challenges.

Hi.

Anthea Bath: That is correct, Don. You can add your own logic into how, as we also do conversion or depletion side, this is what is in the current available model. You can imagine what you, and we will talk a bit more about that later, but it is going to have a marked impact.

Tonnage was lower because of the challenge with respect to that.

Okay, Okay, great well, we look forward to that and maybe just one final question I see that you are.

Youre actively sourcing different open positions and so on how would you characterize the labor market right now and is that a potential.

Okay? And so, and that will include a mind plan then that will give us an idea of the trajectory of these throughputs increasing, as you get into the different zones. And, and optimize things, is that right? That's correct on. And then you can add your own, um, logic into how, you know, as we also do conversion or the depletion inside as well, because this is what in the current available.

Guy Belleau: Okay. Then, just finally, to wrap it all up, we will be expecting a material increase in throughput at some point into 2026 or thereafter versus what we saw in Q2.

Any potential bottleneck on the horizon.

In a time-available model, you can imagine what we'll talk about a bit more about that later, but it's going to have a market impact.

Labor is a major challenge and I think every mining company somebody has the same but it is a major challenge is something that we.

Publicly saying hey, how much of my time on distributed.

Okay, and then just finally, just to wrap it all up, just so so we will be expecting kind of a material increase in throughput, um, some at some point into 2026 or or thereafter versus what we saw in Q2.

The significant amount of our time to make sure we keep assuring that all the people strategy strong MTF.

Anthea Bath: Okay. As you expected, challenges. Not expected. Your tonnage was low because of these challenges we spoke about.

On challenges.

It's a it's the single biggest challenge I think all of us.

Guy Belleau: Okay, great. We look forward to that. Maybe just one final question. I see that you are actively sourcing different open positions. How would you characterize the labor market right now? Is that any potential bottleneck on the horizon?

Not effective. But if you know, your percentage was low because of the challenges you spoke about.

Okay. Okay. Thanks for that and good luck with rest of the quarter. Thank you.

Thank you there are no further questions at this time. This concludes this morning's call. If you have any further questions. Please contact Chris Merwin at Krish that line at the wisdom Dot com. Thank you for participating today.

Anthea Bath: Labor is a major challenge, and I think every mining company probably has the same, but it is a major challenge. It's something that we probably spend, Heidi, how much of our time on this every day? It's a significant amount of our time to make sure we keep assuring that our people's sanity is strong. Yes, so it's the single biggest challenge, I think, today, all of us.

Potential. Um, any potential bottleneck on the horizon?

Yeah.

Guy Belleau: Okay. Thanks for that, and good luck with the rest of the quarter.

Uh, labor is a major challenge, and I think every mining company probably has the same issue. It is a major challenge. It's something that we probably spend, hey, gee, how much of our time on this every day? A significant amount of our time to make sure we keep assuring that our people strategies are strong. And yeah. So it's the single biggest challenge I think today for all of us.

Anthea Bath: Thank you.

Okay, okay, thanks for that. And, uh, good luck with the rest of the quarter.

Thank you.

Trish Moran: Thank you. There are no further questions at this time. This concludes this morning's call. If you have any further questions, please contact Trish Moran at trish.moran@wesdome.com. Thank you for participating today.

Thank you. There are no further questions at this time. This concludes this morning's call. If you have any further questions, please contact Trish Moran at Trish.Moran@wesdome.com. Thank you for participating today.

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