Q1 2026 Discovery Silver Corp Earnings Call

May 14, 2026

Operator: Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Discovery Q1 2026 Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, simply press star 1 again. Thank you. I will now turn the call over to Mark Utting, Senior Vice President, Investor Relations for Discovery. Mr. Utting, you may begin your conference.

Operator: Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Discovery Q1 2026 Conference Call and Webcast. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, simply press star one again. Thank you. I will now turn the call over to Mark Utting, Senior Vice President, Investor Relations for Discovery. Mr. Utting, you may begin your conference.

Speaker #2: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, followed by the number one on your telephone keypad.

Speaker #2: If you would like to withdraw your question, simply press star one again. Thank you. I will now turn the call over to Mark Utting, Senior Vice President, Investor Relations for Discovery.

Speaker #2: Mr. Utting, you may begin your conference. Thanks very much, operator, and thanks, everyone on the line, for joining Discovery's First Quarter 2026 conference call and webcast.

Mark Utting: Thanks very much, operator, and thanks everyone on the line for joining Discovery's Q1 2026 conference call and webcast. Joining me today are many members of the Discovery senior management team. Speaking will be Tony Makuch, our President and CEO; Alison White, our Chief Financial Officer; Pierre Rocque, our Chief Operating Officer; Eric Kallio, our Senior Vice President, Exploration; and José Aguilera, our Senior Vice President, Corporate Affairs and Sustainability in Mexico. Again, there are many other members of our senior executive team in the room as well. Before we get started, I'll remind you that during today's call we will be making forward-looking statements. These statements are based on current expectations and projections about future events. They're subject to risks and uncertainties, and actual outcomes may not be what is included in those statements.

Mark Utting: Thanks very much, operator, and thanks everyone on the line for joining Discovery's Q1 2026 Conference Call and Webcast. Joining me today are many members of the Discovery senior management team. Speaking will be Tony Makuch, our President and CEO; Alison White, our Chief Financial Officer; Pierre Rocque, our Chief Operating Officer; Eric Kallio, our Senior Vice President, Exploration; and José Aguilera, our Senior Vice President, Corporate Affairs and Sustainability in Mexico. Again, there are many other members of our senior executive team in the room as well. Before we get started, I'll remind you that during today's call we will be making forward-looking statements. These statements are based on current expectations and projections about future events. They're subject to risks and uncertainties, and actual outcomes may not be what is included in those statements.

Speaker #2: Joining me today are many members of the Discovery Senior Management Team. Speaking will be Tony Mucuca, President and CEO; Alison White, our Chief Financial Officer; Pierre Rock, our Chief Operating Officer; Eric Callio, our Senior Vice President, Exploration; and Jose Havalera, our Senior Vice President, Corporate Affairs.

Speaker #2: And Sustainability in Mexico. And again, there are many other members of our Senior Executive Team in the room as well. Before we get started, I'll remind you that during today's call, we will be making forward-looking statements.

Speaker #2: These statements are based on current expectations and projections about future events. They're subject to risk and uncertainties, and actual outcomes may not be what is included in those statements.

Speaker #2: I refer you to slide two, as well as our website, for further information on that. In addition, we will also be making reference to a number of non-GAAP measures during the presentation.

Mark Utting: I refer you to slide 2 as well as our website for further information on that. In addition, we will also be making reference to a number of non-GAAP measures during the presentation. These measures do not have any standardized meaning, and they under GAAP and therefore may not be comparable to other issuers. I refer you to slide 3 on our deck as well as our website for more details. Finally, all dollar amounts will be in US dollars unless otherwise indicated. Now, turning to the quarter. To begin with, you know, as many of you know, we're working towards more than doubling gold production at Porcupine to over 500,000 ounces per year.

Mark Utting: I refer you to slide two as well as our website for further information on that. In addition, we will also be making reference to a number of non-GAAP measures during the presentation. These measures do not have any standardized meaning, and they under GAAP and therefore may not be comparable to other issuers. I refer you to slide three on our deck as well as our website for more details. Finally, all dollar amounts will be in US dollars unless otherwise indicated. Now, turning to the quarter. To begin with, you know, as many of you know, we're working towards more than doubling gold production at Porcupine to over 500,000oz per year.

Speaker #2: These measures do not have any standardized meaning, and they are not under GAAP, and therefore may not be comparable to other issuers. I refer you to slide three on our deck, as well as our website, for more details.

Speaker #2: Finally, all dollar amounts will be in US dollars unless otherwise indicated. Now, turning to the quarter—to begin with, as many of you know, we're working towards more than doubling gold production at Porcupine.

Speaker #2: To over 500,000 ounces per year. At the same time, we're working towards developing our Carrero project in Mexico. Through which we will produce about 14 million ounces of silver per year, at least over the first 10 years.

Mark Utting: At the same time, we're working towards developing our Cordero project in Mexico, through which we will produce about 14 million ounces of silver per year, at least over the first 10 years. You know, we plan to achieve these levels of performance while averaging in the lowest half of the global cost curve for both gold and silver, and we're going to achieve these milestones using a disciplined approach to investment with a focus on investor returns. During Q1, there were a number of key developments in support of achieving our growth objectives. Specifically, we announced the acquisition of Plancorp Kidd operations in Timmins. We also reported continued outstanding exploration results in and around Timmins, and we continued with our investment programs through which we will both grow and optimize our current operations.

Speaker #2: We plan to achieve these levels of performance while averaging the lowest half of the global cost curve for both gold and silver. And we're going to achieve these milestones using a disciplined approach to investment, with a focus on investor returns.

Speaker #2: During the first quarter, there were a number of key developments in support of achieving our growth objectives. Specifically, we announced the acquisition of Glencore Kid Operations in Timmins.

Speaker #2: We also reported continued outstanding exploration results in and around Timmins. And we continued with our investment programs, through which we will both grow and optimize our current operations.

Speaker #2: Getting into those in a little bit more detail, looking at Kid on slide six, we announced the acquisition of the Kid operations on March 2nd.

Mark Utting: Getting into those in a little bit more detail, looking at Kidd on slide 6, we announced the acquisition of the Kidd operations on 2 March. We expect that transaction to close very soon, likely over the next few weeks. This is a major milestone for our company. To achieve over half a million ounces of annual gold production, we require additional milling capacity. Through the Kidd Metallurgical Site, we have an opportunity to dramatically grow processing capacity and to process different kinds of ore. There's lots of other benefits as well, including adding valuable infrastructure that will support the future expansion of both Hoyle Pond and Pamour, including the development of TVZ.

Mark Utting: Getting into those in a little bit more detail, looking at Kidd on slide six, we announced the acquisition of the Kidd operations on 2 March. We expect that transaction to close very soon, likely over the next few weeks. This is a major milestone for our company. To achieve over 500,000 million ounces of annual gold production, we require additional milling capacity. Through the Kidd Metallurgical Site, we have an opportunity to dramatically grow processing capacity and to process different kinds of ore. There's lots of other benefits as well, including adding valuable infrastructure that will support the future expansion of both Hoyle Pond and Pamour, including the development of TVZ.

Speaker #2: We expect that transaction to close very soon, likely over the next few weeks. This is a major milestone for our company. To achieve over half a million ounces of annual gold production, we require additional milling capacity.

Speaker #2: Through the Kid Met site, we have an opportunity to dramatically grow processing capacity and to process different kinds of ore. There's lots of other benefits as well.

Speaker #2: Including adding valuable infrastructure that will support the future expansion of both Oil Pond and Palm Oil, including the development of PVZ. It gives us exposure to critical minerals—copper, zinc, and silver—through Kidd Creek Mine.

Mark Utting: It gives us exposure to critical minerals, copper, zinc, and silver through Kidd Creek Mine, adds significantly more exploration potential to our already very large and highly prolific portfolio, delivers cost synergies, and this is a very important point, adds a very large, highly skilled workforce that's going to help us with our existing growth plans. Going to the next slide, this gives you a view of the Kidd Metallurgical Site and a conceptual plan for what we expect to do and are currently evaluating. It's a conceptual plan, but it kind of shows you our thinking in terms of the path forward. Maybe at this point I'll turn it over to Tony to talk about that.

Mark Utting: It gives us exposure to critical minerals, copper, zinc, and silver through Kidd Creek Mine, adds significantly more exploration potential to our already very large and highly prolific portfolio, delivers cost synergies, and this is a very important point, adds a very large, highly skilled workforce that's going to help us with our existing growth plans. Going to the next slide, this gives you a view of the Kidd Metallurgical Site and a conceptual plan for what we expect to do and are currently evaluating. It's a conceptual plan, but it shows you our thinking in terms of the path forward. Maybe at this point I'll turn it over to Tony to talk about that.

Speaker #2: Adds significantly more exploration potential to our already very large and highly prolific portfolio. Delivers cost synergies and—and this is a very important point—adds a very large, highly skilled workforce that's going to help us with our existing growth plans.

Speaker #2: Going to the next slide, this gives you a view of the Kid Met site. And a conceptual plan for what we expect to do and our currently evaluating is the conceptual plan, but it kind of points or shows you our thinking in terms of the path forward.

Speaker #2: And maybe at this point, I'll turn it over to Tony to talk about that.

Speaker #3: Okay, and maybe just a couple of simple things. I mean, people should understand, first off, that the oil pond underground operations are actually under the Kid Met site.

Tony Makuch: Okay. Maybe just a couple simple things. I mean, people should understand, first off, that the Hoyle Pond underground operations are actually under the Kidd Metallurgical Site. You can see the blue rectangular box here is trying to show where the location could be for the new, any new vent raises we can establish for the Hoyle Pond mine, as well as potential location would be for a new shaft if we wanted to develop for the TVZ zone. Also, I think what we show here, there's, and we've alluded to before, there's four circuits at the Kidd Metallurgical Site.

Speaker #3: And you can see that the blue rectangular box here is trying to show where the location could be for any new vent raises we can establish for the Oil Pond mine, as well as where the potential location would be for a new shaft if we wanted to develop for the TBZ zone.

Speaker #3: But also, what we show here, there's we've alluded to before, there's four circuits at the Kid Met site. And you can see where it says A division, and we sort of tried to conceptualize on here what would be involved in building and show the location of where we build a new five to seven million ton per annum conventional gold circuit at the plant.

Tony Makuch: You can see where it says A division, and we've sort of tried to conceptualize on here what would be involved in building a It show the location of where we build a new 5 to 7 million ton per annum, conventional gold circuit at the plant, with the ore being crushing and how that would fit in. We'd still continue to use the B division there, which is the base metal circuit, it's a flotation circuit. The C division, we're working pretty hard right now on that. That's about 1 million ton a year capacity.

Tony Makuch: You can see where it says A division, and we've tried to conceptualize on here what would be involved in building a It show the location of where we build a new 5 to 7 million ton per annum, conventional gold circuit at the plant, with the ore being crushing and how that would fit in. We'd still continue to use the B division there, which is the base metal circuit, it's a flotation circuit. The C division, we're working pretty hard right now on that. That's about 1 million ton a year capacity.

Speaker #3: Or been crushing, and how that would fit in. We'd still continue to use the B Division there, which is the base metal circuit—its flotation circuit.

Speaker #3: The C division, we're working pretty hard right now on that at about a million ton a year capacity. So looking at the aspect of bringing the bored noirs to here and run it through this division as early as we can over the next 6 to 12 months.

Tony Makuch: Looking at where, you know, the aspect of bringing the Borden ores to here and run it through this division as early as we can over the next 6 to 12 months. That would unlock 2,000 to 3,000 tons of A end capacity in the dome mill for conventional processing. You can see the D circuit, that's where it's here, which we would turn into a gold refractory flotation circuit. On the other side, both all the A, B and the B, C, and D circuits that are here could always be utilized as combination base metal circuits if we needed and/or gold circuit as required. Give you a sense on what this could unlock for us.

Speaker #3: And that would unlock 2,000 to 3,000 tons a day of new capacity in the Dome mill for conventional processing. And you can see that these circuits—that's where it’s here—which we would turn into a gold refractory flotation circuit.

Speaker #3: But on the other side, all the A, B, and the B, C, and D circuits that are here could always be utilized as combination base metal circuits if we needed, and/or gold circuits as required.

Speaker #3: So give you a sense on what this could unlock for us basically if you can look five, six to eight million sorry, seven to nine million ton a year new gold processing capacity at the Kid Met site.

Tony Makuch: Basically, You know, you can look 5, 6 to 8 million, sorry, 7 to 9 million tons a year, new gold processing capacity.

Mark Utting: The Kidd Metallurgical Site, the A division has a conventional circuit, C division for processing, 1 million tons a year for processing. The Borden ores under D division, which we would then use to process refractory ores in Timmins, and effectively the refractory ores would be the TVZ zone as we're talking about. General location where it is. This figure doesn't show where the Pamour operations are in here, but the Pamour open pit operations are less than a half a kilometer from the bottom of this page. The idea would be all the Pamour ores would be trucked and same as the Hoyle Pond ores, would be trucked and processed through this new circuit.

Speaker #3: The A division has a conventional circuit. The C division for processing a one million ton a year for processing. The bored noirs and the D division, which we would then use to process refractory ores in Timmins, and effectively the refractory ores would be the TBZ zone as we're talking about.

Speaker #3: And then general location where it is, SMAP doesn't sorry, this figure doesn't show where the palm oil operations are in here, but the palm oil open pit operations are less than a half a kilometer from the bottom of this page.

Speaker #3: And the idea would be all the palm oil ours would be trucked and sent with the oil pond ours would be trucked and processed through this new circuit.

Rachel Smith: Okay, perfect.

Speaker #2: Okay, perfect. Okay, just going on to slide eight—we'll get to the next key development. That's exploration progress. And for all the production that we have and we're going to be adding, this is, we think, one of the most compelling exploration stories in the industry as well.

Mark Utting: Okay. Just going on to slide 8, we'll get to the next key development, that's exploration progress. You know, for all the production that we have and we're going to be adding, you know, we think it's one of the most compelling exploration stories in the industry as well. You know, we issued a press release on 23 April. That's our latest one. I'm not gonna get into a lot of the details. Eric will get into the details of that release shortly. I'll just very at a high level say we continue to get very good results from resource conversion and extension drilling at Hoyle Pond, Borden, and Pamour.

Speaker #2: We issued a press release on April 23rd. That's our latest one. I'm not going to get into a lot of the details. Eric, we'll get into the details of that release shortly.

Speaker #2: I'll just very at a high level say we continue to get very good results from resource conversion and extension drilling at oil pond bored and palm oil.

Speaker #2: We've been getting and included in that release was excellent results at a number of district targets near those operations. And positive results at our near-term projects, specifically dome and TBZ.

Mark Utting: Included in that release was excellent results at a number of district targets near those operations and positive results at our near-term projects, specifically Dome and TVZ. Again, there's a lot more information that you'll be hearing very soon about that. Slide 9 looks at our investment programs in the Q1. Sustaining capital for the Q1 was about $21 million, mainly related to capital development, mobile equipment, and infrastructure investments at Hoyle Pond and Borden. I'll mention we are very much on track with our capital development activities at those mines. Also contributing with new mobile equipment at Pamour and some investments at the TMA 6, our tailings facility project as well.

Speaker #2: And again, there's a lot more information that you'll be hearing very soon about that. Slide nine looks at our investment programs in the first quarter.

Speaker #2: Sustaining capital for the quarter was about $21 million, mainly related to capital development, mobile equipment, and infrastructure investments at Oil Pond and Boreden. And I'll mention we were very much on track with our capital development activities at those mines.

Speaker #2: Also contributing was new mobile equipment at palm oil and some investments at the TMA6 or a tailings facility project as well. Sustaining capital was somewhat lower than we planned, which was primarily related to the shifting of delivery schedules for new mobile equipment to the second quarter and just other quarters of the year.

Mark Utting: Sustaining capital was somewhat lower than we planned, which was primarily related to the shifting of delivery schedules for new mobile equipment to Q2 and just other quarters of the year. Growth capital totaled $40 million. Investment in the TMA 6, including our new acquisition strategy and pre-stripping at Pamour, accounted for the vast majority of that. Again, pre-stripping at Pamour was very much in line with expectations. Just going to slide 10, this gets to the operating results. During Q1, Alison will get into all the financial numbers in a few minutes, and Pierre will then add some additional color on operations as well.

Speaker #2: Growth capital totaled $40 million. Investment in the TMA6, including our new deposition strategy, and pre-stripping at Palm Oil accounted for the vast majority of that.

Speaker #2: And again, pre-stripping at Palm Oil was very much in line with expectations. Just going to slide 10—this gets to the operating results. During the first quarter, Allison will get into all the financial numbers.

Speaker #2: In a few minutes, Pierre will then add some additional color on operations as well. In our year-end results, we indicated that production in 2026 would be weighted to the second half of the year.

Mark Utting: You know, in our year-end results, we indicated that production in 2026 would be weighted to the H2 of the year, the Q1 would likely be our lowest quarter of production for the year. Well, production was 60.2 thousand ounces for the Q1. What I will say is a highlight of the quarter was Hoyle Pond. It had a very good quarter in Q1 with an average grade exceeding 12 grams per tonne. Our total mine tonnes increased by 4%, and we ended the quarter with stockpiles of close to 1.3 million tonnes, which will help us manage both our throughput levels and grades over the balance of the year. Like production, our unit costs are expected to improve significantly in the H2 of the year.

Speaker #2: And the Q1 would likely be our lowest quarter of production for the year. Well, production was 60.2 thousand ounces. For the first quarter, what I will say is a highlight of the quarter was Oil Pond.

Speaker #2: It had a very good quarter in Q1, with an average grade exceeding 12 grams per ton. Also, our total mine tons increased by 4%.

Speaker #2: And we ended the quarter with stockpiles of close to 1.3 million tons, which will help us manage both our throughput levels and grades over the balance of the year.

Speaker #2: Light production or unit costs are expected to improve significantly in the second half of the year. One reason our guidance ranges were as wide as they are is because of the variability we saw coming in the quarters.

Mark Utting: You know, one reason our guidance ranges were as wide as they are, is because of the variability we saw coming in the quarters. I will say our AISC number for the quarter was in line with our guidance, and we do expect that number to improve as we get into the H2 of the year. Going to slide 11, it shows a visual of, well, Dome Mine, but specifically in the foreground, the crushing circuit. As we mentioned, we expected quarterly production this year to be lowest in Q1, and a significant reason for that was mill throughput. We did 698,000 tonnes in the quarter.

Speaker #2: I will say our ASIC number for the quarter was in line with our guidance. And we do expect that number to improve as we get into the second half of the year.

Speaker #2: Going to slide 11. It shows a visual of, well, dome mill, but specifically in the foreground, the crushing circuit. As we mentioned, we expected quarterly production this year to be lowest in Q1 and a significant reason for that was mill throughput.

Speaker #2: We had 698,000 tons in the quarter. The reduction from the previous quarter—most of that was expected. An expected reduction due to scheduled downtime and our understanding of the implications of severe winter at Dome.

Mark Utting: You know, the reduction from the previous quarter, most of that was expected, an expected reduction due to scheduled downtime and our understanding of the implications of severe winter on our crushing plants at Dome. We've indicated since we announced the Porcupine deal beginning of last year that we were looking at replacing the three-stage crushing system, that it needed to be replaced. You know, that's because it's inefficient and contributes to high unit costs, because it's prone to breakdowns, particularly in winter conditions, and ultimately because we're gonna need to move it to get it out of the way as we push back the Dome pit when we bring Dome Mine into production. The longer-term solution for this is single-stage crushing in a SAG mill, and that's part of our plans going forward in terms of achieving our growth targets.

Speaker #2: We've indicated since we announced the porcupine deal beginning of last year, that we were looking at replacing the three-stage crushing system that it needed to be replaced.

Speaker #2: That's because it's inefficient and contributes to high unit costs. It's prone to breakdowns, particularly in winter conditions. And ultimately, we're going to need to move it to get it out of the way as we push back the Dome pit when we bring Dome Mine into production.

Speaker #2: The longer-term solution for this is single-stage crushing and a SAG mill. And that's part of our plan going forward in terms of achieving our growth targets.

Mark Utting: The near-term plan is that we are keeping increasing levels of critical spares on site. There is a newly designed secondary screening system that's going to be delivered at the end of June that will be installed during the scheduled shutdown in July. These steps we're taking now are designed to help us when we get to next winter. Just going on to slide 12. This shows you our guidance. I can say we remain on track to achieve all of our guidance for 2026. We've completed the lowest quarter of the year. We expect to see significantly higher production, particularly in Q3 and Q4. Important contributor there will be Hollinger.

Speaker #2: The near-term plan is that we are keeping increasing levels of critical spares on site and there is a newly designed secondary screening system that's going to be delivered at the end of June that will be installed during the scheduled shutdown in July.

Speaker #2: And these steps we're taking now are designed to help us when we get to next winter. Just going on to slide 12, this shows you our guidance.

Speaker #2: And I can say we remain on track to achieve all of our guidance for 2026. We've completed the lowest quarter of the year. We expect to see significantly higher production, particularly in Q3 and Q4.

Speaker #2: An important contributor there will be Hollinger. We began ramping up Hollinger in Q1 and exited the quarter mining about 2,000 tons a day. We expect to get over 40,000 tons from Hollinger this year.

Mark Utting: We began ramping up Hollinger in Q1 and exited the quarter mining about 2,000 tons a day. We expect to get over 40,000 tons from Hollinger this year. There was only a few thousand in Q1. We also expect to see higher levels of mill throughput and supported by the large stock piles I mentioned. With that, I'll turn the call over to Alison White, our CFO, to look at the financial results.

Speaker #2: There was only a few thousand in the first quarter. We also expect to see higher levels of mill throughput and supported by the large stockpiles I mentioned.

Speaker #2: With that, I'll turn the call over to Allison White, our CFO, to look at the financial results for the quarter.

Alison White: Great. Thank you, Mark, and good afternoon everyone on the call. On slide 13, let's look at what a solid quarter and start we had to 2026, which reflects the continued momentum that we are building on from last year. We had robust revenues during Q1 of $285 million, an increase of 4% quarter over quarter, primarily reflecting the higher-than-average gold prices throughout the quarter. We moved more tons during the quarter and coupled with the number of ounces sold over the same period, cash costs per ounce were $1,417.

Speaker #3: Thank you, Mark. And good afternoon, everyone on the call. On slide 13, let's look at what a solid quarter and start we had in 2026.

Speaker #3: This reflects the continued momentum that we are building on from last year. We had robust revenues during Q1 of $285 million, an increase of 4% quarter over quarter.

Speaker #3: Primarily reflecting the higher than average coal prices throughout the quarter. We moved more tons during the quarter, and coupled with the number of ounces sold over the same period, cash costs per ounce were $1,417.

Speaker #3: As previously mentioned, unit costs are projected to be the highest in the first half of the year. And our schedule is to improve during the second half of 2026 as production and sales volumes increase, and benefits are realized from the investment to optimize the company's operation.

Alison White: As previously mentioned, unit costs are projected to be the highest in the H1 of the year and are scheduled to improve during the H2 of 2026 as production and sales volumes increase and benefits are realized from the investment to optimize the company's operations. All-in sustaining costs averaged $2,041 per ounce sold, reflecting the higher operating cash costs per ounce sold and is partially offset by lower spend from the sustaining capital during the period. The lower-than-planned sustaining capital is due to the delayed timing that Mark had mentioned earlier for the delivery of new mobile equipment and for construction work that's ongoing at the Tailings TMA 6 project. EBITDA grew quarter-over-quarter to $178 million, an increase of 41% from Q4 2025, which is driven by an increase in revenue as gold prices climb.

Speaker #3: All-in sustaining costs averaged sold, reflecting the higher operating cash costs per ounce sold, and is partially offset by lower spend from the sustaining capital during the period.

Speaker #3: The lower than planned sustaining capital is due to the delayed timing that Mark had mentioned earlier. For the delivery of new mobile equipment and for construction work that's ongoing at the tailings TMA 6 project.

Speaker #3: A dog grew quarter over quarter to 178 million, an increase of 41% from Q4 2025, which is driven by an increase in revenue as coal prices climb.

Speaker #3: Discovery has continued to have progressively strong momentum since its transition to an operational company last year, continuing to grow EBITDA during each quarter of 2025 and now again in the first quarter of 2026.

Alison White: Discovery has continued to have progressively strong momentum since its transition to an operational company last year, continuing to grow EBITDA during each quarter of 2025 and now again in Q1 2026. We also continued the trend to generate solid free cash flow. With adjusted free cash flow of $63 million, reflecting an adjustment of $87 million for a payment made during the quarter to satisfy the company's 2025 income tax obligation. Further, Discovery deployed $67 million in capital expenditures to further advance the asset base at Porcupine, continuing onward with the vision and capital allocation plans of reinvesting in the business to add value. Q1 2026 net income was $81.7 million, an increase of 25% from Q4 2025, and both earnings per share and adjusted earnings per share were $0.10.

Speaker #3: We also continue the trend to generate solid free cash flow, with adjusted free cash flow of $63 million, reflecting an adjustment of $87 million for a payment made during the quarter to satisfy the company's 2025 income tax obligation.

Speaker #3: Further, Discovery deployed $67 million in capital expenditures to further advance the asset base at porcupine. Continuing onward with the vision and capital allocation plan of reinvesting in the business to add value.

Speaker #3: Q1 2026 net income was $81.7 million, an increase of 25% from Q4 2025. Both earnings per share and adjusted earnings per share were $0.10.

Speaker #3: The increase in net income quarter over quarter resulted from the one-time $45 million reclamation expense for non-operating mine sites that occurred in Q4 2025, as well as the benefit of higher revenue and lower depreciation and depletion expense during Q1 2026.

Alison White: The increase in net income quarter over quarter resulted from the one-time $45 million reclamation expense for non-operating mine sites that occurred in Q4 2025, as well as the benefit of higher revenue and lower depreciation and depletion expense during Q1 2026. Partially offsetting all of this was the impact of an income tax recovery of almost $5 million in Q4 2025 that was also offset by a $49.6 million of income tax expense in Q1 2026 for the current year, and higher share-based compensation costs that also occurred during the current quarter. The income tax recovery in Q4 2025 resulted from the $40.9 million in a deferred tax recovery that was related to revised reclamation cash flows. As we end on that tax note, let's move to slide 14 to review financial metrics.

Speaker #3: Partially offsetting all of this was the impact of an income tax recovery of almost $5 million in Q4 2025, that was also offset by a $49.6 million income tax expense in Q1 2026 for the current year.

Speaker #3: And higher share-based compensation costs that also occurred during the current quarter. The income tax recovery in Q4 2025 resulted from the 40.9 million in a deferred tax recovery that was related to revised reclamation cash flow.

Speaker #3: And as we end on that tax note, let's move to slide 14 to review financial metrics. We've continued to build on the momentum that began last year across all of our key financial metrics.

Alison White: We've continued to build on the momentum that began last year across all of our key financial metrics. Revenue and EBITDA have increased each of the last four quarters, and equally, through strong earnings generation, we continue to see positive momentum in our operating and free cash flows. With Q1 adjusted operating cash flow of $130 million and adjusted free cash flow of $63 million that I mentioned previously. The positive free cash flow generation strengthens the company's balance sheet and allows for capital redeployment into the business. Let's take a look at our liquidity position on the next slide, please. Discovery's cash balance totaled $384.9 million at the end of the quarter.

Speaker #3: Revenue in IBITDA has increased each of the last four quarters. And equally, through strong earnings generation, we continue to see positive momentum in our operating and free cash flow.

Speaker #3: With Q1 adjusted operating cash flow of $130 million and adjusted free cash flow of $63 million, that I mentioned previously, the positive free cash flow generation strengthens the company's balance sheet and allows for capital redeployment into the business.

Speaker #3: So, let's take a look at our liquidity position on the next slide, please. Discovery's cash balance totaled $384.9 million at the end of the quarter.

Speaker #3: The stronger gold price environment translated into $130 million of adjusted operating cash flow, partially offset by the 2026 tax payments and continued capital investments that were covered earlier.

Alison White: The stronger gold price environment translated into $130 million of adjusted operating cash flow, partially offset by the 2026 tax payment and continued capital investments that were covered earlier. Discovery's liquidity position remains robust. With $385 million in cash on hand and a $250 million revolving credit facility with a $100 million accordion feature, we have meaningful financial flexibility. We believe that this balance sheet strength gives us the foundation to advance our strategic priorities with confidence. With that, I'm going to pass it over to Pierre, our Chief Operating Officer.

Speaker #3: Discovery's liquidity position remains robust with $385 million in cash on hand and a $250 million revolving credit facility with $100 million accordion feature we have meaningful financial flexibility.

Speaker #3: We believe that this balance sheet strength gives us the foundation to advance our strategic priorities with confidence. And with that, I'm going to pass it over to Pierre, our chief operating officer.

Speaker #4: Thank you. It is a pleasure to be presenting today I will be speaking to slide number 16. During Q1, we produced $60,269 ounces of gold with total gold pour of $59,258 ounces.

Pierre Rocque: Thank you. It is pleasure to be presenting today. I will be speaking to slide number 16. During Q1, we produced 60,269 ounces of gold with total gold pour of 59,258 ounces. As Tony mentioned earlier, we expect production to ramp up, particularly in the H2 of the year. The change in production in Q1 2026 versus the previous quarter reflected lower tons processed. The impact of this reduction was partially offset by a 15% improvement in the average grade, reflecting a significantly higher grade at Hoyle Pond and a higher average recovery rate. More than three-quarters of the reduction in tons processed was planned and related to the scheduled maintenance, as well as the impact of severe winter conditions on the crushing circuit. Company is currently advancing plans to replace the crushing circuit.

Speaker #4: As Tony mentioned earlier, we expect production to ramp up, particularly in the second half of the year. The change in production in Q1 2026 versus the previous quarter reflected lower tons processed.

Speaker #4: The impact of this reduction was partially offset by a 15% improvement in the average grade, reflecting a significantly higher grade at Oil Pond and a higher average recovery rate.

Speaker #4: More than three quarters of the reduction in tons processed was planned and related to the scheduled maintenance. As well as the impact of severe winter conditions on the crushing circuit.

Speaker #4: The company is currently advancing plans to replace the crushing circuit. Total ore tons mined increased by 4% compared to Q4 2025. And we have close to 1.3 million tons of stockpile material that is available for processing at the end of Q1.

Pierre Rocque: Total ore tons mined increased by 4% compared to Q4 2025. We have close to 1.3 million tons of stockpile material that is available for processing at the end of Q1. Tony Makuch discussed the crushing circuit at the mill in his remarks. I'll point out that during operating days, the dome mill continued to show improved performance. Daily throughput at the mill exceeded 11,000 tons per day on 26 days in Q1, including 10 days when the mill exceeded the operating capacity of 12,000 tons per day. Operating cash cost per ounce sold averaged $1,417 compared to $1,185 in the previous quarter. The increase mainly reflecting the higher mining cost given the increased mining rate in Q1 2026 and the impact of lower gold sold.

Speaker #4: Tony discussed the crushing circuit at the mill in his remark. I'll point out that during operating days, the dome mill continued to show improved performance.

Speaker #4: Daily throughput at the mill exceeded 11,000 tons per day on 26 days in Q1, including 10 days when the mill exceeded the operating capacity of 12,000 tons per day.

Speaker #4: Operating cash costs per ounce sold averaged $1,417, compared to $1,185 in the previous quarter, with the increase mainly reflecting the higher mining costs given the increased mining rate in Q1 2026 and the impact of lower gold sold.

Pierre Rocque: Site level all-in sustaining cost averaged $1,875 per ounce sold, similar to the previous quarter, as the impact of higher operating costs was partially offset by a reduction in sustaining capital expenditures. I'll now turn the call over to Eric Kallio, Senior Vice President, Exploration.

Speaker #4: Site-level all-in sustaining costs averaged $1,875 per ounce sold, similar to the previous quarter, as the impact of higher operating costs was partially offset by a reduction in sustaining capital expenditures.

Speaker #4: I'll now turn the call over to Eric Callio, Senior Vice President, Exploration.

Speaker #5: Hey, thank you, Pierre, and good afternoon, everyone. I'm on slide 17. Before starting, just like today, it's been another great quarter for Exploration. Another $67,000 drilled, excellent success with both operating mines and growth projects.

Eric Kallio: Thank you, Pierre, and good afternoon, everyone. I'm on slide 17. Before starting, just like to say it's been another great quarter for exploration. Another 67,000 meters drilled with excellent success at both operating mines and growth projects. With this in mind, we have again a lot of new information, so my plan today is just go through some of the highlights, starting with the current slide at Hoyle Pond. As shown on the slide, which is a long section looking south, work at the mine continues focused on the lower F zone. Included is another 5 holes near the lower limit of the current resource with very positive results. We have several holes containing visible gold and high grades directly down plunge of the deposit to the east and others indicating potential new high-grade lenses to the west.

Speaker #5: So, with this in mind, we have again a lot of new information, but my plan today is just to go through some of the highlights, starting with the current slide at Oil Pond.

Speaker #5: As shown on the slide, which is a long section looking south, work at the mine continues focused on the lower earth zones, including another five holes near the lower limit of the current resource.

Speaker #5: It was very positive results. We had several holes containing visible gold and high-grade directly downplunged to the deposits to the east. And others indicating potential new high-grade lenses to the west.

Speaker #5: Considering the above, we're very happy with progress here so far. Plan to keep at least two to three rigs active here in the near term.

Eric Kallio: Concerning the above, we're very happy with progress here so far. We plan to keep these 2 to 3 rigs active here for the near term, plus also integrating another 2 to 3 rigs in the mid to upper part of the mine to start advancing those projects as well. Turn to the next slide, which is number 18. You see the TVZ area, which was another important drill project for us in Q1. As mentioned in the past, TVZ is a significant zone of mineralization in the southeast part of the Hoyle Pond mine that was partially drilled and defined by past operators. We are now back and adding more holes to support a maiden resource estimate for later this year.

Speaker #5: Plus also integrating another two to three rigs in the mid to upper part of the mine to start advancing those projects as well. Turn to the next slide.

Speaker #5: Which is number 18. You see the TVZ area, which was another important drill project for us in Q1. As mentioned in the past, TVZ is a significant zone of mineralization in the southeast part of the oil pond mine.

Speaker #5: It was partially drilled and defined by past operators, but we are now back and adding more holes to support a maiden resource estimate for later this year.

Speaker #5: With that in mind, what we see here on the slide is an overall view of the target area, including the main zones, drill platforms, and even the workings from oil pond mines.

Eric Kallio: With that in mind, what we see here on the slide is an overall view of the target area, including the main zones, drill platforms, and even the workings from Hoyle Pond mine. Just to dwell slightly on the main target here a bit, what we're looking at is essentially a large northeast plunging structure, which is based on drilling to date, extending from at least the 850 to the 1680 level and remaining open in both directions. Internally, the zone consists of a series of lenses, which you show here in various colors, the largest being the TVZ 2, which is the large green one sitting on the south side of the zone and the remainder being clay veins, which sit immediately to the north.

Speaker #5: So just to draw slightly on the main target here a bit, what we're looking at is essentially a large northeast-plunging structure, which is based on drilling, extending from at least the 850 to the 1,680 levels and remaining open in both directions.

Speaker #5: Internally, the zone consists of a series of lenses, which you show here in various colors—the largest being the TVZ2, which is a large green one sitting on the south side of the zone, and the remainder being splay beams, which sit immediately to the north.

Speaker #5: And then in terms of drill platforms, just point out that the project already has a number of areas with good drill platforms that have been set up from past work.

Eric Kallio: In terms of drill platforms, just to point out that the project already has a number of areas with good drill platforms that have been set up from past work, and these can be activated, fairly quickly but with just a little bit of work. Aside from that, all of our new drilling has actually been from just the 1210 and 1680 level, we'll be shortly starting from 1410 as well. Turning on to my next slide, which is number 19, we see a more detailed view of the zone in long section, including recent drill results, as indicated, all looking good so far. In terms of 1210, which is in the upper right-hand side of the slide, we had multiple new holes with wide high-grade intercepts nearby to our first hole that we announced in Q1.

Speaker #5: And these can be activated fairly quickly, but with just a little bit of work. Aside from that, all of our new drilling has actually been from just the 1,210 and 1,680 levels, and then we will be shortly starting from 1,410 as well.

Speaker #5: Turning on to my next slide, which is number 19, we see a more detailed view of the zone in long section including recent drill results that is indicated all looking good so far.

Speaker #5: In terms of 1210, which is in the upper right-hand side of the slide, we had multiple new holes with wide, high-grade intercepts nearby to our first hole that we announced in Q1.

Speaker #5: And on 1680, several more, which intersected attractive grades and widths near the lower limits of past drilling. Just to give you a flavor for what we're seeing, intersections on 1210 were including numbers such as 4.23 over 55, 6.41 over 11, 5.18 over 9.1, and then intersections from 1680 such as 4.32 over 19, 4.24 over 10, and 4.73 over 6.

Eric Kallio: On 1680, several more, which intersected attractive grades and widths near the lower limits of past drilling. Just to give you a flavor for what we're seeing, intersections on 1210, we're including numbers such as 4.23 over 55, 6.41 over 11, 5.18 over 9.1, and then intersections from 1680, such as 4.32 over 19, 4.24 over 10, and 4.73 over 6. Important to note is that all of these intersections are similar or better to other previously drilled holes in both areas and that drilling below the 1680 level is still very limited. Given the above, we're very happy with progress so far and the program's continuing with 3 drills active on 1210, 1680, and 1410 levels.

Speaker #5: Important to note is that all these new intersections are similar or better than other previously drilled holes in both areas, and that drilling below the 1,680 levels is still very limited.

Speaker #5: So given the above, we're very happy with progress so far. And the programs continuing with three drills active on 1210, 1680, and 1410 levels.

Speaker #5: So expect to see a lot of additional new results from the upper and lower parts of the zone very shortly. Work is also starting on rehab of new platforms on the 1,430 level and the 900, which will provide even more platforms as the year progresses.

Eric Kallio: Expect to see a lot of additional new results from the upper and lower parts of the zone very shortly. We're also starting on rehab of new platforms on the 1430 level and the 900, which will provide even more platforms as the year progresses. Turning on to the next slide, which is number 20, we see the Owl Creek area where we completed another 12 holes near the historic pit as well as at the 750 zone, which is 750 meters to the east.

Speaker #5: So, turning on to the next slide, which is number 20, we see the All Creek area, where we completed another 12 holes near the historic pit as well as at the 750 zone, which is 750 meters to the east.

Speaker #5: It’s indicated here drilling near the historic pit included eight new holes in surface and the 650-meter level, with very encouraging values—multiple holes intersecting wide, high-grade zones near the east side, and another continuing to the largest overall footprint to the west.

Eric Kallio: As indicated here, drilling near the historic pit included 8 new holes to the surface from the 650-meter level with very encouraging values, multiple holes intersecting wide high-grade zones near the east side, and another continuing to enlarge the overall footprint to the west. Key intercepts to the east confirming the widest high-grade zone include values such as 4.11 over 39 over 3, 5.24 over 10, 4 over 13.8. The key intercept to the west includes 4.5, 2.2. Drilling at the 750 zone includes 1 new hole, which is designed to confirm and extend mineralization near the 250 level and at the lower limits of the historic drilling. It was also very successful with an intercept of 5.76 over 4.5, 2.57 over 8.9.

Speaker #5: Key intercepts to the east and confirming the wider, higher-grade zone include values such as 4.11 over 30, 9 over 3, 5.24 over 10, and 4 over 13.8.

Speaker #5: And the key intercept to the west includes 4.5, 2.2. Drilling at the 750 Zone included one new hole, which is designed to confirm and expand mineralization near the 250 level.

Speaker #5: And at the lower limits of the historic drilling, and was also very successful. So, the intercept of 5.76 over 4.5, 2.57 over 8.9. Given the above, we continue to be very pleased with progress of the project to date and plan to continue with two drills for the near term.

Eric Kallio: Given the above, we continue to be very pleased with progress of the project to date and plan to continue with 2 drills for the near term. Turning to slide 21, we see an overall view of the Borden mine, where we added another 24 holes in the northeast portion of the mine. Shown here, the focus for current work continued to be on the main zone, which is the farthest target on the east part of the right-hand part of the slide. All drilling being done from the 585 drift, testing mostly down plunge east and northeast of the mine work. Additionally, we also saw drilling start on the lower part of the east lower zone or ELZ, which is another mineralized structure with similarities to the main zone 500 meters to the west.

Speaker #5: So then turning to slide 21, we see an overall view of the Warden mine where we added another 24 holes in the northeast portion of the mine.

Speaker #5: Showing here, the focus for current work continues to be on the main zone, which is the farthest target on the east part, on the right-hand part of the slide.

Speaker #5: All drilling is being done from the 585 drift, testing mostly down-plunge northeast of the mine workings. Additionally, we also saw drilling start on the lower part of the East Lower Zone, or ELZ, which is another mineralized structure with similarities to the main zone 500 meters to the west.

Speaker #5: Important to note, both zones still have limited drilling down-plunge and remain open for expansion. So yeah, I'm not going to go into a lot of details here in terms of the results.

Eric Kallio: Important to note that both zones still have limited drilling down plunge remaining open for expansion. Yeah, I'm not gonna go into a lot of details here in terms of the results. They're well summarized in our press release, but I guess I could just mention that we continue to have a lot of success here with the drilling, getting very good grades and widths in both areas, both inside and outside resources, very optimistic about future work at the site. Turning to slide 22, we have the Pamour, where we completed another 67 holes near the current open pit resource, as well as Pamour West, 1.48 km to the west, and the North Contact Zone, north of the phase 2 pit. Drilling near the open pit included 66 new holes designed to upgrade and expand resources.

Speaker #5: They're well summarized in our press release. But I guess I could just mention that we continue to have a lot of success here with the drilling getting very good grades and widths in both areas.

Speaker #5: Both inside and outside resources. And so, very optimistic about future work at the site. Then, turning to slide 22, we have the PamWar, where we completed another 67 holes near the current open pit resource, as well as PamWar West, 1.5 kilometers to the west, and the North Contact zone north of the base two pit.

Speaker #5: Drilling near the open pit included 56 new holes designed to upgrade and expand resources. And that's why Q4 results were easily meeting expectations, with multiple highlights from all areas.

Eric Kallio: Q4 results were easily meeting expectations with multiple highlights from all areas. Drilling at Pamour West with another 6 holes in the historic mine at the Brulé property. Q4 also continued to intersect very nice values along strike of Pamour and a similar geologic setting. Drilling at the North Contact Zone included 5 new holes to test the major east-west contact north of the Pamour pit and also started to show very positive results. Important to note that none of the material from Pamour West or North Contact area is included in the current resource estimate. We'll be working hard to incorporate this in our next update later this year. Programs continue with 4 drills, 2 focused on extensions of Pamour pit, 1 at Pamour West and 1 at the North Contact.

Speaker #5: Drilling at PamWar West included another six holes, rounding the historic mine as a drill land. Drill land properties, as with Q4, also continued to intersect very nice values along strike of PamWar and a similar geologic setting.

Speaker #5: And then drilling at the North Contact zone included five new holes to test the major east-west contact north of the PamWar pit, and also started to show very positive results.

Speaker #5: Important to note, there's none of the material from PamWar ar West or North Contact area is included in the current resource estimates that we'll be working hard to incorporate this in our next update later this year.

Speaker #5: The programs continue with four drills: two focused on extensions of PamWar pit, one at PamWar West, and one at the North Contact. Then, going on to slide 23, we see the dome where you had a continuation of drilling in preparation for the new resource estimate later this year.

Eric Kallio: Going on to slide 23, we see the Dome, where we had a continuation of drilling in preparation for the new resource estimate later this year. As indicated on the image, the vast majority of new drilling targets the northeast part of the resource pit, but also included final holes from the area to the southwest. Drilling in the northeast area included 10 holes to evaluate mineralization on the Dome Fault, near the lower portion of the current resource. Very successful, indicating close correlation of geology, similar or better grades, and with the historic holes, which were drilled mostly before 1970. Drilling to the southwest included 4 holes to test exploration targets to the south of the current open pit. SOQ 4 continued to identify new growth opportunities for future expansion.

Speaker #5: As indicated on the image, the vast majority of new drilling targeted the northeast part of the resource pit with also included the final holes from the area to the southwest.

Speaker #5: Drilling in the northeast area included 10 holes to evaluate mineralization on the dome fault. Near the lower portion of the Kirk resource. Very successful indicating close correlation of geology, similar or better grades and widths to historic holes.

Speaker #5: Which were drilled mostly before 1970. Drilling to the southwest included four holes, tested exploration targets to the south as occurred. Open pit, as in Q4, continued to identify new opportunities for future expansion.

Speaker #5: Drilling at the sites is continuing with two rigs, both now located on the north side of the pit, considering results and progress to date. Project remains on track for a new resource commit by the end of 2026.

Eric Kallio: Drilling at the site is continuing with 2 rigs, both now located on the north side of the pit. Considering results and progress to date, the project remains on track for a new resource estimate by the end of 2026. In summary, things continue well and lots more to come. With that, we'll pass over to José Jabalera, Senior VP Corporate Affairs and Sustainability, Mexico.

Speaker #5: And so, in summary, things continue well and there's lots more to come. So with that, we'll pass over to Jose Zavalera, Senior VP, Corporate Affairs and Sustainability, Mexico.

Speaker #5: Thanks, Eric. Hi, everyone. Hi, Cordero in Mexico. We continue advancing the project. In that advancing, we have included the studies on water and power.

José Jabalera: Thank you, Eric. Hi, everyone. In Cordero in Mexico, we continue advancing the project. In that advancing, we are including the studies on water and power. Also after the last event of the Plan Mexico event with the president when she announced incentives on the investment, we got meetings with senior Mexican authorities, and that comes for, they scheduled a site visit of the project to go in the final process of the evaluation for our MIA. We will have that visit on the next week to continue advancing on the processing of the permits for SEMARNAT. With that, I pass the words to our CEO, Tony Makuch.

Speaker #5: And that, and also after the last event of the Plan Mexico event with the President, when she announced incentives on the investment, we got meetings with senior Mexican authorities, and that comes for—they set it as a site visit of the project.

Speaker #5: To go in the final process of the evaluation for our MEA. So we will have that visit on the next week. To continue advancing on the processing of the permits for Semana.

Speaker #5: So with that, I pass the words to our CEO, Tony Marcucci.

Speaker #6: Okay, thanks, Jose. Thanks, everybody, for the presentation. We had a fairly solid quarter—a quarter where, really, our mines definitely outperformed the mill in terms of throughput.

Tony Makuch: Okay, thanks, José. Thanks, everybody, for the presentation. You know, we had a fairly solid quarter. It was a quarter where, you know, really our mines definitely outperformed the mill in terms of throughput. The mill had some challenges in terms of weather, but, you know, as we're moving on, we're working at having these things corrected, and we expect to have really solid processing results as the year goes on. Really wanna thank the hard work of all the people in the company that did all the work and got all the success of the year. You know, we really appreciate that.

Speaker #6: The mill had some challenges in terms of weather, but as we're moving on, we're working and having these things corrected, and we expect to have really solid processing results as the year goes on.

Speaker #6: And I really want to thank the hard work of all the people in the company, the ones that did all the work and got all the success in the year.

Speaker #6: We really appreciate that. And then, to wrap up, on the other side, you can see from exploration and a few other things, we had some significant developments in the first quarter that support our growth objectives.

Eric Kallio: To wrap up, you know, on the other side, you can see from exploration and a few other things, we had some significant developments in Q1 that supports our growth objectives. The acquisition of Kidd is one really important value driver for the company. There's a lot of synergies and a lot of value in terms of what we inherited.

Tony Makuch: To wrap up, you know, on the other side, you can see from exploration and a few other things, we had some significant developments in Q1 that supports our growth objectives. The acquisition of Kidd is one really important value driver for the company. There's a lot of synergies and a lot of value in terms of what we inherited.

Speaker #6: The acquisition of KID is one really important value driver for the company. There are a lot of synergies and a lot of value in terms of what we inherited with KID, and it's about taking advantage here.

Tony Makuch: With Kidd and then take advantage here. The main thing is the unlocking of processing capacity. You can see, you know, when I try to show you somewhere between 7 and 9 million tons of new processing capacity that could be unlocked with that. You just do the math yourself in terms of when we talk about where we think that it can go. We have lots of resources. Eric will tell you about the continued exploration success, and there's still a lot of gold left around Timmins, and some of these, they're right within existing operating mines and on operating infrastructure. We continue to invest, and we invest properly in terms of building the value.

Speaker #6: The main thing is the unlocking of process and capacity. And you can see what I show you—somewhere between 7 and 9 million tons of new processing capacity that can be unlocked with that.

Speaker #6: And you just do the math yourself in terms of when we talk about where we think that we go. We have lots of resources prepared to tell you about the continued exploration success and there's still a lot of gold left around.

Speaker #6: The Timmins, and some of these are right within existing operating mines and on operating infrastructure. We continue to invest, and we invest properly in terms of building the value. And, like I said, as Mark talked about, our growth objective is to reach over half a million ounces of gold production. You can do the math and you can see we have significant plans in place, and we expect to even somewhat exceed that.

Tony Makuch: Like I said, as Mark talked about, we, you know, our growth objective to reach over half a million ounces of gold production then, you know, that I, you know, you can do the math. You can see we have significant plans in place, and we have to even somewhat exceed that. Anyway, you know, with that, maybe I'll just thank everybody for participating in the call and be happy to take any questions.

Speaker #6: Anyway, with that, maybe I'll just thank everybody for participating in the call and be happy to take any questions.

Speaker #1: Thank you. If you would like to ask a question, please press star one on your telephone keypad. If you would like to withdraw your question, simply press star one again.

Operator: Thank you. Your first question comes from Larry Lu with CIBC. Your line is open.

Speaker #1: Your first question comes from Larry Liu with CIBC. Your line is open.

Larry Lu: Hi, Tony Makuch, Alison White, Pierre Rocque, Eric Kallio, Mark Utting, and team. I guess I'll start off my first question by asking about Kidd Creek. Would you mind reminding us, you know, what are some of the opportunities you see here? Does the acquisition of Kidd Creek change the way we should look at the near-term mine plan? As well as, you know, can you also remind us what are some of the steps between now to closing our transaction in Q1?

Speaker #7: Hi, Tony, Allison, Pierre, Eric, Mark, and team. I guess I'll start off my first question by asking about KID Creek. Would you mind reminding us what are some of the opportunities you see here?

Speaker #7: Does the acquisition of Kidd Creek change the way we should look at the near-term mine plan? Also, can you remind us what some of the steps are between now and closing our transaction in Q1?

Speaker #6: Well, I think the first thing in terms of the acquisition of KID, we—the mine's still operating. We do expect the mine to operate.

Tony Makuch: Well, I think, you know, it's the first thing in terms of the acquisition of Kidd, you know, we, you know, the mine's still operating. We do expect the mine to operate, they, you know, they're, you know, and continue to produce ores definitely for the rest of this year. We're working hard in terms of what can be done there and done safely and effectively. I think that's somewhat of an opportunity. There's significant exploration lands acquired here, I mean, that's really part of a long-term exploration program.

Speaker #6: They're continuing to produce ore, so definitely for the rest of this year. We're working hard in terms of what can be done there, and done safely and effectively.

Speaker #6: And I think that's somewhat of an opportunity. There's significant exploration lands acquired here, and I mean, that's really part of a long-term exploration program.

Speaker #6: But again, going to slide seven, where it tried to show the biggest part here is unlocking the value from the metallurgical site, what that brings to us in terms of adding mill capacity.

Tony Makuch: You know, if I am going to slide seven, where I tried to show the biggest part here is unlocking the value of from the metallurgical site, what that brings to us in terms of adding mill capacity. You know, we do with very minimal capital investment, we can process the Borden ores at the Kidd Metallurgical Site at C division. We're looking to process, you know, refractory gold ores such as TVZ in the D circuit. Again, these aren't significant capital expenditures for here, and they're not necessarily significant time, too.

Speaker #6: We do with very minimal capital investment, we can process abortion ores at the KID met site at the C division. We can post we're looking to process refractory gold ores such as TBZ in the D circuit.

Speaker #6: Again, these aren't significant capital expenditures for here. And they're not necessarily significant time too. So we expect that if things go properly, we're doing some test work right now and working on permitting that it could be between September and March of September of this year and March of next year that we could be actually processing more ores here.

Tony Makuch: We expect that, you know, if things go properly, we're doing some test work right now and working on firming that it could be between September of this year and March of next year that we could be actually processing more ores here. That unlocks 2,000 to 3,000 tons a day capacity at the Dome Mine pretty quickly for the gold ores. We mentioned about, you know, Mark mentioned about the significant amount of stockpiles we have on surface as we're building stockpiles from mining. There's a lot of opportunity there.

Speaker #6: So that unlocks two to three thousand tons a day capacity at the dome mill pretty quickly for the gold ores. We mentioned about Mark mentioned about the significant amount of stockpiles we have on surface and as we're building stockpiles from mining.

Speaker #6: So there's a lot of opportunity there. And the big part is, we're going to—we're starting the engineering now and working on what we need to do to build a whole new mill circuit at Pamore.

Tony Makuch: You know, the big part is we're gonna, we're starting to engineering now and working on what we need to do to build a whole new mill circuit at Pamour, sorry, at Kidd to treat the Pamour ores, and that's a 5 to 7 million ton a year conventional gold circuit. You know, one of the really advantages here with this, you have a brownfield site where you have over 100 MW of power already. We have all the water we need.

Speaker #6: Sorry, at KID, to treat the Pamore ores, and that's a 5 to 7 million ton a year conventional gold circuit. One of the inherent advantages here with this is you have a brownfield site where you have over 100 megawatts of power already.

Speaker #6: We have all the water we need. We have a site—a cleared site with actual concrete foundations in place, not the final foundations for all that we do, but definitely an area that was used in the past for metallurgical work. We can go in here, build and put a coarse ore bin in, put a primary crusher, a SAG mill, and then create that, like I say, a five to seven million ton per year gold circuit to process all the Pamore ores and really unlock the value then of Dome Mills.

Tony Makuch: We have, you know, a site, a cleared site with actual concrete foundations in place, not the final foundations for all of what we do, but definitely an area that was used in the past for metallurgical work that we can go in here, build a, put a course or a bin in, put a primary crusher, a SAG mill, and then, you know, can grade that, like I say, a 5 to 7 million ton a year, gold circuit to process all the Pamour ores and really unlock the value then of Dome Mine.

Tony Makuch: The, you know, like, think about it gives us somewhere between 7 and 9 million tons a year of processing capacity between 6 months from now, you know, grossing from 6 months from now to 3 years from now. We see the opportunity here, and that's the main part. In terms of closing, I mean, things are working well. We're transferring, working towards some, you know, final transfers or closure plans, et cetera, with the provincial government. You know, we're kind of thinking we're gonna have this thing closed before the end of the month, but there is always something that can happen. We're, you know, I think we're pretty much dotting the i's and crossing the t's as we speak.

Speaker #6: So think about it, it gives us somewhere between seven and nine million tons a year of processing capacity between six months from now, grossing from six months from now to three years from now.

Speaker #6: We see the opportunity here, and that's the main part. And in terms of closing, I mean things are working well with transferring, working towards some final transfers or closure plans, etc., with the provincial government.

Speaker #6: And we're kind of thinking we're going to have this thing closed before the end of the month, but there's always something that can happen.

Speaker #6: But we’re, I think, pretty much dotting the i’s and crossing the t’s as we speak.

Speaker #7: Yeah, for sure. Thanks, Tony, for that answer. I guess kind of a follow-up here on Kidd Creek, not diving too deep as well. Are you comfortable adding copper, zinc, and silver to your portfolio?

Larry Lu: Yeah, for sure. Thanks, Tony, for that answer. I guess, you know, kind of a follow-up here on Kidd Creek, not diving too deep as well. How, you know, are you comfortable adding copper, zinc, and silver to your portfolio? Should, you know, would this be a good experience for having some processing base metal capacity from Cordero potentially in the future?

Speaker #7: And would this be a good experience for having some processing-based metal capacity from Cordero potentially in the future?

Speaker #6: Well, yeah. I mean, as part of this, we have the offtake in place with Glencore, and pretty much the offtake terms are not really much different than the offtake terms that they provided to their own KID site itself.

Tony Makuch: Well, yeah, I mean, you know, as part of this part, you know, we have the offtake in place with Glencore, and pretty much the offtake terms are not really much different than the offtake terms that they provided to their own, the Kidd site itself. It gives us that lead in terms of working. It's a going concern business. It's producing, you know, 3,000 tons per day, or it's running at a 1.2 million ton a year capacity currently, and it will continue on that for the rest of this year. You know, we still have to get work with them on plans once we take over. The operation will continue to produce, you know, a copper concentrate and a zinc concentrate.

Speaker #6: And it gives us that lead-in in terms of working, so it's a going concern business. It's producing 3,000 tons per day, or it's running out of a 1.2 million ton per year capacity currently, and it will continue on that for the rest of this year.

Speaker #6: We still have to work with them on plans once we take over. So, the operation will continue to produce copper concentrate and a zinc concentrate. The copper concentrate goes to the Horn smelter.

Tony Makuch: The copper concentrate goes to the Horne Smelter. The zinc concentrate goes to Quebec, into Montreal. That those are in place. We have that agreement in place with Glencore, and it's great learning capacity for what we would do as we advance Cordero as well.

Speaker #6: The zinc concentrate goes to Quebec, to Montreal. And those are in place; we have that agreement in place with Glencore in it. And it's great learning capacity for what we would do as we advance Cordero as well.

Speaker #7: Perfect. Sounds good. And sorry, if I can, Allison, I do apologize in advance. This is going to be a tax question. So if I look at this quarter's free cash flow, before being adjusted, a large item would be the taxes paid for last year from porcupine taxes, so going forward, should we expect more of a monthly installment or how should we look at taxes cash taxes being paid going forward?

Larry Lu: Perfect. Sounds good. Sorry if I, if I can, Alison, I do apologize in advance. This is gonna be a tax question. If I look at this quarter's free cash flow, before being adjusted, a large item would be the taxes paid for last year from Porcupine taxes. Going forward, should we expect more of a monthly installment, or how should we look at taxes, cash taxes being paid going forward?

Speaker #8: Yeah, Larry, so you're exactly right. First of all, thanks for the question. Taxes are never anybody's favorite topic to talk about. So you're right to ask it.

Alison White: Yeah, Larry, you're exactly right. First of all, thanks for the question. Taxes are never anybody's favorite topic to talk about, so you're brave to ask it. Nevertheless, yes, you're right, and we will be, and we are paying monthly installments in 2026. The one-time event for 2025 payment was largely just because last year was our first partial year of operations.

Speaker #8: But nevertheless, yes, you're right. And we will be, and we are, paying monthly installments in 2026. The one-time event for 2025 payments was largely just because last year was our first partial year of operation.

Speaker #7: Amazing. Sounds good. All right. Thanks so much, Tony and team, for the response. I'll return to the queue. Thank you.

Larry Lu: Amazing. Sounds good. All right. Thanks so much, Tony, and team for the response, and I'll return to the queue. Thank you.

Speaker #9: Your next question comes from John Tomazos with very independent research. Your line is open.

Operator: Your next question comes from John Tumazos with Very Independent Research. Your line is open.

Speaker #10: Thank you for taking my question. I'm trying to envision or anticipate the Q4 technical study. The January study last year described resources of four deposits and production from three of them.

John Tumazos: Thank you for taking my question. I'm trying to envision or anticipate the Q4 technical study. The January study last year described resources of four deposits and production from three of them. Based on the drilling results, will we have resources from four more deposits, TVZ, Owl Creek, if you're taking material from Hollinger, and now we've acquired Kidd Creek. Will the new report describe eight distinct resources and envision production from all eight of them?

Speaker #10: Based on the drilling results, will we have resources from four more deposits—TVZ, Al Creek, if you're taking material from Hollinger—and now we've acquired Kidd Creek?

Speaker #10: So will the new report describe eight distinct resources and envision production from all eight of them?

Speaker #6: Well, that's a good question. Eric, you can add some of that. Really, you're not offline, John, but—

Tony Makuch: Well, that's a good question. Eric, you can read some of that. Really, you're not offline, John, but yeah.

Speaker #11: Yeah. Well, say we had the three main ones, which are the operations where we're doing an update on those, and then we've got Dome and TVZ.

Eric Kallio: Well, you know, say we had the three main ones, which are the operations. We're just, you know, we'll do an update on those, and then we've got Dome and TVZ. That's the base plan for sure. I mean, we've had good results at Owl Creek, like you say. You know, if we have enough drilling to do a resource there by year-end. But really it's be those five that we're aiming for at year-end.

Speaker #11: That's the base plan for sure. I mean, we've had good results with Al Creek, like you say. If we see if we have enough drilling to do a resource there by year-end.

Speaker #11: But really, it’d be those five that we’re aiming for at year-end.

Speaker #6: And you do have we do have Hollinger that we could discuss or include and yeah, there will be some things out of KID, but we're still working on KID.

Tony Makuch: You do have we do have Hollinger that we could discuss or include, and, yeah, there will be some things out of Kidd, but we're still working on Kidd. Well, we will give something out of Kidd, but it might be part of a separate report there, John.

Speaker #6: Whether that's part of our—well, we will give something out of KID, but it might be part of a separate report there, John.

John Tumazos: Is the 131 million tons that Glencore reported for Kidd good enough to meet your standards?

Speaker #10: Is the 131 million tons that Glencore reported for KID good enough to meet your standards?

Tony Makuch: I mean, Okay, I'm not sure if it was quite that number, but yeah, I mean, the level of drilling and the level of quality of workmanship, we're not questioning that at all. Eric?

Speaker #6: I mean, okay, I'm not sure if it was quite that number, but yeah, I mean, the level of drilling and the level of quality of workmanship—we're not questioning that at all, Eric.

Tony Makuch: I mean, Okay, I'm not sure if it was quite that number, but yeah, I mean, the level of drilling and the level of quality of workmanship, we're not questioning that at all. Eric?

Eric Kallio: This is the It wouldn't be included in 43-101 report. That's a JORC report. We know that was done in the past. I mean, the drillings have been always done to a measured and indicated standard for the mining 5 areas really where most of the resources is in the deep part of the mine. Really, it potentially could be added to the resources, but it's really not because of the quality of definition or the drilling that they're not putting it in. They have uncertainties with other parts of the mining approach.

Speaker #11: Just the... That wasn't needed and produced 4,200 reports that your report was done in the past. But I mean, the drilling has always been done to a measured and indicated standard for the mining side.

Speaker #11: Areas really where most of the resources, that's in the deep part of the mine. So really, it essentially could be added to the resources, but it's really not because of the quality of destination or the drilling, that they're not putting it in.

Speaker #11: It's just that they have uncertainties with other parts of the mining method approach.

Speaker #10: I just want to make sure I heard you right, Eric. Did you say that there'll be a resource for Hollinger or Al Creek, or not?

John Tumazos: Just wanna make sure I heard you right, Eric. Did you say that there'll be a resource for Hollinger or Owl Creek or not?

Eric Kallio: Right now, we don't have plans to do it, but depending on how the drilling goes, we could do one.

Speaker #11: We're right now, we don't have plans to do it, but depending on how the drilling goes, we could do one. Al Creek, yeah.

Eric Kallio: Right now, we don't have plans to do it, but depending on how the drilling goes, we could do one.

Tony Makuch: That's Owl Creek you're talking about?

Eric Kallio: Owl Creek, yeah.

Speaker #10: If you're taking material from Hollinger, do you have resources without drilling them based on earlier data since you're putting more through the mill?

John Tumazos: If you're taking material from Hoyle Pond, do you have resources without drilling them based on earlier data since you're putting ore through the mill?

Speaker #11: Well, this is broken ore algorithm in the bottom.

Eric Kallio: The ore we're taking, this is broken ore from within the mine.

Tony Makuch: Yes, there is material at Hollinger and, you know, it's a valid point that the material at Hollinger we're mining, that was part of a historic resource or a resource from the previous operators. You know, it's work we're doing it and something we're considering, but it may be more work, John, for 2027 only because, you know, in terms of the level of drilling and the other work we needed to do to verify to complete a 43-101 level report, it may more roll into 2027 for Hollinger. It is one of the key areas and a lot of potential for a sizable resource there.

Speaker #6: Yeah, yes, there is material at Hollinger, and it's a valid point that there's material at Hollinger where mining that would be part of a historic resource or a resource from the previous operators.

Speaker #6: And it's we're doing it and something we're considering, but it may be more work, John, for 2027 only because in terms of the level of drilling and the stuff we're the other work we needed to do to verify to complete a 4,201 level report, it may more roll into 2027 for Hollinger, but it is one of the key areas on a lot of potential for sizable resource there.

Speaker #10: If I can ask one more: when do you expect to have the single-stage crusher at the dome mill, and where will you put it?

John Tumazos: If I could ask one more. When do you expect to have the single-stage crusher at the Dome Mill, and where will you put it? Will it be away from the existing mill site in case a decade from now you move the mill site?

Speaker #10: Will it be away from the existing mill site in case, a decade from now, you move the mill site?

Tony Makuch: Well, what we're looking at doing, John, is, right now in terms of the primary crusher, what we're looking at doing is either getting some, putting an ore bin at site, a new ore bin and truck dump at site, and do fine crushing, bring crushed material from Pamour. Put primary crushing at site. That's one alternative. Second alternative would be to put that there, but we're just working on now. There's some work in the back. If I had a drawing up, I can show you. There's work in the back.

Speaker #6: Oh, so what we're looking at doing, John, is right now, in terms of the primary crusher, what we're looking at doing is either getting some—putting an ore bin at site, and in the short term, putting an ore bin at site, a new ore bin and truck dump at site, and do fine crushing. Bring crushed material from Pamore, put primary crushing at sites.

Speaker #6: That's one alternative. The second alternative would be to put that there, but we're just working on it now. There's some work in the back. If I had a drawing, I'd show you, but there's work in the back that's around the secondary and tertiary crushing plant and going into the tailings, where we would excavate—doing some foundation work—where we would put it right now.

Tony Makuch: It's around the secondary and tertiary crushing plant and going into the tailings where we would excavate some, doing some foundation work where we would put it right now. That would be the first phase of what we do at the Dome Mill. Yeah, I mean, the reality is we could keep the mill where it is, have a variation of crushing there and continue to run. We can run the Dome pit for anywhere from, depending on throughput rate that we wanna mine at, for 10 to 15 years before we even have to remove and replace the mill at that dome.

Speaker #6: That would be the first phase of what we do at the Dome mill. And yeah, the reality is we could keep the mill where it is, have a variation of crushing there, and continue to run the week and run the Dome pit for anywhere from, depending on the throughput rate that we want to mine at, 10 to 15 years before we even have to move and replace the mill at that Dome.

Speaker #10: Thank you. And congratulations on all the progress.

John Tumazos: Thank you, and congratulations on all the progress.

Speaker #12: Once again, if you have a question, it is star one. Your next question comes from Ken Ilodipe with SCP Results Finance. Your line is open.

Operator: Your next question comes from Ken Ilodibe with SCP Resource Finance.

Speaker #13: Hello, Tony and team. Just congrats on the quarter, and thanks for taking my question. Well, just switching gears to operations, so you've talked about production and costs.

Ken Ilodibe: Hello, Tony and team. Just congrats on the quarter, thanks for taking my question. Well, just switching gears to operations. You've talked about production and costs, improving through H2 as, I guess, throughputs and mining rates ramp up. My question is, what are the main things that we should be watching over the next couple of quarters to see if the ramp-up is progressing as expected? Maybe just broadly, are you seeing anything so far in April into May from an operational standpoint that gives you confidence in this ramp-up?

Speaker #13: Improving through H2 as, I guess, throughput and mining rates ramp up. So my question is: what are the main things that we should be watching over the next couple of quarters to see if the ramp-up is progressing as expected?

Speaker #13: And maybe just broadly, are you seeing anything so far in April into May from an operational standpoint that gives you confidence in this ramp-up?

Speaker #6: Yeah, just want to make sure I understood your question. You want to know what we're going to watch for this year and how we're doing in Q2, correct?

Pierre Rocque: Yeah, just wanna make sure I understood your question. You wanna know what we're going to watch for this year and how we're doing in Q2, correct?

Speaker #13: Yep.

Ken Ilodibe: Yep.

Speaker #6: Right. So of the four sources, we don't report separately, as you know. So I'll be kind of speaking in general terms. I would say to you that our mining rates are progressing really well.

Pierre Rocque: Right. Of the four sources, we don't report separately, as you know, I'll be kind of speaking in general terms. I would say to you that our mining rates are progressing really well. We don't foresee any issues here at any of our operations. Of course, as Tony alluded earlier, grades do fluctuate up and down, mostly due to sequencing and some adjustment with block models that we're doing throughout the year. With that, on that aspect, Ken, I don't anticipate any issues delivering material to the mill, whether it's Q2, Q3, or Q4. In terms of processing capacity, we did allude to the fact that we had a few mechanical issues in Q1.

Speaker #6: We don't foresee any issues here. At any of our operations, of course, as Tony alluded earlier, grades do fluctuate up and down—mostly due to sequencing and some adjustment with block models that we're doing throughout the year.

Speaker #6: So with that, on that aspect, Ken, I don't anticipate any issues delivering material to the mill—whether it's Q2, Q3, or Q4. In terms of processing capacity, we did allude to the fact that we had a few mechanical issues in Q1.

Pierre Rocque: I just want to bring to your attention and others' attention that if you compare what we did process in Q1 of 2026, which was about 7,700 tons per day, and you compare that to the previous operator, which in Q1 2025, they processed around 4,800 tons per day, you can see that we have put in place some improvements already. Later this year, some of the mechanical parts, secondary screens, to name it, is going to be replaced. That's going to increase the availability of the process plant. As I did mention earlier, we did exceed the nameplate capacity of 12,000 tons per day in Q1. We're going to work towards exceeding that 12,000 tons per day in the rest of the year.

Speaker #6: And I just want to bring to your attention, and others' attention, that if you compare what we did process in Q1 2026, which was about 7,700 tons per day, and you compare that to the previous operator, which in Q1 2025, they processed around 4,800 tons per day, you can see that we have put in place some improvements already.

Speaker #6: So later this year, some of the mechanical parts—secondary screens, to name one—is going to be replaced. So that's going to increase the availability of the process plant.

Speaker #6: And as I did mention earlier, we did exceed the nameplate capacity of 12,000 tons per day in Q1. We're going to work towards exceeding that 12,000 tons per day for the rest of the year.

Tony Makuch: Alluding to that, the real two primary key indicators if you wanna watch for how we're achieving the ramp up, one would be daily mill throughput as you see the mill producing, processing more on a day-to-day basis, going from average 10,000 tons a day to 10,500 to 11,000 tons a day or whatever. Second part is our, you know, our quarterly production of gold. Those are the two main drivers right now if you want to be watching what's happening.

Speaker #6: And then allude to that, and the real two primary key indicators, if you want to match for how we're achieving the ramp-up. One would be daily mill throughput.

Speaker #6: As you see the mill producing, processing more on a day-to-day basis, going from an average 10,000 tons a day to 10,500 to 11,000 tons a day, or whatever.

Speaker #6: Second part is our quarterly production of gold. So, I mean, those are the two main drivers right now, if you want to be watching what we're looking at.

Speaker #13: Okay, so is it fair to say that, I guess, in the long term, you're working on a single-stage crusher replacement, but then in the shorter term, you are confident in the reliability of what you have right now?

Ken Ilodibe: Okay. Is it fair to say that, I guess in the long term, you're working on a single stage crusher replacement, but then in the shorter term, you are confident in the reliability of what you have right now?

Tony Makuch: Well, in the short term, right, what we need to do is get plant reliability, and the biggest part is the screens on the secondary screens. That's what's been causing some of the trouble. There's lots of areas within the plant. In the short term, it's reliability on our secondary and tertiary crushing circuit, mostly the screens. That's, you know, provided your sizing of the material before you go to your fine ore bin. That's critical in the short term. A longer term processing is movement of the actual primary crusher to a different location and working on other areas.

Speaker #6: Well, in the short term, what we need to do is get plant reliability, and the biggest part is the screens on the secondary screens.

Speaker #6: That's what's been causing some of the troubles. There are lots of areas within the plant. So in the short term, reliability is mostly on our secondary and tertiary crushing circuit, mostly the screens.

Speaker #6: That's provided you're sizing the material before you go to your fine ore bin, so that's critical in the short term. A longer-term processing consideration is movement of the actual primary crusher, with different locations.

Speaker #6: And working on other areas. A much longer-term thing is to replace the three-stage crushing circuit with a primary crusher and a SAG mill. That's for a dome.

Tony Makuch: A much longer term thing is to replace the three-stage crushing circuit with a primary crusher and a SAG mill. That's up for a dome. The other aspects now, what we're doing with the Kidd Metallurgical Site, we have a number of initiatives there now. One initiative is to get Borden ore to that through the C circuit and open up capacity for That gives us like, you know, 700,000 Million tons a year of new capacity at the Dome mill because we're processing it at the Kidd Metallurgical Site. Second part is what we're gonna do to build a new 5 to 7 million tons a year conventional gold circuit at the Kidd Metallurgical Site and the work we're gonna do on that.

Speaker #6: And then the other aspects now, what we're doing with the Kootenay site, we have a number of initiatives there now. One initiative is to get a board north of that through the C circuit.

Speaker #6: And open up capacity for— that gives us 700,000 to a million tons a year of new capacity at the Dome mill because we're processing it at the Kit Met site.

Speaker #6: The second part is what we're going to do to build a new five to seven million ton per year conventional gold circuit at the Kit Met site, and the work we're going to do on that.

Speaker #6: And then the third part is the refractory gold circuit—now that we're going to be able to work with that at the Kit Met site.

Tony Makuch: The third part is the refractory gold circuit now that we're going to be able to work with that at the Kidd Metallurgical Site. Our Eric can go through. You can see what our resources come out as we just look at the resources at Pamour, Hoyle Pond, Borden and Dome, we had well over 15 million ounces of resources. You should be able to, you don't want to mine that over 30 years. We should be able to mine that faster. The first part, without any exploration success, we need mill capacity. That's a big value driver. Second part is you can see Eric and all the exploration success we're having.

Speaker #6: Eric can go through. You can see what our resources come out. If we just look at the resources—Pamela, Oil Pond, Borden, and Dome—we had well over 15 million ounces of resources, and you should be able to, I don't know.

Speaker #6: You don't want to mine that over 30 years. We should be able to mine that faster. So the first part, without adding any activation success, we need mill capacity.

Speaker #6: So that's a big value driver. Second part is, you can see, Eric, all the expiration success we're having. So definitely, we need more mill capacity.

Tony Makuch: Definitely we need more mill capacity, and then we can become more discernible in terms of, you know, as Pierre said, you know, focus on higher grade and proper margin as we understand all the different deposits. We have the potential to build a lot of new mines here and with that, you know, the mill capacity, and those are the things we're working on, I think.

Speaker #6: And then we can become more discernible in terms of, as Pierre said, focusing on higher grade and proper margin as we understand all the different deposits.

Speaker #6: We have the potential to build a lot of new mines here, and with that, the mill capacity. And those are the things we're working on, right?

Speaker #13: Okay, that's—yeah, that's all from me. Thanks, Tony, and the team for taking my questions. Best of luck in Q2. I'll pass the mic to the next person on the queue.

Ken Ilodibe: Okay, that's all from me. Thanks Tony and the team for taking my questions. Best of luck in Q2, and I'll pass the mic to next person on the queue.

Speaker #6: And maybe just to reiterate that this is valued, by the way, when we talk about mill capacity, we're not building new mills. We're in brownfield, permitted sites.

Tony Makuch: Maybe just to reiterate that this is the value that, by the way, when we talk about mill capacity, though, we're not building new mills. We're in brownfield permitted sites. We're just modifying plant site. We don't have to bring in power. We don't have to bring in water systems. We don't have to build or extend to new foundations. We got actually existing tailings areas we just have to modify permits on. We're working within existing operations to grow this stuff. We're not going to greenfield building brand new permitting, brand new processing operations. Sorry. Carry on.

Speaker #6: We're just modifying plants, right? We don't have to bring in power. We don't have to bring in water systems. We don't have to build substantial new foundations, or we've got actually existing tailings areas.

Speaker #6: We just have to modify permits on. So we're working on and within existing operations to grow this stuff. We're not going to greenfield, building brand new permitting, brand new processing operations.

Speaker #6: Sorry. Ariel?

Operator: This concludes the question and answer session. I will turn the call to Mark Utting for closing remarks.

Speaker #1: This concludes the question-and-answer session. I'll turn the call over to Mark Utting for closing remarks.

Speaker #6: Thanks very much. And again, just want to thank everyone for taking part in the call. As you've heard, to say the least, we have a lot going on.

Mark Utting: Thanks very much. Again, I just want to thank everyone for taking part in the call. As you have heard, to say the least, we have a lot going on. We are making a lot of progress, and there is a lot more to come. That is good for a bunch of reasons, one of which is we will definitely have a lot more to talk about when we have our next quarterly call. We look forward to speaking with you then. Enjoy the rest of your day. Thank you.

Speaker #6: We're making a lot of progress, and there's a lot more to come. That's good for a bunch of reasons, one of which is we will definitely have a lot more to talk about when we have our next quarterly call.

Speaker #6: So, we look forward to speaking with you then. Enjoy the rest of your day. Thank you.

Operator: This concludes today's conference call. Thank you for joining. You may now disconnect.