Lundin Gold Stock

Good morning, ladies and gentlemen, and welcome to Lundin Gold's Q2 2026 Earnings Call. [Operator Instructions] This call is being recorded on August 7, 2026. I would now like to turn the conference over to Jamie Beck, President and CEO. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you all for joining us today. I'm joined by Terry Smith, our Chief Operating Officer; and Chester See, our Chief Financial Officer. We are going to take you through our results for the second quarter of 2026. Please note Lundin Gold's disclaimers on this slide. This discussion includes forward-looking information, and actual future results may differ from expected results for a variety of reasons as described in the caution regarding forward-looking information and statements section of our press release. Lundin Gold is a U.S. dollar reporting entity and all amounts in this presentation refer to U.S. dollars unless otherwise indicated.

The second quarter finished strong with Fruta del Norte delivering another quarter of solid operating performance. We expect Q2 to be the lowest production quarter of the year. And with the first half representing 48% of the midpoint of our guidance, we are well on track for the full year. Second quarter production of approximately 119,000 ounces of gold brings our year-to-date production to approximately 239,000 ounces of gold.

We processed just over 500,000 tonnes in the quarter, and were able to maintain an average of nearly 5,500 tonnes per day through the mill for the quarter despite 9 days of planned maintenance. Cash operating costs and all-in sustaining costs for the second quarter were aligned with our plans and reflect lower ounces sold. Margins remain strong with the business generating $125 million in operating cash flow despite making annual checks and statutory profit-sharing payments of $221 million during the quarter, and we finished the first half with a cash balance of $507 million.

The business generated free cash flow of $96 million in the second quarter after those annual payments while also returning $293 million to shareholders through cash dividends. We declared a second quarter dividend of $1.08 per share, bringing this year's total cash dividend to $2.29 per share and marking another quarter of returning 100% of normalized free cash flow to our shareholders. In addition to the cash dividend, we completed the Silver Stream for equity transaction with LunR Royalties, which was announced in the first quarter. The proceeds of the stream sale were distributed to shareholders as a dividend-in-kind following closing.

Beyond operations and cash flow, we continue to advance our growth pipeline, including ongoing work on our mine-to-mill expansion study, evaluating opportunities to increase throughput beyond 5,500 tonnes per day and incorporate the FDNS deposit into our mine. We've advanced development outside of FDN, completing 370 meters of development at FDN South and commenced development towards FDN East in July. Additionally, we made meaningful exploration progress across the district, discovering 2 new copper-gold porphyries and expanding the known limits of mineralization at FDNS, FDN East, and at FDN.

With that, I'd like to turn the call over to Terry to discuss our operations in more detail.

Thanks, Jamie, and good morning, everybody. Before we turn to operation and financial results, I want to start where we always start with our people. Our highest priority is making sure that every employee and contractor at Fruta del Norte goes home safe at the end of every shift. During the quarter, we recorded 0 lost time injuries and 2 medical treatment incidents. It is great to see an uptick in some leading indicators like near misses reported by the workforce that help us become safer. Our focus continues to be in the field with leadership availability, visibility, hazard identification and reinforcing the right responsibility of every worker to stop a job that doesn't feel safe.

Turning to operations. In the second quarter, we continued steady performance across the operation. Both the mine and mill tonnages and grades were aligned with the first quarter. We processed just over 500,000 tonnes at an average head grade of 8.3 grams per tonne with recoveries of just over 89%. Despite 9 days of planned downtime, the plant averaged approximately 5,500 tonnes per day, our guided average throughput for the year. June finished the quarter strong with higher grades and throughput heading into Q3, positioning us well for a stronger second half of the year as expected since the beginning of 2026, and we are reaffirming full year guidance of 475,000 to 525,000 ounces.

Our mine-to-mill study remains on track for completion by year-end. As we've mentioned previously, this study will integrate FDNS into our mine plan and evaluate sustained higher throughput rates in the future. While we are completing our mine-to-mill study, we are making great progress on our underground development efforts at FDNS. As Jamie mentioned, we completed 370 meters of development during the quarter from both the South Portal and from the 1170 Level at FDN.

We also advanced headings into some FDNS veins for geological mapping and sampling and process the ore that we generated. These are important milestones to improve our understanding of this new zone and advance FDNS towards future production. Using the same approach that led to our success at FDNS, we are now advancing development towards the FDN East ore body, which started in July. This development will give us better access for drilling in support of conversion and exploration programs at FDN East.

Now I'll turn to Chester to speak to the financials.

Thanks, Terry, and good morning, everyone. The second quarter delivered strong financial results, reflecting another quarter of solid operational performance. Net revenues were $478 million and income from mining operations totaled $337 million. Cash operating costs averaged $1,016 per ounce and AISC averaged $1,176 per ounce, giving us a robust AISC margin of approximately 73%.

Before discussing earnings, I'd like to briefly address the accounting impact associated with the LunR transaction. During the quarter, we recognized a one-time noncash fair value loss of approximately $75 million on the LunR shares that were received and subsequently distributed to shareholders as a dividend-in-kind. This was then more than offset by a noncash fair value gain of approximately $127 million related to the revaluation of the Silver Stream obligation, resulting in a net positive impact to reported earnings during the quarter.

Excluding these noncash fair value impacts, adjusted earnings were $202 million or $0.84 per share and adjusted EBITDA was $347 million. Going forward, investors should expect some quarter-to-quarter volatility in reported earnings as the Silver Stream obligation is revalued each reporting period. Those revaluations will be driven primarily by changes in silver prices and updates to long-term production and mine plan assumptions.

Importantly, these are noncash accounting adjustments and do not reflect the underlying operating performance of Fruta del Norte, our cash flow generation or our capital allocation strategy.

Free cash flow in Q2 totaled $96 million or $0.40 per share even after annual tax and profit-sharing payments totaling $221 million. These annual payments were materially higher than the prior year as a result of the company's strong financial performance in 2025. Cash generated by operating activities was $495 million in the first half of the year, reinforcing the underlying strength of our business. From a balance sheet perspective, we ended the first half of 2026 with $507 million in cash and $445 million in working capital.

During the first 6 months of the year, we generated $495 million in operating cash flow, made our annual tax and profit-sharing payments of $221 million and returned $571 million to shareholders through cash dividends, demonstrating the strength of our business and our continued commitment to capital returns.

Consistent with our capital allocation framework, the Board declared a quarterly dividend of $1.08 per share for the second quarter, consisting of a $0.30 fixed dividend and a $0.78 variable dividend, representing 100% of normalized free cash flow for the quarter, which is consistent with the payout levels we have made over the last several quarters and above our policy minimum of 50%.

The dividend will be paid on September 25 to shareholders on record on September 10, 2026. For additional details, please refer to the August 6 dividend announcement. In addition, we intend to use our cash resources to enhance shareholder returns by commencing purchases under our normal course issuer bid in the near term, reflecting our confidence in the long-term value of the business.

With that, I'll turn the call back to James.

Thanks, Chester. I'll finish with a brief update on exploration and our priorities for the remainder of 2026. Starting with FDNS, conversion drilling is demonstrating the continuity of high-grade zones within the known ore body. These intercepts are important as they support potential reserve and resource growth at FDNS. Highlights include 6.9 meters at 199.9 grams per tonne gold and 4.5 meters at 196.8 grams per tonne.

On the exploration side, drilling outside the current Mineral Resource envelope has again confirmed continuity along the down-dip extension of FDNS, highlighting additional growth potential beyond the defined resource. Exploration highlights this quarter include 11.75 meters at 108.6 grams per tonne gold, including 0.4 meters at 2 kilograms of gold and 5.8 meters at 67.2 grams per tonne.

As development progresses at FDNS, we're getting a good sense of what the ore body looks like, and we are gaining confidence in both the scale and continuity of the deposit. Turning to FDN East. Exploration drilling in the quarter focused on extending the deposit footprint and testing newly identified vein sets. Drilling confirmed that the deposit remained open to the east beyond the inaugural Mineral Resource envelope and intersected the best interval ever at FDN East.

Highlights included 4 meters at 236.6 grams per tonne gold, including a 1-meter section at 933 grams per tonne. Additionally, 6.3 meters at 23.2 grams per tonne gold. Given that the FDN East footprint now extends approximately 500 meters east-west by 800 meters north-south and remains open in all directions, we've chosen to begin development into the ore body to accelerate our conversion and exploration drilling programs, which Terry mentioned, started in July.

At FDN, near-mine exploration drilling continued to target areas close to existing underground infrastructure with a clear potential for near-term mine plan flexibility. Drilling continues to intersect the upper extension of the FDN mineralized envelope and supports potential expansion above the current mining horizon. Importantly, mineralization continues to be encountered along the Suarez conglomerate contact, confirming continuity above that existing mineral mining envelope.

Key intercepts this quarter included 20.9 meters at 9.3 grams per tonne and 8.1 meters at 15.1 grams per tonne. These results reinforce the opportunity for incremental near-mine additions that could be integrated efficiently into future mine plans.

Finally, our porphyry exploration program delivered the discovery of 2 new porphyry centers during the quarter, bringing the total to 7 across the property. We've also expanded the footprint at Sandia in all directions with the deposit now measuring approximately 1.6 kilometers in strike, 700 meters in width and a kilometer in vertical extent.

We successfully extended the high-grade portion of Sandia to the north with highlight intercepts, including 551 meters at 0.5% copper equivalent and 909 meters at 0.46% copper equivalent. The development of a maiden mineral resource at Sandia is currently underway, and we plan to release the results of that work in early 2027.

I'll close with a brief review of our 2026 objectives. We continue to focus on health, safety and environmental performance. Operationally, we remain on track to achieve our 2026 production and cost guidance with higher production planned for the second half of the year. We are nearly halfway through a record 133,000 meters of planned drilling in 2026 with approximately 54,000 meters completed to date and our regional program set to ramp up in the second half.

The mine-to-mill expansion study advances with an integrated investment decision targeted for late '26, and FDNS underground development is well underway. Finally, we remain committed to returning capital to shareholders as demonstrated and announced by the additional quarterly dividend of 100% of free cash flow. Overall, we entered the second half in a strong position and our operations, growth and exploration programs in addition to capital returns, all remain firmly on track.

Operator, with that, I'll turn it over for any questions.

[Operator Instructions] Your first question comes from Martin Pradier with Veritas Investments.

I wonder at what throughput has the mill been operating in the last month? And how should we think about the throughput of the mill in the second half?

Sure. Terry, do you want to field that?

Sure, Jamie. Martin, good question. We averaged closer to 6,000 tonnes a day through June. And that nets out against all of the downtime that we were talking about earlier in the quarter with mill liner changes and the things that drove that.

Okay. So it's possible that you will be able to continue operating at that kind of rate in the second half and that will allow better production?

Correct. Yes. We're going to push the mill as much as we can. And that's sort of a continuation of what we've been doing for a while now. And so, yes, I think there's net of maintenance, like we can push the mill to the rates that I'm describing.

Great. And when you're looking at the mill expansion, and if I understand correctly, you will see 2 operations going on simultaneously, like Fruta del Norte and Fruta del Norte South, all taking it to the same mill. Will eventually this mean that you will be able to push over the 500,000 ounces? Or is this just offsetting lower grade?

Yes, Martin, maybe--it's Jamie here. Maybe I'll jump back in. I think what's important for us, of course, is that we continue to reconfirm our guidance. And despite various movements in mill throughput as we plan for ongoing expansions, we still anticipate being between that 475,000 to 525,000 ounces this year. As you think towards the future, you're exactly right. What we're not necessarily, sort of, targeting a production profile here. We're taking a look at the equipment sizing and what makes sense, but as we start to see grades decline and move closer towards reserve grade later in the mine life, then as those mill throughput increases happen, it's not ultimately going to lead to a significant bump in production. We'll continue to hang around that 0.5 million ounce production profile.

Yes, the difference is you can do it a lot longer than initial.

Yes.

And in terms of recoveries, I mean, you reported 89%. I think you want to get to 90% to 91%. Are you seeing higher recoveries in the last month or in the last days or whatever period you can talk about?

Yes. We're working really hard at it. June, in particular, was a very, very strong month for recovery. We've been working through classifying the ore body into slightly different and more ore types than we have in the past. And by blending materials, we're finding improvements in recovery and are hopeful that we're going to be able to continue that. We've also got a few projects that we'll be talking about later in the year that are going to be integrated into the mine-to-mill expansion. So those should help with future recoveries once that project is delivered. So it's a clear point of focus for us.

And just to add to what Jamie is describing and circling back to your first question, Martin, we're still guiding 5,500 tonnes a day is our average for the rest of the year. I didn't want to steer you in a wrong direction there. The 6,000 tonnes a day is some upside. And as we always do, we work to try to unlock as much value as we can. So I just wanted to clarify that a bit.

No, no, I understand. But if you're able to get the 6,000, then you could be closer to the upper end of the guidance or something like that. Just one last question, more strategic. Right now, you're giving back to shareholders most of the cash, either through share buybacks or through dividends. But at some point, if you go ahead with the copper mine, this requires huge investments. So what is the thinking? Are you still thinking that you will have the copper mine development within Fruta del Norte? Or would you consider doing a different company that takes care of the -- or a different investment vehicle for shareholders that takes care of the copper investment?

Yes. Thanks for that. At this point in time, the focus is really on understanding the scale of the opportunity of the copper projects and what that's going to entail. So our focus at the moment has been on defining the size of the ore body, and we'll look towards putting out that maiden resource in early 2027. I think a bit early to start talking about, sort of, strategic options, but I'm convinced that, sort of, through the robustness of the cash flows at Fruta del Norte from the gold profile that we'll be able to tweak our capital return policy as required over the years to ultimately build up a cash balance if that's what's going to be needed to help support the ongoing development work that we have planned, whether that's additional epithermal gold-silver work or the copper-gold porphyries.

Of course, there's all sorts of creative options in terms of how we might want to finance a big project, whether or not we look towards taking on a bit of leverage there as well. As you can imagine, the company is completely debt-free. So lots of opportunities for us to explore on that side. So too early to say, but we've got time in front of us to tweak our strategy around cash management and shareholder returns, it is in front of us.

There are no further questions at this time. I will now turn the call over to Jamie Beck for closing remarks. Please continue.

Thank you, operator. I'll just reiterate another great quarter at Fruta del Norte. We anticipated this weaker of the year and expect the back half to be even stronger. The operation continues to surprise to the upside, both in terms of our ability to push some tonnes through the mill, and we look forward to coming back with that mine-to-mill expansion study later this year as well as exciting exploration results. The district is growing both in terms of epithermal gold-silver discoveries to the north and south of the known ore bodies and in and around FDN -- and we're excited about some of the regional work that we're starting to kick off, of course, as well as the much bigger copper-gold porphyry ore deposits, mineralized deposits that we're seeing in and around FDN. So stay tuned for an exciting second half of the year.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Welcome to the Annual General Meeting of the Shareholders of Lundin Gold. I am Jack Lundin, Board Chair of Lundin Gold. Today's meeting is being held as a hybrid meeting, taking place online and in person in Vancouver, BC in order to facilitate increased shareholder attendance and participation.

The matters to be considered today as set out in our circular are: one, the receipt of Lundin Gold's 2025 financial statements; two, the reappointment of PwC as the company's auditors for another year; three, the election of directors; four, a say-on-pay vote and five, any other matters properly brought before the meeting. In accordance with the bylaws of the company, I will act as Chair of the meeting; and Rachelle Tilden, Director, Legal and Corporate Secretary, will act as Secretary of the meeting.

With the consent of the meeting, Marissa Ventana of Computershare will act as scrutineer of this meeting. If you have an objection or question regarding the appointment of the scrutineer. Virtual attendees now have 5 seconds to submit your objection via the message link and in-person attendees may raise their hand. For those here in person, if you have proxies not yet deposited, please identify yourselves and the shareholder you represent for the scrutineer to record.

As no objections have been received, I will now move to the constitution of the meeting. Would the secretary please assure us that the meeting has been properly called.

The notice of this meeting, together with the form of proxy and Management Information Circular have been made available to each director of the company, the auditors of the company, and each intermediary and registered shareholder of common shares of the company on record on March 16, 2026, which was the record date for this meeting. These documents are available for any shareholder to read. Therefore, Mr. Chair, this meeting has been properly called.

Unless there are any objections, we will dispense with the reading of the notice of meeting.

As no objections have been received, I dispense with the reading of the notice and will now move to the scrutineer's report and quorum of the meeting. I am advised that according to the report of the scrutineer, a quorum is present. The final scrutineer's report will be included with the minutes of this meeting. I now declare that this meeting is regularly called and properly constituted for the transaction of business.

Before we consider the business of the meeting, as this meeting is in a hybrid format, I would like to comment on the voting procedures and questions relating to matters of business. To facilitate the formal business of the meeting, Rachelle Tilden and Chester See will propose or second the formal motions. Shareholders and duly appointed proxy holders attending in person may ask questions with respect to motions by raising their hand. Questions for those shareholders and duly appointed proxy holders participating online can ask using the Lumi platform.

At any time during the meeting, duly appointed proxy holders and registered shareholders attending online who have not already provided voting instructions or appointed a proxy holder that are logged on and wish to vote their shares may do so using the Lumi platform. The polls are now open and will remain open until just before the conclusion of the formal business of the meeting.

If you are a shareholder or a proxy holder attending online and you have voted your shares prior to the start of the meeting, your vote has been received by the scrutineer and there is no need to vote those shares in the meeting. Any votes cast by electronic ballot or in-person will supersede any votes previously submitted by proxy. Therefore, we recommend that shareholders that have already voted by proxy do not vote during the meeting.

Last year's Annual General Meeting of the shareholders of the company held on May 9, 2025, are available for inspection by any shareholder. I now ask for a motion to dispense with the reading of the minutes of the last Annual General Meeting.

So moved.

Is there any discussion on this motion? I will proceed to the next item of business. As the next item of business, I now present the audited financial statements of the company and the report of the auditors thereon for the year ended December 31, 2025. The audited financial statements and auditor's report have been previously distributed to shareholders who requested such statements. Are there any questions dealing -- are there any questions dealing with the financial statements or the auditor's report? For those attending virtually, you have 5 seconds to submit your question via the message link starting now.

As there are no questions, I will proceed to the next item of business, appointment and remuneration of auditors. So the next item of business is the appointment of auditors of the company for the ensuring -- for the ensuing year and to authorize the directors of the company to fix the remuneration of the auditors.

It is proposed that PricewaterhouseCoopers be appointed as the auditors of the company. Accordingly, I ask for a motion that PricewaterhouseCoopers be appointed auditors of the company until the next Annual Meeting of the Shareholders and that the Board be authorized to fix their remuneration.

So moved.

I second that motion.

Are there any questions? You have 5 seconds to submit your question via the message link starting now. As there are no questions, I would now ask those shareholders and proxy holders who have not already done so to vote.

The results of today's voting will be announced at the end of the meeting. We will now proceed with the election of directors for the coming year. The circular, which was made available to shareholders through notice and access contains the names of and information about management's nominees to the Board of Directors. I now declare the meeting open for nominations for directors.

I would like to nominate Jamie Beck, Carmel Daniele, Gillian Davidson, Ian Gibbs, Melissa Harmon, Ashley Heppenstall, Scott Langley, Jack Lundin and Erin Workman, all to be directors of the company to hold office until the next AGM or until their successors are elected, subject to the provisions of the company's bylaws.

According to the company's bylaws, the company must receive advanced notice of nominations of directors by shareholders. The company did not receive notice of any director nominations in connection with this year's meeting within the time periods prescribed by the bylaws. Accordingly, the only persons eligible to be nominated for election to the board are the nominees named in the circular.

I now ask for a motion that the proposed nominees be elected as directors of the company.

So moved.

I second that motion.

The vote on the election of -- for directors is to be conducted by way of ballot. I would now ask those shareholders and proxy holders who have not already done so, to vote. To vote on this item of business online, you will find listed the names of the 9 nominees for election to the Board of Directors listed in the circular. For each nominee, you may vote for or against that nominee. If you have already provided voting instructions or submitted a proxy, you do not need to vote on this matter. As noted earlier, voting results for all resolutions will be summarized at the end of the meeting.

The next item of business is to consider and if thought fit, approve a nonbinding advisory resolution approving the company's approach to executive compensation. The company's compensation discussion and analysis is set out on Pages 47 through 72 of the circular. The next -- the full text of the resolution is set out on Page 13 of the circular. I'll now ask for a motion to approve the nonbinding advisory resolution approving the company's approach to executive compensation.

So moved.

I second that motion.

Are there any questions? Virtual attendees, you have 5 seconds to submit your question via the message link starting now. As there are no questions, I would now ask those shareholders and proxy holders who have not already done so, to vote. As noted earlier, voting results for all resolutions will be summarized at the end of the meeting.

That concludes the items of business set out in the notice of meeting. For virtual attendees, the polls are still open. And if you are a registered shareholder or proxy holder and have not submitted your vote by ballot or proxy, please do so now by selecting the applicable voting option on the voting panel. We will pause for 15 seconds to permit voting before closing the polls on all items of business.

Voting on all motions have now closed. I have been advised by the scrutineer that the proxies deposited for the meeting have been voted in favor of all resolutions and that the requisite majorities have been obtained for the election of the nominated directors and the appointment of auditors. In addition, the shareholders have voted for on a nonbinding advisory basis, the company's approach to executive compensation as set out in the circular.

Results of in-person votes and votes compiled through the polls taken be included with the minutes of this meeting and be posted on the company's SEDAR profile at www.sedarplus.ca after this meeting. The formal items of business for this meeting have now been dealt with. Is there any further business? For virtual attendees, if you would like to raise any further business at this meeting, you can do so by using the message link. You have 5 seconds to submit any further business using the message link. As there is no further business and unless there is any objection from those in attendance at this meeting, I shall now declare the formal meeting terminated.

As there are no objections, the meeting is now terminated. We won't be holding an information session following the meeting today. However, Lundin Gold's quarterly results call was held yesterday. If you were unable to attend and would like to listen to the call or access the webcast, we invite you to visit the Investors page on Lundin Gold's website, where the recording and related materials will be available later today.

Thank you again for your ongoing trust and investment in our company.

Good morning, ladies and gentlemen, and welcome to the Lundin Gold's Q1 2026 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, May 7, 2026.

I would now like to turn the conference over to Jamie Beck, CEO. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you all for joining us today. I'm joined by Terry Smith, our Chief Operating Officer; and Chester See, our Chief Financial Officer. We're going to take you through our results for the first quarter of 2026.

Please note Lundin Gold's disclaimers on this slide. The discussion includes forward-looking information. Actual future results may differ from expected results for a variety of reasons described in the caution regarding forward-looking information and statements section of our press release. Lundin Gold is a U.S. dollar reporting entity, and all amounts in this presentation refer to U.S. dollars unless otherwise indicated.

Q1 was a strong start to the year. At Fruta del Norte, we delivered solid operating performance, generated significant free cash flow and continued to advance growth and expansion initiatives across the district. Importantly, this quarter reflects the front end of a back-end weighted year, both operationally and in terms of grades, and we remain on track to deliver within our previous issued 2026 guidance.

In the first quarter, we produced approximately 120,000 ounces of gold, selling just over 115,000 ounces. The mill processed nearly 497,000 tonnes at a record average throughput of 5,520 tonnes per day, reflecting continued optimization and strong plant performance. Costs were in line with expectations, and our margins remained robust. We generated $370 million in operating cash flow, $349 million in free cash flow, and that increased our cash balance to over $700 million.

And this is after paying quarterly dividends of $278 million. We've also declared a Q1 dividend of $1.21 per share, totaling approximately $293 million. Note that this reflects 100% of normalized free cash flow for the quarter, which is above the fixed component of our dividend policy.

In addition to the cash dividend, we announced the silver stream-for-equity transaction with LunR Royalties, which we expect to be distributed to shareholders as a dividend in kind following closing. Chester will speak to this in more detail later in the presentation.

Beyond operations and cash flow, we continue to advance our growth pipeline, including ongoing work for our mine-to-mill expansion study, evaluating opportunities to increase throughput beyond 5,500 tonnes per day while incorporating FDNS into the mine plan. In addition, we made meaningful exploration and conversion drilling progress, particularly at FDNS, FDN East and FDN, where several standout drill results further reinforce the scale and quality of the district.

With that, I'd like to turn the call over to Terry to discuss our operations in more detail.

Thanks, Jamie, and good morning, everyone. Before we turn to operational and financial results, I want to start where we always start, with our people. Nothing matters more than every employee and contractor at Fruta del Norte going home safe at the end of every shift.

During the quarter, we recorded 1 lost time injury, our first in approximately 15 months, along with 3 medical treatment incidents. We take each of these seriously, and the lessons from each event are being shared and acted on across the operation. Our focus continues to be in the field, leadership visibility, hazard identification and reinforcing the right and responsibility of every worker to stop a job that doesn't feel safe. Safety is and will remain our first priority.

Turning to operations. The quarter reflected steady performance underground and continued momentum at the mill. We mined steadily and processed just under 500,000 tonnes at an average head grade of 8.4 grams per tonne with recoveries of just over 89%. The plant delivered a new quarterly record of 5,520 tonnes per day, building on the throughput gains we've achieved over the past several quarters.

As Jamie mentioned, 2026 production will be back-end weighted. Output is expected to step down in the second quarter as we complete planned plant maintenance before recovering in the second half as higher-grade stopes come into the sequence. Based on Q1 results and our current forecast, we are reaffirming full year guidance of 475,000 to 525,000 ounces.

The FDNS mine-to-mill study remains on track for completion by year-end. In parallel, we are prepared for underground development to start towards the FDNS deposit. We are also encouraged by the exploration results we released earlier this week, which included the highest-grade intercepts ever recorded at FDNS and continue to reinforce our confidence in the deposit.

Now over to Chester to speak to the financials.

Thanks, Terry, and good morning, everyone. The first quarter delivered strong financial results, reflecting solid operational performance and higher realized gold prices. Net revenues were $567 million. Income from mining operations totaled $421 million, and net income was $273 million or $1.13 per share. We generated EBITDA for the quarter of $424 million. Higher gold prices drove strong margins despite increased royalties and statutory profit sharing.

Cash operating costs averaged $987 per ounce, and AISC averaged $1,114 per ounce, giving us a strong AISC margin of approximately 78% in Q1. Free cash flow in Q1 totaled $349 million or $1.44 per share, which is more than double the first quarter last year, driven primarily by strong operating cash flow with modest capital spending. This level of free cash flow continues to support our increased capital returns and organic growth while maintaining a strong balance sheet.

From a balance sheet perspective, at March 31, 2026, we had working capital of $572 million, which is largely consistent with year-end 2025. During the quarter, we generated $370 million in cash from operating activities and ended with $704 million in cash after paying $278 million in dividends.

Consistent with our capital allocation framework, the Board declared a quarterly dividend of $1.21 per share, consisting of $0.30 fixed dividend and a $0.91 variable dividend, representing 100% of normalized free cash flow, which is consistent with the payout levels we have made over the last several quarters and above our policy minimum of 50%. The dividend will be paid on June 25 to shareholders on record on June 10. For more details, please refer to the May 6 dividend announcement.

During the quarter, we also announced a silver stream-for-equity transaction with LunR Royalties. This transaction monetizes a noncore silver byproduct at Fruta del Norte while preserving full gold exposure. On closing, FDN will receive -- Lundin Gold will receive 50.5 million LunR shares, all of which will be distributed to shareholders as a dividend in kind. The stream is effective March 1, with closing expected before the end of Q2.

With that, I'll turn the call back to Jamie.

Excuse me. Jamie's line was disconnected.

[Technical Difficulty]

Okay. This is Brendan Creaney, VP, Corporate Development and Investor Relations. I'll speak on Jamie's behalf.

Excuse me. Jamie is now back.

Okay. Great. Jamie, are you with us?

I am. Yes, just let me know where you are. I got disconnected.

Okay. We just got back to the transition to yourself on Slide 15, talking to exploration.

Great. Thank you very much, Brendan. So starting with FDNS, where Q1 delivered some of the strongest results ever recorded on the Fruta del Norte property. Recent conversion intercepts included the second and fourth highest-grade thickness intercepts ever drilled across the entire FDN district, just remarkable. Highlights include 7.5 meters of 668 grams per tonne gold, as well as 8.25 meters of 523 grams per tonne gold. These results further confirm the exceptional grade continuity within the FDNS deposit and continue to support our confidence in future reserve growth as development here advances.

On the exploration side, drilling outside of the current mineral resource envelope confirmed mineralization continuity along the downdip extension, highlighting additional growth potential beyond the defined resource. A key exploration intercept for the quarter was 5 meters at 23 grams per tonne gold. Overall, FDNF continues to demonstrate both near-term conversion upside and longer-term expansion potential.

Turning to FDN East. Exploration drilling in the quarter focused on extending the deposit footprint and testing newly identified vein sets. Drilling confirmed northward continuity beyond the inaugural mineral resource and included some of the highest-grade intervals ever recorded at FDN East. Highlights here included 4.2 meters at 169.9 grams per tonne, as well as 5.9 meters at 20.3 grams per tonne. In addition, the drilling demonstrated continuity of newly identified veins to the east, expanding the overall footprint of the deposit. This FDN East footprint now extends approximately 500 meters east-west, 800 meters north-south and remains open to the north, east and south, positioning it as a strong complementary growth opportunity directly adjacent to our existing infrastructure.

Lastly, at FDN, near-mine exploration drilling continued to target areas close to the existing underground infrastructure with a clear potential for near-term mine plan flexibility. We've intersected the upper extension of the FDN mineral envelope, supporting potential expansion above the current mining horizon. Importantly, mineralization was encountered along the Suarez conglomerate contact, confirming continuity above the existing mineral envelope. Key intercepts this quarter included 23.6 meters at 10.6 grams per tonne, as well as 7.9 meters at 8.3 grams per tonne. These results reinforce the opportunity for incremental near-mine additions that could be integrated efficiently into our future mine plans.

I'd like to close with a brief update on our 2026 objectives, which remain firmly on track. We remain focused on health, safety and environmental performance. Operationally, we are on track to deliver our 2026 production and cost guidance, with grades expected to improve through the back end of the year.

We are targeting a record 133,000 meters of drilling in 2026 and have completed approximately 30,000 meters of that already. The mine-to-mill expansion study continues to advance, with an integrated investment decision targeted for late 2026. At FDNS, mineral reserves are now published, and the initial underground development is underway.

Finally, we remain committed to returning capital to shareholders, as demonstrated by the strength of our dividends. Overall, it was a great start to the year across operations, growth, exploration and capital returns. Our 2026 objectives remain firmly on track.

Operator, with that, we are now ready to take some questions.

Your first question comes from Fahad Tariq from Jefferies.

I noticed in the first quarter, the recoveries are trending slightly below the full year guidance of 91%. Can you just talk about maybe what's leading to that? Is it the fact that there are stockpiles being blended in, in the first quarter? Or was it something else to do with the characteristics of the fresh ore?

Yes. Maybe, Terry, would you mind fielding this one?

Sure, Jamie. Yes, there's a geology component to that, Fahad, as we've been talking about in previous quarters. It's pretty tough for us to predict that geological variability. And we also see that as we push our throughput up, recoveries drop off a little bit as well. So as we're pushing our mill, there's some limits on the recovery side. So those are the two pieces to that.

Okay. And then maybe just as a follow-up, would it be fair to assume like a slightly lower recovery for the rest of this year, just from a modeling perspective, relative to the 91% guidance?

We're sticking with our recoveries for now. There's a few variables that we can play with there, grade being one of them, throughput being the other, and so we can solve for our production requirements that way. But we don't want to give up on recovery. So we're sticking with our numbers for now.

Okay. And then maybe just lastly, there was a comment in the press release about resequencing -- mine resequencing in the second quarter. Can you just -- is that new? I was just trying to understand if that was part of the plan or if something led to that? And if it is new, just maybe talk through what led to the resequencing?

Sure. Periodically, we need to resequence the mine for a variety of reasons. In this instance, there were some geotechnical challenges that we encountered. And so we needed to back out of a particular stope that had some good grade and deferring it for later in the year. So we -- that's pretty normal course for an underground mine, and we've had to do that in the past at Fruta. So that's what's impacting Q2, and that's the wording that we have in our release. That's what's behind it.

Your next question comes from Jeremy Hoy from Canaccord Genuity.

Looking ahead to the mine-to-mill study, you guys in the past have mentioned the potential to push throughput beyond this 500 tonnes per day level. I know the disclosure was a little light on that this quarter. I was just wondering if you could provide an update on your thinking around the study and around -- where throughput might go in the future?

Yes. Thanks, Jeremy. We're not being sort of purposely coy here. I think we're still working through all of the various sort of trade-off studies and advancing the engineering as we sort of hone in on what we think might be the optimal rate.

So we'll come out with sort of more information regarding that mine-to-mill expansion study in the second half of the year, trending towards the later part of the second half, and give some color around progress there, where we landed on throughput, where we're going to land on CapEx, what we can think in terms of how that might impact our mine planning. And it's going to be concurrently tied with our views on how we may be able to bring FDNS into the mine plan. So it's a bunch of sort of integrated things, and we'll have more and better information for you later this year.

Yes. Totally understood. You have to do your work first. The other thing I'd like to ask about is the porphyry opportunities and another area where there's a lot of work to be done, drilling, et cetera. But wondering if you guys might be able to give us some sort of rough time line on upcoming milestones related to that, including a potential initial resource?

Yes. It's -- I spent a lot of my career working on big copper porphyries. And what I can tell you is we're pretty darn excited about what's shaping up at FDN here. It's just remarkable in a short period of time. We have started the sort of process of putting some very, very conceptual pit shapes around those, Jeremy. And as you can imagine, in doing so, that identifies opportunities, opportunities where maybe there's waste material that sits within those pit shells that we could really easily drill off and look to improve.

So we're pretty excited by the initial results. I think there's some really low-hanging fruit in terms of some additional opportunities that could potentially make that even better. So we haven't really settled on a strategic -- when we're going to come out with an initial resource. This will be always a bit of a trade-off is how much -- do you want to put a pin in it today, or how much sort of low-hanging fruit could really be added to make it look even better on our first cut. Because you really only got one shot at putting up that initial resource. So still to be determined, but I can tell you, we're pretty darn excited.

Okay. Well, I appreciate the color. And I guess last, just on the dividend. You guys have -- this is the second quarter where you guys have declared a dividend where you're going to pay out 100% of the normalized free cash. I guess, could you provide a little more detail on what goes into that? And I mean, short of something changing significantly, can we expect that to be the same going forward in these coming quarters?

Yes. I think you're exactly right, Jeremy. It's been a strong dividend policy and it's supported by our Board for sure, in the view that the cash being generated here in the absence of needing it for anything else in particular, should be going back to shareholders. And I think when you combine the dividends that we'll be paying over the year along with the LunR dividend in kind, this will be a remarkable year in terms of dividend yield for Lundin Gold.

So that's not to say that we don't reverse course here. And it's why we've got some flexibility in the dividend policy. If there's a need for us to start building cash, i.e., we've got something exciting from a CapEx perspective that we want to spend on or into the future, then we've got the flexibility to do that. But I think you could expect this to be the path forward, barring any changes, which for sure, we would be fully transparent and be highlighting as to why we'd be changing course.

Your next question comes from Martin Pradier from Veritas Investment Research.

My question is about -- in the first place, how many days will be the mill shutdown in the Q2? And how much of an impact we could see in the production? And the second question is, I see a lot of good results on some of the new holes. But in general, I mean, we don't see all the holes. So the question is, on average, when you have been putting new resources and new reserves, they were a little bit lower than the average grade of the existing resources -- existing reserves. Should we see something different going forward?

Yes, Martin, I appreciate your question. Thank you. I think we're anticipating about 10 days of the mill to be shut down in the second quarter. And that's going to have -- coupled with grades, as we said, it's going to be lighter than Q1. And then we'll see that -- we'll certainly see that reverse in Q3, which is forecast to be particularly strong. We won't have as many down days, and the grade comes up. So over the course of the year, these things even out, and there's just sort of fluctuations quarter-by-quarter.

With respect to the drilling, it's been fantastic. And we do release all of our drill results. They're contained hole by hole within the exploration releases. And what we'll see when we -- when you factor those into the mineral resource and reserve estimates, despite having some really, really, really spectacular results that are strong, there's also lots of results that come in more in line...

I do apologize. We experienced some technical difficulties, and Jamie's line was disconnected again.

[Technical Difficulty]

I can pick up where Jamie left off there, Martin. And I was agreeing with everything he said. So yes, the full results, when you take everything into context, bring the resource that we released more in line with what we've been seeing from Fruta all along. So while we highlight these ultra-high-grade intercepts, there are a lot of still very good intercepts that are in the mix that bring the average down. So you're correct.

Okay. And in terms of your mill capacity in the second half, you're now doing about 5,500 tonnes per day. How much more can you push that mill in the second half so to offset the -- what I think is going to be a low Q2 or what you're indicating?

I think you can expect to see us continue at the rates that we've been seeing. And the downtime that we have for the mill is routine. We have that every year to reline our SAG and ball mill. So this is -- you can take our Q1 rates and project that forward with the days that we've provided that Jamie indicated.

[Operator Instructions] Your next question comes from [ George Coelho ] from AGT Enterprises Limited.

Okay. So I have experience in manufacturing plants. The first thing, could you give us some background on what lost time accident was? And the second one is your capital plan, $21 million is 1% to 2% of the asset. Normally, good mills have 5% to 7%. I've been with Lundin since 2015, so I've seen the progression. And I am very thankful for the returns. But I am concerned as the mill gets older, it will not be able to sustain the capability or demands that are being requested of it.

Yes. Well, I can answer your question on the LTI, George. So we had an employee working in our maintenance shop welding on a scoop bucket. And there's a piece of metal that he was cutting. And when he finished cutting, the piece of metal broke loose and crushed his fingers. So he had a broken finger from that incident. So that's the nature of that one. It's too bad, and -- but there are some good lessons that we learned from that. And that's just the nature of all of our sort of improvements that we get out of these incidents. So let me know if that answers your question on that one.

And as far as sustaining capital goes in the mill, we've been investing heavily in the mill, especially in the time that I've been with the company for the last few years. We just completed a plant expansion last year. As you know, we're looking at another plant expansion that we were just talking about with this mine-to-mill study. And so that might be distorting the percentage that you're using for sustaining CapEx being applied because we're continually reinvesting in upgrading pumps and pipes and changing out pieces of equipment on the mill.

But I can assure you that our mill availability is not declining with age. In fact, it's going the other way. It's improving with age. So that's just the nature of the familiarity that we have with the mill and the skill set of our plant maintenance team. They just get better with time and can stay ahead and predict our downtime better. So -- but I appreciate your comments.

I assume this is Terry?

Yes. This is Terry.

Yes, that answers my question. But -- and I don't know how old exactly the mill is, whether it's 8 years or 12 years. But it's good to have that additional flavor of availability, and it will be paid back in the next 5 years.

And there are no further questions at this time. So Jamie is back. So I will turn the call back over to Jamie for closing remarks.

Yes. Thanks, operator, and apologies for my shoddy connection. I kept getting dropped. But I'd just like to summarize by highlighting how excited we are about the future. I think this is an asset that has proven itself over time in terms of operational excellence. It's generating significant cash flow, which we are returning back to shareholders.

Our exploration projects and conversion drilling is providing a platform for growth. And all of this is being done to the utmost responsible, environmental, social and governance concerns in the industry. So we're incredibly proud of our results for Q1 2026 and are looking forward to delivering for the rest of the year.

And with that, I'll sign off. Thank you very much.

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

Good morning, ladies and gentlemen, and welcome to Lundin Gold's Fourth Quarter and Fiscal Year 2025 Conference Call. [Operator Instructions] I would now like to turn the conference call over to Jamie Beck, President and CEO. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you all for joining us today. I'm joined here by Terry Smith, our Chief Operating Officer; and Chester See, our Chief Financial Officer. And we're going to take you through our results for the fourth quarter and full year 2025.

Please note Lundin Gold's disclaimers on this slide. This discussion includes forward-looking information. Actual future results may differ from expected results for a variety of reasons described in the caution regarding forward-looking information and statements section of our press release.

Lundin Gold is a U.S. dollar reporting entity, and all amounts in this presentation refer to U.S. dollars unless otherwise indicated. 2025 was an exceptional year for Lundin Gold marked by strong operational delivery, record financial performance and important advances across our growth pipeline.

At Fruta del Norte, we produced approximately 498,000 ounces of gold and sold 503,000 ounces. Our average head grade was 9.5 grams per tonne average recovery was 89% and the mill processed over 1.8 million tonnes at a record average throughput of 5,009 tonnes per day. These results underscore the consistency of the operation and the success of our ongoing optimization work.

Amidst strong gold prices, we remain focused and disciplined on our cost performance. For the year, cash operating costs averaged $838 per ounce, and our all-in sustaining costs averaged $1,015 per ounce, resulting in a basic margin of 72%, the combination of robust production and disciplined costs translated directly into record financial outcomes.

From a cash generation standpoint, we delivered $1 billion of cash flow from operations and $926 million of free cash flow in 2025. After paying $664 million in dividends in the year, we ended the year with $630 million in cash. For the fourth quarter, we announced a dividend of $1.15 per share or approximately $278 million, which will be payable on March 26 this year.

These results reflect our continued focus on returning capital while maintaining balance sheet strength. On growth, we achieved a major milestone with the inclusion of FDNS into mineral reserves, and we are now proceeding with underground development.

We have advanced our mine to mill expansion study that will evaluate increasing throughput beyond 5,500 tonnes per day, and we continue to demonstrate the district scale potential of our land package expanding the epithermal gold deposits at both FDNS and FDN East as well as identifying 5 copper-gold porphyries within the emerging corridor.

Turning briefly to the quarter. The fourth quarter was the strongest in our history on multiple measures. Revenue reached $527 million. Net income was $234 million, EBITDA was $364 million; free cash flow at $328 million. Earnings per share were $0.97 and our AISC margin per ounce climbed to $3,106. Each representing a quarterly record and significant year-over-year increase.

This performance reflects both continued operational excellence and our ability to capture margin in a strong gold price environment. With that, I'd like to now turn the call over to Terry to discuss our operations in more detail.

Thanks, Jamie, and good morning, everyone. I'm very proud of our team that delivered great production results yet again and we did it safely. We started 2025 with a goal to improve our safety performance, and I'm pleased to report that we recorded no lost time incidents and achieved our lowest annual total recordable incident rate ever.

This accomplishment speaks to the team's strong commitment to safe production. While preventing injuries is our objective, we continue to focus on leading indicators and getting out in the field, reinforcing behaviors that keep our people safe every day.

Operationally, the fourth quarter capped a year of consistent delivery and steady optimization. In Q4, we achieved record mining output of 501,301 tonnes. The mill processed 484,950 tonnes at an average of 5,271 tonnes per day, even with the reduced operating hours during unplanned maintenance activities at the mill.

This is a 14% increase as compared to Q4 2024 when the plant expansion project was largely complete. Our progress through the year keeps us on track toward our goal of averaging 5,500 tonnes per day in 2026.

For the full year, we achieved our elevated 2025 production guidance range of 490,000 to 525,000 ounces, finishing the year with 498,315 ounces produced. We recently added a portion of the growing FDNS deposit into our mineral reserves, marking an important step forward for this emerging ore body.

With this milestone, underground development towards the deposit will proceed. We currently anticipate nonsustaining capital of $30 million to $35 million in 2026 associated with FDNS development. FDNS is also being integrated into our mine to mill expansion study which is evaluating opportunities to sustain higher mining rates by incorporating FDNS into the broader mine plan.

Together with potential plant debottlenecking and upgrades to supporting increased throughput. Our intention is to make a single integrated investment decision in 2026 informed by analysis of the most efficient mining rates at both FDN and FDNS, along with options to increase processing capacity beyond 5,500 tonnes per day.

Further estimates for nonsustaining capital associated with FDNS development and the potential plant expansion will be provided as these studies continue to advance and are finalized.

With that, I'll turn the call over to Chester to discuss our financial performance.

Thanks, Terry, and good morning, everyone. I'll begin with our quarterly and full year financial results, then move to cash flow and our dividend. The fourth quarter delivered record results. Net revenues were $527 million and income from mining operations was $373 million.

Net income for the quarter was $234 million, and we generated EBITDA of $364 million. Free cash flow in Q4 was $328 million, reflecting strong operations and continued margin capture. For the year, net revenues totaled $1.78 billion. Net income was $792 million and EBITDA reached $1.24 billion.

We generated $926 million of free cash flow for 2025 and our cash operating cost and AISC were $838 and $1,015 per ounce, respectively. These cost metrics were above our 2025 guidance range, primarily because our guidance was based on a gold price assumption of $2,500 per ounce, while average realized gold price for the year was $3,594 per ounce or an increase of approximately $1,100.

For every $100 per ounce increase in gold price, our cash operating costs and AISC are impacted by $10 per ounce due to royalties and statutory profit sharing. This implies a $110 per ounce impact on our cost metrics well above the $60 range we used for our guidance.

Turning to free cash flow in more detail. Q4 free cash flow of $328 million contributed to a full year total of $926 million, reflecting strong underlying operating cash flow and modest capital spending requirements in 2025. Our capital intensity remains low which, combined with our cost structure and realized pricing, supports robust free cash flow generation on a sustained basis.

From a balance sheet perspective, as of December 31, 2025, we had working capital of $595 million, up from $459 million a year ago. During the year, we generated $1 billion in cash from operating activities and ended with $630 million in cash after paying $664 million in dividends. The strong liquidity position provides significant flexibility to full fund growth and continue delivering capital returns.

Consistent with our capital allocation framework and the strength of our Q4 free cash flow, the Board has declared a quarterly dividend of $1.15 per share comprised of a $0.30 fixed dividend and $0.85 variable dividend. The variable dividend reflects 100% of normalized free cash flow this quarter, above the policy minimum of 50%.

The total distribution is approximately $278 million payable on March 26 to shareholders on record on March 11 with payment on March 31 for shares trading on NASDAQ Stockholm. For a more detailed discussion of our dividend and financial results, I encourage you to read our MD&A.

I'll now turn the call back to Jamie.

Thanks, Chester. I'll spend a few minutes on our mineral reserves and resources and then provide an update on exploration. 2025 marked our largest FDN reserve and resource statement ever published with the highest contained ounces reported to date. Proven and probable reserves now stand at 5.85 million ounces, an increase of 6% year-over-year, accounting for approximately 535,000 ounces of mining depletion and the inclusion of the inaugural FDNS reserve of 0.54 million ounces.

Measured and indicated resources total 7.48 million ounces also up 6% versus 2024 and include 0.77 million ounces from FDNS, where an indicated material was confirmed at a higher grade than previously reported in the inferred category. Inferred resources now total over 2 million ounces with 0.58 million ounces added from FDNS and FDN East, including FDN East inaugural inferred resource of 0.42 million ounces.

Since 2019, FDN has produced approximately 2.9 million ounces and has added approximately 4 million ounces of new reserves relative to the 2016 estimate. More than replacing depletion over that period. And these results continue to demonstrate the quality, scale and longevity of this world-class district and its future potential.

Turning to near-mine exploration at FDNS. Conversion drilling continued to confirm strong gold mineralization and help define wider, higher-grade zones within the broader mineral envelope that support further mineral reserve expansion.

In parallel, exploration drilling outside the current resource delivered several exceptional results, including one standout Intercept of 20.65 meters at 91.32 grams per ton and also identified new veins to the south as well as extensions to the North.

Together, these results reinforce the significant growth potential of the FDNS system and highlight the ongoing opportunity to expand the mineralized footprint. At FDN East, exploration drilling has extended the footprint by approximately 150 meters beyond the inaugural mineral resource. The work confirms a broader mineralized trend than previously defined, and we see potential for extension under cover towards the Sandia porphyry.

The deposit remains an exciting and complementary opportunity immediately adjacent to our existing infrastructure. The emerging porphyry corridor on our concessions continues to deliver exceptional drilling results. At Sandia we reported our best porphyry intercept to date, 322 meters of 1.08% copper equivalent near surface.

Drilling has outlined a large and still open mineralized system with strong continuity in multiple directions. Trancaloma drilling is vectoring into a shallowing high-grade potassic core, again demonstrating the presence of substantial mineralized center with room to grow.

Castillo is a shallow copper gold discovery approximately 2 kilometers south of FDN under about 100 meters of conglomerates with a highlight intercept of 101 meters at 0.8% copper equivalent confirming the Southern continuity beneath the Suarez basin. We also advanced at Trancaloma West, where mineralization and alteration are consistent with what we see at Trancaloma and we identified Chontas as a fifth new porphyry system, some 7 kilometers south, doubling the corridor from 5 to 10 kilometers along strike.

Collectively, these results continue to demonstrate the significant district scale copper gold potential alongside our high-grade underground operation. Looking to 2026, our objectives are clear. We will remain focused on health, safety and environmental performance. We intend to achieve our 2026 production and unit cost guidance. We also plan to execute a record 133,000 meter exploration program as we continue advancing multiple growth fronts across the district.

Importantly, FDNS is now incorporated into our mineral reserves and underground mine development towards that deposit will proceed. At the same time, we continue to advance our integrated mine to mill expansion study and plan to make an integrated investment decision in 2026, informed by the analysis the most efficient mining rates for both FDN and FDNS and options to increase processing capacity beyond 5,500 tons per day.

As we continue to grow and strengthen the business, we remain committed to delivering meaningful shareholder returns through our disciplined dividend framework. Collectively, these initiatives position Lundin Gold for another year of strong performance and meaningful value creation.

In closing, 2025 was a record year for Lundin Gold. We delivered both strong operational and financial performance. We advanced key growth catalysts and returned significant capital to our shareholders, all while maintaining a clean balance sheet and a relentless focus on safety and responsible mining.

Thank you to our employees, contractors, communities, partners and shareholders for your continued support. Operator, we're now ready to take any questions.

[Operator Instructions] Your first question is from Anita Soni from CIBC Wealth Markets.

I just wanted to ask about the study that you're going to be putting out or sort of the decision that you're going to make around FDN and FDNS. Is this an incremental -- I think you said it was constrained, I guess, by the mining rate. So are you considering a step-wise change or like a 25% increase to throughput.

I assume that would mean that you're accessing this by drift? Or are you considering thinking a shaft and I think that would mean that you would probably have significantly more capital but also significantly more throughput and a bigger change to the mill. So can you just give us an idea of what you're kind of seeing at this point?

Yes, Anita, thanks for the question. No, we see this as a relatively small incremental expansion to the existing facilities. This is unlikely going to require a shaft or anything like that. We'll be able to access from existing underground development that we're moving out towards the south.

So this is really, I think, an opportunity for us to capture consistent production and see that sort of consistent production at these levels for a number of years moving forward. So being able to bring in FDNS in a complementary way, to what we're already mining at FDN. So yes, these aren't a big massive step change. This is another incremental expansion, I think that will allow us to maintain production at current levels.

Okay. So the intention is the grade will probably decline, but you're going to try to offset that with higher throughput?

Yes. I think that's natural. We've been mining FDN 11, 12 grams for the first few years. Now we're down in the 9s and the 8s. And you can see reserve grade ultimately trends a little bit lower than that. So the increased throughput will allow us to maintain that production profile.

Okay. And is there any change in terms of the way that you're -- like as you're looking at it now from a mining -- sort of like the mining methodology perspective? Is there -- it would be similar mining methodology? Or are you seeing wider widths or anything like that?

Yes. Maybe I'll let Terry respond to that one.

Sure. Anita, it's Terry here. It is similar. We do transverse stoping in FDN and so the stopes are big and wide and tall and obviously very productive because of that configuration. What we have at FDNS is not as massive an ore system as we have at FDN. This is a series of stacked veins. And so we'll need to approach it with a long-hole stoping method, but longitudinal stoping. So narrower and less productive stopes, but we'll have more of them in production at once than we do at FDN. Does that make sense?

Yes, it does. So maybe higher development CapEx and higher mining costs as we're looking at that?

Yes.

Okay. And then lastly, if you -- can you give us an idea of like what -- you said $35 million for development for this year, but what's the time frame that you expect to bring this onstream and the capital that you think you might be looking at?

Yes. I think that's -- you'll see the language in our release, Anita and what we talked about today. We'll come back sort of later on in the year with a more fully baked plan that will lay out the -- our capital expenditures for this project over the next few years. But we see this having a meaningful impact over the next 3 or 4 years in terms of bringing FDNS into the mine plan and actually starting to produce some ounces.

[Operator Instructions] And your next question is from Don DeMarco from National Bank.

Jamie and team. So I just wanted to build on the last call's question about the FDNS. Could you add a little more color on the FDNS made reserves? I mean I understand that this just reflects a portion of the inferred endowment. And so do you have rigs currently turning to convert that rest of that endowment?

And then also I see you're getting these high grades to the South which is encouraging. Do you expect to potentially put that into an inferred category at some point this year? And then also, is there any scope for those intercepts to potentially lift the grades?

Don, it's Terry. Yes, so the reserves that we converted is obviously just getting started. And our intention is to continue to convert the 2 million ounces that we have in the inferred category up to indicated with more drilling this year. So that's just part of the natural process of derisking and expanding this project.

And I know that the exploration team is going to continue to expand the inferred resource beyond what we see today. So yes to all your questions, I guess. I didn't quite catch the last thing that you asked, actually.

I think it was around some of the grades. Yes. And I mean you would have seen from the results -- some of these grades are spectacular. In fact, FDNS has returned a number of sort of the top 10 holes from a grade width prospective ever drilled on the project. 20-plus meters of 90 grams. Last quarter, we put out around 5 meters of almost 500 grams.

So just absolutely remarkable results. And I think we're seeing that -- if you compare sort of our original inferred resource on FDNS last year to where we got to today, we've seen that grade kick up. And importantly, some of the conversion drilling that we're doing from underground is helping to guide that.

I think as we continue some of these high-grade hits, we've been positively surprised from a grade perspective and anticipate that may continue moving forward.

And your next question is from Charles Ehidiamhen from Jefferies.

My question is on Bonza Sur. I wonder if you could provide some updates to us on that and when we could expect some maybe the resource estimate on that front.

I'm sorry, Charles, that your line is breaking up a little bit on our end. Would you mind repeating the question?

Yes, definitely. I was asking about Bonza Sur. So I wonder if you could provide some update on that front if we could expect any resource estimates anytime soon? .

Yes. Thank you. It's around Bonza Sur. And I think one of the things that's opening up our development at FDN South is allowing us to take a look at is, with the mine development now moving towards the South, are there going to be opportunities for us to think about taking a look at Bonza Sur a little bit differently.

You may recall, in the early days of discovery of Bonza Sur and thinking there our original thoughts were around potentially accessing that from open pit methods from surface. We now see opportunity to consider whether or not we can get at some of the higher-grade portions of that Bonza Sur deposit from underground, especially as the northern part of Bonza Sur starts pushing up against the southern part of FDN South and the success that we're having with extending FDN South with our conversion and exploration drilling. So that's going to be a priority for us to share, for sure. I'm not really going to guide you 100% at this point in time.

But if there's opportunities for us to look towards pulling some of that Bonza Sur mineralization into our future long-term planning, we'll be evaluating that pretty closely this year.

There are no further questions at this time. I will now hand the call back over to Jamie back for the closing remarks.

Okay. Thank you so much, operator. I think we are super excited about our growth potential at Fruta del Norte. It's been really interesting to see all of this exploration work come together and to have that supported by such strong operations this year as we mentioned, was remarkable in terms of record financial and operational performance.

Our dividend continues to be strong with a clean balance sheet. I think the future remains bright at Fruta del Norte, and we look forward to delivering on our 2026 objectives over the year.

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may now disconnect your lines.

Good morning, ladies and gentlemen, and welcome to Lundin Gold's Q3 2025 Financial Results Call. [Operator Instructions] This call is being recorded on Friday, November 7, 2025. I would now like to turn the conference over to Ron Hochstein. Please go ahead.

Thank you, Natasha, and good morning, everyone. Thank you all for joining us today. I'm joined by Jamie Beck, Lundin Gold's new President and CEO; Terry Smith, Chief Operating Officer; and Chester See, our Chief Financial Officer. We're going to take you through our results for the third quarter of 2025.

Please note Lundin Gold's disclaimers on this slide. This discussion includes forward-looking information. Actual future results may differ from expected results for a variety of reasons described in the caution regarding forward-looking information and statements section of our press release. Lundin Gold is a U.S. dollar reporting entity, and all amounts in this presentation refer to U.S. dollars, unless otherwise indicated. As many of you know, I've resigned as President and CEO of Lundin Gold yesterday to pursue another opportunity within the Lundin Group. It is my honor to participate in this conference call and discuss Lundin Gold's third quarter results.

It is also my privilege to formally introduce you to Jamie Beck. Jamie, a long-standing member of the Lundin Group of Companies, and most recently, CEO of Vivo is as of today, the new President and CEO of Lundin Gold. I have worked with Jamie for many years, including working together on the due diligence to purchase Fruta del Norte. I can't think of a more capable person to build on the legacy that began with the vision of Lukas Lundin back in 2014.

Thank you, Ron, for that generous introduction, but more notably for your decade of visionary leadership. It is my honor and privilege to formally step into the role of President and CEO of Lundin Gold today. I'm incredibly excited to take the helm at this pivotal moment. Ron and the team have built a world-class operation, and we are now entering a major growth phase driven by both continued operational excellence and exploration success. We will maintain the relentless focus on maximizing value at Fruta del Norte for optimization and efficiency built on a strong foundation of responsible mining. .

We will also aggressively advance our high-potential exploration pipeline, ensuring we realize the immense growth potential within this highly prospective district. We also remain unwavering in our commitment to returning capital to shareholders through our robust dividend policy and commitment of creating shared value in Ecuador. I look forward to working closely with our team and connecting with all of you, our investors and partners in the coming months.

Now I'll turn the call back to Ron to continue with the quarterly results.

Thanks, Jamie. This was another excellent quarter for Lundin Gold. We produced over 122,000 ounces of gold and sold approximately 125,000 ounces. Average grade of ore mill was 8.9 grams per tonne with an average recovery of 88.2%. Our mining and milling throughput both hit records and with our average mill throughput achieving 5,264 tonnes per day. With this production performance to date, we are reconfirming our revised guidance of 490,000 to 525,000 ounces. Record gold prices continue to drive our financial results, but they also have an impact on our costs. Royalties and statutory employee profit sharing are impacted by the gold price and are included in our cash operating cost and all-in sustaining costs.

Our original guidance was based on an average gold price of $2,500 per ounce with our year-to-date realized price of $3,400, this translates to an approximate $90 per ounce increase in costs. a direct reflection of higher gold values. Despite these pressures, our cost performance remains strong with cash operating cost per ounce of $861 and all-in sustaining cost of $1,036 per ounce sold. This combined with an average realized gold price of $3,600 resulted in an ASIC margin of 71%.

Supported by another quarter of strong operations and record gold prices, we generated $216 million in cash flow from operations and $191 million in free cash flow. This robust free cash flow enabled our Board to declare a total dividend of $0.80 per share, approximately $193 million, consisting of our fixed dividend of $0.30 and a variable dividend of $0.50 per share. We increased the variable component this quarter to reflect 100% of normalized free cash flow from the policies minimum of 50%. Chester will provide more detail on this shortly.

On the exploration front, we've had another very active quarter. We recently released results on our copper gold porphyry systems at Trancaloma, Sandia and Castillo. And we continue to see this quarter emerge and this mineralized district continue to impress. Based on these recent results, we have further expanded the 2025 exploration program from an original 80,000 meters to a minimum of 120,000 meters. Our conversion drilling in FDNS is wrapping up for the year. Expansionary drilling continues, and our exploration drilling at FDN East also continues. We will be providing the results of these programs in the next couple of weeks. Our financial performance continues to improve. Compared to 2024, revenue was up 38% to $447 million. Net income hit a record high of $208 million, up 53%. Earnings per share also achieved a record high of $0.86, up 51% and free cash flow was up 5%. Our ASIC margin per ounce increased by 49% to $2,598 in Q3, reflecting our enhanced profitability.

With that, I'd now like to turn the call over to Terry to discuss our operations in more detail.

Thanks, Ron, and good morning all. Starting with safety. In Q3, we had a few first days and medical incidents that I would characterize as low potential for serious injury, and we continue to have a very low total recordable incident rate which is great. However, looking at some of our leading indicators, we did see an uptick in incidents that had serious potential, and we took the time to investigate these. We found some areas to improve, including some gaps in our training and procedures, a need to get better at recognizing hazards and behaviors like rushing or improvising work that contributed to these events, working on leading indicators and improving as a result of where we want to be with our safety program, thanks to the team for their continued passion and commitment for safe production.

Moving to our production performance. I'm pleased to report that we had another strong quarter, achieving both record mining and milling rates. Mill throughput averaged 5,264 tonnes per day showing consistent increases every quarter this year through successful debottlenecking of the mill. Mill recovery was slightly lower than the last quarter as we processed oxidized ore, which impacted flotation recoveries. As we look ahead to the last quarter of the year, I'd like to point out that we anticipate slightly better grades than Q3 but lower relative to the first half of the year per our current mine plan. Recovery is expected to be about the same as Q3. We also expect to see continued increases in mill throughput as we optimize the mine and mill to work towards our goal of averaging 5,500 tonnes per day in 2026.

Finally, although we've already completed a couple of key projects this year, like a new batch plant, camp upgrades and an expansion to our diesel power generation system. You should expect to see our sustaining capital expenditures increase in the last quarter. This will be driven by the ongoing ramp-up of our fifth tailings dam raise, significant upgrades to our water treatment plant mining equipment and other plan site infrastructure improvement projects.

Before turning the call over to Chester, I wanted to highlight our progress on FDNS. In mid-2023, we made the decision to invest in 2 levels of underground development to support exploration set of FDN. Then the exploration team discovered FDNS back in Q2 of 2024 and subsequently announced a maiden inferred resource of over 2 million ounces earlier this year. We've been busy on the engineering front with Geotech, mine planning and metallurgy, while the drills continued turning on infill drilling through the year. We are on target to establish an initial reserve at FDNS in Q1 next year. This is remarkable progress and a testament to what our team can deliver. I'm looking forward to discussing this further next year once we complete our work.

With that, I'd like to now turn the call over to Chester to discuss our financial results.

Thanks, Terry, and good morning, everyone. For the third quarter of 2025, Lundin Gold achieved revenues of $447 million from the sale of approximately 125,000 ounces of gold at an average realized gold price of $3,634 per ounce. This average realized price includes $3,446 per ounce of gross price received and a favorable impact of $188 per ounce mark-to-market on provisionally priced sales. Our income from mining operations was $305 million, a significant increase from the same period last year, primarily driven by the higher gold price. This strong performance translated to earnings of $208 million or $0.86 per share and EBITDA of $312 million. The continued strengthening of gold prices supported this quarter's cash generation.

We generated $216 million in net cash from operating activities and $191 million in free cash flow or $0.79 per share during the quarter compared to $181 million or $0.76 per share in the third quarter of 2024. While free cash flow was up 5%, it's important to note that in addition to monthly corporate income tax installment payments, the company remitted $50.6 million to the government of Ecuador as a partial payment against its annual income taxes due in April 2026. This partial payment was completed voluntarily as a tax-efficient method to repatriate capital to fund dividends and to support the government of Ecuador. Excluding the impact of this partial payments, which will improve our free cash flow next year, our underlying cash flow was exceptionally strong relative to last year. We ended the quarter with a very strong cash position, $494 million, up from $349 million at the beginning of the year. We generated $665 million from operating activities, paid out $471 million in dividends and reinvested $67 million. With the continued positive outlook on gold prices, combined with our production and cost guidance, the free cash flow outlook for the up continues to look positive.

Now turning to our capital allocation strategy and dividend policy. I am very pleased to announce another strong dividend for our shareholders. Following another quarter of strong free cash flow generation, our Board of Directors has declared a quarterly dividend totaling $0.80 per share comprised of our regular fixed dividend of $0.30 and a variable dividend of $0.50 per share. We exercised the flexibility in our dividend policy by setting the variable dividend at 100% of our normalized free cash flow remaining after payment of fixed dividends this quarter, which is well above the minimum policy threshold of 50%. This distribution totaling approximately $193 million is a direct reflection of our Q3 performance and strong future outlook.

To calculate this normalized free cash flow, we made an additional adjustment this quarter. The early tax payment of $51 million made in Q3 has been spread equally across the last half of the year, subscribing to $25.3 million in each of Q3 and Q4. This robust payout reflects our commitment to return significant value to our shareholders, while maintaining the flexibility to invest strategically in our long-term growth initiatives. For a more detailed discussion of our dividend and financial results, I encourage you to read our MD&A.

Now I'd like to turn the call back over to Ron.

Thank you, Chester. I would like to point out a significant milestone that we achieved in the company's history. With this latest dividend announcement, we will have returned approximately $950 million in total dividends a sum that exceeds the $861 million in equity raised to acquire and develop Fruta del Norte. In other words, the project has officially paid back the entire original equity investment.

Moving forward, every dollar of cash flow generated by Fruta del Norte, is essentially a net return on capital for our shareholders. This is a testament to the world-class quality of the asset. The team's focus on operational excellence, and focus on maximizing long-term value and continuing to turn -- continuing to return capital to shareholders.

Now over to Jamie to speak to exploration.

Thanks, Ron. On the exploration front, we're excited to share some significant updates on our exploration and growth initiatives. Our top priority remains FDNS and our work here is twofold: growing the resource and increasing our confidence in the inferred resource. Our 2025 conversion drilling program has recently completed, and we are awaiting final assays while exploratory drilling continues. The discovery and rapid delineation of a multimillion ounce gold deposit is a remarkable technical achievement for our exploration and operating teams and demonstrates the high value potential neighboring FDN and importantly, we continue to see significant upside as the deposit remains open and is showing strong signs for further growth. Exploratory drilling on FDN East is also ongoing and is currently exploring the mineralization continuity in the central portion of this target. .

Similar to FDNS, it is in close proximity to Fruta del Norte, approximately 100 meters away and has high potential to add significant value to current operations as we continue to advance our understanding of the target. We will be reporting on FDNS and FDN East drilling programs in the next few weeks. Earlier this week, we issued a release highlighting our emerging copper gold porphyries. The results we reported confirmed the large scale potential of this system with our best grades to date, all found in very close proximity to the main FDN deposit. We are now actively exploring 3 compelling porphyries, Sandia, Trancaloma and Castillo. All 3 show immense potential and critically they all remain open in all directions with the potential for additional porphyry deposits to be found.

At India, our step-out drilling has confirmed a continuously mineralized zone that extends for nearly 1,000 meters along strike is 500 meters wide and reaches 800 meters at depth. This has revealed a large mineral envelope that remains wide open. Significantly, we reported the highest grade times with Intercept yet in our porphyria program, approximately 607 meters, a 0.59% copper equivalent starting just 2 years below the surface.

Moving to Trancaloma. Since its discovery earlier this year, drilling has defined a wide and continuous copper gold mineralized zone starting right at surface. This zone extends for 1,000 meters along strike, is 650 meters wide and goes down to 1,000 meters at depth. Like India, A very large mineral envelope has emerged and remains open in all directions with special note to the 2 kilometers between Sandia and Trancaloma within that 5-kilometer corridor that have yet to be drilled. Finally, at Castillo, we made a shallow high-grade copper gold discovery, just 2 kilometers south of FDN with the intercept being approximately 224 meters at a copper equivalent grade of 0.71%. The mineralization is covered by only about 100 meters of overlying conglomerates, which is very favorable. This initial decovery strongly suggests the potential for additional porphyry centers to be found in the area.

Back to you, Ron.

Thanks, Jamie. In summary, as we revisit our 2025 objectives, the message is clear. We are delivering our core value of safety and environmental stewardship remains nonnegotiable supported by 0.20 total recordable injury rate year-to-date, which we will constantly strive to improve. Operationally, the plant optimization has successfully delivered a record Q3 throughput of 5,264 tonnes per day, giving us high confidence in achieving the 5,500 tonne per day average in 2026. This success supports our confirmed production guidance of 490,000 to 525,000 ounces. While unit costs are expected at the high end, this is a direct result of the impact of higher gold prices on our royalty structure.

Our largest ever exploration program is firing on all cylinders with over 100,000 meters drilled to date. At FDNS, conversion drilling is complete, and we eagerly await the final assays which will feed into our initial reserve estimate anticipated early next year. Furthermore, the emerging potential at FDN East and the increasingly done porphyry corridor, including Trancaloma, Sandia and Castillo, is exceptionally encouraging for future growth. Finally, we have significantly surpassed our initial capital return target, having returned and announced approximately $663 million to our shareholders year-to-date. In closing, we are executing on our production targets, demonstrating excellence in exploration and delivering substantial value to our shareholders. We look forward to carrying out this robust momentum throughout the final quarter and in 2026 and beyond.

Before we move to questions, please allow me a final personal reflection. This is my last quarterly conference call. And after 10 years, it has been the highest honor and privilege of my career to be part of this exceptional story. The success we've achieved is truly a collective effort, and I want to offer my heartfelt thanks to the many people who made it possible. To our investors and the analyst community, thank you for your commitment, your tough questions and your belief in our vision. Most importantly, to our employees and contractors. You're dedicated, ingenuity and passion for safety are the foundation of everything we do and to the people of Ecuador. Thank you for your partnership and for allowing us to operate your beautiful country. Your trust is something we value above all else. Thank you all for joining us and joining me over the last 10 years on these calls.

With that, we will now open the call for questions. Over to you, Natasha.

[Operator Instructions] Your first question comes from Fahad Tariq with Jefferies.

On the gold recoveries, there was a comment made on the third quarter prerelease that there was maybe a room for improvement on gold recovery. And I think on this call, unless I misunderstood, I think the outlook was maybe recoveries will be more or less flat in the fourth quarter. Just trying to get a better sense of whether recoveries can go even higher from these levels.

Yes. Thanks, Fahad. As I mentioned in the script, we saw some oxidized ore in the third quarter, and that impacts our flotation recoveries and the efficiency of the circuit. This is all part of a real geometallurgy program where we're trying to understand where that material sits and how we can treat it differently in our plants, and we're making good progress on that. I won't bore you with all the technical details, but we feel pretty strongly that moving forward, we'll have better recoveries. We just can't foresee those arriving as early as Q4, but we will work hard on maximizing recoveries every day, of course.

Okay. That's clear. And then, Jamie, maybe just -- I know it's day 1 for you, but just thinking about the strategy for the company, just thoughts on what your area of focus will be, whether it's proving out the porphyry potential external M&A? Any thoughts there would be really helpful.

Yes. I think this company is incredibly well positioned to be able to advance on a number of initiatives at the same time. First and foremost is I think maintaining operational excellence and the incredible work that we're doing at FDN and in country, and delivering that value back to shareholders, clearly excited about the work that's happening with exploration. And you can see that in our continued investments, actual increased investments. I think we talked about almost 50% more meters planned for this year than what we're originally budgeted for. I think on the M&A front, no real change to our strategy. We continue to be disciplined and patient, but we'll certainly be opportunistic should good opportunity present themselves.

[Operator Instructions] Next question comes from Don DeMarco with National Bank.

Yes. And first of all, Ron, thank you for the kind words, and welcome to Jamie. So yes, I see it's another quarter where the high percentage of our free cash is paid out as a dividend. And as Chester mentioned, in Q3, the company elected to increase that variable portion to 100%. So what were the thoughts behind this increase? And is it viewed as a one-off? Or might this be a new norm of the quarter and the outlook remains strong?

Don, it's Jamie here. I think we'll evaluate this on a quarter-by-quarter basis. and always be willing to adjust that variable portion of the dividend up or down as we see needed. I think specifically this quarter, some of that is driven by sort of where our cash balance is and keeping that at a comfortable level. for us and also being able to return all of that free cash flow, the quarter back to shareholders. So I think you can see that similar strategy moving forward. Obviously, growth initiatives or capital needs that perhaps change in the future could adjust our Board of Directors and management's thinking on how we would view that variable dividend going forward. But certainly, for the short term, I see that as being focus on continuing to return capital to shareholders.

Okay. Yes, because, I mean, as I see it, there's somewhat competing objectives of building up your balance sheet to fund your growth strategy, you've got these great porphyry targets, that may Blue Carson development CapEx several years out and then returning the capital to shareholders. So is there a certain kind of cash balance target that you might be thinking about over a certain period of time in order to have that treasury in order to fund growth?

Yes. I don't think there's a magic number, Don. I think we continue to evaluate it, as I say, on a quarter-by-quarter basis as the porphyry exploration advances? And should we start thinking about putting some engineering studies around that and understanding what maybe capital needs, then of course, that would be a catalyst for us to think about how that cash balance potentially funds that future growth. I'd also say that the fact that the asset is completely unencumbered now allows us to look at what kind of capital strategy might be used for any future growth activities as well. So I think we're in a pretty incredible position to have lots of various options available to us should the need for additional funding arise.

Okay. Great. And maybe just as a final question, then I'll pivot over to the porphyry targets. Both FND and Trancaloma are showing these large marine volumes. It's still early, but what's drilling showing you at this point in terms of the continuity mineralization, maybe potential development approaches. And what might the timing be of a first resource estimate?

Yes. I think too early at this point in time to sort of put a pin in calendars around resource estimates. What we can say is that we are pretty encouraged by what we're seeing for potential continuity here. Again, I think I caution that it's still being early days. San Dio, we've got 2 holes and do it effectively. And what we see is evidence on surface from soil sampling, evidenced from the geochemistry, evidence that we're seeing through the drilling that there's really high potential for this to be quite a significant continuously mineralized envelope. But stay tuned, I think for results from the drill bit, that's the only way we'll truly find out what's going on.

[Operator Instructions] There are no further questions at this time. So I will now turn the call over to Ron Hochstein for closing remarks. Please continue. .

Thanks Natasha. And thanks again. As I said earlier, thank you all the analysts and investors for your continued support. And as I mentioned in the press release, it was very bright companies in very good hands, and I'll be an active spectator going forward. Thanks, everybody, and have a great weekend. .

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.