Good day, everyone, and welcome to the ARIES Mining Second Quarter 2026 Results Conference Call. We will begin with an overview from management followed by a question and answer period. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. As a reminder, all participants are in listen-only mode and the conference is being recorded. Should you need assistance during the conference call, you may reach an operator by pressing star then zero. Please note that the accompanying presentation that management will refer to during today's call can be found in the events and presentation section of Aries Mining's website at AriesMining.com. Second quarter 2026 financial reports for Aries Mining have been filed on CEDRA plus and EDGAR and can also be found on their website. I would now like to turn the conference over to Mr. Neil Woodier, Chair and Chief Executive Officer. Please go ahead.

Thank you, Operator, and welcome to our Q2 2026 earnings call. Today joining me are Doug, Oliver, Cam, Dustin, Cornet, and Alejandra. But before we begin, please note the disclaimer on slide two. Moving to slide three, the headline for the quarter is straightforward. We delivered a strong first half year and remain firmly on track for our full year guidance. The Q2 numbers I'd like to highlight include 74,000 ounces of gold production, 179 million of adjusted EBITDA, and a quarter-end cash balance of 426 million. More important than any quarter-end number is what these results allowed us to do. In the first half year, our operating cash flow after taxes was £200 million, which funded our capital expenditures of £196 million, allowing us to maintain a strong cash position. Our financial strength enables us to advance the execution of a growth strategy across all four of our assets. At Segovia, the expanded mill is performing well. Our focus has shifted underground where we're adding the haulage capacity and mining flexibility needed to keep plant consistently full We expect that work to translate into higher production in the second half and a full run rate capacity for next year At Mamato, the project focuses moving from major construction towards start-up readiness The bulk zone is now connected directly to the new plant area and the stagnant ball mills are on site and mechanical installation is underway. First gold remains on schedule for the fourth quarter of this year. At Torre Peru, the pre-feasibility study remains on schedule for completion in the second half of this year, supporting a construction decision targeted for early 2027. At Sotinote, the environmental studies will be ready for submission. So the story for the past half year is one of execution, strong performance from the producing assets, visible progress on the growth projects, and a clear path to our 2026 production guidance of 300,000 to 350,000 AMSES. With that, I'll pass the cam to review our financial performance.

Thanks, Neil. Turning to slide four. Starting with our cash position, we started Q2 with $472 million of cash and ended at $426 million. The cash movement here mainly reflects the timing of our annual Colombian tax payments and the significant capital we put into Marmato and Segovia this quarter, as detailed on the slide. But the bigger picture is really the funding story. Over the first half of the year, our after-tax operating cash flow essentially covered our entire capital program. We stayed free cash flow positive, even as we pushed forward on multiple major growth initiatives at once. And despite ramping up investment meaningfully in Q2, we ended the quarter with a cash balance above where we finished in 2025. Turning to slide five, these charts really tell the story of our operating momentum behind that financial strength. Since we expanded Segovia's processing capacity back in 2025, we've seen a clear step change in production. First half gold sales were up 27% year over year, and on a trailing 12-month basis, we're now approaching 300,000 ounces. Combine that higher volume with stronger gold prices, and you get record first half revenue, adjusted EBITDA, and earnings. What these charts really show is that our operating growth is translating directly into cash generation and profitability. With that, I'll hand it over to Dustin to walk through the operations.

Thanks, Cam. Turning to slide six. Our operations generated consolidated gold production of 74,000 ounces in the second quarter and 148,000 ounces for the first half of 2026. Segovia remains our main production contributor, while Marmato's production impact is beginning to increase as activity in the bulk mining zone builds. At Segovia, the operating picture remains strong. Year-to-date owner mining ASIC at $1,623 an ounce are below our full-year guidance range, even as we increase investment in the underground development to support increased mining rates. Our contract mining partner speed is also performing well, with our year-to-date sales margin of 43% above the top end of guidance. Together, the owner mined and CMP supplied ounces continue to generate very strong, all-in-sustaining margins. $157 million in Q2 and $356 million for the first half of the year. The chart on the lower right makes that point clearly. Even with the gold price dipping from the first quarter's record level, Segovia's economics remain very strong and well ahead of last year. Moving to slide 7, the important message here is that the production profile is progressing as planned. In the first half of the year, consolidated production totaled 148,000 ounces, close to 50% of the full-year guidance midpoint. We entered the year expecting a stronger second half, driven by two very specific factors. First, at Segovia, the production ramp-up continues to progress. Ongoing underground development is increasing mining and haulage capacity, which is expected to provide additional mill feed and support, higher production in the second half. Second, at Marmato, the existing flotation plant can support the low end of the annual guidance range on its own. The ramp-up of the bulk mining zone has allowed us to fill the existing mill, while commissioning of the new CIP plant in the fourth quarter creates the opportunity to move higher within that range, and more importantly, sets up a much larger contribution in 2027. These two drivers support our confidence in the 2026 guidance range and position the company for another meaningful step up in production next year. According to slide eight, here we outline our plan to unlock Segovia's full potential. The expanded processing plant is no longer the constraint. The task is now to increase the rate at which we can develop, mine, and move more underground. To achieve this, we have increased capital investments at Segovia to $48 million in each one, which includes both sustaining and non-sustaining capital. We are developing new ramps at El Silencio and Providencia and building a main haulage circuit that connects El Silencio, Providencia and San Roque. This will improve the movement of people, equipment and ore across the complex. At the same time, we are renewing and expanding the mobile fleet, including new bolters, jumbos, trucks, and loaders. These are practical investments aimed at shortening cycle times and giving the mine more flexibility. Together, these investments are expected to increase mill feed, improve haulage efficiency, and reduce traffic through town. They are important enablers of higher production in the second half of 2026 and beyond. With that, I'd like to pass it over to Corny for an update on Marmato.

Moving to slide nine. At Marmato, the project is increasingly shifting from construction progress to operational readiness. Completing the Los Indios crosscut in April was a major milestone. It created direct underground access between the bulk mining zone and the new plant, improving ventilation and haulage and allowing us to prepare stopes and build the initial all-stock bulk for commissioning. Mining capacity in the bulk mining zone has increased and is already contributing to production growth through the existing flotation plant. New mining equipment will begin arriving in the third quarter and the main decline is now more than 85% complete. Put simply, the mine is getting ready to feed the new plant. The remaining capital requirements and funding sources are set out on the slide. So far this year, we invested approximately $120 million in growth capital expenditures at Armata. We now estimate the remaining $118 million will be required through year-end to complete commissioning and achieve first goal. Additional expenditures are related to project improvements across various areas of the mine infrastructure. Some of the additional expenditures are also being incurred to ensure operational readiness, including building a mold feed stockpile and the timely delivery of critical part equipment. We expect a total investment of approximately $238 million this year, compared with the $220 million budget we established at the start of the year. In terms of project funding, we expect to receive the final $42 million of Wheaton installment in Q3. Of the $118 million of estimated cost to complete required for commissioning and achieving first goal, our net funding requirement is approximately $76 million. That portion is going to get funded from cash on hand and operating cash flow. In summary, the mine is ready. More construction and commissioning remain on schedule, and we continue to expect first gold in the fourth quarter, followed by a staged ramp-up into 2027. Moving to slide 10. The photos give a good sense of the pace and scale of activity on site. We now have almost 1,600 construction personnel working across day and night shifts, with more than 4 million work hours invested in the project. I am particularly proud that the construction team has gone 457 days without a lost time injury. Since our last update, the sag and ballmills have arrived and mechanical installation has begun. The crusher area is moving into mechanical installation, the leach tanks and CRP circuit are progressing well, the tailings thickener is mechanically assembled, and the main substation installation is advancing according to schedule. There is full work ahead, but the project is visibly coming together. An up-to-date construction video is available on our website. The link is available at the bottom of this slide. Moving to slide 11. Beyond the producing assets, Soto Norte and Toro Peru are moving toward their next major milestones. At Toro Peru, the pre-feasibility study remains on track for completion. Engineering and optimisation work is progressing. While pre-construction activities is already visible on site through the Peruni bridge, camp expansion, road improvements and other infrastructure. Our Guyana team has grown to 100 people, and we continue to target a construction decision in early 2027. With that, I'd like to pass it over to Neil for his closing remarks.

Turning to Slumber 12, let me close by bringing the pieces together. We entered 2026 with a clear plan. Deliver from our producing operations Complete the build at Nomato And continue advancing our two new mine growth projects At the halfway point, that plan remains on track We continue to expect to achieve our full year's production guidance At Segovia, we're starting to fill the processing capacity Which we have already installed And Nomato, the new CIP plant, remains on schedule for first gold, followed by a stage ramp-up through 2027. Together, Sokovia and Bamato provide a clear path forward to approximately 500,000 ounces of annual gold production in the near term. Beyond that, Torre Peru and Salte Norte provide the next leg of growth. So, as I look forward, we have a strong operating base, a strong balance sheet and a clear sequence of achievable milestones in front of us. And I'd like to thank you for joining us today. Operator, could you please open the line for questions?

Certainly. To join the question queue, you may press star, then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2.

The first question comes from Kerry McCrory with Canaccord Genuity. please go ahead all right good afternoon guys and congrats on a strong quarter uh maybe first for dustin just wondering if you can give us some more color on the segovia ramp up i know tonnage was up this quarter i know you're working on the uh silencio the new ramp there is that is that what's needed to take throughput up or should we expect throughput to rise through q3 and Q4.

Hi, Gary. Good to hear from you. No, exactly as we discussed, I mean, our guidance is more heavily weighted to the second half. As these ramps and all our additional development comes online, opens up additional ore faces, and our El Silencio ramp to surface breaks through in Q4. So as you can see, our weighting goes more towards Q3 and later Q3 and into Q4, where we'll start to see production continually ramp up towards the end of the year and into 2027.

Okay. And what's the haulage capacity of that new ramp that's coming on?

The ramp itself, it's not really a capacity issue. So it allows additional feed through Silencio. It takes the bottleneck off the shaft, the main shaft at Silencio, which is restricted to about 750 tons a day. So that ramp really will just open up some new areas that can actually come through the ramp. It won't run at a capacity, I'd have to run the calcs, but it takes some of that feed off the shaft and allows some closer to shaft material to come off the shaft and close the rent material to come out of the rent. So it starts to just de-bottleneck and decongest Silenzio mine.

Okay, great. And then maybe for Cam, just on cash taxes, I think you mentioned, well, you did have a big payment in Q2, and normally it is in Q2. Just wondering what we should expect for the rest of the year. Is that most of the cash taxes done for this year, or should we expect some in Q3, Q4?

Yeah, hi, Kerry. Yeah, Q2 is the timing, and that's when we file our annual return. So there's that catch-up. So Q2 is always the heaviest. I think if you look back at last year, you'll see, you know, a relative proportion. I think it made up almost 50 percent of our cash taxes paid was in the second quarter. So we'll see cash taxes increasing because of our increased net income. But the proportion will be similar to what you saw in prior years with the heaviest amount being in the second quarter.

OK, that's great. And then maybe one for you, Neil. Obviously, we had an election in Columbia. I know it's early days, new president hasn't been inaugurated yet, but any comments on the change in government there?

Okay, the change in government gets complete next Saturday. I think we've had a good relationship with the current government. I think they appreciated what we have been doing with our contract mining partners at Segovia. We did the first formalization at Mato with them. they have taken our revamp of Sote Norte to review we've had a good relationship with them I think the incoming government remains to be seen what their relationship with but sufficient to say that we spent yesterday at Segovia and Momato with the incoming Minister of Environment with his number two and also with the President of Anna We had a good review of what's happening, a great deal of vocal support from them. Hopefully the situation continues in the future.

Great. Good to hear. I'll leave it there. I'll pass it on. Thanks.

Once again, if you have a question, please press star, then one. Since there are no further questions, I would like to turn the conference back over to Mr. Vadir for any closing remarks. Please go ahead.

Thank you, Operator. We appreciate it very much. And thank you, everybody, for joining us. As I was saying, we've had a good half year, and we look forward to a good year. And thank you for joining us today.

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.