Thanks, Kevin. I want to say thanks to BMO, another great conference. We're excited to be here. It's been a transformative last three years. In 2024, we produced about 8 million ounces of silver, silver equivalent, announced a construction project, our Terraneric project, that came into commercial production October 1st of 2025, and now obviously this year we'll get a full year of production out of it. Last year, we also bought the Culpa mine in Peru, so we moved from being in Mexico for 20 years and venturing off into Peru. Obviously, we believe a lot in Mexico, number one jurisdiction in the world for producing silver. The number one jurisdiction of reserves in the world is Peru, so we think it was a natural evolution for ourselves. And really, a lot of people have known the Endeavor name for the last 20 years because of our Guarnese-Ballonitos assets that we built the company off of. great assets, great way to build a company. Ultimately, they are high-cost assets with short mine lives. Sometimes that makes it difficult for the investment community. Great trading stock. I think in the last four years, we've really focused on shifting ourselves to long-lived assets that are low cost. We really believe that Terranera is going to be one of the lowest-cost assets in the silver space, an asset that we have coming behind, Petria, that we expect to have a construction decision on hopefully next year and go through the feasibility study and deliver a feasibility study this year will help continue our transformation as a mid-tier silver company trying to get into that senior silver space. So again, it's been a transformative last three years. We're excited where we're at. We're excited where silver is, and we are one of the leading silver leverages in our space. There's a little bit of our profile. Again, Terranera is coming on this year. It's going to do five and a half million silver equivalent ounces in 2026. It's designed to do upwards of seven million silver equivalent ounces per year, just we have lower grade material going in as we go through teething issues in which we're almost through here at Terranera and expect the second half of the year to be in line with what we had in our original feasibility study there's our guidance for the year cash cost between twelve thirteen dollars all in sustaining cost twenty seven to twenty eight dollars but ultimately fifteen million silver equivalent ounces that's about sixty percent in silver so almost eight and a half million ounces of silver some gold and a little bit of base metals still some sustaining capital left at terra nera elevated for this year and ultimately we have our fourth quarter financial statements and year-end financial statements of 2025 coming out Friday morning and our conference call Friday morning. In our space, it's gotten very consolidated over the last couple years. Silver itself is quite a small space. We've seen Silvercrest, Gatos, and now MagSilver chewed up and included in some of our peers here. From a silver production standpoint, last year we were about 56% of our revenue came from silver. As I say, 35% from gold. This year with higher prices, we're closer to 60-65% silver. But again, some of the best silver leverage in our space is at Endeavor Silver. Our recent highlights I've touched on. We sold Bolonitos. We announced that in Q4. We closed that January 15th. We also issued $350 million in convertible debt. That was done at 0.25% interest, 33% up. It's actually already in the money. So right now, today, we have just shy of $300 million of cash on our balance sheet and expect cash flows from existing operations to approach $300 million this year. Terra Nair mine, I think that's where a lot of people are looking at endeavor and ultimately they're looking for execution this year. Again, here we have 2,000 tonne per day operation. You can see the topography in the area. We spent the last two and a half years building Terranera. Again, January, February, we've been hitting nameplate capacity up until a couple days ago. We are in Jalisco. As everybody likely knows, Jalisco right now is under code red. So we sheltered our staff at the camp on Sunday night for supply chain reasons and safety reasons. If we have an accident, we don't have access down into Puerto Vallarta right now. So we are down today and probably until tomorrow. But we expect Terranera to be up and running, hopefully before the week's out. Obviously, concerning to a lot of people, we haven't had any security issues in Jalisco. It was obviously a surprise to a lot of us Sunday night. the events of taking out the head of the cartel we'll see how this progresses over the next couple days for sure again this mine when it's operating will be one of the lowest operating mines in our space the gold's about 40 of the revenue that gold will pay for the silver so annually we'll produce about 4 million ounces of silver 40 000 ounces of gold that gold pays for cost of sales sustaining capital expiration so effectively the silver will come for free $80 silver price 4 million ounces of silver 320 million dollars of cash flow before taxes pretty straightforward taxes in Mexico 30% tax rate EBITDA tax of eight and a half percent terra nera should punch out about 200 250 million dollars of cash flow a year at these prices so pretty spectacular we have over 25,000 hectares here. We have a 10-year reserve life. We know this mine is going to go beyond the 10 years, 15, 20, 25 years. You can see the magenta zone on Terranera. The resource doesn't end there. That's where our drilling ends. As we get into that magenta zone, which is expected at the midpoint of this year, we'll cross-cut through, drill underneath, and we expect to extend mine life and be here 15, 25 years. There's about 14 veins that we've drilled. Five veins have been north of 400-gram silver equivalent, up to kilos. We'll start the rigs on that again at the back half of this year, focused on a vein called Kateria, again with the idea to continue to extend mine life and be here 15, 20, 25 years. The Culpa mine, we bought this for $145 million May 1st of last year. It produces about 5 million silver equivalent ounces. 40% of that is in silver, so 2 million to 2.5 million silver equivalent ounces. This year, we're growing the mine from 2,000 tons to 2,500 tons per day. Ultimately, we expect that expansion to be done here in Q1. That means that we'll produce about 2.3 to 2.5 million ounces of silver here, plus zinc, plus lead, and a little bit of copper. We've been very excited about COPA. Where we think we can bring a lot of value is in expiration. There's a historical resource that had about 118 million silver equivalent ounces here. We're proving that up, validating all that work, sending the assays out to third parties, and then we'll release a resource later this year. We owe $10 million if the resource is over 120 million ounces. We expect to pay that $10 million. We'll gladly pay it. And then from there, it's about step-out drilling. There's about four corridors at Colpa. And ultimately, right now, they're mining the Buena Venturada vayner. That's the main area of resource source. And they're going along the edges. It goes down about 200, 250 meters. The resource doesn't end there. That's where the water table is. Ultimately, these prices and with hydropower in Peru, you can go deeper. We expect to start drilling those deeper areas later this year and also focusing on the three other corridors. So we're right now drilling an area we call Podorosa West. We've been getting good grades, better widths, and ultimately an ability to really grow resources and be at CULPA for 15, 20, 25 years. When we acquired CULPA, the team reported into a real estate family, a closed-end fund. They've got an internal audit group, accounting group, HR group. So we've been very blessed of how well they've operated. And again, we feel like we can bring a lot of exploration expertise to this area and continue to grow our asset base in Peru, hopefully over the next couple of years. Guana Sevilla, I won't spend much time here. We've been here 22 years. It continues to produce. It is a high-cost producer because of the royalty regime that's in place. Currently, we have two years of reserves. We've never had more than two years of reserves, and we've been operating here for 22 years. We have some partners in the area, Carlos Slim, Manero Frisco. They own a lot of concessions around us. We are actually mining from various concessions of his and paying that royalty. And hopefully we can extend that and continue on at Guana Sabi. And then ultimately our Pitharia project. So this is the next step of our growth. One of the world's largest undeveloped silver deposits. 600 million ounces of silver has been defined here. SSR invested $145 million, 225,000 meters into drilling. We've owned this since 2022. We bought it for $70 million at that point. Since then, we've been looking at it from an underground standpoint. The underground portion of this mine is permitted. A plant site has been permitted. We are working on a tailing storage facility, a dry stack facility, that we expect to have a permit for Q1 2027. This year, we're going to deliver a feasibility study on pitherea. We already have a ramp that goes right on top of a manteau. That manteau hosts about 7 million tons, grading about 270 grams silver equivalent. And then there's three feeder structures that go down to a depth 800 meters below the manteau. That 800 meters of length hosts about 13 to 15 million tons. that is going to make up basically a 15-year mine life of 4,000 tons per day at relatively low cost producing about 7 million ounces of silver plus zinc and lead. A lot of people know pittoria for the open pit 30,000 tons per day that was put out in a feasibility study by Silver Standard in 2012. Our underground work does not sterilize that open pit so there's still be that access to 400 million ounces of silver as open pit permitting evolves here in mexico again we're underground vein mining that's what we know that's what we understand we will deliver this as an underground mine in our feasibility study generate cash flow and continue to see what else there is here the district of peteria had other open starter pits for silver standard we don't know where those feeder structures are something that we'll look for ultimately we expect to be here 30 40 50 years before it's all said and done so we're very excited about what pit 3a can do for us lastly we are on the new york stock exchange you see a cash number there of 57 million that was at september 30th currently like i say we're just shy of 300 million we have great liquidity off new york stock exchange we do close to 15 million shares a day obviously we've seen a significant run in the silver price that showed up into our equity price but we expect more to continue I think everything's setting up extremely well in the silver space and I think we've delivered an extremely compelling story an investment story for silver so with that Kevin I'll open it up for questions yeah I think we're at the end of our time slot Dan but thanks a lot okay thank you
