Thank you, Regina, and welcome to Orla's fourth quarter 2025 results conference call. We will be making forward-looking statements during today's call, and I would direct you to the next few slides of the presentation, which contain important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars, unless otherwise indicated.

The Orla executive team is on the call this morning, and I'll now pass it to Jason Simpson, president and CEO.

Thanks, Andrew. Good morning, everyone. The fourth quarter 2025 was an incredibly strong period to end a pivotal year for Orla. We more than doubled our annual gold production through the addition of our muscle white mine. Alongside record gold prices, we generated significant cash flow, which positioned us to deliver the balance sheet, initiate a dividend, and continue investing in the growth of our business in Canada, the United States, and Mexico. Our acquisition of Musselwhite meant the addition of a high-quality team and an exceptional geologic asset that is already exceeding our expectations. Only a year into ownership, we validated the geological upside by discovering mineralization two kilometers beyond the current operations. This geologic upside is being matched by operational excellence. We closed the year with six consecutive months of nearly uninterrupted ore supply, averaging nearly 4,000 tons per day, which represents the highest throughput since at least 2012. I want to thank publicly all our Muscle White employees who contributed to that achievement. At Camino Rojo in Mexico, our resilience was tested in 2025 with a pit wall event. But the team rebounded safely and our operating adaptability was highlighted with a solid second half of the year and I would like to thank our Camino Rojo team for delivering that safely. The benefits of our diversified business were on display with the strength of Musselwhite booing the challenge at Camino Rojo. Ultimately we were able to not only meet revised production guidance but actually exceed the initial guidance range. Beyond our operations we are making large strides in advancing our next two growth opportunities. We are marching towards field mobilization in Nevada and our South Railroad team is growing fast. In Mexico, we released the PEA for the underground project at Camilo Rojo, a key step to unlocking the site's long-term potential. And earlier this week, we announced an important milestone on that path. From acquisition to exploration success and the return of capital, Orleth is stronger and more diversified than ever before. Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.

Thank you, Jason. During the fourth quarter, Muscleweight mined 371,000 tons of ore and processed 361,000 tons at a mill grade of 6.77 gram per ton gold. Gold recovery was 95.65 percent, resulted in production of nearly 76,000 ounces of gold. Main ramp development was extended to the next level in the PQ zone, providing another mining horizon with additional operational flexibility. Development in the 1080 exploration ramp continued to advance in preparation for the arrival of several additional underground diamond drills in the first quarter of 2026. We currently have six drills underground. Lateral development in the quarter totaled 3,338 meters. This work provides access to mining horizons for existing reserves and creates additional drill platforms to support the underground exploration program, growing reserves, resources, and mineral inventories. As access to high-grade material improved in the second half of the year, the mill processed ore from the PQ Deeps and Red Wings areas, driving fourth quarter process grades up to approximately 6.8 grams per ton. The Camino Rojo oxide mine produced 19,587 ounces of gold in the fourth quarter. During the quarter, Camino Rojo mined nearly 1.8 million tons of ore and nearly 2.7 million tons of waste for an implied strip ratio of 1.52. This higher strip ratio was a result of the pit wall event that occurred in July of 2025. As stabilization activities continued through the second half of 2026, a new ramp was established that required the removal of overburden and waste material which resulted in a higher than normal strip ratio. During the quarter, a total of 1.9 million tons of ore grading an average of 0.47 gram per ton were placed on the heat bleach pad. This included material from the upper benches as a result of wrapping back up to full capacity following the pit wall event in late July. In a short period at Mussel White we have already begun redefining the mine's potential with a stated growth for longer mantra. By identifying key bottlenecks prior to taking full ownership, we made operational changes that yielded immediate results. With the commissioning of four new scoops and four trucks in 2025, the mine stabilized ore delivery to the mill. In 2026, we will complete the replacement and rebuilding of the underground mine mobile fleet. At year end, Mussel White had achieved six consecutive months of consistent ore production averaging approximately 3,800 tons per day on a six-month rolling average basis. A production milestone has not reached in many years and the team is not stopping there. Subsequent to year end, we released the results of a preliminary economic assessment for the underground project at Camino Rojo. The PEA evaluates the technical and economic potential of a standalone underground development project beneath the existing open pit operation and outlines a potential pathway forward to a large-scale, long-life, underground mining operation and processing facility. This study validates the significant economic potential of our sulfide resource and confirms a clearer path to long-term growth. We expect annual production to exceed 220,000 ounces over the first 10 years, effectively doubling our current output. The deposit remains open in Zone 22, offering meaningful resource upside beyond this initial study. This next phase of Camino Rojo represents further growth and value creation, cementing its place as a cornerstone asset for Orla over the long term. This week, we are thrilled to announce that the Mexican authorities approved our environmental impact statement at Camino Rojo. This approval, together with a change of land use authorization, provides the permits required to mine the remainder of the oxide pit, including the laid back area to the north. It also permits construction of an exploration drift to support the enhancement of the underground project. Subject to board approval, we intend to begin work on the expiration decline in the second half of 2026 with a pre-feasibility study targeted for 2027. We are grateful to the Mexican authorities for their confidence in ORA and our commitment to being a leading employer in the region. Mexico was the foundation of our business and we intend to be there for a long time, continuing to be a strong, positive contributor, both socially and fiscally. In January 2026, we released our optimized feasibility study for the South Railroad Project in Nevada, confirming a robust production profile. The study outlines average output of 130,000 ounces of gold annually over the first five years at an all-insustaining cost of approximately $1,485 per ounce. At $4,500 gold price, the project delivers an after-tax NPD of $1.7 billion and a 95% IRR. As our third operating asset, South Railroad is expected to drive our annual production towards 500,000 ounces per year. Throughout 2025, we successfully transitioned from pre-permitting preparation to formal environmental review under the National Environmental Policy Act. Engineering work moves steadily towards construction readiness, supported by engineering, procurement, and construction management contract awarded to M3 Engineering. By the end of February, we had to reach approximately 38% completion in engineering, having advanced mine plan updates, equipment trade-off analysis, and site investigations. Key milestones include the water treatment plant reaching issue for construction status and the issuance of limited notices to proceed for long-lead items, including the ADR plant and crushing systems. With civil bid package walks completed onsite and initial capital cost estimates of $395 million, our construction sequencing is validated and ready for mobilization. South Railroad is advancing as a FAST-41 covered project under the guidance of the Bureau of Land Management, providing the tools needed for an efficient regulatory review while ensuring we meet the highest standards of environmental stewardship. We are targeting a final record of decision for mid-2026, with construction to commence shortly thereafter. Based on an 18-month build schedule, we are targeting first gold production in 2028. Etienne Moriah, our Chief Financial Officer, will now discuss the financial results for the quarter.

Thanks, Andrew. During the fourth quarter, we sold just under 93,000 ounces of gold at a realized price of $4,025 per ounce, and that's including the impact of the gold prepaid. That resulted in $378 million in revenue for the quarter. We delivered just over 12,000 ounces towards our gold prepaid Q4 at an average price of $2,940 per ounce, which is captured in the total average realized price I just mentioned. So, if we exclude the impact of the gold prepay, our average realized price for the quarter was $4,187 per ounce, beating the average for the quarter. At the end of the year, we had approximately 105,000 ounces remaining under the gold prepay with equal monthly deliveries of just over 4,000 ounces until February 2028. Consolidated cash costs and almond sustaining costs for the fourth quarter total $1,093 and $1,536 per ounce of gold sold, respectively. Re-recorded net income for the quarter of $79 million, or 23 cents per share, and on an adjusted basis, our adjusted earnings were $143 million, or 42 cents per share. The cash flow from operating activities before changes in non-cash working capital is $165 million, with free cash flow for the quarter, $133 million. So exploration and project development costs this quarter were $43.9 million, of which approximately $12.3 million was expensed and $31.6 million was capitalized. Our cash balance at the end of December 2025 was $421 million, with total liquidity of $481 million, including the under-run portion of our revolving credit facility, and that positions us very well to fund the development of South Railroad and the Camino Rojo Underground going forward. Subsequent to quarter end, we repay $30 million on our revolving credit facility to bring the outstanding balance to $60 million. And also in Q1, we have a few other significant cash payments, including $68 million at Muscle White related to 2025 income tax. And next week, we have to make a $24 million payment at Kimbe and Orojo for special manning duty, which is payable once a year at the end of March. You might also recall that as part of the Muscle White acquisition, In addition, we had two $29 payments that were contingent on the price of gold during the first two years post-closing since the average gold price during that first year exceeded $2,900 per ounce, and we had to make the first payment to Newmont last week. In December 2025, we announced our first quarterly dividend with the initial payment made in February. This dividend policy really reflects our disciplined approach to capital allocation by balancing strategic growth initiatives or investments, exploring for new discoveries, deleveraging, and returning capital to shareholders. As our software road construction begins later this year, our strong cash position allows us to self-fund the build along with other internal growth initiatives, all that while maintaining our commitment to this disciplined capital allocation approach. So with that, I'll pass it over to our senior vice president of exploration, Sylvain Gerard. who will now provide you with an update on our exploration activities.

Thank you, Etienne. The 2025 Exploration Program at Musselwhite has delivered a strong finish to the year. Throughout 2025 and the fourth quarter, our teams remain focused on three key pillars. Advancing the directional drilling along mine extension, expanding our on-the-ground resource and reserve, then moving our near-mine surface program forward. Our deep directional drilling has successfully tracked the down-plunged extension of the mine trim. With over 12,500 meters completed in 2025, fourth quarter results have confirmed that Volumization continues to at least two kilometers beyond our current operation. We are seeing evidence of stat immunization zones on the mine extension interpreted at the length and PQ zones. Most of the drilling on the extensions to date appears to have intersected the length horizons with the PQ extension lying beneath it. This suggests significant additional potential as we continue testing deeper along sections. We'll keep evaluating this through 2026 as we work to define the geometry and grid distribution of these zones. Turning to our home-ground exploration, we completed more than 32,000 meters of drilling in 2025, which delivered multiple strong drilling intersections. This work is focused on reserve replacement and resource expansion within the lengths, thread wings, and PQ zones. This drilling delivered high-grade mineralization that support production, drives a growth, and increase geological confidence in near-term production's areas. Our new mine surface program, concluded in October, returns shallow polymerization across across several targets, including a narrow high-grid intersection northwest of Carl Zeemel. When combined with historical data, these results highlight the potential to advance future middle field sources. Full-road drilling began in the Kent Bay-Aryon Q1, and additional drilling is planned around 4-kilometer trend southeast of Mosul-Wright 9 in 2026. Our strategy is clear. grow our resource base to significantly increase annual gold production and extend the mind of the life of our operations. Turning to our Camino Ho-Ho project, 2025 was a pivotal year for advancing the Zones 22 underground resource. By year end, we successfully completed close to 22,000-meter drilling. The results from this program, together with the intensive drilling completed by ORLA since 2020, were instrumental in supporting the updated on-the-ground resource estimate in our February PEA. This PEA serves as a major milestone concerning the robust potential of the communal workflow on-the-ground project. Looking ahead to 2026, we have started a 4,200-meter program designed to generate the metallurgical, geotechnical, and hydrological data report for our upcoming Precisibility Study in 2027. In Nevada, our South Carbon Complex is one of the largest continuous land position on the calling trend, a district-scale opportunity with significant growth potential beyond our currently-defined reserves. In November, we concluded our 2025 Dream Program, totaling over 18,000 meters. We reinforced drop-down models, conferences can affect utilization outside the dark star and in-projected pit boundaries, and identified new upside-down utilization of the spike and fire drops targets, demonstrating that significant asset growth exists beyond our existing pit shells. Our 2026 program is scheduled to start in the second quarter, targeting pit extension of premium, Darkstar, and just whitewash, while continuing to advance oxide targets proximal to the development project. I will now end over to Silvana Prospa, our Chief Sustainability Officer, to continue the presentation.

Thank you, Silvana. Our commitment to developing our people into environmental, social, and governance performance are cornerstones of our strategy, and I'm proud to share key milestones from the fourth quarter across our sites. Since acquiring Musselite, our focus has been the transparent ownership transition through active community presence and the development of our talent pipeline. A key milestone in Q4 was the announcement of a $6.6 million partnership with Newmont and First Nations LP, a partnership of 24 First Nations in Northern Ontario. This 10-year investment funds STEM and trade training, as well as land-based learning that supports long-term local workforce development. At Camino Rojo, we deepen the community ties by renewing key exploration and social responsibility agreements with local ejido communities. Social investments focused on infrastructure and education, notably advancing the Santiburcio egg farm project and delivering specialized training programs for community members. Our Pro-ABC project, launched earlier in 2025, saw intense activity in Q4, including environmental education events, ecological studies, and livelihood initiatives in partnership with local communities and civil society organizations. In Nevada, we continue to invest in the region's future and maintain proactive, transparent dialogue with local community members, governments, and civil society about the South Railroad project. During the quarter, we established a partnership with the Great Basin College, aiming at supporting continuing education in strengthening the skilled workforce in the region. Our team also volunteered locally and continued to support education and meal delivery programs. Throughout 2025, we also strengthened our ESG governance and disclosures. OLR's updated ESG ratings have either improved or remained stable, confirming the effectiveness of our prioritized efforts. On the people front, during Q4, we continued to roll out OLR's bespoke leadership training program, training almost 300 employees across our sites. These development experiences reinforce our values and equip our leaders with tools to support their daily work as well as their professional development journey. These achievements demonstrate our commitment to responsible goat production and to work in partnership with our host communities and indigenous partners to build a sustainable and inclusive future with our stakeholders. I'd like now to pass him back to Jason for his closing remarks.

Thanks, Silvana. Orla enters 2026 with strong operational momentum and a clear path to continued production expansion. We are guiding toward another record-breaking year, forecasting 340 to 360,000 ounces at an all-in sustaining cost of $15.50 to $17.50 per ounce. Looking at 2026, we have several upcoming catalysts. Notably, we are getting ready to go into the field with construction at South Railroad with planning and procurement and final permits anticipated for mid-2026. Continued exploration of the underground and deep directional drill programs at Musselwhite will continue to extend mineralization and mine life. And finally, continuing our exploration and resource development at Camino Rojo working towards a pre-feasibility study and permit submission in 2027. 2025 marked by operational resilience and significant advancements in growing our business. Thank you to our teams in the countries where we operate whose commitment and delivery are driving this business forward. At this point, I'll open the call to questions and hand it back to the operator.

We will now begin the question and answer session. To ask a question, press star then the number one on your telephone keypad. Our first question will come from the line of Francesco Casenzo with Scotiabank. Please go ahead.

Morning, everyone. Thanks a lot for taking my questions. Congrats on the beat this quarter, and I'm very happy to see the MIA approval come through on Camino Rojo. My first question here, can you just describe for us how the mine plan at Camino Rojo might change going into this year and next or even longer term in response to the latest permit?

Yeah, thanks for the question. And I'll be clear, the mine plan for 2026 will not change as a result of that permit. The permit presumed that it would be received, or sorry, the guidance presumed that the permit would be received in this quarter, which has occurred. And so our mine plan in 2026 at Camino Rojo really is focused on the work that we began in 2025 including a return to the top of the deposit stripping back to the Fresnel boundary but additionally we're also working in the bottom of the pit to get prepared for the portal establishment and both of those things are considered within our guidance the capital for the exploration drift will guide to once approved by the board later in the second quarter Going forward, Francesco, in the life of mine plan for the oxides, as we outlined in the technical study that was put out this week, we intend to continue to mine the oxides until the end of the decade, setting up during that time to move underground for the continuation of Camino Rojo into the next phase. and that's our plan until the end of the decade for Camino Rojo.

Yeah, thanks a lot for the clear response, Jason. And that covered off my follow-up question, which was on the underground portal and decline development. So maybe I'll just switch gears then to South Railroad. So with the permitting process at South Railroad on track for Q3 this year, can you give us a bit more color on some of the key development milestones you're aiming to achieve this year? And that's for you, Jason, or for Andrew, whoever wants to take it.

Yeah, I'll start there and then Andrew can build on the answer. We've got a number of things happening currently that we'll update the market on throughout the year. As Andrew referenced in his remarks, the work on engineering procurement is well underway. And so Andrew will give you some examples of things that we have acquired and contracts that we have signed in preparation for our field mobilization. So the first half of this year, our updates to the market will be on all of those activities. Clearly, with the receipt of the record of decision, we'll then begin for the second half of the year, being able to update the market on the field mobilization and the first months of our construction on site. Andrew, any particular pieces of equipment or contracts at this stage like to give us examples?

Thank you, Jason. Yes, we're applying the same approach to South Railroad as we did with Camino Rojo, which is going into construction with a high level of detailed engineering. Things that we are doing this year concurrent with the detailed engineering is placing purchase orders for equipment to obtain certified drawings from vendors to allow engineering to proceed and awarding long lead equipment purchase orders as well as tendering and awarding contracts for the early civil works. So this will put us in a very strong position upon receipt of the record of decision to start construction and be starting the build with high quality quotes and that was one of the key factors for our success at Camino Rojo. So we thought we're following the same model here.

Excellent yeah that's all for me thanks a lot for taking my questions.

Again for any questions press star one on your telephone keypad and our next question will come from the line of Vitaly Kanonov with Freedom Broker. Please go ahead.

Hi, and thank you for taking my question. So, first of all, you set out a significant increase in capital expenditure budget in 2026, of which over 200 million is attributed to the South Railroad. So, is that contingent on the Pernitian and final investment decision, or should we expect this amount to be smoothed over the course of 2026?

I think that cost the question as the 200 million that we have guided towards in South Railroad is contingent on the receipt of the record of decision, and part of those costs include field mobilization and the early earthworks that's been aborted that Andrew referenced. Any advancement of the record of decision could result in us spending more in 2026 on the South Railroad project, and clearly a delay would reduce that spending. As we move towards that date and any advancement or otherwise in the record of decision, we'll guide to, on a quarterly basis, to any adjustments to that particular area of capital within the business.

Got it. On the muscle-wide, you highlighted New Discover is two kilometers below the current my site, along with a $50 million budget in drilling set out for the year. So the question is, there are actually two, what's your assessment of the cost of mining in those deeper areas, and have you done any step-out drilling horizontally?

Yeah, on the first, you know, as we go deeper in the mine, the cost certainly increases, and that's a result of having to handle the material through our various material handling systems to get it to surface and to the mill the solution to that as we've articulated is an improvement to the material handling system something that we are planning to study for the first 24 months of ownership so that by 2027 we can come with a material handling improvement solution that could materially reduce the cost of the operation as we go deeper. But connected to that is your second question, which is the lateral extents, and you are absolutely right. We are also discovering a number of laterally in all parts of the mine, including the upper part of the mine. And so why that is important is one of the learnings in the first year of ownership is really in the upper part of the mine. And so as we continue to drill that and define that, that will affect our material handling choices in any future capital because we've clearly demonstrated we're able to be having discussions about changes we may make to the mill in years to come. All of that put together is very continuing to define geologically, but also a larger gold ounce per year contributor to Orla. All of that should come together in 2027, and we look forward to giving the market an update on our long-term plans and size of that asset.

This concludes our question and answer session, and I'll hand the call back over to Jason for any closing comments.

Thank you, everyone, for tuning in. Since there are no further questions, I want to thank you for your time, your attention, and never hesitate to reach out to Orla should you have any follow-up questions. We pride ourselves on GM management team that's available.

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