Thanks very much, operator, and thanks everyone on the line for joining Discovery's first quarter 2026 conference call and webcast. Joining me today are many members of the Discovery senior management team.

Speaking will be Tony Makuch, our President and CEO; Alison White, our Chief Financial Officer; Pierre Rocque, our Chief Operating Officer; Eric Kallio, our Senior Vice President, Exploration; and José Jabalera, our Senior Vice President, Corporate Affairs and Sustainability in Mexico. Again, there are many other members of our senior executive team in the room as well.

Before we get started, I'll remind you that during today's call, we will be making forward-looking statements. These statements are based on current expectations and projections about future events.

They're subject to risks and uncertainties, and actual outcomes may not be what is included in those statements. I refer you to slide two as well as our website for further information on that.

In addition, we will also be making reference to a number of non-GAAP measures during the presentation. These measures do not have any standardized meanings under GAAP and, therefore, may not be comparable to other issuers.

I refer you to slide three on our deck as well as our website for more details. Finally, all dollar amounts will be in US dollars unless otherwise indicated.

Now turning to the quarter, to begin with, as many of we're working towards more than doubling gold production at Porcupine to over 500,000 ounces per year. At the same time, we're working towards developing our Cordero project in Mexico through which we will produce about 14 million ounces of silver per year at least over the first 10 years.

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

During the first quarter, there were a number of key developments in support of achieving our growth objectives. Specifically, we announced the acquisition of Glencore's Kidd operations in Timmins.

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

Getting into those in a little bit more detail, looking at Kidd on slide six, we announced the acquisition of the Kidd operations on March 2nd. We expect that transaction to close very soon, likely over the next few weeks.

This is a major milestone for our company. To achieve over 0.5 million ounces of annual gold production, we require additional milling capacity.

Through the Kidd Metsite, we have an opportunity to dramatically grow processing capacity and to process different kinds of ore. There's lots of other benefits as well, including adding valuable infrastructure that will support the future expansion of both Hoyle Pond and Pamour, including the development of TVZ; that gives us exposure to critical minerals, copper, zinc, and silver, through Kidd Creek Mine; adds significantly more exploration potential to our already very large and highly prolific portfolio; delivers cost synergies; and, this is a very important point, adds a very large, highly skilled workforce that's going to help us with our existing growth plans.

Going to the next slide, this gives you a view of the Kidd Metsite and a conceptual plan for what we expect to do and are currently evaluating. It's a conceptual plan, but it kind of shows you our thinking in terms of a path forward.

Maybe at this point, I'll turn it over to Tony to talk about that.

Maybe I just a couple simple things. People should understand first off that the Hoyle Pond underground operations are actually under the Kidd Metsite.

You can see that the blue rectangular box here and it's trying to show where the location could be for any new vent raises we can establish for the Hoyle Pond Mine as well as potential location would be for a new shaft if we wanted to develop for the TVZ zone. Also I think what we showed here there's as we've alluded to before there's four circuits at the Kidd Metsite.

You can see where it says A division, and we sort of tried to conceptualize on here it shows the location of where we build a new 5 to 7 million tonne per annum conventional gold circuit at the plant with ore bin, crushing and how that would fit in. We'd still continue to use the B division which is the base metal circuit, it's flotation circuit.

The C division, we're working pretty hard right now on that. That's about a 1 million tonne a year capacity.

Looking at the aspect of bringing the Borden ores to here and run it through this division as early as we can over the next 6 to 12 months, and that would unlock 2,000 to 3,000 tonnes a day capacity in the Dome mill for conventional processing. You can see the D circuit it's here, which we would turn into a gold refractory flotation circuit.

On the other side, all the AB and the BC and D circuits that are here could always be utilized as combination base metal circuits if needed and/or gold circuits as required. Give you the sense on what this could unlock for us basically you can look 5 6 to 6 to 8 million, sorry, 7 7 to 9 million tonne a year new gold processing capacity at the Kidd Metsite: the A division as a conventional circuit; the C division for processing 1 million tonne a year for processing the Borden ores; and the D division, which we would then use to process refractory ores in Timmins.

Effectively, the refractory ores would be the TVZ zone as we're talking about. Then general location where it is.

This figure doesn't show where the Pamour operations are in here, but the Pamour open pit operations are less than 0.5 km from the bottom of this page. Then the idea would be all the Pamour ores would be trucked and similarly, the Hoyle Pond ores would be trucked and processed through these new circuits.

Perfect. Okay.

Going on to slide eight, we'll get to the next key development. That's exploration progress.

For all the production that we have and we're going to be adding, we think it's one of the most compelling exploration stories in the industry as well. We issued a press release on April 23rd, that's our latest one.

I'm not going to get into a lot of the details. Eric will get into the details of that release shortly.

I'll just, very at a high level, say we continue to get very good results from resource conversion and extension drilling at Hoyle Pond, Borden, and Pamour. Included in that release was excellent results at a number of district targets near those operations and positive results at our near-term projects, specifically Dome and TVZ.

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

Sustaining capital for the quarter was about $21 million, mainly related to capital development, mobile equipment, and infrastructure investments at Hoyle Pond and Borden. I'll mention we were very much on track with our capital development activities at those mines, also contributing with new mobile equipment at Pamour and some investments at the TMA6, our tailings facility project as well.

Sustaining capital was somewhat lower than we planned, which was primarily related to the shifting of delivery schedules for new mobile equipment to the second quarter and just other quarters of the year. Growth capital totaled $40 million.

Investment in the TMA6, including our new deposition strategy, and pre-stripping at Pamour accounted for the vast majority of that. Again, pre-stripping at Pamour was very much in line with expectations.

Just going to slide 10, this gets to the operating results. During the first quarter, Alison will get into all the financial numbers in a few minutes, and Pierre will then add some additional color on operations as well.

In our year-end results, we indicated that production in 2026 would be weighted to the second half of the year and that Q1 would likely be our lowest quarter of production for the year. Production was 60.2000 ounces for the first quarter.

What I will say is a highlight of the quarter was Hoyle Pond. It had a very good quarter in Q1 with an average grade exceeding 12 g per tonne.

Also, our total mined tonnes increased by 4%, and we ended the quarter with stockpiles of close to 1.3 million tonnes, which will help us manage both our throughput levels and grades over the balance of the year. Like production, our unit costs are expected to improve significantly in the second half of the year.

One reason our guidance ranges were as wide as they are is because of the variability we saw coming in the quarters. I will say our ASIC number for the quarter was in line with our guidance, and we do expect that number to improve as we get into the second half of the year.

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

We did 698,000 tonnes in the quarter. The reduction from the previous quarter, most of that was expected, an expected reduction, due to scheduled downtime and our understanding of the implications of severe winter on our crushing plant at Dome.

We've indicated since we announced the Porcupine deal beginning of last year that we were looking at replacing the three-stage crushing system, that it needed to be replaced. That's because it's inefficient and contributes to high unit costs, because it's prone to breakdowns, particularly in winter conditions, and ultimately because we're going to need to move it to get it out of the way as we push back the Dome pit when we bring Dome Mine into production.

The longer-term solution for this is single-stage crushing and a SAG mill, and that's part of our plans going forward in terms of achieving our growth targets. The near-term plan is that we are keeping increasing levels of critical spares on site, and there is a newly designed secondary screening system that's going to be delivered at the end of June that will be installed during the scheduled shutdown in July.

These steps we're taking now are designed to help us when we get to next winter. Just going on slide 12, this shows you our guidance, and I can say we remain on track to achieve all of our guidance for 2026.

We've completed the lowest quarter of the year. We expect to see significantly higher production, particularly in Q3 and Q4.

An important contributor there will be Hollinger. We began ramping up Hollinger in Q1 and exited the quarter mining about 2,000 tonnes a day.

We expect to get over 40,000 tonnes from Hollinger this year. There was only a few thousand in the first quarter.

We also expect to see higher levels of mill throughput and supported by the large stockpiles I mentioned. With that, I'll turn the call over to Alison White, our CFO, to look at the financial results.

Thank you, Mark, and good afternoon, everyone on the call. On slide 13, let's look at what a solid quarter and start we had to 2026, which reflects the continued momentum that we are building on from last year.

We had robust revenues during Q1 of $285 million, an increase of 4% quarter-over-quarter, primarily reflecting the higher than average gold prices throughout the quarter. We moved more tonnes during the quarter, and coupled with the number of ounces sold over the same period, cash costs per ounce were $1,417.

As previously mentioned, unit costs are projected to be the highest in the first half of the year and are scheduled to improve during the second half of 2026 as production and sales volumes increase and benefits are realized from the investments to optimize the company's operations. All-in sustaining costs averaged $2,041 per ounce sold, reflecting the higher operating cash costs per ounce sold, and is partially offset by lower spend from the sustaining capital during the period.

The lower-than-planned sustaining capital is due to the delayed timing, that Mark had mentioned earlier, for the delivery of new mobile equipment and for construction work that's ongoing at the tailings TMA6 project. EBITDA grew quarter-over-quarter to $178 million, an increase of 41% from Q4 2025, which is driven by an increase in revenue as gold prices climbed.

Discovery has continued to have progressively strong momentum since its transition to an operational company last year, continuing to grow EBITDA during each quarter of 2025 and now again in the first quarter of 2026. We also continue the trend to generate solid free cash flow with adjusted free cash flow of $63 million, reflecting an adjustment of $87 million for a payment made during the quarter to satisfy the company's 2025 income tax obligations.

Further, Discovery deployed $67 million in capital expenditures to further advance the asset base at Porcupine, continuing onward with the vision and capital allocation plan of reinvesting in the business to add value. Q1 2026 net income was $81.7 million, an increase of 25% from Q4 2025, and both earnings per share and adjusted earnings per share were 10 cents.

The increase in net income quarter-over-quarter resulted from the one-time $45 million reclamation expense for non-operating mine sites that occurred in Q4 2025 as well as the benefit of higher revenue and lower depreciation and depletion expense during Q1 2026. Partially offsetting all of this was the impact of an income tax recovery of almost $5 million in Q4 2025 that was also offset by a $49.6 million of income tax expense in Q1 2026 for the current year, and higher share-based compensation costs that also occurred during the current quarter.

The income tax recovery in Q4 2025 resulted from the $40.9 million in a deferred tax recovery that was related to revised reclamation cash flows. As we end on that tax note, let's move to slide 14 to review financial metrics.

We continue to build on the momentum that began last year across all of our key financial metrics. Revenue and EBITDA have increased each of the last four quarters, and equally, through strong Aris earnings generation, we continued to see positive momentum in our operating and free cash flow with Q1 adjusted operating cash flow of $130 million and adjusted free cash flow of $63 million that I mentioned previously.

The positive free cash flow generation strengthens the company's balance sheet and allows for capital redeployment into the business. Let's take a look at our liquidity position on the next slide, please.

Discovery's cash balance totaled $384.9 million at the end of the quarter. The stronger gold price environment translated into $130 million of adjusted operating cash flow, partially offset by the 2026 tax payment and continued capital investments that were covered earlier.

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

We believe that this balance sheet strength gives us the foundation to advance our strategic priorities with confidence. With that, I'm going to pass it over to Pierre, our Chief Operating Officer.

Thank you. It is pleasure to be presenting today.

I will be speaking to slide number 16. During Q1, we produced 60,269 ounces of gold with total gold pour of 59,258 ounces.

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

The impact of this reduction was partially offset by a 15% improvement in the average grade, reflecting a significantly higher grade at Hoyle Pond and a higher average recovery rate. More than three quarters of the reduction in tonnes processed was planned and related to the scheduled maintenance as well as the impact of severe winter conditions on the crushing circuit.

Company is currently advancing plans to replace the crushing circuit. Total ore tonnes mined increased by 4% compared to Q4 2025, and we have close to 1.3 million tonnes of stockpile material that is available for processing at the end of Q1.

Tony discussed the crushing circuit at the mill in his remarks. I'll point out that during operating days, the Dome mill continued to show improved performance.

Daily throughput at the mill exceeded 11,000 tonnes per day on 26 days in Q1, including 10 days when the mill exceeded the operating capacity of 12,000 tonnes per day. Operating cash cost per ounce sold averaged $1,418 compared to $1,185 in the previous quarter, with the increase mainly reflecting the higher mining costs given the increased mining rate in Q1 2026 and the impact of lower gold sold.

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

Hey, thank you, Pierre, and good afternoon, everyone. I'm on slide 17.

Before starting, just like to say it's been another great quarter for exploration, another 67,000 m drilled, excellent success in both operating mines and growth projects. With this in mind, we have, again, a lot of new information, but my plan today is just to go through some of the highlights, starting with the current slide at Hoyle Pond.

As shown on the slide, which is a long section of the south part of the mine, continues to focus on the lower F zone, including another five holes near the lower limits of the current resource with very positive results with several holes containing visible gold and high grade, directly down plunge of the deposit to the east and others indicating potential new high-grade lenses to the west. Considering the above, we're very happy with progress here so far.

Plan to keep these two to three rigs active here in the near term, but also integrating another two to three rigs in the mid to upper part of the mine to start advancing those projects as well. Turning to the next slide, which is number 18, see the TVZ area, which is another important drill project for us in Q1.

As mentioned in the past, TVZ is a significant zone of mineralization in the southeast part of the Hoyle Pond Mine that was partially drilled and defined by past operators, but we're now back, adding more holes to support a maiden resource estimate for later this year. With that in mind, what we see here on the slide is an overall view of the target area, including the main zones, drill platforms, and even the workings from Hoyle Pond Mine.

Just dwell slightly on the main target here a bit. What we're looking at is essentially a large northeast-plunging structure, which is based on drilling to date, extending from at least the 850 to the 1680 level, remaining open in both directions.

Internally, the zone consists of a series of lenses, which you show here in various colors, the largest being the TVZ2, which is the large green one sitting on the south side of the zone, and the remainder being splay wings, which dip and lead to the north. Then in terms of drill platforms, just to point out the project already has a number of very well-placed drill platforms that have been set up from past work, and these can be activated fairly quickly with just a little bit of work.

Aside from that, all of our new drilling has actually been from just the 1210 and 1680 levels and then will be shortly starting from 1410 as well. Turning on to my next slide, number 19, we see more detailed view of the zone in long section, including recent drill results.

As in it is all looking good so far. In terms of 1210, which is in the upper right-hand side of the slide, we had multiple new holes with wide high-grade intercepts nearby to our first hole that we announced in Q1, and on 1680, several more, which intersected attractive grades and widths near the lower limits of past drilling.

Just to give you a flavor for what we're seeing, intersections on 1210 were including numbers such as 4.23 over 55, 6.41 over 11, 5.18 over 9.1, and then intersections from 1680, this is 4.32 over 19, 4.24 over 10, and 4.73 over 6. Important to note is that all these intersections are similar or better to other previously drilled holes in both areas, and that drilling below the 16 level 1680 level is still very limited.

Given the above, we're very happy with progress so far, and the program's continuing with three drills active on 1210, 1680, and 1410 levels. Expect to see a lot of additional new results from the upper and lower parts of the zone very shortly.

We're also starting on rehab of new work platforms on the 1430 level and 900, which will provide even more platforms as we progress. Turning on to the next slide, which is number 20, we see the Owl Creek area, where we completed another 12 holes near the historic pit as well as at the 750 zone, which is 750 m to the east.

As indicated here, drilling near the historic pit included eight new holes between surface and the 650 m level with very encouraging values, multiple holes intersecting wide high-grade zones near the east side, and another continuing to enlarge the overall footprint to the west. Key intercepts to the east, confirming the wide higher-grade zone, include values such as 4.11 over 30, 9 over 3, 5.24 over 10, 4 over 13.8, and the key intercepts to the west include 4.5 2.2.

Drilling at the 750 zone included one new hole, which was designed to confirm and extend mineralization near the 250 level and that the lower limits of the historic drilling. It was also very successful, with intercepts of 5.76 over 4.5, 2.57 over 8.9.

Given the above, we continue to be very pleased with progress at the project to date and plan to continue with two drills for the near term. Then turning to slide 21, we see an overall view of the Borden Mine, where we had another 24 holes in the northeast portion of the mine.

Shown here, the focus of current work continued to be on the main zone, which is the farthest target on the right-hand part of the slide, all drilling being done from the 585 drift, testing mostly down plunge northeast of the mine workings. Additionally, we also saw drilling start on the lower part of the East Lower Zone, or ELZ, which is another mineralized structure with similarities to the main zone 500 m to the west.

Important to note that both zones still have limited drilling down plunge, remaining open for expansion. I'm not going to go into a lot of details here in terms of the results.

They're well summarized in our press release, but I guess I could just mention that we continue to have a lot of success here with the drilling, getting very good grades and widths in both areas for inside and outside resources. Very optimistic about these works at the site.

Then turning to slide 22, we have the Pamour, where we completed another 67 holes near the current open pit resource as well as Pamour West, 1.5 km to the west, and the North Contact Zone, north of the phase two pit. Drilling near the open pit included 56 new holes designed to upgrade and expand resources, and as with Q4, results were easily meeting expectations with multiple highlights from all areas.

Drilling at Pamour West, this is another six holes down in the historic mine of the Gull Lake property. As with Q4, also continued to intersect very nice values along strike of Pamour and a similar geologic setting.

Then drilling at the North Contact Zone included five new holes, which tested major east-west contact north of the Pamour pit and also started to show very positive results. Important to note, there's none of the material from Pamour West or North Contact area is included in the current resource estimate, and we'll be working hard to incorporate this in our next update later this year.

Programs continue with four drills: two focused on extensions of Pamour pit, one at Pamour West, and one at North Contact. Then going on to slide 23, we see the Dome, where we had continuation of drilling in preparation for the new resource estimate later this year.

As indicated on the image, the vast majority of new drilling targeted the northeast part of the resource pit, but also included final holes from the area to the southwest. Drilling in the northeast area included 10 holes to evaluate mineralization on the Dome fault near the lower portion of the current resource, very successful, indicating close correlation of geology, similar or better grades, and with to the historic holes, which were drilled mostly before 1970.

Drilling to the southwest included four holes, testing exploration targets to the south of the current open pit. As in Q4, continues to identify new open-pit opportunities for future expansion.

Drilling at the site's continuing with two rigs, both now located in the north side of the pit. Considering results and progress to date, the project remains on track for a new resource estimate by the end of 2026.

In summary, things continuing well, and lots more to come. With that, we'll pass over to José Jabalera, Senior VP, Corporate Affairs and Sustainability, Mexico.

Thanks, Eric. Hi, everyone.

At Cordero in Mexico, we continued advancing the project. We're including the studies on water and power.

It also after the last event of the Plan Mexico event with the President when she announced incentives in the investment, we got a meetings with senior Mexican authorities. They settled a site visit to the project to go in the final process of the evaluation for our MIA.

We will have that visit on the next week to continue advancing on the processing of the permit for SEMARNAT. With that, I pass the words to our CEO, Tony Makuch.

Thanks, Jose. Thanks everybody for presentation.

We had a fairly solid quarter. It was a quarter where really our mines definitely outperformed the mill in terms of throughput.

The mill had had some challenges in terms of weather, but as we're moving on, we're working at having these things corrected, and we expect to have really solid processing results as the year goes through. Really want to thank the hard work of all the people in the company that are the ones that did all the work and got all the success in the year.

We really appreciate that. Then to wrap up, on the other side, you can see from exploration and a few other things we had some significant developments in the first quarter that supports our growth objective.

The acquisition of Kidd is one really important value driver for the company. There's a lot of synergies and a lot of value in terms of what we inherited with Kidd and can take advantage here.

Main thing is the unlocking of processing capacity. You can see what I tried showing, somewhere between 7 and 9 million tonnes of new processing capacity that can be unlocked with that.

You just do the math yourself in terms of when we talk about in gold, we have lots of resources. Eric showed you all the continued exploration success, and there's still a lot of gold left around Timmins, and they're right within existing operating mines and on operating infrastructure.

We continue to invest, and we're invest properly in terms of building the value. Like I say, as Mark talked about, our growth objective to reach over 0.5 million ounces of gold production, and you can do the math and you can see we have significant plans in place and we've said they're even more somewhat exceed that.

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

Hi, Tony, Alison, Pierre, Eric, Mark, and team. I guess I'll start off my first question by asking about Kidd Creek, which, do you mind reminding us what are some of the opportunities you see here?

Does the acquisition of Kidd Creek change the way we should look at the near-term mine plan as well as can you also remind us what are some of the steps between now to closing our transaction in Q1?

I think the first thing in terms of the acquisition of Kidd, the mine's still operating and we do expect the mine to operate and continue to produce ores definitely for the rest of this year. We're working hard in terms of what can be done there and done safely and effectively.

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

Again going to slide seven where I tried to show the biggest part here is unlocking the value from the metallurgical site, what that brings to us in terms of adding mill capacity. With very minimal capital investment, we can process the Borden ores at the Kidd Metsite in the C division.

We're looking to process refractory gold ores such as TVZ in the D circuit. Again, these aren't significant capital expenditures for here, and they're not necessarily significant time, too.

We expect that if things go properly, we're doing some test work right now and working on permitting, that it could be between September and March of September of this year and March of next year that we could be actively processing Borden ores here. That unlocks 2,000 to 3,000 tonnes a day capacity at the Dome mill pretty quickly for further gold ores.

Mark mentioned about the significant amount of stockpiles we have on surface as we're building stockpiles from mining. There's a lot of opportunity there.

The big part is we're going to start engineering now and working on what we need to do to build a whole new mill circuit at Kidd to treat the Pamour ore, and that's a 5 to 7 million tonne a year conventional gold circuit. One of the real advantages here with this, you have a brownfield site where you have over 100 MW of power already, we have all the water we need, we have a cleared site with actual concrete foundations in place, not that the final foundation for all what we do, but definitely an area that was used in the past for metallurgical work, that we can go in here, put a coarse ore bin in, put a primary crusher, a SAG mill, and then can create that like you say, a 5 to 7 million tonne a year gold circuit to process all the Pamour ores, and really unlock the value then of Dome mill.

Think about it, it gives us somewhere between 7 and 9 million tonnes a year of processing capacity between six months from now, growing from six months from now to three years from now, huge opportunity here. That's the main part.

In terms of closing, things are working well. We're working towards final transfers of closure plans, etc., with the provincial government.

We're kind of thinking we're going to have this thing closed before the end of the month, but there's always something that can happen. I think pretty much dotting the i's and crossing the t's, to speak.

For sure. Thanks, Tony, for that answer.

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

Oh

yeah, as part of this part, we have the offtake in place with Glencore and pretty much the offtake terms are not really much different than the offtake terms that being provided to Kidd site itself. It gives us that lead-in in terms of working.

It's a going concern business, right? It's producing 3,000 tonnes per day or it's running at about 1.2 million tonne a year capacity currently, and it will continue on that for the rest of this year.

We still have to get worked with them on plans once we take over. The operation will continue to produce a copper concentrate and a zinc concentrate.

The copper concentrate goes to the Horne Smelter, the zinc concentrate goes to Quebec to Montreal. That's those in place.

We have that agreement in place with Glencore, and it's great learning capacity for what we would do as we advance Cordero as well.

Perfect. Sounds good.

Sorry, if I can, Alison, I do apologize in advance. This is going to be a tax question.

If I look at this quarter's free cash flow, before being adjusted, a large item would be the taxes paid for last year from Porcupine's taxes. Going forward, should we expect more of a monthly installment or how should we look at cash taxes being paid going forward?

Larry, you're exactly right. Thanks for the question.

Taxes are never anybody's favorite topic to talk about, you're brave to ask it. Nevertheless, yes, you're right, and we are paying monthly installments in 2026.

The one-time event for 2025 payments was largely just because last year was our first partial year of operations.

Amazing. Sounds good.

All right, thanks so much, Tony and team for the response, and I'll return to the queue. Thank you.

Thank you for taking my question. I'm trying to envision or anticipate the fourth quarter technical study.

The January study last year described resources of four deposits and production from three of them. Based on the drilling results, will we have resources from four more deposits, TVZ, Owl Creek, if you're taking material from Hollinger, and now we've acquired Kidd Creek?

Will the new report describe eight distinct resources and envision production from all eight of them?

That's a good question. Eric can answer.

Some of that really, in all honesty, John.

Say we had the three main ones which are the operations. Definitely be an update on those.

Then we've got Dome and TVZ, that's the base plan, for sure. We've had good results at Owl Creek, like we say.

If we have enough drilling to do a resource there by year-end, but really it's be those five are waiting for at year-end.

We do have Hollinger that we could discuss or include. There will be some things out of Kidd, but we're still working on Kidd.

We will give something out of Kidd, but it might be part of a separate report there, John.

Is the 131 million tonnes that Glencore reported for Kidd good enough to meet your standards?

It was okay. I'm not sure if it was quite that number, but the level of drilling and the level of quality of workmanship, we're not questioning that at all.

Eric?

That wouldn't be in a 43-101 report, this is a JORC report that was done in the past. The drillings have been always done to a measured and indicated standard in mining 5.

Areas really where most of the resources is in the deep part of the mine, really which could be added to the resources, but it's really not because of the quality of the estimation or the drilling that they're not putting it in. They have uncertainties with other parts of the mining method, approach.

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

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

That's Owl Creek, you're talking?

Owl Creek, yeah.

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

The ore we're taking is broken ore from previous in the bottom

Yes, there is material at Hollinger. It's a valid point that there's material at Hollinger we're mining that was part of a historic resource or resource from the previous operators.

It's work we're doing and something we're considering, but it may be more work, John, for 2027 only because in terms of the level of drilling and stuff where the other work we needed to do to verify to do the 43-101 level report, it may more roll into 2027 for Hollinger, but it is one of the key areas and a lot of potential for what size of a resource there.

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

What we're looking at doing, John, is right now in terms of the primary crusher, what we're looking at doing is either putting an ore bin at site and to bring an ore bin at site, a new ore bin and truck dump at site, and do fine crushing, bring crushed material from Pamour, put primary crushing at site, that's one alternative. Second alternative would be to put that there, but we're just working on now there's some work in the back.

If I had a drawing up, I'd show you, but there's working in the back that's around the secondary and tertiary crushing plant, and going into the tailings where we would do some foundation work where we would put it right now. That would be the first phase of what we do at the Dome mill.

The reality is we could keep the mill where it is, have a variation of crushing there, and continue to run the Dome pit for anywhere from depending on throughput rate that we want to mine at, 10 to 15 years before we even have to move and replace the mill at that Dome.

Thank you, and congratulations on all the progress.

Hello, Tony and team. Just congrats on the quarter and thanks for taking my question.

Just switching gears to operations. You've talked about production and costs improving through H2 as throughput and mining rates ramp up.

My question is what are the main things that we should be watching over the next couple of quarters to see if the ramp-up is progressing as expected? Maybe just broadly, are you seeing anything so far in April into May from an operational standpoint that gives you confidence in this ramp-up?

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

Yeah.

Right. Of the four sources, we don't report separately, as so I'll be kind of speaking in general terms.

I would say to you that our mining rates are progressing really well. We don't foresee any issues here at any of our operations.

Of course, as Tony alludes earlier, grades do fluctuate up and down mostly due to sequencing and some adjustment with block models that we're doing throughout the year. With that, on that aspect, Ken, I don't anticipate any issues delivering material to the mill, whether it's Q2, Q3, or Q4.

In terms of processing capacity, we did allude to the fact that we had a few mechanical issues in Q1. Now just want to bring to your attention and others' attention that if you compare what we did process in Q1 of 2026, which was about 7,700 tonnes per day, and you compare that to the previous operator, which in Q1 2025, they process around 4,800 tonnes per day, you can see that we have put in place some improvements already.

Later this year, some of the mechanical parts, secondary screens to name it, is going to be replaced, so that's going to increase the availability of the process plant. As I did mention earlier, we did exceed the nameplate capacity of 12,000 tonnes per day in Q1.

We're going towards exceeding that 12,000 tonnes per day in the rest of the year.

To add to that, the real two primary key indicators if you want to watch for how we're achieving the ramp-up, one would be daily mill throughput, as you see the mill processing more on a day-to-day basis going from average 10,000 tonnes a day to 10,500 to 11,000 tonnes a day or whatever. Second part is our quarterly production of gold.

Those are the two main drivers right now. If people get Q1, you want to look for

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

In the short term, what we need to do is get plant reliability, and the biggest part is the screens on the secondary screens. That's what's been causing some of the troubles.

There's lots of areas within the plant. In the short term, it's reliability on our secondary and tertiary crushing circuit, mostly the screens, that's provided your sizing of the material before you go to your fine ore bin.

That's critical in the short term. The longer-term processing is movement of the actual primary crusher to a different location and working on other areas.

A much longer-term thing is to replace the three-stage crushing circuit with primary crusher and SAG mill, that's for Dome. Then the other aspects now what we're doing with the Kidd Metsite, we have a number of initiatives there now.

One initiative is to get Borden ore through the C circuit and open up capacity that gives us 700,000 to 1 million tonnes a year of new capacity at the Dome mill because we're processing it at the Kidd Metsite. Second part is what we're going to do to build a new 5 to 7 million tonne a year conventional gold circuit at the Kidd Metsite, and the work we're going to do on that.

Then the third part is the refractory gold circuit now that we're going to be able to work with that at the Kidd Metsite. Eric can go through.

You can see what our resources, if we just look at the resources: Pamour, Hoyle Pond, Borden, and Dome, we had well over 15 million ounces of resources. I don't know you don't want to mine that over 30 years, we should be able to mine that faster.

The first part, without adding any exploration success, we need mill capacity. That's a big value driver.

Second part is, as you can see, Eric and all the exploration success we're having. Definitely we need more mill capacity, and then we can become more discerning in terms of, as Pierre said, focus on higher grades and proper margin as we understand all the different deposits.

We have the potential to build a lot of new mines here, and with that, the mill capacity and those are the things we're working on. Yeah.

That's all from me. Thanks, Tony and the team, for taking my questions.

Best of luck in Q2, and I'll pass the mic to the next person on the queue.

Maybe just to reiterate, this is to tell you that, by the way, when we talk about mill capacity, we're not building new mills. We're in brownfield, permitted sites.

We're just modifying plants, right? We don't have to bring in power, we don't have to bring in water systems, we don't have to build substantial new foundations, or we got actually existing tailings areas, we just have to modify permits on.

We're working on and within existing operations to grow this stuff. We're not going greenfield building brand new, permitting brand new processing operations.

Sorry. Carry on.

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

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

We look forward to speaking with you then. Enjoy the rest of your day.

Thank you.