Companies put out quarterlies, they regurgitate or do a flash presentation about what they just announced the day before or a few days before, and there's very little interaction from shareholders, apart from some analysts asking questions, etc. We've decided we don't want to regurgitate numbers.

We've been quite explicit in the way that we've put out our quarterly numbers with an update as well, to put everything out there as far as how we're progressing and where things are going and how we're performing. Really this is just a casual discussion and an ability for anybody and everybody to ask questions either via text or verbally, and we like to be as open as possible.

There's no judgment. If you're a retail investor and own 1,000 shares, but you've got a question that's burning a hole in your brain about what you want to ask us, please go ahead and ask us.

As I deal with emails a lot. I put my email address out there.

It's in the press releases. People do communicate with me by email, and I do answer those emails.

I try and communicate with people as best as possible. We do interviews, but unfortunately, those interviews are not interactive.

This is one way of getting over that by having some sort of interaction with investors. Please feel free to ask questions.

I can see now on my screen already three messages, three three text questions have come through, so that's good. We'll attend to them.

We'll also attend to people who raise their hands to ask questions as well. It's a very open forum and very relaxed, okay?

I'll start off and kick off by saying we have here four of us from Rio2: there's myself, I'm the executive chairman; Mariano Alarco, he's the director of Operational Excellence; Andrew Cox, President, CEO; and Kathryn Johnson, who's our CFO. Mariano, myself, and Andrew are in Lima, in Peru, and Catherine's in Vancouver on this call.

The thing I want to do is just open up with the fact that we did put out our quarter. You can see that our quarter from a numbers perspective was an improvement on the first quarter that we put out this year.

We've only reported two quarters from both Cóndor de Oro and Fenix Gold. As Cóndor de Oro was an acquisition that we made in January or closed in January.

It's been under our belt for 5 months, and is doing very well on a steady-state basis. Fenix Gold is in ramp-up, and we've been as explicit as possible about all the challenges that we've gone through in respect to ramp-up.

The key issues that we identified in Q1 were in regards to recruitment of people. We are over that hump now, and we reported that in our Q2 results.

Space, mining space, Fenix South taking off the peaks, and you can see the deposit here. There's Fenix South there, Fenix Central, and Fenix North, extinct volcano, virtually close to 5,000 m above sea level.

Making space to generate a pit with working areas, etc. was a challenge in Q1, and we're starting to get over that.

We reported on fragmentation. We said that there was some andesitic material, which is hard material in relation to the brecciated volcanics.

It's about 30% of what we're mining at the moment is breaking to oversize, oversize being greater than 4 in, and we talked about the fact that we're dealing with our explosives contractor and looking at trying to optimize that and reduce the fragmentation on that harder material. Throughput, we are aiming to get to a steady state of 20,000 tonnes a day.

With throughput, we were hitting our straps in early July, and we were actually feeling quite confident that we could declare that we were at a steady state of more than 20,000 tonnes a day during Q3, but that appears not to be the case because of the extreme weather events that we've been through, and we're going to talk more about that. Andrew's going to show some photos as to what we're dealing with at Fenix Gold with regards to weather.

We've lost some time in production at Fenix Gold during these weather events. No damage, no safety issues.

We've looked after our people, but getting ore onto the pad has been problematic from the point of view of working safely and having people available at site to do that. Right now it looks like we've lost about two weeks of production during July, and it looks like we're going to lose about two weeks again in August because of the weather.

Once again, Andrew will talk more about that in a minute. I'll just hand over to Andrew to go through that.

I think we'll look at what we're dealing with, have a look at some photos on both Fenix Gold and Cóndor de Oro, and then deal with the questions. I now have about five written messages or questions presented here, we'll get through those as quickly as possible after Andrew does the presentation.

Andrew?

Yep. Sure.

Just bear with me for a second while I pull up the file. Can you see that, Alex?

It's starting to come up. It's just loading now.

There it is. Yep.

Fenix South.

Just let me know when. This is a photo of Fenix South in better times when it's not buried in snow so much.

This was taken late or early August before the second storm event, we had the July storm event, 16th of July, that basically shut us down for almost two weeks effectively of production. Then, at the time of publication of the press release, we went into a second event, which was worse than this, the July one.

We had almost three times as much snow, and we're still opening up access again to the project and

Andrew, do you want to just elaborate on what the average precipitation is in this region?

Sure. Fenix Gold typically receives 15 cm of precipitation a year, which generally is in the form of small snowfalls, 3 to 4 snow events a year of maybe 5 cm.

In the July event, we had close to 1/2 m of snow over everything, and then in this second event in August, which we're coming out of now or we're dealing with now, we've had over 1 m across the project and in some places up to 3 m where the wind's accumulated snow. Very atypical, and basically two 1-in-10-year events in 3 weeks is what we've lived through, tough dealing with cleaning up all the snow to get access to everything again.

That's the hard part. The leach pad, for example, you'll see in the photos, is covered in a couple of meters of snow at the moment, while we've re-established access to Fenix South, at the same time we have to clean the leach pad so we can start depositing material.

You're looking at Fenix South there on the screen. You can see it's opened up.

We've got two or three different mining areas where we can mine. As Alex mentioned, in July, we were achieving 20,000 tonnes a day before we had to stop for the storm, we were well on track to achieve that, and we expect to get back to that once we start mining again.

Some of the issues from Q1 we reported, we were working with contracted hired trucks while we were waiting for the owned fleet, the fleet that was purchased by our contractor for the project. You can see there that the Scania trucks, 42-tonne capacity, they arrived.

They're on-site. They arrived during Q2, and at the start of Q3, we had the full fleet of trucks on-site, which solved one of our problems, which was availability.

The operators, as Alex mentioned, was resolved, that wasn't an issue into Q3. Also the excavators, you can see on the right, there's two 90-tonne Cat excavators, which also arrived during Q2, from a mining fleet perspective, everything's on-site: the drills, the trucks, the diggers, so that's not a restriction anymore.

When we talked about the andesite-dacite material, you can see on the right-hand side of the photo the breccias, the volcanic breccias blasted very well. Get the finer material, you can see the brown.

To the left behind the truck over here, you can see the andesite-dacite material, which is obviously much harder, and we've been having some issues with oversize material that we mentioned in the press release that Alex talked about. Working with our blasting contractor to try and improve blasting, to change the pattern, change the loading, powder factor, etc., the detonation method, we've done on detonation, and all working on that and improving it, but you can see the difference in the grain size or the fragmentation in that photo.

This is basically after the first event. You can see that it wasn't that much snow deposited on the leach pad, but what I'm trying to show in this photo here, the black plastic covers that we talked about in the press release.

You can see down in the lower-left foreground the black covers over the pad, that they've worked very well for us. The insert photo shows basically the ambient temperature outside the pad and then inside the pad, which is basically a difference of 12°, using those covers keeps temperature in the pad, and we were able to combat the freezing issues that we had in May with some of those early cold temperatures that came on.

That's working well, but it's also obviously avoiding evaporation, saving water for us. It was a trial and error, we got there, and obviously in these two snow events which we've had July and August, we've been able to keep leaching, and the leach pad operation's been normal despite the storm and the snow and the freezing temperatures.

That's a positive for us that we've resolved that and how we're going to operate the leach pad going forward in winter conditions. Just take note of the snowfall here, because this was the first event.

Later you'll see a photo of the leach pad after the recent event, and you'll be able to see the difference in the amount of snow that was deposited. That was our PLS pond during the first storm event in July.

Obviously, the snow settling on the pond and freezing, and you can see the snow accumulated around the sides. Obviously, the pond itself is not frozen, but just the top.

We're talking temperatures of -24° that we were experiencing during that event.

This has been a positive for our water balance, right?

Correct. We talked in the press release about the mineral coming from Fenix South having higher humidity content than we expected.

We planned on 1%, 1.5%, and that's coming back at 4%. The amount of water required on the leach pad to saturate the material, the solution percolates, is approximately 25% less than we expected, so that's been a positive.

We've got more than enough water. We've never been water-constrained in the project.

Then, additional to that, in the July event, with the snowfall that we received, we calculated that we received something like 13,000 cubic meters of water inflow from the leach pad to the PLS pond. A positive from the snow events, and obviously from the second event, we're going to have a lot more water than the first event.

Something we can try and calculate and use in the future.

I guess what we'd like to say too is because, right while we were building this project and talking about trucking water, a lot of people were worried about our ability to truck water and provide water to this project. Water has never been a bottleneck for us to date on this project.

Have a haulage contractor that's dealing with trucking the water and things have been progressing really, really well.

Yep. The photo after the July event, once we'd re-established access to the plant, obviously, the snow's there, and the biggest problem during the storm event was the visibility, whiteout conditions with the snow being windblown, you can't see.

We had to wait 4 or 5 days, and then we took 4 or 5 days to open everything up again and re-establish access. You can just see that the snow that was accumulated on site, which you'll be able to compare to the August event in later photos, okay?

That's after the event, access to site on the left, the access road to the project, opening that up, and then the photo on the right is the mining access, re-establishing access to Fenix South on our main haul road. Just, yeah, this takes time.

It's machinery and time to clear the snow and re-establish access. This is the second event, the August event.

It's a shot from an app, and you can see that it was a major precipitation event that lasted 4 to 5 days, so much more precipitation. We've seen over 120 of precipitation on-site in 2 days, which is, it's 120 or 1.2, it was almost 10 times, over 10 times typical yearly precipitation.

Then the impacts of that, not only on-site, but also on the access road to the project. This is the CH-31, the international highway which runs from Copiapó across to Argentina, our access road access to site for water, for all our consumables.

Obviously, below 3,000 m, typically that precipitation on-site, which is snow, turns to rain, this is a rain event in the Atacama Desert, again, sort of a 1-in-10-year event. You can see some of the damage to the road, which has been re-established.

We've fixed this since 2 or 3 days ago with Kinross. On Saturday, we were able to reopen.

Just to give people a feeling, this is a crossing that's deliberately been designed for these sort of events to channel the water across the road, and you can see it's probably 3 3 m deep of sediment's been deposited in that crossing, which had to be removed and cleared. Just other damage to the road from water flows, surface flows.

Obviously, it's a dry region, and when you get a lot of rain coming down, the water courses aren't that well-established, and the water runs where it wants to run, and it's cut out the road in two or three places like this. Quickly fixed, just filled it in with material and put the grader over it, wasn't that big a deal to re-establish access, but it's, again, it's time and it will be repaired properly in due course.

Again, this is the August event. The photo on the left's the road from the mining camp, which we have at H20 camp is at 3,200 m.

The snowfall arrived right down to there. It went further downstream as well, had to open up the public road, and then the middle photo is our internal access to the project, and then the photo on the right is the ADR plant.

You can see the snow event is over 1 m and 1.5 m in lots of places of snow accumulation. Same thing, arriving to the ADR plant, you can see, again, well over 1 m of snow across the plant.

The photo at the bottom right shows the containers that some of the offices are in at the moment completely buried. We had 30 30 people stayed on-site to keep the plant running during that period, and we established access back to them on Saturday to be able to relieve them and get fumes, other consumables back to the plant again, so.

There's a photo of our leach pad. If you can imagine the leach pad there that you saw in the other photo, the black plastic covers were apparent, you can see them.

This time that you can't, they're on this big, flat surface sort of to the right of center, and that's the leach pad currently. As part of what we're dealing with now is reopening these accesses to the leach pad, to the mining.

There's a lot more snow than we saw previously in the July event. Moving on to Cóndor de Oro quickly, just a photo of the tailings filtration plant that's been commissioning the last couple of months.

It's operating now and is about ready to go into full-time production. Probably by the end of this month, we'll be ramping that up and dealing with all our tailings via the filtering process to dry stack.

That's happening. Geology at Cóndor de Oro, the exploration program, we've completed a surface mapping campaign all over what would potentially be the future open pit area.

Geophysics across the whole concession package has been done, and geophysics combined with the field mapping will now lead into the design of a open pit drilling campaign. We'll be drilling probably, 5,000 to 10,000 m over that surface fit potential area to help define the resource and maybe leading towards a potential future open pit project in the medium to long term.

Same again, the surface mapping. Then the other thing happening at Cóndor de Oro is the ore sorting trial.

This is a photo of the plant that we've purchased. It's not at Cóndor de Oro yet, it arrives in October, it's a referential photo of what this sort of sorting plant looks like.

We plan to install this in Q4 once the equipment's here. It's something similar to the photo.

It will be a small trial setup, industrial pilot trial, where we will run approximately 1,500, 1,600 tonnes per day from waste stockpiles and low-grade stockpiles, and processing according to the flowchart you can see below, basically processing 1,600 tonnes per day to receive approximately 850 tonnes of processed mineral from enhanced grade. We're looking at 0.4 material being improved to 0.65, maybe 0.7.

That trial will run for 6 to 9 months and enable us to make a decision, is it really working as well as the lab results? Is it something that we can employ, and if it's successful, obviously, we'll produce or we'll take it to an industrial scale and add in maybe two or three circuits and be able to produce a couple of thousand tonnes per day to help with the ramp-up process to 12,000 tonnes per day.

It's early days. We'll run the trial and see how that goes.

That's the end of the photos.

Hopefully that gives everybody a bit of an overview of where we're at. The weather event in Chile has been caused by a super El Niño, which is in place at the moment.

It's an El Niño that most analysts are saying is the strongest on record in recorded history. Here in Lima, where we are, it's 5 to 7° above normal temperatures in Lima for this time of the year.

We had a rain event in Lima yesterday, which is unusual for this time of the year. Usually, if there is any rain in Lima, and the average rainfall here is 10 per annum, occurs in summer, really weird stuff going on.

Anyway, not ideal. If people were following us during last year when we were building the project, we had typical weather events, snow flurries, etc., which didn't stop construction.

We constructed on time and on budget, we've just hit a tough spot during ramp-up, and obviously, it's not ideal, but it is what it is, and we roll up our sleeves and get on with it and battle through it. Just to give you some idea of what we're dealing with.

I've got some questions here that people have sent us, maybe we'll just go through them. Just for confidentiality, I won't mention the person's name, but I will ask the question and get our team to answer.

In Cóndor de Oro Q2, your highlights say $3.10 AISC, but your reconciliation table says US$1.81. Is the difference the Franco-Nevada stream, and which number should we model?

I'll take this one. Hi, yes, the difference is the Franco-Nevada stream.

I would model the higher number because that includes, I guess, the true cost of AISC.

Next question: Once Fenix reaches commercial production of steady state 20,000 tonnes a day, what is currently the working assumption for forecast AISC for a full year of operations? I might jump in there first before you do, Andrew.

I think that's the whole part of ramp-up is to get to the nominal throughput and to do it consistently, and then to look at what the costs do look like. It's very hard to project.

There's been diesel inflation in Chile, there's been labor inflation in Chile, and we need to come to grips with all that in our numbers, and obviously once we get to a steady state, be able to project into 2027. Andrew, do you want to elaborate on that at all?

I think that's the right answer. During Q3, we would have liked to have been at 20,000 tonnes per day, and we would have started to really understand what our costs are with the new mining equipment that's arrived, for example.

The cost of that equipment's approximately half the ownership cost of the rental gear that we had, there's going to be an impact from that. Unfortunately, we're just not at steady-state production, we won't see that yet, but I would like to hope September, October, once we're back in normal operations, we'll have a good idea on what that number probably looks like going into next year.

I'll move on to the next question. Fenix stacked 19,325 contained ounces in Q2, and produced 9,088, 47%.

What ultimate recovery does the feasibility study assume, and what are you seeing on the oldest cells of the pad?

The feasibility study assumes 70%, 75%, that's what we're looking for. What you're looking at there from Q2 is a product of a 90-day leach cycle.

Material goes to the pad. We don't put it straight into leach sometimes.

We finish building a cell, and it's different time frames on material going to leach. You have percolation times, because the pad's now got, in some places, up to 3 10 m lifts on it, basically a 2 m 2 m per day percolation time, it's 15 days for solution to come down.

We had some freezing issues too that we talked about in the press release in May when we were trialing the plastic covers. Some of the initial cells that weren't covered froze.

Really it's a question that I probably can't give you a good answer to just right now. I think by late this year, we'll have a much better feeling on how that's tracking.

It's just too many variables seen at the moment, so,

yeah. A lot of balls in the air.

Next question: Do you expect the water consumption per tonne of ore, 75% of design, to remain at that level? If so, could mine throughput be expanded, as water was the bottleneck of the operation?

That's basically how we're seeing it. We've come down four benches now in Fenix South, and that humidity content at 4% in-ground is maintaining.

Obviously, we get 100 m down, 200 m down, it may change. We can't guarantee that it stays at 4%, but logically it should.

If that's the case, that 25% difference in water required to saturate material would enable us to process an additional 25% of ore. Assuming we maintain the same trucking level that was planned on, budgeted on, we can potentially process 25% more ore volume and with the same amount of water, so that's where we'd expect to go with that.

Ramping up into 20 20 to 25,000 tonnes per day during next year or late this year.

Next question: Probably about 1 to 1.5 years ago, the AISC was forecasted to be about $1,250 US, but clearly due to inflation and energy costs, it has to be higher nowadays, but I noticed that it was about $3,100 in Q1 2026, and it is a bit lower in Q2 at about $2,700. Where do you see AISC stabilizing and going towards, and how long will it take to get there?

Thank you very much.