Thanks very much, Colby, and thanks, everyone, for joining us today for Discovery's third quarter 2025 conference call and webcast. Joining me today are many members of Discovery's management team.

Speakers for today's presentation include Tony Makuch, our Chief Executive Officer; Alison White, our Chief Financial Officer; Pierre Rocque, our Chief Operating Officer; as well as Eric Kallio, our Senior Vice President, Exploration and Growth; and José Jabalera?] , our Vice President, Corporate Affairs and Sustainability for Mexico; and then Tony will have some concluding remarks.

As late yesterday, we issued our Q3 2025 results press release. This release, as well as the MD&A and financials, are available on our website at discoverysilver.com and have been filed on SEDAR+.

Before we begin, I'd like to remind you that during today's call, we will be making forward-looking statements. These statements are based on current expectations, assumptions, and projections about future events.

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. For more information on our FLI, please refer to the information on slide 2 in the slide deck as well as our disclosures on our website.

In addition, we will be making references to a number of non-GAAP measures during the presentation. These measures are included to provide additional information and should not be considered in isolation or as a substitute of measures of performance prepared in accordance with GAAP accounting standards.

These measures do not have any standardized meaning prescribed under GAAP and therefore may not be comparable to other issuers. Again, I refer you slide 3 in the deck as well as cautionary language on our website for more information about non-GAAP men.

Finally, all dollar amounts today will be in US dollars unless otherwise indicated. With that, I'll now turn the call over to Tony Makuch, our CEO.

Good afternoon, everyone. Thanks for for joining.

Thanks, Mark, for the the the the intro there and and setting this up. Maybe before I get into results, I I could acknowledge the people at Discovery.

It's it's a lot of people working very hard to to to to get the the the performance here that we get to talk about. Some of them there's a lot of people on shift, a lot of people working today.

There's some people at home resting to come on shift at night, and many other people at home with their families prepping for the next shift rotation. Thanks everyone for all what you do, and it's all as we come forward, let's continue to work safely, especially now as we're coming into the into the holiday season.

It's a time to to to maintain awareness and and vigilance on your on your safety and the safety of others in the workplace so that we can all have a have a strong finish to the year. Anyway, looking at Q3, we turned in a very solid quarter.

In particular, the the company doubled its its adjusted earnings per share from from the se- from the second quarter. We generated substantial free cash flow, and we built our cash and capital strength.

Before getting into the details, though, I, I'll turn to Sorry. I'll just turn to slide 5.

We've had a very solid quarter in Q3. You see from here, production increased 25% to 63,000 oz, while go- gold sales ro- rose over 50% to 66,000 oz.

Unit costs improved this qu- quarter, with all-in sustaining costs up 16% or or, sorry, 16% lower than Q2. Going to slide 6, we re- we achieved solid earnings performance.

Alison will get into the details. I'll just review the high-level numbers.

Our revenue totaled $237 million, a 60- 67% increase from last quarter. Revenue in in in the quarter, with with resulted from, the increase in revenue was was caused from, increased sales, 66,000 oz gold sales, and the increased gold price, average gold price.

Realized net gold price for the quarter was $3,490 per ounce. EBITDA totaled $122 million, which is up more than 100- 120% from the second quarter of this year.

Earnings per share was 5 cents per share, while adjusted earnings per share was 8 cents per share. As mentioned, our adjusted earnings per share doubled from last quarter.

I'll let Alison give you a little more color on that. Slide 7, is shows our cash flow and and what's happening with our cash position.

As mentioned, we we did generate a lot of cash flow in Q3 and really continued to strengthen our balance sheet. Operating cash flow totaled $154 million.

Free cash flow was $87 million, and that $87 million was triple the level of free cash flow in in the second quarter of this year. Our cash position rose 35% and now is up to $342 million, and to- total liquidity rose to just under $600 million.

The liquidi- that total liquidity includes cash cash on hand as well as the $250 million from our new revolving credit facility we announced during the third quarter, and there's also a $100 million accordion feature on this facility should we require it. Going to slide 8, this looks at our key investment programs in the quarter.

Total capital expenditures were $65 million, $44 million of which were growth capital. Many of the key programs were a combination of of of projects in in the advancement at Pamour, where about $15 million was related to pre-stripping.

We also continued with our tailings project to build out and buttress the number 6 dam. In addition, we're also commencing work to reconfigure the dam into multiple cells.

This will benefit us in several ways as we operate that operate it. Sustaining capital totaled $21 million in the quarter, and the majority of this was capital for ongoing development at Hoyle Pond and Borden, and and also including equipment, et cetera.

Going to slide 9, we have an extensive exploration program aimed at realizing the really potential of Porcupine. I'll let Eric talk about this.

We we we for me, one of the exciting parts about about about, besides the operating performance and what we can do from an operations improvement at at Porcupine, what and how we can advance some new projects at Porcupine. I think, needless to say, some of the work and and I'm sure Eric and Pierre and the and the team will will will will will I would say re-drive in this, but, in a 100-year-old mining camp, there's a lot of potential to come up with a lot of new discoveries, right?

Anyway, we know we we we can see that we, we had excellent results from resource conversion and extension drilling at Hoyle Pond, Borden, and Pamour. We're, we very encouraging drilling results at Owl Creek.

This is a high-priority tar- target. It's about 3 km west of Hoyle Pond.

You might You might call it a somewhat of a new discovery or or a an unlocked the the the deposit that that that means we need to come to forefront and see if this this is a new discovery and potential new new operation. Then we also gave an update and and on our work programs at Dome Mine in terms of looking at the what's what's required in terms of work on on the resource as well as on TVZ zone.

These These These These are two high-priority targets that really going to add continue to add or or add significant value into future growth for the company. Going to slide 10, it it it this is showing a couple of our key priorities moving forward.

A lot of the drilling we're doing is supporting an updated technical report for Hoyle Pond, Borden, and Pamour. We we expect this to be be released sometime in into the second half of 2026.

The ramp-up of Pamour is continuing and and in terms of and making a very good progress, and this is at Pamour where we're building an a new open-pit mine. As we talked about, we're advancing three key studies.

One on the Dome Mine, what we do with what the Dome resource potential can be, whether it's a pit, an underground, or combination thereof. The Dome mill itself, how we can, make some improvements at the mill both from a operating performance and and reliability and reduce for cost reduction as well as for expansion of the Dome mill.

We've got the TVZ zone. These are These all these studies will be ongoing into into next year.

Finally, going to slide 11, I'll I'll touch briefly on Cordero. José Jabalera is here.

He'll give you more details later in the presentation, but I'll just say that, this is an extremely exciting project, and, we we continue to have positive developments. Seems positive news from Mexico.

We continue to be optimistic that that Cordero will receive its approval very very soon and and and only looking forward to a lot of exciting times in terms of what what this can add in terms of value creation for the shareholders of of Discovery. Anyway, with that, I'll turn the call over to our CFO Alison White.

Thank you, Tony, and good afternoon, everyone. Let's start with slide 12, where I'll provide an overview of our operating and financial performance during the quarter.

Then after I'm complete my commentary on the financial performance, Pierre will talk about our operational performance. During the quarter, we had robust revenues of $237 million, an increase of 67% quarter-over-quarter driven by higher gold sales to 66,200 oz from 42,550 oz the previous quarter.

An increase of over $150 an ounce in the average realized gold price to $3,489 per ounce sold, which was bolstered by the increased gold prices throughout the quarter in the market. As mentioned, a key highlight of the third quarter was cash flow with net cash from operating activities of $153.5 million and free cash flow totaling $86.8 million.

Our cash position increased by 35% to $341.5 million during Q3. With our current cash position, as well as a new revolving credit facility for $250 million and the additional $100 million accordion feature, we remain well-capitalized to execute on growing production, improving operations, and maximizing value creation at Porcupine.

If we move to look at adjusted net earnings on the next slide, Discovery delivered adjusted net earnings and adjusted net earnings per share in Q3 of $61.1 million or 8 cents per basic share, which compared to adjusted net loss of $2.3 million or 1 cent per share in Q3 2024, and adjusted net earnings of $28 million or 4 cents per basic share in the prior quarter. Adjusted net earnings included the exclusion of the after-tax impact of the $18.5 million of purchase price allocation adjustments during the quarter, $9.2 million of the foreign exchange gains, $3.3 million of the TSA costs or transaction costs paid to Newmont, and $1.6 million of transaction-specific business development costs.

Let's take a look at EBITDA on slide 14. Q3 EBITDA is $122 million, which increased 121% quarter-over-quarter driven by higher revenue, reduction in corporate G&A costs largely due to one-time transaction-specific expenses related to the Porcupine acquisition during Q2.

Q3 EBITDA also represented earnings prior to the impact of $35.8 million of depreciation and amortization expense, with $15.2 million of net financing costs, and $28.7 million of income tax expenses in the third quarter. Strong revenues in the current gold price environment helped our EBITDA quarter-over-quarter and the impact of a full quarter in Q3 versus the shortened ownership period of 76 days in Q2.

Slide 15 shows our cash costs and our all-in sustaining costs. Operating cash costs remained steady, averaging $1,339 per ounce sold versus $1,341 per ounce sold in Q2 2025.

All-in sustaining costs averaged $1,734 per ounce sold compared to $2,074 per ounce sold the previous quarter. Site-level AISC in Q3 2025 averaged $1,699 per ounce sold versus $1,849 per ounce sold in Q2.

To clarify, site-level AISC includes corporate G&A allocations and excludes remaining corporate G&A, share-based compensation costs, and corporate-level sustaining capital expenditures. Overall, the improvement in AISC to $1,734 per ounce reflected a 56% increase in ounces of gold sold, lower corporate G&A costs, the adjustment to the amortization of site closure provisions as a result of the purchase price accounting that was booked during Q3.

If we move on to slide 16, Discovery's cash balance at September 30th totaled $341.5 million, an increase of 35% from $252 million at June 30th, 2025. The increase of $89 million primarily resulted from net cash from operating activities of $153.5 million, partially offset by additions to mineral interest, plant, and equipment of $66.7 million.

The net cash from operating activities resulted from proceeds generated from gross gold sales at the Porcupine operations. Net cash used in operating activities and additions to mineral interest, plant, and equipment in the quarter totaled $1.2 million and $2.3 million, respectively.

As I mentioned earlier, with our current cash, as well as our new revolving credit facility for $250 million and the additional $100 million accordion feature, Discovery's liquidity position is substantial, placing the company in a well-capitalized position as it moves forward to execute against its strategic priorities. I'll now turn the call over to Pierre Rocque, our Chief Operating Officer.

Thank you, Alison. It is a pleasure to be presenting today.

I will be speaking to slide 17. During Q3, we recovered over 63,000 oz of gold with total gold poured just shy of 66,000 oz.

These results compare favorably to the over 50,000 and almost 47,000 oz produced and poured, respectively, in the previous quarter. Higher production in Q3 2025 mainly reflected the favorable impact of increased mining rates and higher average grades at both Borden and Pamour.

This was partially offset by a reduction in mining rates and average grades at Hoyle Pond. During Q3 2025, production at Hoyle Pond continued to be impacted by ventilation constraints during the period of high temperatures, which limited access to higher-grade areas of the SOB.

At Dome mill, we processed a total of 809,000 tons at an average grade of 2.7 g/t and average recoveries of 90%.3. Based on operating days, we average around 9,300 tons per day.

Mill operating costs during Q3 2025 totaled $17 million for an average of $21 per ton, which compared to $13 million and an average of $25 per ton, respectively, in the previous quarter. The improvement primarily resulted from 59% increase in tons processed.

You have already heard many of the other cost numbers. Briefly, production costs were $107 million versus $65 million in the previous quarter.

Operating cash costs per ounce sold were similar to last quarter. All-in sustaining costs per ounce sold at the site level averaged $1,699 per ounce sold compared to $1,849 in Q2 2025.

Included in Q3 2025 all-in sustaining cost was $22 million of sustaining capital expenditure at the site level, mainly related to capital development activities and capital expenditures related to the tailings management area number 6, which increased from $15 million in 2000 Q2 2025. I'll now turn the call to Eric Kallio, our Senior Vice President for Exploration.

Thank you, Pierre, and good afternoon, everyone. I'm on slide 18, and as people may have noticed, we have a lot going on in exploration.

In my view, making some very good progress, including some excellent assays from all our key projects. I'll be touching on all of these, but my first slide relates to geology and projects in the Hoyle Pond-Owl Creek area, which includes Lower S, TVZ, and Owl Creek Deep projects.

One of the first things to know here is we're looking at a relatively small area on the east extension of the Hoyle Pond volcanic belt. The Hoyle Pond mine is on the far east side.

Mineralization is on a distinct structure, which plunges to the northeast. The Lower S zone, which we'll be talking about very shortly, is on the northeast side of the mine, just east of the 1060 fault, and the TVZ zone in sedimentary rocks about 800 m meters to the south.

In terms of Owl Creek, the project is about 3 km west of Hoyle Pond and centered on an easterly-plunging wedge of volcanics just east of the Owl Creek fault and with mineralization mostly in swarms of veins near the tip of the wedge. Next going to slide number 19, we see a long section for Lower S, where, as noted early, we added another 13 drill intersections to the lower and west sides of the resource between the 2100 and 2300 levels with very positive results in both cases.

As indicated here, our drilling to depth added five new pierce points, including several highlights, such as 23.95 over 7.1 m near the 2300 meter level, giving us strong evidence that the system is still open to depth. Going to the west, we added another eight points with some additional high grades and, in this case, showing good potential for new lenses further along strike.

At this point, drilling's continuing with four drills, with the pace of drilling steadily increasing. Next going to slide number 20, we see an image for Owl Creek, where we recently added 11 new holes testing strike and depth extensions of mineralization from the historic pit, which was mined by Falconbridge in the 1980s.

Again, these holes came up with some very positive results. Details for the open pit, geology, and new holes are shown on the current slide.

As indicated, the pit is centered on the wedge of volcanics just east of the fault. All the new holes were drilled just a little bit to the east of this and designed to hit the projected down-plunge extension of the mineralization in this area.

As indicated in our release, the results were very favorable with several high-grade values over very good widths, as well as indicating the zones still open to depth. This point, the program's continuing with three drills and still focused at depth, but we are also planning for more holes, which will be a slightly shallower levels, and then on new targets such as the 750 zone, which is about 750 m to the east.

Then turning to our next slide, 21. On slide 21, we see an image for the TVZ, where we very recently started drilling to prepare for the maiden resource in 2026.

As mentioned, the TVZ is a significant zone of mineralization on the south side of the mine with mineralization being contained in a northeasterly-plunging shear zone. It was discovered and advanced by Goldcorp between 20 2008 and 2014, but then put on pause mainly due to low gold prices and additional work that was required.

Before pausing, however, the company developed several excellent drill platforms and added about 400 holes to allow definition of the broad target we see here shown in green. This provides an excellent starting point for work going ahead.

Considering all this, our near-term plan is basically just to do a lot more drilling to infill and extend as much as this is possible before we do the resource update, with some of this being from historic platforms that we can see here on the slide and some from new deeper ones on 1680 and the 1810 levels. Drilling is just underway, and we have one drill on the 1680 level, but we have two additional starting very shortly on the 1210 level, we expect to see a lot of new results coming from here very soon.

Turning to slide number 22, we see a plan view of the Borden mine, where we completed 19 more holes targeting the northeast portion of the main zone, which is the host for most of the gold here. As indicated, all drilling is being done from a series of cutouts in the 585 drift, which sits about 2 to 300 m in the hanging wall to the target, with most recent holes being from cutouts 5, 6, and 7.

Looking at results, we believe they're all very positive, with many of the holes indicating similar or better grades and widths than current resources, including several highlights, such as 9.41 over 12.6, 19.29 over 5.2, 13.88 over 6.9. Given all this and the limited surface drilling for at least a kilometer to the northeast, we believe Borden is in very good position for future growth.

Programs continuing with three drills working from the same cutouts, as well as development is now in progress to extend the drift even further. Planning's also in progress to add a surface rig to start testing the area northeast of the mine along strike of the underground drift.

Turning to slide number 23, we have the Pamour, where we received assays from another 32 holes testing within and surrounding the new open-pit resource. To give you some perspective here, Pamour's about 20 km east of Timmins, was a major gold producer from the 1930s until the late 1980s.

Key infrastructure for the project included the small pit and shafts, which you can see in the central part of the slide, shown with the black outline, as well as the Broulan pit to the west, and then the Hoyle shaft, which is to the east. Geologically, the mine is on the north side of the Destor-Porcupine Fault and straddles a major unconformity between volcanic and sedimentary rocks with mineralization in vein swarms and stockworks both on the unconformity and in the volcanic rocks to the north.

The new drilling was designed mainly to upgrade and extend resources within the new pit shell adjacent to the historic Pamour workings, and it easily met our expectations, with multiple highlights in several areas, including some standouts, such as 1.44 over 104.6 and 1.07 over 54.5. The drill program is continuing here with three drills focused on the east, west, and central parts of the current pit, with planning in progress to extend the spoke areas even further along strike and depth, and we hope to be able to report more on these in the future.

Then turning to my last slide, which is number 24, we have the Dome, which is another great project where we just started drilling to support new resource studies in two 2000 2026. As you can see, this is a slide with lot going on here, and the key things that I'd like to get to are really the geology setting and the current drilling.

To start, I'll just point out that the entire project is actually centered on the historic pit, which is in the middle of the slide and marked here in cyan. The overall project is actually just an extension of this to the depth, so that the current resource pit and the smaller alternatives in red are just really envelopes to mine the same ore body to depth.

If we look at in terms of geology, what we're looking at is the bright colors here overlapping everything. If you're able to see all this, you'll see that the pit is centered in actually a prime geological environment at the junction of two major structures, with one being a major contact between volcanics and sediments, which called the Greenstone Nose, and the other being the Dome Fault.

The Greenstone Nose is mainly on the west part of the pit, marked with green, and the Dome Fault is the orange-brown line kind of going through the center of the pit in a northeasterly direction. Important to note is that almost all mineralization in the pit area lies along these two structures, and then both of these and the mineralization plunges at a shallow angle to the northeast.

In terms of the current drill program, we're aiming for 7,500 m in 2025 and then a much larger program in 2026, with most of the focus being on upgrading the pit model, but also looking at underground potential below. Drilling at present is in progress with one drill and working to test the two areas marked with the yellow stars, which are on the Dome Fault, but we're planning in progress for more northerly areas on the Greenstone Nose.

In summary, a lot of projects in progress, a lot of good results. With that, I'll pass over to José Jabalera, our VP, Corporate Affairs and Sustainability, Mexico.

Thank you, Eric. We continue progress on the Cordero project in Mexico.

We're still in evaluation our main permit, the MIA, on SEMARNAT, but we are increasing dialogue with the senior-level officials in the government. A couple of meetings with them have all been very positive, and we are seeing recently an approval of a new open pit in Mexico, so that give us a sign, a very positive sign, to maybe we are on the line.

The things are changing in Mexico is making progress on the permitting side. Also, additional work that we are doing around there is some studies and evaluations around our options around the power, and also around the water that we will be taking care of the sustainability of the project.

We will be working with treated water around the project around Cordero, I'm passing the words to Tony Makuch, our CEO.

Thanks, José. Maybe into I'll con- I'll conclude on slide 26, we can we can we can really see and and and, they from Basically, a very solid quarter in in in in Q3.

We, give it I'm I'm not sure how much we highlight, but we can feel very confident in our position to finish the year with a very solid good quarter and and a good quarter in in Q4. As I've said many times, we have a lot of work to do because we have a lot of opportunity here, and, there's a lot more maybe as as we progress into the into next year, we'll be able to talk about a lot of the exciting things that we're seeing.

We're advancing a number of studies. We'll talk about Dome, TVZ, and a lot a lot of opportunity for value creation upside.

You can see from the exploration, we have a lot of a lot of upside in exploration. Again, I don't think take it lightly.

I think the opportunity for for new discoveries in a 100-year-old mining camp is is is is phenomenal. We should also recognize that we're in a pretty good gold price environment, a lot more better so than maybe people in the past, and there's a lot of a lot of showings and a lot of a lot of past drill results that we we can follow up on, and we we really we do a lot of a lot of great things with, and then turn them into ore bodies.

As at Cordero, as you heard from José, there have been a number of positive developments. We're looking forward to receiving the MIA approval and and advancing that project, in in due course.

Then underlying everything we do, we know it's very important to see that we are from a balance sheet perspective, we're in a very strong financial position. We have over $600 million of total liquidity on the balance sheet, and we're we are well-placed to finance all of our growth plans.

The before closing, maybe, I I want to acknowledge and say how how honored we are and and value our is how we value our strong relationship with our First Nation partners in the in the in the region, in the Porcupine region. In October, we announced a resource development agreement with the Taykwa Tagamou Nation.

Through this agreement, we established a framework for a cooperative, mutually beneficial relationship moving forward. We we value very much our agreements with with your other First Nation partners in Porcupine, including Abitibiwinni,ish and and Anishinaabeg, Matachewan Flying Post, and Chapleau, including Michipicoten, Brunswick House, Chapleau Ojibwe, and Chapleau Cree.

We look forward to def- further building further relationships and and in growing growing growing that growing our businesses with them. Thank you for the trust that you have given to us.

Anyway, with that, I'll thank you all again for participating in our call, and we'll be happy to take any questions.

Hi, thanks, Tony and team, and congrats on a very strong Q3. Maybe my first question is on the reporting.

I noticed that, in Q3, the reporting is a bit more high-level. I think in the past, you had given us more granularity in terms of how much tonnage was coming from, say, Hoyle Pond and Pamour individually, but I didn't see that for Q3.

I guess my question, Tony, is number one, is this a permanent change or are we going to get some of that detail later on in future quarters? Number two, why that change?

Then number three, you've kind of talked about it or Pierre kind of talked about the fact that Hoyle Pond wasn't as good, but Pamour and Borden were good, it offset it. Overall, the grade still came down from 3.39 last quarter to 2.9 69.

How should we evaluate it in terms of how each of these assets are performing? Or, better question is how do you evaluate how each of these components are performing?

Okay. Thanks, Cosmos.

Good questions. Just to make sure we understand we intend to mine these businesses in a very granular form.

We do want to manage each one of our businesses and really know what's going on. I guess maybe the thing we realized from last quarter to this quarter in terms of the way the business is currently informed and as we're transitioning through some of the legacy systems we have.

We're still running through legacy accounting systems and a lot of processes that are in place. There's a lot of processes we're working on.

That's on the financial side, how we're tracking costs, et cetera, how we're tracking material movement from mines and stockpiles and how things are getting processed through the plant, and how we're tracking metallurgical recoveries, a lot of areas. There's a lot of things we need to manage.

We feel like maybe at this point in time, until we have all of our systems in place, I think we're going to have to work towards reporting more in a consolidated form in order to give really truly accurate information. We have a general sense on what's happening.

No, maybe more than a general sense what's happening each operation, but there is still a lot of question marks on things. I think we've chosen to report in consolidated at this point in time.

Tell you that our goal, we're coming into next year. Our accounting systems probably be in place by June of next year, our SAP, and Alison can give you more comments on that.

We have a lot of work to do in our assay lab and metall lab. We have a lot of work to do in processes in terms of what's coming from underground, understanding our resource models, we're reestablishing things so we can have a better handle on the grade and grade delivery.

Because there's a lot of stockpiles, a lot of things happening there, and so we just felt that it's probably better to give a consolidated number because that is the one true number that can really tell you what's going on. In terms of your second question, maybe I'll get Pierre, you want to give some color on that?

Hopefully, that's a good enough answer,

Cosmos. Thanks, Tony.

Yeah. That's great.

Yeah. Hi, Pierre.

Hey. You want an answer about the grade or about the different

How should we look at it? I know the reason why it came down, maybe Hoyle Pond is higher grade, but how can we use these numbers in the meantime as you kind of ramp up on the accounting?

Right. In terms of the average grade, what happened at Hoyle is, during summertime, we had some very, very hot days, and that translated into very hot work environment, especially in the stopes at depth.

As a coincidence, maybe, that's where our high-grade stopes are located. We had to basically slow down or sometimes stop the extraction of those stopes.

That was during Q3. Now, of course, with winter being upon us, that's not an issue anymore, and we have restarted those stopes.

We're planning ventilation upgrades. For example, twinning vent raises, and if that's not sufficient, we're going to shift the focus on the upper areas.

We're looking at various alternatives here to improve situation, such as cooling and refrigeration. We're also improving practices that we have for sampling in the stopes.

As Tony just mentioned, we inherited some procedures and standards from the previous owner that are different from our own procedures and standards. We're putting that in place, and we expect improvement in the run-of-mine grade from Hoyle Pond in Q4.

Great. Maybe if I can switch gears a little bit on the mill.

I noticed that there was a 5-day shutdown, planned maintenance shutdown in Q3. There was also a 2-week shutdown in the previous quarter.

I'm just trying to figure out are some of these items that you did seem to be kind of not as recurring, like replacing the discharge head of the rod mill and rebuilding the tertiary crusher and things like that. I guess my question is, number one, what should we expect in terms of maintenance schedule on a go-forward basis, and the impact on availability?

Number two, the cost per ton, it's great. I saw that it went down quite a bit here, as you mentioned, $25.40 to $21.20 $21.15 on the basis of the increase in throughput by about over 50%.

Your nameplate is still 12,000. Can we see a further decrease in the cost per ton in terms of milling as you reach that higher availability and also reach potentially that 12,000 tons per day?

Maybe I'll let Gord answer the question, but there's been loads of projects. There's a number of things Gord's working on throughout the whole processing.

Go ahead, Gord.

We've replaced the thickener rake drive. That's a one-time fix.

We replaced the shell and the discharge head on the rod mill, that's another one-time shell. We have tanks in the leach circuit that need replacement that we're working on.

We also have CIP tanks that we're working on, there's a lot of one-time costs that are going in. While we're doing that, we're making process changes as well to improve the throughput.

We're also working on recoveries. We are working towards a 12,000-ton-per-day mill with a 93% recovery.

We're just not there yet.

Great. Then could you share with us, are we expecting any kind of maintenance shutdown in Q4?

If you do reach 12,000 tons per day, Gord, we should see a further decrease in the cost per ton mill, I

expect. I think you'll see we're slowly increasing as we go with these improvements, and there will be a shutdown in Q4.

That's one of the reasons the plant's in the condition it is. There was little maintenance done prior.

Okay. Then maybe one last question.

I'm trying to decide on either Mexico or exploration, but I'll go stick with Mexico. I guess, you kind of touched on Cordero, and in Mexico, we've actually seen permits being granted recently.

Any kind of read-through to Cordero, your project? Then on top of that, as well, Tony, maybe bigger picture, is Cordero something that if you do get the permits and or when you do get your permits, is this something that you want to build or is it something that you might want to find a strategic partner for?

Maybe it's too early to answer that question, but how should we look at it?

You want to start, José, or you want me to start? First off, Cosmos, Cordero is a very viable project and definitely something that will be a cornerstone asset in the silver space.

In terms of building it, we're well set up to build it, and our goal here is to do what we can to maximize value for our shareholders. We see the opportunities in what we do.

We're going to have a lot of options once we get our permit, and that might be a time to talk about. I can sit there and say within our DNA that the first thing we do normally is hey, create value for shareholders, we build it ourselves, right?

On the permitting side, José and

On the permitting side, we've seen recently new permits being granted for a new open pit and expansions around that. That's the authorities progressing on the back load that they had on permits, around mining and things like that.

We're pretty sure that it's been moving will be a positive thing for us and for mining industry in Mexico to get to see progress in the next months.

Great. Thanks.

I don't want to hog the mic, those are all the questions I have. I'll talk to you next time, Eric.

Congrats again on a very good Q3.

Thanks, Cosmos.

Thanks, operator. Congrats Tony and team.

Two questions today. I guess I'll follow up on the Mexican theme here.

I'm just curious since you submitted your MIA back in 2023, you've noted that dialogue has increased recently. I'm curious, have you had any on-site technical reviews with the SEMARNAT groups at all?

Go ahead, José, go on.

Okay. We had a visit from officials from the Ministry of Economy because they had a working group together, Ministry of Economy and SEMARNAT, into that.

They designated a group, and we got a visit from Valle de Zaragoza, from the Ministry of Economy. It was a visit to the project to see stakeholders, to see the status of the project, and how they mainly focused also in the acceptance or how the perception around the project.

It was a very good visit. They visited with our neighbors, our ejidos, the mayor of the city, people around there.

It was a very big, positive feedback from all the people around there, and also again, they were asking when will be the permit granted because the people want to have more opportunities for job, for development of the city and things around that. It was a very positive visit, and we got a very good notes and reviews around that.

We are pretty sure that that will help for our permit.

Yeah. I guess I was just curious if, yeah, there was a follow-up technical review required as part of the kind of final stamp of approval for the MIA.

We pretty much passed most of the

No, we're already on the promise that we will need to follow around the MIA. It's done.

It's well, no visits, it's more of a six. It's already done.

We are also submitted a little more information, additional information to our promise, the status is on evaluation. So

It's pretty much passed legal and technical review. It's really been maybe some additional things and there are just discussions and trading information back and forth in terms of sustainability, other issues, right?

Yeah.

Go ahead, José.

Some issues around, in Mexico you call it and things like that, they are around concerns or issues around water and from ejidatarios and things like that. We already addressed all of those things to go into evaluation of the permit.

The feedback basically is they're not asking us for any more questions, any more clarifications. It's just timing, right?

Correct.

Okay. Just one more for me, and then I'll get back in queue.

Back to Hoyle Pond and, Tony, I think this is something you implemented over at Macassa, and just given the ventilation challenges here, are you evaluating purchasing electric scoops at all? If so, how soon could you implement those here at site?

You want to answer that, Pierre?

Sure. Actually, we have received the electric scoop there, it will be a mixed fleet, same as we have at Borden.

We

also have an electric truck,

a battery-powered truck is being commissioned now.

Okay.

That helps. That's definitely something that's part of a goal going forward, but we still have to improve ventilation and get more air.

As similar to Macassa, if you go back to Macassa for the 18, 19, 20, with a combination of battery-powered equipment, new vent raises, and new shafts at some point in time, right?

Great. Okay.

Perfect. Congratulations on everything.

Hope it continues. Thanks, operator.

Thank you for your services to the company. I have a few questions on development project magnitudes.

For Owl Creek, would a target be maybe 500 tons a day of output in several years, 3.75 g/t, or might it be bigger?

Probably a little early to say. Those numbers there is really not stretching the envelope at all, right?

I don't know, Éric, what's your thoughts are.

Some to be still evaluated. We're seeing a number of prospective zones, some narrower and higher-grade and some that are larger quartz veins and then maybe bulk mined.

It could be some combination of that. We see a lot of mineralization directly under the pit, as well.

It's defined by historic drilling, but that definitely could be looked at in the box. We don't know how it all comes together.

We need a lot more drilling just to define things.

Yeah. It's, in a nutshell, John, it could be 500 tons a day at 3.75 g/t.

That's probably pretty straightforward. You do have potential for another pit, extending the pit and mine some more.

There's multiple zones with vein swarms that you might be able to do some large bulk mining. You've got 8 m wide stopes or even and stuff.

There's a lot of things to work at there. I think what you're talking about there would be probably the smaller end of How do you want to put it, the smaller end of the prize, right?

There's good opportunity there, but we have to drill and we have to figure it out, right? You got mineralization in both volcanics and sediments there?

Yeah. Volcanics, the new intersections are in the volcanics, also, and the pit was a little bit more in the sediments, but mostly in the volcanics.

It's the fact that it crosses stratigraphy and it ties into a lot of what you see in the camp. It's a lot of structural things to figure out and really understand what's happening.

It could be very deep-seated, who knows how deep it goes, right?

Second, could you refresh us as to the infrastructure for the Dome underground mine restart potential? Is it a 1 or 2,000-ton-a-day project?

Is it close to 3 g or 6 g historic grades, etc.?

Sorry, you mean could we reestablish the infrastructure underground?

If you restarted the Dome underground, what might the magnitudes be?

That's an assessment, I think, we have to look at. You have this resource near the top, right, that's been identified down to about, I think, what, 700 m, right, Eric?

2,000 ft.

Yeah. The mine itself has gone down 5,000 ft.

There are bulk stopes below that that they've been in the past. There is drill results and to understand what could be there.

You'd have to assess what could happen. It would need some new work kind of infrastructure developed.

It could be a combination of pit and underground. We don't know yet.

When they mined historic underground, they had a combination of narrow-vein, high-grade, and an open hole and they even had large caved stopes here, but so the bigger stopes were already with the lower gold price, were already in the 2 g 2 g/t kind of range.

They were mining at low price. They were mining themselves pretty much, right?

Right, yeah. They were profitable to put in even at that price.

Maybe there's a potential sub-level cave mine here, John, like 7-somewhat bulk. We have to assess it.

We do know that there's 11 million oz near surface, we figure that there's a way to access a substantial portion of that without affecting the mill itself at all. There is the opportunity to look at it underground.

Maybe there's just as many, well, this is many or more ounces there still than what's been mined historically in the past at Dome.

If you started a low-rate Go ahead, please.

No, go ahead. Go ahead.

If you restarted a low rate at the Dome open pit late next year or '27, how many tons a day might that be?

We we have like a like a we have a a a, a phase 1 pit shell or somewhere there. Anywhere I I I I don't I don't know.

It's part of it is is is our mill capacity and and where we are in grade in terms of of of push stuff up. That's why we are looking at improving our mill capacity and and and mill availability, right?

I I I don't think that the, for for productivity is not going to be somewhat The limitation is not going to be mine productivity, more mill productivity at this point in time over the next 2 to 3 years, right?

With all the drilling For example,

if we were to put something in place there, you look at it. It operated at 8 or 10,000 tons a day in the past.

We're developing Pamour to run at those type of levels and even go up to over 12,000 tons a day. Over time, you can think of those levels or even double that.

It's still a lot of work to do. It's early stage, John.

You can see based on the geology and the size of the pit and the volume there, it's not unrealistic to mine this thing at, think about a 6, 7-to-1 strip ratio. You're doing 60,000, 65,000 tons per day at Pamour ore and waste.

You can do that and then double that and then give you a sense of what your productivity could be.

With all the drilling at Hoyle Pond, does the likelihood increase that the Hoyle Pond output will be higher than the technical study back in January?

Drilling that we're doing right now probably doesn't affect the production rate so much because we're drilling near the lower limit of the, deeper. We're probably about two 200 m below

A lot of the initial drilling at Hoyle Pond, First off, you're trying to do work to support within the current technical report, right? To upgrade the resource and that and so you get more measured and indicated, right?

That's part of it. There is work looking for new zones and extensions.

We are doing investigated even going up higher into the mine in terms of finding new areas that have either been left behind because it's too narrow or not quite the same grade as what the been in the past, the cutoff grade. There's some opportunity there.

The other opportunity is like we're talking about towards Owl Creek, and there's some other zones up higher that were potentially bulk mineable, et cetera, that we can assess for Hoyle Pond. We're drilling right now.

A big part of the drill program is really to support within the technical report. That's number one.

Then there does have a program for assessing the upper levels and try to bring some old historical areas back into production. Then there is a program to look for new deposits there that we can use to bring say Hoyle Pond back up to the productivity that it used to be.

That fair, Pierre?

I would say, John, the upside is going to come from the upper area in the short term. This is something that previous operators never really worked at.

We have started a program this year to look at that, do some development, do additional drilling, like Eric is talking about, so that we're confident that this will bear fruits for our 2026 budget year and beyond.

With the current resource that we do have at Hoyle Pond, the limitation isn't necessarily the size of the resource. The limitation right now is ventilation and backfill, which are programs that Pierre and Duncan and his group, everybody is working towards.

That's part of our investment back into Hoyle Pond. We had more air there.

If

I could There's more shaft productivity. There's more trucking productivity that can be unlocked if we had more air and then that, right?

The shaft's not full. It's not the shaft as a hoist capacity is being used maybe 30% or 50% max.

If I could look ahead to '28 after Pamour has been dewatered, what was the past mining rate at the Pamour underground and what were the grades?

Historically, Pamour ran about What's on here, Eric? 3,000 tons a day, about 3 g/t, the historic Pamour?

3,000. Yeah.

That's historic Pamour. That was the Pamour mill, right?

Yeah, 3,000 tons a day.

3,000 tons a day and about 3 g/t. Down to about 2,600 ft, 2,900 ft below surface?

28.

28, there you go.

That's something to look forward to when it's dewatered. Thank you for your patience.

I apologize for asking questions where you don't have the data yet.

No, those are good questions, John, and they're good, how do you want to put it, leading questions in terms of recognizing that the unlockable value in these assets, right? There's lots of opportunity.

We got to move forward. We got to prioritize what we can do, right?

Because we want to do them all, but we recognize that we have to do them in a particular order to get us in the right spot. Every one of these are opportunities and things that are going to happen over the next few years.

I want to get season tickets for the new arena when you get it built.

Sounds good. Maybe by then, we will get the Maple Leafs to play there and maybe they'll win a game.

Thanks very much, operator, and again, thanks, everyone, for taking part in our call today. As you heard, we had a very solid quarter, both from an operating and financial standpoint.

Key theme being for the company to generate cash flow, to build its cash position. We significantly built our balance sheet strength during the quarter, which puts us in a very good position heading into Q4.

As you heard, we fully expect to finish the year strong. We look forward to updating you again on our year-end call early in 2026, and again, thanks for joining.