Good morning, everyone, and welcome to Argonaut Gold's Q1 2023 financial and operating results call and webcast. For today's call, phone participants are in a listen-only mode. Following the presentation, we will open the call to your questions and provide instructions at that time. If anyone has any difficulties hearing the call, please press Star followed by 0 for operator assistance at any time. As a reminder, this conference call is being recorded on August 11th, 2023, at 10:00 A.M. Eastern Daylight Time and is being broadcast live via the internet. During today's call, management will make statements regarding their expectations for the company's future financial and operating performance. These statements are considered forward-looking statements. For each forward-looking statement speaks only as of the date of this call, and actual results may differ materially from management expectations for a variety of reasons, including market and general economic conditions, and the risks and uncertainties detailed from time to time in the company's SEDAR's filing. Today's presenters include Richard Young, Argonaut's President and CEO, who will discuss the company's new strategy, David Ponczoch, CFO, who will talk us through the financials, and Marc Leduc, Chief Operating Officer, who will review operating performance and progress at the Magino Project. The financial statements, management's discussion and analysis, and the slide presentation related to this call are available on the company's website at www.argonautgold.com for self-advancing. I will now hand the call over to Richard Young. Please go ahead, sir. Sylvie, thank you very much, and hello, everyone. Let's start with slide three. During the Q2, we began processing ore at Canada's newest gold mine, Magino, our flagship asset. The Magino mine is key to achieving our vision of becoming a low-cost, mid-tier North American gold producer that creates significant value for all of our stakeholders and proudly demonstrates responsible mining. To achieve this goal, we have shifted our focus and intent to allocate capital towards our high-quality, longer-life assets that have the potential for significant organic growth, free cash flow generation, and per share growth, which are Magino and Florida Canyon. As part of this evolution, we'll build a team and a culture to support our commitment to operational excellence and responsible mining. With this transformation underway, we're pleased to report financial and operating results for the Q2 and half year that are on plan. I'll now turn the call over to Dave for financial highlights, and then Mark for operating highlights and development updates for Magino and Florida Canyon. Dave? Thank you, Richard. Please turn with me to slide 4. Revenues for the quarter were $83.1 million, or 25% lower than the $111.4 million from Q2 2022, due to lower planned production in the company's 3 Mexican mines, El Castillo, La Colorada, and San Agustin. This was partially offset by higher production from Florida Canyon. The revenues from the Q2 include the initial gold ounces sold from the Magino mine. As Magino ramps up to commercial production, which is expected in the Q3, revenues are expected to increase accordingly. Gross profit for the quarter was $15.5 million due. This was $4.3 million lower than the $19.8 million from Q2 2022, and this was due to lower revenues from the planned lower production. Argonaut generated cash flow from operating activities before changes in working capital and other items, totaling $17.4 million, a reduction of 25% from Q2, 2022, due to lower gross profits. Net income of $21.2 million or $0.03 per basic share, compared with net income of $18.4 million or $0.06 per share. A 15% increase was largely due to a reduction in current income tax expense, partially offset by lower gross profit. Adjusted net income of $5.7 million or $0.01 per basic share, compared to adjusted net income of $7.3 million or $0.02 per share a year ago. Argonaut's faced many challenges in the recent history, so to end the Q2 with cash of $71.8 million and net debt of $151.6 million while ramping up Magino feels really good. Please turn to slide five. With construction of the Magino mine completed and the ramp-up underway, we ended this quarter on strong financial footing. We had undrawn debt capacity of $20 million at the end of the quarter. During the quarter, we obtained a waiver on certain financial covenants related to our $250 million loan facility. We'd anticipated that, that we would not be in compliance with certain financial covenants at the end of the Q2, and therefore, obtained the waivers to prevent any default events. The anticipated breaches were on two financial covenants that were due to an increase in the construction cost at Magino, when we increased from CAD 920 million to CAD 980 million, as well as a small delay in timing of achieving first gold, which was originally scheduled for March of 2023. Income tax for 2023 is lower than the comparable period from last year, primarily due to lower taxable income from the Mexican operations, which are winding down. The only significant change to guidance relates to exploration and reserve development programs at Magino and Florida Canyon, which are expected to be CAD 10 million higher than planned. Overall, I'd like to reiterate that we're on track to achieve our full-year production and cost guidance that we set out at the beginning of the year. Now, I'd like to turn the call over to Mark to review our operating performance and growth highlights for the quarter. Thank you very much, Dave. Let's turn to slide 6. Our operating mines are on track to achieve their plans. Consolidated production was 43,492 gold equivalent ounces, or GEOs, including an initial 3,295 ounces of gold from the Magino mine. This was 27% lower compared to 59,190 GEOs for the Q2 of 2022. Due to lower gold tons mined and processed at the company's three Mexican operations as a result of winding down those operations. This is partly offset by higher ore tons mined and processed at Florida Canyon, in which production was up 26%. Cost of sales per ounce was $1,590. Cash costs per ounce were $1,304, and all-in sustaining costs per ounce was $1,594. Were similar to the prior period and largely in line with 2023 full-year guidance. With the expectation to achieve commercial production at Magino in the Q3 of 2023, cost of sales per ounce, cash costs per ounce, and AISC per ounce are expected to be in line with full year 2023 guidance. Now, let's move on to slide 7. The ramp-up at Magino is underway, and we remain on track for commercial production in the Q3 of this year. During the Q2, commissioning activities at the Magino mine were well underway, with the introduction of ore into the crushing circuit in mid-May, and then into the grinding circuit approximately a week later. As Richard mentioned, we achieved first gold pour in mid-June. During the month of June, the Magino mine produced an initial 3,295 ounces of gold, and we sold 72 ounces for the period. These are all initial pre-commercial production gold ounces. At the end of the quarter, the company had incurred $730 million, or CAD 947 million in cost for the completion of the project. The initial results during commissioning indicated that throughput targets in the crushing and grinding circuit should easily be achieved, and the team was focusing on achieving design parameters by working through instrumentation, electrical, and communication issues that are common in the startup phase of a process plant of this size and complexity. Permits have been received to operate the process plant and the tailings management facility. Workforce buildup of the permanent operating team is nearing completion, but sourcing the remaining labor remains a challenge at the current economic environment. Let's move on to slide 8. With the first gold pour milestone behind us, we are now focused on completing commissioning and ramp-up at the mill to bring it to steady state. In addition, we are looking to further grow our flagship gold mine as we move to commercial production with a reserve development drilling program intended to increase the reserves in combination with studies to expand and optimize the mill throughput. Both are scheduled to begin this quarter. The overall program at Magino is expected to cost CAD 25 million, and we're looking to convert open pit resources into reserve within the current resource pit cone, and determine the optimal processing rate at Magino. We also are gonna be testing deep underground potential targets, similar to our neighbor, Island Gold, owned by Alamos. We're also gonna be testing a number of open-pit targets, along strike to the west on our very significant property holdings in that area. The overall, the overall program is expected to take 12-15 months to complete. In parallel, we are beginning to review a mill optimization and expansion that, combined, could raise throughput in the range of 15,000-20,000 tons per day, which equates to an annual production of 200,000 gold ounces per year, with higher production in the earlier years. Now, let's move on to Florida Canyon, on slide 9. In the short term, we expect Florida Canyon to meet full year 2023 guidance as we stabilize and optimize operations.... In the long term, we see an opportunity to scale up production and increase mine life at Florida Canyon. To achieve this, we will be exploring the large sulfide potential just below our oxide deposit later this year, following the geological update that we just finished. In a proof of concept program, if it is successful, we plan to prepare a preliminary economic assessment on the viability of the sulfides with an initial resource late next year, 2024. Specifically during the quarter, the company conducted drilling within the oxide resource. We also tested high-grade targets in the West Sulfide Zone and completed regional exploration work. In the West Sulfide Zone, the company completed six diamond drill holes for a total of 1,258 meters in three separate drill fences. These holes were part of the company's proof of concept evaluation of that sulfide zone. All the drill holes intersected strong alteration towards stockwork veining and strong sulfide mineralization, and encountered mineralization which is in line with similar areas of that zone. The holes were drilled primarily to get metallurgical samples, so we can send these to the test lab and evaluate different sulfide processing options for Florida Canyon. The development work we are completing at Florida Canyon supports our belief that this is a stable asset with minimal risk and large growth potential. I will now turn the presentation back over to Rich, who will provide closing remarks. Thank you, Mark. Moving to slide 10. In summary, we entered 2023 with a new vision, mission, and values, and we're confident that our company can deliver on our vision of becoming a low-cost, mid-tier North American gold company. In line with our vision, mission, and values, we're focused on per share growth. As a result, strategic capital allocation to high-quality growth opportunities and operational excellence are key to delivering per share growth. We'll allocate capital to those assets, projects, and activities that generate the highest potential for per share return. To that end, we believe the following three activities provide the highest potential for per share growth, listed in order of per share value creation. They are, 1, developing the blue sky potential of Magino, as Mark just discussed, as well as 2, redeveloping Florida Canyon, and third is repaying our debt. While we have growth potential within our Mexican asset base, the returns on invested capital are significantly lower than the three activities we list here. As a result, we continue to work towards optimizing the value of our Mexican assets, and we're evaluating the full spectrum of alternatives for this portfolio. This is part of our vision and strategy to transition from our low-grade, short mine life Mexican asset base to a long life, low-cost asset base in Canada and the United States. Sylvie, with that, we'd like to turn the call over to questions. Thank you. Thank you, sir. Ladies and gentlemen, if you would like to ask a question, please press star followed by one on your touchtone phone. You will then hear a 3-tone prompt acknowledging your request. If you would like to withdraw from the question queue, please press star followed by two. If you are using a speakerphone, you will need to lift the handset before pressing any keys. Please go ahead and press star one now if you have any questions. 1 moment please while we compile the questions. Once again, ladies and gentlemen, if you do have a question at this time, please press star followed by one on your touchtone phone. At this time, sir, it appears that we have no questions registered. Well, Sylvie, thank you. It's a Friday in the summer here in Toronto, and the weather is beautiful. You know, I think what I would like to emphasize with the closeout of the call that, you know, we're on plan. Our Mexican operations are anticipated to generate about $50 million in free cash flow this year. Magino's ramping up. The mill is going through the normal ramp-up process, but we're confident that we are gonna meet or achieve nameplate capacity as we move through the balance of the year. We're gonna begin putting high-grade material through that mill this week with the commissioning of the gravity circuit. We're on track for our organic growth programs, both at Magino and Florida Canyon, as we enter the Q3. We think that we're gonna have great news as we move in the second half of the year, higher production, lower unit costs, and some development updates for the market. I'd like to thank everybody for participating and enjoy your weekend. If there are any questions, please feel free to reach out either to Joanna Longo or myself, and we're happy to answer those. Thank you. Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending, and at this time, we do ask that you please disconnect your lines.
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