Good day, and thank you for standing by. Welcome to the Calibre Mining 2022 Q4 and Full Year Financial Earnings Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Ryan King, Senior Vice President. Please go ahead. Well, thank you, operator. Good morning, everyone, and thank you for taking the time to join the call this morning. Before we get started, I'd like to direct everyone to the forward-looking statements on slide two. Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes that our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements. For a complete discussion of the risks, uncertainties, and factors which may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to our 2022 annual MD&A available on our website as well as on SEDAR. Finally, all figures are in US dollars unless otherwise stated. Present today with me on the call are Darren Hall, President and Chief Executive Officer, David Splett, Senior Vice President and Chief Financial Officer, and Tom Gallo, Senior Vice President of Growth. We'll be providing comments on our fourth quarter and full year 2022 results and our outlook for 2023. After which, we'll be happy to take questions. The slide deck we'll be referencing is available on our website at calibremining.com under the Events section. You can also click on the webcast to join the live presentation. With that, I'll turn the call over to Darren. Thanks, Ryan. Moving to slide three. Good morning, and thank you for taking the time to join us today. I would like to start by thanking all Calibre employees and business partners for their continued focus, which resulted in another record-setting year. Pleasingly, these records were led by an additional 50% reduction in our lost time injury frequency rate. I'm proud of what the team have accomplished in 2022, which included integrating the Nevada assets, delivering record gold production of 222,000 oz, a 20% increase over 2021, meeting expectations on total cash costs of $1,129 per ounce despite significant industry-wide inflationary pressures, and obtaining Pavón Central and Eastern Borosi permits, full funding construction activities, which positions us well in 2023 for an additional 22% grade-driven increase in gold production. Our commitment to reinvest continues to pay dividends, growing reserves to 1.35 million ounces, a 370 increase after production since becoming a producer in Q4 2019. In 2022, our Nicaraguan exploration focus morphed to include new targets and district scale discovery opportunities. During the year, we discovered our highest grade deposit, Panteon North, and outlined multiple kilometers of potential at the Limón complex along the Panteon VTEM geophysical gold corridor. Panteon North added 244,000 ounces to reserves at 9.45 g/t, increasing the consolidated Nicaraguan reserve to 5.37, the highest grade ever. After owning the Nevada assets for less than 12 months, we increased mineral reserves 23% and announced the discovery of a new zone proximal to Pan, demonstrating the geologic potential of the area. I would like to highlight that the company's reinvestment in exploration and development since 2019 have and will continue to present a compelling investment opportunity. I'll now turn the call over to David to discuss our financial results. Thanks, Darren. Moving to slide four. Calibre was not immune to significant industry-wide inflation. Our focus on cost control and fixing key commodity prices resulted in a muted impact. Calibre finished the year within guidance with cash costs of $1,129 per ounce and an AISC of $1,259 per ounce. 2022 growth capital advanced key assets, including the Pavon Central Eastern Borosi and La Tigra mines. These will help drive a significant increase in 2023 operating cash flow as they're sequenced into full production during the first half of this year. Additionally, 2023 will see an approximate 30% reduction in growth capital expenditures compared to 2022, that, combined with, as Darren mentioned, the 22% grade-driven production growth, will drive 2023 cash generation, which will become most evident during the second half of the year. Finally, we expect total cash costs and all-in sustaining costs to decrease as production increases over the course of this year. I'll now turn it over to Tom to discuss our exploration programs. Thanks, David. Moving to slide five. As Darren mentioned earlier, we had significant exploration success in 2022 and continue to see excellent opportunities across all assets. Firstly, I would like to welcome John Jory, VP Geology Nevada, to the team. John brings an extensive background in both exploration and operations and has spent considerable time in Nevada throughout his career. I'm looking forward to what he will bring to the team and have no doubt that he will unlock new value for the company. At our Pan mine in Nevada, drill results led to a 23% increase in mineral reserves net of production depletion, as well as to a new discovery called Coyote. This target is located 3 kilometers south of the main Pan resource, with initial drill results including 1.36 g/t over 13.7 m. Our 2023 Pan drill program is largely focused in that area, as shown on the map, looking for new potential deposits and targeting future resource growth. The Gold Rock project, located 13 km from the existing Pan mine, also demonstrated strong drill results with the identification of new higher grade gold mineralization. Given these results, our focus is now to test for additional high grade depth potential, looking for feeder structures primarily north and west of the known gold mineralization. At our Golden Eagle project in Washington, the first phase drill program confirmed consistent gold mineralization over broad widths, including 4.3 g/t gold over 92 m, reinforcing the potential this project has to unlock future value to shareholders. Golden Eagle is a meaningful contributor to the company's overall mineral resource base with 2 million ounces in measured and indicated categories, and we will continue to review opportunities to advance this large scale U.S. project. Turning to slide six. The discovery made at Panteon North in early 2022 continues to deliver on all fronts, from bonanza-grade gold intercepts to the new high-grade mineral reserves Darren mentioned previously. Step out drilling along the VTEM geophysical corridor up to 2.5 km north of Panteon North has given indication of another new high-grade gold zone. The VTEM survey has proven to be an excellent tool for new target identification, outlining a further 3.5 km of untested strike length along the high level resistivity contact. Discovery drilling is underway along this corridor with four diamond drill rigs. Calibre has an initial 60 km drill program planned in Nicaragua, prioritizing the VTEM gold corridor and a number of other exciting targets at Libertad, Eastern Borosi, and several new concessions. I'll now turn the call back over to Darren to discuss the company's growth trajectory and to conclude today's presentation. Thanks, Tom. Moving to slide seven. Since acquiring our Nicaraguan assets, we've delivered year-on-year grade driven production growth. For 2023, we have guided an additional 22% production growth as grades continue to trend towards reserve, the reserve average of 5.4 g/t. We currently utilize approximately 1.7 of our 2.7 million tonnes of installed processing capacity. Given our 2.8 million ounce resource base, exciting exploration opportunities, favorable mining legislation, and demonstrated ability to go from permit to plant in less than 18 months, I'm confident we'll continue to add additional ore sources leveraging the 1 million tonnes of surplus capacity to profitably grow production. Turning to slide 8. 2023 is expected to be another record year with grade driven production growth, lower unit cost, and a re-reduced demand for developing capital. I believe Calibre presents a compelling investment opportunity as we deliver on our commitments year-over-year, make new and exciting discoveries, self-fund our organic growth through the Americas, and deliver positive and sustainable value to all stakeholders. With that, we're happy to take questions. Back to you, operator. Thank you. At this time, we will conduct the question-and-answer session. As a reminder, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from Justin Stevens with PI. Justin, your line is open. Hey, guys. Congrats on a pretty solid quarter. This has been a good end of the year there. A few questions on my end. First, just if you can give some idea of what we can expect in terms of the Pavón Central feed in terms of Q1. I know obviously you guys are getting things going there, but when can we sort of expect that this actually started hitting the mill? Yeah. Morning, Justin. Maybe we'll answer each question as they come up, so I don't forget what you asked. It broke up a little bit there, but I believe you asked about the Pavon Central and the timing for that come on. Yes, exactly. Okay, cool. We commenced deliveries in January and through yesterday, we've averaged a little over 800 tons per day delivered to Libertad from Pavón Central at around 6 grams per ton. It's living up to great expectations and the startup's been good. We fully anticipate, you know, reaching commercial production here in Q1. Perfect. That's great to hear. That's gonna be a nice, a nice kicker, I'm sure. Absolutely. Yeah. Just next one for me. Obviously the Libertad leached vessel there, any updates on that? Is that On target, or is how is the sort of the elution side of things for that mill going? Yeah, no, Justin, the replacement vessel was installed in Q4. It's all business as usual. We've got the two vessels running. We've got plenty of surplus capacity. We're actually in better shape than what we were prior to the event. There's no restrictions and no issues associated with that part of the circuit. Perfect. No, that's good to hear. Yeah, you've got, yeah, like you said, about, I think about 1 million tons or so of excess capacity right now. You know, obviously, EBP is gonna be a nice, a nice sort of potential spoke as well. Is there any other sort of plans that you see in terms of near-term sources that you're gonna be looking at? Or are you gonna be focused on optimizing sort of with the spokes that you currently have through this year, and then look at any potential sort of expansion in 2024 or later? Yeah, no, a good question, I guess, is that, you know, you know, our focus has been in, if we look at the last couple of years, was in 2020, we were bringing Limón to Libertad, and then in 2021 was Pavon to Libertad. In 2023, it's Eastern Borosi into Libertad. You know, we're ensuring we do that responsibly, safely, and sustainably, given it's, you know, it's key to our growth profile as we go forth. You know, we'll continue to look for opportunities to increase rates of delivery from those three sources. You know, as we get through this development stage of Pavon Central in Q1, and then Eastern Borosi in Q2, you know, we'll now then start to look at, you know, what other potential sources of ore we could start to, you know, bring into the feed here over the next, you know, 18 months to 2 years. Got it. No, that makes sense. Obviously been a nice steady trend in the right direction here, so good to see that. Just remind me, on the, on the ore trucking side of things, you pay a contractor, right? What sort of exposure do you have in terms of the energy prices? Yeah, no, from a price perspective, generally speaking, it's a little different on a hole-by-hole basis. Roughly speaking, about 25%-30% of the cost of haulage is associated with diesel consumption. You know, again, you can do the math. If you saw a 25% increase on 25%, it'd be, you know, relatively de minimis cost on a cost per ton basis. Our exposure to fuel, which is the diesel price, is relatively de minimis there on those hauls. Got it. Yeah. With the grades that you're seeing, obviously, at Pavon, even just, the existing, previous production from Pavon, and obviously now Pavon Central, I think that material's extremely high margin, no matter how you cut it. That's good to see. Yeah, absolutely. Um- You know, leveraging off that in-store capacity at Libertad, you know, you're trading that mill capacity for the incremental haul. You know, the haulage option is still cheaper than building a new facility in Talsham and everything that goes across with it. I guess that's what we're highlighting there on slide seven. When you look at the green bars that sit on top of those columns, the opportunity that exists to incrementally utilize that million tons, even if it's 50% of that at a lower grade of, you know, 3, 4 grams per ton, you know, the torque there from a free cash flow perspective will be significant. Right. Exactly. especially because the unit cost that you'd see from that incremental throughput is not particularly high compared to the sort of the existing cost that you'll be seeing even just running at that base case. Correct. A little bit of energy and the ubiquitous consumables, lime, cyanide, those sorts of things. You know, people and all the fixed costs associated with running the plant are basically sunk at that point, yeah. It's absolutely a very accretive increment of production. Got it. Last one from me. Just any, sort of, on the CapEx side of things, any sort of big-ticket items we should be looking at throughout the year? Or is the spend gonna be relatively steady? Generally speaking, as Dave alluded to, there's a little more weighting in the first half of the year as we complete the growth-related expenditures at Pavon Central and Eastern Borosi. If we look on year-on-year, if we look at our total non-sustaining capital spend, 2023 over 2022, you know, we're talking about a $44 million reduction year-on-year as we, you know, reap the benefits of that investment we had in 2022. Are there big-ticket items to watch for? No, not really. It's more front-end weighted, just to get these operations up and running and into the production stream. Great. That's it from me. Thanks again. Thanks, Justin. Thanks, David. One moment for our next question. Our next question comes from Farooq Hamed with Raymond James. Your line is open. Hi. Good morning, everyone. Thanks for the, thanks for the call this morning. Darren, my question really for you is just related to capital allocation and your strategy there. From the sound of it, you're gonna start generating, assuming gold prices hold up, you're gonna start generating some significant free cash in the second half of this year as production picks up costs, you know, kind of come off and your CapEx starts to roll lower in the second half. I'm just wondering, as you start building your cash position, what are your capital allocation strategies or what's your hierarchy here in terms of other projects where you can start spending capital or growth capital, potentially in Nevada or return of capital to shareholders? Kind of where do you and the board sit on that thought process right now? Yeah. No, thanks, Farooq. You know, it'll be a nice problem to have later in the year to have, you know, a very healthy treasury position, and we're wondering what to do with it. Again, as we've demonstrated over the last few years, the reinvestment into Nicaragua and the opportunity that presents is definitely our highest priority. It shows great dividend. There's a good future in front of us there, so we'll continue to prioritize, that space. We've, we've broken the back of a lot of the growth capital, as I mentioned earlier, in 2022 with the Pavon Central and Eastern Borosi. There will be, Riscos de Oro come on. We'll start that development probably later this year, which is the underground potential out of Eastern Borosi coming into production in 2024 or thereabout. There'll be some capital associated with that. You know, I think as we go through the year, we'll spend a little bit of time, sit back and say, "Okay, where is the best allocation of capital internally and externally?" Again, it'll be a great opportunity to have for the organization. We still see, you know, we still remain absolutely committed to our exploration potential. As Tom continues to find and things, continue to find more things, you know, we'll be presented with opportunities to be able to bring those into production as well. You know, as we've demonstrated, you know, we can go from basically permit application to plant in, you know, less than 18 months. The last couple of deliveries have been closer to 12. There's lots of accretive things that we're able to bring in country. We'll continue to look at, you know, external opportunities as well, as we see fit. I think that our focus will be on Nicaragua, investing there. We'll continue to develop an understanding there in Nevada, both in and around Pan and in Gold Rock. As Tom, you know, discussed on the call, there is to develop a better understanding about what that high grade deeper sulfide potential means before we make a commitment to developing Gold Rock. Okay. No, that's helpful. Then maybe to focus on Nevada. It's been, you know, about a year since the acquisition. You know, things have maybe moved a little bit slowly there. Are you at a position now to provide some kind of timelines or milestones on what you wanna see out of Nevada over the next 12 months that would, you know, kinda give you comfort or give the market comfort that there's, you know, more value there that you can, you know, kinda see on the near to midterm horizon? Yeah. It's a focus there for the next quarter or two. You know, we've just completed the resource reserve update, you know, with the 23% growth in reserves there at Pan. You know, we just finished those programs. It was a fairly large program last year. You know, Tom's talked about the discovery potential south of Pan there with Coyote. We're getting our head around what does this mean, what does it look like. You know, very clearly, you know, what we've identified there is the ability to put more track in front of a Pan train, which is a good place to be. You know, with that, we can also step back a little bit and look at, okay, what are the opportunities to be able to lower unit cost there as well, and whether that be through, you know, investment in secondary storage crushing or, you know, those optimizations that can happen around mining rates and sequencing and scheduling. You know, we've got, you know, life in front of us to be able to have those discussions, and that'll be a focus for the team in Nevada over the next 6 to 12 months. See how Gold Rock plays into that, you know, as the exploration program continues there. We've got about 40,000 meters of drilling identified for Nevada as it stands at this point. Again, we've been successful with the drilling thus far, and we'll be interested to see how that unfolds during the course of the year. You know, I think we're developing a better idea, but I think it'd be presumptuous for us to say we know exactly what, you know, 2026 and 2027 are gonna play out at this point. You know, we're definitely developing a better understanding, and we are seeing good reason to be cautiously optimistic about what's in front of us there in Nevada. No, that's good to hear, and we'll keep watching that. Maybe last one from me is just back to Nicaragua. It's been some time now since, you know, we had all those kind of sanction headlines and there was, you know, concern in your stock. You've been able to operate throughout. Can you give us any update on, you know, Is there any more clarity on what the US Treasury Department was after? Has there been more, you know, certainty given to you or assurance given to you that your operations are, you know, will not be affected going forward, there is no connection at all, and something that, you know, we can completely put to bed? No, I think probably the best way to answer that, Farooq, and, you know, I'm gonna be a little bit cautious about making political commentary, right, and relationships between Nicaragua and the U.S., but, you know, what we have seen is from a ability to execute perspective, you know, the sanctions and things that have risen over the last three years since we've been in operation there, you know, we've been able to, you know, maneuver through and negotiate through those changes. We haven't seen, from an operating perspective, an impact of any of the sanctions or any of those political issues. It's been made clear to us from our advisors that, you know, it's in everyone's best interest that we continue to be an operator and sustainable in Nicaragua. It's the best thing for Nicaragua, and it's the best thing for the U.S. as well. It's probably the best way I can answer that. I mean, we have seen some suggestion of a change in political winds there recently with some open dialogue between the U.S. and Nicaragua and related to, there was about 222 political prisoners, which were repatriated to the U.S. just here in the last month. The U.S. State have come out and openly, you know, made comment that they're, you know, in constructive discussion with the foreign minister there in Nicaragua. All of those things, I think are setting us up for a change in political wind and a positive future. No, I'm, I'm encouraged by those recent activities. Okay. Thanks, Darren. That is helpful, and I appreciate the sensitivity of having to answer a question like that. So... It is helpful. Thanks. That's it for me. Appreciate it. Thanks, Farooq. One moment for our next question. Our next question comes from Geordie Mark with Haywood Securities. Your line is open. Yeah, good morning. I thought I'd just to expand on a few points there. Given the success of exploration, I guess, last year on Panteon North, would you be able to describe what would be required physically to bring that into production over the next, I'll call it 1- 2 years? Given that success and grow out the re-reserves, any thoughts in terms of where your comfort level would be in terms of reserve base to bring out another, you know, multi-year sort of outlook for Nicaraguan operations in particular? Thanks. Yeah, no, thanks, Geordie. You know, with regard to Panteon North, you know, it's a rapidly evolving situation. You know, keep in mind that, you know, we have first holes in hood in Q2 of last year, and we come to reserve here just a month or so ago. You know, it's a pretty rapid progression there for that, you know, roughly quarter million ounces at 9.5 grams. It's relatively proximal to our existing operations. From a development perspective, it's not, you know, it's a new mining zone, but it's not a new mine per se. It would leverage off the existing infrastructure. You know, we're continuing drilling there, obviously, as we've talked about, and given the prospective nature in Panteon North and then further to the north along the whole VTEM corridor. You know, I think it's important for us to understand scope and scale there and how best to be able to tackle that. And as you're aware that Panteon, Espinadero, is a hot mine with water. You know, given we've got that volume scale behind us now, we can start to look at, okay, what's the best way to be able to optimize that asset for the longer term? You know, I think we'll take a prudent approach to understanding what's happening there. We wanna be able to, you know, ensure that we allow enough time to do the appropriate level of engineering so we can ensure ourselves up for a sustainable future. We anticipate, you know, being in that region, you know, along Panteon there for, you know, decades to come. You know, if I was to suggest a timing on that, you know, I think it'll probably take a, you know, one or two years of work to get into and start actually getting ore from that Panteon North zone. You know, kind of in that 2025 type timeframe, would be the increment there, something like that. You know, that'll be proven out by, you know, how successful we are from the drill bit this year and do extensions too and, you know, make sure we do it in a, in a logical way. Hopefully, that answers the question on Panteon. Yeah, thanks, mate. You know, and again, and given that's such a, you know, a pivotal asset for us as well and, you know, changes the tenure of the grade, you know, it's gonna be really important for us to understand what that looks like before we can start to put out a, you know, a revision to the multi-year. I mean, you know, we stand behind the product that we issued in June of last year. I think there's only opportunity to be able to improve that from a margin and a cash flow perspective going forward, and that'll be the focus. I mean, it'll be less about whether the number's 275 or 300,000 ounces a year. It'll be, you know, what generates the most attractive margin and generates the best value for our shareholders. You know, Panteon will obviously play into that, as will some of the opportunities like, you know, like Justin asked about earlier in terms of, you know, these incremental productions that can come through the mill, and we can reap the benefit of, you know, relatively modest grades at two, three grams to consume and utilize some of the incremental 1 million tons of capacity that sits at Libertad. No, I think 2023 is gonna be a good year for us. Would I expect us to come out with a revised outlook in a quarter or two? I don't think so. I think it's gonna take us a couple of quarters to get our head around this, and have some, you know, more intelligent discussion about what this would look like. I think we've, you know, we've clearly established a very solid reserve base that, you know, we've replaced reserves year-on-year. A modest increase in Nicaragua last year at a 6% increase in reserves, but a 16% increase in grade, obviously drives higher margin. You know, we've demonstrated we can replace it. I think we're pretty comfortable with that as a base. Now it's about looking about, you know, what's in front of us from a, you know, how do we keep track in front of the train and where do we go, as opposed to necessarily trying to specifically grow the reserve base. Great. No, that makes a lot of sense. Thanks, mate. That's it for me. Cheers. Cheers. Thank you. At this time, I would like to turn it back to Darren Hall for closing remarks. Thank you, operator. I'd like to thank all of our shareholders for their continued support during the year and everyone's participation on the call. For your questions this morning, it's much appreciated. I know you're all busy and have plenty on the go. As always, Ryan, I, and the entire leadership team are available if you have any further questions. At that point, I say take care, have a safe and rewarding day, and pass it back to the operator. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.