Thank you operator, and thank you everyone for joining Lundin Mining first quarter 2021 earnings call. I would like to draw your attention to the cautionary statements on slide two, as we will be making several forward-looking statements throughout the course of this presentation. On the call to assist with presentation and answering questions are Jinhee Magie, our Senior Vice President and Chief Financial Officer, and Peter Richardson, our Senior Vice President and Chief Operating Officer. Across Lundin Mining, we continue our efforts to stop the spread of COVID-19 and aid our local communities to recover from socioeconomic impacts of the pandemic. The photo on this slide shows representatives from Candelaria. It's Humberto Espejo and Cristian Matus, who lead our health and safety team here, being recognized last month by the Chilean Safety Association for the team's high performance in occupational health and hygiene during 2019 and 2020. On slide four, as the year begins, we are continuing the trend of strong and improving safety performance on almost all leading and lagging indicators. This includes continued strong performance in total recordable injury frequency rate, as presented in the chart on this page. We are particularly proud of this achievement as our operations actively manage through second and third waves of the pandemic. I would also like to highlight several areas in which Lundin Mining has further advanced our commitment to responsible mining over this past quarter, which include updates to our human rights standard and diversity policy, as well as action on board renewal. I encourage those interested in additional detail and more information on our approach to visit our website and read our core documents, including our recently issued management information circular. As always, please reach out to us with any questions. Our 2020 sustainability report, which will provide a full update on all of our activities during the year, is currently being assembled and we expect to publish this report in late June. I will now turn the call over to Jinhee to run through the summary results of the quarter. Thank you, Marie. During the quarter, our operations produced nearly 102,000 t of base metals and approximately 34,000 ounces of gold. We sold over 91,000 t of payable base metals and approximately 33,000 oz of payable gold, generating revenue of over $680 million. As the market price for our core metals we produce continued to increase, there was an aggregate positive pricing adjustment this quarter. The positive impact on revenue from settling of prior period sales was over $22 million. A large portion of the settlements occurred earlier in the quarter, meaning that the pricing was skewed to this time. First quarter revenue was also impacted by the timing of sales, with the delay of a vessel at Chapada resulting in a shipment that was scheduled for March sailing in the first week of April. At Chapada, we ended the quarter with over 18,500 t of finished concentrate. Copper generated 70% of the quarter's revenue. This is up from 64% in the same quarter last year on a relative basis, primarily driven by increasing copper prices. Nickel contributed 10%, up from 6% in the same period last year on increasing production and prices. As seen in the two pie charts on this slide, we remain predominantly leveraged to copper and well-diversified geographically. Slide six presents a summary of our quarter's results. We benefited significantly from higher base metal prices this quarter compared to the same period last year, which reflected the onset of the COVID-19 pandemic. In the first quarter of this year, we realized a copper price of $4.20 per pound. This is above the average market price, reflecting the $0.22 per pound of prior period adjustments. First quarter revenue of over $680 million was 80% above that of the same quarter last year. This is despite the delayed sales at Chapada, which held higher than normal inventories at quarter end. Attributable net earnings from operations were $0.18 per share. Adjusted earnings were $0.20 per share for the quarter, substantially above the net loss in the same quarter last year. Details of the adjustments are broken down in our MD&A. With our operations performing well and improved base metal prices, we generated adjusted EBITDA of approximately $355 million, nearly a 300% increase from the same quarter last year. Cash flow from operations was nearly $160 million and was impacted by a building working capital, given the lower than typical shipments in the fourth quarter last year and related receipts this quarter. Adjusted operating cash flow before changes in non-cash working capital was $280 million or $0.38 per share. Our board of directors declared a regular quarterly dividend of CAD 0.06 per share or CAD 0.24 per share on an annualized basis, an increase of 50% as announced earlier this year. Lundin Mining is in a very strong financial position with cash and equivalents of approximately $180 million at quarter end and net debt of only $8 million. The company's financial position has further improved since the end of the quarter and is now in a net cash position of approximately $25 million with cash and equivalents of $215 million. I will now turn the call back to Marie to discuss our operations and projects. Thank you, Jinhee. Moving on to operations in Candelaria on slide seven. Candelaria performed well in the quarter. It produced over 34,200 t of copper and 21,000 oz of gold at a cash cost of $1.65 per pound of copper. Tons milled, ore grades, and metal recovery rates were all in line with our plan. Ore processed was over 6.9 million tons, and this included the impact of maintenance downtime in February on the crushing and the mill circuits. As discussed on previous calls, the mill-feed grade was similar to that of the second half of last year as expected. We continue to forecast increased production over the remainder of the year, primarily on increasing mill-feed grades. The first quarter cash cost of $1.55 per pound of copper, while above our guidance for the year, was better than our plan. Similar to production, the cash cost is forecast to significantly improve over the remainder of the year. We have reiterated Candelaria's 2021 production guidance at 172,000 t-182,000 t of copper and 95,000 oz-100,000 oz of gold at a cash cost of $1.35 per pound of copper. Our by-product gold price assumption is unchanged at $1,700 per ounce of gold, while we have weakened our U.S. dollar Chilean peso assumption to 700 from 675 previously. Candelaria remains well-positioned to deliver meaningful production growth this year on improving copper head grades and achievement of planned processing rates. Looking ahead, we continue to advance internal feasibility level studies on the Candelaria Underground Expansion Project. These studies are evaluating an increase in the mining rate of the two Candelaria underground mines to a combined 26,000 t per day from the current 14,000 t per day. We aim to complete these internal studies this year. Moving on to Chapada on Slide eight. First quarter production totaled over 9,800 t of copper and 13,000 oz of gold at a cash cost of $1.33 per pound of copper. The operation performed well in the quarter with tons mined and tons milled in line with the plan, demonstrating our return to full production capacity. Mill throughput of 5.8 million tons is the second-highest quarterly throughput since acquisition. There is some seasonality at Chapada, and first quarter production was expected to be the lowest of the year, given the planned grade profile and recovery expectations of the mill feed blend. Heavier than normal rains also meant that more ore was sourced from the stockpile than planned, which impacted our grades and recoveries. Growth and per-ton milled operating costs were better than planned. The cash cost and financial results were impacted by lower sales volumes due to the timing of sales, as discussed previously by Jinhee, and this was partially offset by our favorable foreign exchange rates. We have reiterated Chapada's 2021 guidance of 48,000 t-53,000 t of copper and 75,000 oz-80,000 oz of gold at a cash cost of $1.10 per pound of copper. Our gold price assumption for 2021 remains unchanged at 1,700 per ounce, while we have weakened the Brazilian real assumption to 510 to the U.S. dollar from 475 previously. On the exploration front, we have had an excellent first few months of 2021. We completed nearly 11,000 m of drilling and had an average of six rigs on site in the first quarter. We're on track to complete our budgeted 60,000 m for the year. We were very successful in the government land auction that concluded in early April. We were able to acquire 23 highly prospective near mine exploration licenses, and that represents an 80% increase in our exploration land area. These lands included all of our high-priority licenses and cost approximately $6 million. Chapada's 2021 exploration expenditure guidance has increased to $14 million, up from $8 million, reflecting the acquisition cost of the licenses. Looking on Slide nine, this view of Chapada outlines some of the near mine exploration drilling results. On the slide, you can see the surface expression of last year's measured and indicated mineral resource, which includes the proven and probable reserves as a subset. You can also see the inferred mineral resource in other areas we've determined to be highly prospective and priority for near mine exploration. The assay results are from select drilling all outside of the current mineral resource estimates, with the exception of one hole in Suruca to the north. Our primary focus remains on near mine exploration to better understand and define the mineral resource potential and inform our ongoing expansion studies. On Slide 10, I said we were highly successful in the government land auctions, and the left-hand side of this slide illustrates why. We acquired 23 highly prospective near mine exploration licenses and, as I mentioned, an 80% increase in the licensed land area. The new license areas are shown in green. We were able to acquire all of those that we determined to be our high-priority licenses. On the right-hand side of the slide are select assays from drilling completed on the Formiga target on our existing license. This exciting license is located approximately 15 km to the north of the current plant. With that, I will turn the call over to Peter to discuss European operations and the Zinc Expansion Project. Thank you, Marie. Moving to Neves-Corvo on Slide 11. First quarter production totaled over 7,400 t of copper, over 14,700 t of zinc, and nearly 1,100 t of lead at a cash cost of $2.61 per pound copper. Zinc production was impacted early in the quarter by rod mill reliner replacement rescheduled for late 2020. The zinc mill feed grade was also lower than planned, as mining was resequenced from the Lombador zinc target to complete rehabilitation work. Mine development rates continued to improve in the quarter. Our contractor continued to mobilize resources, and between the contractor and Neves-Corvo teams, development steadily increased month on month. Operating costs in aggregate and on per-ton milled unit basis were directly in line with the plan, both on a euro and a U.S. dollar basis. On a cash cost unit basis. Considering the first quarter production, operating cost per ton of copper was above plan, partially offset by greater than planned zinc by-product credit. We have reiterated Neves-Corvo's production guidance for the year at 35,000 t- 40,000 t of copper and 70,000 t- 75,000 t of zinc, primarily as feed grades of both metals are planned to improve. We have also reiterated the full year cash cost guidance of $2.20 per pound of copper. This considers a revised zinc by-product price assumption of $1.15 per pound from $1 previously. The Zinc Expansion Project, ZEP, was officially restarted in early January of this year. Consistent with our previous guidance and timeline, construction is to be completed in stages over the course of 2021, with commissioning to commence by year-end. Pre-production capital of $430 million remains unchanged, as does our 2021 capital expenditure guidance of $70 million, with approximately $30 million remaining to be spent in early 2022, primarily reflecting timing of payments. Slide 12 shows some of the progress being made on the underground aspects of the project. In the first quarter, we restarted underground materials handling construction and the shaft upgrade engineering. Splicing work on the underground conveyor systems began, and contracts were awarded for the material handling reticulation system, service water piping, and shaft upgrades. Over the coming months, underground work is to focus on starting installation of the reticulation system and service water piping, establishing the shaft shutdown prefabrication, preassembly, and structural and electrical works, and commencing construction on the dumping base. Shaft upgrades are to be completed this year, currently contemplated for a third quarter timeframe. Timing is being reviewed in light of COVID-19 restrictions on international travel. Moving to slide 13. These pictures show some of the surface progress. The radial stacker has been commissioned, and in mid-January, we commissioned the SAG mill with ore to produce first ore treat. This equipment has been fully commissioned, however, is not being utilized at the moment as construction of other phases are being completed. Over the coming months, surface work is to focus on starting construction of the new paste fill plant expansion, completing commissioning of the third tailings paste thickener seen in the photo here, and a resumption of construction of the second and third phases with flotation and filtration circuits. On slide 14, Zinkgruvan continued to perform very well and is demonstrated by a record 334,000 t of zinc ore processed in the quarter. In the first quarter, production totaled over 18,600 t of zinc, nearly 480 t of copper, and over 4,700 t of lead at a cash cost of CAD 0.76 per pound zinc. Zinc and lead mill feed grades were slightly lower than originally planned. Grades are planned to increase modestly over the course of this year compared to the first quarter. Operating costs in aggregate and on a per ton mill unit basis were in line with plan, both on a SEK and a U.S. dollar basis. On a cash cost unit basis, first quarter production operating cost per pound of zinc was modestly above plan, though partially offset by greater than planned copper by-product credit. Our 2021 guidance for Zinkgruvan is unchanged at 71,000 t- 76,000 t of zinc and 3,000 t- 4,000 t of copper at a cash cost of CAD 0.65 per pound zinc. Exploration efforts continue with a focus on extension of Dalby and the areas between Burkland and the Nygruvan orebodies. Over 6,300 m of exploration drilling was completed in the first quarter. Our 2021 program remains unchanged, with 27,000 m of drilling planned as a part of a $6 million program. With that, I will turn the call back to Marie to discuss Eagle and sum up. Thanks, Peter. Lastly, the operations on slide 15. Eagle had an excellent first quarter. Both the mine and the mill performed slightly above plan. As a result, first quarter production was over 5,300 t of nickel and nearly 5,400 t of copper at an impressive cash cost of negative $1.62 per pound of nickel. Operating costs in aggregate and on a per ton mill basis were in line with plan. Cash costs benefited from better than forecast copper by-product prices and volumes. With minimal CapEx of $3.5 million, Eagle generated over $70 million of cash in the quarter. Considering the strong start to the year, we have increased our nickel production guidance to 17,000 t-20,000 t from 15,000 t-18,000 t. Copper production guidance has been reiterated. Similarly to this, 2021 cash cost guidance has been improved to a - $0.25 per pound of nickel from $0.50 previously as a result of the exceptional first quarter and revision of our copper by-product price forecast. We are now forecasting $3.75 per pound of copper for the remainder of the year from $2.95 previously. We anticipate spending more this year on underground development and drilling, including extra meters on the western extension of the Eagle East ore body. We've increased our 2021 full year sustaining capital expenditure guidance by $5 million to $20 million. With the production profile, current metal prices, and low annual CapEx, Eagle is well-positioned to generate significant free cash flow in the coming quarters and years. On slide 16, a summary of our current guidance as discussed in the operational section. In the table on the left, as discussed, we are making improvements to Eagle's nickel production and cash cost guidance and reiterating production and cash cost guidance at all other operations. We have made a minor addition to 2021 capital expenditure guidance of $5 million. Our original estimate of $610 million, with the $5 million increase at Eagle being attributable to underground development and drilling. Full year exploration expenditure guidance remains at $40 million, including the early April acquisition of exploration licenses. Approximately $14 million is to be spent at Chapada. The $6 million has been reallocated from corporate and new business development expenditure to the Chapada expenditures. While we have not experienced significant disruptions to production, shipments of concentrate, or supply chains due to COVID-19, we continue to caution that our guidance does not reflect any potential for suspensions or other significant disruption to operations due to COVID-19. Turning to slide 17. We have an excellent growing production profile from our current assets, with clear exploration potential to expand or extend mine life at almost all of our operations. We have reiterated our 2021 copper production guidance with a midpoint of 287,000 t. Zinc production is forecast to modestly increase in 2021. As the Zinc Expansion Project is completed and then fully ramped up, zinc production is set to increase 65% in 2023 compared to 2020 and be roughly 230,000 t per annum. Gold production is forecast to be 175,000 oz at the midpoint of guidance for this year, of which nearly 110,000 oz are unencumbered and receive full market pricing. Lastly, on slide 18. The investments we have made over the past several years have positioned Lundin Mining very well to benefit from the current commodity price environment, with multiple years of strong production, leading cash costs and free cash flow generation ahead. We are in a strong financial position and expect to finish the year in an even more enviable one, given the current robust metal price environment. We will continue with our objective to create value by investing in low risk, high return opportunities in our own assets. The core aspect of our capital return strategy is our regular dividend. Our policy aims to ensure a regular dividend is sustainable throughout the cycle and can be progressively increased as the asset base improves and grows. We have maintained our CAD 0.06 per share quarterly dividend and expect to provide an update in July on the conclusions from the review of our dividend policy, which is currently underway. With that, operator, I would like to open the lines for questions. Thank you. At this time, we would like to take any questions you might have for us today. As a reminder, if you would like to ask a question over the phone, simply press star then the number one on your telephone keypad. Again, that would be star then the number one on your telephone keypad. We have our first question from the line of Greg Barnes from TD Securities. Your line is now open. Thank you. Marie, a couple of questions. On the guidance, I know you've reiterated, you had a fairly weak start at Candelaria that was expected in Chapada, I guess wasn't as expected. Are you targeting the low end of the guidance range now, or is the high end just a stretch? I would say in general that we're targeting the mid-range as we were at the beginning of the year. We were performing where we expected to for Candelaria. We're slightly behind, but within just around 1,000 t of our plan for copper at Chapada. We're quite confident in the guidance there, and so we still would be targeting the mid-range. Okay. For Candelaria, you're going to have to see a meaningful step-up in grade, and it's 0.53 in Q1. I think to get to the low end of the range, I have to put in 0.7 for the rest of the year. Is that along the lines of where we should be thinking? Yeah. The grades will be back end loaded. We do expect the second half to be considerably better than the first half. Probably some modest improvement in Q2. Really, it's the back end of the year where we see the significant increase. I would say that in terms of the grade, going back to our technical report, I think it was 0.64, 0.65, Peter, correct me if I'm wrong. Correct which we would really expect to have something in that range. Okay. Yes, we do have an expectation for fairly good grades in the back half of the year. Okay. I just want to touch on Formiga, this new zone at Chapada. Given the grades there, and obviously you have no idea how much mineralization is there, but in terms of the options you're looking for at Chapada, could you be looking at a new mill or an additional mill in another location midway between the current plant and wherever else you find substantial tonnage? Right now, Formiga is early stages and it's pretty exciting. We didn't really want to release any results prior to this because of the land auctions and the area that's continuing on trend to the southwest of Formiga, we were able to acquire that in the auction, and that was one of our high priorities. We'll obviously do more and have more information on Formiga. The current studies are not looking at a midway type of plant. It's really looking at the existing resource, and if you see one of the really key areas that was the number one priority, it's hard to see on the map because it looks like just a thin line, but it's the extension of Corpo Sul. There was a small band of property there that constrained us in terms of the continuation of the south pit. That is removed, and we expect that to have a good influence on our R&R for the year. Right now, we're looking at the drilling in and around is giving us really good results with the existing. The existing expansion is looking at one of the possibilities is a new plant, but it is located in the area of the existing footprint. That's what we're looking at the moment. You can see, wherever we put a drill hole there, we seem to be finding good mineralization. The challenge is to find places that don't have, so that we don't end up putting infrastructure on mineralized zones. Okay, great. Thanks, Marie. Thank you. Our next question is from the line of Jackie Przybylowski from BMO Capital Markets. Please go ahead. I just wanted to touch on the difference between your production and your sales in the quarter. Can you talk about, I think we definitely saw it at Chapada on maybe more on the gold side, but it looked like it was at a few operations. Can you talk about any kind of shipment timing issues? If we should be expecting to see those being caught up next quarter, or if there's another source for that difference between sales and production? Thanks. Yeah. There will be always some based on payabilities, in particular for nickel, when you look at the production versus the sales. In terms of our inventories, we were carrying higher than typical inventories at Chapada, as you've noted, but also at Neves. I think we had quite a bigger balance there. We did have a couple of shipments go in early April that we had expected to go in March, for those two operations. Those were really where we were seeing the inventory levels. Okay. Those essentially have already kind of been resolved, I guess, if the ships have already left. Well, we always target to have low inventories at the quarter end. Right. I think where we're seeing challenges right now is in the South American, mostly Brazil seaborne freight, is that the spot prices are quite a bit higher than the long-term prices under contract of affreightment. Getting the vehicles into port when you expect them has been challenging, just because the providers are trying to take as many spot contracts as they can. That was part of the challenge, is the vessel availability for the quarter. That makes sense. Thanks for that color. Can I ask you another question on Eagle East? I think you mentioned in the preamble part of the call that you're looking at more drilling there, especially on the, I think you said, western extension of Eagle East. We've been kind of expecting that your exploration opportunities there were probably exhausted. Can you give us a little bit more color on what you're drilling for there and how this new area sort of came to light? I think where we are exhausted is on the expectation that we would find a considerable regional play or something that's going to double mine life kind of thing. Like last year, we continue to drill on extensions to see if we can add a few months here, a few months there, because given the profitability of this location, every little bit adds significantly. Peter, did you want to give some color on what we're doing there in the various zones? Yeah. As you said, Marie, we're drilling on the zones, the edges of the known ore body at Eagle East, and just trying to identify and find potential continuations and adding tons. As you said, Marie, months, if you add a month here and there, that's all profitable. That's what we're trying to identify. We know that there is a mineralization, it's just we need to identify and make sure that it's enough to be mineable. We're just following the known intrusion there. Okay. That's great. Thank you very much. That's all my questions. Thank you. Our next question is from Orest Wowkodaw from Scotiabank. Please go ahead. Hi, good morning. Could we get a bit more color on sort of the operational update at Neves-Corvo, specifically around the grade profile and the sequencing for the year? It seemed to me that the grades were fairly low in the first quarter, and I was wondering if we should expect kind of progressively improving zinc and copper grades as the year goes on. Sure Whether there's some variation there. Sure. There will be variability at Neves, just depending on which zone. I think we'll follow the typical pattern that you see there, where we historically have had a bit of a slow start to the year, then Q2 is typically good, and this is for both of the European operations. Q3 is usually a bit of a slow quarter given, especially in Sweden, everybody disappears for the summer. Then we have a strong Q4. I would expect to see an increase for Q2 and Q4 in the grades. Peter, did you want to expand on anything there? Maybe for Zinkgruvan as well? No, we have our mine plan, and we're following that mine plan sequence. And we know that the grades aren't constant and the same, and they'll be going up and down depending on the stope sequences. As we said, Marie, we should be expecting our plans are higher grades throughout the year for Neves-Corvo and also a slight increase in the grades for Zinkgruvan as well, depending on mine sequencing. Okay. Thank you. If I could also ask just on your corporate strategic priorities, you're already at a net cash position. You've already mentioned that the dividend policy is going to be reviewed by July. I'm just wondering, given that the Chapada expansion from, call it a CapEx perspective, still feels like it's a few years away, how big of a priority is M&A right now for Lundin Mining? Do you see room to add another asset into the portfolio, perhaps before you're ready to build Chapada expansion? Yeah. In terms of our capacity to do a deal, we definitely have the capacity to do a deal. Our corporate development team has been working extremely hard and been very busy because there are a lot of different processes and a lot of interest happening behind the scenes. For us, we don't see anything out there that we could acquire that would be accretive for shareholders or would upgrade our portfolio and put us in a better position. While we have a lot of capacity, we do not see the opportunities that we would want to see. We don't have anything on the front burner there, so I wouldn't expect us to be looking at any acquisition. We're really focusing on capital allocation, dividend strategy, and as you say, it'll be some time before we have to put money into Chapada expansion, and we'll have good cash flows in order to support that. M&A right now is not looking like there's opportunities that would add value for us. Thank you. Thank you. Our next question is from the line of Abhi Agarwal from Deutsche Bank. Please go ahead. Yeah. Hi morning, all. Thanks for the presentation. I have a couple of questions, if I may please. Peter, at ZEP, you talked about action plans to further improve productivity. Is this a normal start, of course, the COVID stoppages, or is it something underlying? Sorry, I was trying to unmute. No, the productivity that I was speaking to there was as the mine productivity. We have been working hard on improving mine productivity to increase horizontal development and the availability of ore. That is something that we continue to work on and push hard in the mine. Got it. One more question, if I may please. There's been some news flow around disturbances in Chile. Do you foresee any impact from those at Candelaria? We haven't seen I know the latest one, of course, was the stevedores went on strike at various ports. Some of the ports continued to operate normally. Some of them did go on, I think it was a half day plus a day, I think it was five shifts that the ports went on strike. They're back to normal activity after that strike period. Our port workers did not participate in that strike, the Port of Caldera did, which is where we would receive our diesel. No impacts to us from that short duration strike. There is another strike that's been called generally by a National Workers Association has called for a national strike this Friday. Our unions are not associated with this group, but we would expect that there would be disruptions within the communities similar to in November 2019, there was a national day of action and a number of groups went on strike. We continue to expect to see in the lead up to the elections, more political activity. At this point, we don't see any major disruptions for us. Got it. Thank Thank you very much. Thank you. The next is from Jack O'Brien from Goldman Sachs. Your line's open. Great. Thanks. Good morning, everyone. First question, yeah, just following up on the capital allocation. I just want to make sure I have the order in mind. Obviously, we've got completion of ZEP. Am I right in thinking the next, obviously, you've got a variety of opportunities across the portfolio, the next would then be most likely to be Chapada, followed up potentially by this expansion underground at Candelaria. Is that the right, in terms of prioritization of how you deploy your capital, is that the right way of thinking about it? Secondly, to one of the previous questions on Chapada expansion potentially being a few years down the track. If you were to go ahead with that, when would the first expected production come through? Yeah. In terms of priority, I think that's probably correct. ZEP, there's not a huge spend left for ZEP, and it's happening according to plan, easily funded from cash flow with still a lot of excess free cash flow. Of course, the studies for Chapada. In terms of the Candelaria Underground Expansion Project at Candelaria, we expect to finish those studies this year, but we're not expecting that we would have a go decision on that this year. We do expect to see a good viable project there, but our focus is going to be on taking cash from the operations. We've had a period of heavy investment there over a number of years, and so we would like to reestablish the baseline, do our post-investment review that we do for all of our major investments, and focus on cash flow generation and returning cash to the partners. That one we'll probably put on hold and reassess that in coming years, but not at the point of approval this year. Chapada, we're working through the studies. I think we've guided consistently that we would be coming to a decision probably early next year. We're trying to accelerate that, but we're going through the steps to do that. Then we would have to move to looking at the timelines then. It's not going to be a start of construction in 2021, that's for certain. Got it. Okay. Thank you. Second question, a few investors are obviously keeping an eye on the tax situation in Chile, and I know there's always one or two headlines and perhaps a difference between reality and what's said, but any comments there? Yes. This is one also that we've been following very closely. Obviously, there's been more discussion and activity around this. We're not surprised in the lead-up to elections, we expected that there would continue to be a lot of noise. There were proposals raised back a few months ago, and a couple of days ago, obviously, there was a proposal that came from the Mining and Energy Committee of the Chamber of Deputies with an extremely punitive tax structure on mining. This on top of the existing sliding scale, which is the 5%-14%, depending on your margin. I think you'll hear a lot more on this. It'll probably go through Finance Committee and Assembly and get raised to Senate. There'll be a lot of rhetoric. There are electoral promises, and it's very politicized right now. Everyone wants to curry favor with the electorate. The government has stated it has no plans to introduce new taxes during their mandate, which, of course, the elections are in November. We expected to hear different things coming out. We believe that the mining sector's contribution is broadly known and appreciated, not just by the right, but by the mainstream left as well, and that it's pretty clear that this type of tax scheme would be very damaging to the industry, and really make new investment projects in Chile very difficult. No one's going to take on a multi-billion dollar CapEx project with no potential for upside. It's going to put a lot of projects at risk there. Other countries have tried similar things like this and walked them back very quickly. We think it's a lot of rhetoric at the moment, and we expected it, but we continue to monitor with the industry groups. We're in contact with the Mining Council. Basically, we'll watch with interest, but I think the potential harmful effects of this are very well known. I think the finance minister just gave the finance report, stated increases in the copper prices combined with the increased economic activity will lead them to about a 6% GDP growth this year. That the revenues coming from copper are expected to be able to allow them to have stable debt levels despite stimulus spending. I think the industry's worked very hard throughout the pandemic to keep producing and people recognize it's a huge factor in keeping Chile ahead of its neighbors. We'll continue to watch with interest, and as we've said in the past, we expect that there would be new taxes at some point, and that they'll be reasonable and not punitive to the industry. Great. One just final briefer question. Chapada, the ore milled during the first quarter, you mentioned in the presentation, very strong level. Just wondering if that's a sensible level we could now come to expect going forward, or do you think that was slightly abnormally high, perhaps a catch up from the fourth quarter? No. We've got some good operation in the mill there now. I don't think we would expect to have any drop off and we've actually just, during the quarter, commissioned the mobile crusher. Peter, any color on that? No. I think it's according to what we planned, so a little bit better than what we planned, and that's what we aim to push the tons. Yeah. I think we should be seeing similar. Great. Thank you very much. Thank you. Our next question is from the line of Daniel Major from UBS. Please go ahead. Hi there. Thanks. A couple questions. First one, at Chapada, you processed more from the stockpile. Does that mean you're behind on the mining schedule, need to catch up due to the rains, or is it more of a logistical issue? That's the first question. Yeah. It is seasonal there in terms of the rainy season, and it was a particularly rainy February. That meant not only that we would have excess water, but that the amount of evaporation days were less, so we were carrying more water than we typically would. Basically, as we go through the year, we'll be able to access the areas that we didn't have access to. Our mining rates were according to plan. Okay, thanks. Then second question is sort of perhaps asking the same question a slightly different way around the timing of the Chapada expansion, new slow, et cetera. Two-part, I mean, your mid-year annual Reserve and Resource Update, I'm assuming you're expecting to release a meaningful increase in Reserves and Resources on the base of the drilling that you've done over the past 12 months. Secondly, you'd previously suggested you could release a study on the expansion, fourth quarter of this year or early next year. Is there any change to that timeline? No change to the timeline. We do expect to have some good results to incorporate into our R&R. What's important in the R&R is the near mine and the grade. We can add tons, but right now, it's a very long mine life. Adding 10 years at the end of 40 years doesn't really move the needle. It'll be important to identify near mine sources that we can bring in sooner than later. That's where we feel we'll have some success. Okay, great. Just one more question, if I may, perhaps a slightly conceptual one, but there are, at this stage of the cycle, people calling for some form of regime change and a higher forever copper price. How are you as a company looking at your assessment of how you review capital allocation going forward? Are you considering following that rhetoric and putting $4.50 in forever? How are you looking at that. What's your process for reviewing how you feed in commodity price assumptions to impact capital allocation? Yeah. We have not just put $4 forever into our model, but we will look at different scenarios. We typically would run upside, downside, and base case. At this point, we haven't changed our long-term copper price assumption. When we look at the possibilities, we'll look at different scenarios. We're fairly conservative, as you probably saw from our Q1 reforecast of our C1 byproducts, $3.75 copper for the year, $1.15 zinc, is fairly conservative, I think, in terms of pricing as compared to where we are. We'd like to think it's higher for longer. There's differing opinions on that. We'll be optimistic but conservative as we typically have in the past. Great. Thank you. Thank you. Our next question is from Lawson Winder from BofA Securities. Hey, Lawson, you might be on mute. Can you guys hear me now? Yes. Okay, great. Thanks, Marie. Good morning, thanks for the update. Just more specifically on the September R&R update, would it be fair to assume that reserves at Chapada could be replaced, first of all? Secondly, could we expect an initial resource at Formiga, would we be looking at an inferred or M&I level resource with that? Thanks. Well, on the first one, yes, definitely we should be able to at least replace mined, and fully expect to do that. On Formiga, I think it's a little early on a resource there. Okay, great. On the exploration budget, Marie, you mentioned that $6 million had been reallocated from corporate to Chapada. Does that mean that Chapada's exploration budget for this year is now $14 million+ $6 million, so $20 million? No, it's the $14 million. It's still the $14 million? Would you expect spending that by the June 30th R&R cutoff? Spending the $6 million or? No, the entire $14 million. No, not the full amount. No, we'll continue with the drilling throughout the year. It'll be an even spend for the rest of the year, probably. It's a little light in the first quarter just because of the rain. It's harder to get the meters, but we usually pick up mid-year and have a very good back end in terms of drilling. We'll continue to drill there, and do as much drilling as we possibly can throughout the year. If we can spend more than that budget, we will. Okay. Great. Then, just one final question on the guidance, more specifically to gold production, though, at Chapada. One, can you remind us, are the gold grades positively correlated with the copper grades? Would it be fair to expect a very material pickup in the gold grades in Q2, Q3 and Q4 at Chapada? Yeah. I wouldn't say there's a direct correlation. There's areas that are gold rich and areas that are copper rich. There's not a direct correlation in terms of the grade. What we do see is, obviously, with stockpiles, there will be a recovery that you'll see the recovery on oxide material will be difficult on both gold and copper. That's definitely the case. In terms of the gold, I'm just trying to think. We do have a pickup in the year on the gold grades as well, in terms of being better in the back half than it is in the first half. That's just access in different areas of the pit. We do definitely see an uptick there. Peter, any color you want to give there? No. As you said, there's no direct correlation. We're also expecting an uptick second half of the year on gold grade. You're confident in meeting that gold production guidance for Chapada? Yes for Chapada. Yes. Yes, we are. Yes. Okay. Thank you very much. Yes. Thank you. Our next question is from Stefan Ioannou from Cormark. Please go ahead. Great. Thanks, guys. Thanks very much for taking the question. Most of my questions have been already sort of answered. Just maybe curious on the sort of thinking and from an M&A point of view. You mentioned you haven't really seen a lot of accretive opportunities out there. Just wondering, can you comment if the focus has been on copper specifically, or are you metal agnostic? I'm just thinking about maintaining a diversified profile going forward with Eagle coming off over the next few years, if there's any sort of additional focus on bringing another nickel asset into the mix. Yeah, I think, we do have a focus on copper, and that would be first priority, but we would look at other things as well, and we have looked at other things as well, whether it be zinc or nickel. We're just not seeing assets that would be an upgrade to our portfolio and be accretive for shareholders. Okay. I'll leave it at that. Thanks very much, guys. Okay, thanks. Thank you. The next one is from Dalton Barretto from Canaccord. Please go ahead. Thanks. Good morning, Marie and team. A couple of questions from me. I wanted to start by kind of picking up on that Chile event there. You discussed the proposed tax changes in some detail, but what about from a broader constitutional reform perspective? Are you seeing anything there that gives you concern? How insulated are you by your stability agreement? That's my first one. Thanks. Yeah. The elections for the constitutional assembly were put off. They're not happening until May. They were originally supposed to happen in April, but they were put back because of the increase in the COVID cases, and they'll be held on May 15th and 16th. We don't expect any further delay to that timeline, nor for November. On that, there's kind of a split. There's the right candidates, which are center right, there's a center left, and then there's a more extreme left. We'll really have a better idea after the May elections to understand where that constitutional assembly will be. There's a lot of rhetoric from all sides at the moment. I think, if it was a month from now, I would have a better feeling for the types of things that we might see coming out of the discussions. The constitutional assembly timeline is still the same. The elections have been pushed back a month, but the expectation to deliver a new draft constitution, and to have it reviewed and voted on is still the same, and that won't happen until mid-next year. We should have some kind of indication as to what might be in that based on the composition of that assembly, and we won't know that until mid-May. Okay. From your stability agreement perspective, I guess until you know what's in there, it's hard to say what you're insulated against? Our stability agreement should protect us against any new taxes until the end of 2023. Commencing in 2024, we could be subject to new taxes there. We do have protection until 2023. Okay, great. Just maybe switching gears a little bit, I think your disclosure flagged localized COVID-19 outbreaks there at Candelaria and Chapada. How much of a concern is that? I would say for us, it is a concern. It's more of a concern at the moment in Chapada than it is in Candelaria, because Candelaria, Chile's made good progress nationwide on their vaccines. They've got half of the population has had at least one dose, and probably about a third has had a second dose. We do see that vaccination program should start to stabilize the case levels, and we should see them reduce there. At Chapada, it's different. The national campaign is moving quite slow. Not a lot of doses given. I think only less than 15% of the population right now has a first dose. Locally, we're still trying to assist with getting vaccinations, but the availability of supply of vaccine is not there. That's the one where we are concerned. We have had our site doctor and our nurses vaccinated, but in large part, the community and the workforce is not vaccinated there and it's uncertain when we might get that. We don't have any concerns about vaccine resistance. People want to receive it. We're thinking that the general workforce right now, it's probably at least second half before we can have them vaccinated. Okay. I guess my last question, I just want to pick up on something you said on the Candelaria Underground Expansion Project that you're looking at. I think you said you expect to pre-sell a project, but you don't expect to move forward on it. What's the argument for not moving forward on it and just giving away your balance sheet, so to speak? Yeah. I think there's a few things. We have just gone through a heavy investment period in Chile. We would like to reestablish the base case and to do post-investment review on the investments we have done. There are a number of, and Jinhee could speak to this more eloquently than I, but some withholding tax credits and other tax credits that will disappear within the next year or two, that we would like to take advantage of in taking advantage of those tax credits. We feel that with the political uncertainty embarking on a very high CapEx project, it's not $1 billion, but it's not under $100 million either. A big CapEx project in a time of uncertainty on the tax regime is probably not a good decision. We have good production and we have growth in other areas, so it's not like we're desperate to see that increase. Prudency and just being careful and taking advantage of some tax credits that are disappearing. That's great color. Thank you, Marie. Good luck, guys. Okay, thanks. Thank you. There are no further questions at this time. I would now turn the call back over to you, Ms. Inkster. Okay, thank you very much, operator. Thanks everyone for joining the call today. In summary, our operations are performing according to plan, and we're expected to deliver on all of our guidance this year. We feel very well-positioned, and we look forward to our next update in July. Thanks, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect. Have a great day.