Good morning, ladies and gentlemen, and welcome to the Mountain Province Diamonds Inc. Q4 2025 Webcast and Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Wednesday, April 1, 2026. I would now like to turn the conference over to Jonathan Comerford. Please go ahead. Good day to everyone who has dialed in to listen to our Q4 and year-end 2025 results call. My name is Jonathan Comerford, and I am President and CEO of the company. Also present on this call is Steve Thomas, our CFO, and Reid Mackie, our head of diamond sales and marketing. At the conclusion of this presentation, we will be available for any questions you may have. Firstly, I would like to draw your attention to our cautionary statement regarding forward-looking information. This presentation will be posted on our website for anyone who needs additional time to review this statement. Mountain Province Diamonds produces Canadian diamonds to the highest standards of corporate social responsibility, and this is something we continue to be proud of. We own 49% of the Gahcho Kué Mine in the Northwest Territories with De Beers Group, a division of Anglo American plc, owning the remaining 51%. Today, I will speak to our Q4 and year-end 2025 results and provide some insight into our first quarter of 2026. Following that, Steve, our CFO, will discuss the Q4 and year-end 2025 financial performance of the company. Reid will comment on the overall diamond market. I will then make some closing remarks to complete the presentation and answer any questions you may have. Safety. Starting with safety, Gahcho Kué continues its strong performance in 2025, with total recordable injury frequency rates of 2.3 or 2.2, which is the best ever achieved at the mine and below the 2.3 in 2024, which is a record at the time. Safety remains a top priority, and we will continue to focus on it across all operations. Q4 and year-end 2025 highlights. 2025 was always gonna be a challenging year. In the first three quarters, we mainly processed low-grade ore from the Tuzo stockpiles while preparing the high-grade NEX ore body. This went largely as expected. From January to September 2025, we produced about 2.5 million carats at an average grade of less than 1 carat per ton. In the last quarter, production picked up sharply, nearly 1.9 million carats at a grade of 2.25 carats per ton. Daily production increased from 9,000 carats at the start of the year to 25,000 carats a day in November and December. The strong performance has continued into 2026. While grades and carats recovered were higher than expected, we saw a lower size distribution, frequency distribution. In other words, the smaller stones, which are currently under pressure in the markets, made up a greater proportion of the overall carat production. In terms of mining, the operator moved 38.7 million tons of material in 2025. That's ahead of the budget and guidance and more than 17% above 2024's figures. Access to the high-grade 5034 NEX ore body was achieved as planned. In summary for the operations, overall safety, processing, and mining were performing well. I would like to thank all of the staff of the GK for what they've achieved in what is extremely challenging circumstances. Grade was a bit challenging early in 2025, but improved in Q4, as we focused on the NEX ore body and has continued into 2025 or 2026. Diamond market. The diamond market remains very tough, particularly for small stones. Positive signs have repeatedly been offset by external factors. U.S. tariffs have added uncertainty, and recent conflict in the Middle East has affected consumer confidence, impacting key markets such as Israel and Dubai. Overall, the market remains highly uncertain. Liquidity. During 2025, our largest shareholder, Mr. Dermot Desmond, provided vital support during a period of low grades and challenging diamond prices. We are very grateful for this support. After year-end, the company was unable to meet its share of mining costs, which were particularly high in the first half of the year due to the winter road. This led our partner, De Beers, to make in-kind elections as announced earlier this year. We are actively working with our partners to resolve these outstanding payments, and I hope to provide further updates in the coming weeks. Given the challenging market, the joint venture partners also decided to postpone the Tuzo phase III earlier this year, allowing us to manage liquidity and preserve optionality. Before I close, I would like to take a moment to thank Jeff Swinoga for his outstanding contribution as a director and as chair of the audit committee. While we are sorry to see him move on to bigger and better things, we are very grateful for his commitment in staying on to see the audit through to completion. On behalf of the board and the entire team, I would like to sincerely thank him for his service and wish him every success in the future. With that, I will now turn over the call to Steve Thomas, who will take us through the financial results. Steve? Thank you, Jonathan, and good morning, everyone. Noting that all numbers discussed will be in Canadian dollars unless otherwise stated. As Jonathan has said, the company experienced tough market conditions throughout the year, with prices falling notably in the second half of the year, which has impacted several aspects of the financial results beyond revenue. In Q4, we processed mined NEX ore with average grade more than double that of the first nine months. This explains the higher carat sold in Q4, approximately 50% higher than in each of the first three quarters. However, the average selling price in Q4 at $52 per carat was unchanged from Q3, reflecting continued market uncertainty, largely due to the 50% tariff on Indian rough diamond imports into the U.S. in place at that time. The average selling price for 2025 was $59 per carat, lower than any quarter since the mine opened, except for the prices in H2 2025 and in Q2 and Q3 of 2020, when the retail markets were closed due to COVID-19. This pricing environment has placed the company under significant financial pressure. The financial statements going concern note outlines measures taken to address liquidity, including debt raised to fund operations. It also details outstanding amounts owed to De Beers as operator for unfunded cash calls and how these balances have evolved since year-end. As in the first three quarters of 2025, Q4 pricing resulted in significant write-downs of diamond inventory and ore stockpiles, increasing production and depreciation costs. Although ore stockpile tons remain broadly unchanged since the mid-year, they declined by 1.8 million tons in the first half of 2025. This led to the release of previously capitalized costs into production costs, cash production costs, unlike in 2024, when the stockpiles increased by 1.8 million tons and costs were capitalized. The resulting loss from mine operations in Q4 2025 was $50.2 million, contributing to a full year loss of $154 million, which compares to a $13 million loss in Q4 2024 and a full year profit of $18.4 million in 2024. In addition, Q4 2025 included a material impairment charge of $103 million, which equals a net $90 million after an offsetting deferred tax recovery. This complex calculation required additional audit work by KPMG, which delayed this week's earnings call to today. A weaker U.S. dollar in Q4 and for the full year resulted in an unrealized foreign exchange gain compared to a significant loss in 2024 when the U.S. dollar strengthened. Adjusted EBITDA, which accounts for that impact, saw 2025's result materially below 2024, although positive in Q4 2025 versus being negative in Q4 2024. Cash flow from operating activities was an inflow of $9.1 million in Q4 2025 and an outflow of $22.1 million for the full year, which compares to a $79.8 million inflow in 2024. The combination of low prices and the lowest annual sales volume since the mine opened reflects ongoing market instability and reliance on the lower grade stockpile wall while we strip the NEX ore body. Key factors for recovery include resolution of the tariff regime, improved geopolitical stability in the Middle East, both of which are critical to restoring diamond prices and enabling the company to meet its future financial obligations. Turning briefly to the balance sheet. Most notably, the year-end balance sheet reflects the reduction in property, plant, and equipment by CAD 103 million, being the non-cash impairment charge, which effectively accelerates future depreciation charges. The injection of $40 million under the bridge credit facility and the equivalent of CAD 33 million through a working capital facility have been reported in the first nine months of the year. During the year also, in agreement with De Beers, they have drawn funds from the decommissioning restricted cash account in our balance sheet to meet cash call requirements when due. Whereas the restricted cash balance was CAD 14.4 million at the end of Q3, by the year-end 2025, it had been replenished fully to CAD 34.9 million. To note that since the year-end has been further utilized in a similar fashion to meet cash calls. For the combined value of the derivative assets at $343 thousand, this compares to an overall liability of $1.8 million at the 2024 year-end. The asset comprises $178 thousand being the fair value of the early repayment feature within the second lien notes, which has increased by $780 thousand over the quarter, but reduced by $5.9 million since 2024 year-end. The reduction in closing value compared to 2024 is due to a significant rise in the discount rate used to derive its fair value from 9% to now 15%. The other derivative asset of $165 thousand represents the fair value of a $15 million currency hedge in place, which has since the year-end been settled. At the 2024 year-end, that was a liability of $7.9 million, given that there were $105 million of hedges outstanding that were out of the money. Considering the inventories are $151 million, they have decreased by $3.2 million over the quarter as there has been a $10 million reduction in supplies inventory and the ore stockpile has reduced by $1.9 million. These reductions have been offset by an $8.8 million increase in the value of rough diamond inventory as the volume of carats on hand has increased by 280,000, albeit with each of those carats being $7 less in value in its carrying value. Closing inventory value for 2025 is $45.3 million lower than for 2024, primarily due to the $56.7 million reduction in the comparative value of the ore stockpile, for which the tonnes held at 100% at 2.3 million tonnes have reduced by 1.8 million tonnes compared to the start of the year. That decrease is offset by supplies inventory being $8 million higher than in 2024, in large part due to consignment stock which we now hold and early delivery of other stock items. There is also an increase in the value of rough diamond inventory by CAD 3.4 million, reflecting the far higher volume of carats held which increased by 324,000, albeit with a lower carrying value of $ 41 per carat compared to their opening carrying value of $72. This reduction reflects the impact of write-downs taken during the year to adjust the carrying value of cost to its lower net realizable value per carat. In respect of property, plant and equipment or PPE, the year-end 2025 balance of CAD 518.5 million is down CAD 111.6 million over the quarter and CAD 69 million over the 2024 year-end balance. The increase reflects an increase in the decommissioning and restoration asset reported in PPE by CAD 90 million as our share of the undiscounted decommissioning cash flows was re-estimated upwards by CAD 32 million in Q4, with the balance of that sum reporting mainly to inventory. Also, an additional CAD 18 million was invested in sustaining capital during the year, plus an additional CAD 45 million of capitalized waste activity in respect of NEX waste material less about CAD 45 million of depreciation which is not associated with NEX capitalized waste. All of these additions were offset by the aforementioned CAD 103 million impairment charge and a slight reduction of CAD 3 million in assets under construction as that work was completed. For current liabilities, the CAD 62 million increase in the accounts payable balance of CAD 126 million at 2025 year-end compared to only CAD 65 million at 2024 year-end reflects two major increases in respect of accounting for CAD 24 million of accrued interest on the senior secured notes, which the lenders agreed to forgo until payment in June 2026. This balance has grown as expected during 2025 and did not exist at 2024 year-end as it was previously being paid every six months. Secondly, unpaid cash calls due to the operator at the year-end of CAD 30.6 million, which De Beers financed on occasions during the year by withdrawing funds from the company's portion of the decommissioning funding balance or by utilizing the overdraft facility which is available to the operator. As addressed in the financial statements subsequent events note, since the year-end, De Beers has issued in-kind election notices or IKEs in respect of unpaid cash calls, which must be paid within 60 days in order to avoid an event of default under the GK Joint Venture Agreement. Where the first of these IKEs has become due, De Beers agreed to issue new IKEs in respect of any unpaid balance on the original IKE. That is taking place whilst the companies are in discussion on how to resolve this issue and manage broader joint venture matters going forward. The current liabilities also reflect the following. The Dunebridge $40 million bridge credit facility, which was fully drawn in July, and the balance reflects the principal unamortized deferred transaction costs and the accrued interest, all translated at the period-end closing FX rate. Secondly, the Dunebridge working capital facility of $23.6 million, which was fully drawn during Q2 2025, and is accounted for similar to the bridge credit facility. Thirdly, the fair value of the current component of the decommissioning and restoration liability, which has seen little movement over the three and twelve-month period ending December 2025, with the risk-free interest rate used in the calculation being comparable at both year-ends. The resultant change in the value of net current assets and current liabilities during Q4 2025 and across the full year results in the working capital position decreasing by $50 million during the quarter to -$70 million, and compares to a working capital balance of -$120 million at the 2024 year-end. Turning to long-term liabilities. Of CAD 479 million at 2025 year-end compared to CAD 22 million at 2024 year-end, these comprise the translated value of the U.S.-denominated senior secured notes and junior credit facility, which, with the weakening of the U.S. dollar since the start of the year, tends to decrease the Canadian reported value, resulting in an unrealized foreign exchange gain of CAD 4.4 million in the quarter and CAD 15 million for the full year. The other material long-term liability is the discounted value of the decommissioning liability, which has increased from CAD 83.5 million- CAD 114.8 million, which reflects the increase in the estimate for the liability itself, offset by a slight increase in the discount rate used in its fair value calculation. Turning to earnings. Revenue for both Q4 and the full year 2025 declined significantly versus 2024, with average prices down 18% year-over-year and volumes down 31%, reflecting the market conditions and production sourced from the stockpile ore for the first nine months of the year. Cost of sales at CAD 310 million in 2025 exceed CAD 249 million incurred in 2024. When normalized for carats sold between the two periods and accounting for the higher write-downs of inventory to net realizable value, the underlying costs have increased about 20%, which reflects higher operating costs year-over-year and increased depreciation charges associated with the higher levels of capitalized stripping undertaken. In respect of cash production costs at $ 76 per carat and $ 93 per ton for the full year 2025, that compares to $ 60 per carat and $ 77 per ton for the year-end 2024. The costs rose year-over-year, driven by the aforementioned stockpile depletion in 2025 versus its growth in 2024. The gap in these costs that I've set out widen when you include deferred stripping, given that CAD 26 million of higher capitalized stripping costs were incurred in 2025 compared to 2024. Finance expenses in 2025 increased to CAD 56 million for the year compared to CAD 43 million in 2024, with the interest charge increase of CAD 10 million reflecting the new bridge credit facility and working capital facility and the growing accrual on the senior secured notes and junior credit facility. Foreign exchange movements included both the unrealized gains on the debt translation and a realized loss of CAD 4.4 million on hedge settlements made in the year, which were below the prevailing market spot rate. The deferred tax recovery totaling CAD 30 million for 2025 compares to a charge of CAD 1.6 million in 2024, with CAD 13 million of that change driven by the impairment charge and the balance due to the operating losses incurred in 2025. The company reported a loss from operations of $50 million in Q4 and $154 million for the full year. That compares to a profit of $18 million in the year ending 2024, with the reduction of $173 million reflecting reduced sales of $112 million and a $61 million increase in the cost of sales, as discussed earlier. In line with operating loss, operating cash flow was an outflow of $59 million for 2025 compared to $15.5 million in 2024. Debt funding of $89 million largely explains the difference to the operating loss versus the closing cash flow movement, and provides the reason for us having a closing cash balance of $2.3 million. Adjusted EBITDA was $4.8 million for the year, equaling a 3% margin, and that compares to $91 million in 2024 with a 34% margin. As a result of the above, the net loss after tax was $151.6 million in Q4 and $279.5 million for the full year, which compares to an $80.8 million loss in 2024, with the difference largely due to the impairment charge, the significantly lower sales volume and price, and the write-off charges against all stockpile and rough diamond inventory flowing through the cost of sales and arising itself due to the low price environment. Loss per share was $1.32 for the full year, compared to $0.38 in 2024. In conclusion, 2025 was a challenging year, marked by weak diamond prices and low sales volume while mining through the NEX waste material. The company has relied on significant financial support from its major shareholder, Mr. Dermot Desmond, for which we are very grateful. We still faced a $30.6 million shortfall in cash calls made to the operator at the year-end. As mentioned, the going concern note addresses the company's liquidity challenges and extends into the developments seen in Q1 of 2026. Despite these pressures, the mine achieved record operational performance and accessed the highest grade ore in its history. Ongoing discussions with De Beers and the lenders aim to stabilize our financial position. However, a recovery in market conditions is critical to meet obligations and for us to realize the benefits of increased production coming from the NEX ore body. Thank you. I will now hand over to Reid. Thanks, Steve. Going into 2026 from 2025, overall market sentiment was cautious amid the ongoing uncertainty over U.S. tariffs and the pending sale of De Beers. The rough market was showing signs of improvement early in the year and the industry more optimistic for the year ahead. However, the outbreak of war in the Middle East and tariff uncertainty has shifted the market back into a more conservative wait and see mindset. Presently, this market reticence is based more on logistical disruptions rather than structural market shifts. At the beginning of the year, we saw signs of a rough diamond market recovery, supported by positive holiday retail results and producer supply and price management. In the U.S., holiday retail sales were positive, with sales exceeding $1 trillion for the first time. Year-over-year growth was estimated between 3.5% and 4.2%. Jewelry, the jewelry component of this was up 1.6%. Looking ahead in 2026, the National Retail Federation recently forecast that 2026 U.S. retail will grow 4.4% over 2025. Globally, luxury brands have continued to perform well, leveraging the rarity and exclusivity of naturals to drive diamond jewelry sales. Solid demand and growth were noted in the Americas, Japan, and Hong Kong. Finally, we saw Chinese jewelry retailers reporting improved performance in Q4. The lab-grown diamond market continues to grow, albeit at a slowing rate, and primarily in the U.S. at commercial retailers, where the incentive to hold on to the short-term high percentage retail margin is still present, if not waning. This contrasts with the rest of the world, where naturals hold overwhelmingly strong consumer preference, most importantly in the growth markets of India and China. The luxury brands, which have shown the strongest performance in the jewelry sector, continue to promote the exclusive use of natural diamonds in their collections. More recently, even at U.S. retailers such as Blue Nile, there are signs of differentiation back towards natural diamonds as elevated luxury. The widening price gap between natural diamonds and lab-grown appear to have hit an inflection point where this price differentiation is now being recognized at the consumer level. Meanwhile, updates in grading terminology and regulatory guidance serve to further underpin the deepening market segmentation of the two products. Global macroeconomic factors stemming from the recent war in Iran and continued tariff uncertainty warrant close monitoring of the rough diamond market. In 2025, we saw diamond jewelry production strategies in the midstream evolve quickly to minimize the impact of U.S. tariffs, highlighting the nimble adaptability of the diamond industry, especially in India. However, it remains to be seen how the most recent events will impact consumer spending preferences going forward. Despite headwinds, it's important to remember that we are still seeing the fundamental signs of a diamond market stabilization to support price recovery. With much reduced rough diamond supply upstream, solid consumer demand, and growing differentiation away from lab growth, with naturals being an elevated luxury product, we look forward to long-term price growth for our diamonds. With that, I'll pass you back to Jonathan for his closing remarks. Thanks, Steve, and thanks, Reid. Just to summarize, some of the highlights for 2025. In terms of safety, we had record total recordable injury frequency rate performance, reflecting the ongoing commitment to safety. In terms of production, Q4 2025 drove a strong finish with nearly 1.9 million carats recovered at 2.25 carats per ton, and daily production rising from 9,000 to 25,000 carats, and that has continued into 2026. In terms of mining, we mined out 38.7 million tons in 2025, ahead of the budget guidance, with the high-grade 5034 NEX ore body access to plant. We still, however, face a very challenging diamond market, with smaller stones remaining under pressure in particular, due to global uncertainty tariffs and geopolitical factors which are keeping the market very unpredictable. Finally, in terms of liquidity and strategic focus, the focus continues to be working with De Beers and our stakeholders to manage costs and optionality while working with other stakeholders including, you know, our workers, government, et cetera, to get through this very challenging time. I'd like to thank you for your time. My team are now available to take any questions you may have. Over to the operator. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. If you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please flip the handset before pressing any keys. One moment, please, for your first question. As a reminder, ladies and gentlemen, if you have any questions, please press star one now. There appear to be no questions. I will turn the call back over to Jonathan Comerford for closing comments. There's no questions from the receiving end, Steve, is there? No. Webcast? No, none online. Oh. Okay. Sorry. One has just come on the screen. Jonathan, I apologize. It's just popped up. Can you tell me the total value of diamonds sold on March seventeenth at the auction? I don't think we can disclose that number. That's from Mr. Barry White from The Sunday Times, Ireland edition. Because we're here to deal with the year-end financial results. That would be released as part of the Q1 results. Correct. Which is in May. No other questions, Jonathan. Okay. I would like to close off this call and like to thank everyone for listening in and for their perseverance with this company. It's been a very challenging year, and hopefully we'll have some news to disclose to the market, in the not-too-distant future. I would like to wish everyone a happy Easter, and thank you again. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.