Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the first quarter 2025 results. My name is Regina, and I will be your conference operator today. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Please be advised that this call is being recorded. I would like to turn the meeting over to Andrew Bradbury, Vice President, Investor Relations and Corporate Development. Please go ahead, Mr. Bradbury. Thank you, Operator, and welcome to Orla's first quarter 2025 results conference call. We will be making forward-looking statements during today's call, and I will direct you to the second and third slides of the presentation, which contain important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to U.S. dollars unless otherwise indicated. The Orla Executive Team is on the call this morning, and I'll pass the call to Jason Simpson, President and CEO. Thanks, Andrew. During the first quarter, Camino Rojo continued to perform with low costs, and the continued gold price momentum drove strong cash flow. We recorded our first month of production from our newly acquired Musselwhite Mine, which drove a record quarter of gold production for Orla. We continue to advance our exploration and development projects in Mexico and Nevada, and now have begun our exploration program in Canada. With the integration of Musselwhite underway, we are aggressively investing in exploration and investing capital into the operation to improve mining rates and extend mine life. As we communicated about Musselwhite, we see great geologic potential, which could add to mine life and the annual gold production from this asset. As such, we are updating our 2025 guidance today, inclusive of the new investment at Musselwhite. We are pleased to provide updated production guidance for 2025 of 280,000-300,000 ounces of gold at consolidated cash costs of $850-$1,050 per ounce, and all-in sustaining costs of $1,300-$1,500 per ounce of gold sold. This includes 170,000-180,000 ounces of gold expected from Musselwhite from March to December. Cost guidance at Musselwhite is provided for April to December, with expected cash costs of $1,000-$1,200 per ounce, and all-in sustaining costs of $1,550-$1,750 per ounce of gold sold. Production guidance at Camino Rojo is unchanged at 110,000-120,000 ounces of gold. At an asset level, cash costs are expected to be between $625-$725, and all-in sustaining costs are expected to be between $700-$800 per ounce. This cost guidance is in line with initial guidance but reflected net of the corporate overhead. We have also updated our exploration, capital, and development guidance for the year to include our investment in future production growth at Musselwhite. The consolidated total investment across our business in 2025 is approximately $175 million, including exploration, capital, project costs, with $115 million of this total related to Musselwhite. This investment represents an improvement from the mine-out scenario outlined in the reserve-only technical report. We believe this is what the operation requires to take it to the next level in terms of productivity and mine life extension. Most of the investment relates to underground lateral development to improve ore availability and efficiency for future years, as well as access for underground exploration drilling. The balance of the investment is to be spent on exploration and improving the underground mobile equipment. Total exploration spending planned for 2025, inclusive of Musselwhite, is approximately $55 million, a testament to our commitment to growth through discovery and resource addition. Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance. Thank you, Jason. Our operating team in Mexico delivered another strong quarter while remaining committed to the health and safety of our employees. During the quarter, Camino Rojo mined nearly 1.9 million tons of ore at a strip ratio of 1.48. The strip ratio is a result of a mine pit redesign in 2024 to ensure consistent access to ore to maintain balanced production. The average gold grade stacked during the first quarter was 0.78 grams per ton, in line with our plan. We also achieved an average stacking rate of 18,600 tons of ore per day. We produced nearly 3,000 ounces of gold in the quarter, which is on track to achieve our annual production guidance of 110,000-120,000 ounces. Production is expected to be higher in the first half of the year and lower in the second half as we begin to stack more transition material with lower recoveries. Permitting of our expansion in Mexico continues, and we have maintained regular engagement with federal and state-level stakeholders regarding our application. In Canada, we recorded our first month of production for Musselwhite following closing of the transaction on February 28. In March, Musselwhite mined 108,000 tons of ore and milled 104,000 tons at a mill head grade of 5.55 g per ton gold. Gold recovery rates of 95.7% resulted in gold production of nearly 18,000 ounces of gold. Mill throughput in March was 3,360 tons per day, a 10% improvement from the average mill throughput in February. Our investment in the Musselwhite mine has already begun, with new underground mobile equipment purchased and already arriving on site. The equipment purchased and fleet rebuilding plan will continue throughout the year. As Jason mentioned, our 10-month production guidance for Musselwhite in 2025 is 170,000-180,000 ounces of gold at $1,000-$1,200 cash cost and $1,550-$1,750 per ounce gold all-in sustaining costs. Musselwhite's production guidance is for March to December, while cost guidance is for April onwards. Under our project pipeline and upcoming milestones, we have had constructive meetings with the Department of the Interior and the Acting Director of the BLM on the progress of our South Railroad project permitting. We continue to target the Notice of Intent being published mid-2025, with a record of decision by mid-2026, which would position us to begin earth movement next year. We are encouraged by the momentum being seen in advancing American mineral production by the current U.S. administration. This was most recently displayed by the executive order supporting development of critical minerals, which has been expanded to include gold. We have also purchased a portion of the water rights required for the operation. Our project team continues to work with M3 on the engineering for the project, potentially leading to procurement in the second half of 2025 to be prepared for on-site construction starting after the record of decision. Sylvain Guerard will discuss the Camino Rojo sulfides later in the call, and we are progressing towards an upcoming milestone. Etienne Morin, our Chief Financial Officer, will now discuss financial results for the quarter. Thanks, Andrew. It's worth addressing from the top that because of the mid-quarter closing of the Musselwhite acquisition in February, we acknowledge that this is a transitional and complex reporting period, and that is reflected in our financial results. During the quarter, we sold 46,000 ounces of gold at a realized price of $2,915 per ounce, resulting in approximately $141 million in revenue for the quarter. This includes one month of Musselwhite gold sales. Cash costs and all-in sustaining costs for the first quarter total $597 and $845 per ounce of gold sold, respectively. It's important to note that cash costs and all-in sustaining costs for the quarter do not include the impact of Musselwhite, as the closing of the transaction during the quarter resulted in one-time non-cash accounting treatments impacting cost of sales. As a result, we felt that the calculation of cash costs and all-in sustaining costs at Musselwhite would not be representative of the performance of the mine for that period. Starting in the second quarter, Musselwhite costs will be included in the computation of both cash costs and all-in sustaining costs. We recorded a net loss for the quarter of $70 million or $0.22 per share, mainly driven by the impact of financial instruments issued in connection with the acquisition of Musselwhite. After adjusting for the impact of these financial instruments and a few other small items, our adjusted net earnings were $38.6 million or $0.12 per share. Cash flow from operating activities before changes in non-cash working capital was $401 million or $1.24 per share for the quarter. This was impacted by the proceeds received from the Gold Prepay, and I'll expand on that on the next slide. Our total capital expenditures for the quarter, including capitalized exploration, were $17.7 million, of which $9.2 million was non-sustaining and related to capitalized exploration in Mexico and also related to the purchase of water rights in Nevada. Also, $8.5 million was sustaining, which the majority was relating to the mine development and equipment purchases at Musselwhite. On the next slide, we're showing the reconciliation of net income to adjusted earnings. The point here is to highlight some of the significant items specifically related to the Musselwhite acquisition, which impacted our net earnings this quarter. Items such as transaction cost and the fair value adjustment of the metal inventory are one-time items, but there are certain financial instruments that will be fluctuating each quarter, and we're providing a breakdown of those on the next two slides. As a result of the closing of the Musselwhite transaction, we recorded charges of $81 million related to changes in the fair value of financial instruments issued in connection with the acquisition. This includes the closing out of the Gold Forward Contracts, which we have now replaced by the Gold Prepay, the warrants and the redemption right issued in conjunction with the convertible notes, and a contingent payment portion of the Musselwhite purchase price. Although the Gold Prepay is considered more of a financing item because it's treated as deferred revenue and not a financial instrument, it will now flow through cash flow from operating activities. Therefore, as we continue to deliver gold ounces against the prepay obligation, we'll draw down deferred revenue on the balance sheet and we'll recognize that revenue on the income statement. Since we won't be receiving cash for those ounces delivered, it will reduce our cash flow from operating activities accordingly. The contingent consideration associated with the purchase price of Musselwhite is recorded as a liability that is re-estimated every quarter. Since the contingent consideration is linked to gold price, as the gold price increases, the probability of payment also increases, and therefore our financial liability increases as well. This is marked to market each quarter based mainly on gold price performance. Also note that this liability is capped at $40 million, of which we have recognized $28 million to date. The last item to mention is the impact of the warrants we issued in conjunction with convertible notes. As the warrants are denominated in Canadian dollars, and Orla Canada is a U.S. functional currency entity, the warrants are treated as a financial instrument and therefore marked to market each quarter. With the recent share price performance, this has created an increase in the liability of that financial instrument. That treatment will remain in place until the earlier of the exercise of those warrants or their expiry. We've added some more details on each item in the table on the next slide for added clarity, but we are available to discuss the accounting mechanics of these adjustments in more detail at any time, so please do not hesitate to reach out to us. Following the closing of the acquisition of Musselwhite Mine, the company's current outstanding debt balance is $450 million, with net debt of approximately $266 million. Our cash balance at the end of the first quarter was $184 million. We intend to use our strong cash generation from our two operations now to deliver in the near term while we also prepare to fund the construction of our South Railroad project and a robust exploration program, which our Senior Vice President, Exploration, Sylvain Guerard, will now provide you with an update. Thanks, Etienne. During the first quarter in Mexico, the company began to build program advanced limiting the extension of the Camino Rojo sulfides. The 15,000 m drill program is progressing well and is on track for completion in the third quarter of 2025. The results from the current drill program will build on the initial 2022 resource estimate, which is expected to be included. That is part of the upcoming Camino Rojo underground mineral resource scheduled in the second quarter of 2025. The drilling campaign to test the Camino Rojo's regional targets began in mid-April. In Nevada, Orla's 2025 exploration program for South Carlin Complex is focused on increasing near-deposit oxide resources at Pinion and Dark Star, advancing satellite deposit, and discovering new zones of oxide mineralization. Drilling initiated in the first quarter was paused due to weather condition but is expected to resume in May. A reserve and resource update for the South Carlin project is underway, with completion planned for mid-2025. In Canada, we have committed $24 million towards exploration at Musselwhite. The goal is to define a critical mass of additional mineralization to support future expansion of the operation and significantly extend the mine life well beyond 2030. Historical drilling, located 1 kilometer from the current resource area along the mine trend, intersected strong mineralization supporting the downplunge continuity and highlighting the potential for a 1-2 kilometer extension. Underground drilling at Musselwhite began in early March immediately following completion of the acquisition. Surface drill programs targeting the downplunge extension of the mine trend and key near-mine target areas are scheduled to commence in Q2 and continue through year-end. Silvana Costa, our Chief Sustainability Officer, will now provide an update. Thank you, Sylvain. In regards to ESG disclosures in this quarter, we have completed Orla's second modern slavery report in alignment with the Fighting Against Forced Labor and Child Labor in Supply Chains Act, which came into force in Canada last year. The act requires companies to report on their efforts to combat forced and child labor in their operations and supply chains. Our 2024 report will be mailed to shareholders on May 16 and provides updates on our work to enhance modern slavery training across the company and strengthening the process to assess risk of modern slavery in our supply chain. We are also actively working on the 2024 Orla Sustainability Report and are on track to publish the report by the end of summer. During the first quarter, we continued our community engagement and strategic investment initiatives at Camino Rojo and South Railroad while maintaining a focus on environmental performance and fulfilling our social commitments. With the closing of the acquisition of Musselwhite, we hosted our first community event in Thunder Bay to introduce Orla to community and indigenous partners and continue to build relationships that are critical to our collective success. For context, the Musselwhite Mine is located on the traditional territory of North Caribou Lake First Nation, and it was one of the first mines in Canada to enter into comprehensive agreements with First Nations communities. These agreements focus on respectful and trust-based relationships for mutual benefit and include areas such as employment and training, environmental and cultural heritage protection, and business opportunities. On the people front, in the first quarter, we continue to prioritize a smooth transition for the Musselwhite Mine and welcoming new team members. With that, I'll get the call back to you. Thanks, Sylvain. To recap, in the first quarter, Orla closed the acquisition of Musselwhite, and integration of the operation into our business is progressing well. We are pleased to show a record quarter with only one month of Musselwhite production contribution. The updated guidance to date reiterates how Musselwhite will more than double our production. We see further mine life potential at this operation, which is why we have launched an aggressive exploration program at the property to define additional reserves and resources to support mine life extension and potential expansion of the operation. Looking forward, we have several upcoming catalysts for Orla, including the initial underground resource for Camino Rojo this quarter, which will form the basis for future studies. Integration updates for Musselwhite with initial exploration results expected in the back half of the year. Permitting milestones in both Mexico and Nevada. A resource update for the South Carlin Complex, as well as construction planning information for our South Railroad project. We continue to execute on our proven strategy to generate value to the benefit of all of our stakeholders. Thank you to our teams in the countries where we operate, now including our Northern Canadian team, whose commitment and delivery are driving this business forward. Here is a recent photo with the Musselwhite team with one of the new scoops delivered immediately upon closing. At this point, I'd like to open the call to questions and pass it back to the operator. We will now begin the question and answer session. If you would like to ask a question, simply press star followed by the number one on your telephone keypad. Again, that is star one for any questions. We'll pause for just a moment to compile the Q&A roster. Our first question will come from the line of Andrew Mikitchook with BMO Capital Markets. Please go ahead. Okay. Thanks for taking us through the detail of the closing and all the adjustments in there. I did have a question about the CapEx, sorry, the sustaining and non-sustaining CapEx guided here for Musselwhite at $90 million and $18 million. What portion of that is comparable to the 43-101 mine plan capital costs that were published, which I believe were $57 million for 2025, if I'm correct? Yeah. Thanks, Andrew. I'll start, and then certainly Andrew Cormier and Etienne can build on my response. The context I'd like to set is the technical report reflected a reserves-only mined-out scenario, and the guidance that we provided today includes increased investment above that technical report, specifically in areas of lateral development, an enhanced mobile fleet, the exploration which we previously communicated, as well as some transaction costs. This really does represent an improvement to that reserve-only technical report, and investment over the next two years we'll be making towards extending mine life and potentially expanding the production profile at that asset. Anything further? Sorry, are there additional comments from Etienne or is that what we should work with? Maybe we'll pass it back to you, Andrew. If there are specifics that we want to get into, please ask a follow-up question. Otherwise, we're happy to walk you through the breakdown between capital and expense amounts indicated in the material and presentation today at your availability. Okay. I think that's it on Musselwhite. I think I'll sign off there, and if there's any follow-up questions, I will reach out. Thank you for letting me speak. Perfect. Thanks, Andrew. Once again, for any questions, press star one on your telephone keypad. Our next question will come from the line of Allison Carson with Desjardins. Please go ahead. Yeah. Good morning, and thanks so much for taking my questions today. I was wondering in terms of exploration, obviously mine life extension is a priority at Musselwhite, and I was wondering if we can expect sort of a similar size program next year or if this one was larger just sort of to kick things off. Thanks, Allison. Obviously, we're not providing guidance for next year, but the signal I can give is we should expect a similar size exploration program next year. Our exploration teams will need to use the information collected this year to define our program for next year, but holistically, I can offer the objective of the team is a 24-month objective. We have directed the team over the next 24 months to do sufficient drilling underground to extend mine life and sufficient drilling from surface to give us a broad understanding of the overall geologic complex. That 24-month program can set up conversations in year three of our ownership, not only with clarity on mine life extension, but then potential capital investment in expanding the operation. To answer your question quite directly, at this point, I would expect spending on Exploration Canada to be similar next year to this year, but clearly we'll need to let the results of this year define the program next year. Great. Thanks. Just one on Camino Rojo. I was wondering if you could give us sort of any color on what you're hearing about permitting in Mexico. It's been fairly quiet lately, and have you heard about any new recent permits being given out? Is there any concern that you don't see your permit come through this year? Yeah. We do not have concern because we are hearing things, and that is based upon active conversations at both the state and federal level. At a variety of levels of our organization, we are communicating with the regulators and bureaucrats in Mexico, and everything indicates that we should expect our permits on schedule. Just a reminder to all the listeners, and I know you are aware, Allison, we submitted on November 11 of last year, and our expectations on the schedule are about in the next couple of months we should hear a resolution on our application for expansion, and all of the conversations at various levels would indicate that we are on schedule to deliver that. That's great. Thank you so much for the color, and that's all for me today. That will conclude our question and answer session. I will now turn the call back over to Jason Simpson for any closing remarks. Since there are no further questions, I would like to thank all of you for your time. Never hesitate to reach out to Orla should you have follow-up questions. Thank you. That will conclude today's call. Thank you all for joining. You may now disconnect.