Thank you for standing by. This is the conference operator. Welcome to the Pan American Silver's 2020 preliminary production results and 2021 guidance conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star then one on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. I would now like to turn the conference over to Siren Fisekci, Vice President of Investor Relations. Please go ahead. Thank you, operator, and welcome everyone to Pan American Silver's conference call to discuss our guidance for 2021 and preliminary production results for 2020. Media and other participants on the call are invited to participate in listen-only mode. We issued a news release earlier this morning that details our guidance for production costs and expenditures in 2021, as well as the preliminary 2020 production results. The news release and presentation slides for today's call are available on our website. That material in today's call contains certain statements and information that constitute forward-looking statements and information. Please review the cautionary statements included in our news release and presentation, as well as the risk factors described in our most recent Form 40-F and annual information form. I will now turn the call over to Pan American's President and CEO, Michael Steinmann. Following his remarks, we'll open the call to questions and answers with the rest of the executive team. Thank you, everyone, for joining us today. I will begin with a brief recap of 2020 production and then discuss our outlook for 2021. In 2020, we produced 17.3 million ounces of silver and 522,000 ounces of gold. Government decrees in response to the COVID-19 pandemic led to the suspension of all our Latin American operations for various durations in 2020. As well, production at Manantial Espejo was suspended from December 21st, 2020 to January 7th, 2021, following a directive from the government of Santa Cruz in Argentina imposed on mining operations in the province. Comprehensive COVID-19 protocols also reduced production capacities and added COVID-related expenses at all operations. Nevertheless, we generated strong cash flows in 2020, and we paid $275 million on our credit facility, exiting the year with no bank debt while our cash and short-term investment balance reached approximately $271.1 million at December 31st, 2020. We also increased the dividend twice during the year, by 43% in January and another 40% in November, returning $46.2 million to our shareholders. At La Colorada, production was impacted by an inability to access high-grade ore due to the COVID-19 related delay in completing an underground ventilation raise and the loss of a second surface raise in Q4 2020, which further limited the deployment of personnel and diesel equipment underground. Last week, we successfully completed the 3.1 m diameter surface to 345 level raise bore, which will replace the critical ventilation raise that failed in Q4 2019 after 10 years of service. This new ventilation raise will now be shotcreted before the fan is installed and commissioned in the next few weeks. In 2021, we will be advancing three additional pre-graded raise bore shafts in different areas of the mine. While we complete these projects, we are temporarily moving ventilation fans and tapping other available infrastructure, including existing ramps and shafts, to distribute the available fresh air intake to the key production areas of the mine. This ventilation work has been incorporated in our 2021 guidance. La Colorada is currently our largest silver producer with long life reserves. The investment in the new ventilation systems will serve us well for many years to come, not only for our current reserves in production, but also in developing our world-class current discovery and future mine expansions. We have also revised our COSE and Joaquín mine plans in Argentina to address the scarcity of qualified underground miners in the region due to COVID-related inter-provincial travel restrictions and the cost associated remobilizing a larger workforce. Workforce numbers have been reduced under the new mine plans, resulting in lower mining rates and annual output while extending mine life by about one year. As you know, the pandemic is still with us. Our outlook for 2021 incorporates our view that while production will bounce back from 2020 levels, operations will continue to be impacted by COVID-19 protocols, which increase costs and restrict throughput levels, especially at our underground mines, where we produce most of our silver. The impact on operations is expected to diminish over the course of 2021 as vaccinations are deployed throughout our operating jurisdictions later in the year. For Q1 2021, we assume operations will experience the full effect of COVID-19 restrictions, similar to Q4 2020. We assume the impact of restrictions on cost and production declines to 75% in the second quarter, to 50% in the third quarter, and to 25% in the fourth quarter of 2021. The first quarter of 2022 is assumed to be the first period that will be free of COVID-19 restrictions, allowing operations to run at full capacity. Of course, these assumptions depend on the global supply of vaccines, how each jurisdiction manages the vaccination programs, the effectiveness of vaccines, and any potential virus outbreaks. In 2021, we are guiding silver production of 22.5 million-24 million ounces, and a record gold production of 605,000-655,000 ounces. All-in sustaining costs are expected to be in the range of $12.50-$14 for silver segment, and $1,135-$1,250 for the gold segment. These cuts reflect the reclassification of the Dolores operation to the gold segment, given the mine is sequencing into higher gold grade ores in 2021. We expect to spend $245 million-$260 million on sustaining capital in 2021, largely on open pit pre-stripping, leach pads and tailing storage facilities, exploration, site infrastructure, and mine equipment overhauls and replacements. Approximately $50 million-$60 million of that spending has been carried forward from 2020, as we had to defer certain projects because of the pandemic. Project capital is expected to be between $55 million-$60 million. The vast majority will be invested in the La Colorada skarn project for the infill drill program, early stage engineering, metallurgical testing, and completion of a preliminary economic assessment or PEA. It also includes investment to advance some longer-term infrastructure for the skarn project. About $5 million of project capital will be spent on the Wetmore Exploration project, which is located 900 m southwest of the current Bell Creek Mine underground workings. The goal is to expand and upgrade the existing resource to reserve with 15,000 m of underground drilling from an 825-meter exploration drift developed from the existing Bell Creek Mine underground workings. Our 2021 guidance does not include any production for the potential restart of the Escobal Mine in Guatemala. As stated previously, we cannot provide a view on timing. We understand that Guatemala's Ministry of Energy and Mines and the Xinka Parliament have agreed to begin the pre-consultation meetings in April 2021 as part of the court-ordered ILO 169 consultation process. In 2021, we expect to spend $20 million-$21 million in care and maintenance expenditures at Escobal, which is focused on safely completing the actions required by our approved environmental management plan, ensuring the mine is in excellent condition for a possible restart, and to support the government-led ILO 169 consultation process. In 2020, we made significant progress deploying the Towards Sustainable Mining protocols at the site, and we facilitated the launch of a participatory environmental monitoring program in partnership with the School of Engineering of the University of San Carlos in Guatemala City. The budget for care and maintenance at Navidad Project is approximately $2 million. Under our guidance assumption for 2021, we expect to generate robust levels of free cash flow. With bank debt fully repaid, our capital allocation priorities are to invest in high-quality projects like the La Colorada expansion and other select exploration projects, as well as returning cash to our shareholders through dividends. We are very excited about progressing our La Colorada skarn project and providing a PEA by the end of the year. La Colorada is a world-class deposit that will continue to be mined for decades, both from vein expansions and development of this current deposit, providing long-term exposure to silver. With that, I would like to open the call for questions. Thank you. We will now begin the question and answer session. To join the question queue, you may press star then one on your telephone keypad. You will hear a tone acknowledging your request. If you are using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. To join the question queue, please press star then one now. Our first question comes from Don DeMarco of National Bank Financial. Please go ahead. Oh, hi, Mike and team. Thanks for taking my call. My first question has to do with Dolores. I see you've switched it over to the gold segment. You're seeing increased gold grades. How long do you expect this sequencing to last? Yeah. Hi, Don. Steve here. I think the best indication of that is to look at the mine plan that's in the 43-101 technical report. It kind of shows that. All along in the development of the Dolores open pit, that the high grade at the bottom of the pit that we strip so much waste for is very high in gold and relatively low in silver. That is going to be predominantly most of our ore for the rest of the life of Dolores. Okay. Thanks a lot. Don, just to add here. Yeah. The change obviously was necessary because if you add that big of a gold credit to the silver production, it just made the cost metrics for the silver net of by-product gold look silly. That's really the reason why we changed. Dolores was always kind of close to half-half, so it didn't really matter. We had it obviously in our silver segment because it was always with Pan Am for a long time. Now producing more value in gold than silver, it was time to change it over just to have the cost metrics in a reasonable place. Okay. That makes sense. Certainly its AISC helps that gold group, helps the gold segment. Shifting to another name in the gold segment, the costs at Timmins have increased a little bit over a year. Maybe can you speak to some of the reasons for this and your outlook or strategy for this mine? Yeah. Relative to cash costs, there's a modest increase, it's really reflecting some of our COVID-19 protocols and the way we costed those through the year, gradually decreasing through the year 2021, while the vaccine kind of rolls out. Relative to base cost, there is a substantial increase in relative capital spending from previous years, that's really in light of the large, we have a very large tailings dam expansion project that starts during 2021, we had to really expand the size of that tailings facility to be able to accommodate some of the new reserves that we've discovered there and planning for that. We just didn't have a facility that was capable of handling that. There's a substantial spend of about $18 million of that capital at Timmins, for a tailings dam expansions. That's really the driver there. I see. Maybe it's a sort of a one-year elevated cost. It is. In the past, you had talked about maybe selling this. You're now content to keep it within your portfolio? Yes. Look, Timmins was and is a fabulous mine, and really what Steve is alluding to is we added much more mine life to the asset, and that's requiring some capital right this year. Yeah. I think that's not only for Timmins. If you look at the other assets that we purchased, I'm sure you remember we added last summer about 400,000 ounces of new gold reserves, with Shahuindo. Adding such a big new reserve obviously requires at the end a bigger stripping, and that requires more space in our leach pads and waste areas. Something similar at La Arena, where we actually added probably a full three years of production since the purchase. Of course, that requires more space for waste and more capital for that. That's kind of a bit more capital intensive year with those kind of one-off addition to a very positive story, of course, because it means actually substantial increase in mine life on all places. At one point we have to, of course, put the capital in to make that happen. That's why you see increased AISC on these assets for this year, just because of the capital. I think if you compare the cash costs here, you see that the increase is not all that much. Okay. My final question is on the La Colorada skarn. Of course, this is a tremendous opportunity and base metal prices are cooperating here. We're looking forward to the PEA, but the release mentioned plans to develop some ventilation raises. Do you have something in mind with respect to developing this asset at this point? Well, we already know that this is a world-class discovery, and you mentioned base metal prices. We're looking at, remember, it's over 100 million tons of resource already, still open, basically all around. We are drilling and expanding that a bit further, but mostly focusing on infill drilling. This will be decades in production, so just looking at a one-year metal price move doesn't make too much sense. I think we have to look at long-term. This will be the longest life asset that we have. In my view, as I said, there will be decades to come. Don't forget that we have already about 10 or 12 years of reserves and resources for the veins, which all continue deeper down as well. Now we added this really long life, very large skarn ore body. We are very aggressively developing that ore body, and we start with some access, either from underground, from surface this year. We'll start with building some ventilation that helps us in the mine for the veins and for the skarn because they're very close together. This is just the start, obviously, of putting capital in that great discovery. As you can imagine, to build over the next years a substantial increase of production at La Colorada will require more capital at one point. This year, I think we guided $55 million-$60 million. Okay. Thank you, gentlemen. That's all from me. Thank you. Our next question comes from Lawson Winder of Bank of America Securities. Please go ahead. Hi, guys. Good morning, and thanks for doing this call. I think it's a great idea. I just have a few questions on the guidance. First, with Huarón. It makes perfect sense, of course, that the underground mines would continue to experience some negative impact from COVID, but Huarón, on the other hand, has actually exceeded my expectations as opposed to the others, which were a little below. I guess my starting question would be, what are you guys expecting in terms of tonnes and grades at that asset for 2021? Yeah. Thanks, Lawson. Steve here. Actually, we're seeing there is an impact in our throughput. We do expect to be about an average of 8% less than its maximum capacity, let's call it, in mining and processing rates in our year. What we're seeing in that production is a little bit better grade than what we've seen in the past, and that's largely mine sequencing is what we're seeing there. Overall, I have to say and agree with you that Huarón is performing incredibly well these days. We're very happy with it. I think what you're seeing and what you're describing is mostly mine sequencing, making up for that difference in shortfalls in tonnages. Just in general, a few comments on COVID here and the impact that we see. The impact is much bigger to our underground operations, which produce more silver than our open pit. We don't see an impact really in our open pits. I think we are pretty much back where we want to be. Actually, most places, if you look at the tonnage, it's increased compared to 2020 because of the increased stripping that I just mentioned because of the new reserves that we found. It's, of course, easier to social distance in the open pit than in the underground, and we expect bigger impacts from COVID on the underground operations. In general, this has been, of course, a difficult budget to make these estimates on COVID, and I gave some guidance there. What we assumed, you probably saw there, it's a kind of a similar impact to Q1 than to Q4 last year, and then back end load, a decreased production towards the year with less and less impact on COVID. That's what we assumed. That's our best guess really on that. Like you and anyone else, we don't know yet how well or easy this vaccine's going to get distributed and how quick, especially in Latin America, we're going to go back to normal. That's kind of our take on where it's going to go. As we learned with this pandemic, it normally goes into a different direction. Yeah, that's well appreciated by me. Thanks for that comment, Michael. I might want to also ask on Dolores. Steve, you made the comment that if you go back and look at the technical report, that might give you a good idea as to sort of gold grades versus silver grades. I think I was actually modeling something pretty close to the technical report, but I was still a little bit above reserve grade for silver. Whereas it looks to me like you guys might be mining a little bit below reserve grade in 2021. Is that correct? Yes, that is correct. Part of that, Lawson, is a sequencing of stockpile ahead of the pulp agglomeration plant. You're right. We are generally sequencing into lower silver than we had in the technical report for that specific year. You got to remember that we're a little bit out of sequence with that technical report. There is also a minor effect, I will say, from the stockpiling, because we can't mine the deeper part of the open pit during the wet season. It basically floods the bottom of the pit. We have to build enough high-grade stockpile to be able to run the pulp agglomeration plant through that period. There is some higher grade silver that gets tied up in stockpiles during the year of 2021. It does have a bit of an effect there. Right. Okay. That makes sense. Of course then, that would explain partly why the gold grade seemed to be a little higher than I would've expected as well. Yes. Okay. Okay, great. Then I'm just sort of backing out and stepping away from the guidance a bit. I just wanted to get your latest thoughts on Navidad, and not really from the perspective of what's going on, because I think it's become clear that at least the governor in Chubut is supportive of the project, and really it's just now a matter of getting this zonificación law proposal through. I'm not asking you to comment on that, but my question would be, if we assume that zonificación law is passed, what are the next steps from there for Pan American? Next step will be to present our environmental impact study and apply for permits. This is, of course, just one step. If the law change will happen, like any mining project, this mining project would have to be permitted, and we would have to make a final decision on exactly the size of the project, et cetera. As you probably recall, I think we talked about that before. Navidad is very scalable project. It has really eight kind of shallow open pits next to each other, and you can develop one or two or three or how many as you want at the same time, depending how much capital you want to put up front or how much you want to grow the asset through cash flow while you are in production. That's really the decision that has to be made at one point. At the moment, as you said, we have to see what happens in Chubut. If the law gets changed, it will just be a normal, I think, sequence what we would see in any mine development anywhere else in the world. I don't know, Steve, if you. What would sort of be the timeline or how much work, I guess, would be involved before you guys could make a decision on what exactly that operation looked like, whether it be three or eight pits or whatever it might be, and then before you finally submit the application for the permits? Yeah. We actually have already defined in our permit applications that we prepared kind of a sequencing and incremental production ramp up over about a five or six year period. We can go forward with that permitting right away in our mind. Within a couple of months, we have to do a few upgrades on the baseline data, get it up to snuff for the current period, and get that submitted. That permitting, we expect, it could take quite a while, maybe up to a year. During that year, we can kind of reconfigure that ramp up as we see best, given the current conditions and the current kind of situations, if you will, down in Argentina. Okay, that's great. It sounds to me like you would be going ahead with the permitting process basically as soon as possible. My question is, you guys are keen to move ahead with this. Yeah. We're keen to get the permitting going. Remember, there is an indigenous consultation period as well. It has to take place. We'll support the government. That'll be a government-led permitting effort, and we'll support them with all the information and baseline data and project description information of what's going forward. As I say, we've got a few weeks that we're going to want to get that up to snuff before we actually make the submission, but then focus on assisting the government through that process, however long it may take. Just to be clear, Navidad is one of the best undeveloped silver deposit in the world. There's no doubt in that. It's a great deposit. It's outcropping or very shallow. It's good grade. Yes, of course, we would move forward with the project or with the permitting if we would be allowed to do so. As I said, final decision on how the ramp up will happen is still pending. Great. Steve, Michael, thank you so much. Thank you. Thank you. Our next question comes from Trevor Turnbull of Scotiabank. Please go ahead. Yeah. Hi. Thanks, guys. I just wanted to ask about the range on costs for guidance. You've talked about how many of these operations you feel will continue to be heavily impacted in the first quarter, and then that impact will lessen as we go through the course of the year. I was wondering if we look at the cash costs or all-in sustaining cost guidance ranges, if it's safe to assume we start the year at the high end of that range and then maybe finish up at the low end. I guess I kind of wanted to understand, none of those quarters would, I guess, fall outside of the guidance range. Certainly, we would expect costs to be going down through the year. I'm just wondering if it's fair to use that range as how we step it down. Yeah, Trevor, I don't think that's a bad approach. We do know both in terms of cost, but also in terms of production, it is back-end loaded to production and less cost at the tail end. I wouldn't be surprised if we'll see the last periods fall even outside the range, below the range on cost, and maybe be a little bit heavier going in. I think using that as an average, we don't do a quarterly kind of guidance. Clearly, this is back-end loaded on production and higher costs up front. Can you just remind me how badly has throughput been impacted by some of the restrictions? Are you off greater than 10% or as much as 20% at some of the operations? As Michael mentioned, interestingly, on the open pit mines, the three open pit mines we operate, we haven't seen much of an impact. We've been able to, with the physical distancing, it's much easier in the open pits situation than it is underground. Also we're able to find temporary employees because passing through our screening to come to work is a pretty arduous process, and we end up with pretty high absenteeism rates. We're able to make that up with temporary help in the open pit fairly easily, and we've been successful in doing that. We're not able to do that underground with some of the specialized skills that we need underground. It's not so easy. When I look at Q4 as an example, we're looking on the underground of being about 20% short on personnel deployment, and that equates directly to about a 20% on average shortfall of, let's call it maximum production rates from those underground mines. That's how severe it was impacted during Q4, and that's kind of the logic we take into Q1 of this year. Okay, great. Thanks, Steve. The only other question I had, maybe for Michael or Rob, I'm not sure. We saw that there was this proposal in Mexico on essentially a 5% mining fee. It was going to be a mining fee based on revenue. This was, I guess, an early proposal by a congressman that's been put forth. Have you heard anything about that or any sense if this has a reasonable chance of moving forward, or it's just kind of a one-off by a congressman that isn't necessarily destined to go very far? I started and hand it over to Rob, but I think, we know about as much as you have seen, obviously, in the public space. It has been made public. It was a proposal. In my view, that's where it stands. I don't know really. Rob, you want to? Yeah, really not much more to add, Trevor. We just don't have a basis to rate the chances of that going through. It has actually been proposed in the past unsuccessfully, so we'll just have to take a wait and see approach. Yeah. It did seem like it came a bit out of, not necessarily nowhere, but didn't come out with a broad base of support and a lot of fanfare. Just seemed like it just got tabled and, hopefully, it doesn't proceed too quickly. That's understood. Anyhow, Okay. That's understood. Thanks, Trevor. All right. Thank you. Thanks, Trevor. Once again, if you have a question, please press star, then one. This concludes the question and answer session. I would like to turn the conference back over to Mr. Steinmann for any closing remarks. Thank you, everyone, for calling in. I think it will be an exciting year here for the whole world, I hope. I think vaccines will roll out in some places a bit slower, in some places faster, but I think there's light at the end of the tunnel, and I'm really looking forward to this year. I'm looking forward to all the great projects that we have and catalysts that we have here that we are able to put in some more money at work. I'm very excited with the financial situation the company is in. I'm sure you've seen there we have no debt and a substantial increase of our cash and short-term investment. It looks very good for 2021. At the beginning, as I said, COVID will impact more. Less impact, hopefully, in the second half of the year. Looking forward to share with you the details on the Q4 reporting and year-end in just about one month, I guess so. Thank you very much, and have a good day. This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.