Good morning. My name is Joanna. I will be your conference operator today. At this time, I would like to welcome everyone to Pan American Silver's second quarter 2023 conference call. Sharon, you may begin your conference. Thank you for joining us today for Pan American Silver's Q2 2023 conference call. This call includes forward-looking statements and information and makes reference to non-GAAP measures. Please see the cautionary statements in our MD&A, news release, and presentation slides for our Q2 2023 unaudited results, all of which are available on our website. I'll now turn the call over to Michael Steinmann, Pan American's President and CEO. Thanks, Sharon, and thank you everyone for joining our call today. The second quarter is the first period we are reporting results inclusive of the assets acquired through the Yamana transaction, which closed on March 31st. The results clearly deliver on the benefits we had expected through the strategic acquisition, enhancing both the scale and quality of our portfolio. With the contribution of the new assets, production in Q2 was up 102% for gold and 55% for silver relative to Q1. Consolidated Q2 silver production of 6 million oz was at the high end of our 2023 quarterly guidance, and consolidated record gold production of 248,200 oz also approached the upper end of the range. Silver and gold segment, All-in Sustaining Costs per ounce of $15.70 and $1,342, respectively, are within our full year cost guidance. With a strong performance year to date, we have reaffirmed our original 2023 operating guidance provided in our Q1 2023 MD&A. As indicated with that guidance, our production is back and weighted, particularly for gold in the fourth quarter. Please see the quarterly operating outlook provided in the Q1 MD&A for the slides that accompany this call for the detail. The strong production and sales volumes resulted in Q2 revenue of $639.9 million. Net loss in Q2 was $47.4 million or $0.13 per share. This reflects non-cash accounting impacts, notably a $33.3 million impairment charge, net of tax, related to the sale of our 92.3% interest in Morococha for a cash consideration of $25 million, as per our news release from July 31st. The net loss also includes $26.1 million net of tax for fair value adjustments on finished goods inventories that were expensed during the quarter. As these inventory adjustments are related to the Yamana transaction and more one-time in nature from purchase price accounting, we have adjusted them from the earnings. The adjusted earnings were $14.7 million or $0.04 per share. Cash flow from operations totaled $117 million, net of $50.5 million in taxes paid. Our annual tax payments are typically the highest in Q1 and Q2. We repaid $55.4 million of debt in Q2 and exited the quarter in a strong financial position with $470 million available under the sustainability-linked credit facility and cash and short-term investment of $409.2 million. This includes the $192.9 million of cash that is restricted to the MARA project. Our financial position improves further with the divestment of non-core assets we announced on July 31, 2023. The sale of our interest in the MARA project in Argentina, the Morococha mine in Peru, and the Agua de la Falda project in Chile, together with the divestment of non-core equity investments, is expected to yield total cash proceeds of $593 million. The sale of the equity investments have already been completed, and we expect the other three asset sales to be completed in the third quarter of 2023. In addition to the cash proceeds, Pan American will retain future upside through the retention of copper and gold royalties with strong counterparties. The divestment of the MARA project and Morococha mine will also allow meaningful reductions in our annual project development, reclamation, and care maintenance costs for 2023 and going forward. As per our capital allocation objectives, we intend to fully repay the $280 million drawn on our credit facility as of June 30, 2023. The remainder of the proceeds will increase our cash balance, further strengthening our balance sheet and position us to advance our growth projects, including the La Colorada Skarn project, as well as paying dividends to the shareholders. We announced yesterday a $0.10 per share dividend with respect to Q2, equivalent to $36.4 million in aggregate dividends. Optimizing our portfolio was an important and stated objective following the amount of transaction, and I'm pleased with our progress to date. Turning to the La Colorada skarn project, work continues on the preliminary economic assessment or PEA, which we aim to release as part of an updated La Colorada property technical report later this year. The PEA will include our review of project development, operating and capital cost estimates for the skarn. At the La Colorada mine, the concrete line ventilation shaft advanced to a depth of about 420 meters at the end of July, and is expected to reach shaft bottom by the end of this year. Once the two exhaust fans are installed, I mean, next year, we expect to see significant improvement in ventilation in the high-grade East Candelaria area of the mine. Until this new system is operating, we are restricting development and mining rates in the higher grade, deep eastern portion of the Candelaria deposit, as reflected in our year-to-date results and our guidance for 2023. The new ventilation infrastructure, which includes a refrigeration unit that was commissioned in 2022, will also provide benefits to the development of the skarn project. At the Escobal mine in Guatemala, three meetings were held in the second quarter under the ILO 169 consultation process being led by the Guatemalan government. We also took part in a working meeting in late June with participation of the Xinka Parliament, their advisors, and Guatemala government institutions. During the meeting, we presented details on the dry stack tailings facility, management of water and vibration from blasting activities when the mine was in operations. Following the meeting, we responded to requests for additional information and continued to work with MEM, the Ministry of Energy and Mines, in the process. Now that all parties have delivered their institutional presentations, the MEM considers that the information transfer process for phase two of the consultation is complete. The MEM has established several dates for working meetings with the parties involved in the consultation. We continue to participate in the ILO consultation process in good faith and respecting the Constitutional Court order. Escobal continues under the care and maintenance, and at this time, no date has been set for a potential restart of the operations. Please see the Ministry of Energy and Mines website for further information, activities, and the timeline for the Escobal ILO 169 process. A link is provided on our website on the Escobal page. Our second quarter results show the successful transformation of Pan American into a major precious metal producer, with more diversified operations across the Americas and a strong focus on silver. The integration of the Yamana assets is progressing well, and we are on track to capture the $40 million-$60 million of annual synergies we had identified through the transaction. We are committed to maintaining operational efficiencies and delivering on our targets, and I look forward to updating you next quarter as we continue to evolve into the new Pan American Silver. Before we move on to questions, a few housekeeping items. We are currently working on an updated reserve and resource report, inclusive of our Yamana acquisition properties, which should be released in the next few weeks. I would also like to note that we have revised the date for our ESG call. The call will now be on October 19, 2023, at 8:00 A.M. Pacific Time, 11:00 A.M. Eastern Time. We'll provide further details closer to that date. Together with the other members of our management team, we will now be happy to take your questions. 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 touch tone phone. You will hear a 3-tone prompt acknowledging your request. If you are using a speakerphone, please lift the handset before pressing any keys. First question comes from Lawson Winder at Bank of America Securities. Please go ahead. Okay, thank you very much, operator. Hello, Michael and team. Thank you for the update today. I would like to start off just by asking about your capital return, which you touched on briefly in your prepared remarks, but I just wanted to kinda ask that again and hopefully get a little more color from you. That is, you know, one, with the dividend, I would expect, and with a much larger asset base that you have now with the Yamana assets, that there is that ability to pay a higher dividend, and I'd like to hear your thoughts on that. Secondly, with the share price trading now well below where you issued shares for the Yamana acquisition, I mean, does it make sense for Pan American to be repurchasing its shares? Thanks very much. Yeah, thanks, Lawson. Look, I think our capital allocation did not change of what we did the last few years in the sense that, well, first of all, we maintain a very strong balance sheet. I think we've proven already in the first quarter here that, you know, we are on track doing so. We announced last week the sale of a few non-core assets for, you know, about $593 million cash on some high-quality royalties as well. We just announced that, Lawson, so that closing will happen- for most of them, I would guess in Q3. That money is obviously not in our bank account yet, but it will come. Of course, that's where your question, I guess, hints on to on the capital allocation. Strong balance sheet, low debt levels. You know that we took on 2 bonds from Yamana. They're very attractive interest rates on those bonds. They're long-term bonds, so that's, that's, that's fine. We took some money on our line of credit, of credit, which, as you can imagine, I mean, with the current interest rate situation, is a more expensive debt and will be paid back when we receive the cash from that, those transactions. Then the rest, of course, will improve even further our balance sheet, and there will be returns to our shareholders. That brings you to your question. We declared $0.10 of a dividend. That's kind of like a, probably the last, the last quarter of our dividend payment under the old policy. That got kind of a bit distorted because our dividend policy was based on net cash. We put that in place for a long time. Pan American did not have any debt, so that's how it worked really well. We're working on a new policy right now. We, you know, believe that the right time to install that will, will be at the end of the year when we have all that cash in from, from those non-core asset sales. We, you know, we and the board did not make a final decision yet how that will look like, but it will be, you know, something easy to follow, like our old policy. I think the door will be open there to anything like dividends, share buybacks, et cetera. Don't forget that we also have some high-quality projects, and that's really, you know, the, the, the core of our business, to build out high-quality projects and do that with cash on our balance sheet. La Colorada Skarn, of course, will be a focus on that. As I mentioned in the call just before, the PEA should be out somewhere late in this year. Okay. Thank you for those thoughts. If I could also follow up on the asset sales, it would make a lot of sense that La Arena II would also be a non-core asset, potentially to be divested. I mean, is that a fair assumption? Secondly, how do you think about that, given that there's still a couple more years or maybe several more years of really strong gold production left at that asset? Yes. I mean, look, we I think with only holding these assets for what, three or four months, we have been able to come through, follow through here and come out with a very strong group of non-core assets. We are working on others, so this is not, this is not done by any means. We have a lot of assets in our portfolio, some from Pan American, some from Yamana's side. We'll continue looking at that and optimize our portfolio. I think I made statements before that, you know, copper for us is not obviously not not the focus. We're focusing on our silver production and our gold production. I would envision with copper project, something similar than we did with Mara, where we would get cash for an asset and a very strong royalty, copper royalty, to keep our hands on the upside of the future copper price. Kind of a similar structure than we did, than we did with Mara. You're right that La Arena still has a few years of gold production from the oxides on the top. You know, I'm not worried about that. There will be many different ways to structure, like, a deal on something like that, where you keep the gold, keep mining, and hand over the asset later on. You know, a new buyer who wants to look at the sulfides below, finishes the mining of the oxides and pays us for the gold. I'm really not worried about that. I think that's, that's just a detail that we can solve in a deal negotiation. Okay, great. Hopefully, just one final question that should be fairly straightforward. Just on the silver unit cost guide for Q4. By the way, thank you for providing the quarterly guidance. Unit cost stepped down in Q3 versus Q2, Q2 on higher production, then there's still even higher production in Q4, but the cost stepped back up. Is that just? Are you expecting a decline in some of the byproduct credits in Q4 versus Q3? Yeah. Hi, Lawson. Steve here. No, it's more reflective of our sustaining capital timing. We see a heavy quarter in Q4 for sustaining capital spend, and that's really weather related, particularly in some of our assets. Q4 is kind of the peak time for our construction on leach pad, waste dumps, things like that. Yeah, really, really weather related- Yeah ... in many places when we go, you know, from, from the wet into the dry season. Just something to the quarterly guidance, Lawson, in case people didn't see that, it's in our MD&A. When you look at the quarterly in the Q1, yeah, sorry, in the Q1 MD&A, and if you look at our guidance there per quarter, our costs were actually below our guidance, right in the guidance, for the annual one. When you look quarter by quarter, we, you know, we did really well in, in, in Q2. Okay. Thank you all very much. Appreciate that. Thank you, Lawson. Thank you. The next question comes from Craig Hutchison of TD Securities. Please go ahead. Hi. Hi, good morning. I had a question on the, the MARA, royalty that you plan to retain, and, and I think you kind of touched on it. Is that something you hold longer term, or would you be looking to, to monetize that, you know, post the deal's closed? I guess, have you got any expressions of interest on that NSR, since you announced it last week? Well, look, I mean, at the moment, it's really focusing to sell some of these non-core assets. As I said, we, whenever we can, try to keep access to future upsides through royalties. I think, you know, it has worked for us really, really well in the past. I would like to remind everybody of the, the Maverix transaction we did with our former portfolio of royalties we had in 2015, where we started Maverix Metals. You know, went, went very strong and longtime shareholder until the company got sold earlier this year. I think it's happier what's going on on the transaction side. That worked out really, really well for us. I think we got in about $152 million cash from quite a smaller portfolio. This royalties we're talking now are very strong royalties, you can imagine. I mean, we're talking, especially in the case of Mara, about a life of mine, copper royalty, probably one of the larger copper deposits in the world that is to be developed. You know, I don't want to make a decision right now what we do with these royalties. You can imagine there's a lot of demand for royalties, and of course, people are asking what we're doing with them. At the moment, we're just focusing on optimizing the portfolio and collecting those royalties. We'll decide later on how we create most value for our shareholders out of that portfolio. Okay, great. One last question. Just on the tax, you mentioned taxes, cash taxes are higher in Q1, Q2. Can we expect them to drop off fairly substantially here into Q3? Can you just provide some context with why it was so high? Is this for catch-up payments from 2022? Yeah. Hi, hi, Greg, this is Ignacio speaking. So in general, yes, as you know, we pay installments throughout the year. However, there's always a catch-up that we do, usually, typically between March and April, and in this case, there was a large catch-up in April, from certain taxes. Specifically, I think it was in Chile. But yeah, that's just the normal cadence of our tax payments. You know, installments, then a catch-up, and sometimes in March and April. So it either lands in Q1 or Q2. Yeah, you're right. It's normally our biggest, largest tax payments are in the first two quarters of the year. That's correct. Great. Thanks, guys. Thank you. Thank you. The next question comes from Don DeMarco from National Bank Financial. Please go ahead. Thank you, operator. Good morning, Mike and team. First question. Looking at the asset disposition late July, does this change your care maintenance guidance for 2023? I think it was about $100 million for the year, and maybe $50 million has been spent in each one. Yeah, look, a very, very good point. I mean, that's, it's not only the cash that comes in and the royalties, but a lot of care and maintenance costs that will go away with, with those transactions. You know, the biggest ones for, for the care and maintenance costs, really, Morococha and, and, and of course, MARA. It really depends when the transaction closes, but as soon as they close, yes, that, that will go away. You know, depending which month, we may gonna adjust a little bit the care and maintenance capital down at the end of the year, but it really depends on that date. Definitely for future years, that, that will be a, you know, big improvement. Okay. Thank you. What we see with the reporting last night is that the cost, the AISC, is a little bit variable versus the guidance ranges. Just looking at some of the cornerstone assets, like we see Shahuindo and El Peñón, that are above the ranges on AISC, Jacobina, positively near the bottom of the guidance range. What are some of the factors that are driving the swings at these three mines, and would we expect a reversion to sort of midpoints of the guidance range in H2? Yeah. Thanks, Don. Steve here. Maybe I'll start with Jacobina. Jacobina is having very, very good success on some of their cost control programs, and we have enjoyed some pretty good costs. Even cost per ton, unit cost per ton, have been looking very good there. We're a little bit- We're monitoring very closely the exchange rate of the reais. That has an effect there that's pretty strong, but, you know, we, we did come out pretty good in Q2, and we're optimistic, I think, looking forward at Jacobina. El Peñón, there's, there's quite a bit going on there in terms of rescheduling some of the mine plan. You know, we've enjoyed some really good silver production coming out of El Peñón, a little bit disappointing gold production during Q2, so we're kind of readjusting that plan. We always anticipated a strong second half of the year, a particularly strong Q4 at El Peñón. We have kicked up development rates a bit, and some of the activities there have kicked up a bit, so that's driving some of the cost differentials from what we had before. I think Cerro Moro, I think that was the other one you were talking about. No, it was Shahuindo. Oh, Shahuindo. Shahuindo, yeah. At Shahuindo, I would say, right now it's, it's really, we're focused on this blending of coarse ore with the fine clay ores. What that happened, what we've decided to do is drop some of the cutoff grade, if you will, of some of the ores to give us better blending rock for the higher grade clay ores. The effect of that kind of drives a bit of the cost as well, and that's kind of the noise we're seeing there. Yeah. But maybe just that in, in general, really, the general cost driver, a big cost driver, when you look at, of course, sustaining capital one, and that, you know, varies, as we said before, from month to month. There's a seasonality to that, which depends on the weather pattern or on the dry and wet season of different countries we are working in, when we can do certain work and when not. That's just, that's just a given. And, especially in Peru, that the dry season starts in the Northern Hemisphere winter. Byproducts, very important byproducts. Timing of sales of that and prices of byproducts, as all our costs are met of byproducts. Those have a big impact on our cost. Then the last one that, that Steve alluded to is, is currencies, right? If, depending how much of our local currency payments we have in a certain country and how strong that local currency is, that has a big impact on our cost, positive or negative, depending where it goes. Those are, you know, kind of given impacts, and of course, we have to follow our capital schedule, and as I said, byproducts and currencies are out of our control. Just keep in mind when you look at All-in Sustaining Costs, that those are, you know, big, big factors as well that play into it. Okay. Okay, we'll keep modeling the guidance ranges for time being. Final question, just going over to the ILO 169 process, it sounds like an encouraging quarter. I mean, meeting sounds like good progress. They're asking questions and, you know, there seems to be some dialogue there. I'm looking at your website here that you had mentioned, after phase two consultation, there's the Supreme Court verification. Could you give us an idea of when that phase two might conclude, and then what the expected events would be through phase three? Yes, I mean, you're right, lots of activities in the quarter and ongoing. The website from the Ministry of Mines, I think, shows something like October, end of October or November for the conclusion of that phase. I don't know if that's really the exact timing, but I think that's what at the moment is on their website, and that's what the government is probably trying to achieve. Then it will go into the last phase with the court verification. I don't have really dates for you exactly, just encourage everyone to follow that, that website from the government of Guatemala, from the Ministry of Mines, and, you know, then there will be periodic updates, as we're going on and, and, and see how that evolves. Okay. I can see the link on your website. Okay, thank you very much. That's all for me. Thank you. Good luck with Q3. Thank you, ladies and gentlemen. As a reminder, should you have any questions, please press star one. There are no further questions at this time. Mr. Steinmann, I turn the call back over to you. Yeah, thank you, operator, and thanks, everybody, for calling in today. A busy quarter with a, with a new, larger and stronger Pan American, with the addition of the, of the former Yamana assets, strong production and big, big advance already on divestments of non-core assets in the quarter. As you can imagine, it was a very busy quarter. I'm very happy to see the advances, and on top of that, as I mentioned, integration is going really well. We're very happy with our local teams and everything advancing well. Harvesting of synergies is right on plan between our $40 million-$60 million. We'll continue that, that, that, that route down and our path. I'm really looking forward to, to report the next quarter to you in November. Until then, enjoy the rest of the summer. Thank you very much. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating. We ask that you please disconnect.