Thank you for standing by. This is the conference operator. Welcome to the Sierra Metals Inc. First Quarter 2023 consolidated financial results 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 then zero. I would now like to turn the conference over to John Vincic, investor relations for Sierra Metals. Please go ahead. Good morning. Thank you. I'd like to note that this earnings call contains forward-looking information that is based on the company's current expectations, estimates, and beliefs. Please review this slide and other forward-looking information contained in the company's annual information form, which is publicly available on SEDAR and on the company's website. Please note that all dollar amounts mentioned on today's call are in U.S. dollars unless otherwise noted. The accompanying presentation for today's call is available for download through the webcast or from the company's webcast at sierrametals.com. This morning's press release, the financial statements, and the management discussion and analysis are also posted on our website and on SEDAR. We would like to remind investors and analysts taking part in today's call and the Q&A that our focus is on the Q1 2023 results, historical performance, and the outlook for the business. While we will provide a brief update on the strategic review process, we will not be addressing the activist shareholder situation on today's call. Our speakers on today's call are Oscar Cabrera, Chair of the Board of Directors, Ernesto Balarezo Valdez, our Interim Chief Executive Officer, and José Fernández-Baca, our Interim Chief Financial Officer. Following management's prepared remarks, the question and answer period will follow. Now I would like to turn the call over to Oscar Cabrera. Oscar? Thank you, John. Good morning, everyone. My comments today will be brief as I will leave it to Ernesto and José to review the company's strong Q1 results and outlook. As Board Chair and a member of the special committee of independent directors that is undertaking the comprehensive strategic review, I would like to provide the following comments. We understand that people have been eager to receive information on the final recommendation of the committee. The mandate was broad. The strategic review has been comprehensive. The review of strategic transaction is approaching completion. With respect to the proposed Copa transaction, most recently, the special committee made material inquiries of Copa regarding its operations and mine plans did not receive substantive information in response thereto. As a result, those discussions are not continuing. A further update will be provided when material developments arise from the special committee process and recommendations. The special committee has been closely monitoring the progress being made at the company, including the Q1 2023 results reported this morning. We are very encouraged by the operational and financial improvements and the rapid recovery from the challenges experienced last year. The special committee is very pleased with the operating progress reported to date, including improving safety procedures and the strong future projections. We continue to be on track to meet full-year guidance. We have seen tangible progress on the 1120 permitting at Yauricocha, which is fundamental to the long-term success of the company. The special committee reaffirmed its full confidence in the management team and the plan they are implementing. We believe this management team has demonstrated both the vision and execution abilities to warrant the opportunity to continue leading the company. This is still a critical time for Sierra Metals as we deliver on our plan to return the company to its full potential. We believe it is disruptive and not in the interest of shareholders to engage in public disputes over control of the company. The board will continue to work diligently with our stakeholders with a view to represent the best interests of all, not just a certain group. The board fully support and has directed management to continue their plans to focus on safely achieving strong operational and financial performance that will benefit all stakeholders. On today's call, other than my preceding remarks, we will not be commenting further or taking questions on the special committee's work. As mentioned, we will not be taking questions about the activist shareholder situation. I would now like to turn the call over to Ernesto. Ernesto? Thank you, Oscar. Good morning, everyone. Let me begin my remarks today by discussing our number one priority, safety. Our strong operating performance this quarter is due in large part to our improved approach to safety. I said on the last call, a safe mine is an operating mine, and our focus is to ensure we provide a workplace environment where all our employees and contractors are safe and can be productive. As shown on this slide, we can see how everyone at Sierra Metals has embraced our renewed focus on safety. On a consolidated basis in Q1 2023, we have improved our safety performance over 2021 and 2022, and I'm also happy to say it is better than industry average in both Peru and Mexico. Everyone at Sierra Metals should be proud of these accomplishments. I know we will continue to strive to maintain these high standards. Now onto an overview of our results. I will assume everyone has read our Q1 2023 production results, which we released on April 25th, and our financial results earlier today. As such, I will not be going into detail on each operation, but will instead provide this high-level overview. Tons of ore processed of 577,000 in Q1 2023 was 17% higher than in Q4 2022. When comparing Q1 2023 to Q4 2022, silver, copper, zinc, lead, and gold production have increased 9%, 34%, 66%, 48%, and 15% respectively. Production in copper equivalent pounds in Q1 2023 was 18 million pounds versus 14 million pounds in Q4 2022 for a 28% increase. Bolivar's path toward improved operating performance continues with an 11% increase in ore throughput over Q4 2022. Copper equivalent production in this quarter increased 18% compared to Q4 2022. Following the implementation of new technology and safety measures to safeguard against similar occurrences to last year's mudslide incident, Yauricocha operations have recovered, and production is back on track. In Q1, Yauricocha delivered a 44% increase in throughput and a 65% increase in copper equivalent production over the previous quarter. All in all, there have been quarter-over-quarter improvements across many of the key operating metrics. This is a testament to the hard work of our entire team. It is also proof that we have achieved our goal of stabilizing our operations, and we are now poised to deliver incremental growth for the remainder of 2023. As noted last quarter, we have made a strategic decision with input from our board of directors to classify the Cusi mine as a non-core asset. To that end, we will continue to operate Cusi while we explore strategic alternatives to which there has been some interest. More on this in due course. Let me provide details on how our plan is delivering on these operating improvements. As many of you know, I came on board in late November. I knew then we had to stabilize our business ahead of anything else. To do so meant every aspect of our business was reviewed from top to bottom. We knew we could not afford to continue to operate the business with a short-term, quarter-by-quarter view that sacrificed our long-term viability, which management teams in the past had done. It was just not suitable. The board has been very supportive of the plan to build a viable business for the long term. The first part of the plan is to reorganize and right-size our business, ensuring we have the right people with the right skills in the right locations. We've implemented a flatter organizational structure with a more hands-on approach, holding our local teams accountable. We have to ensure strategic alignment from all levels, with priorities set to ensure we operated the business as a team. The second part of our plan is to lower our cost structure. At the corporate level, we have put initiatives in place to lower annual overhead costs in Canada by CAD 2 million and by $4 million in Peru. To achieve these goals, we have shrunk our real estate footprint in both markets while reducing headcounts across the organization. Operations were also tasked with reducing costs. Peru and Mexico have targets to reduce mining costs by 5% and 7% respectively. As we have with safety, we have now implemented a company-wide culture of reducing costs where we can. The third part of the plan is to increase efficiency and thereby product productivity. Some productivity improvements initiatives include increasing asset utilization, focused underground development of mine sequencing, and improvements to ventilation and pumping systems at Bolivar. While at Yauricocha, we have initiated activities designed to identify additional mineral resources until we have the permit in place to mine below the 1120 level. Let me take a moment to discuss the permit for 1120 level. This permit should have been obtained before 2020 when it was first recognized that we needed to mine below the 1120 level. Unfortunately, this was ignored by certain former board members and previous management teams for the sake of short-term gains. Mining below the 1120 level will be a game changer for Yauricocha. That ore body is immense. This would allow us to implement bulk mining techniques utilizing sublevel caving mining methods which are lower in costs. Given the importance of this initiative, we have a dedicated team in place working to obtain the needed permits. They are making great progress and are currently on track to get these permits before year-end. Another example to illustrate our plan is working since I've taken over as CEO. The chart on this slide shows the tons milled over the past 5 months. A 15% increase at Yauricocha, and 39% increase at Bolivar. More importantly, a positive trend of profitability over this period. This is another clear data point that shows our work to optimize operations is delivering results. It also shows we have momentum in our business, that we are confident this will continue for the remainder of 2023. Now let me hand the call over to José, our CFO. Thank you, Ernesto. In light of the operational gains just discussed, let me provide the quarter financial highlights. Consolidated re-revenue from metals payable of $58.5 million in Q1 2023, increased by 27% from Q4 2022. In Q1 2023, Yauricocha's cash cost per copper equivalent payable pound was $2.05, and All-In Sustaining Cost per copper equivalent payable pound of $3.12. These were effectively 35% and 38% lower than in Q4 2022. In Q1 2023 at Bolivar, cash cost per copper equivalent payable pound was $1.85, and All-In Sustaining Cost per copper equivalent payable pound was $3.10. These were effectively 5% higher and 16% lower than in Q4 2022. Adjusted EBITDA in Q1 of $15.2 million was significantly higher than the negative adjusted EBITDA of half a million dollars in Q4 2022. In the first quarter of 2023, we have earned more in adjusted EBITDA than in all of 2022. Again, this shows our plan is working. Net income attributable to shareholders for Q1 2023 was $2.1 million or $0.01 per share on a basic and diluted basis. Cash flow generated from operations before movement in working capital of $12.9 million for Q1 2023, nearly five times increase over Q4 2022. As of March 31, 2023, cash and cash equivalents was $3.9 million, and working capital was negative $83 million, primarily due to the reclassification of long-term debt to current. Our banking syndicate has almost completed its review, so we will soon be able to formalize our debt refinancing package prior to the June the eighth, 2023, due date of the second quarterly principal installment. We continue to have advanced discussions with our current secure lenders on refinancing of short-term obligations and are reviewing initiatives to improve short-term liquidity through ancillary financing arrangements. I can say all our lenders have been very supportive in our plans as we improve our operations and balance sheet. One final comment. We are reviewing several other initiatives to improve our balance sheet, including opportunities to surface hidden value of exploration projects in Mexico and other financial levers available to the company. More on this in due course. Back to you now, Ernesto. In summary, we are delivering on our plan, while there is still work to be done and we strive for continuous improvement, I am pleased to say that we are on track to meet our 2023 guidance. Having now stabilized our business, the team's next priority will be to grow our very strong operations. This means sustainable, predictable, and reliable growth over the long term. Fundamental to achieving this goal is expanding the mineral resources at our core mines. Our key growth initiatives are centered around revising the life of mine plans at Yauricocha and Bolivar, this work is close to completion. Once this work is complete, we will revisit our growth capital needs. I said last call and I'll say it again, we firmly believe Bolivar and Yauricocha are cornerstone assets capable of underpinning Sierra Metals for the benefit of all our shareholders and stakeholders for the long term. The first six months of my tenure as CEO has shown that we have the plan and team in place to continue to deliver. One of the core principles of our new leadership team is managing our assets for the long term. This is fundamental to the success and future prosperity of Sierra Metals. It is clear to me that in the past, our assets have been managed for short-term gain. Success over the long term in mining requires a focus on things such as safety, proper mine planning, sequential and logical mine development, and operational excellence. These are the pillars of a successful mining company. To achieve these things, you also need a focused and motivated team. That is the last piece of the puzzle and another area where we are making great strides. The strategic plan we have put in place addresses all of these key issues, and our team is highly motivated and aligned to deliver value for all stakeholders. In a very short period of time, our team has been able to surface value at our key assets. Our asset base is strong, and if managed properly, we can unlock significantly more value for all stakeholders. We have the potential to position Sierra Metals as a long life, low cost mining company, and we are confident we can achieve this goal with the support of our board, the majority of our shareholders, our motivated workforce, and all stakeholders. With that, I'll hand the call back to the operator to start the Q&A session. Please remember that we are in different locations, so it might take a few seconds to answer any of the questions. Thank you so much. Operator? 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'll hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star then two. We'll pause for a moment as callers join the queue. The first question is from Jim Young with West Family Investments, Inc. Please go ahead. Yeah. Hi. Could you talk about the expectations for your cost structure, all of the same costs at both Bolivar and Yauricocha over the next, say 2-3 quarters? Yeah. Hi, Jim. Your question is on costs for Q2 and Q3, if I understood correctly? I'm sorry. Yes. Well, basically, you made excellent strides so far, but clearly I would assume that you have there's opportunities to reduce costs going forward. My question really is, you know, if you think, as you think about where your business is today and where you wanna take it over the next, say, couple of quarters and, you know, where do you think the cost structure should go to? Okay. Thanks for the question, Jim. As I said before, we have targets to reduce costs both in Yauricocha and Bolivar 5% and 7% respectively. In Bolivar, throughput is gonna help us a lot. We are planning on ending the year at a 5,000 ton daily rate in Bolivar. That's gonna help. In Yauricocha, we are being very, very selective on everything, including headcounts, contractors. We are planning on revisiting the idea of mining with an in-house team instead of contractors. We do have many initiatives. Pumping and ventilation systems are gonna be also in Yauricocha. We're working on that as well. That's gonna improve productivity. As you know, in Yauricocha, we cannot go farther for our throughput at this point, but and that's costs. You know, mining is all about costs. In the Lima office, we have reduced dramatically our headcount and are looking to even move out of this office. In Toronto, we already did that. We went from downtown Toronto to a place a little bit farther away, where we have reduced significantly our costs there and so on. I hope I answered your question. Mr. Young, did you have a follow-up question? Well, yes. I mean Okay. If I can ask another way then. In the recent quarter, you show that the All-In Sustaining Costs for copper, Yauricocha is $30.12. Question is, see, by the end of this year, where do you think that cost should go to? Likewise, at Bolivar, you say that you reported that the All-In Sustaining Costs on a copper equivalent basis is $3.10. Where do you think that should go by the end of this year? Okay. Okay. You're asking me for the target All-In Sustaining Cost of each mine? Yes. We- I care about two ... we plan on reducing them by the end of the year into 5% and 7% respectively. I don't have the exact, the exact number with me, but we said 5% and 7% down in costs in Yauricocha and Bolivar. Okay, thank you. Once again, if you have a question, please press star then one. The next question is from Hector Arelli with Rainbow Fund. Please go ahead. Hi. Good morning. Thank you for taking my questions. I have two quick questions. One is a follow-up to the original question. I don't know how much information you can provide us, but assuming that the 1120 level permit is successful, do you guys have any ballpark estimate that you could provide to us in terms of what that All-In Sustaining Cost number would look like once Peru does have the 1120 level permit? Would it be significantly different from the guidance that you guys are giving for 2023? It would be a lot lower. I don't know for how much. We don't project that far away numbers. There's a lot to consider, inflation and so on. We're planning on obtaining the 1120 level permit by the end of this year. We are working towards that date. It'll probably take us around nine months to get and start mining below 1120 level. It's a little far away for me to give estimates on All-In Sustaining Costs at that time. You're saying Lower for sure. Okay, great. Thank you. Then just one additional question. You, you reference in your release that you guys have approximately $86 million in net debt. That's in addition to the ballpark $50 million that is owed to Minera Corona, in in terms of an interparty related transaction. Can you help me try to understand how you guys will prioritize that? It looks like you guys have been able to revert the operational deficiencies that the company had. In terms of prioritizing the repayment of these loans, once you guys reach the agreements that are need to be reached, in the next couple of weeks, can you help me understand how you will prioritize between eventually paying back these loans and/or paying back the related party transactions to Minera Corona? Thank you. Yeah, very good question. The answer is yes, it's in addition. In addition of the bank debt, Sierra Metals owes Corona that amount of money. The priority right now is to refinance our bank debt. That's priority number 1. We are close to finishing this first round of negotiations and be able to put for to postpone 75% of our bank repayment, 2023 bank repayment to 2025. That's our first priority. As soon as we continue our improvements, 1120 level permit, and we start seeing some cash, our goal is to start paying that amount for Sierra to start paying to Corona. Those are our priorities. Bank debt first, get operational efficiency, build cash on Corona, pay probably dividends, and so on. The wheel starts going round and round, right? Okay, perfect. Thank you for your feedback. Sure. We have a follow-up question from Jim Young with New Family Investments. Please go ahead. Yeah. Hi, thank you. My question is regarding the 1120 level permit in Yauricocha. How long will it take once from once your permit is granted until you can actually start to mine and to produce the rock from that area below the 1120 level? Because the question really is the infrastructure in place for you to build out the infrastructure and then you have to mine it? Yeah, thank you for the question again, Jim. It will take us around nine months. From the date we get the permit to start producing it'll probably take us from seven to nine months. To say anything lower than that would be too positive on my side, I think. We need to build the infrastructure down there. How much in cost does that require? I don't have the exact, the exact amount, Jim, right now in my head, but we have considered that in our mine plans. It's development material. It's not new CapEx. It's development, the mine. You know, we develop the mine in ore as well, so the money will come out of the mining that we do. We don't require additional CapEx to do this. It'll pay by itself because we have a lot of material there. If I wanna repeat that, the infrastructure we need will pay by itself. Remember, the most expensive CapEx needed for that, to mine below 1120 level is the shaft, and the shaft has been built. We are on the final touches of the shaft. We'll probably have that, in a year or so. Everything is in line to start mining and development and developing. Mr. Young, did you have any further questions? I'm all set right now. Thank you. The next question is from Alberto Arias with Arias Resource Capital. Please go ahead. Hi Ernesto. Hi Oscar. Thank you for taking the call. You know, I agree with you in terms of the potential of the assets and, you know, the long-term view on a mining company. Certainly, I've had my investment in Sierra for 14 years, so if somebody knows about patience and long-term, it's certainly as shareholders. We certainly are very interested in, you know, improving things for all shareholders. That's why my question is directed to you in terms of the short term. You know, we were very concerned in October of last year when there was that press release that you put out saying that the company was running into financial difficulties, and that's why we quickly tried to come up with a solution. The question, you know, is, you know, what are you doing in the short term? You're talking about the refinancing with the banks, but, you know, is it going to provide enough cushion for the short term? Things happen in the mining industry. Sometimes there is disruptions. Is the company prepared for withstand any potential problem in the short term? What is your plans? How are you financing this short-term shortfall that the company has? Okay. Ernesto if you want- As well. Oh, Oscar, you wanna get in? No, no, Ernesto, please go ahead. I can complement your answer. Okay. Thank you for the question. As you can see, our Q1 results, Alberto, are not bad. We have produced an EBITDA of around $15 million, a lot higher than the whole EBITDA of last year, all in all. The short term, our short-term view, I think we have it covered in operating the mines as we are operating them right now, efficiently. Safely, always safely. As you may know, the banks are with us on this. The banks are finalizing a due diligence process in the next week or so and are very eager to work with us towards better times. That's our view. I mean, continue to run the assets as we are, produce money for the short term and keep working on the long term in the finance side. That is working with banks and well, I pass it on to you to Oscar about other stuff. Yeah. No, thank you, Ernesto. Thank you Alberto for your question. As I mentioned in my prepared remarks, we're not gonna be commenting on the potential strategic options under consideration until the special committee has completed its review. Our process has been comprehensive, and it's taking time, so, you know, I appreciate investors' and stakeholders' patience. We've been supporting management on operations and improving our balance sheet. We have options, and we will be sure to announce any material results as soon as our process is complete, and we'll be able to outline our objectives then. When should we expect that? Because we've been hearing about this for quite some time, and I think, you know, people are losing patience in terms of where the company's valuation is. Certainly, there is an improvement in the operating performance, which I recognize, but I think that, you know, the markets are clearly saying that there's something that is not right. There is a crisis that, you know, we are all facing and, you know, we, at least in our fund, we want to come up with a solution for everyone. I think there's nobody more motivated than us to fix the problems of Sierra Metals, and that involves all the shareholders. Right. Well, Ernesto, if I may. you know, Yeah. We have had engagement with shareholders who wish to provide their views, and you're aware of that. We have had positive discussions with shareholders that are supportive of current management and board. you know, we cannot discuss the details of these conversations in this forum. I can assure you that this management and board are working. towards getting, you know, to the potential of the asset that Sierra Metals has. You know, we'll disclose any material developments as soon as possible. Yeah. I think it is very, very important to do it as soon as possible because I think investors, all the shareholders should decide who should be running, you know, which board members should be running this company. My recommendation as the largest shareholder is put the best things that you can put in front of shareholders so that you get the credit that you should get. If you don't show it, you should be penalized for that. Thank you for your comments, Alberto. We'll, you know, as you know, we take every shareholder's comments into consideration, and we'll do the best for all stakeholders. Thank you. This concludes the question and answer session. I'd like to turn the conference back over to Ernesto Valarezo for closing remarks. Thank you for taking the time to join us today. We appreciate your continued support. I'm proud of what the team has accomplished to date. I believe we are heading in the right direction, growing our business in a safe and responsible manner. You can expect more from us, and we look forward to showing you our progress and earning your continued trust. As always, please feel free to reach out as we are committed to an open and constructive dialogue with all of our shareholders. Have a good day, everyone. This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.