Hello, welcome to Hochschild Mining Q2 Production Results Presentation. If you'd like to ask a question during this call, please press star one on your telephone keypad. I'd like to introduce your host today, Mr. Eduardo Landin. Please go ahead, Sir. Good morning, everyone, thank you for joining us today to discuss our second quarter production results. I'm joined today by Eduardo Noriega, our Chief Financial Officer, and Charlie Gordon, our Head of Investor Relations. Before we turn to our operational performance, I'd like to briefly comment on the broader investment environment in Peru. We welcome the more constructive outlook that has emerged in recent months. While there is still work to be done, a more stable and predictable environment has the potential to strengthen investors' confidence and support long-term economic growth. At Hochschild, we remain committed to investing responsibility, developing high-quality mining projects, and creating lasting value for our shareholders, our employees, and for our host communities and the country. Going to the production, overall, we delivered another solid quarter. Attributable production was just 76,000 gold equivalent ounces, taking first half production to almost 152 gold equivalent ounces. Inmaculada performed well again, very good. San Jose delivered a strong quarter than Q1. We are continuing to make encouraging progress at Mara Rosa as we institute our operational turnaround. As a result, we remain on track to achieve our 2026 production guidance of between 300,000 and 328,000 gold equivalent ounces. Starting with Inmaculada, the operation produced just over 45,000 gold equivalent ounces, broadly in line with our expectations. Tonnage was slightly ahead of plan, although it was offset by a moderate lower grade. Overall, the operation continued to perform well and remain on track to meet its full-year guidance. Before I move on, I'd like to acknowledge the tragic accident that occurred at Inmaculada in June. Our thoughts remain with the families, friends, and colleagues of our contractor. Following the incident, we temporarily suspended activities in the operation while conducting a comprehensive investigation. The findings have now been shared across all our operations. We are implementing the lessons learned to further strengthen our safety culture and reduce the risk of similar events in the future. In Argentina, San Jose also had a strong quarter, producing almost 32,000 gold equivalent ounces. A slightly higher-than-forecast tonnage was partially offset also by slightly lower grades. The operation remains on track to achieve its annual production targets. Turning to Mara Rosa, we continue to make encouraging progress with our operational turnaround. Production improved from the first quarter, supported by a better plant stability and early benefits of transitioning into the new mining contractor, Fagundes. Our focus remains on improving mine sequence, accelerating waste movement, and increasing access to higher-grade ore while reducing haulage distances and strengthening ore control. We are also continuing to improve filtration availability and water management. During the quarter, we began commissioning the new tailings thickener, which we expect will improve processing stability, water management, and tailings disposal. Alongside that, our mining contractor has continued to strengthen site leadership and operating routines, and together, these initiatives should support further operational improvements during the second half of the year. Turning briefly to costs, attributable all-in costs are currently tracking around 5%-10% above our original guidance range. That is mainly due to the impact of higher commodity price on royalties, workers' profit sharing, and selling expenses, together with a stronger-than-expected local currencies across our operational jurisdictions and continued cost inflation in Argentina. We will provide a further update with our half-year results in August and revised guidance if necessary. Looking at our growth projects, Monte do Carmo continued to advance during the quarter and has, as we progress, engineering and permitting activities. We are still on track to bring the project forward for an investment decision in the second half of the year. At Royropata, we are also making good progress and expect to submit the revised environmental impact assessment to the Peruvian authorities in the coming weeks. Our greenfield exploration program also gathered momentum during the quarter, with encouraging initial drilling results across all the three operations, reinforcing the strength of our exploration pipeline. Finally, our balance sheet remains in a very strong position. We end June with approximately $309 million of cash and net cash position of around $51 million. That is significant improvement from the end of the last year and reflect the strong cash generation from our operation, despite paying our final dividend and distributions to our San Jose joint venture partner during the period. With that, I would be happy to take any of your questions. Thank you very much. Thank you very much, Mr. Landin. Ladies and gentlemen, if you would like to ask an audio question, please press star one on your telephone keypad. Please also ensure that your line is not muted by whoever is nearest your equipment. Star one for questions. Our first question today is coming from Marina Calero of RBC Capital Markets. Please go ahead. Your line is open. Good morning. Thanks for the call. You mentioned that your costs are tracking 5%-10% ahead of guidance. Can you help us break that down between, what is driven by the gold and silver prices and what is purely inflation? Thank you, Marina. This is Eduardo Noriega. That increase is purely explained by higher metal prices impacting royalties, worker profit sharing, and export taxes in Argentina. It's purely because of that. There's also a minor impact due to the strengthening of local currencies, the Peruvian Sol, the Brazilian Real, and there's some appreciation in Argentina. All those elements are also a result of the macroeconomic environment, which are having gold and silver prices stronger than what we anticipated when we did our guidance. Thank you. A specific question on Royropata. You mentioned the change in the Peruvian administration at the beginning of the call. Do you see any potential changes to scope in Royropata? Do you see any potential for permitting fast-tracking or any other scope changes to the project? Well, let me explain what is the next steps. We are going to present the document in the next few weeks, in a couple of weeks, probably. The official times to review this document is 90 days, working days. Typically, it takes around a year to review a full environmental study, which is a document that contains 16,000 pages. I believe that the new government will be willing to do it as soon as possible, but it will really depend on the complexity and the team of SENACE. At this instance, since the new government is not in place, I wouldn't give any improvement. I wouldn't consider any improvements on the time. The actual timeline that we have established, and we mentioned to the market, is a year for the approval and then another 9-12 months for the operational permits that are next to the environmental permits. That's very clear. Thank you. Welcome. Thank you for your question. Sorry to interrupt you, Sir. Thanks for your question, Marina. Now we'll go to Daniel Major of UBS. Please go ahead, Sir. Hi, can you hear me okay? Very well, Daniel. How are you? Yeah, good, thank you. Thanks for the call. A quick couple of questions. Just first on the costs, you mentioned 5%-10% above the guided range. Is that 5%-10% above $2,320 at the top end of the range or the middle of the range? How should we calibrate that? Well, I would calibrate it putting 10%, 5%-10% in both numbers, yeah. That would be increased. It's like a new range increased by 5%-10%. Okay. It's not necessarily 5%-10% above the top end. Okay. No. Yeah. You mentioned it's predominantly driven by royalties and FX. Can you remind us, particularly the gold, silver price assumptions embedded in your budget to generate that range? Eduardo Noriega will answer that question. Thank you. Thank you, Daniel, for the question. The pricing that we used to provide that guidance early this year was $3,200 for gold and $34 for silver. Okay You can tell that those increasing prices do have an impact in our costs. Okay. The same for FX? What was the FX? The FX impact is smaller than what we have in prices, it's also there. We were expecting to have a flat Brazilian Real and Peruvian Sol. We're seeing an appreciation of about 5%. There is an impact from that as well. Okay. That's clear. The currency, I guess, has moved in the other direction to some degree towards the end of the period. Okay. That makes sense. All right. You mentioned expecting an investment decision on Monte do Carmo towards the end of the year. Can you give us a steer about how the CapEx on that is tracking? My memory is the scope is reasonably similar to Mara Rosa, I guess clearly CapEx is going to be higher. Is it like $300 handle, sensible sort of level? Well, yes, of course. The difference between Mara Rosa and Monte do Carmo is not the plan. We are designing a very similar plan with very small changes. We're incorporating a SAG mill in Monte do Carmo. We believe that's a very good change. We're incorporating the tailings thickener and all the improvements that we have been able to review at Mara Rosa. The big difference between Mara Rosa and Monte do Carmo is the pre-stripping that we need to do before we mine Monte do Carmo. There is an important amount of money there. I would say between $50 million and $80 million, pre-stripping, that we need to incorporate into the CapEx. I would say that considering that it will be more than $300 million is a good assumption. It's too early for me to give you a final number because we are reviewing, and we expect to have 100% of basic engineering in December. We are receiving some of the engineering. Remember that we did some studies, but we're not complete. We believe that we need to be very responsible on this. We want to present to our board of directors a bulletproof project and also demonstrate that our turnaround in Mara Rosa is totally complete. With both things, we believe that we are going to be in a very strong position to bring value to shareholders. Okay, thanks. From a perspective of the changes you mentioned, like overall processing capacity and scope, we should think about as similar, but larger pre-strip and factored in a number of the additional improvements you've already made at Mara Rosa. Okay. Exactly. That's clear. Just maybe the final one is to follow up on Marina's question. When you say you've got roughly a year for the approval of the Mina at Royropata, and then another 9-12 months for operational permit, where would that take us to in terms of FID, your best guess at this point? FID, I don't know if we will have a formal FID for Royropata. Royropata is a project that in August, we have a board of directors meeting, and probably, we could decide to go ahead. Basically at Royropata, today the permit is the main activity, and then it's basically development in the mine. I don't know if we are going to have a formal FID. Okay. In terms of Royropata is something that we have already decided. Maybe I'll rephrase that. When would you expect to be fully permitted then? Fully permitted? Yeah. Fully permitted, I expect to have the environmental permit in a year. Okay. From today, a year. One year. Pardon? Then we'll have between nine and 12 months, different permit, different operational permit. It's not the environmental agency, the one that give it to you. It's the mining ministry, the one that gives the operational permits. I mean, it's considered much easier. The operational permits there are much easier, in general terms. Yeah. Okay. Perfect. That's very helpful. Thank you. Welcome. Thank you. That's your question, Sir. Ladies and gentlemen, once again, if you have any questions or follow-up questions, please press star one. We'll go to Jasper Mainwaring of Berenberg. Please go ahead, Jasper. Your line is open. Hi, all. Just following up on Monte do Carmo. Do you still expect the all-in sustaining cost to be sub sort of $1,000 now? Which maybe seems a bit ambitious given where costs are at the moment. Should we be expecting costs much like the CapEx maybe to be higher than the sort of updated economics in H2? Well, I would say that it's too early to give a figure. Remember that when we gave that guidance, that cost guidance, we were working based on a feasibility study that was done by the seller. Today, I believe that the best thing is to finish basic engineering and construct a new cost that for sure is going to be very competitive. We need to work it out. It's too early to give a guidance today. Okay, great. Thank you. On Mara Rosa as well, what operational grades can you guide to? Should we be thinking about it as being 350 grams per ton silver, one and a half gram per ton gold or higher or lower than that? Well, that's really measured and indicated resources, the grades that you just mentioned. We are converting all the resources today, measured and indicated. I believe that we would consider, if you are considering 300 g of silver and 1.5 g of gold, I would consider a dilution between, I don't know, 20% and 30%, to calculate the final grade that it will go to the plant. Yeah. Later in the year, we will start calculating research together with a detail engineering that we are doing on the mining operation to have a base planning document for the next 15 years. Okay. Got you. If I could just fit in one more. On Mara Rosa, do you expect the plant to hit the full run rate in H2? What run rate should we be thinking about in H2? Should we expect it therefore to run at 2.65 million tons per annum in 2027, which is that profile going forward? For sure in 2027 I expect to have 2.5 million tons per year. This year, I have been in Mara Rosa, Monte do Carmo, and Belo Horizonte last week, and I was impressed the improvements that we have been able to put together in Mara Rosa. I could tell you that the last few days, that the thickener is totally in place. We are working at a rate of about 7,000 tons per day on the whole plant. The only thing is the mine. The mine is today the bottleneck. We got a new contractor, as I mentioned, and they are ramping up very quickly. I expect in a month or a couple of months to be in full production, reaching the full capacity of the mine. Okay. That's very helpful. Thank you. Welcome. Thank you, Sir. Ladies and gentlemen, as the timer here, if you have any questions, please press star one that is now unmuted. Quick pause. Mr. Landin, we have no further questions at this time, Sir. I'd like turn call back over to you for any additional or closing remarks. Thank you. Okay. Thank you very much. First, to be here. Let me say that we are very positive around our operations. Inmaculada has been performed very strong. I'm sure it will finish the year also very strong. I am very impressed also on improvements that we have been able to put together in Mara Rosa. Mara Rosa today is a very stable operation. As I said, the mine is the bottleneck today, and we have a very strong contractor that has a lot of operational discipline and safety is top of mind. San Jose is also doing very well. On top of that, we have promising results from brownfield, and I'm sure we will bring more resources to the table from now until the end of the year. Probably the most important thing is that we are progressing very quickly on the new two projects. I believe that there is a huge opportunity for Hochschild to produce, to increase production in the next few years, and reach much bigger value, much higher value, than has today. I believe that it's a very good opportunity for all of us. Thank you very much. Thank you, Sir. Ladies and gentlemen, that will conclude today's conference. Thank the attendants. You may now disconnect. Have a good day and goodbye. Thank you.