Greetings. Welcome to the Fortuna Silver Mines Inc. Q4 and Full Year 2024 financial and operational results call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Carlos Baca, Vice President of Investor Relations. You may begin. Thank you, Pauline.

Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Silver Mines Inc.'s fourth quarter and full year 2024 financial and operational results conference call. Hosting the call today on behalf of the company will be Jorge Alberto Ganoza, President and Chief Executive Officer; Luis D. Ganoza, Chief Financial Officer; Cesar Velasco, Chief Operating Officer, Latin America; and David Whittle, Chief Operating Officer, West Africa. Today's earnings call presentation is available on our website. As a reminder, statements made during this call are subject to the reader's advisories included in yesterday's news release, the earnings call webcast presentation, MD&A, and the risk factors in our annual information forms. Financial figures contained in the presentation and discussed in today's call are presented in U.S. Dollars unless otherwise stated. Technical information in the presentation has been reviewed and approved by Eric Chapman, Fortuna Senior Vice President of Technical Services and Qualified Person. I would now like to turn the call over to Jorge Alberto Ganoza, President, Chief Executive Officer, and Co-Founder of Fortuna Silver Mines Inc.

Thank you, Carlos, and good day to all. We are building a proven track record of expanding margins and generating strong cash flow, driven by stable costs and rising gold prices. With a robust balance sheet and strong liquidity, we are actively investing in the business while delivering returns to our shareholders. In the fourth quarter, the company had record free cash flow from operations of $19.6 million, which represents an increase of 69% versus Q3 2024. Our net cash from operations before changes in working capital was also a record $142 million or $0.46 per share, beating analysts' consensus of $0.40. For the full year 2024, we surpassed $1 billion in sales for the first time. Quarter over quarter, we realized a 7% higher gold price of $2,660 and 10% higher revenue of $302 million, while cash cost per ounce was 4% lower, leading to an expansion of operating cash flow margin from 33% to 50%. For full year 2025, comparing against 2024, our outlook is for stable to lower cash costs in the range of $895 to $1,015 per ounce and stable to lower AISC as well in the range of $1,550 to $1,680 per ounce. Financially, today, we are strong, and this only continues to improve in the current gold price and operating environment. Since the completion of the Seguela mine construction in mid-2023, we have reduced debt by $118 million, moved from a net debt position at the time of $198 million to a year-end positive net cash position of $59 million. At year-end, cash was $231 million, a quarter-over-quarter increase of $50 million driven by strong growth in our free cash flow, and liquidity was over $381 million. All this while we maintain a very low debt leverage ratio of under 0.4. We returned $30.5…

Thanks, Jorge. Seguela and Yaramoko had a successful fourth quarter from both the safety and production perspective. In the fourth quarter, Seguela produced 35,244 ounces of gold, a 1% improvement compared to the previous quarter, and delivered 137,781 ounces of gold in its first full year of production. Yaramoko's strong production performance delivered 29,576 ounces of gold, a 6% improvement compared to the previous quarter, leading to 116,206 ounces of gold for the year. Both mines achieved the higher end of their annual production guidance. In the fourth quarter, Seguela mined 715,000 tons at an average gold grade of 2.34 grams per ton and 3.67 million tons of waste per strip ratio of 5.1 to 1. Ore processed was 430,000 tons at 2.95 grams per ton gold. Mine production was primarily sourced from the Antenna pit, with production from the high-grade Ancien and Koula pit ramping up in the second half of the year. On the processing plant, operations continued successfully and attained an average throughput rate of 213 tons per hour for the quarter, surpassing nameplate capacity by 38%. Because of the better-than-expected production at the processing plant, we moved forward the construction of the third lift of the tailings storage facility. Construction began in the fourth quarter of 2024, with completion expected in the second quarter of 2025. This $8.5 million capital advancement will provide adequate tailings storage until 2029, allowing for the increase in the production guidance in 2026 and beyond of 160,000 to 180,000 ounces. Seguela's strong performance resulted in a cash cost of $653 per ounce for the quarter, with a cash cost for the year outperforming guidance at $584 per ounce. AISC was $1,376 and $1,153 per ounce of gold, for the quarter and year, respectively, at the lower end of guidance for 2024.…

Thank you. We will now go on to a briefing from LATAM. Cesar.

Thank you, Jorge, and good day to everyone. In 2024, our Latin American operations demonstrated a good safety performance. They also delivered strong production and project execution, with the exception of the San Jose mine as it entered the tail end of reserves. As Jorge mentioned, the San Jose mine was placed in care and maintenance in January 2025, as we are engaged in the sale process. Starting in Argentina, Lindero produced 26,806 ounces of gold in the fourth quarter. The 10% improvement in production over the previous quarter is due to a higher rate of pregnant solution percolation, which is related to the first lift of ore placed on the new leach pad expansion area. As you know, the leach pad expansion has been our largest capital project in our portfolio in 2024, with a $42 million budget, which weighs heavily in our all-in sustaining costs, by approximately $400 of the total $1,793 for the year. I am pleased to point out that Lindero began placing ore on the new leach pad area in the second half of October 2024, two weeks ahead of plan and on budget. As of the end of February 2025, the completion is at 94%, and only minor activities and contractor demobilization remain. In the fourth quarter, 2 million tons of ore were mined with a stripping ratio of 1.54 to 1. A total of 1.36 million tons of ore were placed on the leach pad averaging 0.60 grams per ton of gold containing an estimated 34,151 ounces of gold. For the full year 2024, gold production totaled 97,287 ounces, achieving the midpoint of our annual production guidance. In the fourth quarter, Lindero had a cash cost of $1,063 per ounce and an AISC of $1,873 per ounce of gold. When compared to the…

Thank you. Our CFO will now brief us on the highlights of the financial results. Luis?

Thank you. Attributable net income in the quarter was $11.3 million or $0.00 per share, including $26 million of non-cash charges which were comprised mainly of the following: a write-off of $14.5 million related to the above. The write-off corresponds to the $9 million of purchase price allocation as part of the Roxgold acquisition and subsequent exploration expenditures, a $7.2 million mine closure provision associated with the scheduled closure of the San Jose mine at year-end, closure provision is expected to unwind upon completion of the sale of San Jose, and a write-down of low-grade ore stockpiles of $4.6 million at the Lindero mine. This write-down was triggered by projected higher costs from the appreciation of the Argentine peso against the US dollar. The assessment is done with a gold price of $2,150 per ounce, and it is worth noting the value of the stockpiles remains well above the incremental cash cost to process ore. After adjusting for non-cash charges, attributable net income in Q4 was $37 million or $0.12 per share. We have disclosed an impact of $0.05 per share from the devaluation of the euro against the U.S. Dollar in the quarter, which generated an unrealized foreign exchange loss of $7.5 million and which additionally has an impact on the effective tax rate, mostly to the deferred tax component of the income tax provision. Our effective tax rate was 46%. We estimate our normalized effective tax rate to be between 30% and 35%. Adjusted earnings per share in Q4 represent an increase over the prior year of 50%. The increase is primarily due to higher gold prices. We realized an average gold price for the quarter of $2,660 per ounce, an increase of approximately 34% over Q4 of 2023. Our adjusted EPS in Q4 compared to the prior…

Hello? If there are no further questions, I would like to thank everyone for listening to today's earnings call. Have a great day. Sorry. Sorry. My bad. My bad. We would now like to open the call to any questions that you may have.

If you would like to ask a question, please. A confirmation tone will indicate your line is in the question queue. It may be necessary to pick up your handset before pressing the star keys. As a reminder, if we have reached the end of the question and answer session, I will now turn the call over to Carlos for closing remarks.

Thank you, Jorge. Well, now since there are no questions, I would like to thank everybody for listening in to today's call, and do wish you a great day. Bye.

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.