Eduardo Landin: Hello, and welcome to Hochschild Mining's Interim Results Investor Presentation. Today, we are joined by Eduardo Landin, Eduardo Noriega and Charles Gordon. Questions are encouraged throughout this webinar and can be submitted via the Q&A box situated in the panel on the right-hand side of your screen. I will now hand over to Eduardo Landin to begin. Welcome to our conference to present the H1 results. I would like to start going to Page #3, please, where its key H1 '25 takeaways. During H1, we have been able to produce 161,000 ounces of gold, which is 6% up compared with 2024. Our revenue has been $520 million. Our adjusted EBITDA went up 27% up to $225 million. All-in sustaining cash cost has been up also to $1,914 per ounce, and we will explain why during this presentation. Our cash position on the 30th of June, it was $110 million; and our net debt, it was $202 million. We have an interim dividend announced of $5.1 million. And the good news about Mara Rosa is that the plant has restarted. Going into the H2 2025, Mara Rosa reorganization is progressing really well. Management transition is complete. The new head of Brazil is appointed and is a very well-qualified mining professional with a lot of experience, especially in the area of Goias. The Royropata MEIA is advancing. We are now preparing the papers to be presented to the government. Monte Do Carmo, we continue with engineering. We continue trying to monetize the non-core assets. Remember that we define between core assets and non-core assets. And our revised production guidance for 2025 is going to be between 291 and 319 ounces of gold equivalent. We continue with very strong ESG metrics, and I will present during the presentation. If we go to Page #4 of the presentation, we have our performance in ESG. I have to say that we are very pleased with the safety results. As you can see, our frequency rate is 1.08, which is very close to 1, it's a very good rate. We are the first mining company to achieve DNV Level 2 in 2 of our operations in San Jose and in Inmaculada. Our environmental performance is a close to record time. And you can see our ECO score, our water consumption and the waste recycling rate has improved from the past year. We have also improved our total local workforce up to 66%, which is very good, creating jobs in the area where we have the influence. And also, we have improved and increased the local procurement in order to make businesses around our communities. We have signed the UN Global Compact. And we have been included on the FTSE4Good Index Series. Now I pass the presentation to Eduardo Noriega, our CFO. We can go to Page #6. Thank you. Eduardo Noriega: Thank you, Eduardo, and good morning, everybody. Our financial results in the first half of the year were very strong with stronger production and higher prices. Our revenue was at $520 million, higher than what we had in 2024. Attributable net profit was $60.1 million, also better than the number reported in 2024, and our adjusted EBITDA was also strong at $224.5 million. As I said, production was stronger, mainly due to the incremental production from Mara Rosa in 2025. Gold prices were 28% higher and silver prices were 25% higher than last year. Our cost of sales increased mainly associated to the higher production volume. We also have net inflation in Argentina and the higher gold and silver prices had an impact on royalties, worker's profit sharing and other elements of the cost. So that's another reason for our cost increase in 2025. Selling expenses were higher mainly due to the incremental cost of Mara Rosa, the incremental production from Mara Rosa. Under other expenses net, we recorded an adjustment to the mine closure provision in mainly 2 projects that are not producing, Ares and [indiscernible]. So that explains $11.5 million. And also in Argentina, recorded in other expenses, sorry, in other income, the FX benefit or the FX program that the Argentinian government had for exporters was stopped in April. So as a result of that, we had lower other income by $5.4 million. Net interest were also higher, mainly associated to a lower gains in excess cash invested in Argentina, $3.4 million, lower capitalization of interest expenses and these 2 effects were offset by lower average paid and lower interest rates. In terms of FX losses, we recorded $1.5 million of a loss in H1 2025, but that number was lower than the loss reported in 2024 by $3.1 million. In terms of income tax, our effective income tax rate was 39%, but this number includes the Special Mining Tax and Royalties in Peru for $10.7 million. Excluding these effects, the effective income tax rate would be 29%. Finally, under exceptional items, we recorded a reversal of the impairment of Volcan and that represented $30.8 million of exceptional items in 2025. On the following page, Page 7 of the presentation, balance sheet evolution. We can see here that the strong cash generation capacity of our assets with Inmaculada $132 million, San Jose $25 million. Mara Rosa breakeven due to the operational challenges with $2 million. We used $17 million in exploration budgets and $27 million of admin corporate expenses. We paid $15 million in taxes. We executed our mine closure plans and paid for care and maintenance expenses by $12 million. Net interest paid were $9 million. We paid $12 million of dividends, $10 million to Hochschild shareholders and $2 million to our minority partners in San Jose, our minority in Argentina, McEwen Mining $2 million. And we had temporary change in working capital, mainly associated trade payables and inventories of $29 million. Finally, on the last 3 balance of this chart, we used $16 million of Monte Do Carmo, $3 million in Royropata project as we paid a capital, we participated in the equity ratio of Aclara with $5 million. So with that, our ending balance for the period was $110 million. On the following page, Page #8, on cost drivers. When comparing our cost to 2025 cost versus the 2024 cost, we can see, as expected, in Inmaculada all-in sustaining cost was $1,535. These cost as planned, was higher than the H1 2024 numbers, mainly due to higher volumes produced and the impact of higher prices in corporate profit sharing. In San Jose, the costs were also higher, mainly due to higher prices impacting royalties, selling expenses, the elimination of the FX export benefit that I explained before. We also saw net inflation in Argentina, particularly in the labor market. And finally, we were mining lower grades in 2024, in 2025 versus 2024. In Mara Rosa, our all-in sustaining cost reflects the challenges that we already explained, and we are in the process of resolving. We adjusted our guidance in Mara Rosa and also included these external impacts in Argentina to adjust the guidance in San Jose as well. Inmaculada, when compared to, when comparing the full year all-in sustaining cost, the impact from higher prices impacting workers' profit sharing and inflation are being offset by efficiencies and savings. So we're maintaining our guidance and the operation is performing very well. In San Jose, when looking at the revised guidance versus the previous one, our higher prices are impacting royalty/selling expenses by $90 per ounce approximately. The elimination of the export tax rate of the FX export benefit represent like $61 per ounce. And also inflation represented $36 per ounce of incremental cost, but these effects are being partially offset by both efficiencies, especially at the mine level. In Mara Rosa, the all-in sustaining costs that we are providing as new guidance includes $18 million of incremental CapEx or initiatives to resolve operational challenges, including the thickener as well as there were $6 million of extra costs mainly in Q1 associated to our, the efforts of the operation and a time to resolve the filtering and maintenance issues resulting from the challenges and the rainy season. If we go Page 9, where we have the capital expenditures. We are, as I said before, we're maintaining our CapEx guidance for both Inmaculada and San Jose. And in the case of Mara Rosa, we are reflecting in the new guidance the $18 million, between $18 million and $20 million incremental CapEx to resolve the Mara Rosa challenges. This includes the thickener. On the following page, Page #10 of the presentation. The balance sheet of the company remains very strong with cash of $110 million, net debt of $202 million, which represents, an improvement versus the $216 million that we recorded as of December 2024. Our net debt-to-EBITDA also improved to 0.43 versus 0.5 recorded in December '24. We still have $180 million of undrawn debt from the $300 million facility that we have with relationship banks at very good terms, as you can see in the presentation. Another positive news from the company is that we restored our dividends in, with a full year 2024 results. And following the dividend policy that we communicated to the market, we're now announcing an interim dividend of $0.01 per share, which represents $5.1 million total. I also would like to mention in this slide that we decided to roll forward 29,000 ounces, sorry, 21,000 ounces of gold that we hedged of production that was hedged in the second half of 2025, and we roll it forward to 2028. With that, I return the presentation to Eduardo Landin. Eduardo Landin: Thank you, Eduardo. Thank you for presenting the results. Okay. In this part of the presentation, I'm going to go through the strategy and also I will present the operations with H1. If we can go to Page 12, you can see there our strategy that we continue believing that delivering, deliver growth and profitability. We have the first pillar, which is brownfield. I mean, brownfield is the way to generate long-term value to discover new ounces, extending the life of mine of our existing assets, and also extending the life of mine our existing projects. Of course, we are focused on mineable resources because we want to, every single resource that we found, we would like to go through the plants. In terms of the operational efficiency, we have onsite leadership. We like to be at the sites. We have lean philosophy across the company. We try to find cost efficiencies, and I will give you some samples. And of course, we have demonstrated that we have the capacity to develop projects. On ESG, as I mentioned at the beginning of the presentation, we have a world-class safety performance. We are very focused on water management. We have a new community approach, and we didn't have any blockages or any problem with the communities in group for the past 2 years. We are management our talent the way to the people be happy working with us. We have said ESG KPIs for 2030. And of course, we have very strong corporate values. And in terms of the disciplined capital allocation to our balance sheet, we can fund our organic growth. We are commit to debt repayment. We are committed also with investors on capital return. The reason why we have this new dividend policy. And of course, if we decide to go and acquire an M&A assets should be value accretive to make sure that it's profitable are low prices based. So if we're going to Page 13, our Inmaculada asset. You know that is in Ayacucho, a very high 4,700 meters above sea level. It's an operation that has been operating very well for 10 years. During H1 2025, produced 106,000 ounces of gold equivalent, which is above the market guidance and is on track to meet the guidance between, I mean, around 200,000 to 210,000 ounces. As you also know, we have a very large regional land package, and we believe that as well as we did in 2024, we will be able to increase the inferred resources in 2025. If we go to Page #14, you can see there the evolution of the brownfield strategy between, in 2024, as I said, we had 1 million ounces of gold equivalent. And we believe that this year with the 35,000 meters drilled, and we will be able to add something around 0.5 million ounces of gold equivalent. If we go to the next page, we have our Royropata project. Probably this is the most important projects that we have today in Hochschild. It's also located very close to Inmaculada in Ayacucho, is our own underground Pallancata operation that operates between 2007 and 2023. Today, what happened in the past 2 years is that we have had a very important resources, amount of resources in the Royropata zone. I mean, this project is going to use the Selene plant, which is ready to start production. Very good news is that we were able to close the easements with the communities in 2024, which is probably the most difficult and the main step towards to get the permits. And today, we are working with our consultants with Stantec and Ausenco in order to create the documents based on all the studies that we have done during 2024 at the beginning of 2025, to file the modification and environmental application in August 2026. We believe that in a year from August 2026 until July 2027, we should get the environmental permit. And as you can see, Pallancata has increased the resources big time. And today, since we have those grades and the width of the veins, we believe that we have a very, very powerful operation that will start producing between 2028 and 2029. On the next page, Page 16, you can see the evolution of the brownfield exploration. In 2024, as I said, we have 1.3 million ounces of gold equivalent in different veins. And in 2025, we have continued doing some infill drilling to make sure that we convert the inferred resources to measure indicated and also discovering new possible veins around Marco vein. Going to Page 17, we have Mara Rosa. Mara Rosa is an open-pit mine in Goias state. It has produced close to 30,000 ounces in the H1 2025. As you know, we found important issues together with the heavy rainy season at Mara Rosa in May 2025. Immediately, we took control of the situation. We reorganized the country, the management, everything. And I am very proud to say that in 3 months, we have been able to turn around the situation. Of course, results are going to be slower than we would like, but we believe that we are in the right track to make sure that 2026 is going to be a good year for Mara Rosa going forward. I mean the filtering issues, that was the main issue in terms of mechanical problems, has been resolved in 2 of the, on 2 of the filters. And based on this situation, we have reduced our guidance, production guidance to between 35,000 and 45,000 ounces for a full year. We know that it's slow, but we are sure that this is the way to make sure that we solve all the problems and we turn around this asset that we believe is still a very good asset for the company that can bring a lot of value at current prices. And we know that we have now the right people and the right things to do from now. Let me explain what we have done in 3 months. I would like to congratulate the team because they have done a fantastic job in 3 months. If we're going to the main improvements in the mine, we have improved the mine movement, the haulage distance, the haulage speed, the loading fleet availability at the plant, we review all the maintenance, I mean, preventive maintenance for the crushing and the milling area. And now is totally ready to reach this area of the plant, 7,000, between 7,000 and 8,000 tonnes per day. And in terms of the organization, we have a new head of Brazil. We have a new mine manager. We have a new governance structure, which is the principles to make sure that everything is going to be run correctly. In terms of the filtering, which is the issue, and I have to say that it's an issue in every single mine operation that has dry stack. We have been able to repair 2 of the main filters. We have 4 filters in total. These 2 filters are working steadily. They are reaching the humidity that we need in order to do dry stack. We brought the manufacturer experts at the site to assist with the filtering operations. As I said, we restart 2 of the 4 filters. The second 2 is going to be started in October when we finish the repairs. And also, we have been able to solve the situation of the space that we need in order to put details in place, compact it and ready to receive the next rainy season. Also, in order to prevent the effect of the rainy season, we are planning to install a roof area around the filtering plant to make sure that we have the space, the dry space to make sure that we manage the tails during the rainy, the next rainy season. I believe that we have done a very good job. We are making sure that we do everything that is needs to make sure that the site is going to be producing the way we designed at the beginning when we acquired this asset. Something additional is that we decide to install a new thickener, a tail thickener, is already purchased. It's already, I mean, engineering related to this thickener, the integration with the plant is ongoing today with Ausenco. We believe that we will be able to install this thickener and be part of the production in H1 2026. I mean, we're aiming to do it in Q1 2026. But of course, it depends on the delivery time of the equipment. And so that's the reason we state that it will be during H1. But I have to say that our aim here is to improve and to increase production during 2026 as much as possible because it's the way to get the best possible cost and that's our main objective for Mara Rosa to get the maximum production and also to get the best possible cost. On the next page, on Page 19, you can see the open pit that today is organized, is dry. We have been pushing back the pit. On the next photograph, you can see the filtering plant already working. You can see on the next picture, the dry stack, the material totally dry and ready to be compacted. You can see the tailing after filtering process totally dry with that light gray color that we present at the humidity is very low. You have a picture there of the thickener that we're going to install is a 37-meter thickener to make sure that we have the percentage of solid that it's needed to be, I mean, for the tails to be filtered and reach between 7,000 and 8,000 tonnes per day. And you have on the last picture, the filtration area roofs that we're going to install before the rainy season starting, let's say, in October, November 2025. In terms of exploration, if we go into Page #20, you can see that the potential both Mara Rosa is huge. We believe that from now until 2030, we can add another 1 million ounces of gold equivalent. We have a lot of, I mean, we have been drilling, and we have very good intercepts on the extension of Posse. We have some drills in [indiscernible], shows that the mineralization is there. And we will continue working on this plan to make sure that adding resources, extend the life of mine of Mara Rosa and makes this project much more profit. Going to Argentina, Argentina have to say that production wise is doing quite well. It's an old mine. It's been producing from 2007. Today, we are currently mining on the vein orders. And as you probably know, the uncertainty is there for grades, sometimes we get lower grades than we expect. But we continue working on trying to discover new resources to make sure that we bring life of mine to these assets. And in 2025, we have implemented an efficiency projects. Let me say that in the month of July, I mean, the mine has been able nearly 2,000 tonnes of mining output. And the plant, remember that we expanded the plant last year, and the plant is running at 2,100 tonnes per day. So we are trying to increase the mining throughput in order to dilute the fixed costs that, of course, is affected by what Eduardo Noriega explained by these external factors that we are trying to compensate with efficiencies. And we believe that we have a good chance that from October onwards that we had the elections in Argentina, the Milei's government could devaluate the currency because at the end of the day, is, I mean, the country needs to be much more competitive in terms of salaries in dollars. Going San Jose exploration potential, we continue trying to bring, as I said, resources to the mine area. But also we have extended our exploration activities to the region. And from now until December, we will try to drill 2 new projects called Celestina and Martes 13 to try to see if we could bring new potential and new opportunities in Argentina for us. We believe that Argentina is in the right track in order, I mean, with the measures that the government has taken in the past months. So we are trying to bet for creating new businesses in Argentina from now on. In general of the valuation opportunity is a normal market reaction, since we have the Mara Rosa issues, as I said, that we are already in the right path to solve them. That has affected to our evaluation. But we believe that today, if we compare our evaluation with our peers, we are still low, and we are still a very good opportunity for investors. As a conclusion, we continue being a company that are totally focused on our core business and delivering a profitable growth. As I presented, we have a world-class ESG performance. We took control of the Mara Rosa situation, and we have done many, many things in 3 months, and we're in the right way in the right path. The management transition is complete. Inmaculada is outperforming as has been doing for the past 10 years. Monte do Carmo will continue believing that this is a very important project for us is our, is going to be our second operation in Brazil, and we want to make sure that through engineering, doing all the engineering by the book, we make sure that we develop a project that it will be very powerful for the company. Our brownfield program continues. And as I said at the beginning of the presentation, is one of our pillars to growth to extend life of mine of our existing sites. Royropata continue to be the best possible mine that [indiscernible] wish in the future. We have many good resources with very good width, very good grades with a silver content, which is very high, probably one of the highest today in the world. And it's a project that can deliver more than 100,000 ounces from 2028, 2029. We have in place a very disciplined capital allocation strategy, and we have demonstrated that with the balance that Eduardo Noriega has presented. And also, the interim dividend has been announced with that $5.1 million. So that's the summary of our H1 results. What I want to say finally is that we are in the right track. We would like you, as an investors, to give us some time to make sure that we finish this job, and we bring Mara Rosa on track as we defined at the beginning when we acquired these assets. Thank you very much. Charles Gordon: Thanks very much. The first question is given the great resources additions in 2024 at Royropata, along with the existing plant capacity of 3,000 tonnes per day, should we be expecting a significant increase to the initial 100,000 gold equivalent ounce production estimate? Thank you very much. The next question is, do you have any spare processing capacity that could be used if you found new deposits nearby? Thank you very much. The next question is, how are you working with local communities near your mines? And are you seeing strong support for your projects? Thank you very much. The next question is, aside from Monte do Carmo and Royropata, what other projects or acquisitions are you considering to secure production growth in the future? Thank you very much. The next question is the interim dividend of $0.01 per share is modest. Should we expect a more progressive dividend as cash flow strengthens or are you more likely to reinvest in growth projects? Thank you. The next one is, are you looking at producing other metals like copper or zinc to diversify? Okay. Thank you. The next question. AI within the mining industry is becoming more important. How are you using this technology? Thank you. Given the operational difficulties at Mara Rosa, what lessons have been learned that you're applying to Monte do Carmo to reduce risk? Thank you very much. The next question is, are you investing more in exploration to grow reserves? Thank you. The next one is, are you reducing water and energy use at your mines? Thank you very much. And, a slightly as a follow-up, how invested are the management team in the ESG targets? Thank you very much. The next question is Royropata is very high up in terms of altitude. Does this have any impact on the project workings, the way we manage the project? Thank you very much. The next question, with the political climate being so difficult and the lack of stability, what are your own views? Okay. And the final question. With stronger revenues and reduced gearing, how are you prioritizing between debt repayments, dividends and reinvestment in projects like Monte do Carmo? Thank you very much. That's all the questions we have at the moment. If I could just hand back to Eduardo Landin for some closing remarks. Eduardo Landin: Thank you, Charlie. Well, I would like first to thank you all to be here in this presentation. And also, I would like to say that, I mean, we have a situation in Mara Rosa that today, we have a very clear path to solve the situation. And we expect, I mean, to come back with a strong production at Mara Rosa in 2026. Also, I have to say that Inmaculada is doing really well, as we explained. And San Jose is accomplishing their production projections. We believe that we have these 2 opportunities in 2028. You know that we are working on Monte do Carmo and Royropata. We believe counting with those opportunities that, it will be like 60% increase in production. I mean, the company, the look of the company in the future is very promising. Thank you very much.