Slide 1: Fourth Quarter & Year End 2023 Update
FOURTH QUARTER & YEAR END 2023 UPDATE Q4 Consistent and determined
Slide 2: Cautionary disclaimers
F ORWA RD L OOK ING S TATE M E NTS A RE M A D E IN THIS P RE S E NTATION Cautionary disclaimers This presentation contains forward-looking statements and information within the meaning of Canadian securities law and United States securities laws, rules and legislation, including the provisions for “
Slide 3: Cautionary disclaimers: additional notes
A D D ITIONA L NOTE S Cautionary disclaimers CAUTIONARY NOTE TO U.S. READERS This document and shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or in any other jurisdiction, and no securities may be offered or sold without registration un
Slide 4: Performing, Advancing, Strengthening
OPERATIONS EXPLORATION & DEVELOPMENT BALANCE SHEET & PORTFOLIO Performing Advancing Strengthening
Slide 5: Record fourth quarter, annual guidance beat
Q4 OP E RATING HIGHL IG H TS Record fourth quarter, annual guidance beat 34koz 0.73g/t 19.0ktpd Mining Q4-2023 FY 2023 GOLD PRODUCTION AU GRADE STACKED AVG STACKING TPT Total Ore Mined tonnes 1,861,068 7,436,960 Waste Mined tonnes 802,824 4,161,591 Continued strong mining and processing performance
Slide 6: Strong operating margins
Q4 F INA NC IA L HIGHL IG HTS Strong operating margins 31koz $802/oz $97m Operating Q4-2023 FY-2023 GOLD SOLD All-IN SUSTAINING COSTS1 CASH BALANCE Gold Production ounces 34,484 121,877 Gold Sold ounces 31,300 118,993 1 Average Realized Gold Price per ounce $1,974 $1,941 Continued low-cost operation
Slide 7: Strengthening balance sheet
YE A R OV E R YE A R IM P ROV E M E NTS Strengthening balance sheet $97m $88m ~$60m $8m CASH BALANCE DEBT OUTSTANDING 2023 DEBT REPAID -$3m Repaid ~$60 million in debt in 2023 -$20m Further deleveraging in Q4: • Final $22.8 million payment to Fresnillo paid November 2023 -$50m -$57m Net debt1 improv
Slide 8: Recap: continued operational delivery
2 0 2 3 RE C A P Continued operational delivery 2023 DEBT REPAID IN 2023 ~$60 million ABOVE INCREASED PRODUCTION GUIDANCE STRONG FINANCIAL POSITION (December 31, 2023) (110,000 – 120,000 oz) $97 million $158 million 121,877 oz in cash liquidity1 $736/oz AISC1 ACHIEVED IMPROVED COST GUIDANCE EXPLORAT
Slide 9: 2024 plans: investing in growth
2 0 2 4 P L A NS Investing in growth 2024 PRODUCTION AND COSTS GUIDANCE 110-120 koz 2 $875-$975 /oz AISC2 INVESTMENT INTO EXPLORATION & PROJECT DEVELOPMENT ~$45 million across portfolio3 9 1. Includes expensed and capitalized exploration and project development. 2. Please refer to Appendix “Non-GAAP
Slide 10: Multi-dimensional growth in Mexico
C AM IN O R OJ O – E X P L ORATION & D E V E L OP M E NT Multi-dimensional growth in Mexico Successful near pit oxide drilling Completion of three-year sulphide program • Three drill programs completed 2021/22/23 • 50,924 metres total • Shows presence of higher-grade zones over bulk mineable widths
Slide 11: Evidence of more potential at depth
C AM IN O R OJ O – S UL P HID E E X P L ORATION & D E V E L OP M E NT Evidence of more potential at depth Camino Rojo Sulphide open at depth • Historical and new gold mineralization below current resource • Skarn and massive sulphide (manto-style) mineralization • Dike and Breccia fault zones possib
Slide 12: Just getting started in Railroad District
D IS TRIC T C ONS OL ID ATION, S OUTH E X TE NS ION OF GE OL OGY A ND M INE RA L IZ AT IO N Just getting started in Railroad District Immediate early success upon reactivation of exploration • Acquisition of Gold Standard Ventures August 2022 Significant oxide intersections beyond projected open pit
Slide 13: Increasing resources and making new discoveries
2 0 2 4 E X P L ORATION A ND D E V E L OP M E NT GOA L S Increasing resources and making new discoveries $45 million (exploration & development) USA (NEVADA) MEXICO PROJECTS $11 million $23 million 1 $10.5 million 1 (expensed) Oxide Layback: $0.5m (capitalized) Administration, permitting & engineeri
Slide 14: Driving shareholder value through ESG
Driving shareholder value through ESG Successful new agreement with Camino Rojo labour union First Sustainability Report (TCFD & SASB / IFRS) Three new multi-stakeholder partnerships in Mexico
Slide 15: Strong fundamental business
2 0 2 4 P L A NS Strong fundamental business ON TRACK TO ACHIEVE GUIDANCE Net cash positive 110-120 koz 2 $875-$975 /oz AISC 1,2 INVESTMENT INTO BUSINESS Advancing Mexico & Nevada exploration & development across portfolio2 15 1. Please refer to Appendix “Non-GAAP Measures“ for additional informatio
Slide 16: The right formula for value creation
TH E R IG H T F O R MU L A F O R VAL U E C R E ATIO N Proven strategy + Quality partners + Quality projects
Slide 17: Non-GAAP measures
NOTE S Non-GAAP measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”). These are common performan
Slide 18: Non-GAAP measures
NOTE S Non-GAAP measures The Company has included herein certain performance measures (“non-GAAP measures”) which are not specified, defined, or determined under generally accepted accounting principles (in our case, International Financial Reporting Standards, or “IFRS”), namely all-in sustaining c
Slide 19: Non-GAAP measures (cont.)
NOTE S Non-GAAP measures (cont.) Net Cash Net cash is calculated as cash and cash equivalents and short-term investments less total debt (adjusted for unamortized deferred financing charges) at the end of the reporting period. This measure is used by management to measure the Company’s debt leverage