Slide 1: Third Quarter 2024 Update
THIRD QUARTER 2024 UPDATE Q3 Record free cash flow
Slide 2: Cautionary disclaimers
F O RW A R D L O O K I N G S TAT E M E N T S A R E M A D E I N T H I S P R E S E N TAT I O N 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
Slide 3: Cautionary disclaimers: additional notes
ADDITIONAL NOTES 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 under t
Slide 4: Performing, Advancing, Strengthening
OPERATIONS EXPLORATION & DEVELOPMENT BALANCE SHEET Performing Advancing Strengthening
Slide 5: 2024 guidance
IMPROVING PRODUCTION, LOW ERING COSTS On track to achieve guidance 130-140 koz $800-$900/oz AISC Originally 110-120koz2 Previously $875-975 /oz sold AISC1,3 2024 guidance 5 1. Please refer to Appendix “Non-GAAP Measures" of this presentation for additional information. 2. For additional information,
Slide 6: Tracking to record production year
Q 3 O P E R AT I N G H I G H L I G H T S Tracking to record production year 44koz 0.93g/t 18.4ktpd Mining Q3 2024 YTD 2024 GOLD PRODUCTION AU GRADE STACKED AVG STACKING TPT Total Ore Mined tonnes 1,942,269 5,790,782 Waste Mined tonnes 2,840,117 5,764,628 CAMINO ROJO OXIDE GOLD PRODUCTION Total Mined
Slide 7: Pathway to production in Nevada
S O U T H R AI L R O AD Pathway to production in Nevada Supplemental CONSTRUCTION PRODUCTION Acquisition of Environmental (2026) (2027) Gold Standard Ventures Reports August 2022 2024 Option for DETAILED ENGINEERING early start PROCUREMENT PLAN OF OPERATIONS PERMITTING EIS development and consultati
Slide 8: Low costs driving strong cash flows
Q3 FINANCIAL HIGHLIGHTS Low costs driving strong cash flows 38koz $720/oz $45m Operating Q3-2024 YTD-2024 GOLD SOLD All-IN SUSTAINING COST1 FREE CASH FLOW Gold Production ounces 43,788 110,217 Gold Sold ounces 38,265 105,186 1 Average Realized Gold Price per ounce $2,477 $2,301 Sustained higher gold
Slide 9: Strong margins delivering financial results
Q3 FINANCIAL HIGHLIGHTS Strong margins delivering financial results Record free cash flow generation of $45.3 million1 Strong cash flow from operations before changes in W/C of $52.0 $52m million or $0.16/sh Operating Cash Flow $45m Adjusted earnings of $19.2 million or $0.06/sh1 Income tax expenses
Slide 10: Building financial strength
YEAR OVER YEAR IMPROVEMENTS Building financial strength $133m $0m $283m NET (DEBT) / CASH1 $133m DEBT OUTSTANDING LIQUIDITY1 (Nov 1) $123m CASH BALANCE (Nov 1) $76m Building cash through profitable operation $30m Quarter end net cash1 position of $123.0 million $8m Recent long term debt repayments:
Slide 11: Potential expansion of open pits in Nevada
S O U T H R AI L R O AD Potential expansion of open pits in Nevada Significant gold intercepts beyond the projected open pit boundaries • Potential to extend the projected mine life at the Pinion and Dark Star deposits. Drilling • Targeting new oxide mineralization, some selective sulphides • Expand
Slide 12: Poultry farm and Systems Leadership
R E C E N T S U S TA I N A B I L I T Y A N D H U M A N R E L AT I O N S A C T I V I T I E S Poultry farm and Systems Leadership Poultry egg farm inauguration in Mexico • Multi-stakeholder partnership project • Local high school students to gain first- hand experience • Eggs to be sold to Camino Rojo
Slide 13: Continued execution and positioned for growth
2024 PLANS Continued execution and positioned for growth Robust cash ON TRACK TO ACHIEVE IMPROVED GUIDANCE 130-140 koz 2 generation $800-$900 /oz AISC (“low end”) 1,2 INVESTMENT INTO BUSINESS Growing Mexico & Nevada exploration & development across portfolio2 13 1. Please refer to Appendix “Non-GAAP
Slide 14: The right formula for value creation
T H E R I G H T F O R M U L A F O R VA L U E C R E AT I O N Proven strategy + Quality partners + Quality projects
Slide 15: Non-GAAP measures
NOTES 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 performanc