Operator:

Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver 2025 Q3 Financial Results Conference Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer, First Majestic Silver. Keith, please go ahead. Keith Neumeyer: Okay. Well, thanks, operator, and welcome, everyone, that's dialed in today, and we'll likely be listening to this recorded over the next few hours or next few days. But what's turned out to be what we thought was going to be a fantastic day for us, putting out record Q3 numbers. I think we used the word record 18 times in our news release, yet obviously, the focus today is on this tax issue that came up or has been there for years, which I'll address a little bit. But as the market was opening this morning, I saw a headline come out of Silversea was -- I'm not sure who wrote that headline, but that guy is obviously an idiot. I then saw, unfortunately, TD put out a statement as well and -- nothing against TD. TD has been a great financial partner of First Majestic for quite some time, a decade, and their analysts unfortunately, came out with the most bonehead headline that I've probably received from an analyst in my career. I'll read it to you. So it's, Q3 results in line. Which is good. Focus on ongoing tax reassessment, which is completely bu******. Wayne, you should know better than that. Management is not focused on taxes. First Majestic is a mining company. Our job is to get silver out of the ground in an economical fashion that's following the environment and our social responsibilities on site at the different operations that we do. We look for ongoing efficiencies on trying to reduce our costs and create wealth for our investors, and that's our job. The tax dispute that seemingly some people are focused on today has been with the company for 13 years. There's no change. We continually work with the Mexican government to resolve the issue. I can tell you there's at least weekly meetings that occur in discussions on this particular item. I can also tell you that the Canadian government is now involved in discussions with the Mexican government, which is quite nice to see. And I can tell you our team of experts over several law firms and consultants and inside staff pay a lot of attention to this, obviously, but it's not what we view as a material issue for the company. Whenever the issue does get resolved, we will put out disclosure to discuss further these items. We do, do disclosure and over the last decade -- or the last 8 years, pardon me, we've had disclosure in our financial statements in regards to any potential liability in the business, including this tax issue. It's fully out there in the public. We do get questions from institutional investors from now -- from time to time, and we answer those questions. And we're completely and always very, very transparent. We did update our language in our financial statements in our MD&A, and we put out some language in our news release today just to bring shareholders up to date or investors up to date. And that's where we are. We'll continually work with the Mexican government and to further resolve the issue at hand. But timing, who knows? It could be another year, it could be another 2 years. We have no idea. It's been going on for 13 years. So there's obviously some focus on this. By going back to my earlier comment, I can tell you, it's definitely not a focus of management because we don't look at this tax issue as material to the business in any way. And interestingly enough, for those who actually want to dig a little bit deeper, the President of Mexico actually had a news conference on Friday, one of our regular news conferences. And one of the reporters asked her about this particular issue because as you can tell by some of the press, you've got these -- in these sensational headlines showing up they're trying to sell newspapers or whatever they're trying to do, that have completely misrepresented the situation. The President of Mexico has said that the issue still remains outstanding and negotiations are still underway. And I think that's probably the most accurate statement that's been made public from the Mexican government. Unfortunately, the press didn't pick that up. But nevertheless, that's the facts. And also being in Mexico for 22 years, I think we're probably one of the most well-positioned companies in Mexico to handle such issues. So we need to focus on getting the ounces out of the ground, and that's what we do. And we came out with one of the best quarterly -- well, actually the best quarterly financial statement we've ever had in the company's history, and the analysts are focusing on completely the wrong thing. I should have introduced the people that are on this line with me. As you can probably tell, I'm slightly irritated. But we do have Steve Holmes, our Chief Operating Officer online. We've also got David Soares, our CFO, online. We also do have Samir Patel, our Corporate Counsel there; and Mani Alkhafaji, who many of you probably know, our VP, Corporate Development. Darrell Rae, Manager of Investor Relations, is also online. If questions do come up that I will -- that I'd elect to pass on to them, I may elect to do that. But we will not be taking questions on the tax issue because I don't think it's appropriate in a call like this to have those types of discussions. There's several moving parts and things going on behind the scenes that are constantly occurring and have been occurring over the last 8 years, and our disclosure is our disclosure. And we're not willing to go beyond the disclosure that we currently have in our financial statements, our MD&A and our news release. So let's talk about some positive stuff, the stuff that we've really been doing as a company that the investors should really be caring about. And I've got a presentation in front of me, and I'm on Slide 2 of the presentation. And we had a record silver quarter -- silver producing quarter, 3.9 million ounces, 11.3 million ounces year-to-date. The revenues in the quarter were another record quarter. As I said, we said record 18x in our news release. So this is just record after record after record. Cash flow is record $140 million. We've got a record cash position. We've got over $560 million in the bank. Our Mint has had a record quarter as well. So the money is coming in, and the business is doing extremely well. There's always -- we're dealing with mining, of course, but it just -- it's hard to knock the third quarter. And I'm very positive that we're going to end 2025 on a very positive note, having a very good Q4 as well. So without getting into details and reading everything on the slide, the slide presentation that I've got in front of me is on the company's website. And for those interested parties, feel free to have a look at it. And if you do have additional questions, feel free to call the company, and we can get into further details. But going on to Slide 3, you see the growth in silver ounces. As I said already, our record silver production. Our costs have come down, which is fantastic. You're seeing a lot of cost creep within the mining sector, which I've noticed through other companies putting their financials out. So for our cost to come down, it was really nice to see. Jumping to Slide 4. We're hitting all the metrics in our guidance. We're 3/4 of the way in or as of September 30. We're 3/4 of the way into the year, and we're right on track with all the metrics that we put out in our guidance that we released in July of this year. So we're on track to meet all of our guidance, north of 30 million silver equivalent ounces. And I think all of you probably know the breakdown of 55% silver 35% gold and 10% in the form of lead and zinc. So our purity is there, and we remain the purest silver company in the space of the silver players that all of you are very familiar with. So jumping along to Slide 5. Los Gatos was a big acquisition for us. That closed in January, bringing all the systems in place, bringing the First Majestic way of doing business, took some time, but SAP and other systems that we brought over from corporate from First Majestic have now all been implemented now. It's nice to see. And we have a plan to get throughput up to 4,000 tons a day, and that plan is being put together now. Look for our guidance in January 2026, and you'll see more color on our budgeting to achieve this. But Los Gatos has been a great asset for us and a super great addition to our portfolio. So jumping to Santa Elena, everyone know, I'm sure most of you who are listening today have watched our news releases, great exploration results, two major discoveries in the last 12 months, which is pretty unusual. You don't normally see two discoveries that close to back, but the Navidad and the Santo Niño discoveries are huge and will add multiple years to the life of mine of this operation. Look, again, look for guidance in January on some costs that we're going to be implementing over the next couple of years to get into those areas of the property, to bring that ore into the mill and maintain or potentially even increase production at Santa Elena over the next 3, 4, 5 years. So that's pretty exciting. At San Dimas, it goes without saying that we've seen some pretty substantial improvements quarter-over-quarter there. Costs are now coming down, production is going up. It's now within budget after a challenging previously couple of years, which have -- all those issues are now behind us. So it's really nice to see San Dimas back on track. And we've got some plans there to continue to expand that operation and look for further guidance in the quarters to come. And La Encantada, our smallest mine, which is less important of the top 3, but we're changing the mining operation there to self haulage and it's pretty interesting, and it's going to reduce costs and help that operation out quite a lot. And that's being implemented now and we'll be fully up and running by Q1 of 2026. So look for improvements in La Encantada in 2026. So jumping to Slide 6. I've already covered the revenue -- record revenue. We did -- I saw one of the analysts come out and say there was a miss on revenue, which is I'm not sure what analysts had said. But anyway, it's -- the 758,000 ounces of silver that we kept in inventory and the 3,900 or almost 4,000 ounces of gold, that's $50 million in revenue that we held over the quarter. Our shareholders want to see that. And it's a lot of embedded revenue. Some of that revenue will show up in Q4. But I think the analysts that follow the company should take note of our inventory levels because it is something that we have focus on as a silver, gold company, I think that our input from our investors and shareholders worldwide want us to see inventory levels at these types of rates. So it's very positive. We could -- obviously, it's our choice. It's like cash. So if we do want to convert those ounces into revenue at any time, we could do it quite easily just on a phone call. So there's really $55 million in net earnings that wouldn't -- that would have showed up -- or pardon me, that's in relationship to the securities that we've been monetizing. Another bullet point. We do treat our portfolio, I gather maybe in an unique way. We don't put it on our balance sheet. We have virtually our entire portfolio in other comprehensive income. And we do monetize that, and we have been monetizing that. So if the analysts would like to look at that, maybe they want to focus on that number as well because I think it's a quite important number, and there's a lot of cash sitting in our reserves in the form of marketable securities that I don't think people take into consideration. There is a slide coming up, which I'll point out again that shows that value. Our safety performance has been very good and our sustainability has improved as well. We're one of the best producing mining companies in the space and recognized by the different agencies, which is obviously nice to see. So jumping along to Slide 7, and this points to my previous comment of marketable securities, of which is $140 million sitting there. That's as of September 30, and the market has improved even further since then. So who knows what that number is going to be as of December 30, but it is a significant amount of our liquidity. And as a result of our deals we've done on the M&A front over the last couple of years, which I think is pretty helpful for the business overall. Going -- jumping along to Slide 8. Again, another record. I've already touched on records, but $98 million in operating cash flow. obviously pretty significant. Los Gatos was not -- or pardon me, Los Gatos was a significant contributor to that, which is obviously fantastic. It's great to see. And going to the next slide, Slide 9, our EBITDA, another record, $128 million in EBITDA. And I'm not going to go over each of these items because if you're looking for further details on all the bars here, I'm not going to bother covering them. But if you do have further questions, feel free to talk to Darrell or Mani at any time you wish to. And jumping to our next slide, the dividend policy. As all of you know, the dividend is intact and obviously, will be with our significant cash balances and our significant portfolio. Actually, I'd like to see that dividend increase, but we'll see how that transpires over time. So looking at Slide 11. The integration is pretty well done. There's a couple of items that we're still working on, but look for increased balance sheet improvement in Q4. I would expect to see that as a result of our production and obviously, metal prices. We are still aggressively doing exploration. We're likely not going to get a chance to talk about Jerritt Canyon today, but we do have some interesting exploration things happening there. We do hope to put out an update news release on Jerritt Canyon at the end of the year, if not end of the year, early 2026, but our objective is to hopefully have some news out on a go-forward plan at Jerritt Canyon by the end of this year. And I don't want to talk too much about it on today's call. I know we do get a lot of questions about Jerritt Canyon, but I'd rather wait until we do come out with some further disclosure just to talk about the whole picture. We will be updating our resource estimates at the Navidad project as well in March of next year, which is obviously pretty exciting. And as I've touched on already, the Los Gatos input increase to 4,000 tons and the Santa Elena mill increased to 3,500 tons is all coming into our budget in 2026. So we hope to talk further about that when we come out with our guidance for 2026. So that was really the end of the presentation. I know the guys in Vancouver are watching for questions. So I'll pass it on to Mani and the team in Vancouver. Mani Alkhafaji: Yes. I think, Keith, you've probably addressed a couple of the questions on Jerritt. The one question that is coming up here is, are you doing any share buyback at these prices? Keith Neumeyer: We did some today. We did some yesterday. Mani Alkhafaji: Okay. That concludes the web questions that we have. Keith Neumeyer: Okay. Well, that's good. Okay. Well, thanks for everyone's time. And for those who are listening to this after the fact, I encourage you to call into the office or send us an e-mail. And if you have further questions, we're always happy and willing to answer any queries that come in from interested investors and shareholders. Operator: This brings to a close today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.