The conference will begin momentarily. Once again, please continue to stand by. Thank you for your patience. This conference is being recorded. All participants, please stand by. Your conference is being good morning. I will now turn the call over to Scott Parsons, Senior Vice President of Investor Relations. Please go ahead.

Thank you, Operator, and thanks to everybody for attending. Elomos is hosting its third quarter 2024 conference call. In addition to myself, we have on the line today John McCluskey, President and Chief Executive Officer; Greg Fisher, Chief Financial Officer; Luc Guimond, Chief Operating Officer; and Scott R.G. Parsons, Vice President of Exploration. We will be referring to a presentation during the call that is available through the webcast on our website. I would also like to remind everyone that our presentation will be followed by a Q&A session. We will be making forward-looking statements during the call. Please refer to the cautionary notes included in our news release, MD&A, as well as the risk factors outlined in our annual information form. Technical information in this presentation has been reviewed and approved by Chris Bostek, our Senior VP of Technical Services, and a qualified person. Also, please bear in mind that all the dollar amounts mentioned are in US dollars unless otherwise noted. Now, John will provide you with a review.

Thank you, Scott. The third quarter marks the first quarter with Magino under our ownership. We completed the acquisition of Argonaut Gold, and reflecting the addition of Magino as well as contributions from Island Gold and the Mulatos District, we delivered record production in the quarter of 452,000 ounces of gold. As guided, all-in sustaining costs of $1,420 increased from earlier levels, reflecting the inclusion of higher-cost production from Magino. With year-to-date production of 421,000 ounces, we remain on track to achieve our full-year production guidance, which was increased by 13% in September, reflecting the inclusion of Magino and outperformance. We are also on track to meet our full-year cost guidance, with a marginal decrease expected in the fourth quarter. We achieved a number of new financial records, including our third consecutive quarter of record revenue, as well as record cash flow from operations before working capital of $193 million. We continue to generate strong ongoing free cash flow, including $88 million in the quarter and $219 million year-to-date, while funding our high-growth, high-return initiatives. These include our largest exploration budget ever and the Phase 3 expansion at Island Gold, which will be a driver of significant free cash flow in the years ahead. The third quarter was a transition quarter at the Magino mine. We implemented a number of improvements and advanced the integration of the operation with Island Gold. The combination of the two mines is expected to create one of Canada's largest, lowest-cost, and most profitable gold mines with significant long-term upside opportunity. A centralized mill that could be expanded to support the significant exploration potential across the Alamos district. In July, we provided a comprehensive exploration update at Island Gold, highlighting the potential. Based on our ongoing exploration success at Island Gold, we expect high-grade reserves…

Thank you, John. On to slide six, we sold a record 145,200 ounces of gold in the third quarter at an average realized price of $2,458 per ounce, for record quarterly revenue of $361 million. Our gold sales were approximately 4% lower than production in the quarter due to timing, with the sales of these ounces to benefit future quarters. Total cash costs of $984 per ounce and all-in sustaining costs of $1,425 per ounce were both up from earlier in the year, reflecting the inclusion of higher-cost production. All-in sustaining costs were also impacted by higher stock-based compensation driven by the increase in the share price during the quarter. Excluding Magino, our total cash costs for the quarter would have been $118 per ounce lower, and all-in sustaining costs $184 per ounce lower. We expect our consolidated costs to decrease in the fourth quarter, reflecting a significant improvement. Given our strong year-to-date performance, with costs well within the range of guidance, we remain on track to meet our full-year cost guidance. With the closing of the Argonaut acquisition on July 12, it was a complex quarter from a financial perspective. This included a number of non-recurring items related to the transaction and retirement of Argonaut debt and near-term gold hedges. As part of the acquisition, we inherited 330,000 ounces of gold forward sale contracts between 2024 and 2027, hedged by Argonaut at prices ranging from $1,821 to $1,860 per ounce. In July, we completed a gold sale prepayment agreement for the delivery of 49,400 ounces in 2025 and used the proceeds of $116 million received to eliminate all of the Argonaut hedges in 2024 and 2025, which totaled 180,000 ounces. This eliminated more than half the hedge book and has provided us with significantly higher exposure to rising gold…

Thank you, Greg. Moving to slide seven, Young-Davidson produced 44,200 ounces in the quarter, a slight increase over the previous quarter, with all-in sustaining costs coming in above the top end of the annual guidance range. Mining rates were impacted by lower scoop availability, as well as a reduced pace of paste availability during the mill downtime in July for a planned liner change and other maintenance. The lower mining rates impacted access to higher-grade stopes, which have been deferred into the fourth quarter. Mining and milling rates improved in August and September and were back to guided levels of 8,000 tons per day by the end of the quarter. We expect higher mining rates and grades to drive production higher and costs lower in the fourth quarter. Young-Davidson continues to be a significant free cash flow generator, delivering $36 million in the quarter and $91 million year-to-date. The operation is on track to deliver record free cash flow of more than $100 million for the fourth consecutive year. Over to slide eight, Island Gold produced 40,500 ounces in the quarter at costs consistent with annual guidance. A solid performance with significantly higher grades offsetting lower mining rates. Mining rates were impacted by scheduled downtime in July to upgrade the underground ventilation infrastructure. The ventilation upgrade was completed on schedule; however, the ramp-up of mining rates post-completion took longer than anticipated. Mining rates were back at planned levels by the end of August and increased to average 1,200 tons per day in September and October, where they are expected to remain through the fourth quarter. Grades increased to an impressive 14.6 grams per tonne, reflecting the increased contribution of higher-grade stopes from the 1025 mining horizon and positive grade reconciliation. With mining rates increasing in the fourth quarter, grades are…

Thank you, Luc. Moving to slide fourteen, over the past two years, mineral reserves at PDA have more than doubled to one million ounces, with grade also increasing by 20% to 5.6 grams per ton. This growth to the end of 2023 was incorporated into the PDA development plan. As outlined in our exploration update in early September, we see excellent potential for the growth of higher-grade mineral reserves and resources to continue at PDA and other targets like Cerro Pelon. At PDA, we continue to extend high-grade mineralization beyond existing mineral reserves and resources within a relatively untested area between the PDA zones and Gap Victor. This included multiple high-grade intervals such as 5.4 grams per ton over 18 meters and 23.6 grams per ton over 3 meters. Given our ongoing success at PDA, and with the deposit open in multiple directions, we expect its mineral reserve and resource base to continue to grow, which represents upside to the PDA development plan. The addition of a mill to process higher-grade sulfides has also opened up other opportunities for growth within the district. One opportunity is Cerro Pelon, an open-pit mine we successfully operated between 2019 and 2021. Historically, high-grade mineralization was intersected below the pit but was not followed up on. Now that we will be constructing a mill, we are targeting and successfully expanding high-grade mineralization within multiple oxide and sulfide zones at Cerro Pelon. Step-out drilling below the open pit has identified high-grade feeder structures that range in size from 45 to 125 meters in width and up to 170 meters vertically. Some of the highlights at Cerro Pelon include 5.5 grams per ton over 28 meters, 12.5 grams per ton over 6.5 meters, and 4.8 grams per ton over 15.8 meters. We expect this success to…

Thank you, Scott. We have been a strong outperformer over the past three years. A large part of this has been driven by the continued execution of our growth plans, as well as our ability to consistently create value within our asset base through exploration success and expanding and optimizing our operations. Given the catalysts we have coming up over the next year, including a number of opportunities to continue to create value across our assets, we expect our strong performance to continue. This concludes the formal part of our presentation. I will now turn the call back to the operator to open the call for your questions.

Thank you. We will now take questions from the telephone lines. If you have a question, please press star one. You may cancel your question at any time by pressing star two. Please press star one at this time if you have a question. The first question will be from Cosmos Chiu from CIBC. Please go ahead.

Thanks, John, Greg, Luc, Scott. Maybe my first question is on Magino. Good to hear the mill at Magino was successful in processing some of the lower-grade material coming from Island Gold. My question is, when will you start potentially testing out some of the high-grade material as well?

Hi, Cosmos. Luc here. Our intent is obviously we started with the lower-grade feed with the blending process just to validate our assumptions with regards to a blended feed and not impacting any recoveries, which we validated. In this quarter, in Q4, we are actually looking to introduce higher-grade material also. Again, we are not expecting any issues with regards to the blended process, but we are going to validate that from a plant perspective to validate what we have seen from a lab perspective with regards to overall recoveries for the blended ore streams.

Of course. And on that as well, you kind of touched on it in terms of 2025. But could you remind us in terms of the timeline for the integration of a single milling operation? I think you talked about 2025 also, potentially early 2025. I am just trying to figure out when this integrated single milling operation is going to happen. And at that point in time, would you just shut down the Island Gold, the smaller Island Gold mill?

Yep. Our plans have not changed from what we communicated previously there, Cosmos. At the early 2025, we will be just running the Magino facility. So Island ore as well as Magino ore will feed into the one mill complex in early 2025. Once we start doing that, the intent would be to just actually shut down the Island Gold mill and just put it on care and maintenance basis.

And then in terms of reporting wise, I think I asked this question in the past as well, but I just want to confirm. You are going to start reporting it as a single integrated operation from an accounting perspective and guidance perspective starting in 2025.

Yeah, that is correct. We will show it as one integrated operation. So production costs will all be shown as one integrated operation.

Perfect. And since I have you here as well, Greg, I guess today reported earnings, adjusted earnings were slightly below street consensus. I chalk that up to the fact that this is the quarter where you acquired Argonaut Gold. And you kind of talked about that as well. There were a number of one-time items, what I would consider accounting noise or one-time items. My question is, is this it? Q3, is that it? Or could we expect any other items that we should consider into Q4 that might be related to this transaction?

I mean, with respect to the Argonaut acquisition, to associated with that. I mean, you are always going to have the movement on share-based compensation, which we had a significant impact this quarter as the share price moves. But with respect to Argonaut, I think this is what your question focused on, yes, we have accrued the costs associated with that acquisition and do not expect anything moving forward.

Great. Once again, those are the questions I have. Thank you.

Once again, please press star one if you have a question. There are no further questions at this time. This concludes this morning's call. If you have any further questions that have not been answered, please feel free to contact Mr. Scott Parsons at 416-368-9932, extension 5439.