Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Americas Gold and Silver Third Quarter 2025 Earnings Conference Call. [Operator Instructions] This event is being recorded and will be available on the America's website for playback later today. I'd now like to turn the call over to Paul Huet, Chairman and CEO. Please go ahead.

Thank you, Jordan. Good morning, everyone. I'd like to welcome you to our third quarter conference call. With me on today's call is Warren Varga, our Chief Financial Officer, who will take us through the financial highlights for the quarter. Also with me on the call is Oliver Turner, Executive Vice President of Corporate Development, who will walk us through some important corporate highlights. I'll start out today by covering some key elements of our continued growth before turning the call over to Warren. Please note, we will be referencing a slide deck, which is being shared through the webcast on this call. Before I begin the presentation, I'd like to remind you to please review our cautionary statements regarding forward-looking information and non-GAAP measures. I've got a different slide. I'm going to start over and talk about the work that we're doing over at [indiscernible] here. So the highlights, let me begin by expressing our continued confidence in the path we're forging as a company and the strides we're making to achieve the goals. Throughout Q3 of '25, Americas team has tirelessly been focused on strengthening our foundation and building our incredible momentum. Our bolstered balance sheet allowed us to make some very strategic investments to continue implementing the operational enhancements we've identified to set ourselves up for sustained growth production. And I think I can't emphasize that -- more importantly, it is sustained growth production. Our core mission remains clear to safety and responsibly maximize the value of our assets through disciplined execution and strategic investment. This quarter, we've prioritized equipment upgrades across all our sites, improving our main hoisting in the shaft at Galena, adding new ventilation and new infill drilling has continued to reveal high-grade opportunities near the workings at both sites. At the corporate level,…

Thank you, Paul, and good morning, everyone. This morning, we released our Q3 2025 financial results. Our unaudited condensed interim consolidated financial statements and MD&A for the 3 months ended September 30, 2025, are available on our website and under Americas Gold and Silver's profile on both SEDAR+ and EDGAR. Revenue for the quarter was $30.6 million, an increase of 37% from Q3 2024 and a 13% increase over Q2 2025 due primarily to higher realized silver price of approximately $40 per ounce and higher silver production from both of our mines, as Paul has mentioned, despite lower zinc and lead production and prices. Preproduction sales of EC120 silver copper ore contributed a strong $12.9 million to revenue as we continue our transition into the EC120 ore body, where we expect higher silver and copper output. As Paul has already stated, this quarter, we produced 765,000 silver ounces, a 98% increase over last year and 877,000 silver equivalent ounces, including 2.3 million pounds of lead and over 550,000 pounds of copper. Cost per ounce metrics decreased materially across the board compared to last year -- or sorry, compared to last quarter with continued reductions expected as silver production increases at both of our mines. Cost of sales per silver equivalent ounce decreased 18% to approximately $23 per ounce. Cash cost per silver ounce decreased 10% to $24.11 and AISC per silver ounce decreased 9% to approximately $30 per ounce. Our net loss of $15.7 million decreased slightly from approximately $16 million in Q3 2024, benefiting strongly from our increased revenue, though offset by a noncash impact of net movements in our metals-based liabilities. The adjusted loss for the quarter was $4.3 million, a significant improvement over both the Q3 2024 loss of approximately $12 million and the Q2 2025 loss of approximately $12 million. Adjusted EBITDA was a positive $1.9 million, also a significant improvement over the Q3 2024 loss of $1.3 million and the Q2 2025 loss of $4.1 million. Our cash balance was approximately $39 million at the end of the quarter. The company has deployed approximately $29 million of its raised capital this year, investing in improving both of our mining operations, which Paul has elaborated earlier, including the hoist replacement, mining equipment and underground development at both of our operations. Working capital has improved significantly from the prior year-end and last quarter to a $6.2 million deficit. I will now turn the call over to Oliver.

Thank you, Warren, and good afternoon or good morning, everyone. I'm pleased to share some significant developments in our corporate strategy that are enhancing America's visibility in the market and outperformance. First, I'd like to highlight our continued delivery of over 80% in silver revenue exposure, providing a terrific vehicle for silver-focused investors to gain exposure to the metal. This quarter, silver as a percentage of revenue was 87%, demonstrating that we continue to be a leading North American silver producer. While this percentage may not remain stable every coming quarter as metal prices shift, it is a strong indicator of our progress and the effectiveness of our silver-focused strategy. With so few publicly listed silver-focused producers in North America following a couple of years of significant M&A in our concentrated sector, we're proud to be one of a select few with such strong exposure to silver. Over to Slide 13. One of the more significant future revenue sources at America beyond silver is anticipated to be antimony. During the quarter, we put out several releases highlighting the steps we are taking to maximize our antimony byproduct contribution. On September 8, we announced the second phase of test work, which confirmed not only 99% recovery of antimony, but also, once again, solidified that very important ratio of antimony to copper in our ore of 0.7:1. This is a very important metric at Galena, which is based not only on the test work completed this year, but by decades of past production assays. For investors looking for antimony exposure in a positive critical minerals environment, this ratio allows them to approximate the antimony endowment at Galena, which is very significant. Our efforts during the quarter extended from Idaho to Washington, D.C. with the announcement of the engagement of Lot 16, a…

Thank you, Oliver and Warren. Look, I know we've given you guys a lot of numbers today. It's been an extremely, extremely exciting quarter. Typically, we would be asking questions, but today, we're over to a panel here on the U.S. defense minerals. So we're going to be leaving this quarterly call into U.S. panels. So hopefully, you guys can join us on that panel, which will be quite exciting. But before we sign off, I just want to once again thank the teams at Galena, thank the teams in Mexico and most importantly, thank all our shareholders and all our analysts. We appreciate all your efforts and those of you who made the time to listen to us on the call today, have a great day, and we'll be talking to you guys soon. All the best. Thanks. Bye-bye.

This concludes the meeting. You may disconnect.