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Operator: Hello, and welcome to the Americas Gold and Silver Fourth Quarter 2025 Conference Call. [Operator Instructions]. I will now turn the conference over to Paul Huet, Chairman and CEO. Please go ahead. Paul Huet: Thank you, and good morning, everyone. I'd like to welcome you to our fourth quarter year-end 2025 conference call. This call will be recorded and available to watch on our website event page later today. Please note that all dollar figures will be expressed in U.S. dollars throughout this call, unless otherwise noted. We will also be referencing a slide deck that will be shared during the webcast for this call. Joining me today are Warren Varga, our Chief Financial Officer, who will walk through our fourth quarter and full year financials; and Oliver Turner, our Executive Vice President of Corporate Development. I'll start off with a few key updates before turning it over to Warren. Before I begin, I would like to remind you to review our cautionary statements regarding forward-looking information and non-IFRS measures. These statements are included in our year-end MD&A, news release and in the presentation slides. Let me start by saying how excited I am about the massive transformation we have delivered at Americas Gold and Silver throughout 2025 and into early 2026. But before I outline our progress at the mines, I would like to announce a very significant milestone for our company. Just a few weeks ago, our Galena team achieved a major safety milestone. We have completed one full year in over 550,000 man hours of work. During that year, we had no lost time accident. Nothing is more important than the safety of our miners. And I would like to congratulate the team on the culture around safety we are building at Galena and in Mexico as well, well done team. 2025 was a year of transformation for our business, and we delivered exactly that. In 2025, we achieved a massive 52% increase in attributable silver production, up to 2.65 million ounces. At Galena, this was accomplished despite a total of 20-plus days of planned shutdowns for significant upgrades to both #3 and core shafts in addition to many other derisking optimization projects that I will discuss later on this call. So a massive increase in production while we're shutting down and growing the operation is quite impressive. 2025 was also highlighted by a production record year of 1.2 million ounces set by Cosala, where our team delivered the highest annual and quarterly silver output in operation in history, while successfully ramping up the EC120 to commercial production. This is another remarkable milestone and a testament to the exceptional execution by our entire team at Cosala. Congratulations to everyone at the operation for achieving these record-breaking numbers while setting the table for a very strong future. At Galena, consistent productivity gains came alongside our focus on major capital projects and the integration of the newly acquired Crescent Mine. I'm proud of our team for advancing key operational initiatives, including the introduction of long-hole stoping. The expansion of our underground mining fleet the upgrades to #3 and core shaft, all of which position us to support increased development and accelerate mining rates moving forward. Over the course of 2025, we have made major progress in mining, infrastructure and in development at Galena, our transition to long-hole stoping is going exceptionally well. To date, we have mined 7 to 9 long-hole stope panels designed at specific width, while three new long-hole stopes are currently being developed at the moment. I think it is very worthwhile noting that in 2024, we had 0 long-hole stopes, so this is an extremely exceptional step in the right direction and where we're wanting to head at Galena. In Q4 of 2025, we accelerated upgrades by installing the new 2,250 horsepower motor and a redundant motor at the core shaft, further derisking the operation and supporting our growth plans. Phase 2 of the #3 shaft upgrades remain on track for completion in Q2 of 2026. With the arrival of all the parts coming in this month, in March and early April, needed to complete the upgrades on the braking systems and the lillies. This will bring the total hoisting capacity to over 100 tonnes per hour, representing a 160% increase compared to the 40 tonnes per hour achieved in 2024 and when we started this project. We have all seen major productivity improvement. In '25, we had about a 200% improvement on mucking operations. We're now seeing around 200 tons of ore move per ship up from around 50 tonnes of ore when we were doing conventional mining. This is through the use of remote control mucking. Other significant achievements at Galena included a new Alimak ventilation rate, new declines in place that are debottlenecking mining areas. We made major investments into our underground mining fleet replacing and upgrading a large portion of our year with more expected in 2026. Lastly, we are bringing Galena into the modern era of mining, we are currently installing a modern fiber optic communication that will allow us to remotely monitor and optimize pieces of equipment in the mine. In just 1 year, we have completed a large number of projects and upgrades to the mine, and we will continue this strong progress in 2026. At present, we're off to extremely fast start there as well with key infrastructure and equipment upgrades in place within a few short weeks of closing the acquisition in December. Firstly, we added line power to all three audits and are actively setting up the operation to deliver ore to the Galena mill later this year after commissioning the secondary egress. Our updated mineral resource estimate has shown a larger and higher grade ore body at Galena, a tremendous result in our first year of drilling. Even when excluding the historical resource at present, our 2P is over 25 million ounces; M&I over 115 million ounces; and in third is over 133 million ounces of silver. And I just want to remind folks, this is not silver equivalent. This updated resource gives us even greater confidence in the quality and longevity of our assets. I also want to note that our operations in the Silver Valley are still among some of the shallower and we know there is more silver to be found here. We are quite excited to continue drilling and exploring these previously underexplored properties, both in Mexico and in Idaho. As a company, we recently launched the largest exploration program in history, with approximately 64,000 meters of drilling planned across the Galena complex, including Crescent and Cosala. This follows the discovery of 10 new high-grade silver, copper, antimony and silver lead veins at Galena. Highlighted by intercepts of approximately 4,900 grams per tonne of silver, 4% copper over with of 1.3 meters and 2,600 grams per tonne silver and 1.4% antimony, over 0.7 meters wide. The continued discovery of these high-grade veins like 34 veins, 149 veins and the newly discovered 520 vein announced today are strong examples of the tremendous potential of Galena to continue to grow with high-grade discoveries. Something the mine has been doing consistently for well over 100 years. This February, we announced a landmark joint venture with United States antimony to build and operate a new antimony facility at the Galena Complex, creating the first fully U.S. mine to finish antimony solution and creating additional downstream value for our shareholders. Our full year antimony and copper byproduct production from the Galena Complex further demonstrates the value potential of our unique position as the largest active U.S. antimony mine. Beginning January 1, '26, we finally started receiving revenue from these byproducts under the new offtake agreement negotiated with Ocean Partners at NTEC Resources as earlier announced in June of 2025. Looking ahead, we're extremely excited about the opportunity in antimony production as we continue test work initiatives and evaluate numerous pathways to unlock the substantial byproduct value of antimony at the Galena complex. Moving forward, Americas remains squarely focused on playing a leading role in strengthening U.S. critical minerals supply chains. Finally, we introduced our formal 2026 production, cost and capital guidance. For the full year, we expect consolidated silver to be 3.2 million to 3.6 million ounces at an ASIC of $30 to $35 per ounce sold. This is yet another 30% increased production over last year. The last year, 50%, another 30% as we continue along that trend that we're heading towards over that 5 minutes. It keeps us well on track and on course to return Galena back to those historical production and record levels. These are big, big step-ups year after year. Our cost guidance reflects deliberate investments in advancing operational improvements at Galena and Crescent, including the completion and commissioning of the new surface past fill plant, as we've been discussing for some time, as well as the planned transition in our mining methods over the next few years to getting 60% to 70% long-hole stoping and a mixture of 30% under hand capital. These changes will drive higher productivity, lower cost over the medium and short-term time. Consolidated capital expenditures are targeted between $90 million and $120 million, including Crescent development while exploration capital is targeted between $15 million to $20 million. 2026 will be another pivotal year for infrastructure upgrades that Galena and our complex so desperately needs, building directly on the strong foundation we've established in 2025. Overall, I'm extremely pleased with the progress we have made over the last year, which has laid a strong foundation for a very -- for a continued growth of 2026 and beyond across both Idaho and Mexico. I'll now turn the call over to Warren for our financial highlights. Warren Varga: Thank you, Paul. This morning, we released our Q4 and full year 2025 financial results. Our audited financial statements and MD&A for the 12 months ended December 31, 2025, are available on our website and under Americas Gold and Silver profile on both SEDAR+ and EDGAR. For the full year, our consolidated revenue increased to $118 million, up 18% from $100 million in 2024, driven by higher silver production and strong realized prices. We achieved consolidated attributable silver production of 2.65 million ounces with approximately 3.4 million ounces of silver equivalent, including 9.3 million pounds of lead and 2 million pounds of copper in addition to 561,000 pounds of antimony. As for our cost structure, cost of sales per silver equivalent ounce and cash costs and all-in sustaining cost per silver ounce produced averaged $25, $26 and $33 respectively. On the earnings front, we reported a net loss of $87 million or $0.33 per share in 2025 compared to a net loss of $49 million or $0.46 per share in 2024. Our adjusted earnings loss for the year was $35 million or $0.13 per share compared to $34 million or $0.32 per share in 2024. Adjusted EBITDA for 2025 was a loss of $4 million or $0.02 per share compared to $1.5 million or $0.01 per share in 2024. We remain optimistic about the future with silver production expected to grow as we advance the restart of the Crescent mine and continuing optimizing the EC120 mine at our Cosala operations. To support this growth, we closed a $133 million bought deal financing in December 2025, which also funded the cash portion of the Crescent acquisition. With that, I'll now turn the call over to Oliver Turner. Oliver Turner: Thank you, Warren, and good morning, everyone. The past year has been an incredibly active and productive period for the entire Americas team. From completing the Crescent acquisition, delivering strong exploration successes, announcing the U.S. antimony joint venture for the antimony processing facility in Idaho and delivering strong operational results across all sites, we've made significant progress in many different areas. On the market side, we've continued to see strong institutional support and interest. The tightly held ownership of our shares has increased from just 7% in late 2024 to over 65% presently, certainly a strong signal of market support. This level of alignment continues to be a key differentiator for Americas. And over the past year alone, our team has conducted more than 400 institutional investor meetings. We've also seen meaningful index inclusions with Americas being added to the VanEck's GDXJ and SIL ETFs, along with a significant increase in the SILJ ETF shareholding. Over the course of the year, we've also added five new analysts covering our name, and we greatly appreciate their support, bringing our total coverage universe to seven research analysts. With increased generalist interest, we've also seen increased Tier 1 media interest as highlighted by recent interviews with both FOX Business and Bloomberg following our U.S. antimony joint venture announcement. Since the beginning of our transformation in late 2024, USA shares that significantly outperformed the Silver peer group, yet we still trade at a significant discount to NAV compared to our peers providing a rare combination of both silver growth and value in a single stock with nearly 80% of revenue exposed to silver, a growing antimony revenue stream, major new exploration discoveries and a strong growth profile ahead of us, we believe the market is up to fully recognize the value we are building, which makes an exciting opportunity for investors interested in investing in silver today. Looking ahead, our 2026 calendar is filled with conferences, media engagements and meetings week to week. And we look forward to keeping the market and our shareholders updated as we execute on our strategy to scale a premier Americas-focused silver and critical metals producer. With that, I'll turn the call back over to the operator for questions. Operator: [Operator Instructions]. Your first question comes from the line of Justin Chan of SCP Resource Finance. Justin Chan: Congrats on a transformational year. My first question is just on your production guidance for the year. Could you give us maybe a bit more breakdown between what you think the ranges are for Cosala and Galena? And then any guidance on sort of how to model that on a production ramping up basis as you commission the shaft, the past plan, et cetera? Paul Huet: Sorry, Justin. I think I heard the question here -- it's Paul here. I think the breakup between the guidance between Mexico and Idaho, and then the update on the shaft. Was that the question? I think that's it. Justin Chan: Yes, first the breakdown between the assets and then the cadence. Paul Huet: Yes. So look, we're going to be in the ranges, obviously. So this year is another huge step up for us, right, as we're transitioning into long haul, we did 9 stopes -- 7 to 9 stopes last year, depending on how you measure panels. We're going to be stepping that up again this year. So looking at 2026, we're looking at a range of $2.2 million to $2.6 million out of Galena and then the rest is coming out of Mexico, again, Mexico is going to have another big year as we step up about 1.2 to 1.4. So bringing us into that guidance that we put out forward with the projects we've got for the shaft, those are big steps. We've got two big projects we've got to finish up this year. And that's in order to sustain the long haul and fill the stopes property. We've got to get that batch plant in place. And that's been one of our projects from day 1, and we're expecting to have that done this year, which is another big milestone. With respect to the shaft, the parts are almost on site, actually, half of them are. Some of the parts are on site, we're going to be -- we have a -- we want to make sure everything is on site so we can make sure that we do a scheduled planned outage. We'll be planning to be down for 12 days as we upgrade the shaft. These are things that have to get done in order for us to maintain the new product, the new tipping rates that we want to do at that 100 tonnes per hour. So April, those -- those will be done. Justin Chan: Got you. So just to reiterate, so the shaft upgrade basically should be in April and model that into Q2? Paul Huet: Yes. So, the shaft upgrade done. And then the biggest -- our biggest thing is -- so that's about a 10-, 12-day shutdown. The biggest one that's the back plant in Q4. That's always been the biggest one because it allows us to fill the stopes much faster. It takes us maybe 6 to 8 days to fill a stope today. We'll be filling stopes in 24 to 36 hours once those new complexes are built. It become the site to all the construction going on for the new facilities, there's a lot of work going on at the moment to prepare for that new facility. Justin Chan: Absolutely. Another one is just with -- I guess for the balance sheet and all your CapEx plans, can you give us your capital allocation split for this year? I know 30 to 40 is at Crescent, but maybe there's more detail you can give. Warren Varga: Yes, I'm happy to just take that line, it's all over here. So on the growth side of things, total of -- so the $90 million to $120 million includes about $60 million to $80 million growth. That's growth across all assets. A significant portion of that is going into Crescent this year. We also have about $30 million to $40 million in sustaining that includes some capitalized infill, but the majority of the exploration budget is going to be expensed and will be in that $15 million to $20 million number that we talked about. Justin Chan: Okay. Got you. And then maybe just one on some of your growth projects that are maybe less into people's models right now. Do you have an update on Relief Canyon in Nevada? Do you have any plans for that. And then maybe one on the antimony JV? Paul Huet: Yes. Look, when it comes to Relief Canyon this year, we're going to be doing a pretty internal study. At the moment, we're going to be squarely focused at making sure our silver district in Idaho is running where we needed to be. Relief Canyon is going to undergo more of a study this year that we're looking at. Justin Chan: Got you. Like a scoping level study something like that? Paul Huet: Yes, it's going to be an internal study. So last year, we didn't have any -- we didn't do any studies. We want to understand some of the ore, some of the resource and some of the freight grabbing stuff. Look, a lot of that stuff is almost identical to what I had me and Mike at Hollister. That material appears to be very, very similar to what we mined before. The grades different so we want to understand it. We're going to do an internal study led by our COO, Mike Dylan, and we're going to come back to the market. And we're going to come back to our board first and decide what's the best thing to do. We're getting a lot of inbound calls on it. There's a lot of interest on it. It needs metal prices. I don't think we're ready to just give it away to anybody. It would be crazy to just give this away. There's opportunity here. Justin Chan: Got you. And then on the antimony JV, I guess are there any kind of updates or milestones that we should expect in the next, I guess, over the course of this year to account for. Paul Huet: Yes. So the team has developed. I'm actually here taking this call right now from Bolivia, and you visiting the new plant that was built, I'll be at the site in probably about 12 hours to go visit a new plant that is feeding the product already into Montana. We're building something identical to this thing. So the purpose of us being here in Bolivia is to actually see the process, understand it and see what it is we're trying to replicate in Idaho. So it's moving out of speed that it was faster than I expected that for sure. Operator: Your next question comes from the line of Nicolas Dion of ATB Cormark Capital Markets. Nicolas Dion: Congrats on the progress at both of your minds. Just 2 questions for me. I guess I'll start by following on the questions on the guidance. Does your 2026 guidance include anything from Crescent? And then second to that, how should we think about the trajectory of production and costs at Galena looking beyond 2026? Paul Huet: Yes. I'll start a bit on the Crescent, and Oliver, you can go on the cost. So Crescent what just need to be reminded that we we're going to be drilling a lot of Crescent this year. Crescent will have some very small amount, by the way, a small amount because we have to put in secondary egress. The reason this thing can't go into production yet is because the ramp's got to be connected. There's got to be raises and those take us -- it's going to take us a bit of time. At the moment, we're going to be looking at extending on all -- on the vein systems and doing like we did at Fire Creek, just extending the veins understanding the geology. But for now, this year, the tonnes are going to be low. We'll be mining just on vein, no stoping. We can't stope until the secondary gas are put in, and that's probably a third quarter thing. But we'll be getting tonnes for sure and ounces out of Crescent just smaller amounts. And then on the costs, Oliver, you can talk a bit about the future. Oliver Turner: Yes, happy to, Nick. And so just a couple of things in -- as we step into the years ahead. We've been out there talking about taking Galena back to its historical record production levels, which was, of course, in 2002, the mine did 5.2 million ounces and we said that would take us a couple of years to get there. That firmly remains in place, and that growth plan is still there, so nothing has changed there. And as we do scale production, like a bunch of the things you talked about with respect to the transition to long hole stoping we're already talking about a 70-30 split that's progressing extremely well. We've got additional byproduct credits, obviously, that are now payable with the new contract in place from tax that will also being netted out against our all-in sustaining cost numbers. So a steady decline from here onwards as we execute over these next couple of years at Galena is certainly expected in terms of where things can get, we'll put a guidance at the appropriate period of time for those numbers. But significant cost decreases as we ramp towards that historical production number. Crescent as well as Paul just talked about lots of work going on there. Once we're into full production there. We expect that to be contributing ore to the Galena mill. That historical PEA that's out there on Crescent, obviously, not RPEA the prior owner's PEA from 2015. However, that gives you a good indication of the potential of Crescent. We think we can potentially do better than that, but we need to get in there and do more work. And then, of course, down at Cosala, we're fully into EC120 now. Last year, we had a record year despite some limitations geographically in the state, which the team navigated through excellently. We expect another strong year that's going to be in line with last year at Cosala, but then what we identified here with [ Alikrane ] just north of San Rafael, San Rafael is the mine that we "depleted" last year. Well, now we've got a new discovery just north of it, which looks extremely interesting. We haven't really been able to drill to the extent that we would like to at Cosala. Obviously, we're allocating some meters there this year, and we're excited to get in there, but there's numerous targets, just similar to the Alikrane discovery that we'd like to get into at Cosala and then, of course, really get in there to evaluate the impact on optimizing mining activities. So Cosala will grow from here as well Galena. So we still expect that ramp up over the years to come. Nicolas Dion: Okay. That's helpful. And my second question was going to be on Alikrane at Cosala. Can you maybe elaborate on that discovery a bit more in terms of, I guess, the potential you see there? And how close it is maybe the San Rafael development, et cetera? Oliver Turner: Yes. So it's like it's a brand-new discovery. One of the key things that we really enjoyed in our due diligence of this company was when we went down to Mexico in 2024 during our due diligence several times, obviously, prior to taking over management of the company. We are really impressed by the exploration potential at Cosala. There's been numerous outcrops that have been drilled there. And I believe the last five of them turned into five mines at Cosala. Of course, that's not a poor projection on turning future outcrops into mines, but it certainly bodes well for the prospectivity of the region. There are 7 outcropping areas that have been identified that are just screaming to be drilled. And one of those areas in Alikrane has yielded the sort of first discovery under this team, which is a really strong start. It's only 600 meters north of San Rafael. Look at the whole district down there, it's not stretched out over a large area in terms of where these mines are, and they obviously all feed centralized milling. So that's an area as we continue to drill into it this year could potentially be feeding the milling center there in the years to come. This year we'll be focused entirely on EC 120 from a production standpoint. That's the higher grade silver copper. But other metals can come back into the mix there with exploration success like we've seen at Alikrane. Nicolas Dion: Okay. Very good. And last one, I don't know if it was mentioned, but what was the split of your exploration program between the two mines? Oliver Turner: Yes. But 3/4 of that will be spent in Idaho and about 1/4 of it we said in Mexico. So give or take, the $5 million would be in Mexico and $15 million in Idaho. And that's across both at Crescent and at Galena will be drilling aggressively. We're going to have north of 10 drills drilling across both sites there, which is a huge step up. Those sites haven't seen more than a couple of drills turning at them for many, many years now. So this is the largest exploration program in this company's history, 64,000 meters as a reminder for everyone listening. Those are all drilled from underground. So those are essentially short holes in Idaho. So you get a lot of peers points, a lot of data points for that meters there. And we've already seen some strong results with 34 Vein discovery, which went into the new resource, which helped to boost those grades. We saw a grade increase there. 149 is not yet in the resource, but we're looking to get it in there as well. And then, of course, the new 520 discovery, which is over near the core mine, which is connected to Galena underground is another high-grade discovery. And this mine has been doing this for well over 100 years and certainly looking like it's going to continue for a long period of time. Operator: Your next question comes from the line of Amanda Lewis of Desjardin. Amanda Lewis: So first, we saw a major increase in resources at Galena. Can you just walk us through what drove that change and what it applies to the long-term mine life at Galena, especially with the present integration? And then just also what drove the large grade increase at Galena. Oliver Turner: Yes, happy to. Go ahead, Paul. Paul Huet: Go ahead, Oliver. Go ahead. You go ahead, Oliver. But the one thing that as we're talking about great, I just want to remind people, one of the things that about last year in the drilling and everything we had. When I think back of 2025, and I think while we actually mined 9 stopes last year. And almost every conference I go into or all that goes into people ask us about the grades, the grades and how the impact of those 9 stopes. We're carving these things out surgically with long hole we have seen the best grade at Galena in 2 decades. The best grade this mine has seen in 20 years was last year, a record year, the best grade in 20 years while we're carving out long-hole stopes. I'll go ahead and talk about the resource, but I think I just wanted to inject that because a lot of the questions we were asked throughout the year were about how will it impact the resource? How will it impact the grade? And will we see a tremendous drop in grade because of ad evolution. The opposite occurred for us, yes, the best grade in 20 years. So go ahead on the resource. Oliver Turner: That's a very good point. I mean one of the key considerations here is as we're integrating more long-hole stopes in this mine plan, right? We're shifting from 100% underhand cut and fill or conventional mine to a blend of mechanized long-hole stoping, and there will always be some cut and fill in this mine, but about a 70-30 split. As we baked more of those long-hole stopes into the reserve, we haven't seen a major impact on grades there, right? So we're applying long-hole mining stopes there. and the grade is staying very high. Reserve grade is over 500 grams, over 520 grams actually in the silver at Galena. So maintaining very high grade. And one of the key factors for that is the fact that we're able to mine extremely narrow with these long-hole stopes. That first stope we took was 1 meter live. We've taken numerous narrow long-haul stopes there with the same basically with that we'd be able to mine with cut and fill. So that means that plan dilution is exactly the same as what we're getting with cut and fill. So really strong performance by the team there. And the mine looks well positioned. One other thing to mention here too is, Galena is in the top 5 highest grade silver mines in the world, and we're only increasing grades with these discoveries. So one of your questions there was what drove the grade increases. The 34 vein discovery, which we announced midway through last year, when we first drilled that off with that headline hold as 983 grams, well over 3 meters there and widths, triple or minimum mining width. We initially had a 1 million to 2 million-ounce target on that vein. We put another update out about a month and a bit ago, and we ended up expanding that to 6 million to 7 million-ounce target across multiple different veins plays. That vein system continues to grow. And it's just an example of what's been happening with Galena for over 100 years here and will happen well into the future. So we're quite excited about that inclusion that was included in the resource and helped drive grades up even net of depletion, even with incorporating those long-hole stopes there. We had the 149 vein, 25-kilogram hit, 20 centimeters wide, but you dilute that 5 times, you're down to a 5-kilogram intercept or cut there. That was not yet included in the resource. So there's still more great upsides to come there. And of course, the 600-gram plus hits that we've seen at 520 in the core also not included. So the good news on grade improvements in drill it's being increased with intercepts with the drill bit. That's real data feeding that that's increasing those grades, not just in manipulation of cut-off grades in either direction. So very excited about that. Down at Cosala, you also saw reclassification resources. We moved some resources into inferred from M&I, not impacting the mine life whatsoever that we have at EC120. We're going to be infill drilling those areas and bringing them back into M&I this year. We've applied very stringent controls, both in Mexico and in Idaho with this resource, and we've done this at multiple different companies before where we build our own resource. But of course, now we can build our mine plans around going forward. So strong results across the board of both and feeding it with the drill bit and look, we're going to be doing a ton of drilling this year. So excited about what that can mean for the year-end resource a year from now. Amanda Lewis: Okay. Great. That's very helpful. And then just lastly, could you just provide a bit more color on how the long-hole stoping is going? I'm specifically wondering how the mining teams are performing and what areas do you still want to work on? Paul Huet: Yes. Oliver, I can talk about that. So as we've been talking about, we've taken out depending on how you look at a 7 or 9 panels already, we are changing up a bit of the way we're drilling to make sure that we're very consistent in our blast patterns. We're this mine hasn't seen a long-hole for us. So depending on where we are in the mine, we are quickly recognizing and this is not uncommon in any of the mines I've worked out in my life. By domain, if the areas are very steep, 89, 90 degrees. We might need one less hole. So we're just improving or improving are optimizing our drill patterns, our blasting patterns, if we're down to 72 degrees, we need an extra hole. But what we're seeing is we're determining our stope height, our length. And the intent is that 70% of everything we do going forward will all be long-hole. All we're doing right now at the moment is optimizing it, though. We just continue to get better and better and better. In the first couple of stopes we have done. And the more efficient we get, we'll just be moving more tons per day using remote controls instead of drilling and blasting jackwave, which has been done forever. So long-hole is like most people understand. It's not a complicated thing. It just needs to be done right. You've got to have your top that's good. You got to have your bottoms, that's good. And we want to make sure that you can check in our case, we check our breakthroughs. So they're not in the footwall or hanging on and we don't have a lot of deviation and unnecessary additional dilution. So pretty simple game in our world, given we've done it all over the world. Operator: [Operator Instructions] Your next question comes from the line of Wayne Lam of TD Cowen. Wayne Lam: Maybe just wondering on the new discoveries, obviously, some positive elements that could support a further increase in production. Maybe if you might be able to give us some color on the new 520 vein and the time line on that and whether the core Shack upgrades put the infrastructure and positioned to be ready for production and it's just a function of drilling and development. But no actual constraints on the processing infrastructure? Paul Huet: So that upgrade we did in the core motors at the very end of December 2025 was the first time that we ever have redundant motors. So we're preparing ourselves for using that shaft. There's still some work to do in the loading pockets and other areas that we have identified. But the new vein 520 has been part of a drill program at core. So given that it's a brand-new discovery or we've got quite a few holes into it already, we're going to drill it quite a bit and see. Can we access it from the #3 shaft? Or can we access it from core? One of the advantages we have in this district is that core and #3 shaft are connected. In fact, that's our secondary egress. So we travel across to get out in the event that the #3 shaft is down. So we will be able to mine that 520 vein from the #3 shaft even when the upgrades come into the #3 shaft, this quarter in March and April as we're doing these upgrades. So once again, more drilling into it, we're going to start looking at it. How do we mine it from the best location? So it's very fresh. It's very new. We're quite excited about it. It's not going to be the only discovery we have. There will be many more. We have 10 new veins here. There's no doubt there will be more discovery. One of the biggest things we always saw about these assets, they were underexplored, and we needed money and we're drilling them now. So 520 needs more drilling. We have optionality to mine it from either shaft or #3 shaft and skipping it up either one pause a bit out there because of the work that needs to be done. Wayne Lam: Okay. Great. Yes. Sounds like a pretty big opportunity. And then maybe at San Rafael, just wondering with the higher silver price than as EC120 ramps up? Is there potential for continued mining there and to add incremental tonnage to the production profile? Paul Huet: Oliver, let you take that one, I believe. Oliver Turner: Yes. So San Rafael particularly the higher-grade upper areas, which we were mining towards the end of last year. There are still some portions there that can come into the into the mill there down at Cosala. But the majority of mill feed this year is related to the EC120. Of course, all of this subject to improvement based on drilling and exploration results. And obviously, we're not going to be putting Alikrane into there within the next 6 months or anything like that, but continued positive drilling intercepts there in the upper portions of San Rafael can add some more feed and then also continued drilling success from underground at EC120 will allow us to get into some of the higher grade areas there as well. So coastal the team executed excellently there last year with a record production for the asset. Looking for similar this year with upside pending drill success there this year? And then obviously, we'll be scaling it in the years to come. Operator: Your next question comes from the line of Heiko Ihle of H.C. Wainwright. Heiko Ihle: Most of them have been answered, but just two quick ones. The 55 170 decline, obviously, should provide a decent amount of efficiencies. When should that fully -- I assume this is already in effect, but is there like a bit of a period over when we should see those impacts? And then also just from a cash point of view, given that there is less work now getting done, is there a -- should that impact cash costs at all? Paul Huet: Sorry, Oliver, you're going to take that I'm not sure I heard the question at all. Go ahead, Oliver. Oliver Turner: No problem. Yes. So on the decline, that's currently under development. So we'd expect that to be getting those multiple access points here towards the end of the second quarter. So expect that to have an impact. I mean this is all part of our 2026 mine plan anyways. So it all based into the guidance that we have. Certainly, when it comes to cash costs, I think your -- the way that you're thinking is right there, Heiko, we do expect cost to continue to decline as we go quarter-over-quarter this year. So you'd expect more of a back-end weighting to improvement in cash costs as we ramp up ounces, but also some of these projects that we've been working on start to impact the bottom line. One of the things that we did see in the first -- what's it been 14, 15 months, that we've been at the helm here. We did highlight in the release there is on mucking efficiencies. The company was in 2024 and prior moving about 50 tonnes per shift with conventional methods. We're over 200 tonnes per shift now used employing the remote scoops that we have, haul trucks underground. This is all the new equipment that we put in place last year. And now we actually have a fiber optic system that's being laid down #3 and it's going to be developed on different levels there that will give us basically mesh WiFi and communications access all throughout the mine. It seems like something that's sort of standard in mines these days, and it absolutely is if you're building a new mine. But this mine hasn't seen any of that modern technology installed in it. So that's another very easy target and low-hanging sort of area -- of low-hanging fruit that we can target there to improve efficiencies. That will then link in to the lot of the equipment we're using and it's not just mining equipment. It's fans, it's ventilators, it's automating all sorts of parts of the mine and monitoring it in real time. We expect that to continue to improve dispatch efficiency cycle times and productivities across the board. All of that starts to be impacted once that system is in place, which again, is the second half of the year. So you're going to see steady improvements in efficiencies over the course of this year. You're going to see costs come down at the operating level. Over the course of this year, all of that kind of works in tandem as tonnes come up ounces come up costs go down, byproducts come up, efficiencies go up. So you'll see a positive trend this year, Heiko, as we execute quarter-by-quarter, and things will get even better next year, obviously, in '27. Heiko Ihle: Fair enough. And then just one quick clarification. How much do you -- would you say you spend on fuel at Galena or even across the company per month or per quarter? Just purely out of curiosity. Oliver Turner: Warren, do you want to take a stab at that one? Warren Varga: No, I wouldn't even know at the top of my head. Heiko, I'll give you a number after the call. There's not off the top of my head. Paul Huet: Yes. I mean we just feel, given what prices have been doing, but I assume the impact is fairly small. Oliver Turner: It is, Heiko. One of the things remember there, of course, is that Galena is integrated into the grid power system, of course, in Idaho. There's not a lot of diesel consumption at site. Obviously, some of our underground equipment runs on diesel. But broadly speaking, the mine is powered by grid power. So not the same impact that you'd expect to see in a large open pit in terms of diesel cost impact, but we can get you that number. Paul Huet: And remember, we have a lot of rail, right? Our rail transport a lot of our foreign waste in the mine. Operator: With no further questions at this time. I will now turn the conference back over to Paul for some closing remarks. Paul Huet: I just want to thank Oliver and Warren for helping me on the call today. And I really want to take a moment to thank you all, our shareholders. Our teams at both sites, look, we're coming up for 1 year without an LTA in Mexico as well. That doesn't happen by accident. So great job to both sites for outstanding safety commitments. And I'm looking forward to 2026. It's a very exciting year, another big step-up again for us. we continue to deliver on our operational successes. So thank you, everyone. Have a great day, and we'll talk soon. Operator: This concludes today's conference call. You may now disconnect.
Operator: Good afternoon. Welcome to Oxbridge's Fiscal 2025 Earnings Call. My name is Shamali, and I will be your conference operator this afternoon. [Operator Instructions] Joining us for today's presentation is Oxbridge's Chairman, President and Chief Executive Officer, Jay Madhu; and Chief Financial Officer and Corporate Secretary, Wrendon Timothy. Following their remarks, we will open up the call for your questions. I would like to remind everyone that this call will be available via telephone replay until April 13, 2026. Details for the telephone replay are included in the press release issued today. Now I would like to turn the call over to Wrendon Timothy, Chief Financial Officer of Oxbridge, who will provide the necessary cautions regarding the forward-looking statements that will be made by management during this call. Wrendon Timothy: Thank you, operator. During today's call, there will be forward-looking statements made regarding future events, including Oxbridge's future financial performance. These forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipates, estimates, expects, intends, plans, projects and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. A detailed discussion of risks and uncertainties that could cause actual results and events to differ materially from forward-looking statements is included in the section entitled Risk Factors contained in our Form 10-K filed today, March 30, 2026, with the Securities and Exchange Commission. The occurrence of any of these risks and uncertainties could have a material adverse effect on the company's business, financial condition and the volatility of our earnings, which in turn could cause significant market price and trade volume fluctuations for our securities. Any forward-looking statements made on this conference call speak only as of the date of this conference call. And except as required by law, the company undertakes no obligation to update any forward-looking statements contained on this call or in any company presentation, even if the company's expectations or any related events, conditions or circumstances change. Now I'd like to turn the call over to our Chairman, President and Chief Executive Officer, Jay Madhu. Jay? Sanjay Madhu: Thank you, Wrendon, and welcome, everyone. Thank you for joining us today. Let me start by saying we are proud of the significant steps we have taken to fortify and innovate our business by bringing reinsurance on chain and broadening investor access. At our core, we are a disciplined reinsurance business, writing fully collateralized policies covering property catastrophe risk. We compete through selective data-driven underwriting with a focus on generating attractive risk-adjusted returns and long-term growth in book value per share. Our strategy centers on low frequency, high severity risk where significant data exists to rigorously evaluate the risk return profile. We emphasize disciplined risk selection, appropriate pricing and thoughtful structuring, supported by our fully collateralization to ensure transparency and alignment. Building on this foundation, SurancePlus continues to expand our ability to bring reinsurance on chain in a compliant and scalable manner, broadening access to an asset class that has historically been limited to institutional partnerships. We believe this combination of underwriting discipline and evolving platform capabilities positions Oxbridge well as we continue to execute our strategy and pursue opportunities within the growing real estate asset market -- pardon me, growing real-world asset market. We now turn things over to Wrendon to take us through our financial results. Wrendon? Wrendon Timothy: Thank you, Jay. I would like to remind you that our typical contract period is from June 1 to May 31 of the following year. Net premiums earned for the 3 months ended December 31, 2025, decreased to $555,000 from $595,000 for the quarter ended December 31, 2024. The decrease is due to lower weighted average rate on reinsurance contracts in force during the quarter ended December 31, 2025, when compared with the prior period. Net premiums earned for the years ended December 31, 2025 and 2024 was approximately $2.3 million. Our net investment income for the 3 months ended December 31, 2025, increased to $63,000 from $68,000 from prior comparable period. There was a decrease in the fair value of equity securities during this period. And along with net premiums, our total revenue amounted to $576,000 for the 3 months ended December 31, 2025, compared to $422,000 in the prior year comparable period. Our net investment and other income for the fiscal year ended December 31, 2025, increased to $314,000 from $248,000 from the prior year comparable period. Along with net premiums, change in fair value of equity securities and other investments resulted in total revenues of $2.58 million for the fiscal year ended December 31, 2025, compared to $546,000 in the prior year comparable period. Regarding total expenses for the 3 months ended December 31, 2025, total expenses, including policy acquisition costs and general and admin expenses and underwriting costs increased to $1.04 million from $497,000 for the quarter ended December 31, 2024. The increase is primarily due to the recording of underwriting losses incurred on Hurricane Milton, which occurred in 2024 as a result of adverse loss development as well as increased general and admin expenses when compared with the prior period. For the year ended December 31, 2025, total expenses, which includes policy acquisition costs, loss and loss adjustment expenses and general and admin expenses increased to $6.04 million from $2.17 million for the year ended December 31, 2024. Again, the increase is due primarily to the recording of losses on reinsurance contracts affected by Hurricane Milton in 2024, increased professional costs relating to investor relations, our web3 subsidiary tokenization costs, S-3 related costs, increased human resources and personnel and legal expenditures. Net income for the quarter ended December 31, 2025, was $120,000 or $0.02 per basic and diluted income per share compared to a net loss of $460,000 or $0.05 basic and diluted loss per share for the quarter ended December 31, 2024. The decrease in net loss is primarily due to the allocation of underwriting losses to token holders coupled with a decrease in negative change in fair value of equity securities and unrealized loss on other investments, an increase in investment income and other income during the quarter ended December 31, 2025, when compared with the prior period. Net loss for the year December 31, 2025, was $2.08 million or $0.28 basic and diluted loss per share compared to a net loss of $2.73 million or $0.45 basic and diluted loss per share for the year ended December 31, 2024. The change is primarily due to higher overall revenues driven by a significant decrease in unrealized loss on investments, partially offset by higher expenses and higher underwriting losses borne by token holders during the year ended December 31, 2025, when compared with the prior period. As we have discussed before on our investor calls, we use various measures to analyze the growth and profitability of our business operations. For our reinsurance business, we measure underwriting profitability by examining our loss ratio, acquisition ratio, expense ratio and combined ratio. The loss ratio is the ratio of loss and loss adjusted expenses incurred to premiums earned and measures the underwriting profitability of our reinsurance business. The loss ratio increased to 80.9% for the 3-month period ended December 2025 when compared with the prior comparative period. The loss ratio increased 119.9% for the fiscal year ended December 31, 2025, when compared with the prior comparative period. These increases were due to losses recognized on reinsurance contracts affected by Hurricane Milton, which was a loss event occurring in 2024. Our acquisition cost ratio, which measures operational efficiency, compares policy acquisition costs and net premiums earned. The acquisition cost ratio remained consistent at 11% for the quarter and year ended December 31, 2025, when compared with the prior comparative period. Our expense ratio measures operating performance compares policy acquisition costs and general and admin expenses with net premiums earned. For the 3 months ended December 31, 2025, the expense ratio increased to 106.7% from 83.5% for the 3-month period ended December 31, 2024. For the year ended December 31, 2025, the expense ratio increased to 144.2% from 94.3% for the year ended December 31, 2024. The increase are primarily due to increased professional costs relating to our Investor Relations and marketing, our web3 subsidiary costs, renewed S-3 related costs, increased human resources and personnel and legal costs during the quarter and year ended December 31, 2025, when compared with the prior comparable periods. Our combined ratio, which is used to measure underwriting performance, is the sum of the loss ratio and expense ratio. For the 3-month period ended December 31, 2025, the combined ratio increased to 187.6% from 83.5% for the 3-month period ended December 31, 2024. For the year ended December 31, 2025, the combined ratio increased to 264% from 94.3% for the year ended December 31, 2024. Again, the increase is due to higher general and admin expenses and losses incurred due to Hurricane Milton that have been recorded during the quarter and the year ended December 31, 2025, when compared with prior comparable periods. Now turning to the balance sheet. Our investment portfolio decreased to 0 at December 31, 2025, from $113,000 at the prior year-end, primarily due to the sale of our 2 equity securities during the year ended December 31, 2025. Cash and cash equivalents and restricted cash and cash equivalents increased by $1.08 million to approximately $7 million from $5.89 million as of December 31, 2024. The increase is due primarily to new collateral deposits for the current treaty year ended May 31, 2026, more than offset in fund being released from the underlying trust or loss payments during 2025 relating to Hurricane Milton. I'll now turn the call back over to Jay to wrap up before we take your questions. Jay? Sanjay Madhu: Thank you, Wrendon. We are encouraged by the performance of our 2025 and 2026 tokenized reinsurance contracts. The balance yield token is tracking 25% ahead of its 20% target, and the high-yield token is tracking its 42% target. These results reflect our disciplined underwriting approach and demonstrate the ability of our platform to deliver attractive uncorrelated returns within the global reinsurance market. We have also made meaningful progress expanding our platform through strategic relationships, including our entry into the Solana ecosystem and expanded distribution across more than 160 blockchain networks enabled by Layer 0 through the Alphaledger platform. These developments significantly broaden access to our offering and position SurancePlus within one of the leading blockchain ecosystems for real-world asset adoption. As we look ahead to the 2026, 2027 contract cycle, we are targeting returns of 20% and 42% for our T20 and T42 offerings. Industry commentary, including reports from Artemis include -- indicate that El Nino conditions may support a favorable risk environment, and we are optimistic about the opportunities these presents. In parallel, we are exploring opportunities to extend our model into additional high-quality cash-generating assets such as the tokenization of data center revenue streams, particularly as it relates to the growth of artificial intelligence, AI. We also believe our current market valuation does not fully reflect the strength of our balance sheet, including our cash and restricted cash positions nor the opportunities we are actively evaluating to significantly drive shareholder value. Overall, we remain focused on our disciplined execution, expanding distribution and scaling our platform as we continue to build long-term shareholder value. With that, we are ready to open the call for questions. Operator: [Operator Instructions] Our first question comes from the line of Peter Roy with Bloomberg. Peter are you on the line? And it appears that Peter, there's no one on the line of Peter. [Operator Instructions] Our next question comes from the line of Kent Engelke with Capitol Securities. Kent Engelke: Jay, in the press release, you mentioned this 2 different times, and you also said it in your comments as well. Can you expand a little bit more about when you're talking about the tokenization of artificial intelligence infrastructure. Can you expand on that at all? That sounds really, really intriguing. On top of that, it sounds like you got a bunch of stuff going on. And some of the stuff is -- looks like it's just about to hit. But first off, can you expand on the tokenization of data center revenue? Sanjay Madhu: Yes, absolutely. Thanks, Ken, for that question. So the data center revenue, let me kind of back -- take it back a little further, right? So SurancePlus, the reinsurance tokenization, that's moving along. But reinsurance cycles, as you guys are well aware, are June 1 to May 31 of the following year. So once we get through this next month, 1.5 months, 2 months, we look for new and additional things to go forward to, right? So the data center revenue streams, what we're considering doing is we're evaluating entering into strategic relationships with partners, developers, customers, operators. But the interesting thing over here is not only would that be significant for our shareholder valuation for Oxbridge, but also significant value proposition for SurancePlus. So while we are working on the other endeavors that we've already talked about, we're evaluating some extremely interesting endeavors that will be -- that could be very interesting. Kent Engelke: Look forward to following that as you go along. Also, it appears as though you have plenty of cash to go forward and the like. Am I reading that correctly in regards to your cash balances and your restricted cash? Sanjay Madhu: Yes. Yes. We have about $6.9 million in cash and restricted cash. That puts us in great position not only to do things with the reinsurance tokenization, but also to evaluate other opportunities. So great position, great opportunities ahead. Kent Engelke: I look forward to following you -- have been following you for a long time and it looks like there's just a bunch of things that is about to come to fruition and look forward to seeing it. Operator: At this time, this concludes our question-and-answer session. I would now like to turn the call back over to Mr. Madhu for his closing remarks. Sanjay Madhu: Thank you for joining us on today's call. Before we conclude, I would like to extend my gratitude to our employees, business partners and investors for their unwavering support. I particularly want to acknowledge our dedicated Oxbridge team whose extensive expertise has been instrumental in navigating and advancing our business. We anticipate providing you with further updates to our progress during the next call. And should you have any additional questions, please do not hesitate to reach out to us any time. Once again, thank you for your time and attention today and for your ongoing interest in Oxbridge. Operator? Operator: Before we conclude today's call, I would like to remind everyone that a recording of today's call will be available for replay via a link available in the Investors section of the company's website. Thank you for joining us today for our presentation. You may now disconnect.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Standard Lithium Fourth Quarter 2025 Earnings Call. [Operator Instructions] I will now hand the call over to Daniel Rosen Vice President of Investor Relations and Strategy for Standard Lithium. Please go ahead. Daniel Rosen: Thank you, and welcome, everyone. I'm joined today by David Park, our CEO and Director; Andy Robinson, President, COO and Director; Salah Gamoudi, Chief Financial Officer; and Mike Barman, Chief Development Officer. Before we begin, I would like to start with a reminder that some of the statements made during our call today, including any related to company performance, expectations and timing of projects may constitute forward-looking statements. Please note the cautionary language about forward-looking statements contained in our press release, which also applies to this call. I will now turn the call over to David. David Park: Thanks, Dan, and I appreciate everyone joining us today. We had a busy and productive fourth quarter as we advanced and completed multiple important milestones and deliverables for the company. We filed a positive definitive feasibility study for the SWA project in a maiden inferred resource report for our first project in East Texas, the Franklin project. The DFS for SWA demonstrates the attractiveness and cost competitiveness of our first commercial project being developed alongside our SMAC over lithium JV partner, Equinor, which is expected to have production capacity of 22,500 tonnes per year of battery-quality lithium carbonate in its initial phase. The maiden resource estimate for the JV's Franklin project in East Texas highlights the size and quality of its brine position with some of the highest reported lithium in brine grades in all of North America. It provides a strong foundation for future scalable production and is a key step towards the ultimate goal of reaching production of over 100,000 tonnes of lithium chemicals per year in Texas through multiple projects. We obtained the final regulatory approval required for SWA from the Arkansas Oil and Gas Commission for integration receiving unanimous support for our application for the Reynolds Brine Unit, where the initial phase of the project is planned to be developed. And we continued to strengthen our own financial position while also progressing the export credit agency led project financing for the SWA project. In October, Standard Lithium closed and upsized $130 million underwritten public offering. We saw strong support from institutional investors in an oversubscribed order book, underscoring the belief in our strategy and the quality of our assets. Additionally, Smackover lithium received indications of interest for over $1 billion in project financing, for the SWA project, led by 3 major export credit agencies, including the Export-Import Bank of the United States and Export Finance Norway and supported by a strong group of commercial banks. Interest came in at competitive indicative terms and exceeds the targeted debt alone. To begin 2026, we've been working diligently to advance the remaining work streams needed to reach a final investment decision for the SWA project. We've made meaningful progress on all fronts, including the signing of our first binding commercial offtake agreement with Trafigura, a global commodities market leader with an established presence across battery metals, including lithium. Spec over lithium will supply Trafigura with 8,000 metric tons per year of battery quality lithium carbonate for over a 10-year period beginning at the start of commercial production. We'll address the status of each of the remaining work streams and how it supports our plan to take FID and begin construction in 2026. To provide an update on the key project-related developments and deliverables ahead I'll pass it over to Andy. J. Robinson: Thanks, David. The 4 primary deliverables to be completed prior to taking FID a contract execution with key construction vendors receiving National Environmental Policy Act or NEPA approval from the federal regulators, finalizing customer offtake agreements and closing the project financing. We're pursuing an engineering, procurement, construction and commissioning or EPCC model for the downstream portion of the project, which contains a central processing facility and includes a direct lithium extraction and battery-quality lithium carbonate conversion process. We're pursuing an engineering, procurement and construction management or EPCM model for the upstream or well field and pipeline portion of the project. We are close to finalizing agreements with our preferred partners in these roles and expect for both of these to be completed in the second quarter. Each contract will contain a limited notice to proceed upon signing in order to immediately progress key work items and optimize the construction schedule. The full notice to proceed will immediately follow a positive final investment decision. On the regulatory front, the project is required to undergo an environmental assessment on the NEPA triggered by our $225 million grant from the Department of Energy. The DOE is leading the environmental assessment process, which is progressing well. The project completed all necessary field work and baseline environmental studies for input into the EA in 2025. DOE has completed all necessary consultation with other federal agencies and travel nations and has completed the draft EA report for public comment. We expect NEPA process to be completed in the second quarter as per the Federal Permitting dashboard. Overall, we've received strong government support throughout this process for our project which received a fast 41 transparency project designation. Turning to our dual track customer offtake and project financing processes, Smackover lithium, alongside our experienced financial advisers continues to make progress as reflected by our first binding commercial offtake agreement and the indications of interest received to support the project debt, which Salah will touch on in more detail. Of our planned 22,500 tonnes of annual nameplate lithium carbonate capacity, we're targeting for approximately 80% of that production to be under long-term offtake contracts. Our first offtake agreement with Trafigura for 8,000 tonnes represents over 40% of targeted offtake for the initial phase of the SWA project. Joint venture is in advanced commercial negotiations with multiple additional parties with the aim to complete this process as soon as practical. We remain focused on securing the best possible terms under these agreements in order to support our project financing efforts and to help mitigate risk from negative price fluctuations while maintaining attractive price upside for our stakeholders. Of the remaining pre-FID deliverables, we believe completing the customer offtakes has the most potential timing variability given the nature of these negotiations. All material offtake terms must be agreed upon before the final sizing and structure of the project finance package can be determined. With that said, we continue to advance project financing due diligence, documentation, credit and other approvals in parallel such that we're in a position to reach financial close and draw down shortly thereafter. The joint venture remains confident in its ability to reach a satisfactory outcome in these customer offtake negotiations, thus allowing for FID to be taken and for construction to begin in 2026. Assuming we begin construction on this time line, we would expect to achieve first commercial production in 2029. I also want to touch on our priorities for East Texas in 2026. For the Franklin project and the region more broadly, we intend to continue to improve the definition of our resource positions through additional drilling and process test work. We're aiming to release a preliminary feasibility study for the Franklin project within the next 12 months, demonstrating the project economics of that world-class resource and hopefully achieving further recognition for this important and underappreciated part of our asset portfolio. We'll continue to work on maiden inferred resource reports for our 2 other potential projects in the area, all the while continuing to expand our leasehold footprint in East Texas. And now I'll turn it over to Salah to discuss our financial results. Salah Gamoudi: Thank you, Andy. For reference, all numerical references that I will be making today are in U.S. dollars. For the fourth quarter ended December 31, 2025, the company reported a net loss of $35.7 million as compared to a $24.7 million loss during the quarter ended December 31, 2024. The biggest drivers of this year-over-year increase in our net loss are onetime in nature and not reflective of underlying business trends, namely, we incurred a $6.8 million increase in impairment expense a noncash charge related to the LANXESS property project and a noncash $3.4 million increase in foreign exchange loss. The LANXESS property project impairment is a result of the termination of our previous memorandum of understanding with LANXESS, a cessation of discussions with LANXESS on further advancement of the project, the execution of a new site services agreement, which defines our go-forward relationship with LANXESS in regards to our demonstration facility but does not contemplate further commercial development. And finally, a refocus of our efforts and capital allocation towards our Southwest Arkansas and East Texas projects. As a result, we recognized a full $26.5 million impairment expense of our exploration and evaluation assets associated with the LANXESS property project in the fourth quarter. Independent of this, Standard Lithium will continue to run and operate its industrial scale DLE and carbonation demonstration plant at LANXESS existing bromine site as it has been doing successfully for roughly the last 6 years. The foreign exchange loss was due to having significantly higher average cash balances during the fourth quarter as a result of our $130 million follow-on offering in October and the resultant noncash accounting impact of changes in exchange rates on those cash balances. For the quarter, as compared to the quarter ended December 31, 2024, G&A of $2.9 million increased by $0.2 million, driven primarily by increases in employee-related expenses associated with expanding our team as we continue to mature and transition from early-stage project development towards construction and eventual production. Demonstration plant costs of $1.4 million increased by $0.6 million as a result of higher personnel costs and indirect allocations associated with process refinement and testing as well as operator training in support of future potential commercial production. Share-based compensation expense of $1.5 million increased by $0.3 million due to increased long-term incentive compensation for our management employees as we expanded our team as noted above, and to better align compensation and shareholder value creation. Below operating expenses on the income statement, we recorded a higher investment loss from joint ventures of $3.2 million for the quarter versus $0.3 million in the prior period. This increase reflects expanded operational activity and related expenses at the Smackover Lithium JV level in 2025 as we advance to releasing our 2 technical reports at SWA and East Texas. We also recorded a $0.4 million gain on the fair value of our contingent FID payments to be received by Standard Lithium from our JV partner, Equinor, should we reach a positive FID at our SWA and/or East Texas projects by certain dates. As we continue to achieve milestones and get closer, the value of our contingent FID payment assets have increased as reflected by the gain. We also recognized $0.9 million in additional interest income for the quarter, driven by our higher average cash balances for part of the period. For the full year 2025, the company reported a net loss of $48.4 million. Full year results are compared to our last audited period, a shorter 6-month fiscal stub period ended December 31, 2024, in our reported financials. This is due to changing the company's fiscal year-end from a June 30 fiscal year-end to a December 31 calendar year-end in the fourth quarter of 2024 to better align our reporting cycle with how we manage the business and align with our peers. Therefore, we have kept our focus today on fourth quarter comparables instead of the full year 2025. Moving on to our balance sheet. We ended the quarter with strong cash and working capital positions of $152.3 million and $147.6 million, respectively, as compared to cash and working capital positions of $31.2 million and $27.5 million in the prior year, respectively. This higher cash position is primarily reflective of the follow-on offering we completed in October, which generated net proceeds of $122.2 million and continued use of our ATM facility, partially offset by our capital contributions made to the SWA and East Texas projects and general operating expenses. The follow-on offering will help to support our expected required equity contribution into the SWA project at FID as well as continuing to progress development work in East Texas. The sole project funding requirements by Equinor into the JVs as part of the original agreement were exhausted during the second quarter of 2025, with Standard Lithium and Equinor subsequently making their own respective capital contributions based on a 55-45% ownership split. Standard Lithium made JV capital contributions of $9.6 million during the fourth quarter, bringing the 2025 total to $29.1 million as reflected on our cash flow statement. For the full year, $16.1 million and $12.9 million went towards SWA and East Texas, respectively. Securing an attractive and comprehensive project finance package is a critical component of the final investment decision for SWA. The approximate $1.5 billion of base project CapEx per our DFS in addition to potential cost overrun facilities, reserve accounts or other incremental capital requirements are expected to be financed by a combination of senior secured project debt, our $225 million grant from the DOE as well as respective funding contributions from Standard Lithium and Equinor. The joint venture is targeting approximately $1.1 billion total in senior secured limited recourse project debt supported by leading export credit agencies and commercial banks. Last year, we conducted a market sounding of global commercial banks that are active in the project financing debt market. The responses included indicative terms that were consistent with the expectations of the JV and validated certain assumptions regarding the cost, term, structure and conditions that are customary for project debt facilities of this nature. The commercial bank expressions of interest, combined with those of the ECAs exceeded our total targeted project debt. The remaining 55% pro rata equity contribution required by Standard Lithium will be supported by the proceeds from our recent equity raise. Any cost overrun facilities or reserve accounts over and above base project CapEx requirements remain subject to negotiation with the lenders with quantums to be determined. I will now turn it back over to David for closing remarks. David Park: Thanks, Salah. Standard Lithium continues to be extremely well positioned with a portfolio of high-quality and scalable assets and as a domestic champion for securing critical minerals production in the United States. Our SWA project is well engineered, well defined, and we have an exciting and important year ahead of us as we approach a final investment decision. We delivered critical project milestones in the fourth quarter and to begin this year, and we intend to provide multiple updates in the coming weeks and months as we conclude our pre-FID work streams and push to approve FID at SWA before moving quickly to construction in 2026. Thanks again for joining us today. Operator, I'll turn it back to you. Operator: [Operator Instructions] Our first question comes from the line of Anthony Taglieri from Canaccord Genuity. Anthony Taglieri: David and team. So just curious maybe on the offtake discussions and how those might have changed over the last 6 to 12 months. The rising price environment we've seen, has it changed the number of parties and level of interest? Is there more caution given the price volatility? Have we seen changes to pricing mechanisms? Maybe some color there would be great. David Park: Yes. Great. Thanks for the question. I'll take this one. I would say the market clearly has evolved in a positive direction in the last 6 months. Lithium pricing has moved to levels that are more consistent with reinvestment support -- as a result, I think it's fair to say there are more counterparties that have reemerged in as interested parties in discussions that are willing to enter into agreements with us that would be supportive of the financing that we're looking to put in place. So I would say the last 6 months has been a positive and has helped us move forward. That said, as you'll note, these agreements have taken longer to put in place than we would have thought. They're quite complex agreements, need to survive through multiple cycles. They're multiyear agreements, multi-hundred million dollar agreements. So making sure that these transactions work for not just us, but our lenders, our shareholders and our partners is extremely important. So long story short, we're moving in the right direction. The market environment is supportive of what we're trying to do. And if anything, it's brought more potential counterparties to the table. Anthony Taglieri: Great. That's helpful. Maybe just as a follow-up. So should we expect to see another offtake agreement, for example, prior to the financing concluding? Or would we expect sort of the next wave of offtake agreements sort of happen at the same time? David Park: No. It's been our plan since day 1 to have over 80% of our volumes contracted prior to FID with multiple counterparties. So I think you should expect to see some announcements with respect to 1 or 2 potential counterparties that will -- in the coming quarter that should be supportive of the financings we're looking to put in place. Operator: Your next question comes from the line of Max Yerrill from BMO Capital Markets. Max Yerrill: Just understanding that the project debt sounds like it's contingent upon finalizing the offtake agreements. Are there any clauses or caveats that the project debt lenders are looking for in those offtake contracts? And then maybe a follow-up is, is that 80% target an internal standard strategic decision? Or is that one that the project debt lenders are looking for? David Park: Thanks, Max. What I'd say is the 80% is an internal target. But as a whole, what percentage we contract will be a function of the terms we have in place across a portfolio of different agreements. So long story short, we're looking for take-or-pay contracts with creditworthy counterparties that as a portfolio, provide sufficient price support that our lenders can get comfortable with the quantum of debt we're looking at putting in place. So it's really a portfolio approach. It is not any one specific deal has to meet certain specific terms. Max Yerrill: Got it. That's helpful. And then are we still looking at a roughly 2-year construction period? And I assume if all goes to plan this year, the bulk of the CapEx will still be 2027, 2028 for Phase 1? David Park: Sure. Why don't I turn that one over to Andy. J. Robinson: Yes, sure. Thanks, Max. Yes, the construction period, I think we're guiding towards commercial production in '29. As we are concluding our discussions with the contracting counterparties, we're refining the construction schedule and importantly, the pre-commissioning, commissioning and start-up schedules as well, Max, so that we are getting ourselves set up for success during the commissioning and start-up process so that we can pick commercial operation to align well with the offtake contracts that David was just talking about. So it is a fully integrated process so that the -- not only the construction, but the full commissioning and start-up period is fully aligned with the offtake contracts. that we're negotiating and signing at the moment. So yes, we're looking towards commercial production 2029, assuming FID and construction this year. Operator: Your next question comes from the line of Theo Genzebu Great. Theophilos Genzebu: Thanks, everyone, I appreciate the color around the path towards FID. But out of the things that you've disclosed in the press release, is there any one single gating item to FID that stands out amongst them that you would consider? David Park: I'll go first, and then Andy, maybe you can round it out. There are a number of different things which we need to accomplish prior to FID. Andy already hit on EPC agreements, finalization of the NEPA process, finalization of offtake agreement and then closing the project debt financing. I would say that the -- more than likely, it is the offtake agreements that are the hardest to predict the exact timing of when they come in place and get finalized. But everything is -- we're working all these streams in parallel, but they all have to work with each other. I don't know, Andy, if you had anything else you wanted to say there? J. Robinson: I mean, not really. I mean, Theo, there are several things, obviously, which are very tightly under our control, and we're moving those forward as quickly as possible. As we mentioned, we guided to concluding the NEPA process, that federal permitting process this Q2 period. Similarly, for the EPCM and the EPCC contracts, we obviously have a tight grip on those and getting those to conclusion. We've talked about the offtake process and sort of that is less under our immediate control to fully and tightly direct the time lines. But as we mentioned before, that's going extremely well. And everything concludes with the debt piece at the final stage. So we have a full team. I think as we mentioned before, Theo, we've got a fully integrated team across the Standard Lithium and the Equinor partners, driving this towards an FID conclusion this year. And yes, we're excited to get this one into construction and moving it forward as quickly as we can. David Park: Sure. Let me just add on that there is a healthy market for domestic lithium in the 2029 and beyond time frame. And we are -- and we remain in advanced commercial negotiations with multiple parties. And we're committed to providing you updates as time goes by on the progress we're making on these initiatives. Theophilos Genzebu: Great. And I guess just picking backing off of the off-taker conversation. Is there any specific sector of counterparties where we're seeing the most like constructive discussions or more, I guess, advanced discussions currently? David Park: From day 1, we're always looking at multiple counterparties across trading house battery manufacturers and auto OEMs, and we remain in discussions with all 3 of those. We didn't want to put all our eggs in 1 basket. We wanted a diverse portfolio of customers, and that's still what we're heading towards. Theophilos Genzebu: Got you. Okay. And then maybe just last one for me. Just on the ATM program, how do you think about that, I guess, usage from here? I assume it still remains purely opportunistic? Or could it be used more actively if the stock stays supportive ahead of FID? David Park: And I turn that one to you, Salah? Salah Gamoudi: Thanks, David. Yes. So what I would say there is that we do have approximately $25.5 million left on our current ATM program. We plan to use that going forward prudently and in a paced way. It is one of the tools that we can use to fund our expansion in East Texas as well as fund a portion of our needs at Southwest Arkansas, especially pre-FID. And it helps to cover corporate overhead expenses as we go along. So I think the ATM will continue to be used as a prudent tool, but it will not be most likely used in a way that it will be our primary source of funding our projects in the future. Operator: Your next question comes from the line of Joseph Reagor from ROTH Capital Partners. Joseph Reagor: One follow-up and then one other different question. So you talked a lot about FID already, but is there any opportunity given that you've got a decent balance sheet right now to get started on any early earthwork stuff in order to maybe even push up the time line to first production? Or is there permitting stuff and other things going on that prevents you from really getting started or the capital is just not enough? Anything like that? David Park: Great question. Andy... J. Robinson: Yes. I'll pick up initially and hand it back. Thanks, Joe. Yes, look, I mean, we've got a construction schedule which is being integrated right now with both of our key contracting parties. Like I said, we've got the EPCM and the EPCC. We're refining the schedule to try and optimize it as best as we can. I think the biggest time saving, what we're focused on right now, Joe, we're not genuinely constrained by earthmoving, Earthworks kind of enabling works type activities. Really kind of what's on the critical path for us is honestly additional engineering, early vendor outreach, procurement type activities. Those are the things, and that's really the focus of why we're going to be issuing a limited notice to proceed to the main contracting team so that we can kind of maintain that construction schedule by doing that early stage kind of more kind of the EP parts of the various packages to keep the schedule moving along. So that's really where our focus is rather than earthworks because the amount of earthworks that we have are relatively minimal and don't sit on the critical path of the construction schedule. Joseph Reagor: Okay. That's helpful. And then I don't think anybody touched on it yet. So with the LANXESS write-off, should we look at that as the company focusing on the JV, expect lithium JV and just simply the grade is higher in all of those areas. So there's no logical reason to return to the LANXES project? Or is there anything else to read into that? David Park: No, Joe, I think you nailed it. This is all about prioritizing, focusing and executing and prioritizing where we have the best grade. So our future is Southwest Arkansas and then growing into East Texas. I don't know, Andy, if you want to comment on the quarter.. J. Robinson: Yes. No, I mean, you're exactly right. And Joe, like our future, we want to build bigger projects. That's -- this first one, the 22,500 at Southwest Arkansas Phase 1, it's the right-sized project for us in the to build the first one. But really, the true scale comes in East Texas, where we can build some really pretty sizable projects there, given the extent of the resource, the grade of the resource and then our continued understanding as we move through the engineering and construction of this first one, making the subsequent projects larger, cheaper to build, et cetera. So we're looking to grow out into that much larger project portfolio in East Texas where we can see some really substantial scale. Operator: Your next question comes from the line of Noel Parks from Tuohy Brothers Investment Research. Noel Parks: Just had a few. In the discussion of expenses before, it was mentioned that sort of process refinement and testing was a component of the expense growth. And I was just wondering, that sort of work, is that more or less unique to Southwest Arkansas? Or is that something that once it's accomplished and you turn more towards East Texas that it will be roughly replicable. So that's work that will be more or less done onetime only essentially? Salah Gamoudi: Andy, do you want to take that one? J. Robinson: Yes, sure. No, Yes. I mean, look, these are direct project learnings that can be applied across the whole portfolio of projects, Noel. We're in this unique situation that we have the demo plant running now. Salah mentioned, it's 6 years now that's been operating. That's now certainly one of the largest fully continuous DLE demo plants in North America. We continue to get just excellent data out of that plant. We continue -- so not only do we get process learnings, optimizations in terms of how we can make the process easier to run, potentially cheaper to build. But right now, that plant also forms a really crucial function as we effectively are developing the core team of operators who during that commissioning process that I talked about a little earlier on, they will be taking over eventually from the commissioning team from the contractor side and running the plant. And so the demo plant continues to be this truly unique sort of training tool to get the core team of operators fully used to processing smackover brine into battery quality lithium carbonate material. That's what we do every day at the demo plant, and it's truly a unique opportunity. We see the industry in general has struggled, I think, a little bit with commissioning and start-up activities on many projects across many different kind of asset and processing types. Because what we do at the demo plant is such an excellent kind of mini corollary of what we do at the first commercial plant, it really is this kind of unique -- this unique training tool. And so yes, we continue to be pretty comfortable kind of incurring expenses there because it's going to pay off sort of large scale over the next sequence of projects. Noel Parks: Great. And I mean just directionally, do you have a sense of sort of over the next few years, where you might sort of peak and then plateau out as far as that expense category? J. Robinson: I can let Salah can talk about actual costs. I think we intend to keep that demo plant running for kind of the foreseeable future, Noel, until the point that team members are fully transferred. It served its purpose. And then there may be some other application for it elsewhere at some point in the future. But that's not been determined to date. It really is intended to be kept running for certainly the foreseeable future to be this critical training tool to allow us to move into a smooth commissioning and ramp-up as we can expect to achieve. Noel Parks: Got it. And any thoughts on sort of the cost would be great? Salah Gamoudi: No, happy to opine on that, Noel. So I would expect that in the future, our demo plan expenses will be very consistent with the expenses that you saw come through during the fourth quarter of this past year. Noel Parks: Great. Okay. That's definitely helpful. And I guess my only other one was maybe just again, thinking about East Texas. Can you just sort of maybe characterize where you are in the process of the required drilling to gather data in East Texas. I'm assuming that still the focus is very much on delineation. And so just kind of wondering maybe what inning you think you are for establishing, I guess, the baseline for, say, a PFS going forward? David Park: Andy, why don't you take that? J. Robinson: Yes, sure. Yes. So we've got several project areas in East Texas, No. The only one which is sort of public, if you like, is the Franklin project, which is sort of centered on Franklin County. So that's the best defined project within our portfolio of projects in East Texas to date, and it's the one that we issued a maiden inferred resource on. So that particular project, the Franklin project, where we are right now is we've been engaging in well reentry work for the last quarter or so, actually 2 quarters now, Noel, gaining additional reservoir data, resampling the wells, retesting and starting to get a much more complete understanding of the subsurface. At the same time, we have been doing some additional process testing work on the East Texas brines. That work will continue certainly for the next quarter or 2. There is some additional drilling planned within the Franklin project area. That's currently targeted to be later on this year. And we're going to be integrating both that additional process testing work with that additional subsurface exploration work and delineation, along with quite a lot of additional leasing in the Franklin project area with a view to producing kind of the first economic study, so a PFS I think as we're guiding within the next 12 months, we want to be as soon as is feasible, Noel. We think it's going to be a very important report for kind of the investors in Standard to truly get a sense of the real value that's present within our East Texas portfolio. Remember it's only one of the projects, but there's a lot of huge unrealized value in our existing portfolio that we really want to kind of get that out and show it to the market. Noel Parks: Great. And actually, you mentioned leasing. Are there any new entrants on the scene in East Texas? J. Robinson: I think we see more or less the same suite of other companies working in the East Texas area. No, we've not seen anything change substantially in the last sort of 3 to 6 months basically. So I would say leasing activity in general is moving along at a brisk pace. There is competition within the area. But it's maintaining, I would say, it's fairly stable as we're seeing it currently. Operator: Your next question and final question comes from the line of Eric Boyes from Evercore. Eric Boyes: And just one for me. Can you speak to where you may be seeing any inflationary pressures for Southwest Arkansas CapEx items and how you're going about mitigating those? David Park: Andy, that one is for you as well. J. Robinson: You should be taking [indiscernible] Eric, yes, look, the FEED study is obviously pretty fresh still. And we feel pretty comfortable with where the vendor pricing kind of is relative to what we integrated into that FEED study. As we conclude the EPCC and the EPC contracts. Obviously, we have allowed for some price growth and inflationary effects in the final contract amount. So you will see some of that when those are finally announced. But because we did a very wide and extensive vendor outreach over a very conservative set of kind of engineering assumptions when we did the FEED work, we're not seeing a lot of actual real price growth in the key vendor packages to date. Operator: At this time, there are no further questions. This concludes today's call. Thank you for attending, and you may now disconnect.
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