Financial Data and Key Metrics Changes - The company reported a record revenue of approximately $264 million for the quarter, driven by the sale of 79,000 ounces of gold at a realized price of $3,251 per ounce [14] - Net income for the quarter was $48 million, or $0.15 per share, with adjusted net earnings of $64 million, or $0.20 per share [14] - Cash flow from operating activities before changes in noncash working capital was $103 million, or $0.32 per share [15] - Consolidated cash costs were $10.65 per ounce sold, while all-in sustaining costs totaled $14.21 per ounce sold [14] Business Line Data and Key Metrics Changes - At Camino Rojo, nearly 2 million tonnes of ore were mined, with a total production of 25,145 ounces of gold for the quarter [10][11] - Musselwhite recorded its first full quarter of production, mining 303,000 tonnes of ore and producing nearly 53,000 ounces of gold at a mill head grade of 5.52 grams per tonne [12] Market Data and Key Metrics Changes - The company revised its guidance for gold production at Camino Rojo to 95,000 to 105,000 ounces, down from the initial guidance of 110,000 to 120,000 ounces due to a material movement event [7][8] - The consolidated guidance for 2025 is now expected to be in the range of 265,000 to 285,000 ounces of gold, with cash costs of $900 to $1,100 per ounce sold [9] Company Strategy and Development Direction - The company continues to advance exploration programs in Canada, the United States, and Mexico, with a focus on the Camino Rojo underground resource and Zone 22 discovery [4][5] - The company is preparing for the construction of the South Railroad project, with expectations for a Notice of Intent in the coming weeks and construction to start in 2026 [13] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's response to the material movement event, emphasizing the importance of safety and operational discipline [9] - The company remains optimistic about the permitting process in Mexico and anticipates a positive resolution late this year [22][36] Other Important Information - The company is set to publish its 2024 sustainability report, highlighting progress in environmental performance and community engagement [20][21] - The company is reviewing potential criminal activity and regional security risks affecting the Camino Rojo mine, but this has not impacted operations [25] Q&A Session Summary Question: Details on stockpile drawdown at Camino Rojo and modifications to the mine plan - Management confirmed that low-grade stockpile stacking will continue throughout the year, and the material movement on the North Wall will be addressed with an action plan already underway [29][30] Question: Clarification on the 9 million tonnes to be removed and permitting timeline - The 9 million tonnes can be placed onto the pad immediately under Mexican legislation, and the larger layback permit is progressing positively [32][36] Question: Cost and grade profile expectations at Musselwhite - Management expects improvements in operating costs over time and is confident in the grade profile, with fluctuations being normal in underground mining [39][41]