Operator

Welcome to the Erdene Resource Development Fourth Quarter and Full Year Financial and Operating Results for 2025 Conference Call and Webcast.

[Operator Instructions]

The conference is being recorded.

[Operator Instructions]

Now let me hand the call over to John Vincic. Please go ahead.

John Vincic

Thank you, operator, and hello, everyone. Thank you for joining our call today. Some housekeeping items to note. The accompanying presentation for today's call is available for download from the company's website at erdene.com. Yesterday's press release, the financial statements and the MD&A are all posted on Erdene's website and SEDAR+. It's also important to note that this conference call contains forward-looking information that is based on the company's current expectations, estimates and beliefs, and we may also use the terms that are non-IFRS performance measures.

Please review Erdene's Q4 2025 disclosure materials and the company's most recent annual information form for the risks associated with this forward-looking information and the use of non-IFRS performance measures. Please note that all dollar amounts mentioned on today's call are in Canadian dollars unless otherwise noted.

Today's speakers from Erdene are Peter Akerley, President and CEO; and Robert Jenkins, Chief Financial Officer.

I'd now like to turn the call over to Peter. Please go ahead, Peter.

Peter Akerley
President, CEO & Director

Thanks, John. Hello, everyone, and thanks for joining us today. Starting on Slide 4, the Bayan Khundii Gold Mine is an emerging high-grade, low-cost gold producer in Mongolia, with first gold delivered in September of 2025. The mine is owned 50% by Erdene and 50% by Mongolian Mining Corporation through