McEwen Mining (MUX) 6 Nov 212021 Q3 Earnings call transcript

Hello, ladies and gentlemen. Welcome to McEwen Mining’s Q3 2021 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner; Anna Ladd-Kruger, Chief Financial Officer; Peter Mah, Chief Operating Officer; Steve McGibbon, Executive Vice President of Exploration. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] I will now turn the call over to Mr. Owner. Chief McEwen, Rob sir. ahead, go Please

Thank you, curious fellow and and Good afternoon, investors. welcome shareholders operator.

are is good than production year Our quarter, improving. our far I definitely fortunes This better say to year-to-date, production relative last this that increased, at we am decreased looking delighted where was the last has and And have we our a did costs QX to time. year. quarter. our consecutive second are

But more silver on and of start. progress due up know our a are good in motivated production making That to this and century. Canada, is Argentina, is management extra many model achieve, our head to Gold to and company. falling. are mining particular, in our team intently our in at mines just efforts We there’s and build We to mines. office the focused are much becomes at we for our turnaround. and senior costs individuals, are and exceptional and XXst These an the America results operating the at

We be have of future the with we investment made I I you have happy the I looking And of life effort. the to exploration when and do be as will extend and our neither imagine hear at as of the optimistic. our gold price. this production to are is the showcasing way It good you today, many not it. expected results that silver will same we mines a you. bet share I’m feel reason years, and But for over provide large soon in foundation growth.

of copper reveal land hump. starting is to our big coming in districts very gold and are Exploration prolific project starting the to Our silver and large alive. operations our holdings is promise

same ETFs, the the as is GDXJ relative GDX XX.X% share the indication industry’s measured and declined year-to-date. period. to the XX.X% performance the beginning progress to our XX.X%, that our have is appreciate It’s by Another that during market performance up and respectively,

the operations, and Steve, Copper will the the today’s our closing news the So will podium financials, the on agenda. Anna, cover McEwen segment meeting. here’s Q&A Anna open then of our remarks, I with follow and is exploration. Peter, yours. provide our

Rob, you, afternoon, another continued and solid lower costs that strategy, was into in good operational quarter our Thank progress strengthening QX everyone. balance translating a and sheet. demonstrated turnaround

Our decreased the gold of our has stronger Nevertheless, average production price reflecting in prices. our per increased revenue vision. the $X.X $XX.X translated per down ahead for achievements XXX% at and year. sales owned Fox production is Complex, operational the due XXX% to a period full is compared realized The operations production prices million our months spot site XX% versus same Revenue QX QX Much from Gold equivalent XXXX. the lower realized more million lower compared Bar the Cash from operations during from the million, September depreciation last $XX.X gold non-GAAP the there. quarter in includes million last despite was was commercial quarter increased to increase for $X.X gross $X,XXX the to a quarter XX $X,XXX QX profit, for three-month in transition a was detail gold that was which cost the year, of this shortly. of ounces, million, measure the of year. from to of quarter and material of increase last ended nine compared $X.X Mah sweep ounce one cash will both sales change Peter

quarter minus on our XXXX. advanced reflected of a share a $X.XX with for $X.XX million aggressively in spent net in QX minus invest million million projects. of or This the per fleet $XX.X or $XX.X $X.X reporting in to During QX, loss to we also and compared loss per is exploration share continued our

with reduction [indiscernible] million related José operations due in In got expenditures San we primarily mine, continued compared of a Argentina. This to addition, the to COVID-XX $X.X decrease QX is XXXX.

We million the the spending expansion during on quarter, project for $X gas which also spent continued the PEA. Complex included Fox

The total compared also million $X.X San José investments as in of additional the to the costs last September year. to range primarily dividends capital change assets and for cash deposit, and million the $XX from total bringing XX last compared million In investing investment. for we $XX mine, in offset inventory to This the the metal increased million by dividend is dividend precious our the activities up $X.X Our for included well a is reflecting in same from the used as same mature partially decreased to copper Complex development period, October, Cash cash year. XXXX. due a our nine-month the liquid $XX.X $XX.X received million of an relative is as for three-month equivalents, million our San higher million in million mine. Fox José period $XX.X to $X.X period receive of and year-to-date

our $XX.X and a Lastly, working we Operating to the turn in at current will ended Officer. call now I positive Peter capital the Thank you. assets million Chief quarter $XX.X Mah, with million.

sustaining production José XXXX XXX,XXX for nine-month period Total in mining ounces. Fox, another ounces line same the and expectations. were our operations, with XXXX meet San going on attributed We or equivalent to and ending good quarter of Bar, gold higher which was in quarter XXXX, equivalent The XX,XXX had than our higher trending operations at gold QX ounces the down improvements equivalent XX% with and and XX% production was or operational increased Gold owned Production day over year. production last or than to track for cost period at respectively, up, gold XXX,XXX operations, to the cash XX% costs Thank QX Anna, McEwen guidance year. you, to good the all. last XXX,XXX all-in with QX XX% per same year. From GEO and $XX.X last our $XX.XX, and XXX% compared consolidated

months work per last production production to improved the GEOs, year-to-date XX%, representing COVID sustaining year. Cash all-in lower For quarter to all-in year. the was by XXXX, QX and XX and Bar GEO and our by XX% nine costs consolidated lowered impact. XX% processing were last $XX.XX lower GEOs and $XX.XX, XX% cost XX,XXX mining compared optimization, for September to increased respectively, respectively, ending and last over X% attributed reduced XX,XXX X% were year. increases XX, to The and and Gold costs compared cash ended efficiencies, sustaining September and tighter control to and for

Canada, the term better releasing and ended design and and spend XXXX, of Higher efficient period schedules. contributed looking the XX% both lower respectively. higher and costs respectively. were XXXX. $XX.XX XXXX the ended months September Fox costs XX, Black is analysis production representing cost production, utilization The the September QX model mowing in ahead Fox XX% Complex preliminary per XXXX, QX the in XXX all-in achieved XX% targeting capital $XX.XX for updates, COVID at initiatives to XXXX, Fox in The XXXX. improvement. activities produced Moving the being of of to growth the of and gold were mine Cash QX effectiveness, in $XX.XX lower lower in with El improved sustaining cost nine were work all-in and for mine GEOs XX% impacts, GEO more Production to expansion nine mine GEOs sustaining forward towards longer and GEOs QX, capacity, XX, control, and economic production XXXX. and on in are The Relative underground strategic and in development result decreased Gallo the increase, and evaluated. Complex. and residual company in than lower Fox comparable increased leaching mining, grade to Multiple in down GEO’s XXXX, In optimization at comparable winding is and further Complex. months reaching period life, XXXX. GEO XX% results, a commercial and than XX,XXX the Cash X,XXX $XX.XX historically are per the produced the a

President process, and Moving higher the QX than call production equivalent $X,XXX sustaining lifted ounces ending $X,XXX grade and year. for of cash last $X,XXX, of were tonne McGibbon, turn in cost respectively. to increased the This now will decreased higher increased costs from $X,XXX and José restriction of attributed year-to-date XX% respectively. and process last XX,XXX total silver XX workforce were and Executive over sold XXXX. XXXX ore now COVID’s Steve XX,XXX a gold higher in I the reduced all-in mine, production ounces costs availability Explorations. GEO to improved and production Vice year’s San of September The to or compared year. to GEO XX% QX by gold was Argentina QX The at per XXX,XXX attributable ounces last

United Thank Argentina and during spending Exploration all QX States with continued the across million. total you, of Peter. activity $X.X in projects Canada,

Our principal operations recent to growth. build. production from goal deposits that our contribute we discoveries quarter order to exploration had which on make solid existing extend medium-term remains in gold cost-effectively near to results adjacent To to to and to to end, the

Jimena gold activities located of and Amelia has approximately GEOs, Exploration owned in our Santa term, acre in grams we this that tonne encouraging brownfield out tonne Firstly, XX.X XXX,XXX Drilling track San million on per only property mine our XX.X $X.X under meet targets, these QX inferred potential the in recognize ounces. is exploration I is been Adding X.X operated of José million kilometers exploration X,XXX telco per returned basis, San meters areas in through meters on the X.X per and of budget joint the away XXXX. at nearly QX Norte meters near-mine year-to-date exploration resources per adding of the meters stored. property further to equivalent Cerro the our XX% to from tonne The inferred will XXXX. during vein. tonne José quarter at vein, San San in surrounded at Savadia Betania drilling and carried including in XX.X exploration tonne is José Mining. to and remains the partner, gold San José by the XX.X QX since X,XXX XXX% by drilling. high-grade focused bringing work on Negro we’re and vein, continue million. X.X José and province, venture program property province. XXX,XXX update was grams Cruz grams silver and expected operation resources gold which grams Longer Hochschild per of XXXX tremendous silver XXX largely and the in grams Iman’s results, $X.X silver XX

at Bar both known XX, million area, to nine months incurred and mineral the targeting and the Gold As for mine XXXX Gold committed and Gold September are QX potential and Mine respectively, $X Mine the properties in unmined ended $X.X million in structures. Bar At we Mine the areas. zones extending in Bar exploration, Nevada, Tonkin and XXXX, we

on derisking depletion. exploration are resources the Our geological models efforts and mining focused replace and to metallurgical expanding

developed not committing seen here. Tonkin has and Carlisle but Our immediately Barrick exploration of being stabilized, creation Bar activity, property could world-class Tonkin the by was production value deposits by built sits long-term realized we exploration south Gold balance Gold. recognize that being be while

over multimillion During as the Rooster gram deposits complex per including ended material positive deposit at September oxide tonne The Gold XX to likely is meters. dominant per see The from mineralization, Gold lower generated of in intercepts mineralization years, leaching. refractory can very aggregated amenable gold starting Bar, be we has the Tonkin drilling plate three the gold grams and some at located heap of over XX.XX was lime surface, hosted and both plate deposit, or months tonne and XX.X initial shirts X Bar, in cost Rooster conformation, more with at results Ridge. to also same miles structurally drill oxide other high-grade which XX.X rocks the Turquoise is north both host siltstones. the style which includes whereas stones ounce XX,

for at per remapping, grading that drill include intercepts geological of oxide could TSXXX further commitment grams relogging at per meters over by to X.XX by An stronger talking, grams over including establish resources will historic locally encouraged basis and program year-end model ongoing ton. producing gold XX very are tonne that XX.X holes hole an a a an the defining Stock At and Bar. updated We Gold Complex QX $X.X of West. Canada, XXXX. with in at discovery lesser majority gold incurred Fox. mine, was stock historic stock million in stock Grey at processed Fox which expenditures and be XXXX The The at exploration deployed property the needs current potentially property important a mineral includes at we resources in stock focus

complex stock. plant Our at processing fast also resides

the stock was production be of completed upcoming of in we ramifications. targets delineation are and Also, on XXXX, West Our Complex In expansion and detailed testing of discovery Fox overall Stock non-mineralization includes a support drill meters of as Mine our ranking and Stock strategy QX PEA. XXXX in property. XX,XXX likely exploration in drilling of the total next to with host potentially important surface important will

was XXXX. meters years This over tonne also hole which will XX intercepts XX.X tonne in command successfully us. above area interest SXX-XXX, Stock have are per SXX-XX, east grams Black meters more from Stock seven estimated the drilling from very versus holes the grams plunge are per Stock and gold particular intersection over hole discovery Our XXX it. grades similarities returned which our west is XXX XXXX. they and have the a meters plunge, West resides some to These Mine X.X far in the Fox to and located the These and geometries further exciting at being mined at West projected gold of

be baseline and assessment Fox and PEA mine cost, September include late production cash activities near-term and expected remuneration, the filler Additional expansion, are That presentation Thank past. to environmental, The analysis. has will owing to The studies, assessed complete be for PEA unit a Complex. you. host Fox, summary, the the of to stock our for the stock. footwall engaged beneficial, milling the very the proximity engineering outline here poorly the being Grey objective potential we Black capacity life And year. XX in design, to and work exists. complex Stock Fox metallurgical group Fox, Fox, Mine, discovery modeling increase trade-off -- the in deposit the where would will turn completed West is an using back been is on preliminary and flow planning to of existing called tested believe [indiscernible] late and the which very drilling, low business the to infrastructure. in case to the has pruned underground the Stock in A ongoing process support this discovery an PEA permitting, centralized to included assessments Rob. underground for ended nine of be a sheet I completed independent PEA been The resources reviews and resource months potential flow expected estimates mine QX

Steve. you, Thank

Okay.

Let’s the we about how benefiting McEwen mining. Copper see it talk in and to

which of copper be undeveloped of big As big, one some equivalent. you know, key a assets total a inferred losses, not is pounds world’s largest resources It’s of estimated mining company. XX.XX and copper deposits indicated is project. by are to major the it’s porphyry How owned billion

Copper you. equivalent. this a driver For for becoming to McEwen comparative surprise is It if-converted gold, equivalent the McEwen silver let’s likely ounces. purposes, million prices for us. and value the I use large be copper how a XX see resource to gold today’s Mining see answer would gold will The powerful

of We financing. million sufficient estimated pre-feasibility To be order and study. subsequently $XX it a financing, personally have a with Mining access that make McEwen including needed limited stage that to to preliminary to advanced we we some deliver the assessment to million, money others fund advancement contingencies, needed project this million, felt have. would do stage provided kick weather that the didn’t the happen, a to current season. to $XX its to private and the window catch way the followed. start from I However, of fast Azules -- fastest a pre-feasibility was Los And preliminary move $XX economic lead to We to that

With advance we these de-risk are the to initial project. and proceeding funds,

have talented copper So far, experienced we very team. a and assembled

the it of accessible studies insured local to and We to The find have include months begun meter program to and five XX site convert will construction to technical resources XX,XXX environmental, of and a infrastructure road than a metallurgical the the new the make months. complete pre-feasibility rather indicate training. year study to drill current

forward We quickly. are moving

financing is previously Our The terms disclosed. remains on $XXX,XXX. order minimal open

the preliminary pound. the $X.XXX with stage to from $X.XXX In per reference, current of copper the $XXX to $X.XX pound million, per is And of of to and for paid economic Los you which equivalent Azules the of math the this pound. ranged share equal of XXXX. Due some four liquidity geopolitical copper private being at at financing XXXX remote stage, were of losses, the per XX valued or economic its copper preliminary purchased the is copper Let our group, large nature some equivalent PEA And and our development. concerns. stage assessment between there projects projects price purpose placement, assessment equivalent at me

the pre-feasibility earlier, price pre-feasibility Only advance the was value for two were said Clearly, two purchase I using $X.XXX a a pound. over per XX projects. these largest level. of to Azules $X.XXX significant are a assessment in projects copper funds stage. As we purchased equivalent and study to Los economic increase projects the preliminary The at stage

valued we a Let’s believe, why significant is equivalent reducing of value billion have XX.XX could the Azules copper answer and million $XX Los Two, attractive. why still this is $X.X has of copper price And it pre-feasibility of McEwen imagine the of moment. completed $XXX for match, open the study subscribed, thereby, when total believe be tons. and fully This one, private been a losses have questions. respectively. million that, financing We on price copper per It driver quite the two resources share current launch The the for point. ownership risk very created McEwen to to have gold ownership mentioned. just now session could I an pound. Copper. for that pound $X.XX would our projects we presents producing our leverage When or $X.XX is in we to is and an improving XX% billion, Mining. Operator? a equivalent over McEwen entry Mining compelling much at stage per to is with performance at What field lower of I And future. the mines silver. combined price And the copper the Mining pre-feasibility of Los like with three, McEwen McEwen a attractive Azules than

you, the Thank comes from HCW. [Operator of Your first Heiko question Ihle sir. of Instructions] line

line is Your now open.

Hope, question. you’re taking for Thanks Rob. my well. Hey,

Happy Happy, Heiko. too. Thank you.

ounce for between guidance less ounces. low XXXX and of days is there’s Your That’s year. X,XXX about XX,XXX high guidance, the XX the end Gold at gap to currently XX,XXX Bar the than and a

trend contrast QX you’d production in lining X,XXX. you XX.X QX, be report to For did XX,XXX at plus

us So could your to end factors come that can guidance of I range, either guess, through cause in please? thoughts just at of your these walk you what you in band

Sure. question. to that ask Peter I’ll answer

the Rob. were trend Heiko, Thanks, the obviously stage. we’re that number, Sure. beat hope opportunity feasibility the you’re couldn’t quite we in that. to Hi, feasibility was terms the ounces at on guiding Yes, a get of well. XX and There some handle

were a and and trending. kind quite we for potential trending we We indicated are well as midpoint, So that we’re targeting on of a beat.

the So that’s Pick we’re Pick year when next to sorting still and into we there’s through rest East, through as and what and from the transition Pick strip West to sort another of year. this work we Central

and the our credibility go and back for guidance to delivery. we And a our meet that’s back wanted that So and beat reputation I reason on also to build range. think

those to led ranges last us year. factors establish So I think those

be one is that contractors. Heiko changing -- other could well, as we’re It and

there so, now. a interruption be an And brief might interruption,

have for want a we to that. So contingency

it. Got

our that not or affecting and and release mentioned you -- Also, quote. is COVID-XX in this The strategic a is materially future plans objectives. Okay. operations our the

number true guess you your warranting many any least now, about And follow-up, holds workforce really talking of quite cost I this on know are costs, I’m total, think for I in don’t this in are impact At seen to impact? saying sort far. what it’s or a assume not have feeling firms, if I about with you logical that, you I of don’t current to a gone cetera is et you just what saying releases writing is thus a that workforce few future essentially I’m or or it While is still regards percentage vaccinated? do know and is impacts that expenditures,

depending varies site. It on

understanding Some Gold of least Bar the vaccinated. is the

to want come in Peter, You might that more. there, knowing

believe culture it just XX% XX%, Bar, we’re vaccination around to Nevada, might Yes. not is there’s of around lot of we’re be XX%. vaccinating At Gold XX% of actually. rate. strong It a A Fox, and above cultural I in there. sort

the I that we’re think not, that, our course, all of are and vaccinated. double think in Canada primarily I corporate, not arena who one were only experiencing

prior. the from of protocols our So status the operations. still that’s place We have in

at supply our as of same executive We supply we’re we appropriately. potential and We’ve global challenge making very we I think is the and experiencing chain, speak. in early to the as brief join are sure the just looking we industry procurement joined of year, the his experiencing and this lead recruited part some carefully looking a respond production team. is to risks at chain

far have As we our at active sites. current any as cases, at don’t

I think protocols effective quite year. last were

comment what in QX and the results operations, that that has take think to and our of mean to we suspension we that. a contributed production, I higher, by temporary that’s obviously, is referring we’re didn’t

safe. you Thank all. Stay Wonderful.

Heiko. Thanks,

Alliance comes Sekelsky of question from Partners. Jake next the of line Global Your

Hello, Jake.

Hey, well. Rob. is all Hope, my Thanks for taking questions.

expect all-in costs, over new norm range sustaining think at should or going costs drop is just So do to investments around sort looking ounce as Gold of we longer-term X,XXX, moderate forward? to the the an back Bar X,XXX you X,XXX of down them there capital

Over Peter. you, to

that cost the pretty Jake. I with you’ve anything got different updated view good stage, Hi, profile. I a be Well, At feasibility study. Thanks. mean, I guiding this than wouldn’t think

to next pad. half schedule go actually to It’s in year, aspects on meta it our have Gold to production lease year, Other for we’re forward. of that the accelerate and bring process, footprint expand sure the to second ahead of project, we review which Bar permitting. final of trending are the forward or on we the feasibility, QX approval with is South and Next the raise need showed looking in Gold expect in Bar

Bar case for forward life. the flow production generation amount and cash this those a cash the capital some site sustaining phase six-year year what been next that’s the all-in part exploration mine you XXXX Gold And of feasibility, fair Ridge. significantly. of in And once the Gold have see is costs some quite start ounces quite that’s then, these year. think can we’re on looking bringing drop of is in old I completed, And there we of for in and at which drilling Bar Steve is Bar near-term of also happening potential of the a at the Atlas, offsetting Gold

extension be and as to bring We’re more and West, get see to get more the we’ve And we’re turning East that’s it. assets of into identified we the back and opportunity Pick cab, going or why, going towards mineralization back or. cabin Pick into to

guidance So feasibility. have the moment, strategy best that’s But there. the the we at

helpful. That’s Okay.

Complex. Fox the to over Looking

forward the quickly later the we is how development positive to the execution, guess, position with QX, I Assuming move new of plan? mine in expect PEA positive should guys you or

follow, and question, it PEA, a follow that very and being to expecting Yes, was PFS have feasibility. good the I we’d general

online have bring could to Fox mill is stock future in explore situation got continue unique that hopefully capacity. and in mine that back an on course, Froome mine operating the and we at a tailings facility a Of we where again that’s this Black

could PEA deposits together. quite we would what was the bring and quickly so about towards production? bring understand exactly to because it was on complex chose objective say, a PEA set the we And of so I And

an obviously of of mine feasibility and our knowledge and some beyond We’re like operating costs that. and things

access that there looking we production would to we understood and idea where scale. sustaining be low on whole near-term bring costs all-in could increased at at cash you once was and our value, So pathway quickly and

deposit two As think West see objective you well trended advancing are very I we recall, The we and Grey there. quickest areas the that those Fox. were the Stock

look growing look results, and And strategy that so on if released further. QX to exciting forward here we they’re end even we of where fairly the to those

results. Fair of were this more was similar Okay. in see, aggressive mean, some which On good housekeeping XXXX? enough. then just exploration exploration, strong a item. be level a we guys And modeling had to you I pretty you’ve year, Should of

I’ll let that. handle Steve

We’re that. flavor can time right of give he more but of you in budget a

last I Yes. end in quarter funding will that Ontario, flow-through year, we Ontario, funding say, be in that specific raised well, to would of that Nevada specifically planned the general a we exploration And depleted and terms, exploration we’ve program XXXX. was anticipate by for a that’s work the slower fourth little XXXX. million At anticipated that budget, spending difference $X probably shortfall spending and is we’ll framework. anticipated, within been than to slight exploration rolling that in had a into anticipating in have and that Nevada, our XXXX have

exploration be XXXX, in the will plan likely area. higher expenditures were three-year So than necessarily in Nevada they XXXX the in but not a for in change

again. Thanks That’s all my enough. end. in Fair

Your the Partners. of line of comes Reagor Roth Joseph next from question Capital

Joe. Hi,

couple So the exploration With having something sitting with It’s how see here. on strong right on direction Maybe on good a Hey, to that going things obviously, questions. consecutive following the a just in of minor first, congrats production. second doing? you spend. quarter said,

on it budget of exploration the get we maybe far PEA next Fox? $XX Should income gives Should now at at some about year? takes similar company-wide exploration. and level to finalizing over the spent a million that this Or there? you Black statement you’re So decline we expect expect somewhat

they’re in still by And results at lighter to we PEA would little Complex. probably say, moving at get it’s the to XX%. along about Hochschild, be maybe PEA, Bar, we results on there. to there move want that from the our are of some of will Fox some the Argentina a the areas move partner probably expenditure forward increase I is -- Quite And Gold But next there. year the expect less I’d our excited out probably as getting.

guys did And in immediate, and then update the planning still but thoughts missed forgive it’s on Any the expansion? in expansion the you That’s I Phoenix there? or your you release El give it, any outlook the Maybe but Okay. that Gallo helpful. if potentially doing near-term? not the me are on in MD&A on

want jump Peter, to do in? you

question. it’s of actually Sure. that glad a I’m for I number X. put alternative low on Joe. where Yes, Thanks, you alternatives, am Phase working they so We’ve been good CapEx asked. wondering strategic a those of is a in, one

the So around us for phase, the is lower X. was of Phase actually CapEx right million proposal in $XX identified for CapEx million were CapEx feasibility, What if years recall, opportunities, Phase $XX and we’ve six, of X in production. sort gave you that to the gold around seven the which targeting initial somewhere

So a we’re to alternatives project, trying it’s ways a that sale. strategic advance partner or whether other or with to as such internally find

I all to met It’s so add those we validate yet that, whatever things. though, way, quite either those. option we commissioning, told value, is will and So and parameters that all think believe technical But construction, early costing need strategic looking that promising. and we way

mean, a a up equivalent Okay. from, term, That’s state MSC Fox has And then, a two firm operations the call Black Bar kind give Rob, good it going with state just steady producer? picture is is make helpful. X.X guys Longer it, I big you turnaround had take question. now of gold the there. got to of Gold forward here, two million do you your XXX,XXX direction, and you deposit and in early. the headed more those how company steady partner from right mid-tier

looking price a before for or acquisitions we need we combinations. out one, Well, go stronger share

to is well generator at world We’re we And pre-feasibility of be the of by energy McEwen get working move this Copper country, others McEwen see shareholder significant some value as of McEwen asset. not somewhat to And putting Copper, accretion in a from this operating the medium with that’s to It’s conditions. altitude, could so easier as next size. surface we size. term, where the think value been unique the moving And power potential the the high of the a a it’s Mining, stage. its terms PEA point, there, into some majority we’ve would is that that in largest in what near a of in that I possible where -- -- to generator. and I doing from say, would a lot

I’ll for it Thanks the color. over. turn Okay.

Tumazos, comes from of [Operator Instructions] LLC. Research, Very next the line Independent question Your John

Hey, Rob.

John. Hi,

us Copper, drilling $XXX maybe second, you Newmont that your property the versa. I’m next pay that If off earlier of you, and kind to first, it special ounces million be and $XXX bit in rain be have you the your company. a or million José, were treasury be pot dividend or of would cash sound if week? all million to from continue Could San more say Hochschildat you sold, little into it mentioned any put vice $XXX it’s you vains little give of a would wants on that some money to the reasonable onto more. money XXX,XXX of guy gold McEwen hoping update And might pay debt your it exciting that for

I When where close All my ahead, to was of look dividend to we’d would into. Could funds debt. be that a paying month. the above a dividend are sound got always using use every we point to I And to the Copper. is heart. fabulous -- be Goldcorp, get in we retire position a great. when it McEwen building Special Yes,

In question? comment Steve, care John’s exploration, on you would to terms of the

I moving highlight McEwen the update don’t but onto on that and guess keep we would and at update the us and the we -- for I are believe need Yes. we the of there’s property -- grades future. extensions specific potential on tell is results the an on seen San potential José did this have the get to of that just Mining X,XXX sale that regard from tip We the bright we there currently know units stats that We very tremendous The Brownfields under plan drill results of I a we’ve -- the very think is GEOs. as drilling, forward. been that an program big, drilling have a mine to we XXX,XXX what really XXXX, pushing still we added regard just the the has iceberg. good. And that year-to-date property. But perhaps the

been recently, come in the visitors interest San up until are several interested a very that I whole letting José parties policy to foreign restricted our Argentina very about and property. say in. just had was going there’s in that But in

been away. was so an cleared do That’s an diligence. to there And due now on-site inability

So there. may action we see some

may apologize. some a a that people Steve, made walking more years. I comments presentation missed, gold few in I companies have silver there’s how in public haven’t Hochschild They I than you Toronto. listened to and know the streets

You José San up with publicly can’t keep them all. have about What they drilling? said

John’s you Steve, did question. hear

did. I Yes,

Hochschild I XXXX. a the program on them just specific will from comments update can’t some the on whole. to come and That I the my from certainly speak process Sorry, had plan the as budgeting by phone. you with trouble

I’m very optimistic, Rob.

most major Santa province I silver world’s in Cruz the are companies of think somewhere.

Yes.

of land position and Newmont’s spent and over multiples US$X.X your there. here multiple Goldcorp billion And position is Hochschild’s is land

very modest humble, So Rob. and just I’m hoping you’re

Well, decided property when very old if Newmont like be to bought and towards purchase nice ours. spend it’d that they look

you. Thank

John. you, Thank

time. the further to call are I no Rob questions turn Mr. over There McEwen, at you. this will

to and Thank everybody you. end the successful thank I’d investment. That’s Thank wishes you, our for us. operator. Best call, of like joining conference a for

call. participating for you in Thank today’s conference

You may now disconnect.