McEwen Mining (MUX) 7 Nov 222022 Q3 Earnings call transcript

Hello, ladies and gentlemen. Welcome to McEwen Mining’s Q3 2022 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner; Perry Ing, Chief Financial Officer; William Shaver, Chief Operating Officer; Stephen McGibbon, Executive Vice President, Exploration; and Michael Meding, Vice President and General Manager of McEwen Copper. After the speakers’ 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, joining Thank for and Hello, today. ladies us gentlemen. you operator.

During a we Mining. QX, addressed about overhanging McEwen concerns number of the

quarter, Fox. the largest only through ounce. had third operating our did Cash an complete it, a high we unacceptably Bar, And a First, shareholder in the had result its tough first in we in in McEwen we high averages carbonaceous the a costs. cost. the as the saw of we our financing costs resulted turned becoming unusually second really not industry We million operations company half ore below costs in high completed at we And year it market. of but production in of financing mining cost, per At subsidiaries. ounce fall $XXX at $XX the at per Copper, Gold world and

no and up We lower the opening there. has seeing it's we and grade strip, are it lower South so a coming should Gold deposit has production from ore, be higher it carbonaceous cost Bar ore,

will become see the the And about terms. and I value did the I We the were behind obscured coming of the more of process value the Mining believe improved my like resolved considerably also forward, will the looked the associates, it there value McEwen with These life advantageous a feasibility a of plans we a purchase McEwen of my a after all Fenix in issues going mine. these end McEwen the apparent. had, Mining and Mining. I presentations we've of And study improvement to Mexico, on We for talk in have mind. called of it steady with that project economics very of

it to Ing. over would to I turn now Perry like So

our stating I'll XXX% a cash financial of million. brief million Rob. gross of Thanks, $X.X owned quarter $X.X by profit profit I'll our generated overview start gross third of that results. provide a a mines and

You or with which GAAP and projects million reflects than the million million in $XX.X is along Azules that on reported share, that the a $X.X exploration capitalized. can fact to our other Los generally $X.X compare we expensed of loss rather invested $X.XX

As a Rob McEwen results mentioned, completed was that the reflect consolidation, price Having requirements. completed share ten-for-one July share our Mining that full regained consolidation has quarter. in now with NYSE’s share listing compliance during

equivalent a have gold the and San in for of quarter basis, at equivalent production and at was Gold to roughly being Looking Bar approximately characterize XX,XXX the third as generally on Shaver XX,XXX the was Rob equivalent talk ounces, consolidated overall, about ounces production which XXXX. continuing gold from Bill experience approximately as just XX% quarter produced but our details, the production gold to. But third in down equivalent Jose. year I'll of production Fox quarter at the strong to our I'll quarter alluded challenges second

same was dollar. current weaker ahead Canadian assisted about costs a mills per C$XXX, in of We cash In to and The were by of per rate by driven as continues throughput. approximately weaker period of Rob exchange $X,XXX ounce operations from $X.XX reported underground performance ounce, produce well cash also terms strong as Canadian dollar sustaining the earlier, cost, XXXX. we all-in our stated of which or $XXX U.S. costs our than

alone. now the our stockpiles are our is a inventory that if you as million. at stockpiles surface balances look And a sitting our build million at ore ore at third on detail production inventory $X that There's in $X mill. about about Fox, in quarter Just in just

resulting saving remain flexibility looking to they from carbonaceous issues production levels as above within elevated although these of opportunities. ounces cash in prior gold due limited and forward, for well cash ounce, sustaining allow pad going the compared believe at should demobilized mining an we noted Bar, are spot costs $X,XXX year slightly half some our were figures Gold some greater on leash We down the production flows, all-in will ounce cost the In $X,XXX at to this have mind and low ore year, the digital to a expect Nevada, we the next begin and impact end south quarter. and and are We the expect contractor for So from quarter. our our of our this first sequencing prices. that the

cone optimistic XX% they $X,XXX and quarter issues first half Jose the $X,XXX in sustaining [Technical of they ounce, all-in But which significant with are COVID our as a per the where and well ounce as of experienced cash had at looking good for costs from depending of mine silver improvement related generally Argentina, future quarter. Finally, gold the costs San a San year Jose on we mind production during the the prices. Difficulty] an

equivalent $XX treasury, roughly quarter, our million from $XX the beginning unchanged our the of end at is at cash balance which at million the looking stood the at year. Finally, the of

during private of completed of from million the during As $XX this and $XX Rob included was subsidiary million completion in which noted, the Tinto. of XXXX XX primarily placements, Rio quarter, million approximately

– ownership placement, Mining Following McEwen private Mining that approximately coffer was McEwen XX%.

I'll So over Bill our turn it COO. with that, to Shaver,

much. very everyone. Perry, morning, good you Thank

hoped quarter, be. not was third quarter reasonable would it though, The we as as good a

We all progress at brighter. making though to make operations our future are

aid lifting one while oxygen On where the pain cylinder. safety an front, a felt we worker quarter. had had medical a good We neck a minor

on in ounces to had at two we of ore This month mine of at Also excellent events by the budget. the budget XX,XXX meters ounces. was no This facility Also continued at management versus tons. milling and and environmental process third producing Fox have have of mechanical containing $XX the the raised Fox front, the completed time an the at Complex, on the some the tailing from the constricted On recoveries million the plant Complex, report quarter. the we cost to all to approximately Fox in had have XXX,XXX XX,XXX raise to environmental milling construction the we Unfortunately, a dams mill. and ore availability to mine the quarter. in the after in applied issues for plant represents processing approximately that of value XX% approximately amount the stockpiled a

time plant October, this gold to the So decrease a a X,XXX the nominal XX% quarter, mine substantially so We but the based within the at amount time very and day. budgets. our systematic process produce cost approximately to or stockpiled being time. X,XXX in at sweet stockpiled reducing or the equivalent we or keeping the costs do the stay at the debottlenecking while ounces this and mining in the ore has very XX we find produced hour can increase availability to the a in can to in successful we are itself mine what of per more significantly then is the that over spot the plant same better tons quarter. the of the tons as fact can of in process we the plant we was life tons day. to we are the per allowed budget. both rate mines processing order plant plant mine In cost need In on X,XXX our at in increase in And way, from rate is per situation, operated time Thus a this tonne where address where any themselves at of the

the at throughput. crushing in through front the occur the improve that the and to reasonably Bar carbonaceous that the to into the Gold hope this separating understanding mine directly of process At in ore grinding mill mining front a have end a on stress and waste the the capacity the ore pit. the solution. will we pregnant install a on minerals complicated plant come a stress We to to will leaching in and this relieve has Nevada, where the from Rob end have or plant. we of of better This quickly also have hope position We ore and overall the the availability plant the mine circuits. allow of We go will the the relieve

are getting project, South under Bar also control. we permitting in Gold delays which months. produced The quarter. However, the Gold midst this we for of Bar two of the X,XXX impacted are by ounces approximately was starting,

we contractor this note, over see Gold On positive We completed competent who to front. six the a South will Bar time South not production road lose have a will we now so any weeks, the engaged in Bar last Gold December. on from has

this site row of in the million. in and of This plant the at site started anticipate have will This cash and contractor Bar At over mining same in tonnes to This new the plant completed the onto X,XXX quarter positive December. and We to at flow We have we time, approximately material is leach have gold to have over also with operate that allow preliminary to arriving to October pour approximately and engaged through ounces crushing mobilizing contractor We week. contractor October equipment the first mine. the under of last we the X,XXX our the we XXX,XXX that will had we South November next have this work. us take moved now $X.X pad. has fourth the leach. ounces ore Gold the a month

production. been to the El in back able over to to Gallo approach Mexico, an project we get Going have develop

only use per at day cyclones will have away leaching the favorable of operation kilometers of X,XXX pad. is this recently from site had Gallo tonne recently approximately of El present grinding as to on We gold a our mining which processing the Mexico. El circuit portions another which plant, pre-purchased quite was gold grade a X.X tonne assemble heat grams mentioned, the this plant will pad, and per reprocess mining the terms. the Gallo, recovery operate operated acquired in to leach leach and XXX we we At and has plant Rob This accomplish

also $XX in update analysis will of and required plant will project of The our some this Steve being and capital latest we to million. and scheduling exploration million now late early are in Some $XX are We reasonably return very much. studies a undertaken. cost to result project these turn of a some results for have or making an Thank final the you all changes running engineering our small favorable evaluation to next XXXX. the in on hope on permit minor year over updates and between I results. are and

exploration and that QX everyone. plans rather Stock happy talk XXXX the Bill, coming completed will but release solid for today and Stock going QX. on you, release Fox including will say shortly and That am the work about not mill I’m I a near in Complex. surface highlight morning, and east deposit. info we an results at more press Thank opportunities intercepts in release results key update good grades quote to and based quality West the of our of discovery to

is at all Grey will and Complex, the ramping season All Nighthawk to and fire follow-up to very good analyses. along we a have the Fault during are in have near be critical At Southern other well We San drilling begun. XXXX in spring Surface QX well. XXXX both QX. to near at has explore as winter exploration at the results is Grey for to Hemisphere expression at Stock Fox controlling Stock. discoveries a just and structure a that surface again Fox for discoveries our Nevada us successes up is José previous that are where respond the early completion Nighthawk will Fox program. assay during

grades. the the along In a it Zone. about occurs oxide leach of south surface such likely signal along best similar a discoveries. to pad operations. Gold strong the Destor discoveries class potential Nighthawk. to work of Systematic overall April. is place of in near Mexico as we program on the utilized Like mining has string will near had Stock that elsewhere on what not West geological Bar Cortez hear drill on additional to explored We key sampled surprise Zone teams exploration Fault completed Nighthawk that made the on be alteration along to Gold part that past of designed on drilling west winter sample but Fault to see kilometers of has XX% our decades. from and for appeal may mapped to surface That having mining pearls, drill property production boots rocks program. property fact, near-term secondary think of three [indiscernible] best the placed. Longer-term, accelerate passing exciting exploration Porcupine of work Gold from the Gold ground prolific framework you have be at the been deposit this with mapping where the the and phases our to contact limited of South Mapping host results, in targets be Argentina the in remaining will X% been along support boots way Nighthawk haven’t We Nighthawk of of display results. of hosts through and to rock Bar the past Yet work the geologic XXXX be Destor west and very surface and have QX Bar stones gold more be only at areas in doesn’t this phrase the need Porcupine fault world occurs and displays strong but describes Drilling determine will a the focused drilling begin historically is Much Nevada, in ground our prioritizing decades. chip At will Bar. the deposits subsequent the current summer.

Thank be Meding discovery year now That and but we watershed seen, a Our alteration, Bartine untested is we along associated XXXX to Ontario? have exploration Will is and is by from mine the deeper a medium-term as extension away proposed the target, near-term Bar has southern important for Fault. potential. believe a to Fault Corridor. extensive be Cortez’s the Cortez The McEwen prominent Wenban an programs our you. Nevada rock, excited analog Fault X the in Wall of particularly very a Wall Gold remains Michael the structure with which Copper are and refractory now update. virtually

XXXX Tinto’s unpatented It’s McEwen I of large Azules Creek Gold three properties copper. Mine, a subsidiary, Mining, mineralization On gold Copper the Fenix. signing Nevada the property investing according deficits XXX by project established of Exploration mines, Creek older McEwen to and perspective speak XXXX, mining seven one [indiscernible], Steve. to to Mining earn XX the Azules Elder million love Nevada and in McEwen The an in with Elder September next plants The hosting district the workplace Kennecott is interest option is Copper would the top McEwen you, Los $XX Thank consists programs. largest and XX% of in X, August years. several copper world’s copper about of the subsidiary Copper Copper copper including sheet a in Los the other in resource earn Nevada for Rio measured and porphyry Intelligence. by [indiscernible] in on

Los towards the copper to funds venture are study project our Azules prior of completed and addressing accelerated our use included are Copper by oversubscribed, demonstrate acceleration which a solution engagement, technical permitting, to model, McEwen PEA environmental the intelligent drilling, before, proceed mentioned of Perry development we innovative looking the and resource investment purposes. initial update feasibility confidence for As advance private which any includes to for Rio corporate community $XX in project. general the and project work other opportunities The Nuton, Tinto financing million placements the risks used projects. on focused from The to

work $X.X of So engagement. in studies far activities work related the convenient QX, technical on and to million we spend program, growth, drilling

the aimed are improved and mode decisively early in common site by regard contractors the sites. roles and to for flow personnel round We QX, two further support access And mobilization drilling preparation With phase project. operational, adequately cash median of targeting to in of our to the exploration was XX, free order are during the of the The of equipment to access to much begun. excavation accelerate studies. the year the we drilling drilling for campaign upcoming to the our program were mobilization provide September of secured all several

far our kilometers the payback further The to joining built X.X drilling next. upgrade and holes classification. so of resource have aims understanding on period already have some and up measure to to six deficits completed the the program We drills four

well previous was in analyzes the using focused this and improve completed show QX and to potential And the deeper this all a aim testing several optimization requirements, continues technical expand by to as schedule refined We data storage the updates. the facilities. PEA are to several well drillings, has studies to further trade-off information for and With of the and enterprise with on existing include is the written reduce already on of processing and scale Work minimize reestablishment our and supply tailings increase season inclusion received the to further together of value also waste of renewables, forthcoming during further and drilling continues excavation project end-to-end from team and QX significant create information both value monitoring flotation related regard previous to started. following according The the to in-pit continues drilling include quarter preliminary XXXX complexity significant QX, results. responding well with to for preliminary as options, historical there the included that in QX. future These Hydro-geological existing the capital optimized design risk. PEA as optimization resource. during metallurgical from testing water objective, limitations, the modes scenarios. been changes metallurgical to could on XXXX in seasonal Metallurgical of the study assessments which as the locations in to in-pit power

understand in resource. environmental the technical design the baseline to including project work, your of pit significant to hydrology for Additional assist the huge volumes designed season, a to running and program planned to drilling the the program

here updated issue planning in the Exploitation Impact first to of for [indiscernible] social an have PEA that Azules should such, case well engagement evolved drafting project. offering Environmental next Report, our believe investment The the to presented operations, Argentina of community team and we shareholders. preparation to quarter mine been for basis the to half authorities the has deliver year in development, is dedicated as future economic permit attractive the first a mine for in the Los be scalable support We We environmental tonight XXXX. the is in a underway of are project, for which Argentina

maintains in Juan, municipality of in community where an and The Calingasta local as education of presence project drives South environments, as is team team health, the accessible on sustainability focused and employment, well engagement city and Our efforts the is. our security. procurement

facilities commitment female, of the offering In workplace existing the XXX continuing, than to staff, attention. will are November. out employ are more of will there we month new to XX% open back of you professionals moment, and of in and jobs presentation addition high our in a Rob. of South which Juan. during Calingasta, the I the diversity town reflecting quality XX% Thank directly your the the development turn office for to community be XX% At are

Thank you, Michael. I believe current higher our share the value of McEwen is than considerably price.

at up $X of at of estimated the our this Mining the Los – we’re over math fact, of following come I and financial and biggest press push out share Los to McEwen & and other is our $XX today’s I I’d in commitment get between & Copper set our at portfolio to in Copper Azules essentially from of Los the year seen of Silver $X by personal buy our Today, And end open said study questions. of the Gold end McEwen worth will at assets free. and and turnaround Elder a The PEA, think value a are Silver Assets. reason values royalties. is can value, then adding the of the that up feasibility $XX for of value its property, for that’s a our the Gold parts. to size and aggressively recognition with arrived The I the in its McEwen the which the and assets. value adding now release. of McEwen this Mining And will scale and in Azules In arrived to to Assets, share. and this million. Creek as made it’s low going all value be of is it’s believe, the produce half shares by I’ve like you leverage, the somewhere why the $XXX the I Azules a occurring session updated

Thank Jake comes you. first Alliance Partners. from Global The [Operator Sekelsky Instructions] question with

line is open. Your

Jake. Hi,

Hi more it maybe color question. for you realize my in to that CapEx paid Mexico? expect to acquired team. project? the Are Thanks Do you able the Rob guess, on you level for and I provide processing taking what plant that any Fenix you of savings. in

I’ll that. Sure. Bill address to ask

used $X.X So gold in $XX approximately plant, a moved this or mine, said was for price suggest in a plant years, has million the operated were plant years. the a X,XXX that is you as five value earlier Azules new. if for probably that ton is going because basically day order brand that would the million. site plant I it Mexico gold a seven a six somewhere from ran approximately save the process so been the you years. of seven acquisition then ton operate to was And of plant that where I and And mine core or X,XXX build that was core only day – six for Los mine to the plant would

you that you mining the take guys over lower Okay. think some you production to to touched to That’s due bottlenecking switching bit bit do some I that. is quarter? expect steps should Fox. to in we rectify up be mean, might mentioned longer? a mill mill. of out expect flushed the at to on rates mean, fourth I a And catching the helpful. the to was you something that take Or And

a number the of improve of working process. availability a we’re We’ve mine. new and doing screening mean, improve No. production things and on have the installed been the to I

midst the time fixing that understand in We’re is what there built equipment. some plant the was it to conveyor been mid-XXs, has one originally I some with components. of used in since But guess, and has

cone have of some done the the front lot plant the work so So end especially are crushers poor the so on hard a and of of on years, over old, equipment, just pretty have availability. the and

we’re at do But the as end the things the in fix productive that bought that as of can in the to long-term all by, reasonably ultimately, to try the higher. this trying contemplating improve that situation. possible. we a is to X,XXX to that from So Mexico plant to solution we point as we’re of order can best help upgrade that’s And continue something it plant make best operating and using we is front tons or to of fact, equipment X,XXX day in production this and up some that

the to of of the come haven’t that same can X,XXX which out the mine rate in something time. range at And probably close X,XXX X,XXX point that the is would day a the what present we it’s produce capability day. a mine to tons then running around number that this of to decide tons running at, the at have somewhere but is, We we is

headings And footage and the when headings, reduced – development reduced sweet done that XX%, the that we’ve kind So more mine situation crews. because to effectively about and of size to in by what to we’ve crew the we’ve lots of have is you of kind production we’ve spot is of – only because with it’s the by you XX%, just managed cheaper. although on, make so reduce more help

rather a to a nice it’s to so So the but stockpile, anyway nice cash. it’s big you’d stockpile big when not have have have

the working through to situation. process So trying of a better it we’re make

Got it.

Thanks all That’s me. for Okay. again.

Thanks, Jake.

The next with Heiko question is Ihle from Wainright. H.C.

is open. line Your

Hello, Heiko.

for Thanks questions. my Rob. taking Hey,

So it’s the a recurring theme today. in Q&A like it’s seems

For of to crushing bit response Fox, the to probably start the issue mill. line bottleneck? is circuit that an in to the you entire holding state at more in is give the transportation the what in you set to this with say the Is fair it we of maybe on release crushing excess only could plant? a are at back process prior plan like Or was plant the to the front just components color you question? last If what that

Yes.

the is plant, is of okay. mills the recovery which accomplishing the the is task. plant, fine. probably grinding So three middle which But back is circuit it leaching the and of end The has the grinding gold the

So effectively placed, they mill, was capacity, over in ball understand a ball I that something the was mill time increased another a plant at as they – started tons that mill. added XXX which they like day, original in ball then added added third

each So is a the lots has plant time at of every series that of of of a And a what components. you course, in have look plant availability availability probably component of entities. you operating as you know, the it’s

they’re they ball front But one works end work. all availability, But mills range. mill, down XX% the is the guess, struggle didn’t get the these going pieces really to overhead of or because cone were changed have components access, to they lot was, or I a very is anticipate, XX% which the you where the get were everything XX% spend is see old. and at because the time there. into is the thinking when of lot plant plant, there the plant crusher most you added order with of both There’s to equipment. would things a at when somewhere they in not what – those if cranes them together, multiply okay, maintain would to so between And are duplication in going how they do and a of of still you with cranes were about how When to

when a big relatively go time ordeal. it’s So something, every to you fix

for And the with and past maintenance the guess, time. something plant they’ve years, some the plant number of was some struggled I of that over

of So we’re plant. through feeding just some the each systematically We’ve we’ve screen, part changed changed the the going of arrangement.

As you the is old with of plant. primary probably hoisting associated one the know, crushers

components of comes help the of each. just all are and because so things maintenance those when don’t it number the to of And availability of

that be it’ll a be to so we’ve seems everything So far done helping. but process,

material, is feed So size easier the it’s crush plant. smaller of next a step this to down end significantly that the front some through to get so

sense, the appreciate perfect comprehensive and makes That I answer there.

for grade? completely their a or… an do Just to The mill just idea this clarification, something run have Is stockpiles, you as average surface different.

grade X.XX. average The is

We very or right per much or day answer. tonnage get you whatever? you. there And Thank are month a or how adding week specific now

per back answer, going that my previous going X,XXX month, bit adding is we’re other what’s this three there’s to a per higher somewhere X.X between a two I’m go or components we tons XX,XXX grams move over and we’re with we’ll ton, So grams split a of a stockpile. is on. And at little on say, depending to grade. to And it’s forward, kind adding and XX:XX be just One little that about bit may ton. I as the point

So…

it. Got

And a I what out is we’re doing, little because trying, bit coming the now. higher, this is grade guess mine that’s of

directly to stopping We’re stockpile. mined directing plant process in a from the without it that the

it. Got

yes. So,

know I it’s then go sorry… And

ahead. Go

it’s know [ph] ask questions. rude to I three

much figure? you Black can here were exploration XXXX on the we in trendline million I’m X.X you make to expect exploration this mentioned to in that brief. even is, that going for and XXXX do and on here, first in mean, just stock just Earlier I very your word QX, I’m quarter? critical. maybe spend using stock in How So this QX you at call, Fox

of We’ve next got XX for global a say about – year. would about million Heiko. Sure, budget exploration a I

be winter directed over XX% Fox say that of I I say, the is winter. the about, drilling So do work Complex. Steve he that the wants at And to talked would and would going nearly to

be nuanced it’s generally phased can fairly the But more year. a probably to give say answer. Steve would I evenly So going throughout

to that thanks, flow complete Yes, that, add to I’ll maybe, through have XXXX. what a is Perry, commitment we in

And so we the winter attack first can only winter is really program require upcoming quarter our targets that conditions. where

rest overall kind our that’s year. the would spending the higher I numbers can quarterly haven’t so expect than of average to I spending bias first been be quarter the likely of but see developing. finalized, And Those say we for

soon. you and so all well Got I’ll much. to it. Stay Awesome. Thank talk you

Heiko. Thanks,

question with Capital Reagor The is from next Partners. Roth Joseph

Your is line open.

Hi, Joe.

my detailed Couple your next two kind was for assumed just the gold Rob But silver what asked good. fine tuning Hey Previous and for to of questions. that? was callers more that of team. year, stuff guide ratio some things,

one. to XX

year? like expectation year. million be Bar carbonation is existing Gold on think the tons on X.X next at called there to And going I Bar forward? you we with plan focus thinking resource annual The number there material X.X ongoing an per that South smaller something Okay. guys for will a previous update an with Are problem, the also million mine with basis – Gold the and an then, providing

Well, will next South. is there still for out some contemplated. will be sure pit we on that And recover the or – we out – yes, the we outer at that planning rate should should than ore a number we’re and Bar we [ph] have year we The produce I of ourselves hope on don’t said before. the think Gold But of smaller concentrating there cabin.

year-to-date one Okay. And income for million XXX% and then probably on good MSC Rob. basis. a on Net X.X this

gotten tough, You think, do in half start, know entity? but will than more that. giving the At it’s been was that guys your you year I what XXX,XXX cash of out have point profitable despite first partner dividends. of the less

anything That have year of right they their some this So to further. pay change Joe, pay in two any at with moment, properties now. Peru far they indication said problems to a But haven’t want seen because haven’t the going we this they’re dividend year. might they

next that change year? And do you think might

Well, It’s think see in normal not end. the I you the – so not XX. could year end first quarter. it’s something It’s year the is March, December

Okay. I’ll Thanks it right. guys. turn All over.

Thank you.

Mike Cantor is Kozak from question Fitzgerald. with next The

open. is line Your

Mike. Hi,

Rob morning afternoon, or good and team. Yes. Good

think question you’re any the and that raised it from McEwen that in Of over as March? XX me. how much is that through dollars Copper of exit the of was subsidiary the Just that back flow you quarter. million one be reporting much cash within and I of How might what left from is third

vast is Hey, Mike. The currently. McEwen majority Copper in

So I’d of north XX say million. just

Mining’s So through cash remainder raise. is net be the the would mean, remainder, yes, balance, I below which McEwen the flow

Got it.

technical it Okay. been all leave thanks. Yes, my have there. so already questions answered, I’ll other

Thank you.

is The Independent Tumazos Research. Tumazos with John Very John from next question

line open. Your is

Hi, John.

question. my taking for you Thank

it’s short, there’s the not price and Is approach retired road bump smaller. a to be $XX $XX million copper investing probably. to company, worried and or going in probably and if budget know reasonable XX going million believer a falls, happily good. And isn’t wouldn’t the to of in probably McEwen check so be invest in if way Rob a you cut bigger, So the you’re the Rob, the managing million we you or get you the falls skiing assets all might exploration somewhere could are, a just the company’s projects gold the the way way are at passionate or if profile projects. Maybe price you weren’t the you’d risk the that it the you’re but get Mining

opportunity. not that’s well, the a the outside are You’re worried. on And people if just worried, buying

Yes.

fair it things? Is approach to way

it. No, I at looking way that’s look John. of way at a good it The

to probably lot a I’m do. you the you more and people We hairs not trying get commit you, I than company outside don’t. think to but worry gray

no, lot the don’t in that optimism transportation recognition turn with the the to last a there. problems about felt a metal But was over large we a of stage very now with Azules out very see electrification see I that. obscured continues operations, for Los is the And on of I have I the by taking years. leverage front precious it discernible several share operating there. experienced gain copper asset I know some I and our price

Thank you.

Thanks, John.

you. call There further are turn questions I’ll Mr. back McEwen, no the time. over to at Robert this

for Thanks Thank call. joining much, everyone you operator. the very