McEwen Inc (MUX) 2023 Q4 法說會逐字稿

Hello, ladies and gentlemen, welcome to McEwen Mining's Q4 and year end 2023 operating and financial results conference call. Present from the Company today are Rob McEwen, Chairman and Chief Owner Parry, Inc., Chief Financial Officer, William Sabre, Chief Operating Officer, Stephen Spears, Vice President, Corporate Development, Michael netting Vice President and General Manager of McEwen copper, Jeff Khan, Vice President, Finance, and Carmen DS. General Counsel and Secretary.

大家好，女士們、先生們，歡迎參加 McEwen Mining 第 4 季和 2023 年底的營運和財務業績電話會議。今天出席公司的有 Rob McEwen，董事長兼首席所有者 Parry, Inc. 財務長 William Sabre，營運長 Stephen Spears，企業發展副總裁 Michael netting McEwen 銅業副總裁兼總經理 Jeff Khan，財務副總裁和Carmen DS。總法律顧問兼秘書。

(Operator Instructions) I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.

（操作員指示）我現在將電話轉給首席所有者 Rob McEwen 先生。請繼續，先生。

Thank you Operator. Good morning, ladies and gentlemen, and welcome. I'm delighted to say we had a great year, not only did our strategy to surface value of McEwen McEwen copper and its very large copper project, Los Angeles deliver large gains, but also our gold and silver mines increased production and met guidance and reduce their production cost per ounce closer to industry averages In addition, our exploration efforts delivered solid gains in NAM at Los Angeles and at our properties in Timmins. And all of this allowed us to report a net income of $54.7 million or $1.15 per share versus a net loss of $81.1 million or $1.71 in 2022.

謝謝運營商。早安，女士們先生們，歡迎光臨。我很高興地說，我們度過了美好的一年，不僅我們的McEwen 麥克尤恩銅礦價值及其位於洛杉磯的大型銅礦項目實現了巨大收益，而且我們的金礦和銀礦增加了產量並達到了指導方針和目標。將每盎司的生產成本降低到接近行業平均水平此外，我們的勘探工作在洛杉磯的 NAM 和我們在蒂明斯的資產中取得了可觀的收益。所有這些使我們能夠報告 2022 年淨利潤為 5,470 萬美元，即每股 1.15 美元，而淨虧損為 8,110 萬美元，即每股 1.71 美元。

These big swings in our bottom line are largely due to our investment in McEwen copper, and it's 100% ownership in our massive losses in these properties. Prior to last October, we own more than 50% of McEwen copper. And as a result, McEwen Mining's financials represented the consolidation of its financials. With that of McEwen copper, where we have been spending hundreds of millions of dollars advancing the Los Angeles project, first to an updated preliminary economic assessment, which we released in June of last year. And now we're driving towards completing a bankable feasibility study in the first quarter of 2025.

我們利潤的大幅波動主要是由於我們對 McEwen 銅礦的投資，以及我們對這些資產的巨額損失的 100% 所有權。去年 10 月之前，我們擁有 McEwen 銅礦 50% 以上的股份。因此，麥克尤恩礦業公司的財務狀況代表了其財務狀況的合併。就 McEwen 銅礦而言，我們已經花費數億美元推進洛杉磯項目，首先是我們在去年 6 月發布的更新後的初步經濟評估。現在，我們正努力在 2025 年第一季完成可融資的可行性研究。

In October of last year, we completed our third financing of McEwen copper. And as a result of that, our ownership dropped below 50% to 48%. And that led to us no longer consolidating the financials of McEwen copper. And it generated a significant gains which is reflected in our financials which was the strategy from the very beginning to surface value for McEwen Mining.

去年10月，我們完成了麥克尤恩銅業的第三次融資。結果，我們的持股比例下降到 50% 以下，降至 48%。這導致我們不再合併麥克尤恩銅業的財務狀況。它產生了顯著的收益，這反映在我們的財務數據中，這是麥克尤恩礦業從一開始到表面價值的策略。

Now the biggest I think we're trading at a substantial discount, and I can see a price that although we're trading around $6 a share and it is biased, we have a management view that we're trading at anywhere between $7 and $29 a share. So I think there's a lot of room on the upside, and that's driven by we have basically three sets of assets, and that's the sum of the parts we have in the queue. And copper, which we own 48% of. We have a royalty portfolio and we have our gold and silver assets.

現在，我認為我們的交易價格有很大的折扣，而且我可以看到，儘管我們的交易價格約為每股6 美元，而且這是有偏差的，但我們的管理層認為，我們的交易價格在7 美元到7 美元之間。每股29美元。所以我認為有很大的上升空間，這是由我們基本上擁有三組資產驅動的，這是我們隊列中資產的總和。還有銅，我們擁有 48% 的股份。我們有特許權使用費投資組合，我們有黃金和白銀資產。

So we have values ranging from $8 to $30 a share. So I think there's you can look at and say we're trading at a big discount or where there's a lot of upside. Now it's been a hard couple of years for us and shareholders. And from September eight team to the end of August 22, our share price was going in one direction, and that was not the direction I ever wanted to go. And that was down and I call that a road to hell right now, I'll call it. We're on the road to redemptions. And if we compare our results and maybe it's a false here. But when you look at how we performed against the price of gold price of copper, the NASDAQ, the Dow since September 22 when we did our first financing in McEwen copper. McEwen Mining is up 107%. The NASDAQ is up 37%, silver 27%, the Dow 23%, Gold 20%, GDX 14%, GDXJ up 13%, and copper's up 12%. We're clearly outperforming. I think we have two drivers. One is our copper, which I think is and have long considered a potential copper unicorn and that it we're seeing shape up.

所以我們的每股價值在 8 美元到 30 美元之間。所以我認為你可以看看並說我們正在以很大的折扣進行交易或有很大的上漲空間。對我們和股東來說，這幾年是艱難的幾年。從 9 月 8 日團隊到 8 月 22 日結束，我們的股價一直朝著一個方向發展，而那不是我想要的方向。那已經消失了，我現在稱之為通往地獄之路，我會這麼稱呼它。我們正走在救贖之路上。如果我們比較我們的結果，也許這是錯誤的。但是，當你看看自 9 月 22 日我們在 McEwen 銅礦進行首次融資以來，我們相對於金價、銅價、納斯達克指數、道瓊斯指數的表現。McEwen Mining 上漲 107%。那斯達克指數上漲 37%，白銀上漲 27%，道瓊指數上漲 23%，黃金上漲 20%，GDX 上漲 14%，GDXJ 上漲 13%，銅上漲 12%。我們顯然表現出色。我想我們有兩個司機。其中之一是我們的銅，我認為它是並且長期以來一直被認為是潛在的銅獨角獸，我們正在看到它的成形。

And then the second is the turnaround in our gold and silver assets that are delivering of positive cash flows and financing our exploration programs there. And we have some very exciting development programs, one in Timmins where we expect to put a ramp down and start production in 25 on a discovery we made several years ago, Stock West Stock East. We recently put out some results, some intriguing high-grade over there and the importance of the Stock Mine is threefold.

第二個是我們的黃金和白銀資產的轉變，這些資產正在帶來正現金流並為我們在那裡的勘探計劃提供資金。我們有一些非常令人興奮的開發計劃，其中一個是在蒂明斯，我們預計將在 25 年內根據我們幾年前發現的 Stock West Stock East 開始生產。我們最近公佈了一些結果，其中有一些令人感興趣的高品位，庫存礦的重要性是三重的。

One, it's right beside our mill. So it would eliminate the transportation costs we currently have of about $10 a tonne, and two is a it doesn't have a royalty on it. So we're going to save on that royalty of about $1,500 an ounce that we have to give up and three, the rock is softer, which means we should be able to process a higher volume of material through the mill and in theory, produce more gold as a result of that and bring down our costs down and Los Angeles and McEwen copper.

一，它就在我們工廠旁邊。因此，這將消除我們目前每噸約 10 美元的運輸成本，二是它沒有特許權使用費。因此，我們將節省每盎司約1,500 美元的特許權使用費，這是我們必須放棄的，第三，岩石更軟，這意味著我們應該能夠透過工廠加工更多的材料，理論上，可以生產更多多的材料。由此產生更多的黃金，並降低我們的成本以及洛杉磯和麥克尤恩的銅。

We delivered a very robust preliminary economic assessment in June, and we've got a project there that I can't help myself, but I always look at something that's not gold and tried it converted into gold, so trying to get a sense of at scale. So when I do that with losses at Willis, it's indicated and inferred resources. You get resource of 37.6 billion of copper. If you were to take today's price of gold and divide it by the price of copper to find out how many copper pounds equals one ounce of gold, it's about 536 of copper, 1 ounce of gold, divide that into 36.7 billion pounds of copper, and you're looking at a gold equivalent deposit of 70 million ounces. The average production of 321 million and pounds of copper per annum would translate into about 600,000 ounces a year and with a cash cost of [$1.7] a pound, the gold equivalent of that would be just under $600 an ounce. By my book that is a big gold equivalent deposit and reflects the size. And I think the power losses, Los Angeles. This is -- we're looking at a 27 year life. And I think there's still quite a bit of room in improving the value of that asset and that improving the value of McEwen Mining.

我們在六月提交了非常穩健的初步經濟評估，我們在那裡有一個我無法控制的項目，但我總是關注非黃金的東西並嘗試將其轉換為黃金，所以試圖了解規模化。因此，當我對威利斯的損失進行計算時，它是指示和推論的資源。獲得376億銅資源。如果你用今天的金價除以銅價，算出一盎司黃金等於多少銅磅，大約是 536 銅磅，1 盎司黃金，除以 367 億磅銅，您正在尋找相當於 7000 萬盎司黃金的礦床。每年 3.21 億磅銅的平均產量將轉化為每年約 60 萬盎司，如果現金成本為每磅 [1.7 美元]，則相當於每盎司黃金的價格將略低於 600 美元。根據我的說法，這是一個大的黃金等值礦床，反映了其規模。我認為洛杉磯停電了。這是—我們正在展望 27 年的生活。我認為該資產的價值以及麥克尤恩礦業的價值仍有很大的提升空間。

And then you look at the the gold and silver assets where we're doing exploration. I'm quite pleased with what we're getting there. It's taken a while, but we're moving in very much the right direction. Our press release outlines it pretty well. And we have another project in Mexico that are looking at advancing later this year. And I want to come back to Los Angeles for a moment because what we're trying to do there. It's a bit different than what's in the market right now. Mining generally has held in poor opinions by most of the world. And I feel it's very damaging to the environment. And it's not important to life that I can assure you if all the mine stopped tomorrow, modern civilization would grind to an abrupt halt. And somehow we have to put that message out there that we can mine serious resources in a manner that is viewed as responsible insensitive to the environment.

然後你看看我們正在勘探的黃金和白銀資產。我對我們所取得的成果感到非常滿意。這花了一段時間，但我們正朝著正確的方向前進。我們的新聞稿很好地概述了這一點。我們在墨西哥還有另一個項目，計劃在今年稍後推進。我想回到洛杉磯一會兒，因為我們正在努力在那裡做一些事情。它與現在市場上的有點不同。世界上大多數人普遍對採礦業持負面看法。我覺得這對環境破壞很大。我可以向你保證，如果明天所有的礦井都停止開採，現代文明就會戛然而止，這對生活來說並不重要。我們必須以某種方式傳達這樣的訊息：我們可以以一種對環境負責任且不敏感的方式開採寶貴的資源。

So at Los Angeles, several years ago, we engaged the services of an architect to is very prominent in the green living, built building space and as Tim to help us redefine mining to look at it so that we could hopefully move in the direction of shifting the perceptions of the public's perception of mining. And so we're looking to create the future and in order to create the future, it has to look like the future, both in terms of its buildings, we have some wonderful renderings of very comfortable safe, attractive accommodations for the workforce, but also looking at how do we treat the world and we're looking at a project that will come have a much lighter impact on the environment. Initially emitting one-third of CO2 emissions using less than one-quarter of the water of a comparable size conventional copper mine being powered by a 100% renewable energy source from hydro water and wins and producing a sustainable copper cathode. Most of the mines are copper mines today in the world produce concentrate that has to be shipped to a smelter then converted into a product that is usable by industry with our copper cathode, it can go directly to industry and cut out the transportation costs, and we think that will attract a premium in the marketplace as well.

因此，幾年前，在洛杉磯，我們聘請了一位在綠色生活領域非常突出的建築師，建造了建築空間，並由蒂姆幫助我們重新定義採礦業，以便我們能夠朝著以下方向發展：改變民眾對採礦業的看法。因此，我們希望創造未來，為了創造未來，它必須看起來像未來，無論是在建築方面，我們都有一些精彩的效果圖，為員工提供非常舒適、安全、有吸引力的住宿環境，但我們也在研究如何對待世界，我們正在研究一個對環境影響較小的專案。最初，使用來自水力水的 100% 可再生能源供電的同等規模傳統銅礦的用水量不到四分之一，排放了三分之一的二氧化碳，並成功生產出可持續的陰極銅。當今世界上大多數礦山都是銅礦，生產的精礦必須運送到冶煉廠，然後用我們的陰極銅轉化為工業可用的產品，它可以直接進入工業並減少運輸成本，我們認為這也會在市場上吸引溢價。

So with that, I'd like to open it up for questions.

因此，我想公開提問。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

（操作員說明）Heiko Ihle, H.C.溫賴特。

Hey, sorry, I had you on mute. Hey, Rob and team. Thanks for taking my questions on early on this call, you were talking about a lower production cost and that's now officially March were two thirds through Q1 at this point, how much more in these cost savings have you seen in Q1 thus far? And maybe if you could give a bit of a breakdown or data right from I mean, obviously you have your guidance in the release, but maybe just provide a bit more color than round numbers.

嘿，抱歉，我把你靜音了。嘿，羅布和團隊。感謝您在本次電話會議上早些時候回答我的問題，您談到了較低的生產成本，現在正式到3 月份，第一季度已過三分之二，到目前為止，您在第一季度看到的成本節省是多少？也許如果你能直接給出一些細分或數據，我的意思是，顯然你在發布中得到了指導，但也許只是提供比整數更多的顏色。

I'll ask Bill to answer that question, Heiko.

我會請比爾回答這個問題，海科。

Thanks for the question, Michael. I guess the but the drivers of the cost are basically pretty fundamental in terms of labor cost, the power cost, explosives, all of those things that make up the cost. So what we have to do in 2024. And going forward is we have to produce more or more ounces in order to drive some of those monthly operating costs down in such a way that we can improve the overall operating cost and also improve, of course, the margin. And so that's basically the direction that we're going in.

謝謝你的提問，麥可。我猜成本的驅動因素基本上是非常基本的，包括勞動成本、電力成本、爆炸物以及所有構成成本的因素。那麼2024年我們必須做什麼。展望未來，我們必須生產更多或更多的盎司，以便降低每月的部分營運成本，從而提高整體營運成本，當然也能提高利潤率。這基本上就是我們前進的方向。

And as we transition from mining at the Froome mine over into stock. We're going from a four that has a work index of between 21 and 23 to one between, say, 14 and 17. So that will allow us to increase the number of tonnes per day going through the plant, the grades are, but for the most part, similar and so that that will allow us to move up the production from at present 50,000 ounces a year up to up to 60,000. And I guess in the longer term, we're also looking at ways that we can get that tonnage up a little bit higher by adding some capacity to our grinding circuit. So so that's kind of the short term and the longer term aspirations in terms of getting the operating costs per tonne and per ounce lower?

當我們從弗魯姆礦的採礦過渡到庫存。我們將從工作指數介於 21 到 23 之間的 4 級變為 14 到 17 之間的 1 級。因此，這將使我們能夠增加每天通過工廠的噸數，但在大多數情況下，品級是相似的，因此這將使我們能夠將產量從目前的每年 50,000 盎司提高到最多 60,000。我想從長遠來看，我們也在尋找透過在研磨迴路中增加一些容量來提高噸位的方法。那麼，這就是降低每噸和每盎司營運成本的短期和長期願望嗎？

Yes, those does go. Thank you. A completely different question. You had a reasonably large flow through financing in December of last year, you said CAD22 million. How much of that have you already spend that Fox this year? And how much do you should we just more or less assume it's even by quarter?

是的，那些確實可以。謝謝。一個完全不同的問題。去年12月你們的融資流量相當大，你們說2200萬加幣。今年你已經花掉那隻狐狸多少錢了？我們應該或多或少假設按季度計算是偶數嗎？

So at the yes, the bulk of that the total amount of money, approximately half of it is or is CEE for drilling. And I would say if you divide that by, say something like a [10 or 11], that will be the expenditures per month, the CDE. is for development of the infrastructure. It stock and that will get harvest will start the spending and not the I guess, at the beginning of the second quarter. And so it and it'll get spent over the rest of the year. So that's probably something like a little bit over $1 million to $1.2 million a month.

所以，是的，總金額的大部分，大約一半是中東歐用於鑽探。我想說，如果你除以[10或11]之類的東西，那就是每月的支出，CDE。是為了發展基礎建設。它的庫存和收穫將在第二季初開始支出，而不是我猜的那樣。所以這筆錢將在今年剩下的時間裡花完。因此，每月的費用可能略高於 100 萬至 120 萬美元。

Joseph Reagor, Roth Capital.

約瑟夫·雷戈爾，羅斯資本。

Hey, thanks for taking my questions on. I guess the first one is can you since you had this large gain in Q4, it can you guys just back that out and for apples to apples, what would the earnings have looked like in Q4?

嘿，謝謝你回答我的問題。我想第一個是，既然你們在第四季獲得瞭如此大的收益，你們能支持這一點嗎？對於蘋果來說，第四季的收益會是什麼樣子？

Jeff, you.

傑夫，你。

Sure. I'll take that one. So we reported net income for the year of $54.7 million. I would add back the accounting gain of $224 million less the deferred tax accounting impact of that of $37 million. So I think once you remove those factors that would normalize earnings from that accounting

當然。我會接受那個。因此，我們公佈的當年淨利潤為 5,470 萬美元。我會加回 2.24 億美元的會計收益，減去 3,700 萬美元的遞延稅會計影響。所以我認為一旦你消除了這些因素，會計中的收益就會正常化

Yes, the taxes I noted there. Thanks for clarifying some. Okay. And then as you guys think about 2024 other than McEwen copper, what are the big things you guys are looking at for for growth in this year and maybe into next visit the Mexican assets on, is it developing stock and drawing that out more? What should we be looking at?

是的，我在那裡記下的稅費。感謝您澄清一些。好的。然後，當你們考慮 2024 年，除了麥克尤恩銅礦之外，你們正在尋找哪些重要的事情來實現今年的增長，也許下次訪問墨西哥資產時，是否正在開發庫存並提取更多資金？我們該關注什麼？

Number one would be behind losses Angeles. We determine the development of the stock property, which is serving as the next source of production coming on stream. And there's quite a bit of exploration going on. There had a couple of press releases out recently talking about the increase in the resources stocks and the over at Stock East. There's been some high-grade that's intriguing. And we're also drilling it over at Grey Fox, where there's over 1 million ounces. We're looking at some possible additions if we can make it in adjacent areas that would be complementary to our production base. Second would be would be Mexico.

排名第一的將是洛杉磯的損失。我們決定庫存資產的開發，該資產將作為下一個投產的生產來源。並且正在進行相當多的探索。最近有幾篇新聞稿談論了資源股的增加和Stock East的股價上漲。有一些高級的東西很有趣。我們也在 Grey Fox 鑽探，那裡的儲量超過 100 萬盎司。如果我們能夠在鄰近地區進行生產，我們正在考慮一些可能的補充，以補充我們的生產基地。第二個是墨西哥。

And then the second would be Mexico. I think we have to complete what we have to complete the engineering. But the driver is probably the permitting phase where we hope to have permits US sometime middle of this year. But, you know, permitting is always a challenge in every part of the world today. So we don't know exactly where or when that's going to happen, but that's a that's part of the future plan. We also have a plan to do it further expands our production at Gold Bar Gold Bar as an asset where we have a leach pad, as you probably know, and we have it, you know, there's a there's enough different workplaces at Gold Bar for us too increased production.

第二個是墨西哥。我認為我們必須完成我們必須完成的工程。但司機可能正處於許可階段，我們希望在今年年中的某個時候獲得美國的許可。但是，您知道，在當今世界的每個地方，許可始終是一個挑戰。所以我們不知道這會在何時何地發生，但這是未來計劃的一部分。我們還有一個計劃，進一步擴大我們在金條的生產，金條作為一種資產，我們有一個瀝濾墊，你可能知道，我們有它，你知道，金條有足夠的不同工作場所我們也增加了產量。

And last year, we were able to construct our new leach pad. So now we have no constraints in terms of that the area where we can put material to be leached. And so that's one of the strategies for this year is to increase the ore production at Gold Bar, get it onto the pad. And that will result in an increase in the total ounces produced at full bar. So I think we're looking at improving the production at all three operations are tied that to operations that are running today as well as at depth as well as in Mexico. So I think that's our goal this year.

去年，我們能夠建造新的瀝濾場。因此，現在我們對於放置浸出材料的區域沒有任何限制。因此，今年的策略之一就是增加金條的礦石產量，並將其轉移到平台上。這將導致滿條生產的總盎司增加。因此，我認為我們正在考慮提高所有三個業務的生產，這與今天、深度以及墨西哥正在運行的業務有關。所以我認為這是我們今年的目標。

And then as we move forward, it's a to do more of that kind of increased and maybe trying to get the hold at Timmins complex. So it's producing, say 25% or 30% better tonnage going into 2025.

然後，當我們繼續前進時，我們需要做更多這樣的事情，也許還要努力控制蒂明斯綜合體。因此，到 2025 年，其產量將增加 25% 或 30%。

That sounds good. And then one final thing. Rob, do you have any thoughts on the potential repeal of the new mining exploration law in Mexico and how it might impact you guys if it does get repealed.

聽起來很好。最後一件事。羅布，您對墨西哥新採礦法的潛在廢除有什麼想法嗎？如果它真的被廢除，它會對您產生什麼影響。

We're just watching it. We've had some permits there, but it politics is a little difficult to predict Joe. So we're moving ahead on the assumption that the in-pit tailings disposal we have gotten approval for will continue. It might if it were to go in, it would impact six years later because the first six years of reprocessing the tailings are not the tailings, the heap leach and leach plant those correct. So near term, we've got time to see if it's repealed.

我們只是看著它。我們在那裡獲得了一些許可，但喬的政治有點難以預測。因此，我們假設我們已獲得批准的坑內尾礦處置將繼續進行。如果進入的話，可能會影響六年後，因為尾礦後處理的前六年不是尾礦，堆浸和浸出廠是正確的。短期內，我們有時間看看它是否被廢除。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯非常獨立的研究。

Morning, John, good morning and XanEdu. We're all on looking ahead a year or so two after the fees completed in hand.

早安，約翰，早安，XanEdu。我們都在等待費用完成後一年左右的時間。

Okay.

好的。

What will be the path forward for McEwen copper or I guess the consensus of the Board, it's McEwen Mining, Rio Tinto's allowances, et cetera, would the next step be to apply for permits or do early works for construction? The access road that was built to facilitate the detailed drilling campaign has this is one of those early works already done. Just give us a flavor what the path forward is going to be when the definitive phase is hand.

麥克尤恩銅礦的前進道路是什麼，或者我猜是董事會的共識，是麥克尤恩礦業、力拓的配額等等，下一步是申請許可證還是進行早期建設工作？為促進詳細鑽探活動而建造的通道是已完成的早期工程之一。只要讓我們了解一下當最終階段到來時前進的道路將會是什麼。

The feasibility study, Q1 of next year and after which we'll have there will be about a year of engineering required before we make a decision to put a shovel in the ground.

可行性研究，明年第一季度，之後我們將進行大約一年的工程設計，然後我們可以決定將鏟子埋入地下。

In terms of we Mike has assembled a team of very competent team of nationals that have a lot of experience building in San Juan province where sponsors who list is located and moving ahead on the basis that we they've built substantially large mines, gold mines down there and they there's a team that could build it. We do have some large shareholders that might want to have a we'd prefer to operate. But at the moment, we're moving ahead as though we could build. Mike, do you want to add anything to that?

就我們而言，麥克組建了一支由非常有能力的國民團隊組成的團隊，他們在聖胡安省擁有豐富的建設經驗，該省是列出的讚助商所在地，並在我們建造了大量大型礦山、金礦的基礎上繼續前進那裡有一個團隊可以建造它。我們確實有一些大股東可能希望我們更願意經營。但目前，我們正在前進，就好像我們可以建造一樣。麥克，你想補充什麼嗎？

I'm glad to speak to you on. We filed our environmental permit for home construction and operation in April last year. We are currently going through the different meetings with a different firm. It will not only commission members. We expect our environmental permit in the second half of 2024. And then as Rob said, after having gone through the detailed engineering and at the same time, obtaining remaining permits along alongside we go there will be the path forward. We haven't made any kind of decision yet on how we are going to construct, as Rob said before, but we think that loss of Solus overall when you compare to other projects in the region has high constructability with low CapEx. I think that should help us with the financing and the construction going forward.

我很高興與您交談。我們於去年四月申請了房屋建設和營運環境許可證。我們目前正在與另一家公司舉行不同的會議。它不僅會委託成員。我們預計將於 2024 年下半年獲得環境許可證。然後，正如羅布所說，在完成詳細的工程設計並同時獲得剩餘的許可後，我們將繼續前進。正如 Rob 之前所說，我們尚未就如何建設做出任何決定，但我們認為，與該地區的其他項目相比，Solus 的整體損失具有較高的可建設性性和較低的資本支出。我認為這應該有助於我們今後的融資和建設。

(Operator Instructions) And there are no further questions at this time. Mr. Rob McEwen I will turn the call back over to you.

（操作員說明） 目前沒有其他問題。羅布·麥克尤恩先生 我會將電話轉回給您。

Thank you, operator. I'd like to thank everyone for being on the line. I think that our future is looking much brighter than it looked several years ago. So hold on, we are going higher.

謝謝你，接線生。我要感謝大家的來電。我認為我們的未來比幾年前看起來更光明。所以撐住，我們會走得更高。

Thank you and everyone, that will conclude our call for today. Thank you all for joining. You may now disconnect.

謝謝你們和大家，我們今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。