McEwen Inc (MUX) 2024 Q3 法說會逐字稿

Hello, ladies and gentlemen, welcome to McEwen Mining Q3, 2024 operating and financial results conference call present from the company today are Rob Mcewen, Chairman and Chief owner William Shaver, Chief Operating Officer, Perry Ing, Chief Financial Officer, Jeff Chan, Vice President of Finance, Stefan Spears, Vice President, corporate development, Michael Meding, Vice President and general manager and McEwen Copper Carmen Diaz, General Counsel and Security.

女士們、先生們，大家好，歡迎參加 McEwen Mining 2024 年第三季度營運和財務業績電話會議，今天出席會議的公司人員有董事長兼首席所有者 Rob Mcewen、首席營運官 William Shaver、首席財務官 Perry Ing、財務副總裁 Jeff Chan、企業發展副總裁 Stefan Spears、副總裁兼總經理 Michael Meding 以及 Perry McEwen Copper 的總顧問和安全顧問。

After the speaker's presentation, there will be a question-and-answer session (Operator Instruction) I will now turn today's call over to Rob McEwen chief owner. Please go ahead, sir.

演講者演講結束後，將有一個問答環節（操作員指示），我現在將今天的電話轉給執行長 Rob McEwen。先生，請繼續。

Thank you, operator, good morning, fellow shareholders and interested investors. You heard who is with me today on the call and they're available to answer your question when we move into that period during the third quarter and the first nine months of this year, we have made significant progress reporting, double and triple digit improvement in key performance metrics as you can read in our press release.

謝謝操作員，早安，各位股東和有興趣的投資者。您聽到了今天與我一起參加電話會議的人，他們可以回答您的問題，當我們進入今年第三季度和前九個月的那個時期時，我們取得了重大進展，報告顯示關鍵績效指標實現了兩位數和三位數的提升，正如您在我們的新聞稿中看到的那樣。

Third quarter of 24 was stellar compared to the third quarter of 23 revenue. Up 36% gross profit up 268% adjusted EBITDA, up 586% operating cash flow up at $23 million from a negative $2.3 million back in 2023.

與 23 年第三季的營收相比，24 年第三季的表現非常出色。毛利上漲 36%，調整後 EBITDA 上漲 268%，營運現金流從 2023 年的負 230 萬美元上漲至 2,300 萬美元，上漲 586%。

Our safety record is also stellar. We're pleased to post at our records at Gold Bar 54 months without a lost time accident at the Fox Complex 33 months without a lost time. And McEwen Copper, Los Azules an amazing 1.3 million man hours without a lost time accident.

我們的安全記錄同樣非常出色。我們很高興地公佈了我們的記錄：在 Gold Bar 連續 54 個月沒有發生一次工時損失事故；在 Fox Complex 連續 33 個月沒有發生工時損失事故。而 McEwen Copper 和 Los Azules 則創造了令人驚嘆的 130 萬個工時，從未發生過一起工時損失事故。

During the quarter, we continued to push our exploration spending $5.3 million at the Fox and Gold Bar mines. $6.1 million at Los Azules, the Mcewen Copper Project and these expenditures we view as strategic investment and that have successfully extended the lives of our mind, and they're currently treated as expenses and largely contributed to the net loss we recorded of $2.1 million or $0.4 a share. We will be providing updated resource estimates to be released early next year.

本季度，我們繼續推進勘探工作，在 Fox 和 Gold Bar 礦場花費 530 萬美元。 610 萬美元用於 Los Azules 的 Mcewen 銅礦項目，我們將這些支出視為戰略投資，並成功延長了我們的壽命，它們目前被視為費用，是造成我們記錄的 210 萬美元或每股 0.4 美元的淨虧損的主要原因。我們將提供最新的資源估算，並於明年初發布。

Okay.

好的。

For MCU and Copper, we have raised privately over our funds and over the in the last quarter, we closed on 56 million and that'll be used to complete the bankable feasibility study for Los Azules.

對於 MCU 和 Copper，我們已經私下籌集了資金，在上個季度，我們籌集了 5600 萬美元，這筆資金將用於完成 Los Azules 的銀行可行性研究。

And we expect the feasibility study to be completed in the first half of next year. And we're also expecting to receive our environmental permit to construct the mine during that same period.

我們預計可行性研究將於明年上半年完成。我們也希望在同一時期獲得建造礦山的環境許可證。

Once we have both the feasibility study and the environmental permit in hand, we're planning to IPO Mcewen and copper.

一旦我們獲得可行性研究和環境許可證，我們就計劃讓 Mcewen 和銅礦上市。

I think it's worth noting that we have raised privately over $470 million to go towards the development of Los Azules.

我認為值得注意的是，我們已經私下籌集了超過 4.7 億美元用於 Los Azules 的開發。

And based on the last financing that we completed at $30 a share, it gives an implied market value to Mcewen mining of $984 million.

根據我們上次以每股 30 美元的價格完成的融資，Mcewen 礦業的隱含市值為 9.84 億美元。

I expect this value will soon reach the unicorn status that I predicted several years ago.

我預計這個價值很快就會達到我幾年前預測的獨角獸地位。

During the quarter, we made some investments in Nevada. We completed the acquisition of timberline resources. It's a, it has properties, three properties but one close to our gold Bar mine has patented land claims with over half a million ounces outlined on there that we will be using to extend the life of our gold Bar mine. We are starting to drill on some of the exploration targets we've identified and that's starting this week and we'll continue through the year at Fox. Work is underway expanding our tailings facility to accommodate increased production from our Fox Complex and we will be driving a ramp to connect the underground at Stock of going to connect Stock East, Stock Maine and Stock West in Ontario. We bought a position in a company called Inventus mining. It has a very interesting paleo plaster gold deposit. These deposits are quite common in South Africa and contribute to South Africa's large gold production. It's a shallow deposit. We think it could be easily mined and find it a very interesting property. We also invested $14 million in Mcewen Copper part of the $56 million we raised early this year. Believing that after BHP& L their deal of in excess of $4 billion We looked at our property and said it's lower altitude, a larger resource, it's closer to infrastructure. We can see a higher value for our losses in this property.

本季度，我們在內華達州進行了一些投資。我們完成了林木線資源的收購。它有三處地產，但靠近我們金條礦的一處已獲得專利的土地所有權，上面列出了超過 50 萬盎司的黃金，我們將使用這些黃金來延長我們金條礦的壽命。我們開始對已確定的一些勘探目標進行鑽探，這項工作將於本週開始，並將在福克斯持續全年。我們正在進行尾礦設施的擴建工作，以適應 Fox Complex 產量的增加，並且我們將建造一個坡道來連接 Stock 的地下，以連接安大略省的 Stock East、Stock Maine 和 Stock West。我們買了一家名為 Inventus mining 的公司股份。它有一個非常有趣的古石膏金礦床。這些礦床在南非相當常見，為南非的大量黃金生產做出了貢獻。這是一個淺層沉積物。我們認為它很容易開採，並且發現它是一項非常有趣的財產。我們還向 Mcewen Copper 投資了 1400 萬美元，這是我們今年早些時候籌集的 5600 萬美元的一部分。我們相信，在必和必拓和路易斯安那州公司達成超過 40 億美元的交易後，我們查看了我們的財產，並說它的海拔較低，資源量較大，而且更靠近基礎設施。我們可以看到，這棟房產的損失有更高的價值。

At this point. I'd like to open the session for questions.

在此刻。我想開始回答大家的提問。

I can say we have two questions that came in online.

我可以說我們有兩個在線提出的問題。

Well, two people came in online, ask each asking two questions.

嗯，有兩個人上網，每人問兩個問題。

One was how much capital the company is planning to raise for Los Azules and a related question, the anticipated IPO in 2025. Can we provide preliminary details on the expected offering price and size of the offering?

一個是該公司計劃為 Los Azules 籌集多少資金，另一個相關問題是預計在 2025 年進行 IPO。我們能否提供有關預期發行價和發行規模的初步細節？

I'm sorry to say we can't say provide comments on either of those could be considered premarketing and we haven't completed the feasibility. So, we are not, we don't have a hard number to say how much is going to raise. But once we have the feasibility study out, we can answer those questions. The second questions came in and it was outlining what studies have been completed at Los Azules for the feasibility and what are outstanding and also exploration news, what are we going to be doing on the newly discovered poor free system that's three Km’s away? And I'll ask Mike Meding our VP and General Manager of Los Azules to answer those questions, those two questions, Mike.

很遺憾，我們不能說這兩者提供的評論都可以被視為預先行銷，而且我們還沒有完成可行性研究。所以，我們沒有一個確切的數字來說明要籌集多少資金。但一旦我們完成可行性研究，我們就可以回答這些問題。第二個問題概述了在 Los Azules 已完成的可行性研究以及尚待完成的研究，以及勘探新聞，我們將在三公里外新發現的貧瘠自由系統上做什麼？我將請我們的副總裁兼 Los Azules 總經理 Mike Meding 來回答這些問題，這兩個問題，Mike。

Thank you so much for so our record breaking drilling complaint last season with 23 research at site provided most of the technical data needed for the feasibility study. We plan to drill an additional approximately 7,700 m this season to complement existing data using weeks operated mainly by local contractors with development. So we're planning nearly 4,000 m of condemnation drilling using diamond drills in the area designated for future project infrastructure along with about 1,400 m of geotechnical sonic drilling, 1,500 m of geotechnical diamond drilling and 800 m of hydrogeological wells to support our study conclusion.

非常感謝您為我們上個季度破紀錄的鑽探做出貢獻，現場的 23 項研究提供了可行性研究所需的大部分技術數據。我們計劃本季再鑽探約 7,700 米，以補充現有數據，主要利用當地承包商進行的開發時間。因此，我們計劃在指定用於未來專案基礎設施的區域使用鑽石鑽機進行近 4,000 公尺的廢料鑽探，同時進行約 1,400 公尺的岩土聲波鑽探、1,500 公尺的岩土鑽石鑽探和 800 公尺的水文地質井，以支持我們的研究結論。

In Q in Q3, we updated the mineral resource model optimized pit resources and conducted initial reserve calculations with results being likely close to the preliminary economic assessment. The P/E A we also completed hydrological models, process instrumentation diagrams, the PNIDs and initiated third party reviews for resource modelling, geotechnics, hydrology and methodology. Metallurgical recoveries are trending at expected levels with recoveries of around 76% in line with the prior press release, we put out, we've signed a second memorandum of understanding with YPF to ensure feasibility study level of engineering aligns with our feasibility goals.

在第三季度，我們更新了礦產資源模型，優化了礦坑資源，並進行了初步儲量計算，結果可能接近初步經濟評估。P/E A 我們也完成了水文模型、製程儀表圖、PNID，並啟動了資源建模、岩土工程、水文學和方法論的第三方審查。冶金回收率趨勢達到預期水平，回收率約為 76%，與我們發布的先前新聞稿一致，我們已與 YPF 簽署了第二份諒解備忘錄，以確保工程可行性研究水平與我們的可行性目標相一致。

YPF committed to options to provide renewable energy for the project to wind solar and hydro sources.

YPF 致力於為該專案提供風能、太陽能和水力等再生能源。

Our team conducted benchmark visits in Chile and the US and engaged with major equipment suppliers on electric and autonomous feed options.

我們的團隊在智利和美國進行了基準訪問，並與主要設備供應商就電動和自動進料選項進行了接觸。

Now, what are the remaining steps? The remaining steps before the feasibility study include completing the site investigation. As I mentioned before, the final mind, design, complete, metallurgical valuability testing, engineering, logistics planning, equipment, specification, capital, and operating cost confirmation. And finally, finally, the write up of the feasibility study itself, which we already started. We aim to include the Newton side as potential in the N A 43 101.

現在，剩下的步驟是什麼？可行性研究之前的剩餘步驟包括完成現場調查。正如我之前提到的，最終的想法、設計、完成、冶金價值測試、工程、物流規劃、設備、規格、資本和營運成本確認。最後，我們已經開始撰寫可行性研究報告了。我們的目標是將牛頓方面的能力融入 N A 43 101。

So that's what we have on the schedule going forward with regards to tango depending on funds availability. We have a comprehensive program in place to test the mineralization in Tango. You remember that we discovered a possibly about three Km’s east of Los Azules. This will not be included in the feasibility studies. On top of what we think is that we have a proper system. We have seen Molly on surface, we have seen quartz veining, we have seen copper veining, we have seen geophysical and we have drilled at the last at the end of the last season to relatively shallow depth, but we saw 106 m with about 0.11% of copper. And while this is a borderline, it shows that the system is minimalized. So, we're going to build more to the center of where we see the annually to confirm the presence of higher grade.

這就是我們根據資金狀況所製定的探戈未來計畫。我們有一個全面的計劃來測試 Tango 的礦化。您記得我們在洛斯阿祖萊斯 (Los Azules) 以東約三公里處發現了一個可能的地方。這不會包括在可行性研究中。我們認為最重要的是我們有一個適當的系統。我們在地表上看到了莫莉，看到了石英脈，看到了銅脈，看到了地球物理，並且在上個季節結束時我們已經鑽探到相對較淺的深度，但我們看到了 106 米，其中約有 0.11％ 的銅。雖然這是一個邊界，但它表明系統已被最小化。所以，我們將在每年觀察的中心建造更多建築，以確認更高等級的存在。

That's what we have on top of mind for time going forward.

這就是我們今後最要考慮的事。

Thank you, Mike Operator. Are there other questions.

謝謝你，Mike Operator。還有其他問題嗎？

As a reminder to ask a question,(Operator Instruction). Again, your first question is from the line of Jake Sekelsky with Alliance Global Partners.

提醒您提出一個問題，（操作員指令）。再次，您的第一個問題來自 Alliance Global Partners 的 Jake Sekelsky。

Hey, Rob, thank you.

嘿，羅布，謝謝你。

Hey Rob.

嘿，羅布。

So just looking at Gold Bar turned in another strong quarter from a production perspective. I'm just curious, are, are the higher production levels we saw over the last two quarters. Something we should expect to continue heading into 2025.

因此，僅從生產角度來看，金條就又經歷了一個強勁的季度。我只是好奇，過去兩個季度我們的生產水準是否有所提高。我們應該期待這種情況會持續到 2025 年。

Maybe I answer that question for you. We have increased the amount of material we're moving at Gold Bar, but a lot of that material is actually waste that we're moving off of a part of the fit that's called P three. So, it's, it's basically a stripping operation. So, although we are moving more significantly more material, the expectation is that production of gold in 2025 will be in line with what we've done, as you know, this year or so. We'll have an equal amount of gold produced in 2025 with more tons being mined because of the amount of stripping and that, you know, we're aggressively pursuing the stripping now because of the high gold price.

也許我可以為你回答這個問題。我們增加了 Gold Bar 的材料運輸量，但實際上很多材料都是廢料，是我們從稱為 P3 的組裝部分中搬運出來的。所以，這基本上是一個剝離操作。因此，儘管我們正在運輸更多的材料，但預計 2025 年的黃金產量將與我們今年左右的產量保持一致。2025 年，我們的黃金產量將與現在持平，但開採量會更大，因為剝離量會增加，而且你知道，由於金價高企，我們現在正在積極剝離黃金。

Okay. That's helpful. And switching to the, the timber line acquisition, Rob you touched on this a bit. Can you just give us some color on what the permitting process and timeline might look like at Eureka? I'm just curious how quickly some of this material could potentially be brought into the, the Gold Bar mine plan.

好的。這很有幫助。轉到木材線收購，羅布，你稍微提到了這一點。您能否向我們介紹 Eureka 的授權流程和時間表？我只是好奇這些材料能多快被納入金條礦計畫。

Sure, I'll ask Stefan Spears too.

當然，我也會問史蒂芬‧斯皮爾斯。

Address that question.

回答該問題。

No problem, Rob. Hi Jake. So, we're looking, I mean, we're working already on the permitting process. We've got our permit to conduct exploration. As Rob said in his remarks, exploration has, has started on part of the property. There's kind of two segments to the property, one area where we have patented mining claims that are not BLM ground.

沒問題，羅布。嗨，傑克。所以，我們正在研究，我的意思是，我們已經開始著手許可流程了。我們已經獲得了進行勘探的許可證。正如羅佈在演講中所說，部分財產的勘探已經開始。該財產分為兩個部分，一個區域是我們有專利的採礦權的區域，但不屬於 BLM 土地。

So we're dealing with the state only on permitting there and that has a kind of a quicker time line of around two years for, for permitting. BLM permitting is a slight unknown, but it's expected to be longer and that would affect the lookout mountain resource.

因此，我們只與州政府打交道辦理許可，而許可的時間安排比較快，大約需要兩年。BLM 許可證的發放尚不確定，但預計持續時間會更長，這將影響瞭望山資源。

And So the way the team is looking at it is, you know, it'll be permitted in, in several phases, with the earliest possible production projected for around 2027 and then layering on, from, from there.

因此，團隊對此的看法是，你知道，它將分幾個階段獲準投入生產，預計最早在 2027 年左右投入生產，然後再從那裡開始逐步推進。

Got it. Okay. That's helpful. And then just lastly at, at Fox, any color on the development work that's being done and still needs to be done there over the next quarter or so in order to, to improve [ST].

知道了。好的。這很有幫助。最後，福克斯方面，能否透露一下正在進行的開發工作，以及未來一個季度左右還需要進行哪些改進？[英石]。

Access bill, would you care to address that?

訪問法案，你願意解決這個問題嗎？

Yes. Well, we are in, in the final throes of getting our permit to start the ramp excavation to get down into the main ore body at stock and, and also into Stock East.

是的。好吧，我們正處於最後的掙扎中，需要獲得許可證才能開始進行斜坡挖掘，以便進入 Stock 的主要礦體，以及 Stock East。

At the same time, we are doing some shaft rehabilitation of and this work is being done principally to make sure we have a proper egress from the mine and also to help in the eventual ventilation system for, for the operation.

同時，我們正在進行一些礦井修復，這項工作主要是為了確保我們有正確的礦井出口，同時也為了幫助最終的通風系統正常運作。

So I, I guess we're, we're hoping to have the stock. So some parts of the stock operation in operation in kind of Q3 Q4 of next year.

所以我想我們希望有股票。因此部分庫存將在明年第三季和第四季開始運作。

And that will overlap nicely with ore coming out of room so that we don't end up with a GAAP in between the two operations.

這將與從房間出來的礦石很好地重疊，這樣我們就不會在兩個操作之間出現 GAAP。

And, you know, this year we've had, I would say a very successful drilling program where we've extended the ore to stock east and extended or, you know, down as deep as 600 m. So, you know, I think the future looks pretty good there and of course, with today's prices, you know, even looks a little bit better. So, yeah, we're pretty optimistic about what we'll be able to do in with our assets in Timmons. And, you know, we're now working diligently on a plan that gets us, oh, kind of around 100,000 ounces per year by 2028.

你知道，今年我們的鑽探計畫非常成功，我們將礦石延伸至礦藏東部，甚至延伸到地下 600 公尺深。所以，你知道，我認為那裡的未來看起來相當不錯，當然，以今天的價格來看，甚至看起來更好。所以，是的，我們對利用蒂蒙斯的資產所能做的事情非常樂觀。你知道，我們現在正在努力製定一項計劃，到 2028 年，我們的產量將達到每年 100,000 盎司左右。

And we know some of that planning will be fleshed out in our 2025 budget process which, you know, is going to which we're working on diligently right now and, you know, we'll have before our board sometime in December.

我們知道，其中一些規劃將在 2025 年預算流程中充實，我們現在正在努力完成這項預算流程，並將於 12 月的某個時候提交給董事會。

Got it. That's all for me. Thanks again and congrats on the quarter.

知道了。對我來說這就是全部了。再次感謝並恭喜本季取得佳績。

Thank you, Joe.

謝謝你，喬。

Your next question is from the line of Joseph Joseph Reagor with Roth Capital partners.

您的下一個問題來自羅斯資本合夥人約瑟夫·約瑟夫·里格 (Joseph Joseph Reagor)。

Hi, Joe.

嗨，喬。

Hey, Rob and team. Thanks for taking the questions. I guess the first one just kind of a follow up to Jake's question about Gold Bar. But more so about just this year, the current guide, you know, you're almost there already. Should we read into that? That Q4 is going to be a lower production or, or lower production quarter because there's less, you know, or stacked in Q3 or is there just, you know, no incentive to raise the guide ahead of the quarter. You know, which way should we read that?

嘿，羅布和團隊。感謝您回答這些問題。我想第一個問題只是對傑克關於金條的問題的後續回答。但更重要的是，就今年而言，按照目前的指南，你已經快到了。我們是否應該深入解讀這一點？第四季的產量將會較低，或者說生產量會較低，因為第三季的產量較少，或者說沒有動力在本季之前提高產量預期。你知道，我們應該怎麼解讀它？

Well, actually there, the plan for Q4 was that it was going to be a low production, period of time. And that's in part due to some of the stripping we are, we are doing on the pick three.

嗯，實際上，第四季度的計劃是，這將是一段低產量的時期。這在一定程度上是由於我們在第三順位進行了一些剝離。

And, and so I can't remember exactly what that number is, but it seems to me it's around for the quarter, it's around 8,000 ounces for the last quarter is the number I kind of remember, but it, it's, I think it's between eight and nine and, and that was always part of the plan.

而且，所以我不記得確切的數字是多少，但在我看來，這個季度的數字大概是 8,000 盎司左右，我記得上個季度的數字是這個，但我認為是在 8 到 9 盎司之間，這一直是計劃的一部分。

So, you know, we're, we're basically on track to meet guidance with, with, you know, the better quarter that we just had and, you know, the, and we're working hard to try and make, make the last quarter a little bit better. And, you know, we're pushing the, the, our, our fellows to do that and a few of us are headed down there next week to spend some time trying to figure out, you know, how to do that.

所以，你知道，我們基本上有望實現預期，你知道，我們剛剛度過了一個更好的季度，你知道，我們正在努力嘗試，讓上個季度的情況更好一些。你知道，我們正在敦促我們的同事這樣做，我們中的一些人將於下週前往那裡，花一些時間試圖弄清楚如何做到這一點。

So, so, yeah, I don't, I don't think we're going to see a significant change in the overall guidance for the year. So, but, you know, it's kind of steady as she goes.

所以，是的，我不認為我們會看到今年的整體指引發生重大變化。所以，但是，你知道，她走的時候很穩定。

Okay, fair enough. And then for Los Azules Post, the equity issuance a couple weeks ago, what's the cash balance roughly right now in the subsidiary.

好吧，夠公平。那麼對於幾週前發行股票的 Los Azules Post 來說，該子公司目前的現金餘額大致是多少。

The Jeff, do you want?

傑夫，你想要嗎？

Sure, let me just pull that up but it would just be north of $40 million at the moment.

當然，讓我來算一下，但目前這個數字應該剛好超過 4,000 萬美元。

You get that Joe.

你明白了，喬。

Yes. Alright. And then one final thing as you guys work towards adding in the Timberland acquisition to Gold Bar, will you guys be treating it as a separate mine or you guys be treating it as kind of like a separate pit but still all through gold bar from like an accounting standpoint.

是的。好吧。最後一件事，當你們努力將 Timberland 收購添加到 Gold Bar 中時，你們會將其視為一個單獨的礦山還是將其視為一個單獨的礦坑，但從會計的角度來看，仍然通過金條進行。

From an accounting standpoint of the unitized under Gold bar.

從金條單位化的會計角度來看。

Most likely.

最有可能的。

Yeah. Yeah. And that's in part because operationally, you know, eventually we may have a leach pad at timber line, but you know the final pro finished product, the gold bar will be still produced at Gold Bar. So, we'll transport carbon back to back the gold bar and then, and then remove the gold.

是的。是的。部分原因是，從操作上講，您知道，我們最終可能會在木材線上設立浸出墊，但最終的專業成品，金條仍將在 Gold Bar 生產。所以，我們會將碳運送回金條，然後再取出黃金。

Okay. That's.

好的。就是這樣。

Helpful. All right, I'll turn it over. Thanks guys.

很有幫助。好的，我會把它轉過來。謝謝大家。

Thank you.

謝謝。

Your next question is from the line of Heiko F. Ihle with H.C. Wainright & Co

您的下一個問題來自 H.C. 的 Heiko F. Ihle。溫萊特公司

Hello. Hi co Hey, hey.

你好。嗨，嘿，嘿。

Rob, how are you?

羅布，你好嗎？

Excellent. Thank you.

出色的。謝謝。

Hey, you had somewhat lower than expected grades at San Jose. Can you just provide a bit of color on what happened? I assume the mind plane is still intact and also most importantly, probably what you've seen Q for us for and then building and all of that. How should we think of all our longer term estimates to the side? I assume that this is more of a one-time thing, right?

嘿，你在聖荷西的成績比預期的要低。能否稍微介紹一下發生的事情？我認為心智層面仍然完好無損，而且最重要的是，可能你已經為我們看到了 Q，然後構建等等。我們應該如何看待所有長期估計？我認為這只是一次性的事情，對嗎？

Yes. Perry will answer that question.

是的。佩里將回答這個問題。

Morning Heiko. Thanks for your question. So, yeah, we have regular dialogue with the, the team from oil and management at San Jose. They've advised that the lower grades were temporary again, mostly reconciliation versus resource model, but that seems to have been rectified in October or by October. So Q4 is trending well, so far and, you know, we believe the operation is on track to meet guidance. Overall, I think, you know, they're quite bullish on San Jose as, as an operation.

早上好，Heiko。感謝您的提問。是的，我們與聖荷西的石油和管理團隊保持定期對話。他們表示，較低的成績再次是暫時的，主要是與資源模型的和解，但這似乎已在 10 月或 10 月之前得到糾正。所以到目前為止，第四季度的趨勢很好，而且我們相信營運有望達到預期。總的來說，我認為他們對聖荷西的運作非常看好。

Obviously, silver prices having ticked up over the past quarter has, has helped significantly. And, you know, there has been some modest exploration success which continue to extend mine life.

顯然，過去一個季度銀價的上漲起了很大的幫助。而且，您知道，一些適度的勘探已經取得成功，這將繼續延長礦山的壽命。

Fair enough and then something completely different. And, and frankly, I'm actually shocked that this hasn't come up yet. It's a bit more philosophical. I mean, you're, you're based in Canada, you operate Gold Bar in Nevada. Obviously, big news out of the States today, we're going to get a new President in January.

相當公平，然後是完全不同的事情。而且，坦白說，我真的很震驚這個問題還沒有發生。這更富有哲學意義。我的意思是，你的總部在加拿大，你在內華達州經營金條。顯然，今天美國傳來重大新聞，我們將在一月迎來新總統。

I want to see if you have internally thought of the impact of all of that positive or negative from the results from last night. Even like minor things, you know, whatever cash meeting across borders, you know, staff travel, that kind of stuff.

我想看看你是否內心思考過昨晚的結果會帶來哪些正面或負面的影響。即使是一些小事，你知道，無論是跨境現金會議，員工旅行，諸如此類的事情。

Well, McEwen Mining is a Colorado Incorporated company. Gold Bar is in Nevada and President elect Trump has said that he wants to encourage the development of resources in the country. And I think it can only be positive, wants to streamline the regulations and create more employment in the country. So

嗯，McEwen Mining 是一家科羅拉多州註冊公司。金條位於內華達州，當選總統川普表示，他希望鼓勵該國的資源開發。我認為這只能是積極的，希望簡化法規並在該國創造更多的就業機會。所以

And, and he's pro mining, obviously.

而且，顯然他是支持採礦業的。

Yes. So, I, I think that's good for Gold Bar and our other properties there.

是的。所以，我認為這對 Gold Bar 和我們在那裡的其他資產來說是一件好事。

Fair enough. I, I figured.

很公平。我，我想。

You'd say something along those lines, but you don't have any little like internal checklist of things that you're focusing on.

您可能會說類似這樣的話，但您沒有任何一份內部清單來列出您所關注的事情。

It's too early at this point.

目前來說還為時過早。

The outcome of the election was up in the air and we just thought we'd let the dust settle before trying to look at that.

選舉結果尚未確定，我們只是想先讓塵埃落定，然後再考慮這個問題。

I appreciate it.

我很感激。

Thank you very much.

非常感謝。

Thank you Heiko.

謝謝你，Heiko。

Oh, sure.

哦，當然了。

As a reminder to ask a question. Press star one on your telephone keypad. Your next question is from the line of Chris White with TELUS ventures.

提醒一下，要問一個問題。按下電話鍵盤上的星號 1。您的下一個問題來自 TELUS 創投公司的 Chris White。

Hello, Chris.

你好，克里斯。

Good morning Robin team. Congratulations on the sales price of $2,499. And now that's great.

早安，羅賓團隊。恭喜銷售價格達到 2,499 美元。現在一切都變得很棒了。

I got two quick questions. I think they might be for bill. But you let me know.

我有兩個簡短的問題。我認為他們可能是為了法案。但你讓我知道。

So with you in the release, I'm struggling with on slide 28 of the corporate deck. It said that our all in sustaining costs were going to be going down to like $1,650 to &1,750 at Gold Bar.

因此，在發布會上，我正在為公司簡報的第 28 張幻燈片而苦苦掙扎。它說我們的全部維持成本將下降到 Gold Bar 的 1,650 美元到 1,750 美元。

But the press release at gold bars actuals was $1,822 and then same thing at Fox. The slide 28 says $1,450 to $1,550 for Fox.

但新聞稿中金條的實際價格為 1,822 美元，而福克斯新聞上也是同樣的情況。第 28 頁的幻燈片顯示福克斯的股價為 1,450 美元至 1,550 美元。

But the actual was $1,953 or $400 to $500. More than 28 slide 28 suggested, could you maybe provide more details here for all of us on the line? And maybe the answer also, what would it take to get under $1,500 Q4? Is that, is that even possible?

但實際金額為 1,953 美元，即 400 至 500 美元。除了第 28 張投影片所建議的 28 項內容之外，您能否在這裡為我們所有人提供更多詳細資訊？或許答案也是，要達到低於 1,500 美元需要什麼？那，那可能嗎？

Do you want to answer part of that Jeff or?

傑夫，你想回答其中的一部分嗎？

Yeah, I would say the chances of us getting under $1500 is probably a very low in the case of Gold Bar, it's in part because we're on a very aggressive stripping program right now to take advantage of the high gold price to do stripping at pick three, pick three is, you know, a lower, a little bit lower grade than the average at, at gold bar. And you know, at these prices, it is a very valuable or but if the price of gold say fell back to $1500 you know, that material might not even be our. So, so we're in part, we may be seeing some higher I guess cost per ounce numbers, but you know, those are based on doing proper work in order to put us in a better position for next year.

是的，我想說，就金條而言，我們獲得低於 1500 美元的價格的機會可能非常低，部分原因是我們現在正在實施非常積極的剝離計劃，以利用高金價在三號選區進行剝離，三號選區，你知道，比金條的平均等級要低一點。你知道，以這樣的價格，它是非常有價值的，但是，如果金價回落到 1500 美元，這種材料可能就不是我們的了。所以，從某種程度上來說，我們可能會看到一些更高的每盎司成本數字，但你知道，這些都是基於適當的工作，以便讓我們在明年處於更好的地位。

Sure. So just in clarifying the slide 28 in your corporate deck, you guys are going after different parts of the mine than you. What, what the all in sustaining cost of $1,650- $1,750 was reflecting. Is that right? Because the price of gold is higher.

當然。因此，只要澄清一下貴公司簡報中的第 28 張投影片，你們所追求的礦井部分與你們不同。總維持成本 1,650 - 1,750 美元反映了什麼？是嗎？因為黃金的價格較高。

That's right. And, and, and also, I mean, this stripping that we're doing now is, is it is going to expose or for next year?

這是正確的。而且，而且，而且我的意思是，我們現在進行的剝離是要暴露出來還是為了明年？

Got it.

知道了。

Any comment on Fox, why Fox came in so high?

對福斯有什麼評論嗎？

Well, Fox is primarily high because of the lower the low production in Q3. That's basically, you know, it's, it has to do with the divisor. And you know, it also, I guess is some of it is attributed to, you know, all of the money we're spending at this point on, on getting stock going as well.

嗯，福克斯股價上漲主要是因為第三季的產量較低。您知道，這基本上與除數有關。而且你知道，我猜這也部分歸因於我們目前在庫存方面所花費的所有資金。

And that wasn't factored in on the slide 28 piece. Like what's the, what's the delta between what you guys have in the corporate deck and what actually happened in Q3?

第 28 頁投影片中並未考慮到這一點。例如，你們公司所擁有的內容和第三季實際發生的情況之間的差異是多少？

So, so the, so.

所以，所以，所以。

This is Jeff Chan here, just to speak to slide 28 on this deck, you know, I think we need to keep in mind that the guidance figures here are provided on an annual basis. And so just speaking to Gold Bar specifically, we still do expect to meet or exceed by exceed. I mean, come in below our cost guidance on an annual basis. I think as Bill mentioned in his earlier remarks, given the planned declining production of Gold Bar quarter over quarter, it would be natural to see increasing quarterly unit costs go up, but on an annual basis, you know what I would expect to still come in, you know, again within or below cost guidance at, at Fox. It's exactly as Bill mentioned.

我是 Jeff Chan，我針對這張投影片的第 28 頁做一下發言，我想我們需要記住，這裡的指導數據是按年度提供的。因此，僅具體到金條，我們仍然希望達到或超過。我的意思是，以年度計算，低於我們的成本指導值。我認為，正如比爾在他之前的評論中提到的那樣，鑑於金條產量計劃逐季下降，季度單位成本上升是自然而然的，但從年度來看，我預計福克斯的成本仍將在指導範圍內或低於指導範圍。正如比爾所提到的。

You know, due to the lower than, than planned production and, and the production mess that, that, that we've advised the markets, we are expecting higher than expected unit costs in, in our guidance. You know, looking at our financial base, it's not a result of overspent, I think on a total basis we're expecting to be within, exactly our plan spend. But it is a, it is a production issue.

您知道，由於產量低於計劃，以及生產混亂，我們已經向市場建議，我們預計單位成本將高於預期。您知道，看看我們的財務基礎，這不是超支的結果，我認為總體而言，我們預計的支出將完全在計劃之內。但這是一個生產問題。

And at Fox, there was an unexpected failure of one of the scopes that affected a larger area underground and that reduced our production. As Bill said, when he reduced the production, the cost per ounce goes up.

在福克斯，其中一個瞄準鏡意外發生故障，影響了地下更大的區域，導致我們的產量下降。正如比爾所說，當他減少產量時，每盎司的成本就會上升。

It's also remember that the from mine is kind of in, in its last year of, of, of mine life. And so there, you know, there is, that's always a bit more challenging, I would say, but we're handling that. Well.

我還記得，這已經是我人生的最後一年了。所以，我想說，這總是有點挑戰性的，但我們正在處理它。出色地。

That, that's helpful. So, so it sounds like that if we were to put a bow on this answer, you guys are sticking with the estimates on slide 28 and that Q3 was just an outlier. Is that a fair articulation?

那，那很有幫助。所以，聽起來，如果我們要對這個答案做出判斷，你們會堅持第 28 張投影片上的估計，而 Q3 只是一個異常值。這是一個合理的表述嗎？

I'd say, you know, my, I guess just to maybe add some caution there, I, I would expect that the, what we're going to see is a slightly higher cost per ounce at, at, at Fox, you know, and, and it'll depend on exactly what the production is in the last quarter.

我想說，你知道，我猜可能只是為了增加一些謹慎，我預計，我們將看到的是福克斯每盎司的成本略有上漲，你知道，這將取決於上個季度的產量。

Got it.

知道了。

So then my last question here, just kind of spring polls or, or springboards rob off what you said in the release, you know, it says 15% to 20% fewer ounces compared to the annual guidance on Fox for the reason that you highlighted if, if that hadn't happened, wouldn't we be looking at potentially a break-even quarter? And I guess if, if that's correct, how do we make sure that, that this type of thing doesn't happen again because boy, the stock would be ripping if you guys could just be breaking even. I don't know.

那麼我的最後一個問題，只是一種春季民意調查或跳板，奪走了你在新聞稿中所說的內容，你知道，它說與福克斯的年度指導相比，產量減少了 15％ 到 20％，因為你強調如果那沒有發生，我們是否可能會看到一個收支平衡的季度？我想，如果這是正確的，我們如何確保這種事情不再發生，因為如果你們能夠收支平衡，股票就會大幅上漲。我不知道。

I am I interpreting that correctly that that's what's stopping us from being break even. And, and then this question of how do we make sure this doesn't happen again?

我的理解是正確的，這就是阻止我們實現收支平衡的原因。那麼，問題來了，我們要如何確保這種事情不再發生？

You're totally correct, Chris and, this is Perry, the, the CFO. So, so definitely have we produce a bit more ounces? We would have had a positive quarter. And as well as Rob mentioned, going back to Los Azules, you know, once we finish the feasibility study and have our permits in hand, we can actually capitalize our exploration costs that me and copper is incurring.

你完全正確，克里斯，這是首席財務官佩里。那麼，我們確實多生產了一些嗎？我們本應有一個積極的季度。正如 Rob 所提到的，回到 Los Azules，你知道，一旦我們完成可行性研究並拿到許可證，我們實際上就可以將我和銅所產生的勘探成本資本化。

So if you look at our year-to-date spend, you know, our year-to-date proportional loss, $36 million-$37 million you know, that that would have been nullified on as a loss and, and we would have had, you know, be quite profitable for, for the year and for the quarter.

因此，如果您查看我們年初至今的支出，您知道，我們年初至今的比例損失為 3600 萬至 3700 萬美元，那麼這筆錢將作為損失抵消，而且，您知道，我們今年和本季度都會獲得相當可觀的利潤。

So $34 Million.(Multiple Speakers)

所以是 3400 萬美元。

So when, what quarter do you think that that comes together? I mean, I, I&I asked this is, I've been on the ride with you since 2016 and I've been an investor, not, not a speculator and it's been rough and so I'm ready for it to come. It'd be interesting to hear.

那麼您認為什麼時候、哪個季度會出現這種情況？我的意思是，我問這個問題是，自 2016 年以來，我一直與您同行，我一直是投資者，而不是投機者，這很艱難，所以我已準備好迎接它的到來。聽起來很有趣。

Yeah, I could, I could imagine for you. When do you think that quarter perry, when the.

是的，我可以，我可以為你想像。你認為那個季度佩里什麼時候，什麼時候。

Feasibility will be in the first half of next year? And the, I guess the feasibility as Michael talked about is well underway, the timelines for that are, are, you know, fairly definite. The permits obviously were subject to you know, the timelines from the appropriate ministries in Argentina.

可行性會在明年上半年嗎？我想，正如麥可所說的，可行性已經在順利進行中，時間表也相當明確。顯然，這些許可證要遵守阿根廷相關部會的時間表。

And then so.

然後就這樣了。

So first half of 25. We should be printing positive quarters.

所以是 25 的前半部。我們應該印刷正數的季度報表。

Well, well, we'll have the feasibility. We expect to have the permit and we have to get the IPO out.

好吧，好吧，我們將有可行性。我們期望獲得許可，並且必須進行 IPO。

We don't need to have the IPO. All right. So, the end of the first half, we should be moving into positive grounds assuming we don't buy something else.

我們不需要進行首次公開發行 (IPO)。好的。因此，假設我們不購買其他東西，那麼到上半年結束時，我們的業績應該會呈現積極態勢。

Which prices could be good. Alright. Thank you guys.

哪些價格可能不錯。好吧。謝謝你們。

Thank you, Chris.

謝謝你，克里斯。

Thank you for your loyalty.

感謝您的忠誠。

Your next question is from the line of John Moran.

您的下一個問題來自約翰·莫蘭 (John Moran)。

Hi, I have two questions. The first I've been an individual investor for over 12 years now, having over 40,000 shares. When people ask me why I invested in the company, I told them, I said the company is really unique. You founded and were Chairman of the Gold Corp. And then you started this company, you have a large, you know, stake in it and plus originally you had no debt. So, I said, you know, it's one of a one of a kind the thing that puzzles me though is that back in the day? Like you know, about 12 years ago, the stock was subs or at least peak substantially higher. Now, from what I can see the company is in much, much better shape.

你好，我有兩個問題。首先，我作為個人投資者已經 12 年多了，持有超過 40,000 股。當人們問我為什麼要投資這家公司時，我告訴他們，這家公司確實很獨特。您創立了黃金公司並擔任董事長。所以，我說，你知道，它是獨一無二的，但令我困惑的是，那是過去的事了？就像您知道的，大約 12 年前，該股票的價格低於或至少達到了峰值。現在，就我所見，公司的狀況好多了。

Now you finish that road for the copper and, and you mentioned that the copper, if I understood you correctly is worth more than the stock price, not even counting the gold and silver. So what puzzles me is nothing to do with, with you. But why the market isn't reflecting this, you know, to a much larger degree where you would estimate the stock should be in the 20s or 30s.

現在你已經完成了銅的開採，你提到，如果我理解正確的話，銅的價值比股票價格還要高，甚至還不包括黃金和白銀。所以令我困惑的是與你無關。但為什麼市場沒有在更大程度上反映這一點，你知道，你估計股票價格應該在 20 到 30 美元之間。

And then my second comment, I heard what you said about Trump but just you know, today the, the gold is down about $80 a share almost and the silver dollar 50. And I was wondering, you know, if it's a positive reflection, at least with the Colorado Nevada or in the Nevada line, why do you think it, it dropped so substantially?

然後我的第二條評論是，我聽到了你對川普的評論，但你知道，今天黃金價格下跌了近 80 美元，銀價下跌了 50 美元。我想知道，如果這是一個積極的反映，至少對於科羅拉多州內華達州或內華達州而言，您認為為什麼它會大幅下降？

Thank you.

謝謝。

Thank you John. Okay, let's deal with the first question about why are we not higher. And I agree we are in better shape than we were back then. We have production coming from a number of areas. Unfortunately, there was a period of 3 year to 4 years, 2018 to 2022 where our operations were not delivering on guidance. They missed it by a wide margin. And as a result, our revenue is low and I think people looked at our proper project and said, how are you going to finance that? This is a big project and it's going to be very cash hungry. So we separated the copper and said, let's raise the money privately there rather than diluting the Q and mining to raise the funds and, and we've had the benefit of our operations, our precious metal operations coming back on stream and performing much better.

謝謝你，約翰。好的，讓我們來處理第一個問題：為什麼我們沒有更高。我也同意我們現在的狀況比那時好。我們的生產來自多個地區。不幸的是，從 2018 年到 2022 年的 3 到 4 年期間，我們的營運未能達到預期。他們錯失了大好機會。結果，我們的收入很低，我想人們在看我們的合適項目時會說，你打算如何為其籌資？這是一個大項目，會耗費大量資金。因此，我們將銅分離出來，並說，讓我們在那裡私下籌集資金，而不是稀釋 Q 和採礦來籌集資金，而且，我們的運營也受益匪淺，我們的貴金屬業務重新投入運營並表現得更好。

There's still, I think an issue of consistency in the production across all of the operations, one's up, the other one's down and that's being addressed and we see room to expand our production of considerably. So, over the next 3 to 4 years through organic growth, So we're looking at a bigger price. When we do our own internal estimates of value, it's sort of the sum of the parts we have the copper holdings, we have a portfolio of five royalties, none of them producing at the moment, but the largest one is on Los Azules 1.25%. And based on the preliminary economic assessment production forecast that would generate over a 27 year life better than $400 million.

我認為，所有營運中的生產一致性問題仍然存在，一個上升，另一個下降，我們正在解決這個問題，我們看到了大幅擴大生產的空間。因此，在未來 3 到 4 年內，透過有機成長，我們將獲得更高的價格。當我們進行內部價值估算時，它有點像是我們所持有的銅礦各部分的總和，我們擁有五個特許權使用費的投資組合，目前它們都沒有生產，但最大的一個是在 Los Azules 1.25%。根據初步的經濟評估生產預測，該項目將在 27 年的時間內創造超過 4 億美元的收益。

And then we get down into the gold shares and when you compare it to a peer group, we're trading at a large discount at the moment and these results and what we can see going forward should start addressing concerns about the life of these assets and the cost of them.

然後我們討論黃金股票，當你將其與同類股票進行比較時，我們目前的交易價格有很大折扣，這些結果以及我們未來可以看到的情況應該開始解決人們對這些資產的壽命和成本的擔憂。

So I think it's a timing issue that will resolve itself as we move forward, but it's been a painful process with respect to Trump and, and the gold price, I was looking at it and so Bitcoin was up and gold was down. And I think that's odd. I suppose the markets saying they don't expect the Trump government to be spending, being as profligate, a spender as would the Harris government and that's, stronger, resulting in a stronger dollar or a perception of a stronger dollar.

所以我認為這是一個時機問題，隨著我們前進，它會自行解決，但對於川普來說，這是一個痛苦的過程，而黃金價格也是如此，我一直在關注它，比特幣上漲，而黃金下跌。我認為這很奇怪。我想，市場表示，他們不認為川普政府會像哈里斯政府那樣揮霍無度，揮霍無度，這將導緻美元走強或人們認為美元走強。

And, and you saw it wasn't only gold, it was silver. It was a number of the base metals. The only one that wasn't down at one point this morning was lead and that's probably because of the wars going on.

而且，您會發現它不僅是金，還有銀。這是一些賤金屬。今天早上唯一沒有下跌的是鉛，這可能是因為正在進行的戰爭。

Can I just ask one other thing? The institutional investors? That has grown over the years, right?

我能問另外一件事嗎？機構投資人？這些年來它已經增長了很多，對吧？

It has been we, we have good volume, we trade, you know, average daily volume, about 500,000 shares on New York. So good liquidity and with an improving balance sheet and operational performance. I think we'll win the attention of more institutions and retail investors.

我們的交易量一直不錯，紐約的日均交易量約為 50 萬股。流動性良好，資產負債表及營運績效不斷改善。我想我們會贏得更多機構和散戶的關注。

And I'm 68. I know you're 74. How much longer do you think I'm retired? How much longer do you think you're going to go with this?

我今年68歲了。我知道您已經74歲了。您認為我還要退休多久？您認為您還要堅持多久？

Let me share a story. A number of years ago, I was meeting with an executive coach and his first question was how long asked me how long I was going to live?

讓我分享一個故事。幾年前，我與一位高階主管教練會面，他問我還能活多久？

And I said, well, ever since I've been about 20 I figured I'd live to 100 and he said, well, tell me what you think you're going to be like when you're 99. And I said, well, I'd like to have a clear head and be mobile. He said, if, well, all right, if you like that at 99 do you think you're going to die at 100? And I said, no, my wife and I have put a lot of money into regenerative medicine and research. And what I've seen there is life expands, are going to extend and, and make. So, I said, he said, well, how long you can live? And I said 100 and 20.

我說，自從我 20 歲左右以來，我就想自己能活到 100 歲，他說，好吧，告訴我，你認為你 99 歲時會是什麼樣子。我說，好吧，我希望保持頭腦清醒，行動靈活。他說，如果，好吧，如果你 99 歲時還這樣，你認為你會在 100 歲時死去嗎？我說，不，我和我的妻子已經在再生醫學和研究上投入了大量資金。我看到的是生命在擴展、延續、發展。所以，我說，他說，那麼，你還能活多久？我說的是 100 和 20。

And he said, okay, at the time I was 60 he said, if you're going to live up to 120 you have your whole life in front of you again.

他說，好吧，當我 60 歲的時候，他說，如果你要活到 120 歲，那麼你的整個人生又擺在你面前了。

What are you going to do with it?

你要用它做什麼？

And I said, well, what could I do with it? And he said, well, you could do 10 times what you've already done. I said, 10 times, like 10 times more love, 10 times more, travel, 10 times more philanthropy, 10 times more wealth. And he said, all of the above.

我說，那我該用它做什麼呢？然後他說，好吧，你可以做 10 倍於你已經做的事情。我說，10倍，例如10倍的愛，10倍的旅行，10倍的慈善，10倍的財富。他說，以上皆是。

And I said, well, that sounds pretty good.

我說，嗯，聽起來不錯。

You have and I said you have 240 quarters in front of you so you can lay out a plan. So, I'm, I'm in no rush. I think we have in Mcewen Copper, the Los Azulesproperty I believe has the potential to be much bigger than gold Corp ever was.

你有，我說過你面前有 240 個 25 美分硬幣，所以你可以製定計劃。所以，我，我不急。我認為我們在 Mcewen Copper 擁有的 Los Azules 資產有潛力比 Gold Corp 的資產規模更大。

It, it is. If you look at it and put it on a gold equivalent, it's bigger than a 60-million-ounce gold deposit. And on the projected cost to be coming in at just over $600 cash all in under $1000. 27-year life and producing gold equivalent of better than 600,000 ounces a year in my book. That's an extremely big gold deposit. It's almost equal to all the gold that's produced in the last 100 years out of the Timmons district, the most prolific mining area, one of the most prolific gold areas in Canada.

是，是的。如果你把它與黃金等價比較，它比 6000 萬盎司的黃金礦藏還要大。預計成本將略高於現金 600 美元，總計不到 1000 美元。在我看來，它的壽命為 27 年，每年可產出超過 60 萬盎司的黃金。那是一個非常大的金礦。它幾乎相當於過去 100 年來蒂蒙斯地區所產黃金的總和，蒂蒙斯地區是加拿大金礦產量最高的礦區，也是加拿大金礦產量最高的地區之一。

So no, I think there's a lot of room, there's, we've got copper is in large demand. You look at the deficits that are being projected for a number of reasons, the electrification of energy, the extremely high use of electricity by big data farms and servers. And then the growth of the world's population and the use of copper in the infrastructure. So, there's that and gold. I think we got the right mix of assets. Gold is to me that's always been that's money and our governments are good at debasing fiat currency.

所以，我認為還有很大的發展空間，我們對銅的需求很大。你可以看到由於多種原因而出現的赤字，如能源電氣化、大數據場和伺服器的極高電力消耗。然後是世界人口的成長和基礎設施中銅的使用。所以，有這個和黃金。我認為我們擁有正確的資產組合。對我來說，黃金一直是貨幣，而我們的政府擅長貶低法定貨幣。

And so gold is in my mind heading higher despite this little drop today, when you have $36 trillion in national debt, the service costs on that are high. And America is not alone. I looked to Canada, I looked to Europe, I looked to China. Everybody has printed a lot of money and they've taken on a lot of debt and at one point you have to pay back the debt and gold is a one of those hard assets you want to have in your pocket. Because it doesn't appreciate like be it currency.

因此，儘管今日金價小幅下跌，但我認為金價仍將走高，因為當你的國家債務高達 36 兆美元時，其服務成本很高。美國並不是唯一一個。我看向加拿大、看向歐洲、看向中國。每個人都印了很多錢，背了很多債，到某個時候你必須償還債務，而黃金就是你想放在口袋裡的硬資產之一。因為它不會像貨幣那樣升值。

I agree with you on the potential life expectancy. Yeah.

我同意你關於潛在壽命的看法。是的。

Oh, good.

噢，很好。

Well, thank you very much for sharing all that. I really appreciate it. And you know, someday I'm going to, I'm in Hershey near Hershey, Pennsylvania. Someday I'll come up to Toronto and meet all of you.

好吧，非常感謝您分享這一切。我非常感激。你知道，有一天我會去，我在賓州赫爾希附近的赫爾希。有一天我會來到多倫多與你們大家見面。

Thank you. Maybe we'll get down to see you down in Hershey.

謝謝。也許我們會去赫爾希看你。

Okay. That'd be great. Thank you.

好的。那太棒了。謝謝。

Bye.

再見。

Bye.

再見。

Your next question is from the line of Mike Kozak with Cantor Fitzgerald.

您的下一個問題來自 Cantor Fitzgerald 的 Mike Kozak。

Yeah. Good m.

是的。很好的 m。

Good morning, good morning Robin team. Congrats on the solid quarter. I joined the call a little bit late. So, if any of this was already mentioned, I, I apologize but one question I've had in the back of my mind the last couple of months just, you know, with, with what soil prices have done over the last few months, kind of catching up with gold strength and notwithstanding the one day move down today. But in, in the current silver price environment and, you know, both McEwen mining and McEwen copper looking increasingly more focused on Los Azules.

早安，早安，羅賓團隊。恭喜本季業績穩健。我稍微晚了一點加入通話。因此，如果已經提到了這些，我很抱歉，但過去幾個月我一直在思考一個問題，你知道，過去幾個月土壤價格的變化，有點趕上了黃金的強勢，儘管今天下跌了一天。但在當前的白銀價格環境下，McEwen 礦業和 McEwen 銅業都越來越關注 Los Azules。

Would you [would mcu] and mining potentially look at monetizing either the project Phoenix or your interest in the San Jose mine.

您是否會考慮將 Phoenix 專案或您對聖荷西礦的權益貨幣化？

At the right price? Sure.

價格合適嗎？當然。

Okay.

好的。

At the right price. I mean, there has, there has been rumour that [hsil's] thinking of possibly selling San Jose and we've been approached by one potential buyer that asked if we'd be amenable to thinking about selling.

以合適的價格。我的意思是，有傳言說 [hsil] 可能考慮出售聖何塞，而且有一位潛在買家與我們接洽，詢問我們是否願意考慮出售。

Okay,

好的，

nothing, nothing.

沒什麼，沒什麼。

Okay. I did hear something, a rumour to that effect. That's why I was just asking this question but okay, that's, that's all I had. Thanks.

好的。我確實聽到了一些類似的事情。這就是我剛剛問這個問題的原因，但好吧，這就是我所知道的全部。謝謝。

Alright, thank you, Mike.

好的，謝謝你，麥克。

At this time. There are no further questions. I will now hand the call back over to Rob McEwen for any closing remarks.

此時。沒有其它問題了。現在我將把電話轉回給 Rob McEwen，請他做最後發言。

Yeah, sure. And before we close off, Perry just wanted to make comments on, yeah.

是的，當然。在我們結束之前，佩里只是想對此發表評論。

We did receive an email from how we sent her, just regarding page 4 of our news release so we can confirm that there is a Typo on one of the columns on the gross margin percentage. So, we'll update that on our website version, but the correct percentage should be 17.6% rather than 35.1% margin at the San Jose mine in the third quarter.

我們確實收到了她發送的一封電子郵件，內容涉及我們的新聞稿第 4 頁，因此我們可以確認毛利率百分比的其中一欄出現了錯字。因此，我們將在網站版本上更新該數據，但正確的百分比應該是 17.6%，而不是第三季聖荷西礦的 35.1% 的利潤率。

Thank you.

謝謝。

Well, thank you everyone for joining the call today. I hope you share the same thoughts that this was a great quarter and what we want to do, our goal is to keep repeating these. So, thank you and successful investing.

好吧，感謝大家今天的電話會議。我希望你們和我有同樣的想法，這是一個偉大的季度，我們想要做的，我們的目標是不斷重複這些。所以，謝謝你，希望投資成功。

This concludes today's call. Thank you for joining you. May now disconnect.

今天的電話會議到此結束。感謝您的加入。現在可以編輯。