McEwen Inc (MUX) 2025 Q2 法說會逐字稿

Hello ladies and gentlemen. Welcome to McEwen's second-quarter 2025 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 of McEwen Copper; and Michael Swistun, President and CEO of Canadian Gold Corp. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 McEwen 2025 年第二季營運與財務績效電話會議。今天出席公司會議的有：董事長兼首席所有者羅伯·麥克尤恩；首席營運官威廉·謝弗；首席財務官佩里·英；財務副總裁傑夫·陳；企業發展副總裁斯特凡·斯皮爾斯；麥克尤恩銅業公司副總裁兼總經理邁克爾·梅丁；以及加拿大黃金公司總裁兼首席執行官邁克爾·斯威斯頓。（操作說明）

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

現在我將把電話交給總所有者羅伯·麥克尤恩先生。請繼續，先生。

Thank you, operator. Good morning and welcome fellow shareholders. Ladies and gentlemen, today we're going to share with you our vision of the future for McEwen Inc and how our achievements in the first half of this year and our outlook for the balance of this year will add to the momentum to reach our goal of doubling our annual gold and silver production to 250,000 to 300,000 gold equivalent ounces by 2030.

謝謝接線生。各位股東早安，歡迎各位股東。女士們、先生們，今天我們將與大家分享我們對麥克尤恩公司未來的願景，以及我們今年上半年的成就和對今年下半年的展望將如何增強我們實現目標的動力，即到 2030 年將我們的年黃金和白銀產量翻一番，達到 25 萬至 30 萬盎司黃金當量。

As you know, we're big believers in exploration, that it is the growth engine of the mining industry, and we're big believers in the potential of our properties that will be revealed by exploration. In the past 2.5 years, we've invested $51 million in exploration. And recent drill results have been quite exciting, building on a resource base and providing a solid foundation for increasing production, extending mine life, and lowering production costs.

如您所知，我們非常重視勘探，認為勘探是採礦業的成長引擎，我們也堅信勘探能夠揭示我們礦產的潛力。過去兩年半，我們在勘探方面投資了 5,100 萬美元。最近的鑽探結果令人振奮，鞏固了資源基礎，為提高產量、延長礦山壽命和降低生產成本奠定了堅實的基礎。

Just one example, it's a beautiful assay result and with the discovery of high grade at our Froome West zone of 36 grand over 10 meters. That's equivalent to more than 1 ounce over 32 ft. I should point out that the Froome mine was slated to close this year and now has the promise of a longer life and more potential.

舉個例子，這是一個非常漂亮的化驗結果，我們在弗魯姆西礦區發現了高品位礦石，10 公尺厚的礦石中含有 36 公斤礦石。這相當於超過 1 盎司，長度為 32 英尺。我應該指出，弗魯姆礦原計劃於今年關閉，但現在預計將延長使用壽命並擁有更大的發展潛力。

So let's talk about 2025, the second-quarter, financially, we have a much -- it's a much better picture than it was a year ago and I have to say that was certainly helped by higher gold, silver and copper prices. We have a healthier treasury currently at $54 million, up from $$14 million a year ago, a working capital of $62 million versus a negative $7 million at the end of last year, are adjusted EBITDA $17.3 million or $0.30 a share, more than double what it was in the comparable period a year ago.

那麼讓我們來談談 2025 年第二季的財務狀況，情況比一年前好得多，我必須說，這當然要歸功於黃金、白銀和銅價的上漲。我們目前的財務狀況更加健康，達到 5,400 萬美元，高於一年前的 1,400 萬美元；營運資金為 6,200 萬美元，而去年年底為負 700 萬美元；調整後的 EBITDA 為 1,730 萬美元，即每股 0.30 美元，是去年同期的兩倍多。

I'm looking at this and saying, well, we've got a lot of catalysts when -- to move us towards our production goal of 250,000 to 300,000 gold equivalent ounces by 2030, and I'd just like to share those with you. We've got resource updates coming out of Nevada from the Timberline property bought, but there's the Windfall and Lookout Mountain projects that are close to the gold mine, and we're looking permitting that. It's been initiated.

我看著這一切，心想，嗯，我們有很多催化劑可以推動我們實現到 2030 年黃金當量產量達到 25 萬至 30 萬盎司的目標，我想和大家分享一下這些催化劑。我們從收購的 Timberline 礦區獲得了內華達州的資源更新信息，但還有靠近金礦的 Windfall 和 Lookout Mountain 項目，我們正在考慮申請許可。已經啟動。

There's a completion of the acquisition of Canadian Gold Corp, and today, we have a guest speaker, the President of Canadian Gold Corp, to speak about that company and the properties they have, the exciting aspects of becoming part of McEwen mining. There is a pre-feasibility study coming up in the first half of next year for Gray Fox, which will be lifting our production in the Timmins district. We're just going to ask Bill Shaver, our Chief Operating Officer, to speak about our production. Our costs were a little high in the first half of this year but are expected to go down as production increases both at the Fox Complex and Gold Bar.

收購加拿大黃金公司的交易已經完成，今天，我們邀請到加拿大黃金公司總裁作為嘉賓，來談談該公司及其擁有的礦產，以及成為麥克尤恩礦業公司一部分的激動人心之處。明年上半年將對 Gray Fox 進行可行性研究，這將提高我們在蒂明斯地區的產量。我們接下來請營運長比爾·謝弗談談我們的生產情況。今年上半年我們的成本有點高，但隨著福克斯礦區和金條礦區的產量增加，預計成本將會下降。

Bill, could you jump in there?

比爾，你能插上一下嗎？

Yeah, thank you very much, Rob and welcome everyone to our call. I hope you all got back on the line. First of all, I just like to speak for a short moment about our safety record which continues to be very good at McEwen. There have been no last time accidents this year, and Mexico is now celebrating 1.5 years, 10 and 3.5 years in Nevada, has worked over 5 years now without a last time injury, and that is exemplary and we're proud of that performance and our sites are proud of their performance. And as Rob has mentioned, our production in Q2 was slightly behind our objectives for the quarter.

是的，非常感謝羅布，也歡迎大家來參加我們的電話會議。希望你們都已恢復通話。首先，我想簡單談談我們在麥克尤恩的安全記錄，我們的安全記錄一直都非常好。今年沒有發生最後一次事故，墨西哥現在已經連續 1.5 年、10 年和 3.5 年沒有發生最後一次事故，內華達州也已經連續 5 年多沒有發生最後一次事故，這堪稱典範，我們為此感到自豪，我們的工地也為他們的表現感到自豪。正如羅布所提到的，我們第二季的產量略低於季度目標。

For some reasons, some related to manpower issues and to the impact of the stripping at Gold Bar, but now we have ourselves pretty well-positioned to catch up our production in the second half. We will also increase the number of ounces of material that are on our leach pad that are not yet under leach, so that will help the second half as well.

由於一些原因，包括人力問題和 Gold Bar 礦區剝離的影響，我們現在已經做好了充分的準備，可以在下半年趕上生產進度。我們還將增加浸出墊上尚未進行浸出的物料的盎司數，這樣也能幫助下半年的工作。

And as Rob mentioned, the Froome mine will now continue well into 2026, and we're continuing to drill there and so, we see the future of the Froome West deposit keeping Froome in production into the third quarter of 2026 for sure and perhaps longer because we're still diamond drilling, they're looking for the final extensions of these ore zones. The development of the stock ramp is now going reasonably well and according to expectation, right now, we're exceeding the rate that we have in our schedule of 6 meters a day, so this will allow the ramp to access the fourth level of the stock line by year end 2025.

正如羅布所提到的，弗魯姆礦將繼續生產到 2026 年，我們也將繼續在那裡進行鑽探，因此，我們認為弗魯姆西礦床的未來肯定會使弗魯姆礦的生產持續到 2026 年第三季度，甚至可能更久，因為我們仍在進行金剛石鑽探，他們正在尋找這些礦帶的最終延伸部分。目前，堆疊坡道的建設進展相當順利，正如預期的那樣，我們目前的建設速度已經超過了計劃中每天 6 公尺的進度，因此到 2025 年底，該坡道將能夠到達堆疊線的第四層。

As we mentioned, we already have access to the old part of the mine via the old stock mine shaft which we have dewatered down to the fourth level, and we're in the midst of rehabilitating the development that is underground at the present time so that when we break into the mine, we'll be in a good position to start production as quickly as possible. Yeah, the Gray Fox PEA study that we're doing on the Gray Fox deposit has lots of potential for attaining the objectives, the long term objectives of being in the 200,000 to 250,000 ounces per year. That study, as Rob said, will be completed in the second quarter.

正如我們之前提到的，我們已經可以通過舊礦井豎井進入礦井的舊部分，我們已經將豎井抽乾至第四層，我們正在對目前地下的開發區域進行修復，以便當我們進入礦井時，我們能夠盡快開始生產。是的，我們正在對 Gray Fox 礦床進行的 Gray Fox PEA 研究很有潛力實現目標，即每年 20 萬至 25 萬盎司的長期目標。正如羅布所說，那項研究將在第二季完成。

The economics of that project are very robust with both underground and open pit components at this stage. So we're looking forward to start the permitting process so that we can hit the ground running as quickly after we get all of the components of the study in place. Initially, the ore will be going to the stock mill. However, longer term, we have a concept which will see us having a mill over in the vicinity of the old Froome mine.

該專案的經濟效益非常穩健，目前來看，其地下開採和露天開採部分都具有可行性。因此，我們期待啟動許可程序，以便在研究的所有組成部分到位後，我們能夠盡快投入工作。最初，礦石將被送往選礦廠。但從長遠來看，我們有一個構想，就是在舊弗魯姆礦附近建造一座磨坊。

We're very happy to have Michael Swistun here this morning from Canadian Gold Corp, and we're looking forward to closing that acquisition, and that is a really good fit into our organization. It will be a relatively high grade operation in a mine friendly jurisdiction with the potential for hiring local mining people who are now out -- now not at work. So I guess in summary, we see the future as being very positive. We have lots of scope to continue our growth, and we're looking for more opportunities as we move into the future and we're particularly happy about what we see as a successful second half of this year.

今天早上我們非常高興加拿大黃金公司的麥可‧斯威斯頓先生能來到這裡，我們期待完成這次收購，這與我們公司的組織非常契合。這將是一項品位相對較高的採礦作業，選址在對礦業友善的地區，有可能僱用目前失業的當地礦業人員。總而言之，我們認為未來非常樂觀。我們還有很大的發展空間，隨著我們邁向未來，我們將尋求更多機會，我們對今年下半年的成功尤其感到高興。

I'll turn it back over to you, Rob.

羅布，我把它交還給你。

Thank you, Bill. You gave the introduction to Michael. Why don't we use this opportunity to ask Michael Swistun how Canadian Gold Corp looks and what he sees its future to be.

謝謝你，比爾。你把麥可介紹給了別人。我們不妨藉此機會問問麥可‧斯威斯頓，加拿大黃金公司目前的狀況如何，以及他對公司未來有何看法。

Yeah, thank you, Rob. Yeah. And I'm pretty excited to be on the first McEwen call. It's an exciting time for Canadian Gold Corp. We have a very interesting property in the Tartan property in Manitoba. The story of Tartan just as a quick overview is that it was a mine that operated for only two years in the 1987 to 1988 and early '89 produced about 40 -- just over 40,000 ounces of gold. It shut down because of the core economics of gold at the time and it had frankly had too much debt.

謝謝你，羅布。是的。我很興奮能參加麥克尤恩的第一次電話會議。對於加拿大黃金公司來說，這是一個令人興奮的時刻。我們在曼尼托巴省的塔坦礦區擁有一處非常有趣的礦產。簡單概括一下 Tartan 的故事：這座礦山只運作了兩年，從 1987 年到 1988 年以及 1989 年初，生產了大約 40,000 盎司黃金。它倒閉的原因是當時黃金的核心經濟情勢，坦白說，它負債累累。

It sat dormant and then it was spun out of coal resources and 2017 there was a 43-101 done that showed that it had 240,000 ounces with another 37,000 ounces inferred, the 240,000 ounces or an average grade of 6.8 grams per tonne -- 6.3 grams per tonne. And that resource estimate had -- was really contained into two primary zones from that initial mine which was called the main zone. And that 43-101 was based on a depth to 575 meters vertical depth from the surface, and then the cell zone, which is a parallel zone separated by 100 meters laterally, that had the 43-101 only went down to just over 225 meters vertical depth.

它一直處於休眠狀態，然後從煤炭資源中剝離。 2017 年，一份 43-101 報告顯示，它擁有 240,000 盎司的黃金儲量，另有 37,000 盎司的推斷儲量，這 240,000 盎司的平均品位為每噸 6.8 克，而推斷品位為每噸 6.3 克。而當時的資源估算其實只包含最初礦山的兩個主要區域，也就是主礦區。而 43-101 的深度是基於從地表垂直向下 575 米，然後是單元區，這是一個橫向間隔 100 米的平行區域，43-101 的深度只下降到略高於 225 米的垂直深度。

In the last four years, we've drilled 27,000 meters of new holes, 60 new holes into primarily the main zone and extended the resource, what we found for resource down to 1,000 meters consistently finding minable widths and high grades consistent with what was in the 2017 resource estimate. And what we're actually finding at depth we get down to one hole at 890 vertical meters surface, we had an interval of 53 meters of width at 4.3 grams per tonne with an (inaudible) over 12 grams per tonne or 8 meters.

在過去的四年裡，我們鑽探了 27,000 公尺的新鑽孔，其中 60 個新鑽孔主要鑽探到主礦帶，擴大了資源量。我們在 1,000 公尺深處發現了可開採的礦體寬度和高品位，這與 2017 年的資源量估算結果一致。我們在深處實際發現，在一個垂直高度為 890 公尺的鑽孔中，我們發現了一個寬度為 53 公尺、每噸含金量為 4.3 克的區間，以及一個（聽不清楚）每噸含金量超過 12 克或 8 公尺的區間。

So these zones lie on what's called the Tartan shear zone, which is the geological structure that runs for almost over 30 kilometers east to west. The Tartan lies -- the Tartan mine lies on that. The story of Tartan for us is that we were progressing with exploration. We're on the fourth phase of drilling on the site right now. And we're going to conclude that at the end of the year and then move to an updated 43-101 and PEA with an idea to accelerating into a mine restart. What the opportunity with McEwen brings to this project is an ability to really step that up and shorten the timeline to get back in production.

因此，這些區域位於所謂的塔爾坦剪切帶上，這是一個東西走向近 30 公里的地質結構。格子呢的謊言──格子呢礦坑就埋藏在那上面。對我們來說，Tartan 的故事就是我們不斷探索進步的過程。我們目前正在進行該工地鑽探的第四階段。我們將在年底得出結論，然後進行更新的 43-101 和 PEA，並考慮加快礦場重啟。麥克尤恩的加入為這個計畫帶來了機會，使我們能夠真正加快進度，縮短恢復生產的時間。

This is a ramp there's an existing ramp down to 325 meters that lies right between the two primary mineralized zones. And there's power to the site, road access to the site. It's 20 kilometers away from the town of Flin Flon, which is a real town, has a Walmart and a Canadian tire, and concludes the need for us to have a camp. So all of the elements are in there for a very accelerated mine restart. We have had excellent relations with the government of Manitoba. The government of Manitoba just recently had celebrated the Alamos project at Lynn Lake a little further north from us, which is going to go in production in 2028.

這是一條斜坡，現有斜坡向下延伸 325 米，正好位於兩個主要礦化帶之間。該地有電力供應，也有道路通往該地。它距離弗林弗倫鎮 20 公里，弗林弗倫是一個真正的城鎮，有沃爾瑪和加拿大輪胎，這說明我們沒有必要在那裡露營。因此，所有要素都已具備，可以非常迅速地重啟礦山作業。我們與曼尼托巴省政府一直保持著良好的關係。曼尼托巴省政府最近慶祝了位於我們以北不遠的林恩湖的阿拉莫斯項目，該項目將於 2028 年投產。

They view our project at Tartan as the ability to revitalize (inaudible), which was a town for going back to the 1930s but has had the primary mine DMS operation shut down, so we are in an area that has great opportunity. This year we have added two properties to the west of us, one property option from Hudbay, which added an additional 36.5 square kilometers and 8 kilometers of the Tartan shear zone to our land base. We're on the property right now doing some surface work, reconfirming work that was done back in the 1980s, and we've also auctioned from search resources a property we call Flin Flon -- Flin Flon North, which actually runs into Saskatchewan.

他們認為我們在塔爾坦的計畫能夠振興（聽不清），塔爾坦是一個可以追溯到 20 世紀 30 年代的城鎮，但其主要的 DMS 礦山運營已經關閉，因此我們身處一個充滿機會的地區。今年，我們在西邊新增了兩處房產，其中一處是 Hudbay 提供的房產選擇權，這使我們的土地基礎增加了 36.5 平方公里和 8 公里的 Tartan 剪切帶。我們現在正在這處房產上進行一些表面工作，重新確認 20 世紀 80 年代所做的工作，我們還通過搜索資源拍賣了一處我們稱之為弗林弗倫（Flin Flon）的房產——弗林弗倫北（Flin Flon North），它實際上延伸到薩斯喀徹溫省。

So it gives us a combined control of that carbon shear zone of about 29.5 kilometers of that zone all the way along there, there has been historic high grade mineralizations that have been found of gold, and this is a much bigger story than when I joined the company just over a year ago and I couldn't be more excited about getting somebody involved like McEwan that can -- as a company that can bring these resources and really help us accelerate us into the restart. I don't want to take the whole conference call. I could go on. I'm pretty excited about it, so I go on along. So I'll just end it there and I'll wait for questions.

因此，這使我們能夠全面控制這條碳剪切帶，該剪切帶長約 29.5 公里，沿途都發現了歷史上高品位的金礦化。這比我一年多前加入公司時的情況要重要得多，我非常高興能有像 McEwan 這樣能夠帶來這些資源並真正幫助我們加速重啟的公司參與其中。我不想參加整個電話會議。我還可以繼續說下去。我對此感到非常興奮，所以我繼續前進。我就說到這裡，等大家提問吧。

Thank you, Michael. That's great. I now like to call on another Michael, Michael Meding, who is the Vice President General Manager of McEwen Copper to just give us an update on the feasibility on RIGI application and the project, the political environment in Argentina.

謝謝你，麥可。那太棒了。現在我想請另一位邁克爾，麥克尤恩銅業公司副總裁兼總經理邁克爾·梅丁，為我們介紹一下RIGI申請和項目的可行性，以及阿根廷的政治環境。

Thank you so much, Rob. Good day everyone. I'm pleased to present the latest updates on McEwen Copper and our flagship Los Azules project in Argentina.

非常感謝你，羅布。大家好。我很高興向大家介紹 McEwen Copper 的最新進展以及我們在阿根廷的旗艦項目 Los Azules。

First of all, our commitment to safety remains our highest priority. I'm proud to report another quarter with zero incidents. We have now surpassed 1.8 million work hours without the lost time incident, a record we've maintained since July of last year. This achievement is a testament to the dedication of our entire team on the ground.

首先，我們對安全的承諾仍然是我們的首要任務。我很自豪地報告，本季又實現了零事故。我們至今已累計超過 180 萬工時沒有發生工時損失事故，這項紀錄自去年 7 月以來一直維持至今。這項成就證明了我們整個一線團隊的奉獻精神。

Financially, we invested $15.6 million during the second quarter, driving significant progress towards the publication of our definitive feasibility study, which we aim to deliver the end of the third quarter of 2025. Our engineering teams are diligently advancing the study with a sharp focus on optimizing the project economics. We're actively refining cost estimates to reflect current market conditions and implementing strategies to reduce up on capital expenditures to enhancements to the main plan, construction schedule, and infrastructure layout.

在財務方面，我們在第二季投資了 1,560 萬美元，推動了最終可行性研究報告的發布取得了重大進展，我們的目標是在 2025 年第三季末發布該報告。我們的工程團隊正在努力推動這項研究，重點是優化專案的經濟效益。我們正在積極改進成本估算，以反映當前的市場狀況，並實施策略以減少資本支出，從而改善主要計劃、施工進度和基礎設施佈局。

Key priorities for the upcoming quarter include finalizing geotechnical inputs and completing an optimized mine schedule. We are collaborating with the renowned Whittle Consulting on the extended strategic mine planning. This work covers both our base case, which utilizes conventional bio-bleaching, and scenarios incorporating Rio Tinto's innovative new technology. The results will finalize our life of mine production profile, capital and operating cost estimates, and the heap leach design.

下一季的主要優先事項包括最終確定地質技術投入和完成優化後的礦山開採計劃。我們正在與著名的惠特爾顧問公司合作，進行擴展的策略礦場規劃。這項工作涵蓋了我們採用傳統生物漂白的基本案例，以及融入力拓創新技術的方案。結果將最終確定我們的礦山生命週期生產概況、資本和營運成本估算以及堆浸設計。

On the (inaudible), we have taken major steps to secure long term stability and benefits for the project. We submitted our official application for Argentina's regime for the incentive of large investments or RIGI in February. As the project has advanced significantly, we submitted a revised consolidated application in July to streamline the approval process. Furthermore, we see another very positive development in Argentina's economic policy. The government today issued Decree 563, which amongst others eliminates the export duty for copper, reducing it from a potential 4.5% to 8% down to 0%.

在（聽不清楚）方面，我們已採取重大措施，以確保專案的長期穩定性和效益。我們在二月正式提交了阿根廷大型投資激勵機制（RIGI）的申請。由於專案取得了顯著進展，我們在7月提交了一份修訂後的合併申請，以簡化審批流程。此外，我們看到阿根廷經濟政策出現了另一個非常積極的發展。政府今天頒布了第 563 號法令，該法令除其他事項外，取消了銅的出口關稅，將其從潛在的 4.5% 至 8% 降至 0%。

While the RIGI framework already provides for zero export duties after three years, this decree offers immediate benefits and reinforces the government's commitment to improving project economics for the mining sector. In the fields, our exploration and development teams have had a productive quarter. We successfully completed the necessary geotechnical, hydrogeological, and condemnation drilling for the feasibility study and finalized our updated resource model.

雖然RIGI框架已經規定三年後出口關稅為零，但這項法令提供了直接的好處，並強化了政府改善採礦業專案經濟效益的承諾。在油田方面，我們的勘探和開發團隊本季取得了豐碩成果。我們成功完成了可行性研究所需的岩土工程、水文地質和勘探鑽探工作，最終確定了更新的資源模型。

Excitingly, our exploration work has identified three copper targets nearby; Mercedes, Tango, Franca which we plan to drill in the late fall. We look forward to sharing more details on our progress at several upcoming events. In September, you can find us at the Jefferies Industrial Conference in New York, the Precious Metal Summit in Beaver Creek, the Mining Forum America in Colorado Springs, and the Latin America Day in Germany.

令人興奮的是，我們的勘探工作已在附近發現了三個銅礦目標：梅賽德斯、探戈、弗蘭卡，我們計劃在秋末進行鑽探。我們期待在即將舉行的幾場活動中與大家分享更多關於我們進展的細節。9 月，您可以在紐約的傑富瑞工業大會、比弗克里克的貴金屬高峰會、科羅拉多斯普林斯的美國礦業論壇以及德國的拉丁美洲日活動上找到我們。

In October, we will be at the Nordic Fund and Mine Summit, the PDAC Copper Development Summit in Toronto, and the (inaudible) in London.

10 月份，我們將參加北歐基金會和礦業高峰會、多倫多 PDAC 銅礦發展高峰會以及倫敦的（聽不清楚）高峰會。

Perry will just now speak up. He's our Chief Financial Officer on some points of elaboration.

佩里現在要發言了。在某些方面，他是我們的財務長。

Thanks, Rob. Good morning, everyone. So again, I think we had a very successful second quarter, as you -- as Rob highlighted, both our growth and profitability and adjusted EBITDA. Just a couple of points, I'll make in terms of why we feel confident in terms of our overall plan and cash generation for 2025.

謝謝你，羅伯。各位早安。所以，我認為我們第二季非常成功，正如你——正如羅布所強調的，我們的成長、獲利能力和調整後的 EBITDA 都取得了成功。關於我們為何對 2025 年的整體計畫和現金流充滿信心，我只想提幾點。

I know that you know we did have $13 million of inventory bill in the first half, primarily due to additions to the heap leach pad as Bill pointed out at Gold Bar in Nevada, as well as significant increases in circuits inventory as well. So $13 million is the cost base of that if you look at on a realized gold basis, we're looking at over $20 million which will be released between the third -- primarily between the third and fourth quarters of this year.

我知道您也知道，我們上半年的庫存支出為 1300 萬美元，這主要是由於堆浸墊的擴建，正如比爾在內華達州金條市指出的那樣，以及電路庫存的大幅增加。所以，如果以已實現的黃金價格計算，成本基礎是 1300 萬美元；而最終到手的金額將超過 2000 萬美元，主要在今年第三季和第四季之間釋放。

And just noting in terms of our treasury, in addition to the $54 million in cash that Rob mentioned, we also have $16 million markable securities of which we have significant unrealized gains on. So in terms of our cash and marketable securities total balance, it's approximately $70 million and we do see the fights significant. Spending on the stock grant, we expect to continue to add to our treasury balance between the third and fourth quarters of this year. So overall, I think we are in a sound financial position, and our bonds from our convertible notes are trading well above par, and overall, we're well-positioned to execute the growth plans that Rob outlined.

另外需要指出的是，就我們的資金而言，除了羅布提到的 5,400 萬美元現金外，我們還有 1,600 萬美元的可計價證券，其中我們有大量未實現的收益。因此，就我們的現金和有價證券總餘額而言，大約為 7000 萬美元，我們確實認為這些鬥爭意義重大。我們預計，在今年第三季和第四季之間，股票授予支出將繼續增加我們的資金餘額。所以總的來說，我認為我們的財務狀況良好，我們的可轉換債券交易價格遠高於面值，總的來說，我們有能力執行羅布概述的成長計劃。

Thank you, Perry. I'd like to conclude with a statement on our performance and going from September 22 when we closed our first financing on McEwen Copper until today, well, until August 6. We are up 263%, as opposed to the GDX index of the seniors up -- just under 150, GDXJ up just over 150, Nasdaq up 80%, gold up just under 100%, silver up 112%, copper up 29% and the Dow up 40%.

謝謝你，佩里。最後，我想就我們的業績作個總結，從 9 月 22 日我們完成 McEwen Copper 的第一筆融資到今天，也就是 8 月 6 日。我們上漲了 263%，而同期 GDX 指數上漲不到 150 點，GDXJ 指數上漲超過 150 點，那斯達克指數上漲 80%，黃金上漲不到 100%，白銀上漲 112%，銅上漲 29%，道瓊指數上漲 40%。

I'd just like to say that the performance we're experiencing, I believe is due to our diversified asset base composed of gold silver production which is the foundation of wealth preservation in my mine and of copper, which is a critical metal for modern civilization for the energy transition and as Goldman Sachs says, it's the new oil. I think we have a very good project, we have excellent exploration potential on our properties and our production growth profile is only just starting.

我想說的是，我認為我們目前取得的業績得益於我們多元化的資產基礎，包括黃金和白銀的生產（這是我礦山財富保值的基礎）以及銅的生產（銅是現代文明能源轉型的關鍵金屬，正如高盛所說，它是新的石油）。我認為我們有一個非常好的項目，我們的礦產資源具有極佳的勘探潛力，而我們的生產成長前景才剛開始。

So with that I'd like to open the session for questions and hopefully our internet connection doesn't break off with the first question.

那麼，接下來我想開放提問環節，希望我們的網路連線不會在第一個問題出現時就中斷。

(Operator Instructions) Heiko Ihle, HC Wainwright.

（操作說明）Heiko Ihle，HC Wainwright。

Hey, Rob and team. This is [Case] on behalf of Heiko here today. Two questions. First, San Jose, the production was down a bit just a lower grades, recovery rates. Next week will be halfway through Q3. Can you give us a bit of color about what you're seeing at site, and the production growth in the second half is a theme, so presumably this is just a blip, and we can leave our models the way they were?

嗨，羅布和團隊。今天我是代表 Heiko 的 Case。兩個問題。首先，聖荷西的產量略有下降，主要是因為礦石品位和回收率較低。下週將是第三季的中期。能否詳細介紹一下您在現場看到的情況？下半年的產量成長是普遍現象，所以這大概只是暫時的波動，我們可以維持之前的模型不變嗎？

Yeah, thanks Case. So we have been working with the team at [Rothschild] and at play on this. They have experienced a low recovery rates than they were planning. I think recoveries are kind of in the low to mid 80s rather than in the high 80s there's there's.

是啊，謝謝凱斯。所以我們一直在與羅斯柴爾德團隊合作，並參與其中。他們的康復率低於預期。我認為康復率大概在 80% 左右，而不是 80% 以上。

This attributed some of those costs to the or blend which they which they're trying to resolve that site as well throughputs is, I would say slightly above budget, but the grade has been a little bit below plan as well. So as of now, together we have not adjusted our expectations for 2025 as a whole. So far July has been pretty good, and we do expect the mine to achieve full your guidance, but obviously, we will update that with our third quarter results.

這使得部分成本歸因於他們正在努力解決的混合問題，該站點的吞吐量略高於預算，但品質也略低於計劃。所以截至目前，我們還沒有整體上調整對 2025 年的預期。到目前為止，7 月的情況相當不錯，我們預計該礦將完全達到您的預期，但顯然，我們將在第三季業績中更新這一預期。

Second question, first, congrats on the Canadian Gold deal. You have a lot of strong working capital right now, but still a decent amount of debt. Maybe a philosophical question on my end, but have your thoughts on your balance sheet changed at all when compared to the beginning of the year for M&A, versus debt repayment?

第二個問題，首先，恭喜你們達成了與加拿大黃金公司的交易。你目前擁有大量強勁的營運資金，但仍背負著相當多的債務。也許我這個問題有點哲學意味，但與年初相比，您對資產負債表的看法，在併購和債務償還方面是否有所改變？

Yeah. I mean, I think first thing -- first is to execute on our growth plan. I mean, we we expect to be able to undertake a lot of that with organic growth from free cash flow from our existing operations. As we increase production sequentially, I think you'll see operating cash flow being able to meet our capital needs. What we're trying to do with our growth plan is make everything bite size so that we don't have to undertake $100 million of CapEx in any given year. We see, Gray Fox as being a mine we could start initially with underground and then proceeding to an open pit, later on in the mine life as well as my. The system was with that lining in terms of there's already a lot of underground development there. We don't see that as a $100 million dollar CapEx. We see that being able to bring that in as a small high grade 500 tonne per day operation on a modest budget and scaling up from that.

是的。我的意思是，我認為首要任務是執行我們的成長計畫。我的意思是，我們預計能夠透過現有業務的自由現金流實現有機成長，從而開展許多此類業務。隨著我們逐步提高產量，我認為你會看到經營現金流能夠滿足我們的資金需求。我們的成長計畫旨在將所有內容化繁為簡，這樣我們就不必在任何一年投入 1 億美元的資本支出。我們認為，灰狐礦最初可以採用地下開採，然後在礦山運作後期轉為露天開採。就地下工程而言，該系統與此襯砌結構相符。我們不認為這是一項價值 1 億美元的資本支出。我們認為，可以先以適中的預算，以每天 500 噸的高品質小規模作業模式進行生產，然後再逐步擴大規模。

So, I would say, in terms of our treasury, we will use our treasury wisely, we will continue to look for M&A opportunities. I think Rob has always looked for both exploration and other opportunities as they present themselves, but we think Canadian gold is a great project and as well great and then our timber line projects. Overall, we're very happy with our asset base, but we always continue to keep our eyes on the ground as well.

所以，就我們的資金而言，我會明智地使用資金，並將繼續尋找併購機會。我認為羅布一直在尋找勘探和其他機會，但我們認為加拿大黃金項目是一個很棒的項目，還有我們的林線項目也很棒。整體而言，我們對目前的資產基礎非常滿意，但我們也會始終密切關注市場動態。

Mike Kozak, Cantor Fitzgerald.

麥克·科扎克，坎托·菲茨杰拉德。

Two questions for me. First, you're now guiding to the feasibility study at Los Azules in late Q3, is that still contingent upon a capital raise within the copper subsidiary and if that's still the case, how much are we talking about?

我有兩個問題。首先，您現在計劃在第三季末對洛斯阿蘇萊斯進行可行性研究，這是否仍取決於銅子公司籌集資金？如果仍然是這種情況，我們談論的是多少資金？

We guided towards the end of Q3, mostly because of additional optimization work that we're doing. We had seen some cost increases, that was the PA that we published in June 2023. And we wanted to take a little bit more time to optimize, versus what we had seen in Argentina in terms of US dollar cost increases as well as internationally, and we wanted to have a little bit more time to also do package negotiations with potential suppliers, which relatively speaking, then offsets part of the -- of those cost increases.

我們在第三季末進行了業績指引，這主要是因為我們正在進行額外的優化工作。我們看到了一些成本上漲，這是我們在 2023 年 6 月發布的 PA。我們希望花更多的時間來進行最佳化，因為我們在阿根廷以及國際上都看到了美元成本上漲的情況，我們也希望有更多的時間與潛在供應商進行一攬子談判，相對而言，這可以抵消一部分成本上漲。

And we are thinking of a slightly different production profile that should fit better and we think will be more interesting for investors going forward. But coming back to the initial part of your question, we're financed towards the feasibility. That is not a problem.

我們正在考慮一種略有不同的生產模式，這種模式應該更合適，我們認為對未來的投資者來說也會更有吸引力。但回到你問題的最初部分，我們的資金主要用於可行性研究。那不是問題。

And then my second question, is kind of along the same similar line. You submitted a revised RIGI application in mid July. The original one was submitted in February, so I was just -- you gave a bit of color in your prepared remarks, but I was hoping to get for a bit more detail. Did you get any feedback from your 1st February application that's led you to revise this one? Or is it just the change in scope? Any more detail you provide would be very helpful.

我的第二個問題也與此類似。您在七月中旬提交了一份修改後的RIGI申請。原稿是在二月提交的，所以我當時只是——你在準備好的演講稿中提供了一些細節，但我希望得到更多細節。您在2月1日提交的申請中是否收到任何回饋，促使您修改了這份申請？或者僅僅是範圍發生了變化？如果您能提供更多細節，將非常有幫助。

Absolutely. So generally speaking, the interaction with the regulatory bodies, so the the state secretary, Daniel Gonzalez, the substantiating Secretary of Mining, Los Azules.

絕對地。總的來說，與監管機構的互動，例如國務卿丹尼爾·岡薩雷斯，以及負責礦業的部長洛斯阿蘇萊斯。

We have lots of thoughts on that. We answered lots of questions that we had in the meantime, all of them technical in nature. What happened is that you remember that we filed in February, we filed $227 million initial and then a phase expansion with the CapEx. We just consolidated the two. That's the big change.

我們對此有很多想法。在此期間，我們解答了許多問題，所有問題都與技術有關。事情是這樣的，你還記得我們在二月提交了申請，我們最初提交了 2.27 億美元的申請，然後又提交了資本支出階段性擴展申請。我們只是將兩者合併了。這是最大的改變。

Why did we do that? Because we think that, it is easier for the regulator to to fit us in their understanding of the applicable law and that is the only change we did. We think that because already in the initial filing, the information that we've been given was encompassing the whole project, this should now streamline the approval process and we expect the regulatory body to prove that relatively soon.

我們為什麼要這樣做？因為我們認為，這樣監管機構更容易將我們納入他們對適用法律的理解中，而這正是我們所做的唯一改變。我們認為，由於在最初的申請文件中，我們得到的資訊已經涵蓋了整個項目，這應該會簡化審批流程，我們預計監管機構很快就會證明這一點。

(Operator Instructions) Don DeMarco, National Bank.

（操作員指示）唐·德馬科，國家銀行。

Maybe Mike, if I could just continue on the discussion related to Los Azules. Can you just confirm? I think I heard say that you're expecting approval soon and I think that's probably about it. I mean, we're encouraged to hear the reduced export duty you mentioned. But of course, if you get RIGI approved that wouldn't even matter, right? So you're looking -- thinking approval soon before the DFS somewhere along that time frame.

或許麥克，如果我能繼續討論與洛斯阿蘇萊斯有關的事情就好了。能確認一下嗎？我好像聽到有人說你很快就會獲得批准，我想大概就是這樣了。我的意思是，我們很欣慰地聽到您提到降低出口關稅的消息。當然，如果你獲得了RIGI認證，那這一切就都不重要了，對吧？所以你預計－在DFS之前，在這個時間範圍內會很快獲得批准。

It's a bit difficult to say. I mean, the regulations lay out 45 days for the regulator to come with an approval or rejection. However, any time there is an information request that the clock stops, so it's a little bit like playing check. We are very quick with responding to information requests, but how long the process will take is a little bit difficult to say. It could be two months, could be three months, it could be one month. It depends on any kind of potential questions that the regulatory agencies may raise in the meantime and the time that we need to respond to those.

這有點難說。我的意思是，相關規定要求監管機構在 45 天內做出批准或拒絕的決定。但是，每當有資訊請求時，計時就會停止，所以這有點像下將軍棋。我們回覆訊息請求的速度非常快，但處理過程需要多長時間還很難說。可能是兩個月，可能是三個月，也可能是一個月。這取決於監管機構在此期間可能提出的任何問題，以及我們需要多長時間來回應這些問題。

Having said that, in the past we have been very quick. We think that there's a good understanding of our project on national level, so we are cautiously optimistic.

話雖如此，過去我們行動非常迅速。我們認為，我們的計畫在國家層面得到了很好的理解，因此我們持謹慎樂觀的態度。

Okay. And are you -- is there any time pressures from your end? I mean, if it is two months, three months, or even six months, I mean, you can accommodate any kind of whatever the decision time frame, is that right?

好的。你那邊是否有時間壓力？我的意思是，無論是兩個月、三個月，甚至是六個月，你們都可以適應任何決策時間框架，對嗎？

Yes, but on the other hand, it is very helpful. I mean, we are aiming for an IPO going forward, right? So, obviously, having the definitive bankable feasibility and having the RIGI approval is making a significant difference in terms of potential investor interest. Therefore, for us, we think that we should wait for the -- for the RIGI approval before going for an IPO. It's not required, but I think it would be better.

是的，但另一方面，它也很有幫助。我的意思是，我們未來的目標是進行首次公開發行（IPO），對吧？因此，很顯然，擁有明確的、可融資的可行性研究報告以及獲得RIGI批准，對潛在投資者的興趣產生了重大影響。因此，我們認為應該等待RIGI的批准，然後再進行IPO。雖然不是必須的，但我認為這樣做會更好。

Okay. And then finally, I mean, maybe just a common, I mean, you applied in February, you resubmitted an application in July. It sounds like things are really moving back and forth. Has there -- how many other applications have been submitted and is there any risk of like the whole review process getting backlogged?

好的。最後，我的意思是，也許只是一個常見的情況，我的意思是，你在二月申請了，你在七月重新提交了申請。聽起來事情一直在反覆改變。目前還有多少其他申請提交？整個審核過程是否有積壓的風險？

So we are the only copper project that has applied for the RIGI so far. We expect others to file soon, namely Vicunia, but when this is going to take place, we don't know. What I can tell you, however, is that there is increased interest from the national governments to speed up the processes.

所以，我們是目前唯一申請RIGI的銅礦計畫。我們預計其他公司也會很快提交申請，特別是 Vicunia 公司，但具體時間我們尚不清楚。但我可以告訴你們的是，各國政府對加速這些進程的興趣日益濃厚。

I mean, remember, this is a totally new regulatory framework. So obviously, the involved ministries, they want to do appropriate due diligence, appropriate work. So I guess, that going forward where there should be more applications coming in, I don't think that this will lead to backlog on the regulatory body.

我的意思是，請記住，這是一個全新的監管框架。顯然，相關部門都希望進行適當的盡職調查和適當的工作。所以我認為，未來會有更多申請提交，但這不會導致監管機構積壓案件。

Maybe just a quick question on the Gold Corp then, turning to the other Mike. So Mike, you mentioned that the Tartan mine had operated for two years. Can you just give some comment on on the condition of the infrastructure and some of the key items that are needed to be updated in order to restart both in terms of underground development or processing.

那麼，關於黃金公司，我或許可以問一個簡短的問題，於是轉向另一位麥克。麥克，你提到塔坦礦場已經運作了兩年。您能否就基礎設施狀況以及為了重啟地下開發或加工而需要更新的一些關鍵項目發表一些評論？

Sure, yeah, the ramp is flooded. Like we'll have to dewater that, and we estimate that that would cost somewhere in the vicinity of about $3 million to go through a dewatering process. It's a relatively -- the ramp was built in the '80s, so it's a relatively modern technology and from what we understand from folks that were underground there was done well.

沒錯，坡道被淹了。例如我們需要對它進行脫水處理，我們估計脫水過程大約需要花費 300 萬美元。這條坡道是 80 年代建造的，所以它是一項相對現代的技術，而且根據我們從當時在地下工作的人那裡了解到的情況來看，它做得很好。

So we're hopeful once we get into that, that'll look good. The road infrastructure and the power infrastructure, the hydro line in is intact. We actually had a forest fire, extensive forest fires in the Flintline area, and a number of the wooden poles for the hydro line were burned, and I got to say Manitoba Hydro was right on it. They've already restored the -- replaced the poles that were damaged, so that's back up. At the site itself, there was a mill and a crushing circuit that was present at the -- from the old thing, from the old operation.

所以我們希望一旦進入那個階段，結果會很好。道路基礎設施和電力基礎設施，包括輸電線路，都完好無損。我們這裡確實發生了森林火災，弗林特萊恩地區發生了大面積的森林火災，許多輸電線路的木桿都被燒毀了，我必須說，曼尼托巴水電公司反應非常迅速。他們已經修復了——更換了損壞的電線桿，所以現在已經恢復正常了。現場原有的磨機和破碎迴路－來自舊址，來自舊作業現場。

Those those weren't maintained and they're obsolete. We would look at a new crushing circuit and mill. The tailings containment, which is of course very important, has been -- is still in very good condition and has a lot of capacity because the mine only operated for essentially two years. So we're really excited about that and from when we're talking with the people inside the province of Manitoba, what they're excited about is that we can restart this within the surface footprint of the of the old operation, and so that's also very appealing that we don't have to disturb any region forest or any of the surrounding lands.

那些設備年久失修，已經過時了。我們會考慮採用新的破碎迴路和磨機。尾礦庫當然非常重要，它目前狀況良好，容量很大，因為該礦實際上只運作了兩年。所以我們對此感到非常興奮，而且從我們與曼尼托巴省的人們交談來看，他們興奮的是我們可以在舊礦區的範圍內重新啟動這個項目，這也非常吸引人，因為我們不必破壞任何地區的森林或任何周圍的土地。

So, a lot of things to -- that are obviously a plus and the big thing is being that close to the town of Flin Flon where we don't actually have to have a camp and our workforce can go home at night.

所以，有很多方面——這顯然是優勢，最重要的是離弗林弗倫鎮很近，我們實際上不需要營地，我們的員工晚上可以回家。

And then just final question, what do you think the timing of a potential restart might be? I mean, is it going to be -- you do implement a drilling program and kind of see how that goes for a little while, potentially even a year plus or are you really going to head directly toward a PA and then get a little more clarity on when you might restart it?

最後一個問題，您認為可能的重啟時間可能是什麼時候？我的意思是，你們會實施一個鑽探計劃，然後觀察一段時間，甚至一年多，看看效果如何，還是會直接申請勘探許可，然後再更清楚地確定何時可以重新啟動鑽探計劃？

Well, as an independent, prior to the negotiations with McEwan and the LOI McEwen, our intention was to finish the phase 4 drill program at the end of this year, and immediately go to an updated 43-101, an updated resource estimate, and immediately almost simultaneously a PEA. So that was our original plan. I still think that we're on for that, and then, really, we have in terms of timelines for restarting the mine. We have spoken with the pros. There is an existing mine permit for 500 tonnes per day operation.

作為一家獨立公司，在與 McEwan 進行談判並簽署 McEwan 意向書之前，我們的計劃是在今年年底完成第四階段鑽探計劃，並立即進行更新的 43-101 報告、更新的資源估算，並幾乎同時進行初步經濟評估。這就是我們最初的計劃。我仍然認為我們正在朝著這個方向努力，而且，就重啟礦井的時間表而言，我們確實已經制定好了。我們已經諮詢過專業人士了。目前已獲得日開採量500噸的採礦許可證。

We would be looking at amending that permit and essentially going in and looking at putting it back in production pretty quickly. So again, it really is a mind restart. It's not we don't have to start from scratch, but clearly we would be bringing in better technology and more environmentally benign practices that would improve the operation. So, I think, realistically two to three years we'll be back in production.

我們將考慮修改許可證，並儘快恢復生產。所以，這真的是一種思維重啟。並不是說我們不需要從頭開始，但顯然我們會引入更好的技術和更環保的做法，從而改善營運。所以，我認為，現實點說，兩到三年內我們就能恢復生產。

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

So just building on the last question. On the restart plans there. I'm just curious, from a high level, where do you see this acquisitions fitting in the broader portfolio development to and sort of from a capital allocation standpoint relative to the growth plans (inaudible)?

那就接著上一個問題繼續問下去吧。關於那裡的重啟計劃。我只是好奇，從宏觀層面來看，您認為這些收購在整體投資組合發展中處於什麼位置？從資本配置的角度來看，它們與成長計畫又有何關聯？（聽不清楚）？

We're looking at a feasibility. Our PEA for Fox mid year and I'd say Tartan's probably running ahead of Fox right now in terms of timing.

我們正在進行可行性研究。我們針對 Fox 的 PEA 是年中發布的，我認為 Tartan 目前在時間表上可能領先於 Fox。

And then just a quick one on permitting in Nevada, are you able to provide any color on what that path forward and in timeline looks like at Windfall and Lookout Mountain, once the resource is out later this year?

那麼，關於內華達州的許可問題，您能否簡要介紹一下溫德福爾和瞭望山礦區在今年晚些時候資源開發後，未來的發展路徑和時間表是什麼？

Bill, would you care to --

比爾，你願意…--

Yeah, the permitting in Nevada will take two to three years, but we'll -- we're going to work diligently to get those projects up and running as quickly as possible and I think the -- we're now well on our way to establishing resources, both at Windfall and the other surrounding area, we've had some discussions with IAD.

是的，內華達州的審批流程需要兩到三年時間，但我們會努力盡快啟動這些項目，而且我認為，我們現在在溫德福爾和其他週邊地區建立資源方面進展順利，我們已經與IAD進行了一些討論。

I think the -- there are two types of property there, some of the property is basically wholly owned by human mining and some of it is still BLM land. And the private part of the property can be developed relatively quickly, so it will be a case of figuring out what we actually want to do there. Are we going to put a leach pad down next to the ore body and then do the processing at Gold Bar and I think that's where we're headed.

我認為那裡有兩種類型的土地，一部分土地基本上完全屬於人類採礦，而另一部分土地仍然是美國土地管理局（BLM）的土地。而且，這處房產的私人部分可以相對快速地開發，所以接下來要考慮的是我們究竟想在那裡做什麼。我們是否打算在礦體旁邊建造一個浸出墊，然後在金條礦進行加工？我覺得我們最終會這麼做。

But the the other possibility is to work with IAD they have some space that they -- that we've had a conversation with them about that might might allow them or us to use part of their plant that's not being used at the present time. So some of that is news to come but yeah, we're really happy with the drilling that we're doing there, confirming the data that we got from the previous owners, that's all falling into place quite nicely and now it's next step will be to put together some study to put that together to get all the economics and so on.

但另一種可能性是與 IAD 合作，他們有一些空間——我們已經和他們談過，這或許可以允許他們或我們使用他們工廠目前未使用的部分。所以其中一些消息以後才會公佈，但是，是的，我們對在那裡進行的鑽探工作非常滿意，證實了我們從前任所有者那裡獲得的數據，一切都進展得很順利，現在下一步是進行一些研究，把所有經濟效益等都整合起來。

But at the present time, there's no plan to build a big plant. On these properties, it'll be a leach pad where we then truck carbon back over to Gold Bar. It should be one that we're able to start very quickly after we get a permit.

但目前還沒有建造大型工廠的計畫。在這些地塊上，我們將建造一個浸出墊，然後用卡車將碳運回 Gold Bar。拿到許可證後，我們應該很快就會開工。

And there are no further questions at this time, Mr. Rob McEwen. I turned the call back over to you.

羅布·麥克尤恩先生，目前沒有其他問題了。我把電話轉回給你了。

Thank you operator. I want to thank everyone on the call for their patience with the interruptions in the internet that we experienced, and thank you for your interest and look forward to sharing our advances as we go. Thank you.

謝謝接線生。我要感謝所有參加電話會議的人，感謝你們對我們遇到的網路中斷問題的耐心，感謝你們的關注，期待與大家分享我們所取得的進展。謝謝。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。