McEwen Inc (MUX) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Welcome to McEwen's third-quarter '25 operating and financial results conference call.

各位女士、先生們，大家好。歡迎參加麥克尤恩公司2025年第三季營運和財務業績電話會議。

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 - Finance, Stefan Spears, Vice President - Corporate Development, Michael Meding, Vice President and General Manager of McEwen Copper, Carmen L. Diges, General Counsel & Secretary, Michael Swistun, President and Chief Executive Officer (CEO) of Canadian Gold Corp.

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、總法律顧問兼秘書卡門·L·迪格斯、加拿大黃金業公司副總裁兼總經理邁克爾·梅丁、總法律顧問兼秘書卡門·L·迪格斯、加拿大黃金時代總裁兼首席執行官邁克爾·斯威斯頓公司。

After the speaker's presentation, there will be a question-and-answer session.

演講結束後，將進行問答環節。

(Operator Instructions)

（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.

謝謝接線生。

Good morning, fellow shareholders, interested investors.

各位股東、各位有興趣的投資者，早安。

We have been preparing McEwen Mining to benefit from the stronger metal prices we are seeing today. Over the past year, gold at just below $4000 an ounce is up 45%. Silver up 47%, and copper is close to $5 up 13%. And I believe the intermediate and long-term prices will be considerably higher.

我們一直在為麥克尤恩礦業公司做好準備，使其能夠從目前金屬價格走強的行情中獲益。過去一年，金價略低於每盎司 4000 美元，上漲了 45%。白銀上漲 47%，銅價接近 5 美元，上漲 13%。而且我認為中長期價格還會更高。

This is an excellent environment for our portfolio mix of assets. I'd go as far to say that perhaps you could think of us as a mini-Freeport with growing gold production, pipeline, and large exposure to robust, world-class, long life copper story. The improved gold and silver prices have buffeted us from the inconvenient, unexpected events that can temporarily throw us off course and off guidance.

這是對我們資產組合而言的絕佳環境。我甚至可以說，或許你可以把我們看作是一個迷你版的弗里波特，擁有不斷增長的黃金產量、管道網絡，以及對穩健、世界級、長壽命銅礦項目的廣泛投資。金銀價格的上漲使我們免受那些可能暫時擾亂我們航向和方向的不便和意外事件的影響。

Fortunately, these moments are temporary and can be resolved in a relatively short period of time and have not seriously delayed our ambitious growth plans of delivering by '30. 250,000 to 300,000 gold equivalent ounces of annual production. Plus Watching Los Azules become a copper mine.

幸運的是，這些時刻都是暫時的，可以在相對較短的時間內得到解決，並沒有嚴重拖延我們雄心勃勃的增長計劃，即到 2030 年實現 25 萬至 30 萬盎司黃金當量年產量。再加上看著洛斯阿蘇爾斯變成銅礦。

And in the first 5 years, we're looking at producing an annual at an annual rate of over 450 million pounds of copper a year.

在最初的 5 年裡，我們預計每年將生產超過 4.5 億磅的銅。

Which today copper prices would be about $2.2 billion, and it has a, at least based on the feasibility study we just put out, and the current copper price would have a gross margin of 64%.

以今天的銅價計算，該項目價值約為 22 億美元，至少根據我們剛發布的可行性研究，目前的銅價將帶來 64% 的毛利率。

So, we've done a number of things in the quarter and, we've made some investments, and I'll start with those and then I'll move to, asking Michael Meding to talk about the excitement at Los Azules and then we'll get into our finances and our operations on our gold operations. So, I'll start with Ian Ball to talk about our investment in Canadian Gold Corp.

所以，我們本季做了很多事情，也進行了一些投資，我將從這些開始，然後我會請邁克爾·梅丁談談洛斯阿蘇萊斯的激動人心之處，然後我們將討論我們的財務狀況以及我們在黃金業務方面的運營情況。那麼，我先請伊恩鮑爾談談我們對加拿大黃金公司的投資。

So, on the Canadian gold front, we're set to close that acquisition in January. Upon closing, we expect to issue an updated resource estimate for the end of February that will come out with our year-end financials, and that's going to have a preliminary economic assessment. Our shareholders will note we have not included Tartan in any of our guidance going forward over the next 5 years, but we fully anticipate, including that, as we set to embark on our studies of that project, exploration is ongoing, and Canadian Gold is scheduled be putting out an expiration update over the next 3 weeks.

所以，在加拿大黃金業務方面，我們計劃在1月完成收購。交易完成後，我們預計將於 2 月底發布一份更新的資源估算報告，該報告將與我們的年終財務報告一起發布，其中將包含初步的經濟評估報告。我們的股東會注意到，我們在未來 5 年的任何業績指引中都沒有包含 Tartan 項目，但我們完全預計，隨著我們著手研究該項目，勘探工作正在進行中，加拿大黃金公司計劃在未來 3 週內發佈到期更新。

The key there is we've been drilling on the main zone, continuing to build out that resource. We've been doing a lot of work on the recently acquired ground to the west, which is optioned from [Hut Bay] where historically there was a lot of historical high grade drill intercepts and surface. We think there's a lot of Synergies between Tartan and that ground, it really fits well with the McEwen portfolio in terms of the underground style, the processing plant, and we feel there's a lot of ways that we can optimize this and we can accelerate the permitting on this project to get it back into production upon some of the completion of the test work that we're currently undertaking. So, we're quite optimistic both on the time frames for permitting, the expiration, as well as the production profile that it can deliver for McEwen going forward.

關鍵在於我們一直在主礦區進行鑽探，並不斷擴大該礦區的資源量。我們一直在對最近在西部收購的土地進行大量工作，這塊土地是從 [Hut Bay] 獲得選擇權的，歷史上那裡有很多高品位鑽探截獲物和地表礦藏。我們認為 Tartan 與這塊土地有很多協同效應，它在地下風格、加工廠方面與 McEwen 的產品組合非常契合，我們覺得有很多方法可以優化它，我們可以加快該項目的許可審批，以便在我們目前正在進行的一些測試工作完成後，使其恢復生產。因此，我們對許可證的審批時間、到期日以及未來能為 McEwen 帶來的產量前景都相當樂觀。

Okay, Mike, would you hop on this hall?

好的，麥克，你能上來嗎？

Okay, thank you, Rob.

好的，謝謝你，羅布。

Thank you, operator. Q3 was an excellent and transformative quarter for McEwen Copper. We successfully advanced Los Azules from a world-class deposit into a de-risked, politically endorsed and bankable Tier 1 asset

謝謝接線生。第三季對麥克尤恩銅業來說是一個出色且具有變革意義的季度。我們成功地將洛斯阿蘇萊斯從世界級存款計畫轉化為風險降低、獲得政治認可且符合銀行要求的1級資產。

At McEwne Copper, we are committed to excellence in three key areas operations, ESG, and exploration.

在麥克尤恩銅業公司，我們致力於在營運、ESG（環境、社會和治理）和勘探這三個關鍵領域追求卓越。

The most significant strategic event of the quarter was the acceptance of Los Azules into Argentina's Régimen de Incentivo para Grandes Inversiones, or the Large-Scale Investment Incentive Program in Argentina, on [September 20]

本季最重要的策略事件是洛斯阿蘇萊斯公司被納入阿根廷的「Régimen de Incentivo para Grandes Inversiones」（阿根廷大型投資激勵計畫）。[9月20日]

This is a fundamental game changer for the project. Through RIGI Los Azules now benefits from 30 years of legal, fiscal, and customs stability, access to foreign exchange, and a significantly lower and internationally competitive tax rates. This provides a predictable framework and strong protection against future regulatory changes.

這對專案來說是一個根本性的變革。透過 RIGI，洛斯阿蘇萊斯現在享有 30 年的法律、財政和海關穩定性、外匯獲取管道以及顯著降低且具有國際競爭力的稅率。這提供了一個可預測的框架，並能有效抵禦未來的監管變化。

The approval of the RIGI is a powerful public endorsement which was personally announced by Argentine's Minister of Economy Luis Caputo and reinforced by President Javier Mileion the official ex accounts.

RIGI 的批准是一項強有力的公眾認可，阿根廷經濟部長路易斯·卡普托親自宣布了這一消息，總統哈維爾·米萊翁也在官方帳戶上予以強調。

We also finalized a collaboration agreement with the IFC, a member of the World Bank Group. This partnership will align the project with the IFC's rigorous ESG performance standards and establishes a framework for collaboration on future financing. Our most recent milestone was the publication of the NI43-101 feasibility study results on October 7.

我們也與世界銀行集團成員國際金融公司（IFC）最終敲定了合作協議。此次合作將使該專案符合國際金融公司嚴格的ESG績效標準，並為未來融資方面的合作建立框架。我們最近的里程碑是於 10 月 7 日發布了 NI43-101 可行性研究結果。

The study confirms robust project economics driven by a production process designed for low environmental impact. The Leach and SX/EW process will produce 99.99% LME Grade A copper cathodes, and as already mentioned in the first five years, 204,000 tons of pure copper per year. The highlights include $2.9 billion after-tax NPV at 8%, 19.8% after-tax IRR, a payback of 3.9 years, $3.2 billion initial CapEx, C1 cash cost of $1.71 per pound of copper produced. All in sustaining cost of $2.11 per pound of copper.

該研究證實，該項目經濟效益強勁，這得益於其生產過程的設計旨在降低對環境的影響。浸出和SX/EW製程將生產99.99% LME A級銅陰極，並且如前所述，在前五年內，每年可生產204,000噸純銅。亮點包括：稅後淨現值 29 億美元（以 8% 的利率計算），稅後內部收益率 19.8%，投資回收期 3.9 年，初始資本支出 32 億美元，每磅銅的 C1 現金成本為 1.71 美元。維持銅的成本為每磅 2.11 美元。

The financial model used a copper price assumption of $4 per pound. The full national instrument 43-101 technical report is scheduled for publication later this month. Looking forward, detailed engineering for Los Azules is set to commence, and we are targeting construction for late '26, beginning of '27, subject to project financing.

此財務模型採用的銅價假設為每磅 4 美元。完整的國家標準 43-101 技術報告計劃於本月稍後發布。展望未來，洛斯阿蘇萊斯的詳細工程設計即將開始，我們的目標是在 2026 年底或 2027 年初開工建設，具體時間取決於專案融資情況。

Finally, let's talk about the upsides. Our total mining rights cover approximately 32,000 hectares. To date, we have explored less than 10% of our holdings, about 3,000 hectares. We have already identified 8 significant targets, 4 of which we will focus on in the upcoming season. We have strong reason to believe we can significantly increase the resource size of Los Azules and ultimately convert this project into major mining districts.

最後，我們來談談它的優點。我們的採礦權總面積約32000公頃。迄今為止，我們勘探的土地面積不到我們擁有土地面積的 10%，約 3000 公頃。我們已經確定了 8 個重要目標，下個賽季我們將重點放在其中 4 個。我們有充分的理由相信，我們可以大幅增加洛斯阿蘇萊斯礦區的資源規模，並最終將該計畫轉變為大型礦區。

Thank you so much. I hand back over to you Rob

太感謝了。羅布，我把話交還給你。

Thank you, Mike.

謝謝你，麥克。

Perry.

佩里。

Thank you, Rob. Good morning, everyone. I'll just provide some brief highlights from our third-quarter report. So, in terms of headline numbers, we reported Net loss to $0.5M or $0.01 per share compared to net loss of $2.1M or $0.04 per share in the corresponding period.

謝謝你，羅布。各位早安。我將簡要介紹我們第三季報告中的一些要點。因此，就主要財務數據而言，我們報告淨虧損為 50 萬美元，即每股虧損 0.01 美元，而去年同期淨虧損為 210 萬美元，即每股虧損 0.04 美元。

I will note that this net loss included $4.3 million in terms of the loss from the McEwen copper. As we've noted previously, now that the feasibility study for loss. Has been published, going forward from the effective date of the feasibility study at the beginning of September, we will be able to report, those, associated costs on a capitalized basis. So, any loss attributable, to losses, from prior periods will no longer will now be capitalized on a go forward basis.

需要指出的是，這筆淨虧損包括麥克尤恩銅礦的 430 萬美元虧損。正如我們之前提到的，現在損失可行性研究已經完成。已經公佈，從9月初可行性研究生效之日起，我們將能夠以資本化方式報告這些相關成本。因此，任何由前期損失引起的損失，現在將不再以以前期損失為基礎進行資本化。

In terms of adjusted EBITDA, we reported $11.8 million of positive EBITDA during the quarter or $0.22 a share, compared to $10.5 million or $0.20 a share in the corresponding period.

就調整後的 EBITDA 而言，我們本季報告的 EBITDA 為 1,180 萬美元，即每股 0.22 美元，而去年同期為 1,050 萬美元，即每股 0.20 美元。

In terms of our treasury, we ended the quarter with $51 million in cash, as well as $24 million in marketable securities. Our cash balance was relatively unchanged from the prior quarter on June 30. So just looking ahead, in terms of our release, we've outlined a number of significant projects ahead of us. So, just looking into '26, and our capital needs, obviously we expect to finish the stock ramp at by the end of next year. Complete a heat bleach pad expansion at Gold Bar and as noted, we will undertake El Gallo phase one, with a cap cost of approximately $25 million.

就我們的財務狀況而言，本季末我們擁有 5,100 萬美元現金，以及 2,400 萬美元有價證券。截至6月30日，我們的現金餘額與上一季相比基本不變。展望未來，就我們的產品發布而言，我們已經制定了一系列重要的專案計劃。所以，展望 2026 年，以及我們的資金需求，顯然我們預計到明年年底將完成股票增發。完成 Gold Bar 熱漂白墊的擴建，並且如前所述，我們將進行 El Gallo 第一階段工程，總投資額約為 2,500 萬美元。

Overall, we expect to accomplish these using our existing treasury and cash flows from operations. And specifically for the El Gallo project in Mexico, we also expect to utilize some form of gold prepay for approximately half of the anticipated capex.

總體而言，我們預計利用現有資金和經營活動產生的現金流來實現這些目標。具體來說，對於墨西哥的 El Gallo 項目，我們也預計將使用某種形式的黃金預付款來支付大約一半的預期資本支出。

So with that, we'll turn it over to, Bill for some comments on operations.

那麼，接下來我們將把麥克風交給比爾，請他對營運方面發表一些看法。

And what we're going forward.

以及我們未來的發展方向。

Yeah, good morning, shareholders.

是的，各位股東早安。

Yes. So, from the operation perspective, as we all know, we started off the year poorly. However, we have a very good start to Q4.

是的。所以，從營運角度來看，我們都知道，今年的開局並不順利。然而，我們第四季開局非常順利。

Q3 wasn't exactly as we anticipated due to some issues with the final few months of the Froome mine, and this is, I guess, to some extent. I guess one of the outcomes of, the end of a mine life. However, the Froome West deposit has kicked in nicely in towards the end of Q3, and we see it producing Gold at the at the rate in our guidance through Q4 and well into 2026.

第三季的情況並不完全如我們所預期的那樣，因為弗魯姆礦場最後幾個月出現了一些問題，我想，這在某種程度上也是原因之一。我想，這大概就是礦井壽命結束的結果之一。然而，弗魯姆西礦床在第三季末開始順利投產，我們預計其黃金產量將按照我們預測的速度持續到第四季以及 2026 年。

We now see from mining until Q3 of '26, by which time the stock deposit should be coming in into production, which we're now indicating as occurring in the later in the first half of next year. Well, in terms of the development work that we are doing at stock, the ramp development is going along on schedule.

我們現在預計，從採礦到 2026 年第三季度，礦藏應該會投入生產，我們現在表示，這將在明年上半年的後期發生。就我們在庫存方面所做的開發工作而言，斜坡開發正在按計劃進行。

And I would have to say both the mining contractor and our own mining crews continue to have their safety record in very good shape, with no last time accidents by Either our contractors or our own forces. In terms of gold bar, Q3 has been quite challenging because of the fact that there was one part of our ore that we intended to mine in Q3, which basically did turn out not to be ore when we got to the mining, but we pivoted there quite nicely to move into Q4.

我必須說，無論是採礦承包商還是我們自己的採礦隊伍，他們的安全記錄都一直非常好，無論是承包商還是我們自己的隊伍，都沒有發生過任何事故。就金條業務而言，第三季相當具有挑戰性，因為我們原本打算在第三季開採一部分礦石，但當我們真正開始開採時，發現那部分礦石實際上並不是礦石。不過，我們很好地調整了策略，順利進入了第四季。

Q4 is already looking very good, and we're back into the normal routine of our mining and our stripping and our moving north of 1.5 million tons per month. So that's a very good outcome for operations.

第四季看起來已經非常好了，我們的採礦和剝離工作已經恢復正常，每月產量也超過了 150 萬噸。所以這對營運來說是一個非常好的結果。

From the perspective of exploration, we've had very good success in both operations at Gold bar and at stock. And at our board meeting yesterday, we approved going ahead with the re-leaching of the of the assets in Mexico. So that will start, early, in the new year with construction, and then move on into leaching of the El Gallo leach pad and then putting those tailings back into the pit.

從勘探的角度來看，我們在金條和金礦的勘探作業中都取得了非常好的成功。在昨天的董事會上，我們批准了重新剝離墨西哥資產的計畫。因此，這項工作將在新年伊始開始，首先進行建設，然後進行 El Gallo 浸出墊的浸出，最後將這些尾礦放回礦坑。

So, we see a challenging fourth quarter, but we're in very good shape, I would say in the month of October. And so looking forward to the next 2 months and we're really looking forward to getting back to producing gold in Mexico.

所以，我們預計第四季將充滿挑戰，但就10月份而言，我們的狀況非常好。因此，我們非常期待接下來的兩個月，也非常期待能夠恢復在墨西哥的黃金生產。

Thank you.

謝謝。

Thank you, Bill.

謝謝你，比爾。

During the year, we've enjoyed exploration success, and we discovered the Froome West deposit that allowed us to bridge.

今年，我們在勘探方面取得了成功，發現了弗魯姆西礦床，這使我們能夠進行橋樑建設。

Our production, during a time when we found, permitting delays, we're backing up our production pipeline and our development plans.

在生產過程中，我們發現，允許延誤的同時，我們正在恢復生產流程和開發計劃。

Both at Gold Bar over at the acquired timberline Properties we're getting excellent grades and continuity. There's one area that I don't know if everyone in the company shares my same optimism, but it's a property called Seven Troughs and historically, it excites me because of its historic record is one of the highest-grade mines in Nevada, averaging more than 1.2 ounces per ton. And there was a recent grab sample in an area that historically had shown a lot of plus1g material.

在 Gold Bar 和收購的 Timberline Properties，我們都獲得了優良的品質和持續的收益。有一個領域，我不知道公司裡的每個人是否都和我一樣樂觀，那就是名為「七槽」的礦產。從歷史角度來看，它讓我感到興奮，因為它的歷史記錄表明，它是內華達州品位最高的礦山之一，平均每噸礦石含金量超過 1.2 盎司。最近在歷史上曾發現大量+1g物質的區域進行了一次抓取樣本檢測。

And that was, it was better than 270 g over a very short intercept. But still exciting, given the history of that location. Go at in Timmins, our Grey Fox area is growing. We'll have a preliminary economic assessment out in the first-quarter of next year. We've got plans to expand in Mexico, as you heard from Perry and Bill, and we're bringing in some other properties and have some investments in areas and in companies that I think have a lot of growth potential.

也就是說，在很短的截距內，它比 270 克要好。但考慮到該地點的歷史，仍然令人興奮。在蒂明斯，我們的灰狐地區正在發展壯大。我們將在明年第一季發布初步經濟評估報告。正如佩里和比爾所說，我們有在墨西哥擴張的計劃，我們正在引進一些其他房產，並在一些我認為具有很大增長潛力的地區和公司進行投資。

Oh With that, I do have to say that our miss year-to-date in our production is inexcusable, but we're taking steps to remedy that and get us back on track, so.

哦，對此我不得不說，我們今年迄今為止的製作水平下滑是不可原諒的，但我們正在採取措施來彌補這一不足，使我們重回正軌。

With that, I'll open it up for questions.

接下來，我將開放提問環節。

(Operator Instructions)

（操作說明）

Haikkoil from H.C. Wainwright. Your line is open.

來自 H.C. Wainwright 的 Haikkoil。您的線路已開通。

Perfect. Just making.

完美的。只是在製作。

Sure. First of all, congratulations to Ian Ball on this appointment there.

當然。首先，恭喜伊恩·鮑爾榮任此職。

Rob you actually early on this call pre-empted a bit of what I was going to ask you, but I mean, your deal for Britannia or Peregrine Geochemical Labs, interesting move there. Few follow-ups to that.

羅布，你在這通電話中其實很早就搶先回答了我原本要問你的一些問題，我的意思是，你收購 Britannia 或 Peregrine Geochemical Labs 的交易，這步棋很有意思。後續報道不多。

Do you think that you will engage in more vertical integration like this? And building on that last part, do you think we'll see a bit of an arms race, for lack of a better word, where other guys want to get involved, with suppliers, distributors in order to guarantee supply and fast processing?

你認為未來還會進行更多類似的垂直整合嗎？基於上一部分內容，您認為我們會看到一場（暫且這麼說吧）軍備競賽嗎？其他公司為了確保供應和快速處理，會想要與供應商、經銷商競爭？

I mean, like one example would be, an assay lab. Obviously, you can't do it for independent assays, but would that be like a potential target? Just maybe elaborate a bit on what you were describing earlier on the call and what you did to.--

我的意思是，舉個例子，例如化驗室。顯然，你不能對獨立檢測這樣做，但這會是一個潛在的目標嗎？或許您可以詳細解釋一下您之前在電話中描述的內容以及您採取的措施。

Paragon holds technology called photo assay, and it's an X-ray process that is faster, cheaper, more comprehensive in terms of the data being provided. I first saw this technology five years ago, comes out of Australia, Paragon stepped in and got in line to secure 12 units.

Paragon 擁有名為光檢測的技術，這是一種 X 光檢測方法，速度更快、成本更低、提供的數據更全面。我五年前第一次見到這項技術，它來自澳大利亞，Paragon 公司介入並排隊預定了 12 台設備。

And that's about the annual production. Some of the majors have bought units for their sole use. I think as more money comes into the mining space, and that's surely going to happen with everybody, all the sovereign nations and corporations around the world, looking for new sources of mineral.

這就是年產量的大致狀況。一些大型公司購買了專供自己使用的設備。我認為隨著越來越多的資金流入採礦領域，這種情況肯定會發生，因為世界各地的所有主權國家和公司都在尋找新的礦產資源。

Being able to compress time and get more information for your dollar out of your assays is going to grow increasingly more important, and the old suppliers of assays, I mean, you could see backups about 3 weeks to 4 weeks or more, and here you can get it in 2 weeks or less, and sometimes almost daily, so.

能夠縮短檢測時間，並以更少的錢獲得更多信息，這將變得越來越重要。以前的檢測供應商，我的意思是，你可能會看到大約 3 到 4 週甚至更長的積壓，而在這裡，你可以在 2 週或更短的時間內獲得檢測結果，有時甚至幾乎每天都能拿到。

I think that's important. I mean, the whole industry is under a lot of strain right now. There are labor problems, so there's going to be competition there. There's equipment supplies. When someone comes along, we're going to have all these projects coming on who's going to? will they be able to deliver the trucks, the shovels, the drills, and that you're already in Argentina.

我認為這很重要。我的意思是，整個產業現在都面臨著很大的壓力。勞動市場有問題，所以那裡一定會有競爭。這裡有設備供應。當有人出現時，我們將有很多項目接踵而至，誰會來呢？他們能否運送卡車、鏟子、鑽孔機，而你已經在阿根廷了。

We looked at that problem with drills. We ended up buying 8 drills because there weren't drills down there, readily available. And so, I mean, you look at the world and say mining investments in a mix of global portfolios is very small today. It might be 1% or 2%. 10 years ago, it was up around 12%.

我們用鑽頭研究了這個問題。我們最後買了 8 台電鑽，因為那裡沒有現成的電鑽。所以，我的意思是，放眼全球，你會發現如今礦業投資在全球投資組合中的佔比非常小。可能是1%或2%。 10年前，這個數字大約是12%。

We get back to that. There's, as you said, there's going to be a real battle for a lot of the inputs that are required to define an ore body. And at the same time we have to compress time in this industry. It's taking far too long to reach certain decision points.

我們稍後再談這個問題。正如你所說，對於確定礦體所需的許多投入，將會有一場真正的爭奪戰。同時，我們這個產業也必須壓縮時間。做出某些決定所花費的時間太長了。

And so you're going to see a lot more technology. I view what Paragon's technology, the crisis pre rather, is a disruptive technology that will advance the industry.

所以你會看到更多科技的應用。我認為 Paragon 的技術，或者更確切地說是危機前的準備，是一種顛覆性技術，它將推動產業發展。

We'll be looking for other opportunities to accelerate and improve the knowledge of the industry, first for us, but then for the industry.

我們將尋找其他機會來加速和提高對行業的了解，首先是為了我們自己，然後是為了整個行業。

Good answer. Obviously interesting move. I've seen this machine in operation. I was trying to dig up where it was, but I've seen it on a site visit before somewhere. It wasn't one of your assets. It was somewhere else.

回答得很好。這顯然是個有趣的舉動。我親眼見過這台機器運轉。我正努力尋找它的具體位置，但我之前在一次實地考察中好像在某個地方見過它。它不是你的資產之一。它在別的地方。

(multiple speakers)

（多位發言者）

It might have been. I go to so many sites, at Gold Bar you did obviously 8,200 ounces, quite a bit lower, frankly a bit lower than what we had in our model as well.

有可能。我瀏覽了很多網站，在 Gold Bar，你們的產量顯然是 8200 盎司，比我們模型中的產量低得多，坦白說也低得多。

You were talking about the reinterpretations of geological data and changes to your mind signs. What should we be looking at for next year? I mean, I, this sure sounds like a temporary issue.

你剛才談到了地質資料的重新解讀以及你思考訊號的變化。明年我們該關注哪些面向？我的意思是，這聽起來肯定只是個暫時性的問題。

But is it?

但事實真是如此嗎？

I would say absolutely that the particular zone of the mining operation that we were in in the last quarter, we ended up with a part of where we were mining that we anticipated would be ore. It turned out to be to in fact be unmineralized material and as a result, that that part of the bit basically turned into stripping material. So, and for some reason, the historical drilling that was done, many years ago.

我可以肯定地說，在我們上個季度進行的採礦作業的特定區域，我們最終開採出的部分區域，正如我們預期的那樣，會產出礦石。結果發現它實際上是未礦化的物質，因此，鑽頭的這一部分基本上變成了剝離物。所以，出於某種原因，多年前進行的歷史性鑽探。

Didn't identify that source of unmineralized material, so we're, mined through that with our stripping part and we're now back into, what we would call our normal ore, and you know what we're seeing. In the rest of the mining that we're doing is that the reconciliation to the block model is standing up. And, it was just, I guess, something that we missed in our confirmation drilling or something that we missed in the mine planning at the time.

我們沒有找到未礦化物質的來源，所以我們用剝離設備開採了它，現在我們又回到了我們所謂的普通礦石，你知道我們看到了什麼。在我們進行的其餘挖礦工作中，與區塊模型的協調正在逐步實現。我想，這只是我們在確認鑽探中遺漏了一些東西，或者是我們在當時的礦場規劃中遺漏了一些東西。

And, again, this is a part of the ore body that we decided more than a year ago to start stripping because of the increase in the gold price. And that's what brought that whole zone into war.

而且，這部分礦體是我們一年多前決定開始剝離的，因為金價上漲了。而這正是將整個地區拖入戰爭的原因。

At the gold price that we had a year and a half ago, that stripping wouldn't and that mining would not have been done. So, in answer to your question with regard to next year, we see the mine plan being pretty consistent through the year, and we'll be announcing the production guidance for next year shortly.

以一年半前的金價來看，那種剝離和開採作業是不會進行的。所以，關於您提出的明年的問題，我們認為礦山計劃全年將保持相當穩定，我們將很快公佈明年的產量指導。

Thank you so much. I'll get back.

太感謝了。我會回來的。

(Operator Instructions)

（操作說明）

Joseph Rieger, Roth Capital Partners. Your line is open.

Joseph Rieger，Roth Capital Partners。您的線路已開通。

Hi Joe.

嗨，喬。

Hey Rob and team, thanks for taking my questions.

嗨，Rob和團隊，謝謝你們回答我的問題。

I think go at the two big ones there, but just kind of following up on gold bar in the comments you guys said that you're going to be doing more work to review this.

我認為應該先關注那兩個最大的問題，但就像你們在評論中提到的金條問題一樣，你們說會做更多工作來審查這個問題。

What degree of risk do you see to an overall resource change if any or is this just a matter of sequencing?

您認為整體資源變更會帶來多大的風險（如果有的話）？或者這只是排序問題？

It appears to be a matter of sequencing.

這似乎是順序問題。

And not a large risk.

而且風險並不大。

Okay, that, that's good to hear. And then.

好的，那真是個好消息。進而。

You mentioned with Fenix mid next year.

你提到明年年中會和Fenix合作。

How comfortable are you guys with that timeline to have all your permits and you know where you see like the kind of the potential for the get started earlier or on front and then do you expect to publish like an updated financial study once you have permits in hand.

你們對這個時間表有多滿意？你們覺得能否提前或提前啟動專案？拿到許可證後，你們是否計劃發布一份更新的財務研究報告？

Yes, the last question, and the permitting is somewhat unknown. We have a permit to do some of the work and it needs to be amended.

是的，最後一個問題，許可情況尚不明確。我們已取得部分施工許可證，但需要進行修改。

And we're hoping that the timing will coincide with what we gave you.

我們希望時間安排能與我們給您的安排相吻合。

And we've had a number of meetings with the government authorities on permitting, and we're fairly optimistic that we'll have those permits in time and the construction of the plant will start in Q1.

我們已經與政府部門就許可事宜舉行了多次會議，我們相當樂觀地認為，我們將及時獲得這些許可，工廠的建設將在第一季開始。

Okay. And then.

好的。進而。

Part of your comments on the Canadian gold thing, I think got cut in the beginning.

我認為你關於加拿大黃金事件的部分評論在開頭被剪掉了。

What is the timeline to complete that merger and then how, what's kind of the timeline after that, by quarter as far as expectations rans.

完成此次合併的時間表是什麼？合併完成後，接下來的時間表大概是怎麼樣的？按季度來看，預期進展如何？

The process, there's a shareholder vote in December, and then it has to be ratified by the courts, and that's set for the January 6, I believe Mid-January (inaudible), and in terms then we'll go in there and, do a resource estimate and a preliminary economic assessment on that.

流程是這樣的：12 月會進行股東投票，然後必須由法院批准，我記得法院的批准日期是 1 月 6 日，或 1 月中旬（聽不清楚），之後我們會進行資源估算和初步經濟評估。

Okay, and when do you think the, what's the rough estimate, it, assuming a Q1 close, what's the rough estimate on, [PEA] being released, like how many months or quarters?

好的，那麼你認為，粗略估計一下，假設第一季結束，那麼[PEA]大概會在什麼時候發布，例如幾個月或幾季？

Oh, you'd probably be looking into the fourth-quarter next year.

哦，那你可能要等到明年第四季了。

Okay, all right, that's helpful.

好的，這很有幫助。

All right, turn it.

好了，轉動它。

Over you, Joe.

喬，我不在乎你。

Gord Weber, RBC Capital Markets. Your line is open.

戈德‧韋伯，加拿大皇家銀行資本市場。您的線路已開通。

Oh, thank you very much.

哦，非常感謝。

Hi, Rob. With respect to resource estimates, how would McEwen Mining now calibrate or estimate their proven resources?

嗨，羅布。就資源估算而言，麥克尤恩礦業公司現在將如何校準或估算其已探明資源量？

The same way everyone else does.

和其他人一樣。

And how many ounces or equivalent ounces would McEwen claim to have today?

那麼，麥克尤恩今天會聲稱擁有多少盎司或等量的盎司呢？

It's all set out in our statement. We're looking at about 3 million ounces at Fox.

聲明中已詳細說明。我們預計福克斯礦的儲量約為 300 萬盎司。

And It's about 4.2 million, I, think, between all of the operations. And then we have development going on drilling at Grey Fox right now. We're drilling down in Nevada at Gold Bar, over at Eureka, starting at Seven Troughs.

我想，所有手術加起來大概是 420 萬美元。目前，我們在 Grey Fox 的鑽探開發工作正在進行中。我們正在內華達州的戈爾德巴爾（Gold Bar）和尤里卡（Eureka）地區進行鑽探，從七槽（Seven Troughs）開始。

The reason I ask is it seems to me a little inequitable that.

我這麼問是因為我覺得這有點不公平。

We're being asked as Gold Corp stockholders to tender 50 shares for one of those shares when in fact we have a proven resource.

我們身為 Gold Corp 的股東，被要求用 50 股股票換取其中 1 股股票，而事實上我們已經擁有了可靠的資源。

Who are you representing? Sorry.

你代表誰？對不起。

Who are you a shareholder?

您是哪家公司的股東？

Yeah, I'm a stockholder. I've been a long-term stockholder, of, Canadian Gold Corp.

是的，我是股東。我一直是加拿大黃金公司的長期股東。

We know we have proven resources, and we also know that we have a lot of drilling that hasn't been analysed to date, so I assume we have greater resources than has been booked.

我們知道我們擁有已探明的資源，我們也知道我們還有很多鑽井尚未進行分析，所以我認為我們擁有的資源比已記錄的要多。

And it just seems to me 50:1 isn't.

在我看來，50:1 顯然不是這個比例。

Well, it just seems to me very opportunistic.

嗯，在我看來，這純粹是投機取巧。

We put a bid on the table, it was accepted by management, and it's going to shareholders in December.

我們提出了收購要約，管理層接受了，並將於 12 月提交給股東。

We thought it was fair at the time, and I believe manager thought it was fair.

當時我們認為這很公平，而且我相信經理也認為這很公平。

Yeah, and will there be a resource estimate for we the stockholders before it goes to vote?

是的，在投票表決之前，是否會向我們股東提供資源估算報告？

We don't have any control. We don't have any control over that.

我們沒有任何控制權。我們對此沒有任何控制權。

Okay, so I think that's.

好的，我想就是這樣。

I don't, I don't have an answer to that question other, but we're not driving a resource estimate.

我沒有，我沒有其他答案來回答這個問題，但我們目前沒有進行資源估算。

But as the majority shareholder, don't you want to know what that number is before you conclude the transaction?

但身為控股股東，你不想在完成交易前知道這個數字是多少嗎？

Or --

或者--

You already have some inside information that leads you to believe it should be concluded.

你已經掌握了一些內部消息，讓你認為這件事應該結束了。

No, the drilling's going.

不，鑽探工作正在進行中。

It's exciting. It's in an area that had passed production, although the Tartan Lake mine wasn't run very well and that's why it went into bankruptcy, but no, it's in a favourite area of the of the country in terms of energy costs and that and mineral deposits.

真令人興奮。雖然塔坦湖礦場經營不善，導致其破產，但它位於一個曾經生產過的區域，而且就能源成本和礦藏而言，它位於該國最受歡迎的地區之一。

Yeah, no, you don't have to sell me on the merits of the tartan mine. My concern is that.

不，你不需要向我推銷格子呢礦的優點。我擔心的是這一點。

Is that the majority shareholders may have insight or information that the minority shareholders haven't been provided with.

也就是說，大股東可能掌握小股東所不了解的資訊或見解。

That isn't the case.

事實並非如此。

Well, that's refreshing to hear that.

聽到這個消息真是令人耳目一新。

Any other comments, questions?

還有其他意見或問題嗎？

Well, perhaps we.

或許，我們就是這樣。

Can follow that up later.

稍後可以跟進。

Fair enough.

很公平。

Thank you, Gorb.

謝謝你，戈爾布。

Next question.

下一個問題。

Terry E. DeVries, a private investor. Your line is open.

特里·E·德弗里斯，一位私人投資者。您的線路已開通。

Hello Mr. McEwan. How are you doing today?

麥克尤恩先生，您好。你今天怎麼樣？

Hi Terry.

嗨，特里。

Well, nice to hear.

很高興聽到這個消息。

I've had a great, couple months watching your stock double. Congratulations for losses, Los Azules.

過去幾個月，看著你的股票翻了一番，我感覺棒極了。恭喜你輸了，Los Azules。

Really exciting what's happening there, and the gold market goes up, the gold market goes down, and we just got a, fantastic, buying opportunity, and so I stepped up to the plate again.

那裡發生的事情真是令人興奮，黃金市場有漲有跌，我們剛剛獲得了一個絕佳的買入機會，所以我再次挺身而出。

The one question I have.

我只有一個問題。

I didn't really hear it from Michael Meding. The IPO for Los Azules, do you have any further information that you can give us when you think that might be happening, how much money you'd be willing to, or looking to raise in the first issue.

我其實並沒有從麥可‧梅丁那裡聽到這話。關於 Los Azules 的 IPO，您能否提供更多信息，例如您認為 IPO 何時會發生，或者您願意或計劃在首次發行中籌集多少資金？

Well, we were hoping to do it earlier, but the feasibility, we got that out in October. And didn't feel the market we'd have enough time to do an IPO in the fourth-quarter of this year.

我們原本希望更早完成這項工作，但可行性研究結果我們在十月公佈了。而且感覺市場對我們來說影響不大，我們沒有足夠的時間在今年第四季進行IPO。

Now we're looking at Going to sometime next year, doing taking the company public.

現在我們正在考慮明年某個時候讓公司上市。

first-quarter.

第一季。

In terms of raising money, our last financing was at $30 a share, and I would expect that we're being accepted in the region. We've got the feasibility study. The project looks very attractive relative to a number of other development projects in copper.

在籌集資金方面，我們最近一次融資的價格是每股 30 美元，我認為我們在該地區得到了認可。我們已經完成了可行性研究。與其他一些銅礦開發項目相比，該項目看起來非常有吸引力。

We'd see a higher price than that when we go public.

我們上市時的價格會比這更高。

Any other, market moving news that you can expect in the next quarter or two?

未來一、兩個季度還有其他可能影響市場走勢的消息嗎？

Mm I don't know. I'm going to go meet with the President of Argentina tomorrow in New York. I don't think that'll move the market.

嗯，我不知道。我明天要去紐約見阿根廷總統。我認為這不會對市場產生影響。

Well, your [drill bits] success has been rather encouraging, so I wish you all the luck in pursuing that and look forward to some good news and thanks for taking my call.

嗯，你的鑽頭專案進展順利，令人鼓舞，祝你一切順利，期待好消息，謝謝你接聽我的電話。

You're welcome, Terry.

不客氣，特里。

Thank you.

謝謝。

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

羅布·麥克尤恩先生，目前沒有其他問題了，我把電話交還給您。

Thank you very much, operator.

非常感謝接線生。

Thank you, everyone.

謝謝大家。

We've set our course where we're going. We think by planning by '30 to have substantially more production coming out of our gold mines. There are a couple of other projects we'd like to see brought into production, and we hope to have the copper mine up and running by, in '30.

我們已經確定了前進的方向。我們認為，透過規劃，到 2030 年，我們的金礦產量將大幅提高。我們還有幾個項目希望投入生產，並且希望銅礦能在 2030 年投入運作。

So, all good news in the long-term.

所以，從長遠來看，都是好消息。

Thank you.

謝謝。