McEwen Inc (MUX) 2026 Q1 法說會逐字稿

Hello, ladies and gentlemen. Welcome to McEwen's first-quarter 2026 operating and financial results conference call.

各位女士、各位先生，大家好。歡迎參加 McEwen 2026 年第一季營運與財務結果電話會議。

Present from the company today are Rob McEwen, Chairman and Chief Owner; Ian Ball, Executive Vice Chairman; William Shaver, Chief Operating Officer; Perry Ing, Chief Financial Officer; Jeff Chan, Vice President, Finance; Stefan Spears, Vice President, Corporate Development; Kevin Bromfield, Project Director, Grey Fox; Michael Meding, Managing Director of McEwen Copper; Carmen Diges, General Counsel and Secretary.

今天出席的公司代表包括：董事長兼主要股東 Rob McEwen；執行副董事長 Ian Ball；營運長 William Shaver；財務長 Perry Ing；財務副總裁 Jeff Chan；企業發展副總裁 Stefan Spears；Grey Fox 專案總監 Kevin Bromfield；McEwen Copper 董事總經理 Michael Meding；總法律顧問兼公司秘書 Carmen Diges。

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

（接線員指示）現在我將把電話交給主要股東 Rob McEwen 先生。先生，請開始。

Thank you, operator. Hello, everyone, and thank you for joining us today for McEwen Inc.'s first-quarter 2026 results conference call.

謝謝接線員。各位好，感謝各位今天參加 McEwen Inc. 2026 年第一季業績電話會議。

Our vision is clear and ambitious. McEwen Inc., offers investors a unique and powerful combination, direct exposure to growing gold and silver production, proven hard money assets that have served as stores of value for millennia, along with large optionality to copper, a foundation metal of modern civilization, essential for electrification, renewable energy, electric vehicles, data centers, and the infrastructure of the future.

我們的願景清晰且雄心勃勃。McEwen Inc. 為投資人提供獨特而強大的組合：直接參與成長中的黃金與白銀產量；擁有數千年來一直作為價值儲藏的、經驗證的硬通貨資產；同時也具備對銅的高度選擇權（optionalitiy）曝險——銅是現代文明的基礎金屬，對電氣化、再生能源、電動車、資料中心與未來基礎建設至關重要。

We are scaling the company to 250,000 to 300,000 gold equivalent ounces, GEOs, per year by 2030, while maintaining a strong balance sheet. We just released our Q1 results, and I'm very pleased to report that we delivered a strong quarter. We generated net income of $33.4 million or $0.56 per share. This compares to a net loss of $6.3 million or $0.12 a share in the same period last year.

我們正將公司規模擴大，目標是在 2030 年達到每年 25 萬至 30 萬金當量盎司（GEOs），同時維持強健的資產負債表。我們剛發布第一季結果，我很高興報告我們交出強勁的一季：淨利為 3,340 萬美元，或每股 0.56 美元。相較之下，去年同期為淨損 630 萬美元，或每股虧損 0.12 美元。

This is a significant turnaround and reflects our improving operational performance, higher gold and silver prices, and a more disciplined execution. We are advancing our multi-asset growth strategy with internal funding, positioning the company to nearly double production while minimizing dilution.

這是一次顯著的扭轉，反映出我們營運表現改善、金銀價格走高，以及更具紀律的執行。我們正以內部資金推進多資產成長策略，使公司在將稀釋降至最低的同時，為產量接近倍增做好布局。

Just like to talk about our operational and project highlights. In Canada, at our Fox Complex in Timmins, Ontario, we're making good progress. And the Stock Mine, underground development remained on budget in Q1. Initial production is expected in late '26 and commercial production starting next year.

接著談談營運與專案重點。在加拿大安大略省 Timmins 的 Fox Complex，我們進展良好。Stock 礦的地下開發在第一季仍維持在預算內。預計於 2026 年底開始初期生產，並於明年開始商業化生產。

Grey Fox, we're finalizing a pre-feasibility study expected in the next coming months. And so combined, Stock and Grey Fox are targeted to deliver 75,000 to 90,000 gold equivalent ounces annually by 2030. We are also advancing the Tartan Mine project in Manitoba, with an updated resource of 309,000 indicated ounces and 303,000 inferred gold ounces.

Grey Fox 方面，我們正在完成預可行性研究，預計未來幾個月內發布。因此，Stock 與 Grey Fox 合計目標是在 2030 年前每年貢獻 75,000 至 90,000 金當量盎司。我們也在推進曼尼托巴省的 Tartan 礦專案，最新資源量為：指示資源 309,000 盎司、推斷資源 303,000 盎司黃金。

We're targeting initial production of 30,000 ounces per year with the potential to reach 45,000 to 55,000 ounces per annum. Overall, in Canada, we expect production to grow from 16,000 to 19,000 ounces this year to 105,000 stretching to 120,000 by 2030.

我們的目標是初期每年生產 30,000 盎司，並有潛力提升至每年 45,000 至 55,000 盎司。整體而言，在加拿大，我們預期產量將由今年的 16,000 至 19,000 盎司，成長至 2030 年的 105,000，並可延伸至 120,000 盎司。

At Gold Bar in Nevada, operational optimization and exploration success are driving increased outputs and extended mine life, with gold production expected to reach 90,000 to 100,000 ounces by 2030. And in Mexico at El Gallo, ongoing improvements, we expect to boost production up to 20,000 ounces again by 2030.

在內華達州的 Gold Bar，營運最佳化與勘探成果正推動產量提升並延長礦山壽命，預期到 2030 年黃金產量可達 90,000 至 100,000 盎司。在墨西哥的 El Gallo，隨著持續改善，我們預期到 2030 年可再次把產量提升至 20,000 盎司。

Together, Canada is scaling to 105,000 to 120,000 GEOs plus continued growth at Gold Bar, El Gallo. And our Argentina asset, San Juan, positions us to achieve our company-wide target of 250,000 to 300,000 gold equivalent ounces by 2030.

綜合來看，加拿大將擴大至 105,000 至 120,000 金當量盎司（GEOs），再加上 Gold Bar 與 El Gallo 的持續成長，以及我們在阿根廷聖胡安（San Juan）的資產，使我們有望在 2030 年達成全公司 25 萬至 30 萬金當量盎司的目標。

I'd like to talk about our investment in McEwen Copper. As shareholders, we benefit from our 46.3% interest in McEwen Copper. Based on the most recent financing of McEwen Copper, this stake is valued at approximately $456 million or roughly USD7.67 per McEwen Inc., share.

我想談談我們對 McEwen Copper 的投資。作為股東，我們受益於持有 McEwen Copper 46.3% 的權益。依據 McEwen Copper 最近一次融資，這筆持股估值約為 4.56 億美元，約相當於 McEwen Inc. 每股約 7.67 美元（美元計價）。

Los Azules is on track to become one of the world's first regenerative copper mines and carbon neutral by 2038. Coming into production, we're looking at 2030. It's delivering significant embedded value and upside to McEwen Inc.

Los Azules 正按計畫推進，目標成為全球首批再生型（regenerative）銅礦之一，並在 2038 年前達成碳中和。投產時間我們看在 2030 年。它正為 McEwen Inc. 帶來可觀的內含價值與上行空間。

Gold prices remain supportive. Our operations are cash flow positive, and we have a strong project pipeline. Our strategy is straightforward: execute development projects safely and on budget, aggressively explore to grow resources and reserves, self-fund growth to protect shareholder value, and deliver consistent production increases and rising cash flow.

金價仍具支撐。我們的營運已為正向現金流，且擁有強勁的專案管線。我們的策略很直接：安全且在預算內執行開發專案；積極勘探以擴大資源量與儲量；以自有資金支持成長以保護股東價值；並帶來持續的產量提升與現金流成長。

I'd like now to turn the conversation over to Perry, our CFO. And before that, I'd just like to thank the entire McEwen Inc., team for their work this year. We're excited about what lies ahead and remain committed to disciplined growth and long-term value creation. Perry?

接下來我想把話題交給我們的財務長 Perry。在此之前，我也想感謝 McEwen Inc. 全體團隊今年的努力。我們對未來充滿期待，並將持續致力於有紀律的成長與長期價值創造。Perry？

Good morning. Thank you, Rob. So I think I'll just touch on a few highlights from our first-quarter earnings and then talk a bit about the financing of the growth plans that Rob just outlined for us.

各位早安。謝謝你，Rob。我先簡要說明第一季盈餘的幾個重點，接著談談 Rob 剛為我們概述的成長計畫之融資安排。

So starting with the quarter, as Rob said, we had a great quarter. We earned $0.56 a share basic and $0.47 a share fully diluted. Our revenues from our 100% owned operations more than doubled from a year ago given high gold and silver prices.

先從本季開始，如 Rob 所說，我們這一季表現非常好。基本每股盈餘為 0.56 美元，完全稀釋後每股盈餘為 0.47 美元。由於金銀價格走高，我們 100% 持有之營運資產的營收較去年同期增加逾一倍。

We also noted the benefits in this quarter of the capitalization of our equity recorded investment in McEwen Copper. So having published a feasibility study last year, we now capitalize those costs on a US GAAP reporting basis. So we only record a small net loss compared to having to expense our share of all of their exploration costs in the past.

我們也注意到，本季受益於對 McEwen Copper 的權益法投資之資本化處理。由於去年已發布可行性研究，依照美國一般公認會計原則（US GAAP）申報基礎，我們現在將這些成本資本化。因此，相較於過去必須將我們分攤的勘探成本全數費用化，現在僅認列小幅淨損。

I'll note that we did receive an $8.8 million dividend during the quarter from our MSC Mine in -- from Minera Santa Cruz from the San Jose Mine in Argentina. We expect on the balance of the year to receive an additional $30 million to $40 million in dividends given strong silver and gold prices.

我也要提到，我們在本季自阿根廷 San Jose 礦（由 Minera Santa Cruz，MSC）收到 880 萬美元股利。我們預期在今年剩餘期間，鑑於強勁的金銀價格，還可再收到 3,000 萬至 4,000 萬美元股利。

I'll note our cash increased during the quarter despite our continued spend to complete the stock ramp. Our cash balance at the end of the first quarter was $57 million versus $51 million at the beginning of the year. And I'll note that our cash cost and all-in sustaining cost guidance, we believe we're well on track to meet our full-year targets as we expect to increase ounce production for the balance of the year on a quarterly basis.

我也要指出，儘管我們持續投入資金以完成 Stock 斜坡道（ramp），本季現金仍然增加。第一季末現金餘額為 5,700 萬美元，較年初的 5,100 萬美元增加。此外，就現金成本與全維持成本（AISC）指引而言，我們認為非常有把握達成全年目標，因為我們預期今年剩餘期間的盎司產量將逐季提升。

And as well, we expect the costs -- our development costs at the Froome mine to decrease as we finish ramp development towards the end of mine life, which contributed this quarter about $800 to the all-in sustaining cost at the Fox Complex. So just taking a look and kind of expanding on Rob's point in terms of how we're going to build our operations to 250,000 to 300,000 ounces from our current basis.

同時，隨著 Froome 礦在礦山壽命末期、我們於接近年底完成斜坡道開發，我們預期其開發成本將下降；而該項成本在本季對 Fox Complex 的全維持成本約貢獻了每盎司 800 美元。接著延伸 Rob 的觀點，談談我們將如何把營運規模從目前基礎提升至 25 萬至 30 萬盎司。

So in terms of projects we have on the go right now for 2026, we see total project CapEx this year of approximately $50 million remaining to be spent from Q2 to Q4. We have approximately $35 million remaining for the Stock Mine to complete development and other related costs there.

就 2026 年目前進行中的專案而言，我們預估今年第二季至第四季尚需投入的專案資本支出（CapEx）合計約 5,000 萬美元。其中，Stock 礦為完成開發及其他相關成本，尚需約 3,500 萬美元。

And we expect in the second half of this year to begin construction on Mexico. For El Gallo, we are currently budgeting about $15 million. So all of that will be funded by our existing cash flows as well as the dividends we expect to receive from the San Jose Mine.

我們預期在今年下半年開始在墨西哥動工。就 El Gallo 而言，我們目前編列預算約 1,500 萬美元。上述資金將由我們既有營運現金流，以及預期自 San Jose 礦收到的股利共同支應。

Looking forward to next year, 2027, we see the CapEx profile approximately double to about $100 million as we finish Mexico as well as begin work on the Grey Fox, as well as expansion projects in Nevada. We expect free cash flow from our operations as well as dividends from MSC to exceed $200 million at current gold prices. So we do have a significant buffer even at lower gold prices, say, to the $4,000 level at which we can still sufficiently fund from -- easily from free cash flow.

展望明年 2027 年，隨著我們完成墨西哥專案、並開始 Grey Fox 的工作，以及在內華達州啟動擴建專案，我們預期資本支出規模將約倍增至約 1 億美元。以目前金價水準，我們預期營運自由現金流加上 MSC 股利合計將超過 2 億美元。因此，即使金價較低，例如到 4,000 美元的水準，我們仍有相當大的緩衝，並可從自由現金流中充足、且容易地支應。

In 2028 and 2029, we see those costs, subject to permitting timelines, increasing to approximately $150 million. But at the same time, we'll have the benefit of production from Mexico, as well as increased production from the Fox Complex, providing additional cash flow of over $250 million annually, which will provide more than sufficient cash flow to achieve the growth stated.

在 2028 與 2029 年，視許可（permitting）時程而定，我們預期成本將增加至約 1.5 億美元。但同時，我們也將受益於墨西哥的產量，以及 Fox Complex 產量提升，帶來每年超過 2.5 億美元的額外現金流，足以支應並達成所述成長目標。

So with that, I think that provides kind of a high-level overview of how we can achieve this growth without additional dilution to our shareholders. And with that, I'll turn the presentation to Michael Meding in Argentina.

因此，以上提供了我們如何在不對股東造成額外稀釋的情況下達成成長目標的高層次概覽。接下來，我將把簡報交給在阿根廷的 Michael Meding。

Thank you, Perry. Good morning, everybody. I will keep my remarks focused on Los Azules and specifically on the question that matters most to the project of the scale. How we finance the path from where we are today through construction? A quick word on Q1 execution before I turn to financing.

謝謝你，Perry。各位早安。我將把我的發言聚焦在 Los Azules，特別是聚焦在這個規模的專案最重要的問題：我們如何為從今天到施工期間的路徑提供資金？在我談融資之前，先簡要說明一下第一季的執行情況。

Q1 was about putting the building blocks for FID, the final investment decision stage in place. Our integrated owners team is up and running with Samuel Engineering, an engineering firm that has supported us over the last 4.5 years very successfully to PE feasibility and now their personnel embedded alongside McEwen Copper staff.

第一季的重點是為 FID（最終投資決策）階段奠定基礎。我們的整合業主團隊已與 Samuel Engineering 正式運作；這家工程公司在過去 4.5 年成功支持我們完成 PEA 可行性研究，而現在他們的人員也已與 McEwen Copper 的員工一同進駐協作。

Jim Sorensen, who served as Study Director from the feasibility study, has stepped in as Project Director. Jim brings with him 45 years of experience in mining, including significant roles building large-scale multibillion-dollar mining projects like Cerro Blanco, Galarza, Cefa, Loreto, and Florence, together with more than 10 years of mine operating experience, including Vice President role in Newmont Mining Corporation.

在可行性研究中擔任研究總監的 Jim Sorensen 已接任專案總監。Jim 擁有 45 年的採礦經驗，曾在多個大型、數十億美元規模的礦業建設專案中擔任要職，例如 Cerro Blanco、Galarza、Cefa、Loreto 與 Florence；同時也有超過 10 年的礦山營運經驗，包括在 Newmont Mining Corporation 擔任副總裁。

Detailed engineering is advancing across every major work stream, drilling access roads, heap leach pad, stockpiles, major equipment packages, trade-off studies, and our EPC and partner selection process. On the regulatory side, the RIGI, the Large Infrastructure Investment Incentive Regime in Argentina, the VAE extension was fully operational during Q1 and is already delivering a meaningful cash flow benefit.

詳細工程正在各主要工作流全面推進，包括鑽探進場道路、堆浸墊、礦石堆場、主要設備套件、取捨研究，以及我們的 EPC 與合作夥伴遴選流程。在法規面，阿根廷的 RIGI（大型基礎建設投資獎勵制度）之 VAE 延長措施在第一季已全面運作，並已帶來具意義的現金流效益。

We also had a productive international finance cooperation, part of the [World Bank] site visit, with our conversation advancing on the lineage to the IFC, the International Finance Corporation (technical difficulty). The technical and regulatory foundation for FID are in place.

我們也進行了富有成效的國際融資合作，作為 <content> [World Bank] 現場訪視的一部分；我們的對話也在推進與 IFC（國際金融公司）的脈絡連結（technical difficulty）。FID 所需的技術與法規基礎已就緒。

Now towards financing, the total financing cost from FID to full operation is approximately $4 billion. That number gives you a scale of what we are building. To date, we have raised over $450 million in private financing between 2021 and 2025. The capital came from a strong group of McEwen, Rio Tinto, Stellantis, McEwen Inc., and others.

接著談融資：從 FID 到全面投產的總融資成本約為 40 億美元。這個數字反映了我們正在建設的規模。迄今為止，我們在 2021 至 2025 年間已透過私募融資募集超過 4.5 億美元。資金來自一個強大的投資人群體，包括 McEwen、Rio Tinto、Stellantis、McEwen Inc. 等。

Together with McEwen Inc.'s early exploration investments, this funding carried the project to PEA feasibility study and into the (technical difficulty) detailed engineering phase. Our shareholders have already invested substantially behind the conviction in this project.

加上 McEwen Inc. 早期的勘探投資，這些資金支持專案推進至 PEA 可行性研究，並進入（technical difficulty）詳細工程階段。我們的股東已基於對此專案的信念投入了可觀資金。

The next step is bridging to FID. In January 2026, we established a $240 million secured loan facility, structured with an accordion feature so additional participants can join. Rob McEwen, McEwen Inc., and Will Shaver have committed approximately one-fourth of the facility and about three-quarter remains open.

下一步是銜接至 FID。2026 年 1 月，我們設立了一項 2.4 億美元的擔保貸款額度，並採用可擴增（accordion）機制，以便其他參與者加入。Rob McEwen、McEwen Inc. 與 Will Shaver 已承諾約四分之一的額度，約四分之三仍對外開放。

And we are having several conversations with potential investors to close the remaining part. The facility comfortably covers our pre-FID budget of about $197 million, with [a cash need] there that we have of approximately $161 million. In short, this funding takes us cleanly through to FID.

我們也正與多位潛在投資人進行多場對話，以完成剩餘部分的募集。該額度可充裕覆蓋我們 FID 前約 1.97 億美元的預算，其中我們的[現金需求]約為 1.61 億美元。簡言之，這筆資金可讓我們順利推進至 FID。

Post-FID, the construction ramp-up package is approximately $4 billion. We are working with a target capital structure of 40% equity and 60% debt. We see that as a realistic and bankable structure for a project of this scale in Argentina.

FID 之後，施工爬坡資金包約為 40 億美元。我們的目標資本結構為 40% 股權、60% 債務。我們認為，對於在阿根廷、且具此規模的專案而言，這是務實且可獲銀行接受的結構。

On the debt side, we are in the final stages of (technical difficulty) debt financing needs, primarily focused on export credit agency financing alongside other debt financing components. The IFC has expressed interest in serving as (technical difficulty) financing. And we are progressing the steps required to formalize the role. We expect the debt side to be anchored by an ECA-backed senior tranche complemented by traditional project finance.

在債務端，我們正處於（technical difficulty）債務融資需求的最後階段，主要聚焦於出口信貸機構（ECA）融資，並搭配其他債務融資組成。IFC 已表達有意擔任（technical difficulty）融資方，我們也正推進正式化其角色所需的步驟。我們預期債務端將以 ECA 擔保的優先級（senior）分層作為錨定，並由傳統專案融資加以補充。

On the equity side, we are in active conversations with several potential strategic partners. Our preference is to bring in a senior mining partner together with an industrial or trading counterparty for offtake alignment and to round out this structure with other equity participants. These discussions are advancing well.

在股權端，我們正與多位潛在策略夥伴積極洽談。我們的偏好是引入一位資深礦業夥伴，並搭配一位工業或貿易對手方以進行承購（offtake）對齊，並再由其他股權參與者補齊整體結構。這些討論進展良好。

Putting it together, the technical work is on plan, the regulatory framework is delivering, the bridge to FID is in place and partially subscribed, and the post-FID financing is taking shape with high-quality counterparties on both sides of the capital structure.

綜合而言，技術工作按計畫推進，法規框架正在帶來效益，通往 FID 的過橋融資已到位且部分已認購，而 FID 後的融資也正與資本結構兩端的高品質對手方逐步成形。

Our objective is to reach final investment decision by the year-end of 2026, with construction commencing in early 2027, obviously, subject to project financing and customary approvals. We are advancing well toward FID.

我們的目標是在 2026 年底前達成最終投資決策，並於 2027 年初開始施工；當然，仍須視專案融資到位與慣常核准程序而定。我們正穩健推進至 FID。

Thank you so much, and now I hand it back over to you, Rob.

非常感謝，接下來我把時間交回給你，Rob。

Thank you, Mike. We're going to move to Ian Ball to talk about one aspect of Los Azules, another value we have there.

謝謝你，Mike。我們接著請 Ian Ball 來談 Los Azules 的其中一個面向，以及我們在那裡的另一項價值。

Yeah. Thank you, Rob. Yeah, one of the assets inside McEwen Mining, which I think is often overlooked, is the 1.25% royalty that we have on the asset. And in the quarter release we put out yesterday, we wanted to highlight some of the cash flow possibilities there once Los Azules is in production.

好的，謝謝你，Rob。是的，McEwen Mining 旗下有一項資產我認為常被忽略，就是我們在該資產上擁有 1.25% 的權利金（royalty）。在我們昨天發布的季度新聞稿中，我們想強調一旦 Los Azules 投產後，這裡可能帶來的一些現金流機會。

If you look at the royalty based on the spot price of copper, you're looking at total cash flows well in excess of USD0.5 billion. And that's based on the 22-year mine life that was outlined. There's also a scenario using the Nuton technology that would add an additional 33 years of mine life on top of the 22, getting you to 55 years of life that we don't factor into that $0.5 billion.

如果你以銅的即期價格來看這項權利金，總現金流將遠超過 5 億美元。這是以所揭示的 22 年礦山壽命為基礎。此外，若採用 Nuton 技術，情境上可在 22 年之外再增加 33 年礦山壽命，總計達 55 年；而這部分我們並未納入那 5 億美元的估算。

And then there's resources beyond that. We've also excluded all the gold and silver, because currently there's no plans to extract that, but it is an additional possible revenue stream. We bring these numbers up because if you look at -- the biggest royalty company in the world was Franco-Nevada based on the Goldstrike royalty.

此外還有更進一步的資源。我們也排除了所有黃金與白銀，因為目前沒有開採計畫，但它們可能成為額外的收入來源。我們提出這些數字，是因為如果你看——全球最大的權利金公司 Franco-Nevada，當初就是以 Goldstrike 的權利金為基礎。

If you look at the revenue they generated from Goldstrike from 1985 to when they were acquired by Newmont, it was approximately $1 billion of cash flow. If you look at Los Azules, we have a profile that, although it would be over a longer period of time, could generate something similar.

如果你看他們從 1985 年到被 Newmont 收購期間，Goldstrike 所產生的收入，約為 10 億美元的現金流。再看 Los Azules，我們的輪廓雖然會分布在更長的時間，但可能產生類似的成果。

When you look at the world today, there's not many world-class royalties available. If you look at Franco and Wheaton River and the price they're paying to acquire these royalties, the valuations of these have been going up. So we want to highlight this because we do think it's going to be a very meaningful asset for the company going forward.

放眼今日全球，可取得的世界級權利金並不多。如果你看 Franco 與 Wheaton River 以及他們為收購這些權利金所支付的價格，這些權利金的估值一直在上升。因此我們想強調這一點，因為我們確實認為，這將是公司未來非常具意義的一項資產。

I also want to touch upon our exploration as we put out results at all of our sites. And I just want to highlight a few items for you. We put out a new resource for our Windfall deposit in Nevada. So if you look at reserves, resources right now at the Gold Bar Mine Complex, we're about 1.25 million ounces now. With one more resource to come out from Trinity Ridge, we think that number is going to go up.

我也想談一下我們的勘探進展，因為我們已在所有據點發布結果。我只想為各位強調幾個重點。我們為內華達的 Windfall 礦床發布了新的資源量。因此若你看 Gold Bar 礦區綜合體目前的儲量與資源量，現在約為 125 萬盎司。隨著 Trinity Ridge 還會再發布一份資源量，我們認為這個數字將會上升。

We put out some good exploration holes today at Windfall. And with the recent acquisition of Golden Lake, we think that deposit is going to continue to grow in size. That's going to be important because we have a run rate of about 100,000 ounces per year we're going to have to be able to sustain. And we think the exploration is going to be able to achieve that.

我們今天也在 Windfall 公布了一些不錯的探勘鑽孔結果。加上近期收購 Golden Lake，我們認為該礦床規模將持續成長。這很重要，因為我們必須能夠維持每年約 10 萬盎司的產出運行率，而我們認為勘探將能達成這一點。

We're also looking to drill south of Barrick's Fourmile and Goldrush discovery. That's a 15-million-ounce deposit, probably one of the most exciting discoveries out there today where we have the Cortez Fault that goes directly south of that. So we're looking to drill there for lower-plate rock.

我們也計畫在 Barrick 的 Fourmile 與 Goldrush 發現區以南進行鑽探。那是一個 1,500 萬盎司的礦床，可能是當今最令人振奮的發現之一；而我們擁有的 Cortez 斷層正好直接位於其南側。因此我們將在那裡鑽探下盤（lower-plate）岩層。

We have put out some good results at Grey Fox, approximately 90 meters below, where we're going to be looking at a pre-feasibility study for mining, showing that once we put the infrastructure in place, there's additional high grade that we think we can access. That will be well in excess of what we're putting in our pre-feas.

我們在 Grey Fox 也公布了一些良好結果，約在下方 90 公尺處；我們將針對採礦進行一份預可行性研究，顯示一旦基礎設施到位，我們認為還能取得額外的高品位礦化，其規模將遠超過我們在預可行性中所納入的部分。

And I just want to touch upon just two things quickly. At Tartan, we put out a number of drill results today. And I think what's interesting at Tartan, we're seeing now four or five drill holes at depth that are somewhere between 15 and 50 meters wide at 4 to 5 grams per ton.

最後我想快速提兩點。在 Tartan，我們今天公布了多項鑽探結果。我認為 Tartan 有趣之處在於，我們現在在深部看到四到五個鑽孔，其厚度約介於 15 到 50 公尺，品位約為每噸 4 到 5 克。

It's starting at approximately 1,000 meters depth. And if those drill results could continue and we're able to find some strike length to that, we go from being a small operation to something potentially of a much larger size. We've hit on all five holes that we put down at depth, and we are drilling down there currently. So we have pretty meaningful expectations of what could come there.

它從約 1,000 公尺深度開始。如果這些鑽探結果能持續，且我們能找到一定的走向延伸（strike length），我們就可能從小型作業轉變為潛在規模大得多的項目。我們在深部打下的五個鑽孔全部都有見礦，目前也正在那裡持續鑽探。因此，我們對那裡可能出現的成果抱持相當高的期待。

And then lastly, I just want to update on future resources. We have our Stroud deposit, which is part of the Grey Fox Complex or the Fox Complex. An initial resource is coming out there with the pre-feasibility study.

最後，我想更新一下未來的資源。我們有 Stroud 礦床，這是 Grey Fox Complex 或 Fox Complex 的一部分。該處的初始資源量將隨預可行性研究一併發布。

We're going to be putting out an updated resource for El Gallo, which I think is going to show a resource base there that would support a mill for a considerable period of time. We have our Trinity Ridge resource coming out in early 2027, which will support the Gold Bar Complex.

我們將發布 El Gallo 的更新資源量，我認為這將顯示那裡的資源基礎足以支撐磨礦廠運行相當長的一段時間。我們的 Trinity Ridge 資源量將於 2027 年初發布，將支撐 Gold Bar Complex。

And lastly, although a non-core asset, we're going to be putting out a resource on our Buffalo Ankerite deposit also in Timmins. Previously, that resource was approximately 1 million ounces at a lower gold price. And we're going to be updating that just to highlight some of the value that has currently not been updated in quite some time.

最後，雖然屬於非核心資產，我們也將在 Timmins 的 Buffalo Ankerite 礦床發布資源量。先前在較低金價假設下，該資源量約為 100 萬盎司。我們將進行更新，以凸顯其中一些價值，而這些價值目前已相當長一段時間未被更新。

So based on that, I will turn the call back over to Rob.

基於以上，我把電話交回給 Rob。

Thank you, Ian. Thank you, Mike. Thank you, Perry. Just before moving into Q&A, I always like -- since I started in the gold industry, I always like looking at other assets and saying, what's the gold equivalent? And it changes.

謝謝你，Ian。謝謝你，Mike。謝謝你，Perry。在進入問答之前，我一直喜歡——自從我進入黃金產業以來——看著其他資產並問：它的黃金當量是多少？而這個數字會變。

So looking at Los Azules, just to give you a sense of its size, and Ian was talking a little bit about how Franco-Nevada was formed on the back of Goldstrike. Our Los Azules property has estimated resources of 35.7 billion pounds of copper.

所以看看 Los Azules，為了讓大家感受它的規模，Ian 也提到 Franco-Nevada 在某種程度上是以 Goldstrike 為基礎建立起來的。我們的 Los Azules 資產估算資源量為 357 億磅銅。

If you take the current gold price, which is right now about $4,753 an ounce and the copper price right now at $6.02, you end up -- there's 790 pounds of copper equivalent to 1 ounce, the value of 1 ounce of gold. You divide that into the 35.7 billion pounds, you're looking at the equivalent of a 45-million-ounce gold deposit.

如果用目前金價（現在約每盎司 4,753 美元）以及目前銅價（現在為 6.02 美元），你會得到——790 磅銅的價值相當於 1 盎司黃金。用 357 億磅去除以這個數字，你看到的相當於一個 4,500 萬盎司的黃金礦床。

And based on the feasibility study of cash and all-in sustaining, you would get numbers of below $1,400 cash cost and below $1,700 all-in sustaining. And you'd be producing, at least in the first five years, an excess of 500,000 ounces a year.

而根據可行性研究中的現金成本與全維持成本（AISC），你會得到低於 1,400 美元的現金成本，以及低於 1,700 美元的全維持成本。並且至少在前五年，每年產量將超過 50 萬盎司。

That, in anyone's book, is a terrific gold asset. But we're looking at a long-life asset here. And I just wanted to point that out that we're very fortunate to own, control a world-class copper asset.

在任何人的標準下，這都是一項極佳的黃金資產。但我們看的是一項長壽命資產。我只是想指出，我們非常幸運能擁有並控制一項世界級的銅資產。

I'd now like to open the session to questions and answers.

我現在想開放提問與回答。

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（接線員指示）Jake Sekelsky，Alliance Global Partners。

Hi, Rob and team. Thanks for taking my question.

嗨，Rob 和團隊。謝謝讓我提問。

Hi, Jake.

嗨，Jake。

So starting with the stock, how should we be thinking about the ramp-up there as we head into the second half of the year? Do you have a throughput target in mind that you'd like to be at by, let's say, the first quarter next year?

先從 Stock 談起，隨著我們進入今年下半年，應該如何看待那邊的爬坡（ramp-up）？你們心中是否有一個處理量（throughput）目標，希望在例如明年第一季達到？

Okay. I'll ask Bill to answer that question.

好的。我請 Bill 來回答這個問題。

Yeah, Jake. Thanks very much for the question. Yeah. What we see is that the transition from the Froome Mine will continue until the end of the year. And the ramp-up of the Stock East Mine will start relatively early in the second half of the year and hopefully, by the end of the year, be ramped up to its full production.

好的，Jake。非常感謝你的問題。我們看到從 Froome 礦的轉換將持續到今年年底。而 Stock East 礦的爬坡將在下半年相對較早開始，並希望到年底能爬坡至滿產。

So we see the continuity of the gold production to be relatively the same in 2027. And I think the important aspects of that are the kind of the optionality that we have with regard to the ongoing development at Froome, which has performed very, very well in the first quarter of this year.

因此我們預期 2027 年的黃金產量連續性將大致相同。我認為其中重要的一點，是我們在 Froome 持續開發方面所具備的某種選擇性（optionality）；Froome 在今年第一季表現非常、非常好。

And we see that continuing to the end of this year at relatively the same gold production as we had in the first quarter. So that will make that transition kind of very smooth. And I think that's the critical part of the whole story with the Fox Complex. Did that answer the question?

我們預期這種表現會延續到今年年底，黃金產量大致與第一季相同。這會讓轉換過程相當平順。我認為這是 Fox Complex 整個故事的關鍵部分。這樣有回答到你的問題嗎？

It does. Thank you. That's helpful. And then just switching gears to Tartan, I mean, you mentioned the possibility of expanding capacity there. I'm just curious, what does the permitting process look like for that? And wouldn't the expansion happen prior to a restart decision, or would that come after?

有的，謝謝。這很有幫助。接著換個話題談 Tartan，你提到可能擴充那邊的產能。我想了解，相關的許可（permitting）流程會是什麼樣子？而且擴產會在重啟決策之前發生，還是會在之後？

Kevin?

Kevin？

Yeah. Thanks for the question. Kevin Brownfield here. We're currently embarking upon a notice of alteration for permits so that we can do some site cleanup and continue with our activities. We've got a lot of excitement coming out of the drills there. And so we're currently evaluating the path forward.

好的，謝謝你的問題。我是 Kevin Brownfield。我們目前正著手提交許可的變更通知（notice of alteration），以便我們能進行一些場址清理並持續我們的活動。我們在那邊的鑽探結果令人非常振奮，所以我們正在評估後續推進路徑。

Does it consist of an advanced X program and also challenging aspects of the validity of past permits? And so we're understanding that landscape right now and making sure that we have the baseline data to support a decision that we're going to be making as the exploration activities go on.

這是否包含一個進階的 X 計畫，同時也涉及對過往許可有效性的挑戰性面向。因此我們目前正在理解這個環境，並確保我們具備基線資料（baseline data），以支撐在勘探活動持續進行時我們將做出的決策。

Ian, do you want to add to that?

Ian，你要補充嗎？

I do want to add a little bit to that. So the reason why we're looking at it from the 500 tonnes per day and then looking to expand to the 1,000 is that we do believe that we can utilize the existing 500-tonne-per-day permit that was put in place in the mid-'80s. So we want to get the mine up and running at that run rate.

我想補充一點。我們之所以先以每日 500 噸、再考慮擴到 1,000 噸的角度來看，是因為我們相信可以利用 1980 年代中期核發的既有每日 500 噸許可。因此我們希望先讓礦山以該運轉率啟動並運行。

And then if we were to expand to 1,000 tonnes per day, that might require a major alteration to the permit, which obviously had more time inherited to it. So we want to be able to phase it to open the 500 to the 1,000, but we use the existing permit. We think we can get there a lot faster than trying to expand it all in one go.

然後如果要擴到每日 1,000 噸，可能需要對許可做重大變更，而這顯然會需要更多時間。因此我們希望能分階段從 500 擴到 1,000，先使用既有許可。我們認為這會比一次到位地擴產更快達成。

Okay. That makes sense. That's all on my end. Thanks again.

好的。這樣就說得通了。我這邊沒有其他問題了。再次感謝。

Thank you, Jake.

謝謝你，Jake。

Mike Kozak, Cantor Fitzgerald.

Mike Kozak，Cantor Fitzgerald。

Yeah. Good afternoon, Rob and team. Thanks for taking my questions, and congrats on the solid quarter. A few questions from me, if I could.

是的。下午好，Rob 和團隊。謝謝讓我提問，也恭喜本季表現穩健。我有幾個問題，如果可以的話。

First, I think the CapEx for El Gallo phase one is in the MD&A. I think it's at $25 million, if I'm right on that. My question is, what is the expected CapEx on phase two? Have you refreshed that recently at all? I know it will be over a longer time period, but I was just curious what that number might be.

第一個，我想 El Gallo 第一階段的資本支出（CapEx）在 MD&A 裡，我記得是 2,500 萬美元，如果我沒記錯的話。我的問題是，第二階段預期的資本支出是多少？你們最近有重新更新過嗎？我知道那會是在更長的時間跨度上，但我只是好奇那個數字大概會是多少。

Yeah. So we've been looking at that as well. It's a number that's well into the future. Right now, we have a plan that 10 years into the future, we're doing approximately $40 million is what we've been looking at.

是的。我們也一直在看這件事。那是相當久以後的數字。目前我們的規劃是在未來 10 年左右，約 4,000 萬美元，這是我們目前在看的水準。

And that would be consisting of a haul road connecting the two sites from El Gallo to the mill, converting it from a CIL to a Merrill-Crowe and also switching parts of the plant from gold to silver. So right now, that's kind of what we're thinking. But we can move that ahead if we wanted to, or we can keep it where it is. But the $40 million is generally what we've been thinking about.

這將包括：一條連接 El Gallo 與磨礦廠、把兩個場址連起來的運輸道路（haul road）；把流程從 CIL 轉為 Merrill-Crowe；以及把廠內部分設備從以金為主切換為以銀為主。因此目前大致是這樣的想法。但如果我們想要，也可以把時程提前，或維持在原本的位置。整體而言，我們一般認為是 4,000 萬美元左右。

Okay. Great. So it's not in the hundreds of -- it's a manageable number. That's kind of what I was getting at.

好的，很好。所以不是幾億美元那種——是可控的數字。這就是我想確認的。

We do believe it's a very manageable number.

我們確實認為這是一個非常可控的數字。

Okay, perfect. And then second, I just noticed quarter over quarter that the cash is really starting to build up in the San Jose JV. And I got your guidance for dividends from the JV this year, $40 million to $50 million on the year, $30 million or $40 million remaining.

好的，完美。第二個，我注意到 San Jose 合資企業（JV）的現金在季對季之間真的開始累積。我也看到你們今年來自 JV 的股利指引是全年 4,000 萬到 5,000 萬美元，剩餘還有 3,000 萬或 4,000 萬美元。

My question is based on your discussions with your partner there, can I assume that run rate of dividends will continue in '27 and '28 if we were to hold gold and silver prices around these levels, or have you not had those discussions yet?

我的問題是，基於你們與那邊合作夥伴的討論，我是否可以假設如果金銀價格維持在目前水準附近，這樣的股利發放節奏在 2027、2028 年也會延續？還是你們還沒討論到那一步？

Hi, Mike. It's Perry. We are having ongoing discussions. So I think the first thing is satisfaction of the reclamation obligations, which will take a significant portion of kind of the existing cash balance and kind of move that to sort of a restricted cash balance, if you call it that.

嗨，Mike。我是 Perry。我們一直有持續討論。所以我想第一件事是滿足復墾（reclamation）義務，這會占用現有現金餘額中的相當一部分，並把那部分轉到某種「受限制現金」（restricted cash）的餘額中，如果你要這樣稱呼的話。

But I would say, on balance, we can expect similar levels going into '27, '28. If you just look at kind of the proven and probable reserves, they only extend into '27. But given where silver and gold prices are, we think this mine can go into 2029 and hopefully beyond. So I think that's a reasonable assumption to make, Mike.

但整體而言，我會說我們可以預期在 2027、2028 年維持類似水準。若只看已探明與已概略可採儲量（proven and probable reserves），它們只延伸到 2027 年。但考量目前的銀價與金價，我們認為這座礦可以運行到 2029 年，並希望能更久。因此我認為這是個合理的假設，Mike。

Okay. Thanks, Perry. And then third, if I can. And then, Michael, I appreciate all the detail you provided on the funding strategy for Los Azules, the pre-FID bridge loan, the export credit agencies, the OEMs on the debt side, et cetera. And you spent a bit of time talking about a new potential large-cap partner on the equity side, if I heard that right.

好的。謝謝你，Perry。然後第三點，如果可以的話。還有，Michael，我很感謝你就 Los Azules 的資金策略提供的所有細節，包括 FID 前的過橋貸款、出口信貸機構、債務端的 OEM 等等。你也花了一些時間談到股權端可能引入一位新的大型市值合作夥伴，如果我沒聽錯的話。

What I didn't hear, and maybe I missed it, was mention of the potential IPO of the copper subsidiary. Is that less likely of an outcome now, or how should I think about that? Or has nothing changed?

我沒有聽到、也許是我漏聽了，你提到銅子公司的潛在 IPO。現在這個結果的可能性是否變小了，或我應該如何看待？還是其實沒有任何改變？

Nothing has changed. (multiple speakers) Go ahead, Mike.

沒有任何改變。（多位發言者）你先說吧，Mike。

No, nothing has changed, as Rob said. I mean, we are going full steam ahead with the separation of everything required to be able to do the IPO in the second half of the year.

不，正如 Rob 所說，沒有任何改變。我的意思是，我們正全速推進所有必要的分拆工作，以便能在今年下半年進行 IPO。

Okay, very good. Thanks. Thanks, everyone. Congrats again on the great quarter.

好的，非常好。謝謝。謝謝各位。再次恭喜這個很棒的季度。

Thank you, Mike.

謝謝你，Mike。

Jeremy Hoy, Canaccord Genuity Corp.

Jeremy Hoy，Canaccord Genuity Corp.。

Hello, Jeremy.

你好，Jeremy。

Thanks very much for taking my questions. So for me, I'd just like to touch on Gold Bar. There's a lot of pieces coming together there with the acquisitions you've done. We're looking at initial resource estimates for Windfall and Trinity Ridge later this year, if I recall correctly.

非常感謝讓我提問。對我來說，我想談一下 Gold Bar。你們做了幾項收購後，那邊有很多拼圖正在到位。如果我沒記錯，我們預期今年稍晚會看到 Windfall 和 Trinity Ridge 的初步資源量估算。

Can we expect some sort of study that provides visibility on how that's all going to come together? Or could you provide an update on your thinking on how those different pieces come together at that complex? And ultimately, what are the production rate could end up being there?

我們是否可以期待某種研究報告，讓市場更清楚這些將如何整合？或者你能否更新一下你們對於該礦區不同組成部分如何在那個綜合體中整合的想法？最終那裡的產量規模可能會是多少？

Thanks very much for the question. Yeah. So we see the permitting of that project taking perhaps a couple of years. So from that perspective, what we're trying to do at the present time is to do the drilling that's required to bring those resources up to the proper status in terms of being able to put together a mine plan and then, you know, creating the study, if you like, of how we're going to approach that.

非常感謝你的問題。是的。我們認為該專案的許可審批可能需要幾年時間。因此，就目前而言，我們正在做必要的鑽探，把資源提升到適當的狀態，以便能制定礦山計畫，然後，你知道的，形成一份研究（如果你願意這麼稱呼）來說明我們將如何推進。

But basically, the strategy that we have at this point is to create a heap leaching operation that really would only be a leach pad with the carbon recovery of the gold and then bringing that carbon to our present-day plant out at the Gold Bar operation for recovery of the gold.

但基本上，我們目前的策略是建立一個堆浸作業，實際上只需要一個浸出墊以及活性碳吸附回收黃金，然後把這些載金炭運到我們現有的 Gold Bar 作業現場的工廠來回收黃金。

So that would keep the capital cost relatively low in terms of -- a significant leach pad that's capable of holding ore for couple of years is somewhere in the $10 million to $15 million range. So that is kind of the initial strategy.

這樣可以讓資本成本相對較低——一個可容納可供兩年處理的礦石、規模可觀的浸出墊，大約在 1,000 萬到 1,500 萬美元之間。所以這算是初步策略。

There is a lot of potential gold to understand where it is in those properties. And I guess, we're proceeding with the permitting. And that permitting -- as you know, permitting in the US has schedules that are not definitive. But we see that as building optionality in the whole organization.

那些礦權中還有很大的黃金潛力需要釐清其分布。我想，我們正在推進許可審批。而許可審批——如你所知，美國的許可時程並不確定。但我們認為這是在整個組織中建立選擇權。

And also, on the drilling that we're doing at Gold Bar itself, we see that as extending so that we won't have a gap in between those two. It all good at this point. (technical difficulty) while we're seeing that production coming out of Gold Bar, which I suppose was your original question, that's carrying on at the rate that we're -- at the level that we're at this point.

另外，就我們在 Gold Bar 本身進行的鑽探而言，我們認為這將延續下去，讓兩者之間不會出現空窗期。目前一切都很好。（技術問題）同時我們看到 Gold Bar 的產量——我想那是你最初的問題——仍以我們目前的速度、在我們目前的水準持續進行。

Okay, well, thank you. I really appreciate the color, and we're looking forward to seeing things develop there.

好的，謝謝。我非常感謝這些補充說明，也期待看到那邊的進展。

Yeah, very good. Thank you.

好的，非常好。謝謝你。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，John Tumazos Very Independent Research。

Congratulations on all the earnings.

恭喜你們的所有獲利表現。

It was nice to have them.

有這些成果很不錯。

Could you review the human resources development as you've added assets in the past year? Who are some of the key managers or technical people that came on board or stayed on board as you consolidated assets in Central Nevada and consolidated assets in Manitoba or anywhere else in Canada?

你能否回顧一下過去一年你們新增資產後的人力資源發展？在你們整合內華達中部資產、整合曼尼托巴或加拿大其他地方的資產時，有哪些關鍵經理人或技術人員加入或留任？

Could you elaborate on the challenge of coordinating several small- or medium-sized properties in Canada and Nevada and Western Mexico, assuming that McEwen Copper and the Hochschild partnership manages themselves? And just give us confidence as to the human resources development as you grow and they're a little more complicated.

你能否進一步說明在加拿大、內華達與墨西哥西部協調多個小型或中型礦權的挑戰——假設 McEwen Copper 與 Hochschild 的合資夥伴各自管理其業務？並請讓我們對你們在人力資源發展方面更有信心，因為你們在成長、組織也變得更複雜。

Well, I'll ask Kevin to speak to that point. He brought in to deal with the Grey Fox expansion and is overseeing the Tartan development. Kevin?

好，我請 Kevin 來回答這點。他是為了處理 Grey Fox 擴張而加入的，並且正在監督 Tartan 的開發。Kevin？

Thanks, John. It's a great question. Competing for talent in the current mining market is a challenge. One of the things -- I guess, one of the people added would be myself. And I'm located in Sudbury. We're in the process of building a Sudbury projects team that's going to support Canadian projects and beyond. So we're a growing group.

謝謝你，John。這是個很好的問題。在目前的礦業市場中，爭取人才是一項挑戰。其中一件事——我想，新增的人之一就是我本人。我在 Sudbury。我們正在建立一個 Sudbury 專案團隊，將支援加拿大的專案以及其他地區。所以我們是一個正在成長的團隊。

We've also added government relations support. We've added to our human resources capabilities here at headquarters in Toronto. So we are putting some pieces into place, and so far, we've been able to assemble what I think is a very good team. And I would say that the growth needs to be ongoing as we get toward execution and as we ramp up our capital spends.

我們也新增了政府關係方面的支援。我們在多倫多總部也強化了人力資源能力。所以我們正在把一些拼圖放到位；到目前為止，我們已能組建出我認為非常好的團隊。我也會說，隨著我們走向執行階段、以及資本支出加速提升，團隊的擴充需要持續進行。

I might just add that we've also added resources in terms of our permitting group and our technical group, overseeing all of the projects. We've been fortunate enough to bring on people like Kevin.

我再補充一下，我們也在許可審批團隊與技術團隊方面增加了資源，以監督所有專案。我們很幸運能延攬到像 Kevin 這樣的人才。

Kevin and I have a history, having worked together for about 10 years. I think we're building a foundation of a really good group, going into the future. We see Northern Manitoba as being an opportunity in part because around Flin Flon, there's a big mine that has closed there. But there's still a significant number of mining people who live there and are traveling now to work at other places.

Kevin 和我有合作的歷史，我們一起工作大約 10 年。我認為我們正在為未來建立一個非常好的團隊基礎。我們把曼尼托巴北部視為一個機會，部分原因是 Flin Flon 周邊有一座大型礦山已經關閉，但仍有相當數量的礦業人員住在那裡，現在則需要到其他地方通勤工作。

So they'll come back home. It won't be easy, but I think we have the rudiments of a really good team that we're building. And that's the fundamental part of it at this stage.

所以他們會回到家鄉。這不會容易，但我認為我們正在建立一支非常好的團隊雛形，而在這個階段，這是最根本的部分。

Yeah. And, John, I'd say we've been centralizing a number of the skills, such as procurement, IT, looking at how do we incorporate more of that technology into our future operations, and AI as well.

是的。而且，John，我會說我們一直在集中化一些技能，例如採購、IT，並思考如何把更多技術納入我們未來的營運，也包括 AI。

Thank you. And it's impressive that you manage costs while you're metamorphosizing the organization. Thank you.

謝謝。而且你們在組織蛻變的同時仍能控管成本，令人印象深刻。謝謝。

You're welcome. Thank you.

不客氣。謝謝你。

[Sydney Beckman, Sternella].

[Sydney Beckman, Sternella]。

Hello, Sydney.

你好，Sydney。

Wonderful. Thank you. Hello, wonderful. Thank you for taking my call. The McEwen Copper IPO has been on the roadmap for a while. Given that the feasibility study is done, the RIGI approval is secured, and the FID is targeted for year-end, the de-risking work appears largely complete.

太好了，謝謝。你好，太好了，謝謝你接我的電話。McEwen Copper 的 IPO 已經在路線圖上有一段時間了。鑑於可行性研究已完成、RIGI 核准已取得、FID 目標在年底，去風險化工作看起來大致已完成。

My question is, has a bank been mandated for the IPO? And if so, which exchange is being targeted? If a bank has not yet been mandated, what is the specific remaining gate item before that happens? Is it the FID itself, a copper price threshold, or something else?

我的問題是：IPO 是否已委任承銷銀行？如果是，目標交易所是哪一個？如果尚未委任銀行，那在發生之前具體還剩下哪一個關卡項目？是 FID 本身、銅價門檻，或其他因素？

And what should investors treat as the single most important milestone to watch between now and year-end that tells us whether the IPO is on track or slipping? Thank you.

另外，投資人應該把從現在到年底之間哪一個單一最重要的里程碑視為觀察重點，以判斷 IPO 是按計畫推進還是正在延後？謝謝。

All right, Sydney. We haven't chosen a banker. We've had discussions with many. And in terms of listing, we're still debating that.

好的，Sydney。我們還沒有選定承銷銀行。我們已與很多家討論過。至於上市地點，我們仍在評估。

It appears that you can get to market faster by doing a Canadian listing. It's considered faster and cheaper than doing a listing in America. Although, my preference is to go to America first, just because of the size of the market and the pricing tension that would probably appear in the IPO.

看起來如果在加拿大上市，可以更快進入市場。一般認為比在美國上市更快、成本也更低。不過，我的偏好是先到美國，主要是因為市場規模更大，而且 IPO 時可能會出現更強的定價張力。

Those two have to be decided. In terms of catalyst, it's completing the financing for funding FID, and we're getting close to having that funded. So I guess, we announce that and then moving it on to getting all the engineering done to start construction in 2027. Did that cover off your question?

這兩點都還需要決定。就催化劑而言，是完成用於支持 FID 的融資，而我們已接近把資金到位。所以我想，我們會宣布那件事，然後推進完成所有工程設計，目標在 2027 年開始建設。這樣有回答到你的問題嗎？

Yes, thank you so much.

有的，非常感謝。

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

（接線員指示）目前沒有進一步的問題。Rob McEwen 先生，我把電話交回給您。

That's very nice of you, operator. I'd just like to close by saying, we're excited about what lies ahead and committed to pushing the company forward and building long-term value.

接線員你真客氣。我想用幾句話作結：我們對未來的發展感到振奮，並致力於推動公司向前，打造長期價值。

This concludes today's conference call (multiple speakers). This concludes today's call. You may now disconnect.

今天的電話會議到此結束（多位發言者）。今天的電話到此結束。您現在可以掛線。