McEwen Inc Q1 2026 Earnings Call - Self-Funded Production Surge and Los Azules IPO Path

Operator: Hello, ladies and gentlemen. Welcome to McEwen’s first quarter 2026 operating and financial results conference call. 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 Diaz, General Counsel and Secretary. After the speakers’ presentation, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by 1 on your telephone keypad. If you’d like to withdraw your question, again, press star 1. I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Thank you, operator. Hello, everyone, and thank you for joining us today for McEwen Inc.’s 1st quarter 2026 results conference call. 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 storers 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. 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’ve 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. 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. Just like to talk about our operational and project highlights. In Canada, at our Fox Complex in Timmins, Ontario, we’re making good progress. At the Stock Mine underground development remained on budget in Q1. Initial production is expected in late 2026 and commercial production starting next year. Grey Fox, we’re finalizing a pre-feasibility study expected in the next coming months.

Combined, Stock and Grey Fox are targeted to deliver 75,000-90,000 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. We’re targeting initial production of 30,000 ounces per year with the potential to reach 45,000-55,000 ounces per annum. Overall in Canada, we expect production to grow from 16,000-19,000 ounces this year to 105,000, stretching to 120,000 by 2030. At Gold Bar, Nevada, operational optimization and exploration success are driving increased outputs and extended mine life with gold production expected to reach 90,000-100,000 ounces by 2030.

In Mexico at El Gallo, ongoing improvement, we expect to boost production up to 20,000 ounces again by 2030. Canada is scaling to 105,000-120,000 GEOs plus continued growth at Gold Bar, El Gallo, and our Argentine assets, San Juan, positions us to achieve our company-wide target of 250,000-300,000 gold equivalent ounces by 2030. 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 US $7.67 per McEwen Inc. share.

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. 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. Deliver consistent production increases and rising cash flow. I’d like now to turn the conversation over to Perry, our CFO. Before that, I’d just like to thank the entire McEwen 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?

Perry Ing, Chief Financial Officer, McEwen Inc.: Good morning. Thank you, Rob McEwen. 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 McEwen just outlined for us. Starting with the quarter, as Rob McEwen 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. We also noted the benefits in this quarter of the capitalization of our equity recorded investment in McEwen Copper. Having published a feasibility study last year, we now capitalize those costs on a US GAAP reporting basis.

We only record a small net loss compared to having to expense our share of all of their exploration costs in the past. 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 José mine in Argentina. We expect on the balance of the year to receive an additional $30 million-$40 million in dividends given strong silver and gold prices. I’ll note our cash increased during the quarter despite our continued spend to complete the Stock Mine ramp. Our cash balance at the end of the 1st quarter was $57 million versus $51 million at the beginning of the year.

I’ll note that our cash costs 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. 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. Just taking a look and kind of expanding on Rob’s point in terms of how we’re going to build our operations to 250,000-300,000 ounces from our current basis.

In terms of projects we have on the go right now for 2026, we see total CapEx 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. We expect in the second half of this year to begin construction on Mexico for El Gallo. We’re currently budgeting about $15 million. All of that will be funded by our existing cash flows as well as the dividends we expect to receive from the San José mine.

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. We do have a significant buffer, even at, you know, lower gold prices, say to the $4,000 level, at which we can still sufficiently fund easily from free cash flow. In 2028 and 2029, we see those costs, you know, subject to permitting timelines increasing to approximately $150 million.

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

Michael Meding, Managing Director of McEwen Copper, McEwen Copper / McEwen Inc.: 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. How we finance the path from where we are today through to construction. A quick word on Q1 execution before I turn to financing. Q1 was about putting the building blocks for FID, the final investment decision stage gate in place. Our integrated owners team is up and running with Samuel Engineering, the engineering firm that has supported us over the last four and a half years very successfully through PEA and feasibility. Now their personnel embedded alongside McEwen Copper staff. Jim Solomonson, who served as study director through 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, multi-billion 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 at Newmont Corporation. Detailed engineering is advancing across every major work stream. Drilling, access roads, heap leach pads, stockpiles, major equipment packages, trade-off studies, and our EPC and partner selection process. On the regulatory side, the RIGI, the Incentive Regime for Large Investments in Argentina, the VAE section was fully operational during Q1 and is already delivering a meaningful cash flow benefit. We also had a productive International Finance Corporation, part of the worldwide site visit, with our conversation advancing on the lineage to the IFC, the International Finance Corporation performance standards. The technical and regulatory foundation for FID in place. Now towards financing.

The total financing path from FID to full operation is approximately $4 billion. That number gives you the scale of what we are building. To date, we have raised over $450 million in private financings between 2021 and 2025. The capital came from a strong group, Rob McEwen, Stellantis, McEwen Inc, and others. Together with McEwen Inc’s early exploration investments, this funding carried the project to PEA feasibility study and into the detailed engineering phase. Our shareholders have already invested substantially behind their conviction in this project. 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 Inc, and William Shaver have committed approximately one quarter of the facility, and roughly three-quarter remains open, and we’re having several conversations with potential investors to close the remaining parts. 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. Post-FID, the construction and 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. On the debt side, we are in the final stages of appointing debt financing leads, primarily focused on export credit agency financing alongside other debt financing components.

The IFC has expressed interest in serving as a lead arranger for project debt 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. 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 the structure with other equity participants. These discussions are advancing well. Pulling it together, the technical work is on plan, the regulatory program 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.

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. Thank you so much. Now I’ll hand it back over to you, Rob.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Thank you, Mike. We’re gonna move to Ian Ball to talk about one aspect of Los Azules, another value we have there.

Ian Ball, Executive Vice Chairman, McEwen Inc.: Thank you, Rob. One of the aspects, one of the assets inside McEwen Mining, which I think is often overlooked, is the 1.25% royalty that we have on the asset. In the quarter release we put out yesterday, we wanted to highlight some of the cash flow possibilities there once Los Azules in production. If you look at the royalty based on the spot price of copper, you’re looking at total cash flows well in excess of half a billion dollars US, 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 half billion dollars. 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. 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. When you look at the world today, there’s not many world-class royalties available. 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.

We want to highlight this because we do think it’s gonna be a very meaningful asset for the company going forward. I also want to touch upon our exploration as we put out results at all of our sites. I just wanna highlight a few items for you. We put out a new resource for our Windfall deposit in Nevada. If you look at reserves resources right now at the Gold Bar Mine Complex, we’re about 1 million and a quarter ounces now with one more resource to come out from Trinity Ridge. We think that number is going to go up. We put out some good exploration holes today at Windfall. With the recent acquisition of Golden Lake, we think that deposit is gonna 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. 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. We have the fault, the Cortez fault that goes directly south of that, so we’re looking to drill there for lower plate rock.

We have put out some good results at Grey Fox, approximately 90 meters below, where we’re gonna 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. I just wanna touch upon just 2 things quickly. At Tartan, we put out a number of drill results today. I think what’s interesting at Tartan, we’re seeing now 4 or 5 drill holes at depth that are somewhere between 15 and 50 meters wide at 4 to 5 grams per ton. It’s starting at approximately 1,000 meters depth.

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 5 holes that we put down at depth, and we are drilling down there currently. We have pretty meaningful expectations of what could come there. 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. We’re gonna be putting out an updated resource for El Gallo, which I think is gonna 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. Lastly, although a non-core asset, we’re gonna 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. We’re gonna be updating that just to highlight some of the value that has currently not been updated in quite some time. Based on that, I will turn the call back over to Rob.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Thank you, Ian. Thank you, Mike. Thank you, Perry. Just before moving into Q&A, since I started in the gold industry, I always like looking at other assets and saying, "What’s the gold equivalent?" It changes. Looking at Los Azules, just to give you a sense of its size, Ian was talking a little bit about the, how Franco-Nevada was formed on the back of Goldstrike. Our Los Azules property has estimated resources of 35.7 billion pounds of copper. 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. 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. You’d be producing, at least in the first 5 years, in excess of 500,000 ounces a year. That, in anyone’s book, is a terrific gold asset. 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. I’d now like to open the session to questions and answers.

Operator: As a reminder, to ask a question, you will need to press star followed by the number one on your telephone keypad. To withdraw your question, again, press star one. Your first question comes from the line of Jake Sekelsky from Alliance Global Partners. Your line is open.

Jake Sekelsky, Analyst, Alliance Global Partners: Hi, Rob and team. Thanks for taking my question.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Hi, Jake.

Jake Sekelsky, Analyst, Alliance Global Partners: So-

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Okay

Jake Sekelsky, Analyst, Alliance Global Partners: Just starting, with 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 of next year?

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Okay. I’ll ask Bill to answer that question, Jake.

Jake Sekelsky, Analyst, Alliance Global Partners1: Yeah, Jake, thanks very much for the question. 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. Hopefully by the end of the year be ramped up to its full production. So we see the continuity of the gold production to be relatively the same in 2027. You know, I think the important aspects of that are, you know, 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.

We see that continuing to the end of this year at relatively the same gold production as we had in the first quarter. That will make that transition kind of very smooth. You know, I think that’s the critical part of the whole story and, you know, with the Fox Complex. Does that answer the question?

Jake Sekelsky, Analyst, Alliance Global Partners: Okay. It does. Thank you. That’s helpful. 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? Would an expansion happen prior to a restart decision, or would that come after that?

Ian Ball, Executive Vice Chairman, McEwen Inc.: Well, Kevin.

Kevin Bromfield, Project Director, Grey Fox / Director of Canadian Projects, McEwen Inc.: Yeah, thanks for the question. Kevin Bromfield 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. We’re currently evaluating the path forward. Does it consist of an advanced X program? Also challenging aspects of the validity of past permits. We’re understanding that landscape right now and making sure that we have the baseline data to support a decision that we’re gonna be making as the exploration activities go on.

Ian Ball, Executive Vice Chairman, McEwen Inc.: Well, may I add.

Jake Sekelsky, Analyst, Alliance Global Partners: You want to add to that?

Ian Ball, Executive Vice Chairman, McEwen Inc.: I do want to add a little bit to that. The reason why we’re looking at it from the 500 tons per day and then looking to expand to the 1,000 is that we do believe that we can utilize the existing 500 ton per day permit that was put in place in the mid-1980s. We want to get the mine up and running at that run rate. Then if we were to expand to a 1,000 tons per day, that might require a major alteration to the permit, which obviously has more time inherited to it. We want to be able to phase it to go from the 500 to the 1,000, but if we use an existing permit, we think we can get there a lot faster than trying to expand it all in one go.

Jake Sekelsky, Analyst, Alliance Global Partners: Okay. That makes sense. That’s all on my end. Thanks again.

Ian Ball, Executive Vice Chairman, McEwen Inc.: Thank you, Jake.

Operator: Your next question comes from the line of Mike Kozak from Cantor Fitzgerald. Your line is open.

Mike Kozak, Analyst, Cantor Fitzgerald: Good afternoon, Rob and team. Thanks for taking my questions and congrats on the solid quarter. I have a few questions from me, if I could first. I think the CapEx for El Gallo phase 1, it’s in the MD&A. I think it’s at the $25 million, if I’m right on that. My question is, what is the expected CapEx on phase 2? Have you refreshed that recently at all? I know it’ll be over a longer time period, but I’m just curious what that number might be.

Ian Ball, Executive Vice Chairman, McEwen Inc.: Yeah. We’ve been looking at that as well. You know, it’s a number that’s well into the future. You know, right now we have it planned at 10 years into the future, but we’re doing approximately $40 million is what we’ve been looking at. 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 obviously switching, you know, parts of the plant from gold to silver. Right now, that’s kind of what we’re thinking. You know, we can move that ahead if we wanted to, or we keep it where it is. The $40 million is generally what we’ve been thinking about.

Mike Kozak, Analyst, Cantor Fitzgerald: Okay, great. It’s not in the hundreds. It’s a manageable number. That’s kind of what I was getting at.

Ian Ball, Executive Vice Chairman, McEwen Inc.: We do believe it’s a very manageable number.

Mike Kozak, Analyst, Cantor Fitzgerald: Okay, perfect. Then second, you know, I just noticed quarter-over-quarter the cash is really starting to build up in the San José JV. I got your guidance for dividends from the JV this year, you know, $40 million-$50 million on the year, $30 million or $40 million remaining. My question is, based on your discussions with your partner there, can I assume that run rate of dividends will continue in 2027 and 2028 if we were to hold gold and silver prices around these levels, or have you not had those discussions yet?

Perry Ing, Chief Financial Officer, McEwen Inc.: Hi, Mike. It’s Perry. We are having ongoing discussions. I think the first thing is, you know, full satisfaction of the reclamation obligations, which will take, you know, a significant portion of kind of the existing cash balance and, you know, kind of move that to sort of a restricted cash balance, if you call it that. I would say on balance, You know, we can expect similar levels, going into 27, 28. If you just look at kind of the proven and probable reserves, you know, they only extend, you know, into 27. You know, given where silver and gold prices are, you know, we think the.

Mine can go into 2029 and hopefully beyond. I think that’s a reasonable assumption to make, Mike.

Mike Kozak, Analyst, Cantor Fitzgerald: Okay. Thanks, Perry. Third, if I can, Michael, I appreciate all the detail you provided on the funding strategy for Los Azules, like, right, the pre-FID bridge loan, the export credit agencies, OEMs on the debt side, et cetera. You spent a bit of time talking about a new potential large cap partner on the equity side, if I heard that right. 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? Has nothing changed?

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Nothing changed.

No, what we wanted to do Sorry.

Go ahead, Mike. Go ahead.

Michael Meding, Managing Director of McEwen Copper, McEwen Copper / McEwen Inc.: No, 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.

Mike Kozak, Analyst, Cantor Fitzgerald: Okay. Very good. Thanks. Thanks everyone. Congrats again on the great quarter.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Thank you.

Michael Meding, Managing Director of McEwen Copper, McEwen Copper / McEwen Inc.: Thanks, Mike.

Operator: Your next question comes from the line of Jeremy Hoyt from Canaccord Genuity. Your line is open.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Hello, Jeremy.

Jeremy Hoyt, Analyst, Canaccord Genuity: Hello. Thanks.

Thanks very much for taking my questions. For me, I’d just like to touch on Gold Bar. There’s, you know, 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. can we expect some sort of study that provides visibility on how that’s all gonna come together, or could you provide an update on your thinking on how those different pieces come together at that complex and, you know, ultimately what are, you know, the production rate could end up being there?

Jake Sekelsky, Analyst, Alliance Global Partners1: Thanks very much for the question. You know, we see the permitting of that project taking perhaps a couple of years. 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 gonna approach that.

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. That would keep the capital cost relatively low in terms of, you know, a significant leach pad that’s capable of holding ore for 2 years is somewhere in the $10 million-$15 million range. That kind of is the initial strategy. You know, there is a lot of potential gold to understand where it is in those properties.

I guess, you know, we’re proceeding with the permitting, and the, you know, the, that permitting, you know, as you know, permitting in the U.S. has schedules that are not definitive. We see that as building optionality in the whole organization, and we’re 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. All, it all good at this point. 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 at this point.

Jeremy Hoyt, Analyst, Canaccord Genuity: Okay. Well, thank you.

Jake Sekelsky, Analyst, Alliance Global Partners1: Uh-

I really appreciate the color and, we’ll Looking forward to, seeing things develop there.

Yep. Very good. Thank you.

Operator: Your next question comes from a line of John Tumazos from John Tumazos’s Fair Independent Research. Your line is open.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Hello, John.

John Tumazos, Analyst, John Tumazos’s Fair Independent Research: Thank you. Congratulations on all the earnings.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: It was nice to have them. Finally.

John Tumazos, Analyst, John Tumazos’s Fair Independent Research: 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? 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 Rothschild partnership manages themselves? Just give us confidence as to the human resources development as you grow and are a little more complicated.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Well, I’ll ask Kevin to speak to that point. He was brought in to deal with the Grey Fox expansion and is overseeing the Tartan development.

Kevin Bromfield, Project Director, Grey Fox / Director of Canadian Projects, McEwen Inc.: Thanks, John. It’s a great question. You know, 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. 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. We’re a growing group. We’ve also added government relations support. We’ve added to our human resources capabilities here at headquarters in Toronto. We are putting some pieces into place, and so far we’ve been able to assemble what I think is a very good team.

I would say that the growth needs to be ongoing as we get toward execution as we ramp up our capital spends.

Jake Sekelsky, Analyst, Alliance Global Partners1: Yeah. 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. You know, we’ve been fortunate enough to bring on people like Kevin. You know, Kevin and I have a history, having worked together for about 10 years. You know, I think we’re building a foundation of a really good group, going into the future. You know, 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, so they’ll come back home.

you know, it won’t be easy, but I think we have the rudiments of a really good team that we’re building and, you know, that’s the fundamental part of it at this stage.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Yeah. 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. AI as well.

John Tumazos, Analyst, John Tumazos’s Fair Independent Research: Thank you, and it’s impressive that you manage costs while you’re metamorphosizing the organization. Thank you.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: You’re welcome. Thank you.

Operator: Your next question comes from a line of Sydney Beckman from Strenella. Your line is open.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Hello, Sydney.

Jake Sekelsky, Analyst, Alliance Global Partners0: Hello, and 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. My question is, has a bank been mandated for the IPO? 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? 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.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: All right, Sydney. We haven’t chosen a banker. We’ve had discussions with many. In terms of listing, we’re still debating that. 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. Those two have to be decided. In terms of catalyst, it’s completing the financing for to fund the FID. We’re getting close to having that funded. 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?

Jake Sekelsky, Analyst, Alliance Global Partners0: Thank you. Yes.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Thank you.

Jake Sekelsky, Analyst, Alliance Global Partners0: Thank you so much.

Operator: If you’d like to ask a question, press star one on your telephone keypad. We’ll pause for just a moment. There are no further questions at this time. Mr. Rob McEwen, I turn the call back over to you.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Well, 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.

Operator: This concludes today’s conference call.

Rob McEwen, Chairman and Chief Owner, McEwen Inc.: Very much.

Operator: This concludes today’s call. You may now disconnect.