Can you provide an overview of McEwen Mining's performance in 2023?

In 2023, we successfully reduced our debt by 39% to US$40 million. Production increased by approximately 16%. We also executed fundraising, securing about US$16 million in flow-through financing. Exploration at our Fox Complex continued with US$14 million spent last year, and we plan to allocate about US$7 million for exploration this year. Overall, operations generated positive cash flow, and both production and costs showed improvement. Can you update us on recent developments at the Fox Complex?

We are advancing on a ramp at our Stock deposit, facilitating a transition from the Froome mine. This move is advantageous as the Stock deposit is situated next to our mill, eliminating the need for rock transport, and its softer composition allows for increased throughput. These improvements not only positively impact production but also considerably extend the overall lifespan of the mine. Additionally, in Mexico, we acquired at a favorable price a used process plant from Argonaut. Our goal is to assemble and have the plant operational by the end of this year.

On the financial front, McEwen Copper successfully raised approximately US$400 million in the last two years, marking rapid progress toward a feasibility study scheduled for Q1 2025. Furthermore, we have submitted an environmental permit application and are anticipating a decision by the middle of 2024. Given your recent fundraising success, is an IPO for McEwen Copper still under consideration?

The IPO is still in the works. We have raised a significant amount, giving us flexibility and eliminating the need for a rushed market entry. Feeling confident about our financial position, we believe the cash we have raised already will take us through to our feasibility study at Los Azules. We currently have around US$90 million in cash and 20 drills actively working on the property for infill drilling and technical preparations for the feasibility study. What are the main challenges faced by established miners like McEwen Mining?

There is frustration, especially for Canadian juniors, about stock market responses not aligning with high commodity prices like gold and uranium. Despite interesting drill results, there is minimal response in the marketplace. What regulatory changes do you believe Ontario should make to enhance its mining sector, specifically for producers?

Lowering the tax rate to increase returns for investors is crucial. Minister Pirie’s efforts to remove obstacles and expedite processes are commendable. Accelerating approval times, especially the consultation process with First Nations, is vital. Additionally, both provincial and federal governments should emphasize the positive contributions of mining to the economy, while promoting responsible environmental practices. Addressing the negative perception of mining among the general population is essential, considering the growing global population and the need for mining to sustain modern civilization. Mining's role in the energy transition and combating climate change underscores the importance of education, to attract younger talent amid a serious skilled labor shortage in Ontario. How does McEwen Mining approach ESG?

Speaking specifically about McEwen Copper, we are planning it anew, allowing us to incorporate modern technologies and sustainable practices from the start. This approach reflects our vision about how mining should evolve in the future. While our other operations are older and require time for advancements, we aim to align them with the level of sophistication seen in our copper operations. Retrofitting these older mines is necessary while designing anew allows us to seamlessly integrate modern technology and philosophy. The focus is on correcting historical practices to ensure responsible and sustainable mining. The experience gained from the copper operations provides a leg up in this endeavor. Can you share your plans for the remainder of 2024?

This year will be focused on expanding our base for future increased production and lower costs. We are initiating a ramp in Timmins to access our Stock deposit and constructing a plant in Mexico to resume operations. Additionally, McEwen Copper, which is a large part of McEwen Mining’s value, is aggressively exploring, with a feasibility study expected next year. We believe we are undervalued, providing a compelling opportunity for investors to get advantageous exposure to both the copper and precious metals markets.