McEwen Inc.

Hello, ladies and gentlemen. Welcome to McEwen Mining's Q2 2021 Operating and Financial Results Conference Call. With me today are Rob McEwen, Chairman and Chief Owner, Anna Ladd-Kruger, Chief Financial Officer, Peter Maugh, Chief Operating Officer, and Steve McGiven, Executive Vice President of Exploration. After the speaker's presentation, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, press the pound key. I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.

Thank you, Operator. Good afternoon, fellow shareholders and interested investors. I'm very pleased to welcome you to our Q2 2021 conference call. Over the past 15 months, We have rebuilt our senior management team at head office and at our mine. And it is these talented individuals who are responsible for the turnaround we are currently experiencing. Today, Peter, Anna, Steve, and I are going to share with you the significant improvements in performance of our operations and financial strength along with a review of the highlights of our exploration program and our plans for surfacing value of our giant copper project Los Azulas. But first, I'm truly delighted to say that our mines are operating much more efficiently such that we are back to delivering on our production guidance. We are building our treasury and their share prices regaining some of the ground it lost last year. These are very encouraging indications that we're getting back on track and that the trend is definitely up. However, there's still a lot of ground to recapture and I want to assure you that we are fully committed and driving hard to do so, to regain that ground. Now, I will ask Anna to share with you the positive transformation of our financial condition as seen in our results of Q2 and first half of this year. Anna, to you.

Thank you, Rob, and good afternoon, everyone. Q2 was a quarter demonstrating operational progress in our turnaround strategy, lower costs, and a strengthening treasury, all resulting in improved financial Strong production for our operations translated into solid revenues on our gold and silver sales for the quarter. Our revenues from our 100% owned operations during the quarter was $40.7 million, which is an increase of 123% compared to Q2 of last year. Average real-life sales prices in the quarter were $1,830 per gold equivalent ounces, compared to prices of $1,733 realized in Q2 of last year. Our cash growth profit, which is a non-GAAP measure that excludes depreciation, was $9.6 million for the quarter, an increase of $13.6 million from Q2 of last year's cash growth loss of negative $4.1 million. The change in Q2 is attributed to increased production and sales, higher average realized gold prices, and decreased cash cost per ounce at both our gold bar and Fox Complex operations, which Peter Maul will discuss in a bit more detail shortly. We reported a net loss of $6 million, or negative $0.01 per share, for Q2. This does include a total of $7.7 million invested in our exports and Advanced Projects. This compares to a net loss of $19.8 million or negative $0.05 per share into 2020. Again, an improvement primarily driven by the increase in improved operations. Our exploration activities wrapped up in 2021 and we spent approximately $0.9 million to date on a new high potential target in both Ontario and Nevada. We are also incurring eligible Canadian exploration expenditures in the Timmins regions of Ontario. FEMA-Given will give further updates on our various exploration programs shortly. We also spent just under a million dollars on advanced projects during the quarter. This includes continued spending on our FOCS complex PEA or preliminary economic assessment and the Phoenix project in Mexico. Our total liquid assets as of June 30th was $48.9 million, compared to $20.8 million for the same period last year. This is reflecting higher cash and cash equivalents, restricted cash, investments, and our purchase metals inventory. We also received $2.6 million in dividends in Q2 from our interest in the San Jose mine, for a total of $7.6 million in H1. This compares to $0.3 million received in the first half of last year. Net cash used in investing activities of $12.3 million in the first half of this year is largely attributed to the capital development costs at our food mine at our Fox Complex. We remain on track to reach commercial production in Q4. We ended Q2 with $74.9 million in current assets and a positive working capital of $39. Thank you. I will now turn the call to Peter Maugh, our Chief Operating Officer.