McEwen Inc.

Hello, ladies and gentlemen. Welcome to McEwen Mining's Q3 2021 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner, Anna Ladd-Kruger, Chief Financial Officer, Peter Ma, Chief Operating Officer, Steve McGiven, Executive Vice President of Expiration. 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 followed by 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 and welcome, fellow shareholders. and Curious Investors. Our fortunes are definitely improving. This is the second consecutive quarter where our production has increased and our production costs have decreased relative to last year. I am delighted to say that our Q3 was a good quarter and year-to-date we are looking far better than we did last year at this time. We are making good progress on our turnaround. Gold and silver production is up at our mines in Canada, America and Argentina and our operating costs are falling. These results are due to the extra efforts of many individuals and in particular to our senior management team at head office and at our mines. But this is just the start. We know there is much more to achieve and we are intently focused and motivated to build an exceptional company that becomes a model for mining in the 21st century. We have made a large investment in exploration over the years and we will soon be showcasing the results of this effort. It is expected to extend the life of our mine and provide the foundation for future gold and silver production growth. I imagine that many of you feel the same way as I do when looking at our share price. I'm not happy with it. And I bet neither are you. But as you will hear today, we have good reason to be optimistic. Our operations are starting to hum. Exploration is starting to reveal the promise of our large land holdings and prolific gold and silver districts. And our very big copper project is coming alive. Another indication that the market is beginning to appreciate our progress is our share performance year to date. It's up 15.7% relative to the industry's performance as measured by the ETF, the GDX, and the GDXJ that have declined 11.6% and 19.7% respectively during the same period. So here's today's agenda. Anna will cover our financials, Peter our operations, and Steve our exploration. I will follow with news on McEwen Copper and provide closing remarks, then open the Q&A segment of the meeting. Anna, the podium is yours.

Thank you, Rob, and good afternoon, everyone. Week 3 was another solid quarter. that demonstrated operational progress in our turnaround strategy, translating into lower costs and a continued strengthening balance sheet. Our average realized gold sales price in the quarter was $1,793 per gold equivalent ounces, down from $1,925 in Q3 of last year, reflecting the lower spot prices. Nevertheless, stronger production from our operations translated into increased sales. Revenue from our 100% owned operations during the quarter was 37.11, a 36% increase compared to the revenue in Q3 of last year. Cash gross profit, which is a non-GAAP measure that includes depreciation, was $6.4 million for the quarter compared to $3.9 million for Q3 The nine-month end of September 30th was $16.1 million versus $2.8 million, a material increase of 575% compared to the same period last year. Much of this change is due to the increased production sales despite lower realized gold prices and decreased per ounce cash costs in both gold bars, and the Plume Mine Transition to Commercial Production at the Fox Complex, one full quarter ahead of schedule. Peter Ma will detail more of our operational achievements shortly. During Q3, we also continued to aggressively invest in our future, with $10.3 million spent on our exploration and advanced projects. This is reflected in reporting a loss of $17.4 million, or minus $0.04 per share for the quarter, compared to a net loss of $9.8 million, or minus $0.02 per share, in Q3 2020. In addition, we booked a $2.2 million reduction in the San Jose mine, which is a $5.2 million reduction compared to Q3 2020. This decrease is primarily due to continued COVID-19-related expenditures of the operations in Argentina. We also spent $4 million on advanced projects during the quarter, which included continued spending for the Fox Complex expansion to PEA. Our total liquid assets as of September 30th is $72.7 million compared to $18.8 million for the same period last year. This is reflecting higher cash and cash equivalents, investments, and precious metal inventories. as well as the $40 million raised for MQ and copper investments. In October, we also received an additional $2.3 million in dividends from our San Jose Mines, bringing the year-to-date dividends at $10 million, compared to a total of $0.3 million received in 2020. Cash used in investing activities of $20.4 million for a nine-month period increased relative to the $7.8 million spent in the same period last year. The change is primarily due to capital development costs incurred at the Fox Complex for our three-month deposit, partially offset by the dividends received from our San Jose loan. Lastly, we ended the quarter with $92.1 million in current assets and a positive working capital at $45.8 million. Thank you. I will now turn the call to Peter Ma, our Chief Operating Officer.