McEwen Inc.

Hello, ladies and gentlemen. Welcome to McEwen's Mining's Q1 2024 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner, Perry Ng, Chief Financial Officer, Jeff Chan, Vice President, Finance, William Shaver, Chief Operating Officer, Stefan Spears, Vice President, Corporate Development, Michael Medding, Vice President and General Manager of McEwen Copper, and Carmen Diaz, General Counsel and Secretary. After the speaker's presentation, there will be a question and answer session. If you would like to ask a question during this time, 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 morning, ladies and gentlemen. Welcome to our first quarter 2024 conference call. A few moments ago, I looked at our share price and thought, well, what happened? We're down about $2 and I think a lot of it is, I think it's overdone, but it's probably due a bit to our accounting policies, the difference between accounting treatment in Canada and in the United States of America. And I'd like to ask Perry Ng, our CFO, to talk about that difference.

Good morning, Rob. So we would like to reiterate the fact that as a US GAAP reporting company, we expense all of our attributable expenses related to the Los Azules Copper Project in Argentina. So given that we own 48% of the company, all of the work going into drilling for that project is being expensed through our income statements. Unlike a lot of our peers, Canadian and Australian listed companies that report under international financial reporting standards where they may capitalize those costs and you would not see them reflected in net earnings or loss. So if you look into more detail into our earnings, we reported a consolidated net loss of approximately $20 million, of which $18 million was directly attributable to our investment in McEwen Copper, as well as an additional $4 million in general exploration expenses. So again, had we reported under RFRS, we would not be showing a loss of that nature.