McEwen Inc.

production of 135,884 gold equivalent ounces was 12% lower than what we produced in 2023. The selling price of our production was 24% higher. As a result, our adjusted EBITDA was 3.8 times higher this year at 29.2 million or 57 cents a share. versus 7.7 million or 16 cents a share in 2023. We did post a net loss of 43.7 million, and that was due to the equity accounting redo of the expenditures at Los Azules of 47 million. a difference of 3.3 million. We spend another 16 and a half million on exploration, bringing it to 19.8, and there was 10 million in depreciation. So our minds are making money at this point, and it is the large investment we've been making in Los Azules to bring that project forward that is creating this net loss. And speaking of that, when we started financing Los Azules separately in McEwen Copper, we did a financing of $10 a share, which effectively put a value on that property of $175 million. This was a property that was largely obscured in our portfolio by the performance of our gold assets. Today, based on the last financing that we've done in McEwen Mining at $30 a share, puts the value and applied value on Los Azules of $984 million. We have a 46% interest in that now, and that equates to $457 million value, and on a per share basis, $8.47 a share behind every McEwen mining share. So that's the big number, and we're pushing that project forward to a feasibility study, and after which, once we have Hopefully approved in the Regie. Which is a large investment incentive scheme enacted by the Argentinian government. We get that approval. And complete feasibility at the end of June of this year will be ready to do an IPO. And that will be dependent on the market sentiment towards copper. But right now there's a positive view on the price of copper. Coming back later in this call, I will ask Michael Medding, our vice president general manager of McEwen Copper, to speak in greater detail about Los Azules. Looking at McEwen Mining's gold assets, we've spent quite a bit of money on exploration. As I said, $16.5 million in the past year at our Fox complex up in Timmins, Ontario. That exploration has increased our indicated and inferred resources to a total of over 2 million ounces, and that's allowing us to now plan for a doubling of production from what we produced this year to 60,000 ounces in 2027. And we can see There's a possibility to increase that production further four to five fold increase over what we've done this year in 2024 to 130 to 150,000 ounces, bringing on the Gray Fox deposit where the exploration had increased the resources. That subject permitting would increase our consolidated production to 225 to 250,000 ounces per annum. So exploration is working at Fox. It's also been extending our reserve life at Gold Bar. And that's being augmented by the purchase of Timberline Resources, which is a property near to Gold Bar where we're getting some initial good exploration results. Our investment in 49% interest in the San Jose mine, a mine operated by Hosshield Mining, is also expecting to pay a dividend shortly. That'd be a welcome change from a number of years without a dividend. Higher metal prices, gold and silver, are helping that. During the year, we increased our debt from $40 million to $130 million by way of a capital convertible to venture. We chose that route to raise capital because we could get 100% premium over our share price at the time we announced this debt deal. So we were trading at around $8.60 a share, and we were able to get a conversion price by use of this structure. of 100% premium over market. So our cash now is approximately $62 million. A large part of that money is going into increasing the production at our Fox complex and at Gold Bar. And at this point, I'd like to ask Michael Medding to speak about Los

Thank you so much, Rob. Los Azules had a great year. In terms of environmental safety and regulatory compliance, we have safety excellence, 1.5 million hours without the lost time incident. We have received our environmental impact statement, which is the environmental permit for the construction and operation of the future Los Azules mine, 3rd of December last year, zero fines on more infractions, And we completed all the hydrogeological tests to support sustainable water use in the future. In terms of operational achievements, we have drilled over 51,000 meters in 2024. We have now a project progress of about 90% by the end of 2024. And as Rob said before, we plan to publish, we plan to complete the feasibility study by June this year. We have now the majority of our engineering complete for the feasibility study. We have a new structural geological model. We had great work done by the community and sustainability team. We have more than 3,500 participants in 61 meetings, covering 50% of Calingasta's economically active population in 2024. We have done lots of training initiatives to support Calingasta that's the department where our project is located, to prepare themselves for the future work at our project with more than 890 participants, including 521 women. And we have also joined the UN Global Compact. I think that is a summary of what was going on for Los Azules. We're looking forward to the completion of the feasibility.

Thank you, Michael. Back to you, Rob. And more recently, we received a claim, a statement of claim from an Indigenous group that have interests in the property we have in Timmins. We believe it is without merit and we're working to engage constructively with the leadership of that tribe. At this point, I'd like to open the session to questions.