McEwen Inc.

Hello ladies and gentlemen. Welcome to McEwen's Third Quarter 2025 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner, William Shaver, Chief Operating Officer, Perry Ing, Chief Financial Officer, Jeff Chan, Vice President, Finance, Stefan Spears, Vice President, Corporate Development, Michael Meding, Vice President and General Manager of McEwen Copper, Carmen Diaz, General Counsel and Secretary, Michael Swiston, President and CEO of Canadian Gold Corp. 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 1 on your telephone keypad. If you would like to withdraw your question, again press star 1. I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.

Thank you, operator. Good morning, fellow shareholders, interested investors, We have been preparing McEwen Mining to benefit from the stronger metal prices we are seeing today. Over the past year, gold at just below $4,000 an ounce is up 45%, silver up 47%, and copper is close to $5, up 13%. And I believe the intermediate and long-term prices will be considerably higher. This is an excellent environment for our portfolio mix of assets. I'd go as far to say that perhaps you could think of us as a mini Freeport with growing gold production pipeline and large exposure to robust world-class long life copper story. The improved gold and silver prices have buffeted us from the inconvenient Thank you very much for joining us. Watching Los Azules become a copper mine. And in the first five years, we're looking at producing at an annual rate of over 450 million pounds of copper a year, which today, copper prices would be about 2.2 billion, and it has a, at least based on the feasibility study we just put out, and the current copper price, would have a gross margin of 64%. So we've done a number of things in the quarter and we've made some investments and I'll start with those and then I'll move to asking Michael Meding to talk about the excitement at Los Azules and then we'll get into our finances and our operations on our gold operations. So I'll start with Ian Ball. to talk about our investment in Canadian Gold Corp and also Ladies and gentlemen, we are experiencing technical difficulties.

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