McEwen Inc.

Hello, ladies and gentlemen. Welcome to McEwen's First Quarter 2026 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner, Ian Ball, Executive Vice Chairman, William Shaver, Chief Operating Officer, Perry Ng, Chief Financial Officer, Jeff Chan, Vice President, Finance, Stefan Spears, Vice President, Corporate Development, Kevin Bromfield, Project Director, Gray Fox, Michael Medding, Managing Director of McEwen Copper, 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, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, again, press star one. I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.

Thank you, Operator. Hello everyone and thank you for joining us today for McEwen Inc.' 's first quarter 2026 results conference call. Our vision is clear and ambitious. McEwen Inc. offers investors a unique and powerful combination, direct exposure to growing gold and silver production, proven hard money assets that have served as stores of value for millennia, along with large optionality to copper, a foundation metal of modern civilization, essential for electrification, renewable energy, electric vehicles, data centers, and the infrastructure of the future. We are scaling the company to 250,000 to 300,000 gold equivalent ounces, geos, per year by 2030, while maintaining a strong balance sheet. We've just released our Q1 results and I'm very pleased to report that we delivered a strong quarter. We generated net income of $33.4 million or 56 cents per share. This compares to a net loss of 6.3 million or 12 cents a share in the same period last year. This is a significant turnaround and reflects our improving operational performance higher gold and silver prices, and a more disciplined execution. We are advancing our multi-asset growth strategy with internal funding, positioning the company to nearly double production while minimizing dilution. Just like to talk about our operational and project highlights in Canada at our Fox Complex in Timmins, Ontario. We're making good progress. At the stock mine, underground development remained on budget in Q1. Initial production is expected in late 26, and commercial production starting next year. Gray Fox, we're finalizing a pre-feasibility study expected in the next coming month. And so combined stock and Gray Fox are targeted to deliver $75,000 to 90,000 gold equivalent ounces annually by 2030. We are also advancing the Tartan Mine Project in Manitoba with an updated resource of 309,000 indicated ounces and 303,000 inferred gold ounces. We're targeting initial production of 30,000 ounces per year with the potential to reach 45 to 55,000 ounces per annum. Overall in Canada, we expect production to grow from 16,000 to 19,000 ounces this year to 105,000, stretching to 120,000 by 2030. At Gold Barn Nevada, operational optimization and exploration success are driving increased outputs and extended mine life with gold production expected to reach 90 to 100,000 ounces by 2030. And in Mexico at El Gallo, ongoing improvements, we expect to boost production up to 20,000 ounces again by 2030. Together, Canada is scaling to 105,000 to 120,000 geos plus continued growth at Gold Bar, El Gallo, and our Argentine assets, San Juan, positions us to achieve our company-wide target of 250,000 to 300,000 gold equivalent ounces by 2030. I'd like to talk about our investment in McEwen Copper. As shareholders, we benefit from our 46.3% interest in McEwen Copper. Based on the most recent financing of McEwen Copper, this stake is valued at approximately $456 million, or roughly US$7.67 per McEwen Inc. share. Los Azules is on track to become one of the world's first regenerative copper mines and carbon neutral by 2038. Coming into production, we're looking at 2030. It's delivering significant embedded value and upside to McEwen Inc. Gold prices remain supportive. Our operations are cash flow positive, and we have a strong project pipeline. Our strategy is straightforward. Execute development projects safely and on budget. Aggressively explore to grow resources and reserves. self-fund growth to protect shareholder value, deliver consistent production increases, and rising cash flow. I'd like now to turn the conversation over to Perry, our CFO. And before that, I'd just like to thank the entire McEwen Inc. team for their work this year. We're excited about what lies ahead. and remain committed to disciplined growth and long-term value creation. Perry.

Good morning. Thank you, Rob. I think I'll just touch on a few highlights from our first quarter earnings and then talk a bit about the financing of the growth plan that Rob just outlined for us. Starting with the quarter, as Rob said, we had a great quarter. We earned 56 cents a share. basic and 47 cents a share fully diluted. Our revenues from our 100% owned operations more than doubled from a year ago, given high gold and silver prices. We also noted the benefits in this quarter of the capitalization of our equity recorded investment in McEwen Copper. Having published a feasibility study last year, we now capitalize those costs on a US GAAP reporting basis. So we only record a small net loss compared to having to expense our share of all of their exploration costs in the past. I'll note that we did receive an $8.8 million dividend during the quarter from our MSC mine from Minera Santa Cruz from the San Jose mine in Argentina. We expect on the balance of the year to receive an additional $30 to $40 million in dividends given strong silver and gold prices. I'll note our cash increased during the quarter despite our continued spend to complete the stock ramp. Our cash balance at the end of the first quarter was $57 million versus $51 million at the beginning of the year. And I'll note that our cash cost and all infestating cost guidance, we believe, were well on track to meet our full-year targets, as we expect to increase ounce production for the balance of the year on a quarterly basis. And as well, we expect the costs, our development costs at the fruit mine to decrease as we finish ramp development towards the end of mine life, which contributed this quarter about $800 to the all in sustaining costs at the box complex. So just taking a look and kind of expanding on Rod's point in terms of how we're going to build our operations to 250 to 300,000 ounces from our current basis. So in terms of projects we have on the go right now for 2026, we see total capex, project capex this year of approximately $50 million remaining to be spent from Q2 to Q4. We have approximately $35 million remaining for the stock mine to complete development and other related costs there and we expect uh in the second half of this year to begin construction uh on mexico um for algaia we're currently budgeting about 15 million dollars so all of that will be funded by our existing cash flows as well as the dividends we expect to receive from the san jose mine Looking forward to next year, 2027, we see the CapEx profile approximately double to about $100 million as we finish Mexico, as well as begin work on the Gray Fox, as well as expansion projects in Nevada. We expect free cash flow from our operations, as well as dividends from MSC to exceed $200 million at current gold prices. have a significant buffer even at lower gold prices, say to the $4,000 level, at which we can still sufficiently fund easily from free cash flow. In 2028 and 2029, we see those costs subject to permitting timelines increasing to approximately $150 million, but at the same time, we'll have the benefit of production from Mexico, as well as increased production from the Fox Complex, providing additional cash flow of over $250 million annually, which will provide more than sufficient cash flow to achieve the growth stated. So with that, you know, I think that provides kind of a high-level overview of how we can achieve this growth without additional dilution to our shareholders. And with that, I'll turn the presentation to Michael Meding in Argentina.