McEwen Inc.

Good morning, ladies and gentlemen, and welcome to McEwen's second 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 of Finance, Stefan Spears, Vice President of Corporate Development, Michael Meding, Managing Director of McEwen Copper, and Carmen Diaz, General Counsel and Secretary. Other management of the company will also be available to answer questions during the call. Please note, this event is being recorded. For the question and answer session after the speaker's presentation, if you would like to ask a question, press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. I will now turn the conference over to Mr. Rob McEwen, chief owner. Please go ahead, sir.

Thank you, operator. Good morning, everyone, and thank you for joining us. I'd like to do something a little different today. You've already seen our financial statements. You've had an opportunity to read our press release. You know our production numbers, our revenue, our costs. Rather than simply repeating those numbers, I'd like to step back and talk about what they really mean. Because I've learned something over my career. Markets are very good at measuring what happened last quarter. They're much less effective at recognizing the value that's being created for the future. So today, I'd like to focus on one question. What really matters? Before I entered the mining business, I spent 18 years in the investment industry as an analyst, portfolio manager, a mutual fund manager, and later controlling a member firm of the Toronto Stock Exchange. Every day, my responsibility was to decide where capital should be invested. And just as importantly, where it shouldn't. Eventually, I made a decision that surprised many people. I stopped looking for companies that created value and decided to build one instead. That perspective has never left me. I still think like an investor.

I still ask the same question I asked 40 years ago.