MUX - Earnings call transcript Q1 2022

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Operator

Hello, ladies and gentlemen, welcome to the McEwen Mining's Q1 2022 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner; Anna Ladd-Kruger, Chief Financial Officer; Rory Greyvensteyn, Director of Operations, Canada; Adrian Blanco Director of Operations, USA and Mexico; Stephen McGibbon, Executive Vice President of Exploration; Michael Meding, Vice President of McEwen, Copper and General Manager. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I will now turn the call over to Mr. Rob McEwen, Chief Owner. sir. ahead, go Please

Rob McEwen

our production ounce shortages was as in Hello, by of conference Fox now Economic then followed an future details gentlemen, and that saw call. in quarter it mining look nine-year results mine our that equipment operator. these by higher XXXX. growth mill. Assessment failure XXXX first manpower our gold cost in by signs It to relative future Fox quarter turnaround gold good trends what did the The XXXX XXXX. Last progress. slowed the more This An closed COVID ladies than you, Fox and at than on right Preliminary was lower and longer issues, lower welcome of prospects was with we production produced and our with Complex. important first of for the we have despite attractive Thank year been started life, mixed. strong to development year, a induced and the bright have The But cost QX per a Fox outlines Complex down costs. we significantly in

that We an the payback improvement in exploration period our are a confident and in result will shortening of the economics.

to the our extensive costs in both and stage the the stripping the Operations Canadian that our elaborate period Our an of the will high, joint on very adversely cycle later gold activities Blanco, absences venture and silver Mining, operation. remove where impacted production. on in induced and a Hochschild reach order by call. over which associated we to manpower Rory Director a mine this resulted San with we Director there at expected expanding At Adrian costs our that these are America COVID temporary transitory operations Bar, were is of be that, will burden of and for production operated Mining Gold in Greyvensteyn is shutdown mine, mining zone. partner ore of Mexico Jose on because

of extend well-known revenue that prolific mine. partner invest of over that that and up in year project, make estate to is able this and large Michael I size guidance. of deliver be is rich lost a Meding, portfolio balance the future believe future to enough why squeeze McEwen the will the belief gold a up as Copper Azules of Vice quarter We the we and to the much provide districts that the cash $XX producing our and QX a value company in continue exploration our update. real President, provide million. the our with on Looking they'll have the Then, significantly increasing with areas be you in with which believes during Mining personally the first what We shortfall. for we in -- own will that confident value an McEwen located are to Los progress step encountered in feel company ahead, of the of our exploration of our able value made I the we majority life however, assets, was considered result At asset.

result an Ladd-Kruger, environment overview Officer first for copper to financial in the year. quarter in the to result world. geopolitical price that Mining's as like the area I a the a and investment, project looking is of as as of more for We copper own also McEwen a Anna this a result higher Financial of our provide the the At on producing results largest point, would changing copper, surging demand our increasingly of valuable huge this copper Chief ask

Anna Ladd-Kruger

Thank you, operations pressures. chain, COVID-XX good shortages in QX of day supply to and our Rob, labor The pandemic continued in and areas inflationary impact everyone.

impact continue We these on the liquidity, operations, monitor and suppliers to factors condition, of our our workforce. financial

QX share. million $XX.X invested loss It project. million $X.XX was to net and Los loss $XX.X primarily per or relates consolidated in our advancing in Our Azules exploration

this Our a completion. down had $X as million. Contributing total loss of operations gross from operations we $X.X wind our million loss to residual was Mexico

our XX,XXX cost. included same $X,XXX X% this cost higher sold ounces of of on XXX% XX,XXX quarter. We period ounces, last units from expect of per owned was business equivalent were last this second gold which $X,XXX benefited Average equivalent equivalent realized sustaining to These XXX% gold make year. year. gold the QX from operations, gold Mexican equivalent gold lines in our in gold higher ounce per this Consolidated production $X,XXX higher We per in owned costand in equivalent year. ounce be half expected was the our QX QX for same ounces to the price strategic all quarter in $X,XXX average per from versus decisions in cash than are

Liquid note includes in transactions per However, this attributable million %XX bolster and end $XX.X of they unsecured cash did assets treasury, the cash, share guided we flow-through come in of equivalents lower restricted to Azules $X.XX and was cash include or Copper the promissory which, the March. is million, an at first to million. of A $XX.X than to McEwen market of $XX.X quarter advance to a project. quarter, Los our few which

amended facility, on deferring and our liquidity principal March senior We given to XXXX debt ultimate maturity to payment year. further the terms August that XXXX also repayment this

at X.X XX,XXX per mill at at of ahead the tons the grade ton, with grams operations. our We Fox Complex an also ended the of ore of quarter gold average stockpile

to be expenditure, procurement of through got McEwen here thankful lot I'm And suffer costs, support continuing Mining speaking of our just a recovered. from aneurysm and family, and margins in December and reviewing community brain you I contracts, in systems mining all production general. from most operating the odds, XXX% I operations. to friends, manage are by capital know, We between and lastly, as material management synergies

as my On I've the I nonprofit the the to review health family and now from at of from back Fox with to retire my And role this decided work operations well. will Complex. and Executive Thank turn call the you. time scare, Rory focus

Rory Greyvensteyn

Thank sold you with equivalent ounces cash in costs $X,XXX Complex gold sustaining X,XXX per gold our line reduce quarters. future Fox produced and QX, flexibility production The considerable costs in QX the Anna. stockpile reduced to solid a $X,XXX with QX, variety ounces [indiscernible] in in a we in mill not total of our consequence and provides in dividend at as of and but gold that cost Challenges budget. equivalent performance respectively. [indiscernible] all have

is capable the implementing of team upgrades higher right the insure Our are to needed mote to it from processing Froome mine. is production

XXXX Thank further relation to mall reduce operations Gold you. of at crushing remainder will the in it’s we'll at forward, guidance additional This Adrian will requirements. for meet the Complex in screening speak Fox XXXX. ensure Moving Bar. the about

Adrian Blanco

Thank leached grade also Gold Rory. was you, was the QX for compared recovery higher Bar at in X,XXX achieved X% than and to The target production heap gold the XXXX as at ounces. gold the expected. mine better study the feasibility

the the we hand four compared the Phase in These the for a cost have one in the high On mining one as anticipated ratio cash began transition full year. we QX almost other first this Pick quarter to a to six stripping involved as pit of X expected high of year. the to to

we of addition, in due to days anticipated months few In lose conditions production to year. the of a weather early the

suitable is X We not Pick. the carbonaceous mining for our heap presence Phase are finding Preg-robbing off of since carbon began leaching. we

gold However, we ore recovery. been the in such affect have to not successful to isolate order

environmental for the permit begin mining be Gold Bar XXXX. road in of in deposit we April was whole this quarter construction South planning and the second to ready addition, for In received the approval and are half the

in to carbon. potential and readiness well new anticipating from ore waste the the are sources production dumps, seen a advancing ore maintain to recovery are we negative defining old begin are mining as high XXXX We from South in to in as also QX. impact mine of QX our we as gold to the Bar But losses pit and the planning Atlas Gold that deposit of for plan QX

is the be the than improve the improving implementing mining instance, certainly per the will will addition, less now which contractor many Steve, product PBT who going our of I to forward. ago, our actions drilling for cost and for will expansion cash CapEx, since Bar will about two exploration is blasting road leach presentation our heap and and the and months In to anticipated construction program. CapEx whole talk ounce Gold turn reduce

Stephen McGibbon

Adrian. you, Thank

Fault our if and Our occur of stock the The our each eight three our $X.X within deposits the Fox totaled gold Complex of Destor-Porcupine kilometers that three expansion. Nevada investments open property to kilometer near At the mines. length QX covers in and a goal Timmins life extend at exploration is Ontario that includes million. for

and period a both believing the target kilometers could four and year. trends. near under the mineralization areas earlier our quarter, tested have excellent mill the during shorten based at first XXXX Fox explored, At For vertical successful is we east Stock mineral outcome for west delivered to we delineation grow this of the payback poorly The to Stock the five Stock potential Mine. near Stock materially of lateral on resources PPA surface targeted key with remaining

kilometers At the multiple Nevada, to graded drilling Southwest gold X.XXgrams North XX.X several on per XX.XX mineralized over and At is focused with of ton Atlas Another located intercepted ton in Gold X.X Stock Fox target grams located up targets west meters per The QX of assays, to the based attractive Cabin areas. extension Pick. testing our gold that reported post Gold these at Bar tonne for is Whiskey meters. the grade XX.X gold exploration on on deposits. extensions West over Grey best In press activities our continuing mineralization drilled historic included mineral zone miles grams meters. west resources, Pick XX.X of included At mine per and Bar intersections, the exploration XX grams over Mine. multiple we ton April of Jack X.XX the per largest continued. on of that include three pit X.XX highest Drilling that oxide release, and in of West structures

is weather epithermal our Argentina, in mineralization meters completed Azules exploration following zone. used and mineralization silver historic planned X% dip province gold XXXX. our has persistent over for deposits. $X intercepts the to high-grade contained in is gold east per depth hydrogen of the in year This and then the many XXX% is beyond San At $X.X million of XXX.X basis resource the enriched Jose until instances copper copper spent million for meters Typical We up a drill Hole pit bottom. joint date, that Los are on AZXXXXX incurred in XXX down mineralogy meters host further the apparent hole At be over of conducted venture a copper when QX October. to still and Celina confirming and a program the an is of copper and ton exploration resource drilling meters the in encountered X.X meters XXXX per hole interval XX,XXX in tonne of meters over will encouraged were XX oxide and mid-June estimate. XX -- X.XX% on In of Cerro were in grams again below holes in stopped. gold San Celina early program supergene Negro to gold permitting continue PEA us the grams ton X.X Iman’s silver resume and of meters. Juan is primary X.XX% and grade intercepts surrounds and A Argentina, at program XXX QX. often zone include of will included Jose the property continue and intersected drilling high to X,XXX The drilling copper comprising silver X.X the mineral multiple hole Piso per delineation grams vein, San mine

types our and some geological updated that the to distribution key structures mineralization. Importantly, will are controlling vertical model reflect of rock features

developments allowing core of Michael, program augmented I Azules. and this program year at previous will turn hyperspectral a work. to Los geologic refinement presentation being the current scanning is and all available our of will for with in more you historic who tell our level the captured not modeling now about New to

Michael Meding

ranked on indicated of faster Argentina, Thank XXXX, The enterprise America According San project category XX advance for copper in will Copper the project, targeted to footprint our is [indiscernible] drilling of engagements. PA. of at opportunities road GBPXX.X cut Azules have to allow Azules been potential $X.X the year-round by billion McEwen Intelligence, meters Copper end June. and us time Institute. community complete The for allow Copper of top is significant of advance in [indiscernible] Azules been and the spent six first and progressing and and the approximately our workflows. Latin highest no mining technical project options largest the assessment results. technical world expensive billion province Los guide studies been developed attractiveness date that remote you, to is to of optimization has seven by and site drilling work has to investment XX,XXX With in Azules In that to of construction, the province from GBPXX.X QX one year, critical located be completed the the Los Los longer it is Los XX,XXX Mining to because the in us cost. million field access actively reviewing completed drilling, Year months to road Is Jose site. meters Since an by work Stephen. we will issue undeveloped costs and scale, XXXX second drilling and advance category, completed by to lower off the the lower the resolved. road access has a to

by solutions. of operating completion regenerative I now be large risk in off XXXX. objectives. of study the the is analyzes updated significantly scenarios. green who scale, fast mine over is value. Australia PA specialize included Rob. on be their increase turn to friendly the conducted focused enable completed optimizing as value, indicated development Whittle results analyzes there exciting generating that The environmentally to Their The of potential number by minimize following enterprise design of work Improved trade will Thank in to project Another different QX you. will the the and a of in evaluating optimize work and optimization Consulting

Rob McEwen

Thank you, Mike.

goodbye underway two to of to note have that, as two you We saying executive I result wanted members of some senior we're team. a searches departures, and thank and our

the who Operating he Officer, the XX Operating down and Director, that And a you've new is a cover to in fortunate in this In a other heard, he mining capacity as step issues off Officer firm. Perry when on we has is the would our have mining the a Bill have interim having who very that we're search CFO for to retiring Co-Founder we services is said Anna very I contracting in Chief and years interim Chief serve good Ing, family our to of and we period of CFO. As Peter Mah, industry, concentrate of fortunate, on opportunities. during Bill former of company Dynetek, stepping was Shaver, successful say had has a the engaged

of -- as And so new off a we're covered is on we There's a searching that lot -- have CEO CFO for changes sorry. COO, here. going

But or presentation. This operation. that the Bill our a make concludes to comment to that, So two with -- up. about very comfortable we before like feel ask and set I'd

Bill Shaver

and Yeah. good Rob everyone. very Thanks morning much,

call, about step and me sites For you and the heard I'm Most my in interim the business over on that is this help of you’ve has. point happy operations mining at out many in some your of period. and probably McEwen of running in to background in construction career

rest process and to the Gold of engaging down can. being have before any the of times, COO a a looking Timmins helping of end I'm the and Bar. also visit made couple year just I that extent to I Los a Azules to made part in trip to And actually the So way now of of really to new also for forward the operations a

So in Bar Thank or so. I visits Los out. Gold But to can anyway, what month next doing and there'll some be looking the to you. Azules I'm forward help to

Rob McEwen

Thank to you onboard. we Happy very now you. into period. and have operator go question Thank Bill. answer could the much, And the

Operator

the line question comes Partners. first Your ROTH Joseph Instructions] from [Operator Reagor you. Thank from Certainly. Capital of

Please Your ahead. open. go line is

Joseph Reagor

team. Hey, questions. the Thanks for Rob and taking

from So but value the was out perspective, to Azules, number QX. to year? It the the Los company, there future of the obviously, trying XXXX. of be like your sized spending in especially rest part what's a big pretty first the of the I'm model on for it's thing And just decent rest of going

Rob McEwen

right We're entering the winter season in now. Argentina

that treasury So to that money drilling expenditure less done through have large take of I we've camp the year. and a this that lot the associated has date in we up with us maintaining be a there. to expect to been and would

Joseph Reagor

Okay.

Rob McEwen

Drilling will October. resume expected in

Joseph Reagor

Okay.

a end middle year? little a the two So at the heavier little in quarters and of the later

Rob McEwen

correct. That's

Joseph Reagor

carbon an at the so percentage have then of with this carbon Gold have this And Bar it encountered, you Pick issue deposit what might of Okay. idea far? do in

Rob McEwen

do early. want you jump It's Adrain, there? to in

Adrian Blanco

the production early to number, of certainly quarter. Yes. represents concern Thank for a carbonaceous ore second Rob. you, determine that to It's the presence achieve the

are of deposit However, bring should [indiscernible] dumps, so this we new XXXX at be issue. and ore waste looking overcome to partially able ways old the in the mine from plan sources to to carbon

Joseph Reagor

Okay. on it turn I'll Thanks over. color the those guys. things, for

Rob McEwen

Thank you.

Operator

you. Thank

question Your comes from [Moran] (ph) John from next South.

Your go is line open. Please ahead.

Rob McEwen

John. Hello,

Unidentified Participant

Yeah. for is XXX,XXX XX years, I at I've been ask like have average Hi short shareholder to the series I about I'd of have a a XXX, a in questions, base miss XXX. time. shares, QX. one about

a institutional advantage any if wondering First buying I'm larger price they position. is, or stock are investors the low asking get recently? taking are that there of selling I'm because to

Rob McEwen

to an answer institutional investors raised conversation it, in. come are you. that good they're But a for buying. can I the put price it's good recently saying a you It's don't an been I with question. have hasn't attractive point, there

Unidentified Participant

Mining why think you it. copper is know be price has The McEwen mentioned And in and might the do you XX% there about that's worth stock $X prior I QX next factored conference the into one. not that that now. In a

Rob McEwen

completed been has out, marketplace. There the issues the information have getting guess been drilling secured growing a larger, has in going we Azules One, but coming reasons. is we more is that it. Speakers] access and are not some couple production some by It operating Intelligence. copper in up, And second lot. nervousness of silver is it's a The the Mining I the some the bit it, of [Multiple is just there recently, Los to there price gold area. profile a the

there it is undeveloped from you Argentina. but to. while the ninth Peru, neighbors a difficult changing are world, want making encouraging Michael, It's As at taxes, I'm the Mining, owned Higher more tone their we to want by major not -- They're and I why project regulations. it's heard in viewed it emerging copper largest invest and the governments in their Chile more can’t explain it where trading to not there. and and

Unidentified Participant

Next one.

Now prices delisting company? the the dropped will that the be how precipitously, affect

Rob McEwen

delisting. don't There have New currently a the speculate. be Never I volume -- know. has traded that -- I and are York. many on having on will has it through gone be on to exchanges able could to it

we'll on depend will what equity the the markets that of state So And to have see. are.

Unidentified Participant

All right.

whether Next approximately is buying to for. think more. that asking I'm company worth you another because, if wondering it it like one, $X.XX be sold that sold would today company, but what not would $X.XX. basis some average are, my the you I'm since was do

Rob McEwen

have I could I that I'm an you. [indiscernible] question. John. sorry, wish don't future. for into see the An excellent answer I Not

Unidentified Participant

chance there might is, one is And company that bankruptcy? Okay. become the into or last go insolvent any the

Rob McEwen

have strong there Otherwise, a liquidity possibility, see I $XX wouldn't assets we as have is value. don't have real that that I is in million. enough, our moment the a put another always we but at possibility. guess

Unidentified Participant

answer the thank appreciate I to right, you really I much. wish All these. all best. trying you're so Okay.

Rob McEwen

your you question. much. Thank you very Thank for

Operator

Thank you.

question [Ela] Your comes from next line Michael (ph). of the

Your line open. Please is go ahead.

Rob McEwen

Hello Michael.

Unidentified Participant

Hi.

to for was But questions. this I think [indiscernible] supposed be that is my in. Yeah, thanks Marcus Heiko. calling taking

year-to-date, halfway million given by quarter And exploration that since QX, through expecting QX. if this $X.X remainder Fox we're you're of one, you've spend the at the Can remaining spent then First possible? is the what for in $X.X meaningful for you out year break the spend year?

Rob McEwen

All Executive VP, right. our Exploration. ask McGibbon, I'll Stephen

Stephen McGibbon

I'll answer that strokes. broad question with fairly

million on year $X.X spent XXXX with anticipated March, consistent anticipated through view generally to reviewing first budget, based the plans the our through less or of the now So our is completed quarter program budget. financing budget. we're in with the is and planned our end And the [indiscernible] what throughout have the looking of in or that what been end I XXXX before now impact flow spending which that some of would with more was the original planned the clear to the that versus we're answer quarter. likely our second in may XXXX in and through working anticipate have that original XXXX a should versus spending process on accelerate to level the would

Unidentified Participant

then should for break the four of terms in And for divided just Okay. XXXX, that by quarterly of out sort we million, $XX spend.

Stephen McGibbon

the and I point, is results a nimble opportunity think try that's view most accelerate we'll presents this At spending the and to if to and be reasonable dependent adjustments Clearly themselves. position be probably to take. in

For I [indiscernible]. it Thank you. think is now

Unidentified Participant

And Yeah. Rob. ahead. last I'm question. Go sorry. then

Rob McEwen

No, your to question. no, interrupt didn't I mean

Unidentified Participant

Okay. in. Yeah, one more

you're how in sort speaking these is and of about movements price all fuel any spending costs drilling that expenditures. recent seen the given Just talk how And reflected increases? given drilling around Have of doing? you inflation, exploration sort

Rob McEwen

costs our Drilling impacted fall XXXX in XXXX. have XX% the our contracts line experienced were in QX what basis there, it of than a -- that. would costs number a just on into And in unit with were we out overall less entered late and throw versus to in

they've standpoint, think greater personnel But expectations. very to being been of line our in our in materials has experienced related, secure cost manpower and with related that from issues the risk. been much possibly contractors a challenge represent I able

Unidentified Participant

it Thanks my questions for guys. Okay, taking fantastic. from me. That's

Rob McEwen

Thank you.

Operator

for name. Thank Heiko’s apologies you. And my

Powers, from is Your next a Bill investor. private question

please open, go ahead. is line Your

Unidentified Participant

where you the today. the second taking today. financing very informative that This previously had were know Thanks closing Rob. far for or or Hi, later stands I guess, of as and is I questions, guess that I guess you I few was of more my that as a you at tranche getting mentioned thoughts your parties call philosophy, are one -- A with, the what closed up I what it close date? wondering toward and into fairly opening

Rob McEwen

we we've forward. a soon We another what it had to based number always going on it where point there conversations, and question and open about done it they close, may looked close seem serious We've to at later another get question. and up a they a of and like were is but date, very

or suggestion back about year closing next significantly. time we the the your come comment So it around and advanced for money saying, well, market, will we we've us that the have given take projects the next to --

So will be higher. the entry price of

Unidentified Participant

of that -- I move mean -- observer just when how unfair though -- anyway of that's think. the I to was -- But -- given like what it's drilling was little the you substantially and before this, neighbors, be seems Yeah, some an results results to It know a that sounds hope prices, spend your between can should as there sufficient as sounds don't a to It offered done. previously in would more interest forward. the get I of I it to now -- -- in lock same like,

Rob McEwen

some coming is -- in. I agree. province drill out been we're the have of big There some there results

Unidentified Participant

you -- -- are could what far as into as doing that with speaking had are you as to were goes. similar done not the goes. And goes When Anna, they out far there are felt put [indiscernible] what as off chart results that you're I the you with -- grade what -- familiar how compared today future, that read or as the comparison far guys Yes. as but

Rob McEwen

them, spine and you in Steve, we're a long about of of -- from XXX away Well, we're not knowledge hitting. with kilometers terms do probably they're what but have –

Stephen McGibbon

but today, in be [indiscernible] the general significant Not year. from results lower will this press drilling grade, of terms, deep certainly there higher release but their

Unidentified Participant

thank That's for great, Okay. you that.

and at second many -- had a -- far is out to drilling sooner. where much needed I The I that how going goes trending think in as next guess Stock recently it's some sometime six be direction. before how months economic, as year I be positive to and could question that, know though results these you is, I put you going be decide another is drilling or are -- more guess, going or I is to how you're

Rob McEwen

and starting was Our the deposit. believe that West Stock ounces I before PDA was XXX,XXX indicated inferred. It XXX,XXX

to our year for which the resource. do is do further drilling, we to So this and part need of upgrade plan derisks to just

So [indiscernible] continuation that, we expect still move of nature outside inferred try of of are but you to are to that those deposits many open. these to there deposits vertical haven’t want there be or the Stock I tested. on the characterize continuity The to typically ounces mineralization number quite what alluded to, And I fully kilometers as the significant of that as we a are underexplored. indicated,

about this a is feeling the position property. open be deposit to that three I and first opportunity is drilling deposits, for and PEA opportunity the the opportunity us the that in long that after So, in Stock we’ve good a -- is very We've got decisions identified this of in potentially the but going a significantly to is ultimately the fourth I personal to now depth. company there for is a planned believe term my year, that, step all just to XXXX to drilling in the make them believe journey meaningful material for future. to Stock should for me West realize the for derisk

Unidentified Participant

some going moving as as Is road. South question, the like -- One come helpful. it's that Okay, once this Bar and/or the I sounds solely South the Gold going it up haul with is release South access the plan pits forward press along the already that's with or and that that is to Gold for production from other be Bar last are in noticed with production is to Bar in of have very running. and far you're it and been produce the Pick permitted Gold

Rob McEwen

the It Bill. all of for mining, areas for would be

combination be Gold So in South would Bar with working the others.

Unidentified Participant

your Gold South to additive would -- up. those as current depleted would will of that rate And depleted the be be down comes others be Bar down production or Okay.

Rob McEwen

we are ones Gold you said, other up. Bar As is going coming just as are the compensating down,

Unidentified Participant

all that's I today. had Okay,

Rob McEwen

comments mean I in values, I comment you on of some they've exceptional know, long been could the we've about than more their just are copper your intercepts I On and Cerro. gold results, copper just -- Steve, saw been getting gold high don't that. quite intercepts. at they

Stephen McGibbon

Yeah.

decision of in As and last in typically characterize and meters, year I'll majority release length been a XXX making to we're presentation productivity of XXX not on on the press slows drilling start the hole mineralization, too meters that the mentioned holes and will driller start the but and as on our more We've the the core the another to deposit. in and of the decide much the the the week, we hole. hole, holes progress those the of of we in the for kind we're drilling progress, move drilling the absence that now

to copper, tonne and in one intercepts of XXX future our form had meters likely So X.XX% deeper are the test think will that, expect drill sorry holes XXX of it the we go have exploration X% meters much I'm gold programs was to -- that one at we we've least gram per mineralization of will nature deposits approaching in I but copper.

X.X% more. that copper with within So of are double those intercepts or grade, kind that intervals X%,

we've it resource in to are doing our not our us understanding much also past and work program, refining year able validated been and [indiscernible]. but demonstrated the to time results grow So far more the being current drill so just our to on supported has with the that that program expectations the the from by understanding conducted be are we've for drill the this

Rob McEwen

starting is there the probably between big our and in meters And to deposits the with Cerro And between some ourselves. get Cerro. we're locations of other We're impacting lower. differences copper the some not XXX and than including area, elevation, glaciers, into easier

Okay. questions, Any Bill. other

Operator

will Thank Mr. I concludes for for turn session McEwen And the to you. our closing that remarks. today. Rob over any Q&A call

Rob McEwen

well. operator. Thank you and Goodbye. Wishing you you, Thank gentlemen. ladies

Operator

your presenters. today's participation. Thank and Ladies this you you gentlemen, Thank call. for conference concludes

now disconnect. You may

McEwen Mining (MUX) 13 May 222022 Q1 Earnings call transcript