Mcewen Inc. · NYSE:MUX
Mcewen — McEwen Mining — Investor Presentation (August 2021)
65 slides from Mcewen's investor presentation, Aug 12, 2021
Slide 1: The 3 Reasons to Buy
The 3 Reasons to Buy 1. Copper - Launch 2. Gold - Turnaround 3. Silver - Monetize NYSE & TSX All figures in US Dollars August 2021
Slide 2: Cautionary Statement
MUX MUX: Cautionary Statement This presentation and the information included herein do not constitute an offer to buy or the solicitation of an offer to subscribe for or to buy any of the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such o
Slide 3: MUX's Value Drivers
MUX McEwen Copper • Surfacing value of our large copper asset, Los Azules • Funding it separately to upgrade from PEA to PFS, then to FS • Series B financing $80 M with a Lead order of $40 M by Rob McEwen • MUX to retain 69% interest plus 1.25% NSR – go public in 12 months • Reduces MUX's G&A. Organ
Slide 4: Launching a New Copper Developer
MUX Launching a New Copper Developer l Key asset: 100% of Los Azules Copper Project located in San Juan, Argentina l One of the world's largest undeveloped open pit copper porphyry deposits; l Financing up to $80M, lead order of $40M, 2 stage closing. l Use of funds to improve the value to MUX by up
Slide 5: Copper Acquisition Comparables
MUX Target (Project) Buyer Announcement Date Development Stage % Acquired Acquired Cu Eq. R&R (million lbs) Cu Eq Grade % US$/lb Cu Eq Peregrine Metals Limited (Altar) Stillwater Mining Company 07/11/2011 Resource 100% 12,567 0.45% $0.036 Mason Resources Corp Hudbay Minerals Inc. 10/31/2018 PEA 86%
Slide 6: Los Azules: NPV Sensitivity
MUX Los Azules: NPV Sensitivity Post-Production Decision Change from Base Case (%) Copper Price ($/ lb) -50% -25% 100% +25% +50% $1.15 $2.25 $3.00 $3.75 $4.50 $6 $5 $4 $3 $2 $1 Cu Price Au Price Ag Price Grade CAPEX OPEX OPEX - Mining OPEX - Process OPEX – G&A $0 $-1 $-2 NPV8% Billions US$ After-Tax
Slide 7: McEwen Copper's Projected Value Sensitivity
MUX McEwen Copper’s Projected Value Sensitivity • Los Azules total Indicated & Inferred Resources: 29.5 B lbs Copper • Value used for Financing $175 M or $0.006/lb Cu • Post financing 25.5 M shares outstanding • Ownership: MUX 17.5 M shares ~69% plus a 1.25% NSR New investors 8 M shares ~31% • Value
Slide 8: MUX: Historically Traded at a Premium
MUX -100 -80 -60 -40 -20 0 20 40 60 80 100 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Bloomberg. Monthly performance, from Jan 1, 2012, to Aug 4, 2021. MUX: Historically Traded at a Premium % MUX GDXJ MUX Outperformance MUX Underperformance MUX GDXJ MUX vs GDXJ Relative Performance (J
Slide 9: Driving the Turnaround: New Senior Management Team
MUX Driving the Turnaround: New Senior Management Team Rob McEwen Chairman & Chief Owner Rob has $1/ year salary, has invested $165 million in McEwen Mining and owns 18% of the company’s outstanding shares. He is the founder of Goldcorp, was awarded the 2001 PDAC Developer of the Year, the Order of
Slide 10: 2021 Highlights: On Track & Performing Much Better
MUX 2021 Highlights: On Track & Performing Much Better 1 Includes cash and gold bullion inventory, as of Mar 31, 2021 • New senior management @ head office & mines • H1 production 71,400 GEOs, in line with guidance • 2021 production guidance + 20-40% greater than 2020 • $50 M debt maturity extended
Slide 11: MUX Regaining Its Mojo
MUX -20 0 20 40 60 80 100 120 140 160 180 200 Mar-2020 Sep-2020 Mar-2021 MUX Regaining Its Mojo % Silver 101% Copper 99% Gold 21% Source: Bloomberg. From Mar 20, 2020 to Aug 4, 2021. MUX 100% GDXJ 84% Aug-2020 Aug-2020
Slide 12: Operational Progress Good News
MUX Operational Progress Good News Fox Complex Froome extends Black Fox production by 2.5 yrs Commercial production scheduled Q4 2021 PEA expansion study H2 2021 $9 M exploration program 2021 Gold Bar Updated feasibility study 300 Koz Recoverable gold 6-year mine life $5 M exploration program 2021 E
Slide 13: Our Objective: Regain this Lost Ground
MUX -80 -60 -40 -20 0 20 40 60 80 100 Aug-2018 Aug-2019 Aug-2020 Aug-2021 Our Objective: Regain this Lost Ground! Close the Gap! $1.16 Current MUX Source: Bloomberg. Weekly performance, from August 4, 2018 to August 4, 2021. MUX Outperformance MUX Underperformance Potential MUX $3.17 Closing The Gap
Slide 14: Comparative Production H1 2021 vs 2020 & 2021 Guidance
MUX Ounces H1 2021 2021 Guidance Range San José Mine, Argentina (49%) Gold 18,800 41,500 - 44,500 Silver 1,100,000 2,300,000 - 2,450,000 GEO 35,000 72,000 - 77,000 Gold Bar Mine, Nevada GEO 21,500 37,000 - 45,000 Black Fox Mine, Canada GEO 12,300 27,500 - 32,500 El Gallo Mine, Mexico GEO 2,500 4,500
Slide 15: Comparative Production Costs/Oz 2021 vs 2020
MUX Comparative Production Costs/Oz1 2021 vs 2020 Costs Are Falling 1- GEO Non-GAAP financial performance measure. Cash costs for the Company’s 100% owned operations equal production costs applicable to sales. See “Non-GAAP Financial Performance Measures” beginning on page 38 for additional informat
Slide 16: Comparative Financials - Production and Costs Changes
MUX Comparative Financials - Production and Costs Changes Q2 Comparison 2021 vs 2020 & H1 Comparison 2021 vs 2020 % Increase (Decrease) Q2 2021 vs Q2 2020 H1 2021 vs H1 2020 Production GEOs(1) Cash Costs $/GEO(2) AISC $/GEO(2) Production GEOs(1) Cash Costs $/GEO(2) AISC $/GEO(2) Gold Bar Mine, Nevad
Slide 17: Comparative Financials - Liquidity
MUX Comparative Financials - Liquidity June 30th, 2021 and December 31st, 2020 Q2 2021 ended June 30th, 2021 Q4 2020 ended Dec 31st, 2020 Cash and cash equivalents $ 42.2 M 20.8 M Liquid assets $ 48.9 M 25.9 M Working capital $ 30.0 M 7.9 M Long-term debt principal $ 50.0 M 50.0 M
Slide 18: Comparative Financials - Financial Results
MUX Comparative Financials - Financial results Q2 & H1 2021 Ended June 30th, 2021 compared Q2 & H1 2020 2021 Q2 H1 Revenue $ 40.7 M 64.5 M Cash gross profit (loss) $ 9.6 M 9.7 M Gross profit (loss) $ 4.1 M (0.9) M Net loss $ (6.0) M (18.5) M Net loss per share $ (0.01) (0.04) 2020 Q2 H1 18.3 M 49.7
Slide 19: CEO's Big & Unique Financial Commitment
MUX CEO's Big & Unique Financial Commitment $165M 18% $1/Yr Investment 1 Ownership Salary Rob McEwen 18% Institutional 26% Retail 56% 1 - Rob McEwen’s investment: $140 M shares + $25 M, Aug 13, 2018 press release. 2 - Average Daily Trading Volume over 3 months. 3 - Holdings in million shares. Source
Slide 20: MUX: Gold, Silver, Copper Assets
MUX Black Fox Gold Bar El Gallo MUX: Gold, Silver, Copper Assets Gold 5 Development Projects Froome Grey Fox Stock Copper Los Azules Fenix Argentina Mexico Nevada Ontario 4 Mines Gold Gold & Silver Gold & Silver San Jose
Slide 21: Fox Complex, Timmins
MUX Fox - Stock Mine & Mill Black Fox Mine (incl Tamarack) Matheson Fox - Lexam Trans-Canada Hwy 28 miles (45 km) 6 miles 10 km N Timmins 20 miles (32 km) Grey Fox Mineral Resources: 2,789,000 oz Au Measured & Indicated & 1,183,000 oz Au Inferred Froome Destor-Porcupine Fault Zone Resources: M&I - M
Slide 22: Fox Complex – Key Exploration Targets
MUX Stock Mine 27.2 g/t Au / 7m incl. 120 g/t Au / 1.6m Black Fox Mine 55.1 g/t Au / 1m Stock / Black Fox Kirkland Lake Timmins Red Lake 1,000m 2,000m Surface Ore Bodies Headframe/ Shaft 3,300ft 6,600ft Stock West 6.7 g/t Au / 39m Stock East 63.6 g/t Au / 6.2m Grey Fox Area Whiskey Jack 9.9 g/t Au /
Slide 23: Fox Complex: Black Fox Mine Property
MUX 2 km 1.2 miles N Please see Appendix for more details. Fox Complex: Black Fox Mine Property High Priority Targets @ Froome & Grey Fox Black Fox Mine Froome 181,000 oz Indicated @ 5.1 g/t Au Commercial production Q4, 2021 Grey Fox 888,000 oz Indicated @ 7.1 g/t Au 173,000 oz Inferred @ 6.6 g/t Au
Slide 24: Froome Expected to Deliver Better Economics Than Black Fox
MUX Shallower deposit Shorter haul & access time improve productivity Wide disseminated style mineralization More consistent grades & continuity Wider mining widths (mostly 15-40 m) More productive ‘bulk’ mining Larger stopes More efficient UG development & mine sequencing Lower gradient & straighte
Slide 25: Grey Fox Drill Results
MUX A1 Fault Surface 250m - 500m - 0 - 200m 0 Drill Hole Grade (g/t Au) Width (m) Grade (g/t Au) Width (m) GxW 19GF-1320 2.05 11.0 incl. 5.30 1.6 23 19GF-1313 2.06 11.0 incl. 6.95 1.0 23 19GF-1293 5.82 4.4 26 20GF-1305 2.58 11.9 incl. 4.10 2.8 31 20GF-1328 3.58 8.6 incl. 7.97 2.1 31 19GF-1321 4.78 6
Slide 26: Fox Complex: Stock Area – Establishing a Resource Base
MUX Destor -Porcupine Fault Zone Nighthawk Fault • Historical grades processed at Stock Mine +5 g/t Au • Close to the mill & near surface • Several potential mining methods may support PEA • Footprint of mineralization expanding Fox Complex: Stock Area – Establishing a Resource Base Stock West Stock
Slide 27: Stock Area – 6 Drills on Stock West
MUX Surface -1000m -500m Gold Grade x Width (g/t x m) 50 to 100 25 to 50 10 to 25 5 to 10 >100 Stock West Stock Mine 137 Koz Au historic production Stock East Fox Complex: Stock Area – 6 Drills on Stock West Longitudinal Section Looking North 5 km to Property Boundary D D D D D 0 1000m
Slide 28: Stock West – Attractive Gold Grades & Widths
MUX -300m -500m 1 3 2 Fox Complex - Stock West – Attractive Gold Grades & Widths Important Part of Fox Complex Future Expansion Plans Drill results are true widths and are presented in the May 10, 2021 press release, “McEwen Mining Reports Upbeat Exploration & Delineation Results” Select Drill Inter
Slide 29: Gold Bar: Nevada – Tier 1 Jurisdiction
MUX Gold Bar: Nevada – Tier 1 Jurisdiction Cortez Fault Cortez Nevada Gold Mines Cortez 50 Moz Au cluster1 Fourmile Discovery Goldrush Wall Fault MUX Property NGM Property Faults Gold Bar 20 km 1. Includes past production and current resources. Underexplored, With Upside Potential Legend Gold Bar Ne
Slide 30: Gold Bar - $5 M Exploration Budget
MUX Ridge Pick Cabin Ridge Fault Wall Fault Roberts Creek Fault Property Boundary Gold Bar South Cabin Fault Gold Bar Fault Atlas Pit Gold Bar - $5 M Exploration Budget Explanation Mine Deposit Near mine targets Brownfield Greenfield Near Mine Brownfields Greenfields Resource Expansion 2021 Drilling
Slide 31: A Silver Company Inside MUX
MUX A Silver Company Inside MUX Comparisons to 2020 Production (Moz AgEq) 63.7 19.1 14.7 10.1 10 7.5 6.3 5.6 1.9 1.6 0.6 Pan American Silver First Majestic Silver Fortuna Silver McEwen Silver - San José + Fenix Phase 2 Silver Corp McEwen Silver - San José + Fenix Phase 1 Endeavour Silver McEwen Silv
Slide 32: San José Mine
MUX San José Mine N Production 2020 6 231,000 oz Au 20 km Newmont Cerro Negro Mine 12 miles San José Argentina 1., 2. Hochschild “Annual Report and Accounts 2020”. 3. Using 49% MUX ownership. 4. MUX Feb 2, 2021 press release 5. Hochschild 1-5 Mar 2021 presentation. 6. Newmont disclosure. San José -
Slide 33: San José Property Exploration Targets
MUX N 20 km Newmont Cerro Negro Mine 12 miles San José Property Exploration Targets § Recent Near Mine Results 2.0 m @ 62.50 g/t Au & 5,571 g/t Ag 1.3 m @ 13.80 g/t Au & 3,149 g/t Ag 1.6 m @ 5.60 g/t Au & 648 g/t Ag 0.9 m @ 2.20 g/t Au & 722 g/t Ag Source: Hochschild Mining: press releases dated Jan
Slide 34: Near-Term Catalysts
MUX Near-Term Catalysts • Launch of McEwen Copper • Exploration Results • Fox Complex Expansion PEA in H2 • Froome Commercial Production in Q4 • Monetizing Silver Assets
Slide 35: Wi otivated
Wi otivated United X ceptional
Slide 36: Appendix
Appendix
Slide 37: July 2021 Launch Presentation Los Azules Project
July 2021 Launch Presentation Los Azules Project San Juan, Argentina
Slide 38: Los Azules: Large Copper Resource
MUX Ore tonnes Copper lbs Gold oz Silver oz Indicated 962 Million 10.2 Billion 0.48% 1.7 Million 0.06 g/t 55.7 Million 1.8 g/t Inferred 2,666 Million 19.3 Billion 0.33% 3.8 Million 0.04 g/t 135.4 Million 1.6 g/t Los Azules: Large Copper Resource Source: Preliminary Economic Assessment (PEA) Oct 16,
Slide 39: Located in the Prolific Andes Copper Belt
MUX Located in the Prolific Andes Copper Belt Aldebaran Aldebaran Res. Filo del Sol – Filo Mining Josemaria l Situated at 3,500 m elevation in the Andes Mountains, on the border with Chile l In a pro-mining jurisdiction, the Province of San Juan, Argentina l Accessible by road, and within 20-months
Slide 40: Los Azules: Preliminary Economic Assessment (PEA)
MUX Los Azules: Preliminary Economic Assessment (PEA) 1 Preliminary Economic Assessment (PEA) Oct 16, 2017 - “NI 43-101 Technical Report - Preliminary Economic Assessment Update for the Los Azules Project, Argentina” (Hatch). All project economic metrics are presented on a post-project approval basi
Slide 41: Los Azules: IRR Sensitivity
MUX Los Azules: IRR1 Sensitivity 7.2% 14.3% 20.1% 25.1% 29.8% 33.6% 0% 5% 10% 15% 20% 25% 30% 35% $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Copper Price ($/lb) After - tax IRR 1 Preliminary Economic Assessment (PEA) Oct 16, 2017 - “NI 43-101 Technical Report - Preliminary Economic Assessment Update for th
Slide 42: Executive Leadership Team
MUX Executive Leadership Team Rob McEwen - Chairman and Chief Executive Officer Rob is the Chairman and Chief Owner of McEwen Mining Inc. (MUX). Rob owns 18% of MUX, his cost base is $165 million, and his salary is $1/yr. Rob is a passionate innovator, marketer and an avid recreational competitor. H
Slide 43: Project Leadership Team
MUX Project Leadership Team Ruben Wallin – Vice President Environment, Safety, Health & Community Ruben is an environment and sustainability professional with more than 30 years’ of experience in the global mining industry. He has broad corporate and operational management experience in the areas of
Slide 44: Cost Curve for Development Stage Copper Projects
MUX Cost Curve for Development Stage Copper Projects 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 New Prosperity Tenke Phase 3 Pebble El Abra Mill Al Arco Galore Creek Los Chancas Salobo 3 San Nicolas Canaria Norte Harper Creek Kamoa - Kakula Resolution Kansansh
Slide 45: Asset Information
MUX Asset Information Project Name (Ownership) Filo del Sol (100%) Josemaria (100%) Alpala (85%) (2) Vizcachitas (100%) Los Azules (100%) Los Azules Country Argentina / Chile Argentina Ecuador Chile Argentina Rank Stage PFS FS PEA PEA PEA Public Markets Information F.D. ITM Market Capitalization (B
Slide 46: Los Azules: Infrastructure De-risking
MUX Los Azules: Infrastructure De-risking Preliminary airstrip, will be constructed during the PFS to support workforce movements. The location will coincide with a proposed permanent airstrip to service the project over the long term. Power transmission corridor was defined alongside the Northern A
Slide 47: McEwen Copper: Anticipated Deliverables
MUX McEwen Copper: Anticipated Deliverables l 53,000 m Resource and Reserve definition drill program l New road to provide year round access to the site l New airstrip to support efficient transport of personnel, food and other essential supplies to the work site l Prefeasibility Study (PFS) targeti
Slide 48: Los Azules: Federal & Provincial Glacier Protection Laws
MUX Los Azules: Federal & Provincial Glacier Protection Laws Potential Permafrost Distribution in the area of Los Azules Los Azules Project Footprint Potential Permafrost The Los Azules Project has a facility and mine layout specifically planned with reference to permafrost and water bearing geoform
Slide 49: Los Azules: Tailings & Water Management
MUX Los Azules: Tailings & Water Management Favorable project location using natural terrain to minimize footprint and water use The PEA tailings dam solution is configured to close-off the water catchment downstream from all upstream mining, processing, and waste rock and tailings storage, creating
Slide 50: Los Azules: Social Investment
MUX Los Azules: Social Investment l Socio-economic impact assessment to be completed l Key stakeholders will be engaged to develop social investment plan l Areas of focus: I. Employment II. Education and skills training III. Local business development IV. Infrastructure development (roads, green pow
Slide 51: Elder Creek Project, Nevada
MUX Elder Creek Project, Nevada Elder Creek is a porphyry copper-gold exploration property located in northern Nevada, near the northern end of the Battle Mountain-Eureka Trend, one of Nevada’s prolific mineral belts. The project covers 9,600 acres. Several exploration and mining companies have expl
Slide 52: Elder Creek Project, Nevada
MUX Elder Creek Project, Nevada Airborne magnetics at Elder Creek document a classic porphyry system magnetic “donut” pattern which coincides with the outer limit of alteration that is known to contain pyrrhotite (a magnetic mineral). The cause of the central magnetic low could be non-magnetic intru
Slide 53: Contact Information
MUX For additional information: Rob McEwen Chairman and Chief Owner McEwen Mining & McEwen Copper rob@mcewenmining.com Tara Saratsiotis Executive Assistant to Rob McEwen tsaratsiotis@mcewenmining.com (647) 258-0395 x230 Contact Information Anna Ladd-Kruger Chief Financial Officer McEwen Mining & McE
Slide 54: Appendix: Los Azules Mineral Resource Estimate
MUX Appendix: Los Azules Mineral Resource Estimate Source: Preliminary Economic Assessment (PEA) Oct 16, 2017 - “NI 43-101 Technical Report - Preliminary Economic Assessment Update for the Los Azules Project, Argentina” (Hatch). Gold Resources Indicated Inferred Tonnes (millions) Grams per tonne Con
Slide 55: El Gallo: Fenix Feasibility Study
MUX El Gallo: Fenix Feasibility Study* • Innovative, water saving, tailings disposal • Phase 1 permitting completed Fenix Sinaloa Mexico Base Case $1,500/oz Au $17/oz Ag Spot Case $1,800/oz Au $25/oz Ag Upside Case $1,900/oz Au $25/oz Ag After-Tax IRR 28% 51% 56% After-Tax NPV@8% $32 M $91 M $98 M A
Slide 56: Stock West Drill Results
MUX Stock West Drill Results - Strong, Consistent Mineralized Intercepts 21.40 g/t Au over 30.0m2 Visible Gold (VG) 5.63 g/t Au over 30.0 m1 Core from drill holes: 1. S19-98, 2. S19-106.
Slide 57: Fox Complex Expansion Strategy
MUX Fox Complex Expansion Strategy 1 Production Growth Steps to Target 100-150 Koz/Yr Leveraging Stock Mill Capacity 1 Based on existing 3.0 Moz Measured & Indicated Resource from Black Fox, Grey Fox, Stock and Timmins properties. Step 1. Froome Commercial production Q4 2021 Bridging gold production
Slide 58: Froome Deposit – Better Mining Conditions Than Black Fox
MUX Drill core from hole #15PR-G031. Numbers in yellow represent grams per tonne values over sample length. Froome Deposit – Better Mining Conditions Than Black Fox Shown below is a core interval of the wide zone - consistent grades and favorable ground conditions expected, providing for overall bet
Slide 59: Fox Complex Drill Intercepts Table
MUX Area Project Hole # Gold (g/t) Width (m) From (m) Including Au GxM GREY FOX 147NE 19GF-1253 265.00 1.2 56.0 318 19GF-1121 261.00 0.6 168.7 157 19GF-1123 39.46 3.8 325.0 143.00 g/t Au / 1.0m 150 19GF-1151 10.04 13.2 229.8 133 19GF-1134 6.98 15.5 466 108 19GF-1175 148.00 0.7 189.1 105 GF South 19G
Slide 60: Fox Complex Drill Results @ Stock West
MUX Length Au g/t Cog 1 Cog 3 536.0m 1.0 1.15 1.0 0.12 1.0 0.81 1.0 3.36 1.0 1.27 1.0 0.65 1.0 11.60 1.0 6.04 1.0 10.70 1.0 10.35 1.0 16.90 1.0 12.60 1.0 13.65 1.0 26.80 1.0 21.40 1.0 9.48 1.0 13.85 1.0 13.05 1.0 8.70 1.0 2.33 1.0 2.04 1.0 0.45 1.0 1.42 1.0 0.83 561.0m 1.0 2.16 7.72g/t Au / 25m 11.2
Slide 61: San José Mine Vein Extensions
MUX San José Mine Vein Extensions Source: Hochschild Mining. Lengths are rounded up to the nearest tenth. 1.0m @ 7.02g/t Au, 811g/t Ag 1.0m @ 2.38g/t Au, 1,964g/t Ag 0.7m @ 0.30g/t Au, 18g/t Ag 1.3 m@ 9.51g/t Au, 1,318g/t Ag 1.0 m @ 20.26g/t Au, 461g/t Ag 1.3m @ 6.67g/t Au, 762g/t Ag 1.2m @ 5.80g/t
Slide 62: MUX: Reserves & Resources – Mineral Reserves
MUX MUX: Reserves & Resources Mineral Reserves Source: Company disclosures to March 11, 2021. Attributable Gold Reserves Proven Probable Proven + Probable 43-101 Au Reserves Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millio
Slide 63: MUX: Reserves & Resources – Mineral Resources
MUX MUX: Reserves & Resources Mineral Resources Attributable Gold Resources Measured Indicated Measured + Indicated Inferred 43-101 Au Resources Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained Metal (Koz) Tonnes (millions) Grams per tonne Contained
Slide 64: MUX: Reserves & Resources – Mineral Resources (Cont'd)
MUX MUX: Reserves & Resources Mineral Resources (Cont’d) Source: Company disclosures to March 11, 2021.Note: Mineral Resources inclusive of Mineral Reserves (where applicable). Attributable Silver Resources Measured Indicated Measured + Indicated Inferred 43-101 Ag Resources Tonnes (millions) Grams
Slide 65: Cautionary Note Regarding Non-GAAP Measures
MUX MUX: Cautionary Note Regarding NON-GAAP Measures In this presentation, we have provided information prepared or calculated according to U.S. GAAP, as well as provided some non-U.S. GAAP ("non-GAAP") performance measures. Because the non-GAAP performance measures do not have any standardized mean