McEwen Inc. (MUX) Q1 2025 Earnings Call

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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 would 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. Good morning and welcome, fellow shareholders, analysts, and interested investors. Year-to-date, 2025 has been an eventful year for us. with the higher prices of gold, silver, and copper brightening the outlook for our operation. We've increased our liquidity by using a financial instrument called a capped call convertible note. This instrument allowed us to reduce potential share dilution by setting an effective conversion price at 100% premium to our share price at the time of the transaction. The majority of these funds will be used to advance the development of our fox complex, and we expect that once this work's completed and the stock and gray fox mines are in production, our consolidated annual production in 2030 could reach as high as 225,000 to 255,000 ounces. This represents an increase of over 80% above our current production. So let's start with some other good news. It's taken some time, but our 49% interest in the San Jose mine has once again paid a dividend, and we're expecting more during the balance of the year. During the quarter, we were delighted to see Goldbar produce 10% more gold than budgeted at a cash cost 24% below the low end of our annual guidance at eleven hundred and forty six dollars as opposed to the low end of our guidance of fifteen hundred dollars However, I expect you will be alarmed when you see gold bars All in sustaining cost per ounce of approximately twenty two hundred dollars an ounce. I want to explain this high n...