McEwen Inc. (MUX) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.019 It has fundamentally changed the investment framework for mining in Argentina, and we 00:00:05.019 -- 00:00:09.603 were among the first to secure these benefits. 00:00:09.767 -- 00:00:14.815 In October 2025, we released the results of our feasibility study, and 00:00:14.815 -- 00:00:19.803 I want to walk you through the headline numbers because they tell a compelling story. 00:00:19.803 -- 00:00:24.991 The base case at $4.35 per pound of copper gives us an after-tax NPV 00:00:24.991 -- 00:00:30.033 at an 8% discount of 1%. $2.9 billion, a 19.8% 00:00:30.033 -- 00:00:35.261 RR and a payback of 3.9 years. The project is designed 00:00:35.261 -- 00:00:36.864 for a 22-year 00:00:36.864 -- 00:00:41.632 life of project with an average copper cathode production of 205,000 tons per annum in 00:00:41.632 -- 00:00:46.941 the first five years and 148,000 tons per annum of the full life. 00:00:46.941 -- 00:00:52.030 Our C1 cash cost comes in at $1.71 per pound and all in sustaining costs 00:00:52.030 -- 00:00:57.046 at $2.11 per pound. placing Los Azules firmly in the lower half 00:00:57.046 -- 00:01:01.470 of the global cost curve. But here is what really excites me. 00:01:01.470 -- 00:01:07.117 At today's copper price of around $5.80 per pound, the economics are dramatically stronger. 00:01:07.117 -- 00:01:10.661 The NPV more than doubles to $6.3 billion. 00:01:10.661 -- 00:01:15.726 The IRR jumps to 30%, and the payback shortens to just 2.7 years. 00:01:15.726 -- 00:01:19.968 The NPV to CapEx ratio moves from just under 1 to 2. 00:01:19.968 -- 00:01:24.973 Every dollar increase in the copper price adds roughly $2.3 billion to the project 00:01:24.973 -- 00:01:29.717 NPV. For Max shareholders, that translates to approximately $18 per share o...