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    Chris White

    Research Analyst at Ventures

    Chris White is Finance Director at British Gas Net Zero Ventures, specializing in finance leadership and corporate strategy within the energy and sustainability sector. He has helped steer British Gas Net Zero Ventures' growth initiatives, leveraging his deep experience in corporate finance to advance the firm's investments and operational efficiency. With a robust background in finance, Chris previously held senior roles in financial management before joining British Gas Net Zero Ventures, contributing meaningfully to major projects and strategic objectives. Chris's professional credentials include extensive experience in the energy sector and proven acumen in delivering financial performance aligned with sustainability targets.

    Chris White's questions to McEwen (MUX) leadership

    Chris White's questions to McEwen (MUX) leadership • Q4 2024

    Question

    Chris White from Grey Aspen asked if quarterly earnings would have been positive without the Los Azules investment charge, what gold price is needed for positive earnings, the expected All-In Sustaining Cost (AISC) for 2025, and if more advance notice could be given for earnings calls.

    Answer

    Executive Robert McEwen confirmed earnings would have been slightly positive without the $47 million Los Azules charge. Executive Perry Ing noted that accounting rules will soon allow these costs to be capitalized, removing the P&L impact. An unnamed executive provided a 2025 AISC forecast of $1,700-$1,900 per GEO. Robert McEwen apologized for the short notice on the call, attributing it to last-minute changes.

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    Chris White's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Chris White from Ventures asked for an explanation of why Q3 All-in Sustaining Costs (AISC) at the Gold Bar and Fox mines were significantly higher than guidance. He also questioned if a production shortfall at Fox was the primary obstacle to achieving a breakeven quarter and how such issues could be prevented.

    Answer

    Executive Jeff Chan noted that cost guidance is annual and Gold Bar is still expected to meet its target, attributing the quarterly spike to an aggressive stripping program. Executive William Shaver and CEO Robert McEwen explained the high costs at Fox were due to lower production from an unexpected stope failure. CFO Perry Ing confirmed that higher production would have led to a positive quarter and that profitability is expected in H2 2025 after the Los Azules feasibility study allows for the capitalization of exploration costs.

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    Chris White's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Chris White of Ventures highlighted a discrepancy between the all-in sustaining cost (AISC) guidance in the corporate deck and the actual Q3 results for the Gold Bar and Fox mines, and asked about the path to achieving breakeven or profitability.

    Answer

    Executive Jeff Chan explained that AISC guidance is annual and they expect to meet it for Gold Bar, attributing higher Q3 costs to an aggressive stripping program. The higher costs at Fox were due to lower-than-planned production following an unexpected stope failure. CFO Perry Ing and CEO Robert McEwen noted that profitability should improve significantly after the Los Azules feasibility study is completed in H1 2025, which will allow the company to capitalize exploration costs currently being expensed.

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