McEwen Mining, Inc. (NYSE:MUX) Q1 2024 Earnings Conference Call May 9, 2024 11:00 AM ET
Company Participants
Robert McEwen - Executive Chairman & Chief Owner
Perry Ing - Chief Financial Officer
Jeff Chan - Vice President of Finance
William Shaver - Chief Operating Officer
Stefan Spears - Vice President of Corporate Development
Michael Meding - Vice President and General Manager of McEwen Copper
Carmen Diges - General Counsel & Secretary
Conference Call Participants
Jake Sekelsky - Alliance Global Partners
Joseph Reagor - ROTH Capital Partners
Operator
Hello, ladies and gentlemen. Welcome to McEwen Mining's Q1 2024 Operating and Financial Results Conference Call. Present from the company today are Rob McEwen, Chairman and Chief Owner; Perry Ing, Chief Financial Officer; Jeff Chan, Vice President, Finance; William Shaver, Chief Operating Officer; Stefan Spears, Vice President, Corporate Development; Michael Meding, Vice President and General Manager of McEwen Copper; and Carmen Diges, General Counsel and Secretary. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions].
I will now turn the call over to Mr. Rob McEwen, Chief Owner. Please go ahead, sir.
Robert McEwen
Thank you, operator. Good morning, ladies and gentlemen. Welcome to our first quarter 2024 conference call. A few moments ago, I looked at our share price and thought, well, what happened? We're down about $2 and I think a lot of it is I think it's overdone, but it's probably due a bit to our accounting policies, the difference between accounting treatment in Canada and in the United States of America. And I'd like to ask Perry Ing, our CFO to talk about that difference.
Perry Ing
Good morning, Rob. So we would like to reiterate the fact that as a U.S. GAAP reporting company, we expense all of our attributable expenses related to the Los Azules copper project in Argentina. So given that we own 48% of the company, all of the work going into drilling for that project is being expensed through our income statement. Unlike a lot of our peers, Canadian and Australian listed companies that report under International Financial Reporting Standards, where they may capitalize those costs, and you would not see them reflected in net earnings or loss.
So if you look at into more detail into our earnings, we reported a consolidated net loss of approximately $20 million of which $18 million was directly attributable to our investment in McEwen Copper as well as an additional $4 million in general exploration expenses. So again, had we reported under IFRS, we would not be showing a loss of that nature.