William Shaver: That’s correct.
Joseph Reagor: Okay. All right. Well, that was the questions I had. Thanks, guys.
Robert McEwen: Okay. Thank you, Joe.
Operator: Your next question comes from the line of Mike Hossack [ph], Cantor Fitzgerald. Mike, your line is open.
Unidentified Analyst: Yes. Good morning, Rob and team. Thanks for hosting the call. The last caller asked one of my questions, but I just wanted to follow-up here, and make sure I heard Perry’s comment correctly that he made right at the end of the prepared remarks. Did you say cash and investments of approximately $60 million in the copper subsidiary at exit Q1?
Robert McEwen: At the end of Q1, that’s correct, yes.
Unidentified Analyst: Okay. And then maybe as a follow-up to that, in prior quarters and prior years, you guys would give some, call it, soft guidance on when you would look at potentially IPO in McEwen Copper. Is IPO kind of off the table now? Are you going to — is the priority to keep funding this with Stellantis and Nuton? Or how are you thinking about potentially IPO in that unit?
Robert McEwen: Well, we feel we’re in a — in between spot in that where we’ve got the PEA last year that was published and we’re looking at a feasibility study. There’s probably 100,000 meters of drilling that haven’t been included in the resource, the results of which. And we are — we filed for an environmental application approval, and we’re hopeful to get that before we publish the feasibility study. So after the feasibility is out and we have a permit in hand, that would be a time to be looking at an IPO when we believe we’d maximize the value.
Unidentified Analyst: Got it. Okay. Thank you for that. I’ll turn it back.
Robert McEwen: You’re welcome.
Operator: Great. Thank you. And your next comes from the line of [indiscernible] Private Investor. Bill your line is open.
Unidentified Analyst: Thank you. Thanks Rob for hosting this call. Just a couple of quick questions. I guess we could start with the decline at Fox. Could you just give us an update on that? I know, it was supposed to start sometime this year. If you could, give us an update on that, as well as the progress towards construction starting in Mexico?
Robert McEwen: Okay. I’ll ask Bill to address that question. Bill?
William Shaver: Yes. Thank you very much, Bill. Yes, in terms of the ramp at stock, we expect to start the surface excavation work this month. We’re in the midst of negotiating with contractors on that matter and we hope to get started like as soon as they can get equipment into the field. So and the people we’re talking to have equipment in their yard, so that should start as scheduled. In terms of Phoenix, there we are waiting for permits and we — those have all been the required submissions have all been made. We optimistically, we hope to see that in kind of the third, second well, second to third quarter. I guess, I’m going to say the third quarter now, because we are hoping to have it like in the next few months. There is an election coming up in Mexico.
So we’re actually planning to make a trip to Mexico in the next few weeks, where we will go and have a chat with the Minister of Economic Development, who we had to the site last year and basically said he would try and help us in any way he could and if we needed help to come and see him. So we’re going to maybe take advantage of that. And, but, yes, we’re doing now the final engineering of the plant and so as soon as we have a permit in hand, we’ll start working on that. We’ve already ordered gas generators for that project and most of the equipment that’s going to be installed is now refurbished at the site.
Unidentified Analyst: Okay. So you’d expect construction to begin by the Q4 with potentially first production coming out Q1 of next year, is that a reasonable timeframe?
William Shaver: That would be our hope, yes. Okay.
Unidentified Analyst: And I guess as far as the — given the results that came out in stock earlier or in February of this year. The — are there any plans to include the Stock East into the initial ramp going down or is that something for future development?
William Shaver: No, absolutely. That is going to be the first order of the day, once we get underground and we are, we’ve completed a drilling program in the Q1 of the year at Stock East and the results of that I would say are very good and we are going to have an announcement about those results sometime in the next 30 days. And yes, we’ll basically once we get the ramp collared and get underground, we will be heading in two directions, one towards Stock East and the other towards Stock West. So, yes, that’s because of its that particular ore zone is very close to surface, we will head there right away as soon as we get on the ground.
Unidentified Analyst: Sounds great. That was all the questions I had. Thanks so much.
Robert McEwen: Thank you, Bill.
Operator: [Operator Instructions]. All right. It looks like there are no further questions at this time. Mr. Rob McEwen, I will turn the call back over to you.
Robert McEwen: Thank you very much, operator. Thank you, ladies and gentlemen for joining us. I believe there is a question that came in by email, and I think I’ve already answered it. It was relating to the market performance this morning. I think it’s overdone and we’ve got a lot of positive momentum at the moment. Thank you, operator.
Operator: Great. Well, thank you so much. This does conclude today’s conference. You may now disconnect. Thank you.
