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McEwen Mining Inc
NYSE:MUX

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McEwen Mining Inc
NYSE:MUX
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Price: 18.94 USD -0.16%
Market Cap: $1.1B

McEwen Mining Inc
Investor Relations

McEwen Mining, Inc. engages in the the production and exploration of precious and base metals, It operates through the following geographical segments: USA, Canada, Mexico, MSC , and Los Azules. The company is headquartered in Toronto, Ontario and currently employs 430 full-time employees. The firm is engaged in the exploration, development, production and sale of gold and silver and exploration and development of copper. The firm is focused on precious and base metals in Argentina, Mexico and the United States. The firm's segments include USA, Canada, Mexico, Minera Santa Cruz (MSC) and Los Azules. The USA segment includes the production property, Gold Bar mine and other exploration properties. The Canada segment consists of the Black Fox and Stock properties and various exploration and advanced stage properties (the Fox Complex). The Mexico segment includes the El Gallo Project, Fenix Project and other Mexican properties. The MSC segment includes properties, such as the San Jose mine and other concessions located around the mine. The Los Azules segment includes the copper exploration project located in San Juan, Argentina.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Mar 12, 2026
AI Summary
Q4 2025

Profitability: Q4 net income of $38.1 million ($0.70/share) versus a Q4 2024 net loss of $8.2 million; full‑year net income of $34.4 million vs a 2024 full‑year net loss of $43.7 million.

Cash position: Ended 2025 with $51 million cash, up from $14 million at year‑end 2024.

Las Azules derisked: McEwen Copper completed a feasibility, secured a 30‑year stability regime in Argentina and cites very strong project economics (base‑case NPV $2.9 billion at $4.35/lb Cu; NPV $6.3 billion at ~$5.80/lb).

Production growth plan: Management reiterated a plan to more than double precious metals production by 2030 from organic projects (Stock, Grey Fox, Gold Bar expansions) and selective M&A while trying to limit shareholder dilution.

Near‑term capital: 2026 capex weighted to Stock; remaining to finish Stock estimated mid $50–$60 million, plus ~$12 million for a Gold Bar leach expansion and ~$25 million for Mexico plant work (roughly $100 million total in 2026).

San Jose contribution: McEwen's 49% share of San Jose revenue/contribution was $33.5 million in Q4 and the company received an $8.8 million dividend in February.

Silver exposure: San Jose produced ~3.6 million oz silver (company's attributable ~1.8 million oz); El Gallo Phase 2 could add ~3–4 million oz silver when developed.

Value unlocking path: McEwen plans to pursue an IPO for McEwen Copper later in 2026 (timing subject to tasks and market) and is targeting a final investment decision for Los Azules by end‑2026.

Key Financials
Gross profit (Q4)
$17.4 million
Gross profit (Full year)
$47.6 million
Net income (Q4)
$38.1 million
Earnings per share (Q4)
$0.70
Net income (Full year)
$34.4 million
Cash balance
$51 million
Deferred tax recovery
$27.5 million
San Jose contribution (Q4, 49% share)
$33.5 million
San Jose dividend received
$8.8 million
San Jose silver production (total)
3.6 million ounces
Attributed silver production (McEwen share)
approximately 1.8 million ounces
Silver‑to‑gold ratio used for reporting
77:1
Los Azules base case copper price
$4.35 per pound
Los Azules after‑tax NPV (8% discount) — base case
$2.9 billion
Los Azules IRR — base case
19.8%
Los Azules payback — base case
3.9 years
Los Azules average copper production (first 5 years)
205,000 tonnes per annum
Los Azules average copper production (life of mine)
148,000 tonnes per annum
Los Azules C1 cash cost
$1.71 per pound
Los Azules all‑in sustaining cost
$2.11 per pound
Los Azules NPV at ~$5.80/lb Cu
$6.3 billion
Los Azules IRR at ~$5.80/lb Cu
30%
NPV sensitivity
Approximately $2.3 billion increase in project NPV for each $1.00/lb increase in copper price
Value sensitivity to shareholders
$18 of McEwen share value per $1/lb move in copper (as reported)
Private financing implied value (Oct 2024)
$30 per share implying ~$987 million
Remaining capex to complete Stock (2026 estimate)
mid $50 million to $60 million
Gold Bar leach expansion (2026)
$12 million
Mexico plant refurbishment (2026)
$25 million
Total 2026 capex commentary
Approximately $100 million (company estimate for 2026)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Robert Ross McEwen
Chairman, CEO, President & Chief Owner
No Bio Available
Mr. Perry Y. Ing B.Com., B.Comm, C.A., C.F.A., CPA
Interim Chief Financial Officer
No Bio Available
Mr. William M. Shaver P.Eng.
Interim COO & Director
No Bio Available
Ms. Carmen L. Diges CFA, LL.M
General Counsel & Secretary
No Bio Available
Mr. Stefan M. Spears B.Sc.
Vice President of Corporate Development
No Bio Available
Ms. Mihaela Iancu
Head of Investor Relations
No Bio Available
Mr. Kenneth D. Tylee P.Geo
Exploration Manager
No Bio Available
Mr. Michael Meding
Vice President of McEwen Copper Inc
No Bio Available
Mr. Rory Greyvensteyn
Director of Operations - Canada
No Bio Available
Mr. Jeffrey Chan
Vice President of Finance
No Bio Available

Contacts

Address
ONTARIO
TORONTO
150 King St W Suite 2800 - P.O. Box 24
Contacts
+16472580395.0
www.mcewenmining.com
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