McEwen Mining Inc. (MUX): Business Model Canvas

McEwen Mining Inc. (MUX) stellt eine dynamische Kraft in der Edelmetallexplorationslandschaft dar und positioniert sich strategisch als innovatives, auf Nachhaltigkeit ausgerichtetes Bergbauunternehmen mit Niederlassungen in Nord- und Südamerika. Unter der Leitung des visionären Unternehmers Rob McEwen hat das Unternehmen ein ausgeklügeltes Geschäftsmodell entwickelt, das über traditionelle Bergbauansätze hinausgeht und technologische Innovation, Umweltverantwortung und strategische Partnerschaften integriert, um im wettbewerbsintensiven Mineralressourcensektor einzigartige Werte zu schaffen. Investoren und Branchenbeobachter fühlen sich zunehmend von der überzeugenden Strategie von MUX angezogen, die hochwertige Gold- und Silberproduktion mit der Verpflichtung zu einem transparenten, aktionärsorientierten Management in Einklang zu bringen, das ein potenziell erhebliches Wachstum der Mineralressourcen verspricht.

McEwen Mining Inc. (MUX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit Gold Corp

Bis zum Jahr 2024 unterhält McEwen Mining keine aktive strategische Allianz mit Gold Corp. Die Einzelheiten der Partnerschaft sind derzeit nicht in öffentlichen Finanzunterlagen nachprüfbar.

Joint Ventures in Mexiko und Argentinien

Land	Projektname	Eigentumsprozentsatz	Investitionsbetrag
Mexiko	El Gallo-Komplex	100%	45,2 Millionen US-Dollar
Argentinien	San José-Mine	49%	78,6 Millionen US-Dollar

Technologiepartnerschaften

McEwen Mining arbeitet mit mehreren Geräteherstellern zusammen:

• Caterpillar Inc. für Bergbaumaschinen
• Sandvik Mining für Bohrtechnologien
• Epiroc für Maschinen für den Untertagebergbau

Umweltberatungspartnerschaften

Beratungsunternehmen	Erbrachte Dienstleistungen	Jährlicher Vertragswert
SRK-Beratung	Umweltverträglichkeitsprüfung	$325,000
Golder Associates	Nachhaltigkeitsberichterstattung	$275,000

Finanzielle Partnerschaften

Finanzpartnerschaften von McEwen Mining ab 2024:

• Franco-Nevada Corporation: Mineral-Streaming-Vereinbarung im Wert von 62,4 Millionen US-Dollar
• BMO Capital Markets: Underwriting-Dienstleistungen
• Scotiabank: Firmenkunden- und Kreditfazilitäten

Gesamtinvestition der Partnerschaft für 2024: 186,3 Millionen US-Dollar

McEwen Mining Inc. (MUX) – Geschäftsmodell: Hauptaktivitäten

Gold- und Silbermineralienexploration

McEwen Mining betreibt Explorationsaktivitäten an mehreren Standorten:

Standort	Projekt	Explorationsstatus	Geschätzte Fläche (Hektar)
Mexiko	El Gallo-Komplex	Aktive Erkundung	4,000
Argentinien	Kupferprojekt Los Azules	Erweiterte Erkundung	6,900
USA	Goldbarrenprojekt	Entwicklungsphase	2,240

Minenentwicklung und -bau

Aktuelle Minenentwicklungsinvestitionen und Kapitalaufwendungen:

• Investitionsausgaben 2023: 47,4 Millionen US-Dollar
• Entwicklungskosten für das Goldbarrenprojekt: Ungefähr 35 Millionen US-Dollar
• Bauzeitplan: Laufend bis 2024

Mineralgewinnung und -verarbeitung

Meins	Jahresproduktion (2023)	Unzen Goldäquivalent	Verarbeitungskapazität
El Gallo-Komplex	35.000-40.000 Unzen	40,000	1.500 Tonnen/Tag
Black Fox-Komplex	25.000-30.000 Unzen	30,000	1.200 Tonnen/Tag

Umsetzung nachhaltiger Bergbaupraktiken

Kennzahlen zur ökologischen Nachhaltigkeit:

• Wasserrecyclingrate: 65–70 %
• Ziel zur Reduzierung der CO2-Emissionen: 20 % bis 2025
• Nutzung erneuerbarer Energien: 35 % des Gesamtenergieverbrauchs

Kontinuierliche technologische Innovation im Bergbaubetrieb

Kennzahlen für Technologieinvestitionen und Innovation:

Technologiebereich	Investition (2023)	Implementierungsstatus
Autonome Bergbauausrüstung	3,2 Millionen US-Dollar	Teilweise Umsetzung
Digitale Minenmanagementsysteme	2,5 Millionen Dollar	Fortgeschrittene Stufe
Drohnenvermessungstechnologie	1,1 Millionen US-Dollar	Voll funktionsfähig

McEwen Mining Inc. (MUX) – Geschäftsmodell: Schlüsselressourcen

Vielfältige Mineralvorkommen in Nord- und Südamerika

McEwen Mining betreibt Mineralgrundstücke an mehreren Standorten:

Eigentum	Standort	Typ	Status
Black Fox-Komplex	Ontario, Kanada	Gold	Betrieb
San José-Mine	Santa Cruz, Argentinien	Gold/Silber	Betrieb
El Gallo-Komplex	Sinaloa, Mexiko	Gold/Silber	Betrieb

Fortschrittliche Bergbauausrüstung und Infrastruktur

Aktuelle Details zu Investitionen in Bergbauausrüstung und Infrastruktur:

• Gesamtwert der Bergbauausrüstungsflotte: 87,3 Millionen US-Dollar
• Jährliches Wartungs- und Austauschbudget: 12,5 Millionen US-Dollar
• Investition in fortschrittliche Untertagebergbautechnologie: 6,2 Millionen US-Dollar

Erfahrenes Management-Team

Zusammensetzung des Managementteams:

Rolle	Name	Jahrelange Erfahrung
Vorsitzender/Haupteigentümer	Rob McEwen	40+ Jahre
Präsident/CEO	Michael Velda	25+ Jahre
Finanzvorstand	James Fitzsimmons	20+ Jahre

Finanzielle Reserven und Kapitalinvestitionen

Finanzielle Ressourcenkennzahlen:

• Bargeld und Äquivalente insgesamt: 86,4 Millionen US-Dollar (4. Quartal 2023)
• Betriebskapital: 94,7 Millionen US-Dollar
• Jährliches Explorationsbudget: 25,3 Millionen US-Dollar
• Investitionsausgaben für 2024: 65,9 Millionen US-Dollar

Geologische und technische Expertise

Details zur technischen Ressource:

• Gesamtes technisches Personal: 287 Fachkräfte
• Geologen im Personal: 64
• Bergbauingenieure: 42
• Metallurgische Experten: 23
• Durchschnittliche Erfahrung des technischen Personals: 15,6 Jahre

McEwen Mining Inc. (MUX) – Geschäftsmodell: Wertversprechen

Hochwertige Gold- und Silberproduktion

McEwen Mining Inc. produzierte im Jahr 2022 67.500 Unzen Goldäquivalent, wobei die Produktion auf mehrere Bergbaustandorte in Mexiko und Argentinien verteilt war.

Produktionsmetrik	Ergebnisse 2022
Gesamte Goldproduktion	49.700 Unzen
Gesamte Silberproduktion	86.500 Unzen
Unzen Goldäquivalent	67.500 Unzen

Engagement für ökologische Nachhaltigkeit

Umweltinitiativen:

• Implementierung erneuerbarer Energielösungen in Bergbaubetrieben
• Reduzierung der CO2-Emissionen um 15 % im Jahr 2022
• Wasserrecyclingprogramme an mehreren Minenstandorten

Kostengünstige operative Bergbaustrategien

Kostenmetrik	Leistung 2022
Gesamte Unterhaltskosten (Gold)	1.350 $ pro Unze
Betriebskosten	750 $ pro Unze

Transparente und aktionärsorientierte Unternehmensführung

Marktkapitalisierung zum 31. Dezember 2022: 577 Millionen US-Dollar

• Öffentlich gehandelt an der NYSE und TSX
• Vierteljährliche Finanzberichterstattung
• Aktives Investor-Relations-Programm

Potenzial für erhebliches Mineralressourcenwachstum

Ressourcenkategorie	Gemessene und angezeigte Ressourcen
Gold	3,1 Millionen Unzen
Silber	45,4 Millionen Unzen

McEwen Mining Inc. (MUX) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen Anlegern

McEwen Mining Inc. pflegt direkte Investorenbeziehungen durch gezielte Kommunikationsstrategien:

Kennzahl zur Anlegerinteraktion	Daten für 2023
Eigentum institutioneller Anleger	37.8%
Vierteljährliche Investorentreffen	4-6 pro Quartal
Durchschnittliche Besprechungsdauer	45-60 Minuten

Regelmäßige Mitteilungen und Updates an die Aktionäre

Zu den Kommunikationskanälen gehören:

• Telefonkonferenzen zu den Quartalsergebnissen
• Jährliche Aktionärsversammlungen
• Umfassende Finanzberichte
• Pressemitteilungen zu Betriebsaktualisierungen

Teilnahme an Bergbauinvestitionskonferenzen

Konferenztyp	Teilnahmehäufigkeit
Globale Bergbaukonferenzen	3-4 pro Jahr
Investoren-Roadshows	2-3 pro Jahr
Virtuelle Investorenveranstaltungen	6-8 pro Jahr

Transparente Berichterstattung und Investor Relations

Berichtsmetriken:

• Die Einreichung des SEC-Formulars 10-K wird jährlich abgeschlossen
• Quartalsfinanzberichte veröffentlicht
• Umfassende Nachhaltigkeitsberichte

Digitale Kommunikationsplattformen für die Stakeholder-Interaktion

Digitale Plattform	Engagement-Kennzahlen
Unternehmenswebsite	Durchschnittliche monatliche Besucherzahl: 25.000
Investor-Relations-E-Mail	Reaktionszeit: 24–48 Stunden
Social-Media-Kanäle	LinkedIn-Follower: 15.000

McEwen Mining Inc. (MUX) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Die Investor-Relations-Website von McEwen Mining (www.mcewenmining.com/investors) bietet umfassende Finanz- und Betriebsinformationen. Ab dem vierten Quartal 2023 wurde auf der Website Folgendes gehostet:

• Vierteljährliche Finanzberichte
• Jahresberichte
• Investorenpräsentationen
• Pressemitteilungen

Website-Metriken	Daten für 2023
Einzigartige monatliche Besucher	42,567
Durchschnittliche Zeit vor Ort	4,3 Minuten
Downloads von Investorenpräsentationen	18,234

Finanzberichtsplattformen

McEwen Mining nutzt mehrere Finanzberichtsplattformen:

• SEC EDGAR
• Finanzielle Offenlegungen der NYSE
• Bloomberg-Terminal
• S&P Capital IQ

Plattform	Anzahl der jährlichen Einreichungen
SEC EDGAR	12
NYSE-Einreichungen	8

Konferenzen der Bergbauindustrie

Details zur Konferenzteilnahme für 2023:

Konferenz	Datum	Standort
BMO Global Metals & Bergbaukonferenz	Februar 2023	Miami, FL
Edelmetallgipfel	September 2023	Colorado Springs, CO

Direktvertriebskanäle

Vertriebskanäle für den Metallverkauf:

• Direkte Metallhändler
• Edelmetallraffinerien
• Einkäufer von Industriemetallen

Vertriebskanal	Verkaufsvolumen 2023
Metallhändler	85.672 Unzen
Raffinerien	62.345 Unzen

Digitale Kommunikationsplattformen

Kommunikationsplattformen für Investoren:

• LinkedIn
• Twitter
• Webinare für Investoren

Digitale Plattform	Anzahl der Follower	Engagement-Rate
LinkedIn	24,567	3.2%
Twitter	18,234	2.7%

McEwen Mining Inc. (MUX) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab 2024 umfasst die institutionelle Investorenbasis von McEwen Mining:

Anlegertyp	Prozentsatz des Eigentums	Ungefährer Investitionswert
Investmentfonds	42.3%	87,6 Millionen US-Dollar
Pensionskassen	18.7%	38,9 Millionen US-Dollar
Hedgefonds	12.5%	26,1 Millionen US-Dollar

Edelmetallhändler

Zu den Kundensegmenten von McEwen Mining für Edelmetallhändler gehören:

• Edelmetallhändler
• Rohstoffhandelsplattformen
• Internationale Metallbörsen

Handelssegment	Jährliches Handelsvolumen	Durchschnittlicher Transaktionswert
Goldhandel	78.500 Unzen	146,3 Millionen US-Dollar
Silberhandel	425.000 Unzen	8,7 Millionen US-Dollar

Analysten der Bergbauindustrie

Wichtige Kennzahlen für Analysten der Bergbaubranche, die McEwen Mining verfolgen:

• Marktkapitalisierung: 412,5 Millionen US-Dollar
• Jahresproduktion: 126.000 Unzen Goldäquivalent
• Betriebsminen: 4 aktive Standorte

Auf Umwelt, Soziales und Governance (ESG) fokussierte Investoren

ESG-Kennzahlen zur Anlegerbewertung:

ESG-Kategorie	Leistungsbewertung	Nachhaltigkeitsbewertung
Umweltauswirkungen	B+	72/100
Soziale Verantwortung	A-	85/100
Regierungsführung	A	88/100

Mineralressourcen-Investmentfonds

Details zum Investmentfondssegment:

Fondstyp	Gesamtinvestition	Portfolioaufteilung
Fonds für natürliche Ressourcen	215,6 Millionen US-Dollar	5.2%
Edelmetallfonds	167,3 Millionen US-Dollar	4.8%

McEwen Mining Inc. (MUX) – Geschäftsmodell: Kostenstruktur

Explorations- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete McEwen Mining Explorations- und Entwicklungskosten in Höhe von insgesamt 40,1 Millionen US-Dollar. Die Aufteilung dieser Ausgaben ist wie folgt:

Standort	Explorationskosten (Mio. USD)
Mexiko	22.3
Argentinien	12.5
Vereinigte Staaten	5.3

Investitionen in Bergbauausrüstung und -technologie

Die Investitionsausgaben für 2023 beliefen sich auf etwa 83,2 Millionen US-Dollar, mit spezifischen Zuweisungen:

• Kauf von Bergbauausrüstung: 47,6 Millionen US-Dollar
• Technologieinfrastruktur: 18,7 Millionen US-Dollar
• Wartung und Upgrades: 16,9 Millionen US-Dollar

Arbeits- und Betriebskosten

Die gesamten Arbeits- und Betriebskosten für 2023 erreichten 214,6 Millionen US-Dollar:

Kostenkategorie	Betrag (Mio. USD)
Direkte Arbeit	92.3
Betriebsaufwand	68.5
Auftragnehmerleistungen	53.8

Initiativen zur Einhaltung von Umweltvorschriften und Nachhaltigkeit

Die nachhaltigkeitsbezogenen Ausgaben für 2023 beliefen sich auf insgesamt 27,5 Millionen US-Dollar:

• Umweltüberwachung: 8,2 Millionen US-Dollar
• Sanierung und Sanierung: 12,3 Millionen US-Dollar
• Nachhaltige Technologieimplementierung: 7,0 Millionen US-Dollar

Verwaltungsaufwand des Unternehmens

Die Unternehmens- und Verwaltungskosten beliefen sich im Jahr 2023 auf 36,4 Millionen US-Dollar, darunter:

Verwaltungskostenkategorie	Betrag (Mio. USD)
Allgemeine Unternehmensausgaben	18.6
Recht und Compliance	7.8
Unternehmensführung	10.0

McEwen Mining Inc. (MUX) – Geschäftsmodell: Einnahmequellen

Verkauf von Gold- und Silbermineralien

McEwen Mining Inc. erzielte im Jahr 2022 einen Gesamtumsatz von 98,4 Millionen US-Dollar, wobei der Hauptumsatz aus der Gold- und Silberproduktion stammte.

Metal	Produktionsvolumen (2022)	Durchschnittspreis	Gesamtumsatz
Gold	86.800 Unzen	1.800 $ pro Unze	156,24 Millionen US-Dollar
Silber	296.000 Unzen	22 $ pro Unze	6,51 Millionen US-Dollar

Metal-Streaming-Vereinbarungen

McEwen Mining hat strategische Metall-Streaming-Vereinbarungen abgeschlossen, die zusätzliche Einnahmekanäle bieten.

• Streaming-Vereinbarung der Franco-Nevada Corporation
• Gesamter Streaming-Umsatz im Jahr 2022: 12,3 Millionen US-Dollar
• Vertraglich vereinbartes Streaming-Volumen: 20 % der Goldproduktion

Lizenzgebühren für Mineraleigentum

Die Lizenzeinnahmen aus Mineralgrundstücken trugen im Jahr 2022 3,7 Millionen US-Dollar bei.

Investitionserträge aus strategischen Partnerschaften

Die Investitionserträge aus strategischen Partnerschaften generierten im Jahr 2022 2,1 Millionen US-Dollar.

Potenzielle Fusionen und Übernahmemöglichkeiten

McEwen Mining hat 15 Millionen US-Dollar für potenzielle strategische Akquisitionsmöglichkeiten im Jahr 2023 bereitgestellt.

Einnahmequelle	Beitrag 2022	Prozentsatz des Gesamtumsatzes
Verkauf von Mineralien	162,75 Millionen US-Dollar	82.4%
Metal-Streaming	12,3 Millionen US-Dollar	6.2%
Lizenzgebühren	3,7 Millionen US-Dollar	1.9%
Kapitalerträge	2,1 Millionen US-Dollar	1.1%

McEwen Mining Inc. (MUX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why an investor would choose McEwen Mining Inc. (MUX) right now, focusing strictly on the hard numbers and strategic positioning as of late 2025.

The primary value is direct exposure to a diversified metal basket. McEwen Mining Inc. offers investors a stake in gold and silver production through its operating mines, alongside significant, long-term leverage to copper through its majority-owned subsidiary, McEwen Copper.

This exposure translates directly into commodity price leverage, which was clearly demonstrated in the third quarter of 2025. The average realized gold price McEwen Mining Inc. achieved for its sales in Q3 2025 was $3,477 per GEO (Gold Equivalent Ounce). This price point represented a 39% increase compared to the average realized price of $2,499 per GEO seen in Q3 2024.

The company's operational performance in Q3 2025 reflected the current metal prices, even with cost pressures:

Metric	Value (Q3 2025)	Context
Realized Gold Price	$3,477 per GEO	Significant upside leverage to high metal prices.
GEOs Sold	14,968	Volume sold in the quarter.
Cash Costs per GEO Sold (Attributable)	$2,196	Impacted by inflation and operational factors.
All-in Sustaining Costs (AISC) per GEO Sold (Attributable)	$2,771	Impacted by inflation and operational factors.

Long-term growth optionality is anchored by the Los Azules copper project in Argentina. The Feasibility Study (FS), which had an effective date of September 3, 2025, and was announced in October 2025, paints a picture of a world-class, long-life asset. This project is designed to be a low-cost producer of high-purity copper cathodes.

Here are the key economic metrics from that late-2025 FS:

• Anticipated Average Annual Copper Cathode Production: 148,200 tonnes (or 327 million pounds)
• Life of Mine (LOM): 21 years
• After-Tax Net Present Value (NPV) at 8% discount rate: $2.9 billion
• After-Tax Internal Rate of Return (IRR): 19.8%
• Initial Capital Expenditure (Capex): $3.2 billion
• C1 Cost: $1.71 per pound (at $4.35/lb Cu assumption)
• All-in Sustaining Cost (AISC): $2.11 per pound (at $4.35/lb Cu assumption)

McEwen Mining Inc. is positioning its assets, particularly Los Azules, as a Mine of the Future through strong Environmental, Social, and Governance (ESG) commitments. This is not just talk; specific design parameters back this up. For instance, the project secured admission to Argentina's Large Investment Incentive Regime (RIGI) in September 2025, locking in 30 years of fiscal and customs stability.

The environmental focus includes:

• Expectation to use 74% less water than conventional milling methods.
• Design eliminates the need for a tailings dam.
• Projected 72% lower mine-to-metal carbon intensity compared to the industry average.
• Target to achieve carbon-neutral status (Scopes 1 & 2) by 2038.
• Secured an agreement in 2024 for 100% renewable energy supply.

Finally, there is a clear alignment of interests. Rob McEwen, the Chairman and Chief Owner, is also the largest shareholder. He holds approximately 15% to 15.18% of McEwen Mining Inc. shares, representing an investment worth approximately CA$210.62 million or US$205 million combined with his McEwen Copper stake. To show commitment, his total yearly compensation is only $4.91K, comprised of a salary of just $0.02% of that total, or $1 per year, depending on the source, which definitely shows skin in the game.

Finance: draft 13-week cash view by Friday.

McEwen Mining Inc. (MUX) - Canvas Business Model: Customer Relationships

Transactional sales model with direct metal buyers (refineries, smelters).

Metric	Period/Date	Value/Amount
Revenue from 100%-owned Operations	Q2 2025	$46.7M
GEOs Sold from 100%-owned Operations	Q2 2025	14,549 GEOs
Average Realized Gold Price	Q2 2025	$3,298 per GEO
Consolidated Production (Attributable)	Q2 2025	27,554 GEOs
Full-Year Consolidated Production Guidance Range	2025	112,000-123,000 GEOs

High-touch investor relations to communicate the complex copper-gold growth story.

• Share count outstanding as of September 30, 2025: 54,106,415 shares.
• Gross proceeds from Senior Convertible Notes issuance in Q1/25: $110.0 million.
• Implied market value of McEwen Copper (46.4% ownership) based on latest financing: $984.0M.
• Implied value of McEwen Mining's 46.4% ownership in McEwen Copper per MUX share: $8.43.
• Company name change to McEwen Inc. effective: July 7, 2025.

Direct engagement with local communities and governments for permitting and social license.

Cash costs reported for 100%-owned operations include community and permitting costs related to current operations. For Gold Bar Mine in 2025, the cash cost guidance was $1,500 to $1,700 per GEO sold. Total exploration investment across key properties in H1 2025 was $5.4 million. McEwen Copper invested $7.0 million in the Los Azules Feasibility Study in Q2 2025, which is McEwen Mining's 46.4% share of ongoing costs. Los Azules requested admission to Argentina's Incentive Regime for Large Investments in February 2025.

Dedicated communication with joint venture partner on operational planning and results.

• Attributable production from the 49%-owned San José mine in Q3 2025: 14,986 GEOs.
• San José Mine working capital (100% basis) as of September 30, 2025: $105.7 million.
• Cash costs per GEO sold at San José in Q3 2025: $2,196.
• All-in Sustaining Costs (AISC) per GEO sold at San José in Q3 2025: $2,771.
• Dividend distribution received from San José in H1 2025: $2.2 million.

McEwen Mining Inc. (MUX) - Canvas Business Model: Channels

You're looking at how McEwen Mining Inc. (MUX) moves its product and secures the cash to keep the wheels turning, which is crucial for a company with both operating mines and massive development projects like Los Azules. The channels here are twofold: getting the metal out the door and getting the capital in the door.

Direct sales contracts with metal refineries and bullion dealers for gold and silver.

The physical product-gold and silver-doesn't go to a retail shelf; it moves through established channels to specialized buyers. McEwen Mining Inc. relies on direct sales contracts with metal refineries and bullion dealers. This is where the realized price matters most. For instance, in 2024, the company realized an average sale price of $2,390 per ounce for the 74,911 Gold Equivalent Ounces (GEOs) sold. By the second quarter of 2025, the market was much hotter, with an average realized price of $3,298 per GEO on sales of 14,549 GEOs. To be fair, the third quarter of 2025 saw a slightly lower realized price of $3,248, but still significantly higher than the prior year. The company's 2025 production guidance was set between 120,000 to 140,000 GEOs, all flowing through these commodity sales channels.

Here's a quick look at the realized pricing trend influencing these sales channels:

Period	Average Realized Price (per GEO/oz)	GEOs Sold	Revenue
Full Year 2024	$2,390 per oz	74,911 GEOs	$174.5 million
Q2 2025	$3,298 per GEO	14,549 GEOs	$46.7 million
Q3 2025	$3,248	Not explicitly stated	Not explicitly stated

Equity markets (NYSE: MUX, TSX: MUX) for raising capital and providing investor liquidity.

The public markets serve as a critical channel for raising equity capital and ensuring your shares, traded on the NYSE and TSX under the ticker MUX, remain liquid for investors. This channel is about investor confidence and access to a broad pool of funds. As of late 2025, the market sentiment was clearly positive, with McEwen shares surging over 90% since August to reach $19 per share. This price action is key because it makes any future equity issuance less dilutive. The company's Chairman and Chief Owner, Rob McEwen, has put his money where his mouth is, investing over US$200 million personally.

Convertible debt offerings, like the $110.0 million notes due 2030, for growth financing.

When the company needs significant, non-dilutive funding for growth-like the Fox Complex expansion-it uses the debt capital markets. In February 2025, McEwen Mining Inc. closed an offering of 5.25% Convertible Senior Unsecured Notes due 2030 for an aggregate principal amount of $110 million. This was a strategic move; it allowed them to repay half of their outstanding $40 million senior secured credit facility, reducing that debt to $20 million. The notes came with an initial conversion price of approximately $11.25 per share, but a capped call option was used to synthetically raise the effective conversion price to $17.30 per share, minimizing potential dilution if the stock performs well. This financing was a major channel shift, pushing total debt to $130 million as of March 31, 2025, up from $40 million at year-end 2024.

The use of proceeds from this debt channel was specific:

• Repay $20.0 million of the 9.75% secured debt.
• Fund growth projects at the Fox Complex.
• General corporate purposes.

Strategic private placements in McEwen Copper to fund the Los Azules development.

For the massive Los Azules copper project, the channel is through its subsidiary, McEwen Copper Inc., which utilizes strategic private placements and development finance institutions. McEwen Mining Inc. holds a 46.4% interest in McEwen Copper. The implied market value of McEwen Copper, based on its last financing round at $30 per share, was $984 million as of Q3 2025. This translates McEwen Mining Inc.'s stake to an implied value of $456 million, or $8.43 per MUX share. The Los Azules project itself has an Initial Capital Investment of $3.2 billion. To de-risk this, McEwen Copper secured approval under Argentina's Large Investment Incentive Regime (RIGI) in September 2025, registering an investment value of $2.7 billion. Furthermore, a collaboration agreement was formalized with the International Finance Corporation (IFC) in September 2025 to align ESG standards for potential future debt and equity financing. The company plans to pursue a public listing for McEwen Copper next year.

Financing milestones for Los Azules as of late 2025 include:

• $3.2 billion Initial Capital Investment requirement.
• $2.7 billion registered value under Argentina's RIGI program.
• Secured preliminary proposals for equipment and construction financing.
• IFC collaboration signed for potential debt/equity structuring.

Finance: review the Q3 2025 realized gold price against the Q4 2025 forward sales book by next Tuesday.

McEwen Mining Inc. (MUX) - Canvas Business Model: Customer Segments

Global Precious Metal Refineries and Smelters

• Q3 2025 revenue from sales totaled $50.5M.
• Revenue derived from the sale of 14,968 Gold Equivalent Ounces (GEOs) in Q3 2025.
• Average realized gold sale price in Q3 2025 was $3,477 per GEO.
• 2025 consolidated production guidance lowered to a range of 112,000-123,000 GEOs.
• Revised 2025 All-in Sustaining Cost (AISC) guidance is $2,356-$2,456 per ounce.
• Q1 2025 Cash costs were $2,575 per GEO sold.
• Q1 2025 All-in Sustaining Costs (AISC) were $3,047 per GEO sold.

The primary buyers for the gold and silver production from McEwen Mining Inc.'s operating mines are the entities that process and refine the doré bars and concentrate produced.

Institutional and Retail Investors

McEwen Mining Inc. provides exposure through its common shares trading on the NYSE and TSX under the ticker MUX.

• Shares outstanding as of September 30, 2025, were 54,106,415.
• Market capitalization as of the Q3 2025 results filing was $0.95 billion.
• The implied market value of McEwen Mining's 46.4% ownership in McEwen Copper was $456M, or $8.43 per MUX share, based on the last financing.
• Chairman Rob McEwen has personally invested over US$200 million.
• Rob McEwen's annual salary is $1 per year.

Top Institutional Holders (Approximate Investment Value)	Amount
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$33.52M
Van ECK Associates Corp	$28.32M

Strategic Industry Partners

These partners are primarily invested in the Los Azules copper development project via McEwen Copper, a subsidiary of McEwen Mining Inc.

• Stellantis ownership in McEwen Copper as of October 2025 presentation was 18%.
• Rio Tinto's venture, Newton, ownership in McEwen Copper as of October 2025 presentation was 17%.
• The Los Azules copper project has Measured and Indicated resources of 2 billion tons.
• The project has an increase in contained metal to 15.7 billion pounds.
• The Feasibility Study confirmed an after-tax Net Present Value (NPV) of $2.9 billion at an 8% discount rate.
• The project targets an annual production of ~204,000 tonnes of copper in the first five years.
• Stellantis' stated goal is to be carbon net zero by 2038.
• McEwen Copper's Los Azules project aims for carbon neutrality by 2038.

Financial Institutions

These entities provide debt capital and project financing, often structured around the long-term development of the Los Azules project.

• Preliminary financing proposals for the Los Azules project exceed $1.1 billion.
• McEwen Mining's total debt principal outstanding as of Q3 2025 was $130.0M.
• McEwen Mining completed a $110.0 million convertible debt offering in Q1 2025.
• Cash and equivalents for McEwen Mining at the end of Q3 2025 were $51.2M.
• Marketable securities for McEwen Mining at the end of Q3 2025 were $24.2M.
• Working capital for McEwen Mining was $62.6M at the end of Q3 2025.
• The company formalized a collaboration with the IFC to help structure future project financing.

McEwen Mining Inc. (MUX) - Canvas Business Model: Cost Structure

You're looking at the core expenses McEwen Mining Inc. has to cover to keep the lights on and push growth projects forward. It's a mix of running the existing mines and funding the big future bets, so costs can swing quite a bit based on operational success and external pressures.

All-in Sustaining Costs (AISC)

The guidance for the full year 2025 reflects a higher cost environment compared to earlier expectations. For the 100%-owned operations, the updated guidance for All-in Sustaining Costs (AISC) is set between $2,356 and $2,456 per ounce. This is a significant increase from earlier 2025 guidance ranges, which were closer to $1,700 to $1,900 per ounce. To give you a real-time look at how those costs are tracking, the actual AISC for the Froome Mine in Q3 2025 was $2,352 per Gold Equivalent Ounce (GEO). The San José Mine, which McEwen Mining has a 49% interest in, reported a Q3 2025 AISC of $2,771 per GEO.

Here's a quick comparison of the latest unit cost figures we have for the 100%-owned operations:

Operation/Metric	Period	Cash Costs per GEO	AISC per GEO
Fox Complex (Froome Mine)	Q3 2025 Actual	$2,132	$2,352
100%-Owned Operations (Consolidated)	Q2 2025 Actual	$1,906	$2,120
2025 Consolidated Guidance (All Operations)	Full Year Guidance	$2,028 to $2,128	$2,356 to $2,456

Capital Expenditures for Mine Development

A major cost component is the capital required to transition production from older areas to future growth centers. The development of the Stock Mine ramp at the Fox Complex is a key focus, with commercial production targeted for mid-2026. This development is on schedule and within budget as of late 2025. You should note that McEwen Mining invested $3.9 million in the first quarter of 2025 specifically for the Stock portal entrance. Looking ahead, the company expects to finish the Stock ramp by the end of 2026, and they anticipate using existing treasury and cash flows from operations to fund this, along with other 2026 capital needs like the heap leach pad expansion at Gold Bar.

Exploration and Development Costs

Beyond sustaining current production, McEwen Mining is actively spending to define future resources. While the requested figure of $6.8 million for Q3 2025 exploration and development alone isn't explicitly detailed in the latest reports, we do see significant investment flowing into the major development pipeline. For instance, in Q3 2025, McEwen Copper invested $4.3 million, representing McEwen Mining's 46.4% share, to operate the Los Azules copper project and complete the Feasibility Study. This spending is critical, though post-Feasibility Study, these development costs for Los Azules are expected to shift to a capitalized basis under US GAAP, which will reduce their immediate impact on the income statement.

Other development and exploration spending noted includes:

• $5.4 million invested in Q2 2025 across exploration programs at Grey Fox, Gold Bar, Lookout Mountain, and Windfall properties.
• $1.2 million spent at Gold Bar Mine in H1 2025 to extend mine life beyond 2029.
• $1.3 million spent at Lookout Mountain and Windfall projects in H1 2025 to advance them toward production.

Interest Expense on Total Debt

Financing the growth strategy has led to an increase in the debt load. As of September 30, 2025, the total debt principal outstanding for McEwen Mining Inc. stood at $130.0 million. This total includes $110.0 million of Capped Call 5.25% Convertible Senior Unsecured Notes due in 2030. The interest rate on these notes is a fixed 5.25% per year, with interest payments scheduled semi-annually, beginning on August 15, 2025. This new debt replaced some higher-interest obligations; the 5.25% coupon is 4.50% lower than the 9.75% coupon on the previously outstanding secured debt, which was partially repaid down to $20.0 million.

Operating Costs: Labor, Energy, and Consumables

The cost of running the mines is heavily influenced by inflationary environments, particularly in Argentina. The Q3 2025 AISC at the San José Mine of $2,771 per GEO was explicitly noted as being impacted by high inflation that outpaced the devaluation of the Argentine peso, coupled with increased use of contractors. This is a higher figure than the $2,504 AISC reported for San José in Q1 2025, though management expected costs there to trend lower toward annual guidance over the balance of the year following the typically weak first quarter.

The cost pressures are not isolated to Argentina; the Gold Bar operation also saw elevated costs in Q3 2025 due to higher waste stripping, pushing its cash costs/AISC to $2,540/$2,852 per GEO, which was above its annual guidance range.

Key operational cost drivers include:

• Labor availability challenges, which led to accelerated hiring and contractor engagement at Froome in Q1 2025.
• Increased contractor usage cited as a factor in Q3 2025 cost inflation at San José.
• Higher waste stripping costs at the Gold Bar operation impacting Q3 2025 gross profit.

McEwen Mining Inc. (MUX) - Canvas Business Model: Revenue Streams

You're looking at how McEwen Mining Inc. actually brings in the money right now, late in 2025. It's a mix of current production sales, a key partnership payout, and the promise of a massive future copper stream. Honestly, the current revenue is heavily reliant on the price of gold, which has been helping offset lower production volumes this year.

The primary revenue driver remains the Sale of Gold Equivalent Ounces (GEOs) from the three operating assets: the Gold Bar Mine Complex in Nevada, the Fox Complex in Ontario, and the 49%-owned San José mine in Argentina. For the third quarter of 2025, McEwen Mining Inc. reported a consolidated revenue of $50.5 million, which came from the sale of 14,968 GEOs. This was achieved despite a 33% decline in GEOs sold compared to Q3 2024, because the average realized gold sale price jumped significantly to $3,477 per GEO in Q3 2025.

Here's a quick look at the Q3 2025 production breakdown from the wholly-owned assets that feed directly into revenue:

Mine/Complex	Q3 2025 GEO Production	Notes
Gold Bar Mine Complex	8,191 GEOs	Production impacted by scheduled high waste stripping in the Pick pit, expected to complete in 2025.
Fox Complex	6,386 GEOs	Primarily from the Froome Mine, with early production from Froome West.
Total 100% Owned Production (Approx.)	14,577 GEOs	This is close to the 14,968 GEOs sold, indicating minimal inventory draw/build in the quarter.

Beyond the direct sales from its 100%-owned mines, a crucial, though less frequent, revenue component is the Dividends or distributions from the 49%-owned San José mine joint venture. You saw a concrete example of this in the first half of 2025, where McEwen Mining Inc. received a $2.2 million dividend distribution. This cash flow is important for liquidity, even though the San José mine's results are accounted for using the equity method.

Looking ahead, the most significant potential revenue stream is tied to the development of the Los Azules copper project, which is held by the subsidiary McEwen Copper Inc. While this is not yet generating sales revenue, the October 2025 Feasibility Study provides the financial blueprint for future cathode sales. The plan outlines a 21-year operation targeting:

• Average annual copper cathode production over the Life of Mine (LOM) of 148,200 tonnes (327 million pounds).
• Average annual copper cathode production in the first five years of 204,800 tonnes (451 million pounds).
• The economic model is based on a modeled copper price of $4.35 per pound.
• The project has an estimated Initial Capital Expenditure of $3.17 billion.

The timeline suggests construction is targeted for late 2026, with first copper cathode production expected in 2030.

Finally, McEwen Mining Inc. continues to use non-equity financing methods to fund specific development work, which shows up as cash inflows. You'll recall the US$22.0 million flow-through financing that closed in June 2024, which was earmarked to fund exploration and development at the Fox Complex, including the ramp development for the Stock deposit. More recently, in March 2025, McEwen Mining Inc. participated as a strategic investor in a financing for Canadian Gold Corp..

The 2025 full-year production guidance, which includes the 49% attributable share from San José, has been tightened to a range of 112,000 to 123,000 GEOs.