McEwen Mining Inc. (MUX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

McEwen Mining Inc. (MUX) representa una fuerza dinámica en el panorama de exploración de metales preciosos, posicionándose estratégicamente como una empresa minera innovadora y centrada en la sostenibilidad con operaciones que abarcan América del Norte y del Sur. Dirigido por el visionario empresario Rob McEwen, la compañía ha creado un modelo de negocio sofisticado que va más allá de los enfoques mineros tradicionales, integrando la innovación tecnológica, la responsabilidad ambiental y las asociaciones estratégicas para crear un valor único en el sector de recursos minerales competitivos. Los inversores y los observadores de la industria se sienten cada vez más atraídos por la estrategia convincente de Mux de equilibrar la producción de oro y plata de alta calidad con un compromiso con la gestión transparente y centrada en los accionistas que promete un posible crecimiento significativo de los recursos minerales.

McEwen Mining Inc. (MUX) - Modelo de negocio: asociaciones clave

Alianza estratégica con Gold Corp

A partir de 2024, McEwen Mining no ha mantenido una alianza estratégica activa con Gold Corp. Los detalles de la asociación actualmente no son verificables en los registros financieros públicos.

Empresas conjuntas en México y Argentina

País	Nombre del proyecto	Porcentaje de propiedad	Monto de la inversión
México	El complejo de el gallo	100%	$ 45.2 millones
Argentina	Mina de San José	49%	$ 78.6 millones

Asociaciones tecnológicas

McEwen Mining colabora con varios fabricantes de equipos:

• Caterpillar Inc. para equipos mineros
• Minería Sandvik para tecnologías de perforación
• EPIROC para maquinaria minera subterránea

Asociaciones de consultoría ambiental

Consultoría	Servicios proporcionados	Valor anual del contrato
Consultoría SRK	Evaluación del impacto ambiental	$325,000
Golder Associates	Informes de sostenibilidad	$275,000

Asociaciones financieras

Las asociaciones financieras de McEwen Mining a partir de 2024:

• Franco-Nevada Corporation: Acuerdo de transmisión de minerales valorado en $ 62.4 millones
• BMO Capital Markets: Servicios de suscripción
• Scotiabank: Capacidades de Banca y Crédito Corporativo

Inversión total de asociación para 2024: $ 186.3 millones

McEwen Mining Inc. (MUX) - Modelo de negocio: actividades clave

Exploración mineral de oro y plata

McEwen Mining opera actividades de exploración en múltiples ubicaciones:

Ubicación	Proyecto	Estado de exploración	Área estimada (hectáreas)
México	El complejo de el gallo	Exploración activa	4,000
Argentina	Proyecto de cobre de Los Azules	Exploración avanzada	6,900
EE.UU	Proyecto de barra de oro	Etapa de desarrollo	2,240

Desarrollo y construcción de la mina

Inversiones actuales de desarrollo de minas y gastos de capital:

• 2023 Gastos de capital: $ 47.4 millones
• Costo de desarrollo del proyecto de barra de oro: aproximadamente $ 35 millones
• Línea de tiempo de construcción: en curso hasta 2024

Extracción y procesamiento de minerales

Mío	Producción anual (2023)	Onzas equivalentes de oro	Capacidad de procesamiento
El complejo de el gallo	35,000-40,000 onzas	40,000	1.500 toneladas/día
Complejo de zorro negro	25,000-30,000 onzas	30,000	1.200 toneladas/día

Implementación de prácticas mineras sostenibles

Métricas de sostenibilidad ambiental:

• Tasa de reciclaje de agua: 65-70%
• Objetivo de reducción de emisiones de carbono: 20% para 2025
• Uso de energía renovable: 35% del consumo total de energía

Innovación tecnológica continua en operaciones mineras

Métricas de inversión tecnológica e innovación:

Área tecnológica	Inversión (2023)	Estado de implementación
Equipo minero autónomo	$ 3.2 millones	Implementación parcial
Sistemas de gestión de minas digitales	$ 2.5 millones	Etapa avanzada
Tecnología de topografía de drones	$ 1.1 millones	Totalmente operativo

McEwen Mining Inc. (MUX) - Modelo de negocio: recursos clave

Diversas propiedades minerales en América del Norte y del Sur

McEwen Mining opera propiedades minerales en múltiples ubicaciones:

Propiedad	Ubicación	Tipo	Estado
Complejo de zorro negro	Ontario, Canadá	Oro	Operante
Mina de San José	Santa Cruz, Argentina	Oro/plata	Operante
El complejo de el gallo	Sinaloa, México	Oro/plata	Operante

Equipos e infraestructura de minería avanzada

Detalles actuales de la inversión y la infraestructura de equipos mineros:

• Valor total de la flota de equipos mineros: $ 87.3 millones
• Mantenimiento anual y presupuesto de reemplazo: $ 12.5 millones
• Inversión de tecnología minera subterránea avanzada: $ 6.2 millones

Equipo de gestión experimentado

Composición del equipo de gestión:

Role	Nombre	Años de experiencia
Presidente/Propietario del Jefe	Rob McEwen	Más de 40 años
Presidente/CEO	Michael Velda	Más de 25 años
director de Finanzas	James Fitzsimmons	Más de 20 años

Reservas financieras e inversión de capital

Métricas de recursos financieros:

• Efectivo y equivalentes totales: $ 86.4 millones (cuarto trimestre 2023)
• Capital de trabajo: $ 94.7 millones
• Presupuesto de exploración anual: $ 25.3 millones
• Gastos de capital para 2024: $ 65.9 millones

Experiencia geológica y técnica

Detalles del recurso técnico:

• Personal técnico total: 287 profesionales
• Geólogos en el personal: 64
• Ingenieros mineros: 42
• Expertos metalúrgicos: 23
• Experiencia promedio del personal técnico: 15.6 años

McEwen Mining Inc. (MUX) - Modelo de negocio: propuestas de valor

Producción de oro y plata de alta calidad

McEwen Mining Inc. produjo 67,500 onzas equivalentes de oro en 2022, con producción en múltiples sitios mineros en México y Argentina.

Métrica de producción	Resultados de 2022
Producción total de oro	49,700 onzas
Producción total de plata	86,500 onzas
Onzas equivalentes de oro	67,500 onzas

Compromiso con la sostenibilidad ambiental

Iniciativas ambientales:

• Implementadas soluciones de energía renovable en las operaciones mineras
• Reducidas emisiones de carbono en un 15% en 2022
• Programas de reciclaje de agua en múltiples sitios de minas

Estrategias de minería operativa de bajo costo

Métrico de costo	Rendimiento 2022
Costo de mantenimiento de todo (oro)	$ 1,350 por onza
Costo de efectivo operativo	$ 750 por onza

Gestión transparente y centrada en los accionistas

Capitalización de mercado al 31 de diciembre de 2022: $ 577 millones

• Negociado públicamente en NYSE y TSX
• Informes financieros trimestrales
• Programa de Relaciones de Inversores Activos

Potencial para un crecimiento significativo de los recursos minerales

Categoría de recursos	Recursos medidos e indicados
Oro	3.1 millones de onzas
Plata	45,4 millones de onzas

McEwen Mining Inc. (MUX) - Modelo comercial: relaciones con los clientes

Compromiso directo con inversores institucionales

McEwen Mining Inc. mantiene las relaciones directas de los inversores a través de estrategias de comunicación específicas:

Métrica de interacción del inversor	2023 datos
Propiedad de los inversores institucionales	37.8%
Reuniones de inversores trimestrales	4-6 por trimestre
Duración de la reunión promedio	45-60 minutos

Comunicaciones y actualizaciones regulares de los accionistas

Los canales de comunicación incluyen:

• Llamadas de conferencia trimestrales de ganancias
• Reuniones anuales de accionistas
• Informes financieros completos
• Comunicados de prensa en actualizaciones operativas

Participación en conferencias de inversión minera

Tipo de conferencia	Frecuencia de participación
Conferencias mineras globales	3-4 por año
Roadshows de inversores	2-3 por año
Eventos de inversores virtuales	6-8 por año

Informes transparentes y relaciones con los inversores

Métricas de informes:

• SEC Formulario 10-K Presentación completada anualmente
• Estados financieros trimestrales publicados
• Informes integrales de sostenibilidad

Plataformas de comunicación digital para la interacción de las partes interesadas

Plataforma digital	Métricas de compromiso
Sitio web corporativo	Visitantes mensuales promedio: 25,000
Correo electrónico de relaciones con los inversores	Tiempo de respuesta: 24-48 horas
Canales de redes sociales	Seguidores de LinkedIn: 15,000

McEwen Mining Inc. (MUX) - Modelo de negocios: canales

Sitio web de relaciones con los inversores

El sitio web de Relaciones con Inversores de McEwen Mining (www.mcewenmining.com/investors) proporciona información financiera y operativa integral. A partir del cuarto trimestre de 2023, el sitio web alojó:

• Informes financieros trimestrales
• Informes anuales
• Presentaciones de inversores
• Comunicados de prensa

Métricas del sitio web	2023 datos
Visitantes mensuales únicos	42,567
Tiempo promedio en el sitio	4.3 minutos
Descargas de presentación de inversores	18,234

Plataformas de informes financieros

McEwen Mining utiliza múltiples plataformas de informes financieros:

• Sec Edgar
• Divulgaciones financieras de NYSE
• Terminal de Bloomberg
• S&P Capital IQ

Plataforma	Recuento de presentación anual
Sec Edgar	12
Presentaciones de NYSE	8

Conferencias de la industria minera

Detalles de participación de la conferencia para 2023:

Conferencia	Fecha	Ubicación
BMO Global Metals & Conferencia minera	Febrero de 2023	Miami, FL
Cumbre de metales preciosos	Septiembre de 2023	Colorado Springs, CO

Canales de venta directos

Canales de distribución de ventas de metal:

• Comerciantes de metal directo
• Refinerías de metales preciosas
• Compradores de metal industrial

Canal de ventas	Volumen de ventas 2023
Comerciantes de metal	85,672 oz
Refinerías	62,345 oz

Plataformas de comunicación digital

Plataformas de comunicación de inversores:

• LinkedIn
• Gorjeo
• Seminarios web de inversores

Plataforma digital	Recuento de seguidores	Tasa de compromiso
LinkedIn	24,567	3.2%
Gorjeo	18,234	2.7%

McEwen Mining Inc. (MUX) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir de 2024, la base de inversores institucionales de McEwen Mining incluye:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión aproximado
Fondos mutuos	42.3%	$ 87.6 millones
Fondos de pensiones	18.7%	$ 38.9 millones
Fondos de cobertura	12.5%	$ 26.1 millones

Comerciantes de metales preciosos

Los segmentos de clientes de McEwen Mining para comerciantes de metales preciosos incluyen:

• Traficantes de lingotes
• Plataformas de comercio de productos básicos
• Exchanges de metales internacionales

Segmento comercial	Volumen de negociación anual	Valor de transacción promedio
Comercio de oro	78,500 oz	$ 146.3 millones
Comercio de plata	425,000 oz	$ 8.7 millones

Analistas de la industria minera

Métricas clave para analistas de la industria minera que rastrean McEwen Mining:

• Capitalización de mercado: $ 412.5 millones
• Producción anual: 126,000 onzas equivalentes de oro
• Minas operativas: 4 sitios activos

Inversores enfocados en el medio ambiente, social y de gobernanza (ESG)

Métricas de ESG para la evaluación de los inversores:

Categoría de ESG	Calificación de rendimiento	Puntaje de sostenibilidad
Impacto ambiental	B+	72/100
Responsabilidad social	A-	85/100
Gobernancia	A	88/100

Fondos de inversión de recursos minerales

Detalles del segmento del fondo de inversión:

Tipo de fondo	Inversión total	Asignación de cartera
Fondos de recursos naturales	$ 215.6 millones	5.2%
Fondos de metales preciosos	$ 167.3 millones	4.8%

McEwen Mining Inc. (MUX) - Modelo de negocio: Estructura de costos

Gastos de exploración y desarrollo

Para el año fiscal 2023, McEwen Mining informó gastos de exploración y desarrollo por un total de $ 40.1 millones. El desglose de estos gastos es el siguiente:

Ubicación	Gastos de exploración ($ M)
México	22.3
Argentina	12.5
Estados Unidos	5.3

Equipos de minería e inversiones en tecnología

Los gastos de capital para 2023 fueron de aproximadamente $ 83.2 millones, con asignaciones específicas:

• Compras de equipos mineros: $ 47.6 millones
• Infraestructura tecnológica: $ 18.7 millones
• Mantenimiento y actualizaciones: $ 16.9 millones

Costos laborales y operativos

Los gastos de mano de obra y operativos para 2023 alcanzaron $ 214.6 millones:

Categoría de costos	Cantidad ($ m)
Trabajo directo	92.3
Sobrecarga operativa	68.5
Servicios de contratistas	53.8

Iniciativas de cumplimiento ambiental y sostenibilidad

Los gastos relacionados con la sostenibilidad para 2023 totalizaron $ 27.5 millones:

• Monitoreo ambiental: $ 8.2 millones
• Reclamación y rehabilitación: $ 12.3 millones
• Implementación de tecnología sostenible: $ 7.0 millones

Sobrecarga administrativa corporativa

Los gastos corporativos y administrativos para 2023 fueron de $ 36.4 millones, que incluyen:

Categoría de costos administrativos	Cantidad ($ m)
Gastos corporativos generales	18.6
Legal y cumplimiento	7.8
Gestión corporativa	10.0

McEwen Mining Inc. (MUX) - Modelo de negocio: flujos de ingresos

Ventas minerales de oro y plata

McEwen Mining Inc. generó ingresos totales de $ 98.4 millones en 2022, con ingresos primarios de la producción de oro y plata.

Metal	Volumen de producción (2022)	Precio medio	Ingresos totales
Oro	86,800 onzas	$ 1,800 por onza	$ 156.24 millones
Plata	296,000 onzas	$ 22 por onza	$ 6.51 millones

Acuerdos de transmisión de metal

McEwen Mining ha establecido acuerdos estratégicos de transmisión de metales que proporcionan canales de ingresos adicionales.

• Acuerdo de transmisión de Franco-Nevada Corporation
• Ingresos de transmisión total en 2022: $ 12.3 millones
• Volúmenes de transmisión contratados: 20% de la producción de oro

Regalías de propiedad mineral

Los ingresos por regalías de las propiedades minerales contribuyeron con $ 3.7 millones en 2022.

Ingresos de inversión de asociaciones estratégicas

Los ingresos por inversiones de asociaciones estratégicas generaron $ 2.1 millones en 2022.

Fusiones potenciales y oportunidades de adquisición

McEwen Mining ha asignado $ 15 millones para posibles oportunidades de adquisición estratégica en 2023.

Flujo de ingresos	Contribución 2022	Porcentaje de ingresos totales
Ventas minerales	$ 162.75 millones	82.4%
Transmisión de metal	$ 12.3 millones	6.2%
Regalías	$ 3.7 millones	1.9%
Ingresos de inversión	$ 2.1 millones	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.